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11月19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（ ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.12% with a trading volume of 2.214 billion yuan on November 14, 2024 [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 13, 2024, the fund's latest share count was 9.665 billion shares, with a total size of 8.579 billion yuan, reflecting a year-to-date increase of 2344.51% in shares and 2170.81% in size [1] Fund Performance - The current fund manager, Ma Jun, has achieved a return of 69.74% since taking over on January 3, 2024 [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant weightings in the portfolio [2] Trading Activity - Over the past 20 trading days, the ETF has accumulated a trading volume of 28.057 billion yuan, averaging 1.403 billion yuan per day [1] - Year-to-date, the ETF has recorded a total trading volume of 251.214 billion yuan, with an average daily trading volume of 1.196 billion yuan [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Analysts are optimistic about Zai Lab Limited (ZLAB), suggesting that recent label expansions indicate the company is becoming undervalued [1] Company Analysis - Zai Lab Limited has shown potential for growth through various label expansions, which may enhance its market position and valuation [1] Industry Context - The analysis emphasizes the importance of understanding the science behind biotech investments, highlighting the need for thorough due diligence in this sector [1]

Core Insights - Analysts are optimistic about Zai Lab Limited (ZLAB), suggesting that recent label expansions indicate the company is becoming undervalued [1] Company Analysis - Zai Lab Limited has shown potential for growth through various label expansions, which may enhance its market position and valuation [1] Industry Context - The article emphasizes the importance of understanding the science behind biotech investments, highlighting the need for thorough due diligence in this sector [1]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 0.48% on November 11, with a trading volume of 854 million yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 10, 2024, the fund's latest share count was 9.675 billion, with a total size of 8.015 billion yuan, reflecting a significant increase in both share count and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2347.04% and its size increased by 2021.31% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the past 20 trading days, the cumulative trading amount reached 24.964 billion yuan, with an average daily trading amount of 1.248 billion yuan [1] - Year-to-date, the cumulative trading amount for 207 trading days was 244.556 billion yuan, with an average daily trading amount of 1.181 billion yuan [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 65.68% during the management period [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant percentages of the portfolio allocated to these stocks [2] - The largest holdings by percentage include BeiGene at 10.62%, CanSino Biologics at 10.55%, and Innovent Biologics at 10.21% [2]

Core Viewpoint - Zai Ding Pharmaceutical (09688.HK) announced the grant of stock options and restricted stock units as part of its 2024 equity incentive plan, indicating a strategic move to incentivize key personnel and align their interests with shareholders [1][2]. Group 1: Stock Options and Restricted Stock Units - The company granted stock options to one grantee for a total of 500 American Depositary Shares (ADS) [1]. - Additionally, 78 grantees received a total of 72,100 ADS in restricted stock units [1]. Group 2: Market Reaction - Following the announcement, Zai Ding Pharmaceutical's stock rose over 2.8% in pre-market trading [2]. - The company received a "Buy" rating from UBS, which may serve as a catalyst for further stock performance [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號：9688） 授出購股權及受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。董事會謹此宣佈，於2025 年11月10日（美國東部時間），本公司根據2024年股權激勵計劃向1名承授人授出可認 購合共500股美國存託股份的購股權並向78名承授人涉及合共72,100股美國存託股份的受 限制股份單位。 授出2024年股權激勵計劃項下的購股權 1 股份於授出日期的收市價： 每股美國存託股份21.89美元（每股股份約17.07港 元），即於2025年11月10日（美國東部時間）納斯達 克報收之收市價 每股股份17.29港元，即於2025年11月10日（香港時 間）聯交所報收之收市價 所授出購股權有效期： 購股權有效期將為自授出日期起計十年，且購股權將 於有效期屆滿時或更早（倘僱傭關 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $35 for US shares and HK$27 for Hong Kong shares, indicating a potential upside of 51% and 56% respectively [5][11]. Core Insights - The company's 3Q25 performance was below expectations, with total revenue of $116 million, representing a 13.5% year-over-year increase but significantly lower than forecasts. The net loss narrowed to $35.96 million, slightly above expectations [2][3]. - The report emphasizes the importance of the core pipeline asset Zoci, which is expected to have multiple data readouts in 1H26 that could positively impact the stock price [1][4]. - The revenue guidance for 2025 has been revised down from $560-590 million to at least $460 million, reflecting a 18%-22% reduction in expected annual revenue [4][11]. Financial Performance Summary - 3Q25 total revenue was $116 million, with product revenue of $115 million, both lower than expected. The product gross margin was 59.5%, continuing a downward trend [2][3]. - R&D expenses were reduced by 27.4% year-over-year to $47.93 million, indicating effective cost control [2]. - The company expects to submit applications for key products by the end of 2025, with global Phase 1 clinical trials for Zoci anticipated to start in 1H26 [11][12]. Pipeline and Future Prospects - The report highlights several upcoming catalysts for Zoci, including updates on intracranial efficacy data and potential registration trials in 2026 [4][11]. - Other pipeline assets are also expected to yield important data, including ZL-1503 and ZL-6201, with readouts anticipated in 2026 [4][11]. Market Expectations - The current market capitalization is approximately $2.56 billion, with a recent average trading volume of $22 million [5]. - The stock has a 52-week price range of $21.6 to $44.3, indicating significant volatility [5].

Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong Stock Connect Innovative Drug ETF, which has gained 1.2% with a trading volume of 351 million yuan and a total fund size of 2.079 billion yuan as of November 10 [1] - Key performing stocks within the ETF include InnoCare Pharma-B, Bionet, and Ascletis Pharma, with respective gains of 5.4%, 4.43%, and 4.37% [1] - Conversely, stocks such as Kangzhe Pharmaceutical, MIRXES-B, and Innovent Biologics showed weaker performance, with declines of 1.28%, 0.94%, and 0.65% respectively [1] Group 2 - The innovative drug sector is identified as the largest investment opportunity in the pharmaceutical sector for 2025, with a focus on dual/multi-target drugs, chronic disease medications addressing unmet clinical needs, and ADCs [2] - There is a noted improvement in domestic and international innovative drug financing data, with an upward trend in CXO industry orders, indicating a potential recovery in valuations and performance [2] - The medical device sector is experiencing accelerated approvals for innovative products, such as the approval of the chest and abdominal aortic stent system by Xianjian Technology, which is expected to enhance long-term profit margins [2] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF and its linked funds passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, with the top ten weighted stocks including BeiGene, China Biologic Products, and Innovent Biologics [3]