Group 1 - The company, Zai Lab (09688.HK), announced the issuance of 6.84429 million new ordinary shares on August 12, 2025 [1] - The shares will be held by a trustee to fulfill the share awards and options granted to executive directors under the equity incentive plans disclosed in 2015, 2017, 2022, and 2024 [1]

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the issuance of 6.8443 million shares under its equity incentive plan, scheduled for August 12, 2025 [1] Group 1 - The company is implementing an equity incentive plan to issue shares [1] - The total number of shares to be issued is 6.8443 million [1] - The issuance date is set for August 12, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 再鼎醫藥有限公司 呈交日期： 2025年8月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09688 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不 ...

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.02%, with notable stock performances including Jingtai Holdings (02228) up 7.38% and Fosun Pharma (02196) up 6.00% [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.52%, reaching a latest price of 0.97 yuan, with a trading volume of 240.45 million yuan and a turnover rate of 0.62% [3] - Jingtai Holdings announced an expected comprehensive income of no less than 500 million yuan for the six months ending June 30, 2025, representing an increase of at least 387% compared to the same period in 2024 [3] Group 2 - The Hong Kong Innovative Drug Selection ETF reached a new high in scale at 385 million yuan and a new high in shares at 399 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 22.93 million yuan, totaling 42.28 million yuan [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 3 - The HSSCPB index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5] - The top ten weighted stocks in the HSSCPB index account for 78.05% of the total index weight, including companies like BeiGene (06160) and WuXi Biologics (02269) [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to USD 46 for the US stock and HKD 36 for the Hong Kong stock, reflecting potential upside of +35% and +18% respectively [5][13]. Core Insights - The company's Q2 2025 performance was below expectations, primarily due to lower-than-expected revenues from key products Aigamod and Zelek, as well as a decline in gross margin [1][2]. - Total revenue for Q2 2025 was USD 110 million, including product net revenue of USD 109 million, which represents a year-over-year increase of 9.0% but is significantly below market expectations [2]. - The net loss narrowed to USD 40.73 million, a decrease of 49.3% year-over-year, but still fell short of internal forecasts [2]. - The report highlights that Aigamod's sales were USD 26.5 million in Q2 2025, showing a year-over-year increase of 14.3%, but the growth rate has slowed compared to previous quarters [3]. - Zelek's revenue was only USD 41 million, down 8.8% year-over-year, attributed to increased competition from generic drugs [3]. Financial Performance Summary - The company maintained its full-year guidance for 2025, projecting total revenue between USD 560 million and USD 590 million, with expectations of significant growth in the second half of the year [4]. - The report anticipates that Aigamod will benefit from new treatment guidelines, potentially leading to a recovery in sales growth [4]. - The company is expected to face challenges in achieving its revenue targets, with projected growth rates of 63%-77% year-over-year and 59%-73% quarter-over-quarter for the second half of 2025 [4]. - Key catalysts for growth include updates on the promising pipeline product ZL-1310 and potential approvals for other drugs in the pipeline [4][12]. Market Data - The current stock price is USD 34.1, with a 52-week range of USD 16.0 to USD 44.3, and a total market capitalization of USD 3.747 billion [5]. - The average daily trading volume over the past three months is USD 32 million [5].

