Zhaoke Ophthalmology (6622) H2 2025 earnings summary

Executive summary

• FY25 revenue was RMB32.0m versus RMB69.3m; net loss narrowed to RMB209.0m from RMB237.5m, reflecting cost discipline and lower R&D spend.

• Atropine eye drops, CsA Ophthalmic Gel and TAB014 advanced through regulatory review; cash and cash equivalents were RMB959.3m at year-end.

Financial highlights

• Revenue RMB32.0m, down from RMB69.3m; gross profit RMB16.1m versus RMB51.8m.

• Loss before tax and net loss were both RMB209.0m, compared with RMB237.5m in FY24; no income tax was incurred.

• Adjusted loss, excluding equity-settled share-based payment expenses, was RMB202.8m versus RMB228.8m.

• Total assets were RMB1,935.3m, liabilities RMB359.4m and equity RMB1,575.9m at Dec. 31, 2025.

Outlook and guidance

• Priority is to progress China approvals for atropine 0.01% and 0.02%, CsA Ophthalmic Gel and TAB014 through continued regulatory engagement.

• Plans include advancing U.S. CsA Phase III and melphalan development, initiating PAN-90806 Phase I in 2026 and progressing ZKY001’s Phase III protocol discussions.

• Target of 12 commercialized drugs by end-2026; planned Phase I/II completion for BRIMOCHOL PF and CARBACHOL PF, with Phase III commencement targeted within the year.