Investment Rating - The report assigns a "Buy" rating to Ocumension with a 12-month price target of HK$6.93, indicating a potential downside of 36.9% from the current price of HK$10.98 [6][7]. Core Insights - Management expressed confidence in OT-101 (low dose atropine) with ongoing business development negotiations and expects Phase 3 data readout in May 2026, which is crucial for regulatory filings in the US and China [3][5]. - The supply of Yutiq is expected to resume in China starting from July, with FY25 sales guidance reiterated to double to Rmb800 million, approximately 50% of which is anticipated from the Alcon franchise [5][6]. Summary by Sections Business Development Focus - The primary focus is on OT-101, with management anticipating positive Phase 3 data for children and adolescents with myopia, and plans for regulatory filings in both the US and China post-data readout [3][5]. - The ongoing Phase 3 multi-regional clinical trial (MRCT) includes over 700 participants globally, with a design that meets FDA and CDE requirements [3]. - Management is also monitoring SYD-101 for US visibility, especially following its recent EU approval, with the upcoming FDA PDUFA date seen as a significant event [3][5]. - Market penetration remains a key uncertainty, with accessible pricing between US$60-90/month and potential reimbursement, but concerns exist regarding physician willingness to prescribe and competition from compound pharmacies [3][5]. Financial Guidance - Management expects Yutiq supply constraints to ease, projecting flat or slight increases in sales for the full year, estimated at Rmb50-60 million [5]. - The FY25 sales guidance of Rmb800 million reflects a doubling of sales, with a significant contribution from the Alcon franchise [5][6].

Presenters: Sophia Dong - Investor Relations Director Bottom line: Management highlighted encouraging ex-China development progress of out-licensed assets including B7H3 ADC, B7H4 ADC and oral GLP-1. Product sales guidance of double-digit growth in 2025 was re-iterated, and key product Ameile targets peak sales of Rmb8bn with upsides from combination therapy. We expect potential deal-making opportunities to come from early-stage ADC (EGFR/cMET, CDH6, CDH17), KRAS G12Di and next-generation disease modifiers ...

24 June 2025 | 10:37PM HKT China Medical System Holdings (0867.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Highlighted drivers beyond Key Takeaways Highlighted topline growth albeit divestiture of Dermavon: the company emphasized that positive sales growth in 2026 could be achieved after the spin-off of Dermavon, a subsidiary focusing on dermatology diseases. The previous guidance of double-digit sales growth for 2025 remain unchanged as the spin-off is expected to complete by YE25, driven by: ...