再鼎医药2025 业绩前瞻：我们预计，2025 年公司将实现产品净收入4.7 亿美元（同比+16.5%），其中 核心产品艾加莫德（FcRn）收入9796 万美元（同比+4.6%），毛利率 61.0%，R&D 费用2.0 亿美元（同 比 -12.8%），SG&A 费用2.8 亿美元（同比-5.0%）。我们预计公司2025 年全年净亏损1.8 亿美元（去年 同期为2.6 亿美元）。 点评 双轮驱动战略驱动短期业绩表现和长期全球价值创造在近期的投资者会议中，管理层重申公司双轮驱动 的核心战略： 1）通过引入海外优质产品并实现国内商业化，为进一步投入全球创新提供了坚实的财务基础；2）高度 整合的跨境研发平台能够更快速、更高效地推进公司优质管线的全球市场开发。我们认为，尽管管理层 此前下调了2025 年全年收入指引并推迟了公司盈利目标，我们仍然看好公司在国内市场丰富的商业化 产品组合（8 款产品获批上市）以及管线中多款具备潜在差异化的全球资产。 Zocilurtatug（DLL3 ADC）有望年内启动三项注册临床Zocilurtatug （Zoci）是公司的靶向DLL3 ADC， 公司计划在2026 年底前启动三项注册 ...

双轮驱动战略驱动短期业绩表现和长期全球价值创造 智通财经APP获悉，海通国际发布研报称，维持再鼎医药(09688)"优于大市"评级，对应目标价为35.25 港元，该行调整2025-2027年收入预测至4.7/5.0/7.2亿美元，一方面通过引进并商业化海外产品获取稳定 收入，另一方面依托跨境平台推动创新管线全球开发。核心管线中，靶向DLL3的ADC药物Zocilurtatug 计划在2026年底前启动三项注册临床，覆盖小细胞肺癌和神经内分泌癌。此外，公司还拥有多款具备差 异化潜力的早期全球资产，如ZL-1503、ZL-6201等，共同支撑其长期价值创造。 海通国际主要观点如下： 再鼎医药2025业绩前瞻 预计2025年公司将实现产品净收入4.7亿美元(同比+16.5%)，其中核心产品艾加莫德(FcRn)收入9796万美 元(同比+4.6%)，毛利率61.0%，R&D费用2.0亿美元(同比-12.8%)，SG&A费用2.8亿美元(同比-5.0%)。 多款临床早期产品有望助力公司实现长期全球价值 1)ZL-1503：ZL-1503同时靶向IL-13和IL-31R，设计用于长效/低频给药，旨在快速缓解瘙痒并实现广泛 ...

海通国际发布研报称，维持再鼎医药(09688)"优于大市"评级，对应目标价为35.25港元，该行调整2025- 2027年收入预测至4.7/5.0/7.2亿美元，一方面通过引进并商业化海外产品获取稳定收入，另一方面依托 跨境平台推动创新管线全球开发。核心管线中，靶向DLL3的ADC药物Zocilurtatug计划在2026年底前启 动三项注册临床，覆盖小细胞肺癌和神经内分泌癌。此外，公司还拥有多款具备差异化潜力的早期全球 资产，如ZL-1503、ZL-6201等，共同支撑其长期价值创造。 海通国际主要观点如下： 再鼎医药2025业绩前瞻 在近期的投资者会议中，管理层重申公司双轮驱动的核心战略：1)通过引入海外优质产品并实现国内商 业化，为进一步投入全球创新提供了坚实的财务基础;2)高度整合的跨境研发平台能够更快速、更高效 地推进公司优质管线的全球市场开发。该行认为，尽管管理层此前下调了2025年全年收入指引并推迟了 公司盈利目标，该行仍然看好公司在国内市场丰富的商业化产品组合(8款产品获批上市)以及管线中多 款具备潜在差异化的全球资产。 Zocilurtatug(DLL3ADC)有望年内启动三项注册临床 Zo ...

