Core Viewpoint - Zhaoke Ophthalmology-B (06622) reported a significant decline in revenue and an increase in net loss, while advancing its drug candidates towards commercialization [1] Financial Performance - The company achieved revenue of HKD 15.803 million, a year-on-year decrease of 68.25% [1] - The net loss amounted to HKD 117 million, representing a year-on-year increase of 53.85% [1] Drug Development Progress - Three core drug candidates, including Atropine Sulfate Eye Drops, Cyclosporine Eye Gel, and Bevacizumab Vitreous Injection, have entered the New Drug Application (NDA) stage, with a goal of commercializing 12 drugs by the end of 2026 [1] Strategic Partnerships - Zhaoke Ophthalmology signed a distribution and supply agreement with PT Ferron Par Pharmaceuticals for its Atropine Sulfate Eye Drops in Indonesia, granting exclusive rights for import, promotion, distribution, marketing, and sales [1] - The agreement includes an upfront payment and potential milestone payments based on certain achievements [1]

Core Viewpoint - Zhaoke Ophthalmology (06622) reported a significant decline in revenue and an increase in net loss, while advancing its drug candidates towards commercialization [1] Financial Performance - The company achieved revenue of 15.803 million HKD, a year-on-year decrease of 68.25% [1] - Net loss amounted to 117 million HKD, reflecting a year-on-year increase of 53.85% [1] Drug Development Progress - Three core drug candidates, including Atropine Sulfate Eye Drops, Cyclosporine Eye Gel, and Bevacizumab Vitreous Injection, have entered the New Drug Application (NDA) stage, with a goal of commercializing a total of 12 drugs by the end of 2026 [1] Strategic Partnerships - The company signed a distribution and supply agreement with Indonesia's leading pharmaceutical company, PT Ferron Par Pharmaceuticals, for its core product, Atropine Sulfate Eye Drops (NVK002) [1] - Under the agreement, Zhaoke Ophthalmology grants PT Ferron exclusive rights to import, promote, distribute, market, and sell the product in Indonesia, along with receiving an upfront payment and potential milestone payments based on achievements [1]

Core Viewpoint - The company, Zhaoke Ophthalmology (06622.HK), has seen its stock price nearly double this year, making it one of the top performers in the Hong Kong biotech sector, despite reporting a loss of 117 million yuan in the first half of the year due to strategic adjustments and increased R&D spending [1][2][3]. Financial Performance - Zhaoke Ophthalmology reported a loss of 117 million yuan in the first half of the year, attributed to a shift in sales strategy focusing on top-tier hospitals and optimizing the sales team, which led to a temporary decline in generic drug sales [2]. - The company's R&D expenditure for the first half of the year was 113 million yuan, an increase compared to the same period last year [3]. Product Pipeline and Market Potential - The company aims to commercialize a total of 12 drugs by the end of 2026, with a focus on core products such as atropine sulfate eye drops, cyclosporine eye gel, and bevacizumab intravitreal injection, which are currently at the application stage for market approval [3][4]. - The demand for pediatric myopia prevention is significant, with many hospitals still using in-house formulations of atropine, indicating a substantial growth opportunity in the atropine market as approved products replace these formulations [4]. Industry Trends - The incidence of eye diseases in China is rising due to factors such as aging population, increased work and study pressure, and excessive use of electronic devices. The overall myopia rate among children and adolescents was reported at 51.9% in 2022, with varying rates across different age groups [3].

Core Viewpoint - Zhaoke Ophthalmology-B (06622) reported a significant decline in revenue and an increase in net loss for the first half of 2025, leading to a drop in stock price by over 8% [1] Financial Performance - The company achieved revenue of 15.803 million HKD, representing a year-on-year decrease of 68.25% [1] - The net loss amounted to 117 million HKD, which is an increase of 53.85% compared to the previous period [1] Reasons for Financial Changes - The increase in net loss is primarily attributed to the absence of one-time licensing income recognized in the previous period under a product licensing agreement [1] - Increased R&D expenses due to the initiation of Phase I and II clinical trials for BRIMOCHOL™ PF and CARBACHOL™ PF, as well as a new Phase III clinical trial for cyclosporine eye gel, offset the impact of a continuous reduction in administrative expenses during the reporting period [1]

Performance Highlights - The company reported cash and cash equivalents of 1.051 billion [4] - Significant progress in core pipeline with the acceptance of NDA for both 0.01% and 0.02% concentrations of Atropine (NVK002) for myopia in children by the National Medical Products Administration [4][21] - The company is the only one in China with two specifications of Atropine under review [19] Product Pipeline - The company has initiated clinical trials for the new drug application (NDA) of Cyclosporine eye gel for dry eye syndrome, which has been accepted by the regulatory authority [5] - The company has received FDA approval for the Phase III clinical trial application for the same product in the U.S. [5] - The company is advancing its product pipeline with several candidates including BRIMOCHOL™ PF for presbyopia and TAB014 for wet age-related macular degeneration (wAMD) [40][36] Market Expansion - The company is expanding its overseas presence and has established partnerships for drug production and supply in various regions including Australia, New Zealand, and Southeast Asia [60] - The company has covered over 1,200 hospitals across 30 provinces in China, including major eye hospitals [57] - The company is leveraging e-commerce platforms such as Tmall and JD for product distribution [58] Research and Development - The company is focusing on innovative drug formulations and delivery methods to improve patient compliance and reduce treatment burden [47][49] - The company has a comprehensive clinical data set supporting its product candidates, enhancing its competitive advantage in the market [22][29] - The company is preparing for IND submissions for several candidates, including PAN-90806 for wAMD and diabetic macular edema [50][46]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the six months ending June 30, 2025, primarily due to changes in sales strategy and increased R&D expenses [1] Financial Performance - Revenue for the period was 15.803 million, representing a year-on-year decrease of 68.25% [1] - The net loss amounted to 117 million, which is an increase of 53.85% compared to the previous period [1] Reasons for Financial Changes - The increase in net loss is attributed to the absence of one-time licensing income recognized in the previous period under a product licensing agreement [1] - Increased R&D expenses were driven by the initiation of Phase I and II clinical trials for BRIMOCHOL PF and CARBACHOL PF, as well as a new Phase III clinical trial for cyclosporine eye gel [1] - The decrease in revenue is linked to the company's shift in sales strategy, focusing on expanding the distribution network for ophthalmic drugs and restructuring the sales team to concentrate on key sales regions [1]

