Core Insights - The article presents a ranking of 78 unprofitable biotechnology companies listed in Hong Kong, highlighting their market capitalizations and stock prices as of October 31, 2025 [1][2][3]. Market Capitalization Summary - The top three companies by market capitalization are: 1. 名要放田 (Ming Yao Fang Tian) with a market cap of HKD 286.26 billion 2. 信达生物 (Innovent Biologics) with a market cap of HKD 149.08 billion 3. 科伦博泰生物-B (Kintor Pharmaceutical) with a market cap of HKD 104.47 billion [1][2]. Price Performance Summary - The highest price increase for the year is observed in: 1. 北海康成-B (Beihai Kangcheng) with a price increase of 1381.20% 2. 药康安康 - B (Yao Kang An Kang) with a price increase of 1297.72% 3. 三叶草生物-B (San Ye Cao) with a price increase of 812.86% [3][4]. Additional Performance Insights - Other notable performers include: - 德棋医药-B (Deqi Pharmaceutical) with a 696.92% increase - 和铂失药-B (He Bo Shi Yao) with a 624.19% increase - 荣昌生物 (Rongchang Biologics) with a 525.00% increase [3][4]. Overall Trends - The article indicates a significant volatility in the biotechnology sector, with many companies experiencing substantial price fluctuations, reflecting investor sentiment and market dynamics [3][4].

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Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a downturn, with significant declines in several key companies, while the innovative drug ETF is seeing increased investment interest despite the market drop [1][3]. Group 1: Company Performance - Zai Lab reported a third-quarter product revenue net of $115.4 million, a year-on-year increase of 13%, with a net loss of $36 million, which is an improvement compared to the same period last year [3]. - BeiGene, known as the "king of innovative drugs," achieved a remarkable third-quarter revenue of 10.077 billion yuan, marking a year-on-year growth of 41.1%. The total revenue for the first three quarters reached 27.595 billion yuan, up 44.2% year-on-year, surpassing the total revenue of the previous year, with a net profit attributable to shareholders of 1.139 billion yuan [3]. Group 2: ETF Insights - The Hong Kong Stock Connect Innovative Drug ETF (520880) exclusively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies, and offers better risk control by reducing the weight of less liquid stocks [4][5][6]. - As of the end of October, the top ten holdings in the index accounted for 71.51% of the total weight, indicating a strong representation of leading innovative drug companies [7]. - The ETF has surpassed 2 billion yuan in total assets for the first time, with an average daily trading volume of 474 million yuan, making it the largest and most liquid ETF tracking this index [8].

Investment Rating - The report does not explicitly state an investment rating for Zai Lab, but it provides insights into the company's performance and future expectations, which can inform investment decisions. Core Insights - In Q3 2025, Zai Lab reported net product revenue of USD 115 million, representing a year-over-year increase of 13% and a quarter-over-quarter increase of 6% [6] - The company narrowed its net loss to USD 36 million, a 12% improvement from the previous quarter, while adjusted operating loss improved by 18% to USD 28 million [6] - Management has revised the full-year 2025 revenue guidance down to USD 460 million from a previous range of USD 560-590 million [6] Revenue Breakdown - Core product efgartigimod generated sales of USD 27.7 million, up 5% quarter-over-quarter, driven by extended treatment duration and increased market penetration, despite a revenue reduction of approximately USD 2.4 million due to price adjustments [2][8] - Zejula (PARP inhibitor) sales reached USD 42.4 million, a 3% increase quarter-over-quarter [2][8] - Nuzyra (antibiotic) sales were USD 15.4 million, reflecting an 8% quarter-over-quarter increase [2][8] Future Focus - Key milestones anticipated in 2026 include data readouts for Zoci (DLL3 ADC) in the first half of 2026, with registration clinical trials for first-line small cell lung cancer (1L SCLC) and neuroendocrine carcinoma (NEC) expected to start in 2026 [3][8] - Management expects the first overseas approval for an indication in 2027/2028 [3][8] - Other products in the pipeline include ZL-1503 (IL13/IL31) with first-in-human data expected in 2026 and ZL-6201 (LRRC15 ADC) set to initiate global Phase 1 clinical trials in the first half of 2026 [5][8]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.84% at 46,912.3 points, the S&P 500 down 1.12% at 6,720.32 points, and the Nasdaq down 1.9% at 23,053.99 points [1] - Major tech stocks fell, with Nvidia and Tesla dropping over 3%, Intel, Amazon, and Meta down over 2%, and Microsoft down over 1% [1] - Popular Chinese concept stocks showed mixed results, with Xiaoma Zhixing down over 8%, Zai Ding Pharmaceutical down over 6%, and NIO down over 1%, while XPeng Motors rose over 9% and Baidu up over 3% [1] European Market - European stock indices also closed lower, with Germany's DAX down 1.29% at 23,740.38 points, France's CAC40 down 1.36% at 7,964.77 points, and the UK's FTSE 100 down 0.42% at 9,735.78 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.20% at $3,984.80 per ounce and COMEX silver futures down 0.37% at $47.85 per ounce [1] - U.S. oil futures fell slightly, with the main contract down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [1] Currency and Bond Markets - The U.S. dollar index decreased by 0.45% to 99.70, while the offshore RMB appreciated against the dollar by 104 basis points to 7.1209 [1] - U.S. Treasury yields collectively fell, with the 2-year yield down 7.20 basis points to 3.553% and the 10-year yield down 7.60 basis points to 4.083% [1] - European bond yields also declined, with the UK 10-year yield down 2.9 basis points to 4.432% and Germany's 10-year yield down 2.3 basis points to 2.648% [1]