Core Viewpoint - Zai Ding Pharma reported a total revenue of $110 million for Q2 2025, reflecting a 9% year-over-year growth, with management reaffirming the annual revenue guidance and targeting a positive Non-GAAP operating profit by Q4 2025. However, the market reacted negatively, with a significant drop in stock prices, raising questions about underlying concerns in the financial report and potential investment opportunities [1][2][3]. Revenue Performance - The company achieved a total revenue of $110 million in Q2 2025, marking a 9% increase year-over-year, and a 10% increase when adjusted for constant exchange rates [2]. - Management reiterated the annual revenue guidance, indicating a sustainable growth outlook [2]. Market Concerns - The revenue growth has raised market concerns, particularly regarding the performance of the PARPi product line, which saw a 9.75% decline in sales year-over-year, leading to skepticism about the annual revenue guidance of $560 million to $590 million [3][4]. - Despite the challenges faced by the PARPi products, there are signs of marginal improvement in sales for the second half of the year [4]. Product Performance - The sales of the flagship product, Egamod, increased significantly by 46% quarter-over-quarter, reaching a historical high in patient usage, although year-over-year growth remains modest [5]. - The company plans to submit a market application for a pre-filled subcutaneous injection of Egamod in 2025, which will enhance its market position with three administration methods [5]. New Growth Drivers - New products such as Niu Zai Le and Ding You Le contributed to a 30% year-over-year growth in "other businesses," indicating a strengthening pipeline [6]. Global Pipeline Development - Zai Ding Pharma is advancing its "dual reporting in China and the U.S." strategy, with several global pipeline candidates entering critical stages [10]. - Notable candidates include ZL-1310 for small cell lung cancer and ZL-1503 for atopic dermatitis, both showing promising clinical results [11]. Financial Health - The company reported a Q2 2025 operating loss of $54.9 million, a 28% year-over-year reduction, with adjusted losses narrowing by 37% to $34.2 million, indicating improved financial health [13]. - With cash reserves of $832.3 million, the company is well-positioned to support business expansion and R&D efforts [13]. Market Sentiment - Despite stock price declines, there was a significant inflow of capital into the stock, suggesting some investors are adopting a "buy the dip" strategy [9]. - The overall market sentiment remains optimistic due to the company's global pipeline and clear path to profitability, which may lead to a revaluation of the stock [15].

Summary of Conference Call Notes Company and Industry Overview - **Company**: 赛领医药 (Sailin Pharmaceuticals) - **Industry**: Biopharmaceuticals, focusing on autoimmune diseases and oncology treatments Key Points and Arguments Product Developments - **艾佳莫德 (Eijamode)**: - Currently has a penetration rate of only 10% in the Chinese market for Myasthenia Gravis (MG) treatment, with significant growth potential due to new guidelines recommending its use for early and diverse patient populations [2][17] - Achieved a cumulative target rate of 73% and a first-cycle target rate of 40% in clinical settings, indicating strong efficacy [3][17] - Plans to enhance market education and increase hospital coverage to boost penetration [4][17] - **ZL1,310**: - Demonstrated a high overall response rate (ORR) of 67% in second-line small cell lung cancer patients, with a 79% ORR in the 1.6 mg dosage group [2][7] - Received FDA fast track designation and is expected to initiate global registration clinical trials in the second half of the year [7][12] - **Z21,503**: - A bispecific antibody for atopic dermatitis showing promising preclinical data for itch and inflammation relief, with plans to submit a global IND application in the second half of the year [2][8] - **Bemarituzumab**: - Positive results in a global Phase III study for first-line gastric cancer, with plans to submit for market approval within six months [2][9] Financial Performance - **Q2 2025 Financials**: - Total revenue reached $110 million, a 9% year-over-year increase, with Eijamode revenue growing by 46% quarter-over-quarter [3][12] - Cash reserves exceeded $830 million, supporting business expansion and R&D investments [4][12] Market Dynamics - **Competition**: - Zele's sales revenue decreased in Q2 due to changes in competitive landscape but is expected to stabilize in the second half of the year [4][6] - New product **顶优乐 (Dingyoule)** received positive feedback but faced supply constraints, which the company is actively addressing [6][23] Future Outlook - **Growth Projections**: - Eijamode is projected to become a blockbuster product with peak sales potential of 7 billion RMB, driven by increasing market acceptance and new indications [18][19] - Zele is expected to recover and grow in market share, particularly in the ovarian cancer treatment segment [21][22] - **Clinical Trials and Approvals**: - Plans to submit multiple IND applications and initiate key clinical trials for various products, including those targeting autoimmune diseases and cancers [12][10][11] Strategic Initiatives - **AI Integration**: - The company plans to utilize AI platforms for patient management and to enhance treatment adherence [5][17] - **Market Education**: - A focus on educating healthcare providers and patients about new treatment guidelines and product benefits to increase adoption rates [4][17] Additional Important Information - The company is actively expanding its product pipeline and exploring collaborations to enhance its market position [15][34] - The competitive landscape for small cell lung cancer treatments is intensifying, with multiple products entering late-stage trials [26][27] - The company is preparing for the commercialization of new therapies, including those for IGA nephropathy and thyroid eye disease, with significant market potential [32][33]

