| 2). 就根據股份計劃授予發行人的董事的股份獎勵或期權而發行新股或轉 | 4,610,920 | 0.41 % | HKD | 0 | | | --- | --- | --- | --- | --- | --- | | 讓庫存股份 - 涉及新股 | | | | | | | 發行新股，由受託人持有，以兌現按先前披露的條款歸屬/行使根據 | | | | | | | 2015，2017，2022及2024年股權激勵計劃向執行董事授出的股份獎 | | | | | | | 勵和期權 | | | | | | | 變動日期 2026年2月4日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年2月4日 | 1,128,128,030 | | 0 | | 1,128,128,030 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | FF305 第 2 頁 共 6 頁 v 1.3.0 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 ...

Group 1 - Morgan Stanley increased its stake in Zai Lab (09688) by acquiring 1,920,096 shares at a price of HKD 13.3426 per share, totaling approximately HKD 25.6191 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Zai Lab reached approximately 56,470,300 shares, representing a stake of 5.04% [1]

Core Viewpoint - Morgan Stanley increased its stake in Zai Lab (09688) by acquiring 1,920,096 shares at a price of HKD 13.3426 per share, totaling approximately HKD 25.6191 million, raising its ownership to about 56,470,300 shares, which represents 5.04% of the company [1] Group 1 - Morgan Stanley's recent acquisition indicates a positive outlook on Zai Lab's potential growth and market position [1] - The total investment made by Morgan Stanley in this transaction is approximately HKD 25.6191 million [1] - Following the purchase, Morgan Stanley's total shareholding in Zai Lab is now approximately 56,470,300 shares [1] Group 2 - The per-share purchase price of HKD 13.3426 reflects the current valuation of Zai Lab in the market [1] - The increase in ownership percentage to 5.04% may influence market perception and investor confidence in Zai Lab [1] - This transaction highlights the ongoing interest from institutional investors in Zai Lab's stock [1]

Core Viewpoint - The company is expected to achieve a product net revenue of $470 million in 2025, representing a year-on-year increase of 16.5% [1] Financial Projections - Core product Efgartigimod (FcRn) revenue is projected to be $97.96 million in 2025, with a gross margin of 61.0% [1] - R&D expenses are anticipated to be $200 million, a decrease of 12.8% year-on-year, while SG&A expenses are expected to be $280 million, down 5.0% year-on-year [1] - The company is projected to incur a net loss of $180 million in 2025, an improvement from a net loss of $260 million in the previous year [1] Strategic Insights - The management reiterated a dual-driven strategy focusing on introducing high-quality overseas products for domestic commercialization, which provides a solid financial foundation for global innovation investments [1] - The company has a rich portfolio of commercialized products in the domestic market, with eight products approved for launch, and several differentiated global assets in the pipeline [1] Clinical Development Updates - Zocilurtatug (DLL3 ADC) is expected to initiate three registration clinical studies by the end of 2026, with a focus on small cell lung cancer and neuroendocrine cancer [2] - Multiple early-stage clinical products are anticipated to contribute to long-term global value, including ZL-1503 for atopic dermatitis, ZL-6201 for various solid tumors, ZL-1222 for enhanced anti-tumor activity, and ZL-1311 for gastric cancer [3] Valuation Adjustments - Revenue forecasts for 2025-2027 have been adjusted to $470 million, $500 million, and $720 million respectively, reflecting a downward revision from previous estimates [3] - Net profit forecasts for the same period have also been revised to -$180 million, -$160 million, and -$60 million respectively [3] - The company is valued using a DCF model with a WACC of 9.9% and a perpetual growth rate of 2.0%, resulting in a target price of HKD 35.25, maintaining an "outperform" rating [3]