Core Viewpoint - Zai Ding Pharma reported a 14% year-on-year increase in total revenue for Q3 2025, reaching $116.1 million, with a narrowed operating loss of $48.8 million, down 28% year-on-year, and an adjusted operating loss reduced by 42% to $28 million. The company has adjusted its full-year revenue guidance for 2025 to at least $460 million [1] Financial Performance - Total revenue for Q3 2025 was $116.1 million, a 14% increase compared to the previous year [1] - Product revenue net amounted to $115.4 million, up 13% from $101.8 million in the same period of 2024, with a 14% increase when adjusted for constant exchange rates [1] - The operating loss was $48.8 million, a reduction of 28% year-on-year, while the adjusted operating loss was $28 million, down 42% [1] Growth Drivers - The revenue growth was primarily driven by increased sales of Zocor and Dingyoule, partially offset by a slowdown in sales of Zele [1] - The company is entering a new growth phase, supported by its commercial capabilities in China and a robust pipeline of global projects [1] Future Outlook - The company is preparing for the upcoming launch of KarXT in the schizophrenia field, while continuing to strengthen the foundation for the launch of Aigamod in the myasthenia gravis area [1] - There is a steady increase in the number of new patients starting treatment and an extension in treatment duration for Aigamod, indicating growing confidence among doctors [1]

Core Insights - Zai Lab (09688) reported a 14% year-over-year increase in total revenue for Q3 2025, reaching $116.1 million, with operating losses narrowing by 28% to $48.8 million, and adjusted operating losses reduced by 42% to $28 million [1][1][1] - The company has adjusted its full-year revenue guidance for 2025 to at least $460 million [1] Revenue Breakdown - Product revenue netted $115.4 million, up 13% from $101.8 million in the same period of 2024, with a 14% increase when calculated at constant exchange rates (CER) [1][1] - Growth was primarily driven by increased sales of Zymeworks and Dingo, partially offset by a slowdown in sales of Zole [1] Management Commentary - The founder and CEO, Dr. Ying Du, stated that Zai Lab is entering a new growth phase, supported by a robust commercialization capability in China and a rapidly advancing global pipeline [1][1] - The company is advancing multiple differentiated global projects, showcasing the speed and scientific rigor of its R&D engine [1] - The President and COO, Josh Smiley, emphasized the strengthening foundation for the launch of Efgartigimod, with increasing new patient numbers and extended treatment durations in the myasthenia gravis field [1][1] - The company is preparing for the anticipated launch of KarXT in the schizophrenia space, while maintaining robust operations and positioning for significant future opportunities [1][1]