收益减少主要是由于公司改变销售策略所致。公司更为着重扩大眼科药物的分销网络，同时重组销售团 队，集中于主要销售地区。因此，整体销售额于报告期内短暂及阶段性下跌。 智通财经APP讯，兆科眼科-B(06622)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益 1580.3万元，同比减少68.25%;净亏损1.17亿元，同比增加53.85%。 公告称，亏损增加主要是由于并无上一期间根据一项产品许可协议确认的一次性许可收入所致。此外， 由于BRIMOCHOL™ PF及CARBACHOL™ PF的第I及第II期临床试验展开，以及环孢素眼用凝胶的新一 轮第III期临床试验开始，导致研发开支增加，继而抵销报告期内行政费用持续减少的部分影响。 ...

Core Viewpoint - Alcon's FDA approval of Tryptyr 0.003% eye drops for dry eye disease (DED) marks a significant development in the ophthalmic market, while the stock performance of Zhaoke Ophthalmology (06622) reflects broader trends in the pharmaceutical sector, with a notable increase in stock prices across the industry [1][5]. Company Developments - Zhaoke Ophthalmology's stock surged by 19.21% on the same day as Alcon's announcement, continuing a trend where the company's stock has doubled in value over recent months, with a maximum increase of 147.69% since April [1][3]. - The company received FDA approval for a new drug clinical trial application for cyclosporine eye gel, a core product aimed at treating moderate to severe dry eye disease, which is expected to enhance its market position [3][5]. Market Dynamics - The dry eye treatment market in China is projected to grow significantly, with an estimated market size of approximately 160 billion yuan in 2024 and expected to exceed 200 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of over 15% [5][12]. - Current treatments for dry eye, primarily sodium hyaluronate eye drops, have limitations, leading to a shift towards more effective alternatives like cyclosporine eye gel, which is gaining market share due to its superior efficacy and lower side effects [5][11]. Product Efficacy - Cyclosporine A (CsA) eye gel has shown to significantly improve symptoms in moderate to severe dry eye patients, with a clinical trial indicating a marked improvement in patient outcomes compared to control groups [6][12]. - The formulation of cyclosporine eye gel enhances its bioavailability, achieving peak concentrations in the cornea and conjunctiva that are significantly higher than traditional formulations, thus improving treatment effectiveness [6][7]. Financial Performance - Zhaoke Ophthalmology reported a substantial revenue increase of 268.6% in 2024, with drug sales contributing significantly to this growth, although the company remains in a loss position [12][13]. - The reduction in research and development expenses, alongside increased revenue, has led to a narrowing of losses, indicating a potential turnaround for the company [12][13]. Future Prospects - The anticipated approval and commercialization of cyclosporine eye gel could position Zhaoke Ophthalmology favorably in the market, especially given the high patient compliance rates associated with its formulation [7][11]. - The company is also advancing its pipeline with NVK002, a low-dose atropine product for myopia management, which has received regulatory attention and could further enhance its market presence [13].

Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Group 1 - KJ International (06822.HK) sold a total of 4,114,080 shares of China Construction Bank at an average price of approximately HKD 7.21 per share, totaling around HKD 29,663,000 excluding transaction costs [1] - High雅光学 (00907.HK) plans to establish different subsidiaries to engage in liquor, eyewear, and gold jewelry-related businesses [1] - Southern Manganese (01091.HK) aims to reduce group liabilities by HKD 300 million to HKD 500 million annually over the next five years [1] Group 2 - Stone Four Pharmaceutical Group (02005.HK) obtained the drug production registration certificate for calcium gluconate and sodium chloride injection (100ml) from the National Medical Products Administration [2] - Yanda Pharmaceutical (00512.HK) completed patient enrollment for the international multi-center Phase III clinical trial of the global innovative ophthalmic drug CBT-001 [2] - Zhaoke Ophthalmology-B (06622.HK) received FDA approval for the new drug trial application for cyclosporine eye gel [2] Group 3 - Anta Sports (02020.HK) granted a total of approximately 10.45 million reward shares [3] - Tencent Holdings (00700.HK) repurchased 980,000 shares at a cost of HKD 500 million on June 4 [3] - AIA Group (01299.HK) repurchased 3.25 million shares at a cost of HKD 215 million on June 4 [3]