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].

Core Viewpoint - Zhaoke Ophthalmology is considered an undervalued innovative ophthalmic drug company, with significant potential for growth as it approaches a clinical drug harvest period and has seen a stock price increase of approximately 140% this year, despite a low price-to-book ratio of less than 1 [4][15]. Product Pipeline and Market Potential - Zhaoke Ophthalmology has a comprehensive pipeline focusing on three main products: NVK002 for myopia control, a modified cyclosporine A eye gel for moderate to severe dry eye syndrome, and TAB014 for wet age-related macular degeneration (wAMD) [5][10][11]. - The NVK002 product, a low-concentration atropine eye drop, has received significant regulatory attention, with a simplified new drug application accepted and a new drug listing application approved for the 0.02% concentration [5][7]. - The market for myopia treatment is substantial, with over 40 million children in China being potential users, indicating a large growth opportunity for NVK002 [7][9]. Competitive Landscape - The competition for NVK002 is intense, with other companies like Xingqi Eye Medicine already having launched similar products. Zhaoke aims to differentiate itself by enhancing patient compliance and addressing the stability issues of atropine [8][9]. - The modified cyclosporine A eye gel has shown promising clinical results, with a patient compliance rate of 98.94%, and is expected to receive faster approval due to proactive communication with regulatory authorities [10][11]. Future Outlook - Zhaoke Ophthalmology aims to have a total of 12 products on the market within the next 18 months, which would significantly enhance its influence in the ophthalmic field [14][15]. - The company has also received orphan drug designation from the FDA for a treatment for retinoblastoma, indicating its commitment to expanding its product offerings [12]. - The CEO expressed confidence in the company's future, emphasizing the importance of timely product approvals and the potential for market growth in various ophthalmic conditions [17].

2023年10月， 药渡数据库 刊文称，据预计到2030年中国干眼症药物市场规模将大幅增长至 67亿美元 。 干眼症市场具有巨大的潜力和不断增长的患者需求，特别是在中国，随着人口老龄化和现代生活方式的影响，干眼症的患病率和市场规模预计将持续增长。 同时， 患者对于更有效和便捷治疗方式的需求也在不断提升。 干眼常见治疗方式 01 干眼症发病原理 泪膜的结构和功能对于维持眼睛健康至关重要，由 粘 蛋白层、水液层和脂质层构成。 粘蛋白层提供泪膜与眼球表面的粘附力 ，使泪膜能够稳定地附着在眼表，防止泪膜过早破裂。 水液层保持角膜和结膜的湿润 ，提供必要的营养和氧气，帮助清除 眼表的异物和细胞代谢产物。 脂质层减少泪液与空气的接触 ，降低泪液的蒸发速率，维持泪膜的稳定性。 干眼（Dry Eye Disease, DED）是多因素引起的慢性疾病，由泪液的质、量及动力学异常导致的泪膜不稳定或眼表微环境失衡，可伴有眼表炎性反应、组织损伤及 神经异常，造成眼部多种不适症状和/或视功能障碍。 在2007年第1次国际干眼工作小组报告（DEWS 1）中， "干眼症"就已被正式确定为"干眼"，并定义为一种疾病。 根据《国人干眼多中心大 ...