拨康视云-B2025 年报

(Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） Stock Code股份代號: 2592 ANNUAL REPORT2025年報 Contents 1.Corporate Information22.Chairman Statement53.Management Discussion and Analysis74.Directors and Senior Management485.Corporate Governance Report586.Report of Directors967.Independent Auditors’ Report1348.Consolidated Statements of Profit or Loss and Other Comprehensive Income1399.Consolidated Statements of Financial Position14010.Consolidated Statements of Changes in Equity14211.Consolidated Statements of Cash Flows14412.Notes to the Consolidated Financial Statements14513.Four Year Financial Summary26414.Glossary265 Corporate Information BOARD OF DIRECTORS Executive Directors Ni JinsongDinh Son VanYang Rong Ni JinsongDinh Son VanYang Rong Non-executive Directors Li Jun ZhiCao XuXia Zhidong Li Jun Zhi Independent Non-executive Directors 2025314202512120253142025102202531420251022025121 Lai Hin Wing Henry Stephen(appointed on 14 March 2025and resigned on 1 December 2025)Liu Chung Mun(appointed on 14 March 2025and resigned on 2 October 2025)Nie Sijiang(appointed on 14 March 2025)Ma Yiu Ho Peter(appointed on 2 October 2025)Lee Alex Jao Jang(appointed on 1 December 2025) COMMITTEES Audit Committee 202510220251212025102Li Jun Zhi20251022025121 Liu Chung Mun(Chairman)(resigned on 2 October 2025)Nie SijiangLai Hin Wing Henry Stephen(resigned on 1 December 2025)Ma Yiu Ho Peter(Chairman) (appointed on 2 October 2025)Li Jun Zhi(appointed on 2 October 2025)Lee Alex Jao Jang(appointed on 1 December 2025) Remuneration Committee 20251212025102Li Jun Zhi20251022025102 Nie Sijiang(Chairlady)Lai Hin Wing Henry Stephen(resigned on 1 December 2025)Liu Chung Mun(resigned on 2 October 2025)Li Jun Zhi(appointed on 2 October 2025)Ma Yiu Ho Peter(appointed on 2 October 2025) Nomination Committee 20251212025102Li Jun Zhi20251022025102Ni Jinsong202512 12025121 Lai Hin Wing Henry Stephen(Chairman) (resigned on 1 December 2025)Nie SijiangLiu Chung Mun(resigned on 2 October 2025)Li Jun Zhi(appointed on 2 October 2025)Ma Yiu Ho Peter(appointed on 2 October 2025)Ni Jinsong(Chairman) (appointed on 1 December 2025)Lee Alex Jao Jang(appointed on 1 December 2025) COMMITTEES(continued) 20255122025625 Company Secretary Fung Nga Fong(appointed on 12 May 2025)Au Thomas Tsz Ngai(resigned on 25 June 2025) Authorised RepresentativesNi JinsongFung Nga Fong Ni Jinsong REGISTERED OFFICE 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands PRINCIPAL PLACE OF BUSINESS AND HEAD OFFICE INTHE U.S. 8921 Research DriveIrvine, CA 92618United States 8921 Research DriveIrvine, CA 92618United States PRINCIPAL PLACE OF BUSINESS IN HONG KONG 223A23A11 Suite 23A11, 23AthFloorTower 2, The GatewayHarbour City, KowloonHong Kong PRINCIPAL BANKERS 18 China Construction Bank (Asia) Corporation LimitedCCB Centre18 Wang Chiu RoadKowloon BayHong Kong 95 China Construction Bank CorporationSuzhou Hi-Tech Industrial Development Zonesub-branchNo. 95 Shishan RoadSuzhou New District, Suzhou CityJiangsu ProvincePeople’s Republic of China Corporate Information AUDITOR 1131 HLB Hodgson Impey Cheng Limited31/F, Gloucester Tower, The Landmark11 Pedder StreetCentralHong Kong 89323203A HONG KONG LEGAL ADVISOR L & Y Law OfficeSuite 3203A, 32nd FloorTower 2, Lippo Centre89 Queensway, AdmiraltyHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEIN THE CAYMAN ISLANDS Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong COMPLIANCE ADVISER 3212101-2105 Fosun International Capital Limited2101-2105, 21/F, Champion Tower3 Garden RoadCentralHong Kong https://cloudbreakpharma.com/ COMPANY WEBSITEhttps://cloudbreakpharma.com/ Dear Shareholders, 2025505(b)(2)20257525 In 2025, the global ophthalmic market entered a new growth phase, drivenby an ageing population, prolonged screen time and the early onset ofmyopia in children. At the same time, geopolitical tensions and high interestrates have made investors more demanding of cash flow and regulatorycertainty.Against this backdrop,the Group remained committed to its“China-USdual filing,global synchronisation”strategy.Leveraging the505(b)(2) pathway, we achieved key milestones in pterygium, paediatricmyopia and meibomian-gland-related dry-eye disease. In July 2025, theCompany successfully listed on the Main Board of the Stock Exchange,raising net proceeds of approximately HK$525 million and marking ourprogress in the transition to a new, commercial-stage chapter. 2025 Key c