Investment Rating - The report maintains an "Outperform" rating for Zai Lab with a target price of HKD 35.25, indicating an expected return exceeding the market benchmark over the next 12-18 months [2][19]. Core Insights - Zai Lab is projected to achieve product net revenue of USD 465 million in FY25, representing a year-on-year growth of 16.5%. The core product, efgartigimod, is expected to generate USD 97.96 million, with a gross profit margin of 61.0% [3][16]. - The management emphasizes a dual-engine strategy focusing on introducing high-quality overseas products for commercialization in China and leveraging a cross-border R&D platform for efficient global market development [4][17]. - Despite a downward revision in revenue guidance for 2025 and a delay in profitability targets, the company has a robust portfolio with eight products approved in China and several differentiated global assets in its pipeline [4][17]. Financial Performance - Revenue forecasts for FY25-FY27 have been adjusted to USD 465 million, USD 501 million, and USD 717 million, respectively. Net loss estimates for the same period are revised to USD 180 million, USD 159 million, and USD 55 million [10][19]. - R&D expenses are expected to be USD 205 million, a decrease of 12.8% year-on-year, while SG&A expenses are projected at USD 284 million, down 5.0% [3][16]. Clinical Development Pipeline - Zocilurtatug (DLL3 ADC) is set to initiate three registrational clinical trials by the end of 2026, targeting small cell lung cancer and neuroendocrine carcinoma [5][21]. - Several early-stage products, including ZL-1503 for atopic dermatitis and ZL-6201 for various solid tumors, are anticipated to contribute to long-term global value [6][9][21].

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their advancements, with significant business development (BD) transactions reported[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% year-on-year increase, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise due to increased demand from AI servers, with NAND Flash supply expected to decrease by 41.7% in 2026[35] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - By 2030, renewable energy generation is expected to account for approximately 30% of total power generation, indicating significant growth potential in the solar and wind sectors[46]

格隆汇1月27日丨根据联交所最新权益披露资料显示，2026年1月21日，再鼎医药(09688.HK)获JPMorgan Chase & Co.以每股均价14.6037港元增持好仓615.01 万股，涉资约8981.44万港元。 | 股份代號: | | --- | | 上市法國名稱: | | 日期(日/月/年 | | | (股東/董事/最高行政人員名稱作出披露的 冒入/曹出或涉及的 | | | 图段的平均值 | 符有權益的股份數目 | 佔已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | --- | | | 校 7 31 三 | | | | 語参閱 「亦 * 註 | 有投票權版(日/月/年) 行营分证 | | CS20260126E00448 | JPMorgan Chase & Co. | 1001(L) | 6.150,110(L) | HKD 14.6037 | 59.526.621(L | 5.31(L)21/01/2026 | | | | 1403(S) | 1,233,010(S) | | 35.952,475(S) | 3.21(S) | | | ...

（文章来源：每日经济新闻） 每经AI快讯，1月26日，纳斯达克中国金龙指数跌超0.5%，名创优品跌4.08%，再鼎医药跌4.36%，大全 新能源跌2.80%，小鹏汽车跌2.70%，百度跌2.51%。 ...

本文源自：金融界AI电报 据香港交易所披露，摩根大通（JPMorgan）对再鼎医药有限公司的多头持仓比例于2026年1月21日从 4.76%增至5.31%。 ...

2026年1月16日，陈影从旧金山飞回上海，飞机上坐满了中国创新药企的创始人、高管、投资者，大部分人看上去心情不错，他们刚参加完全球规模最大的 医疗健康盛会——摩根大通医疗健康大会（下称"JPM"）。 这是陈影第一次参加JPM。2025年10月，她所在的赛默罗生物收到了几家跨国药企的邀请，希望能在JPM期间洽谈合作。赛默罗生物有一款原始创新（first- in-class）药物已进入临床二期试验，并获得美国食品药品监督管理局（FDA）的孤儿药认定，这引起了跨国药企的兴趣。 陈影此行与五六家跨国公司进行了一对一会谈，奔波在会场、各大洽谈室之间，每天睡觉不超过5小时。许多参会者都有类似体验，赫吉亚生物创始人崔坤 元开玩笑说，参会最直接的收获是"比较累"。大家期望在四天的日程里尽可能捕捉最前沿的行业信息、与意向合作方深入沟通。 多位受访者对经济观察报表示，相比前几年，2026年JPM带来的正向预期更明显。尤其是对中国创新药企，几乎每家跨国公司都不掩饰对中国资产的兴趣。 经济观察报 记者 张英 他观察到，尽管FDA官员在JPM期间提及了中美创新药竞争，但并未强调保护主义政策，更多提及的是美国医院、FDA如何优化临床试 ...