Core Viewpoint - Haitong International maintains an "outperform" rating for Zai Lab (09688) with a target price of HKD 35.25, adjusting revenue forecasts for 2025-2027 to USD 470 million, USD 500 million, and USD 720 million respectively, driven by the introduction and commercialization of overseas products and a cross-border platform for global development of innovative pipelines [1] Group 1: 2025 Performance Outlook - Zai Lab is expected to achieve a net product revenue of USD 470 million in 2025, representing a year-on-year increase of 16.5%, with core product Efgartigimod (FcRn) revenue projected at USD 97.96 million, a 4.6% increase year-on-year, and a gross margin of 61.0% [1] - Research and Development (R&D) expenses are forecasted at USD 200 million, down 12.8% year-on-year, while Selling, General and Administrative (SG&A) expenses are expected to be USD 280 million, a decrease of 5.0% year-on-year [1] Group 2: Dual-Drive Strategy - The management reiterated a dual-drive strategy during a recent investor meeting, focusing on introducing high-quality overseas products for domestic commercialization to provide a solid financial foundation for global innovation investments, and leveraging an integrated cross-border R&D platform for efficient global market development of quality pipelines [2] - Despite previous downward adjustments to the 2025 revenue guidance and delayed profitability targets, the company remains optimistic about its rich portfolio of commercialized products in the domestic market, with eight products approved for launch, and several differentiated global assets in the pipeline [2] Group 3: Zocilurtatug Clinical Trials - Zocilurtatug (DLL3 ADC) is set to initiate three registration clinical studies by the end of 2026, targeting small cell lung cancer (SCLC) and neuroendocrine cancer (NEC) [3] - The ongoing clinical data for SCLC shows an overall response rate (ORR) of 68.4% with good safety profiles, and a registration phase III clinical study has already commenced [3] - Management anticipates data from a phase I clinical study for first-line SCLC in the second half of 2026, with a phase III clinical study expected to start by the end of the year [3] Group 4: Early Clinical Products - ZL-1503 targets IL-13 and IL-31R, designed for long-acting/low-frequency administration, aiming to provide rapid relief from itching and broad disease control, with initial human study data expected in the second half of 2026 [4] - ZL-6201 (LRRC15 ADC) aims to disrupt the tumor microenvironment for various solid tumors, with global phase I clinical studies anticipated to start in Q1 2026 [4] - ZL-1222 (PD-1/IL-12) has shown strong anti-tumor activity in preclinical models, with clinical trial applications expected to be completed within the year [4] - ZL-1311 (MUC17 TCE) is projected to enter global clinical development within the year, targeting overexpressed antigens in gastric cancer and gastroesophageal junction cancer [4]

Core Viewpoint - Haitong International maintains an "outperform" rating for Zai Lab (09688) with a target price of HKD 35.25, adjusting revenue forecasts for 2025-2027 to USD 470 million, USD 500 million, and USD 720 million respectively, driven by the introduction and commercialization of overseas products and a cross-border platform for global development of innovative pipelines [1] Group 1: 2025 Performance Outlook - Zai Lab is expected to achieve a net product revenue of USD 470 million in 2025, representing a year-on-year increase of 16.5%, with core product Efgartigimod (FcRn) revenue projected at USD 97.96 million, a 4.6% increase year-on-year, and a gross margin of 61.0% [2] - Research and Development (R&D) expenses are forecasted at USD 200 million, down 12.8% year-on-year, while Selling, General and Administrative (SG&A) expenses are expected to be USD 280 million, a decrease of 5.0% year-on-year [2] Group 2: Dual-Drive Strategy - The management reiterated a dual-drive core strategy during a recent investor meeting: 1) introducing high-quality overseas products for domestic commercialization to provide a solid financial foundation for global innovation investments; 2) a highly integrated cross-border R&D platform to accelerate the global market development of quality pipelines [3] - Despite previous downward adjustments to the 2025 revenue guidance and delays in profitability targets, the company is viewed positively due to a rich portfolio of commercialized products in the domestic market (8 products approved) and several globally differentiated assets in the pipeline [3] Group 3: Zocilurtatug Clinical Trials - Zocilurtatug (DLL3 ADC) is expected to initiate three registration clinical trials by the end of 2026, targeting small cell lung cancer (SCLC) and neuroendocrine cancer (NEC) [4] - The ongoing clinical data for SCLC shows an overall response rate (ORR) of 68.4% with good safety profiles, and a registration phase III clinical trial has already commenced [4] - Management anticipates data from a phase I clinical trial for first-line SCLC in combination with PD-L1 ± chemotherapy to be released in the second half of 2026, with a registration phase III trial expected to start by the end of the year [4] Group 4: Early Clinical Products - ZL-1503 targets IL-13 and IL-31R, designed for long-acting/low-frequency administration, aiming for rapid itch relief and broad disease control, with initial human study data expected in the second half of 2026 [5] - ZL-6201 (LRRC15 ADC) aims to disrupt the tumor microenvironment for various solid tumors, with global phase I clinical trials expected to start in Q1 2026 [5] - ZL-1222 (PD-1/IL-12) has shown strong anti-tumor activity in preclinical models, with clinical trial applications expected to be completed within the year [5] - ZL-1311 (MUC17 TCE) is anticipated to enter global clinical development within the year, targeting overexpression in approximately 50% of gastric and gastroesophageal junction cancers [5]

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]

Group 1 - JPMorgan Chase & Co. increased its stake in Zai Lab Limited (09688.HK) by purchasing 6.1501 million shares at an average price of HKD 14.6037 per share, totaling approximately HKD 89.8144 million [1] - Following the acquisition, JPMorgan's total holdings in Zai Lab rose to 59.5266 million shares, increasing its ownership percentage from 4.76% to 5.31% [1]