Core Insights - The Hong Kong stock market for innovative drugs has surged over 100% this year, significantly outperforming the Hang Seng Index, restoring market confidence in the innovative drug industry [1][4]. Industry Overview - The current market rally is driven by a threefold resonance of policy, fundamentals, and capital, rather than short-term boosts [4]. - The National Healthcare Security Administration's inclusion of innovative drugs with high clinical value into commercial insurance payment has opened new monetization pathways [4]. - Fund managers are optimistic about the second half of the year, viewing it as a crucial window for long-term investments in the innovative drug sector [4]. Company Highlights - Zhaoke Ophthalmology has submitted applications for three major products: Atropine eye drops, Cyclosporine A eye gel, and Bevacizumab injection, indicating both short-term performance certainty and long-term growth potential [4][5]. - The Atropine eye drops (NVK002) are positioned to become the second low-concentration Atropine product in China, with applications for both 0.01% and 0.02% concentrations already accepted [5][6]. - The Cyclosporine eye gel addresses the inconvenience of medication for moderate to severe dry eye patients, with a unique once-daily formulation that enhances patient experience [6][7]. - Bevacizumab injection (TAB014) is expected to be an economical treatment option for wet age-related macular degeneration (wAMD), addressing a significant market need [7]. Research and Development Pipeline - Zhaoke Ophthalmology is advancing its mid-term pipeline focused on clinical needs and long-term pipeline targeting cutting-edge technologies [8][10]. - The BRIMOCHOL™ PF drug for presbyopia has entered Phase II clinical trials in China, with promising results from previous Phase III trials in other regions [8][9]. - The company is also developing ZKY001 for corneal repair, which has the potential to expand into multiple corneal disease applications [9][10]. Global Expansion and Production Capabilities - Zhaoke Ophthalmology is accelerating its global expansion, forming partnerships in emerging markets to facilitate the international launch of core products [11][12]. - The company has established production capabilities that meet international standards, enhancing its ability to serve both domestic and global markets [13]. - A comprehensive sales strategy is being implemented, covering both offline and online channels to maximize product accessibility [14]. Conclusion - Zhaoke Ophthalmology is transitioning from a phase of invisible preparation to one of value realization, with a market capitalization of approximately 2 billion RMB and cash reserves of 1.05 billion RMB [15]. - The current market valuation is seen as just the starting point for the company's value release, with several catalysts expected as core products progress towards commercialization [15].
三大重磅眼药临近上市，兆科眼科-B（6622.HK）的价值重估开始了