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。 （於開曼群島註冊成立的有限公司） （股份代號: 9688） 海外監管公告 – 表格 10-Q 本公告乃由再鼎醫藥有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條而作出。 本公司於2025年11月6日向美國證券交易委員會（「SEC」）遞交了截至2025年9月 30日止季度的季度報告表格10-Q（「表格10-Q」）。詳情請參閱隨附表格10-Q，其 已於SEC網站www.sec.gov及本公司網站www.zailaboratory.com刊發。 承董事會命 再鼎醫藥有限公司 董事長兼首席執行官 杜瑩 Zai Lab Limited 再鼎醫藥有限公司* 香港，2025年11月6日 於本公告日期，本公司董事會包括董事杜瑩博士；以及獨立董事 John Diekman 博士、 Richard Gaynor 博士、梁頴宇女士、 William Lis 先生、 Scott W. Morri ...

Financial Performance - Total revenue for Q3 2025 increased by 14% year-over-year, reaching $116.1 million[6] - Operating loss for Q3 2025 was $48.8 million, a reduction of 28% compared to the previous year[6] - Adjusted operating loss narrowed by 42% to $28 million for Q3 2025[6] - In Q3 2025, product revenue net amounted to $115.4 million, a 13% increase year-over-year, driven by sales growth of Newzai and Dingyoule[11] - The net loss for Q3 2025 was $36 million, with a loss per share of $0.03, an improvement from a net loss of $41.7 million and a loss per share of $0.04 in the same period of 2024[11] - Total revenue for the three months ended September 30, 2025, was $116,095,000, representing a 13% increase compared to $102,265,000 in the same period of 2024[36] - Product revenue for the nine months ended September 30, 2025, reached $330,095,000, a 14% increase from $289,102,000 in the same period of 2024[38] - Operating loss for the three months ended September 30, 2025, was $(48,822,000), a 28% improvement compared to $(67,853,000) in the same period of 2024[39] - Net loss for the nine months ended September 30, 2025, was $(125,128,000), down from $(175,419,000) in the same period of 2024[37] - Adjusted operating loss for the three months ended September 30, 2025, was $(27,998,000), compared to $(48,187,000) in the same period of 2024[39] Guidance and Projections - The company has set a full-year revenue guidance of at least $460 million for 2025[6] - The company adjusted its full-year 2025 total revenue guidance to at least $460 million[22] - Future projections include expectations for revenue growth, profitability, and cash flow from commercialized products and clinical-stage candidates[31] Research and Development - Zocilurtatug Pelitecan (zoci) has shown a 68% overall response rate in the 1.6 mg/kg dose group for the treatment of extensive-stage small cell lung cancer[9] - The median duration of response (DoR) for patients in the same group is estimated at 6.1 months[9] - KarXT has been included in national treatment guidelines in China, highlighting the urgent need for new therapies in the schizophrenia field[6] - The company plans to submit a marketing authorization application for tumor treating fields therapy for pancreatic cancer in Q4 2025[9] - ZL-1503 (IL-13xIL-31R) has initiated a global Phase 1/1b study to evaluate its safety and pharmacokinetics[9] - The company is preparing for the anticipated launch of KarXT in the schizophrenia market[6] - KarXT was included in the "China Schizophrenia Prevention and Treatment Guidelines (2025 Edition)" as the first national-level guideline globally, highlighting its effectiveness in three symptom areas[11] - The company plans to submit a new drug clinical trial application for ZL-6201 for treating sarcoma patients in Q4 2025[15] - The company expects to announce key results from ongoing clinical studies in 2026, including updates on the efficacy of Zocilurtatug Pelitecan in treating various cancers[17] - The company is preparing to submit marketing authorization applications for several products, including a new treatment for first-line pancreatic cancer in Q4 2025[18] Financial Position - As of September 30, 2025, cash and cash equivalents totaled $81.72 million, down from $83.23 million as of June 30, 2025[12] - As of September 30, 2025, cash and cash equivalents increased to $717.155 million from $449.667 million as of December 31, 2024, representing a growth of approximately 59.7%[34] - Total assets decreased to $1.159 billion as of September 30, 2025, from $1.186 billion as of December 31, 2024, a decline of about 2.3%[34] - Current liabilities increased to $359.769 million as of September 30, 2025, compared to $299.385 million as of December 31, 2024, reflecting an increase of approximately 20.2%[34] - The company reported a total of $85.377 million in accounts receivable as of September 30, 2025, slightly up from $85.178 million as of December 31, 2024[34] - Inventory net increased to $67.135 million as of September 30, 2025, from $39.875 million as of December 31, 2024, indicating a rise of approximately 68.5%[34] - The company has a non-current restricted cash of $1.115 million as of September 30, 2025, consistent with $1.114 million as of December 31, 2024[34] - Total liabilities rose to $398.995 million as of September 30, 2025, compared to $344.855 million as of December 31, 2024, marking an increase of about 15.7%[34] - The total equity as of September 30, 2025, was $759,945,000, a decrease from $840,898,000 as of December 31, 2024[35] - The total liabilities and equity as of September 30, 2025, was $1,158,940,000, compared to $1,185,753,000 as of December 31, 2024[35] - The company reported a foreign currency translation adjustment loss of $(6,703,000) for the three months ended September 30, 2025[37] Operational Focus - The company emphasizes the importance of non-GAAP financial metrics for understanding operational performance and financial results[30] - The company is focused on addressing unmet medical needs in oncology, immunology, neuroscience, and infectious diseases through innovative product development[27]

