Core Viewpoint - Eastman Kodak Company, once a leader in the imaging industry, is facing a significant operational crisis due to a $500 million debt due without financing options, raising concerns about its ability to continue operations [4][6]. Financial Performance - Kodak reported a revenue of $263 million in Q2, a year-on-year decline of 1%, with a gross profit of $51 million, down 12%. The company incurred a net loss of $26 million, contrasting with a net income of $26 million in the same period last year [7]. - The company's cash and cash equivalents stand at $155 million, while it faces a $500 million debt maturing within 12 months [7]. Debt Crisis - Kodak has warned that it currently lacks viable financing channels or available liquidity to repay the upcoming $500 million debt, which poses a significant threat to its ongoing viability [7]. - The company plans to cut costs and convert investments into "long-term growth," including terminating pension payments and implementing a $500 million pension asset return plan to reduce debt [7]. Strategic Challenges - Kodak's ongoing debt crisis is attributed to its unsuccessful long-term transformation efforts, characterized by inconsistent business strategies [8]. - The company has attempted to pivot towards specialty chemicals and pharmaceutical products, but analysts question its experience in generic drug production [8]. Historical Context - Kodak's decline can be traced back to its failure to embrace digital technology, despite having developed the first digital camera in 1975. Management's reluctance to shift from its profitable film business led to a significant loss of market share to competitors [15][17]. - The company filed for bankruptcy protection in 2012, with debts nearing $6.8 billion and assets of only $5.1 billion, marking a drastic decline from its peak market value of $310 billion in 1997 [17][18]. Current Opportunities - Despite its challenges, Kodak possesses a valuable patent portfolio related to imaging and chemical technologies, which may attract potential buyers [9]. - There has been a resurgence in demand for film due to retro trends, potentially providing Kodak with new revenue opportunities [9].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. has submitted its application to the Hong Kong Stock Exchange for a listing on the main board, with Huatai International and China Merchants Jinling International as joint sponsors. The company had previously submitted its application on January 3 [1]. Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales capabilities, with a pipeline of innovative drugs under development. The company has a diverse product portfolio in the fastest-growing therapeutic areas in China and has received approval for 14 generic drugs from the National Medical Products Administration [3]. - The company employs a dual-track model, focusing on both generic drugs and innovative drugs in development. It has launched a series of products with significant market potential and regulatory approval, while its innovative drug pipeline targets unmet medical needs across various indications, including a potential first-in-class oncology drug and an oral drug for treating wAMD/DME/RVO [3]. Financial Performance - The company's revenue from approved products comes from 13 products, primarily sold to state-owned pharmaceutical distributors and retail pharmacies. The revenue from the top five customers accounted for 85.1%, 73.3%, 72.6%, and 71.7% of total revenue in 2022, 2023, 2024, and the five months ending May 31, 2025, respectively [4]. - Revenue figures for the years 2022, 2023, 2024, and the five months ending May 31, 2025, were approximately RMB 212 million, RMB 317 million, RMB 467 million, and RMB 249 million, respectively. The corresponding profits were approximately RMB 69 million, RMB 117 million, RMB 136 million, and RMB 90 million [4][6].