Group 1 - The stock price of Zai Lab (ZLAB) opened at $34.85 per share, up 2.26%, with a total market capitalization of $3.832 billion as of August 8 [1] - For the fiscal year ending March 31, 2025, Zai Lab reported total revenue of $106 million, representing a year-over-year growth of 22.19%, while the net profit attributable to shareholders was -$48.438 million, showing a year-over-year increase of 9.41% [1] Group 2 - Zai Lab is a patient-centered, innovative global biopharmaceutical company that is in the commercialization stage, focusing on providing optimal and first-in-class drugs for oncology, autoimmune diseases, infectious diseases, and central nervous system disorders [2] - The company's mission is to become a leading global biopharmaceutical company, offering transformative innovative drugs to patients in China and around the world [2] - Zai Lab's long-term goal is to establish itself as a global leader in biopharmaceuticals, leveraging its base in China to provide innovative therapies for patients worldwide [2]

Group 1 - On August 8, several stocks including Hutchison Whampoa, Nanjing Panda Electronics, Oriental Selection, Fubo Group, Zai Ding Pharmaceutical, and Huitongda Network made their debut on the Hong Kong Stock Connect active trading list for the first time in a month [1][2] - The total trading volume of active stocks on August 8 reached 33.757 billion HKD, accounting for 27.32% of the total trading amount on that day, with a net buying amount of 1.614 billion HKD [1] - Among the active stocks, SMIC had the highest trading volume at 11.074 billion HKD, followed by Alibaba and Xiaomi with trading amounts of 3.887 billion HKD and 3.800 billion HKD respectively [1] Group 2 - Hutchison Whampoa had a trading volume of 0.958 billion HKD with a net selling of 0.158 billion HKD, closing down 15.99% [2] - Nanjing Panda Electronics recorded a trading volume of 1.075 billion HKD with a net selling of 0.025 billion HKD, closing down 10.40% [2] - Oriental Selection had a trading volume of 1.024 billion HKD with a net buying of 0.056 billion HKD, closing up 12.32% [2] - Fubo Group had a trading volume of 0.747 billion HKD with a net buying of 0.031 billion HKD, closing up 18.36% [2] - Zai Ding Pharmaceutical had a trading volume of 0.768 billion HKD with a net buying of 0.217 billion HKD, closing down 10.47% [2] - Huitongda Network had a trading volume of 1.758 billion HKD with a net buying of 0.076 billion HKD, closing up 26.90% [2]

Core Insights - On August 8, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 6.668 billion, 2.541 billion, and 2.286 billion respectively [1] - In the Southbound Stock Connect for Shenzhen, SMIC (00981), Xiaomi Group-W (01810), and Alibaba-W (09988) also ranked as the top three, with trading amounts of 4.406 billion, 1.514 billion, and 1.346 billion respectively [1] Southbound Stock Connect (Shanghai) - Top active companies by trading volume: - SMIC (00981): 6.668 billion with a net buy of 0.213 billion - Alibaba-W (09988): 2.541 billion with a net buy of 0.398 billion - Xiaomi Group-W (01810): 2.286 billion with a net buy of 0.547 billion - Tencent Holdings (00700): 1.916 billion with a net buy of 0.424 billion - Huizhou Network (09878): 1.758 billion with a net buy of 0.0758 billion - Hua Hong Semiconductor (01347): 1.125 billion with a net sell of 0.336 billion - Nanjing Panda Electronics (00553): 1.075 billion with a net sell of 0.0252 billion - CSPC Pharmaceutical Group (01093): 1.075 billion with a net sell of 0.133 billion - Dongfang Zhenxuan (01797): 1.024 billion with a net buy of 0.0556 billion - Jing Tai Holdings (02228): 0.956 billion with a net buy of 0.0446 billion [1] Southbound Stock Connect (Shenzhen) - Top active companies by trading volume: - SMIC (00981): 4.406 billion with a net sell of 0.639 billion - Xiaomi Group-W (01810): 1.514 billion with a net sell of 0.0745 billion - Alibaba-W (09988): 1.346 billion with a net buy of 0.333 billion - Tencent Holdings (00700): 1.214 billion with a net sell of 0.319 billion - Hutchison China MediTech (00013): 0.958 billion with a net sell of 0.158 billion - CanSino Biologics (09926): 0.893 billion with a net buy of 0.0202 billion - Zai Lab (09688): 0.768 billion with a net buy of 0.0217 billion - Innovent Biologics (01801): 0.759 billion with a net buy of 0.0745 billion - Fufeng Group (03738): 0.747 billion with a net buy of 0.0315 billion - Tracker Fund of Hong Kong (02800): 0.729 billion with a net buy of 0.0684 billion [1]