Financial Data and Key Metrics Changes - Total revenues for the third quarter were $116 million, representing a 14% year-over-year growth [14][19] - Adjusted loss from operations improved by 42% year-over-year to $28 million [20] - The company ended the quarter with $817 million in cash, providing flexibility for investments [21] Business Line Data and Key Metrics Changes - Vyvgart and Vyvgart Hytrulo contributed $27.7 million, with a $2.4 million reduction due to a voluntary price adjustment [14] - Demand for Nuzyra increased, supported by higher market coverage and penetration [19] - Zejula experienced a year-over-year decline amid competitive dynamics but grew sequentially [19] Market Data and Key Metrics Changes - Vyvgart remains the number one innovative drug by sales among all new launches in the past two years in China [15] - The average vials per patient for Vyvgart increased over 30% year-to-date versus last year [16] - The company expects continued growth in the China business, which is already commercially profitable [21] Company Strategy and Development Direction - The company aims to bring global innovations to patients in China and develop new innovations for global competition [4] - The focus is on advancing the global pipeline, particularly with ZL1310, which is expected to enter pivotal trials [4][12] - The company is strategically investing in R&D while maintaining financial discipline [21] Management's Comments on Operating Environment and Future Outlook - The management noted a complex and dynamic environment affecting growth pace but remains confident in long-term potential [5] - Regulatory reviews are becoming faster, and negotiations are more transparent, which is encouraging [5] - The company plans to provide updated financial guidance for 2026 in the next earnings report [21] Other Important Information - The company is expanding its global R&D organization to enhance speed and quality [5] - New Chief Business Officer, Dr. Shan He, is expected to play a central role in expanding the portfolio [14] - The company is on track for several important milestones across its global portfolio in the next 12 months [12] Q&A Session Summary Question: Revised revenue guidance and key growth drivers - Management highlighted that growth will be driven by Vyvgart, with expectations for continued patient additions and treatment duration [24][26] Question: Expectations for ZL1503 in atopic dermatitis - Initial data readout is expected in 2026, with a focus on efficacy endpoints and potential expansion into other TH2 diseases [28] Question: Shift in resource allocation towards internal pipeline - Management confirmed a strong focus on the internal pipeline while remaining open to external opportunities [30][32] Question: Opportunities in internal global pipeline - The most immediate opportunity is ZL1310, with strong activity and tolerability observed [35] Question: Strategy for KarXT launch in schizophrenia - The company plans a targeted sales force approach, anticipating significant market opportunity due to the lack of new mechanisms in over 70 years [40][41] Question: Challenges in achieving $2 billion revenue target by 2028 - Management acknowledged slower-than-expected growth in Vyvgart and Zejula but remains optimistic about the overall portfolio [43][45] Question: Pathway to approval for ZL1310 in neuroendocrine tumors - The company plans to conduct a single-arm trial with a focus on response rates, aiming for accelerated approval [47][48]