Zhaoke Ophthalmology reported interim 2026 revenue of RMB 18.83 million, up 19.2% from RMB 15.80 million a year earlier, driven mainly by higher sales of glaucoma generics and initial distribution-right income. Gross profit improved 15.1% to RMB 9.75 million.

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Total operating expenses remained heavy at RMB 163.8 million, with R&D outlays at RMB 105.75 million (-6.5% year on year) as several late-stage trials concluded. General and administrative costs rose 8.7% to RMB 33.21 million, reflecting higher equity-settled share-based payments. Selling and distribution expenses edged up 6.0% to RMB 24.83 million, largely supporting marketed products. Lower banking interest income cut other income to RMB 14.74 million (-43.9%).

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Net loss widened 5.1% to RMB 122.59 million. On a non-HKFRS basis (adding back RMB 6.49 million of share-based payments), adjusted loss was RMB 116.11 million, broadly flat versus the prior-year period.

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Flagship pipeline momentum continued: • Cyclosporine Ophthalmic Gel (moderate-to-severe dry eye disease): NDA under NMPA review; GCC filing accepted.\n• Atropine Sulfate Eye Drops (myopia control): 0.01% ANDA and 0.02% NDA under NMPA review; both dosages accepted by Australia’s TGA.\n• Bevacizumab Intravitreal Injection (wAMD): NDA accepted by NMPA in June 2025, first bevacizumab-based wAMD filing in China.\n• Presbyopia therapy YUVEZZI™ approved for use at Hainan Boao Super Hospital and in Macao; pathway sought for Greater Bay Area access.

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The Group held RMB 715.83 million in cash, cash equivalents and time deposits over three months at end-June, supporting regulatory filings, commercial-launch preparation and ongoing R&D. Secured short-term bank borrowings totaled RMB 248.88 million, backed by RMB 295.64 million in pledged deposits.

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Zhaoke Ophthalmology expanded its Asia-Pacific footprint during the period, adding YUVEZZI™ commercialization partners in Singapore and Vietnam, and signing a distribution deal for Cyclosporine Ophthalmic Gel in Indonesia. In June 2026 the company acquired global rights to Atropine Sulfate Eye Drops, positioning it for worldwide development and commercialization.

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The company repurchased 1.65 million shares on the Hong Kong Stock Exchange for HK$4.40 million during the half-year; no dividends were declared.

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Management reiterated confidence that the three lead innovative drugs could secure China approvals within 2026, marking a transition to a new commercial phase and expanding revenue sources from both domestic launches and partnered overseas markets.