Core Viewpoint - Zejing Pharmaceutical announced an expected net profit attributable to the parent company for the year 2025 to be between -191 million yuan and -140 million yuan, indicating an increase in losses compared to the same period last year by 1.7692 million to 5.3592 million yuan [1] Financial Performance - The company anticipates achieving an operating revenue of 796 million to 829 million yuan for the year 2025, representing a year-on-year increase of 49.45% to 55.55% compared to the previous year [1]

Investment Rating - The report initiates coverage on Zai Lab with a "Buy" rating and a target price of RMB 166.16 [1][6] Core Insights - Zai Lab is a leading player in the TCE (T cell engager) field, with its flagship product ZG006 (DLL3/DLL3/CD3) expected to achieve a domestic peak sales of over RMB 4 billion and an overseas peak of nearly USD 6 billion [2][19] - The company has four innovative drugs already approved for sale in China, providing a sustainable cash flow to support early-stage R&D pipelines [1][15] - Zai Lab has partnered with AbbVie to expand ZG006 into international markets, which is anticipated to accelerate clinical progress and enhance market penetration [2][19] Summary by Sections Investment Rating - The report assigns a "Buy" rating to Zai Lab with a target price of RMB 166.16 [1][6] Market Potential - ZG006 is projected to have a domestic peak sales of over RMB 4 billion and an overseas peak of nearly USD 6 billion, driven by the high unmet medical need in small cell lung cancer (SCLC) [2][19] - The report highlights the potential for ZG006 to achieve a significant market share in the first-line SCLC treatment, with expectations of a 30% peak market share due to AbbVie's commercialization capabilities [5][19] Product Pipeline - Zai Lab has a robust pipeline with multiple innovative drugs, including ZG005 (PD-1/TIGIT) and ZGGS34 (MUC17/CD3/CD28), which are in various stages of clinical trials [4][22] - The company has successfully commercialized four innovative drugs, including Donafenib, which generated approximately RMB 530 million in sales in 2024 [3][15] Financial Projections - The report forecasts Zai Lab's revenue to grow from RMB 843 million in 2025 to RMB 2.22 billion in 2027, with a projected net profit of RMB 5.46 million in 2025 [6][10] - The DCF valuation method estimates a target market capitalization of RMB 43.98 billion, corresponding to the target price of RMB 166.16 [6][10]

（编辑 王雪儿） 证券日报网讯 1月28日，泽璟制药在互动平台回答投资者提问时表示，目前公司经营情况正常，研发、 生产和销售等各项工作均在正常开展中，不存在应披露而未披露的信息。后续如有需披露的信息，公司 将及时披露。二级市场股票股价变化受到多重因素影响。公司团队将持续努力，实现公司经营业绩的提 升。 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2026-005 苏州泽璟生物制药股份有限公司 关于实际控制人续签一致行动协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 苏州泽璟生物制药股份有限公司（以下简称"公司"）于近日收到公司实际 控制人 ZELIN SHENG（盛泽林）先生、陆惠萍女士发出的《关于续签<一致行 动协议>的通知》，现将相关情况公告如下： 一、本次续签《一致行动协议》的背景情况 ZELIN SHENG（盛泽林）先生、陆惠萍女士于 2025 年 1 月 23 日签署了《一 致行动协议》，协议的有效期为自双方签署之日起 12 个月，该协议于 2026 年 1 月 22 日到期。在《一致行动协议》的有效期内，各方均充分遵守了有关一致行 动的约定及承诺，未发生违反《一致行动协议》的情形。 为保障公司持续、稳定发展，经充分沟通协商，ZELIN SHENG（盛泽林） 先生、陆惠萍女士于 2026 年 1 月 23 日续签了新的《一致行动协议》，协议的有 效期为自双方签署之日起 12 个月。 截至本 ...

泽璟制药公告称，公司实控人ZELINSHENG（盛泽林）、陆惠萍近日续签《一致行动协议》，有效期 12个月。截至公告披露日，盛泽林持股49,910,527股，占比18.85%；陆惠萍持股12,631,644股，占比 4.77%，二者合计持股62,542,171股，占比23.63%。协议规定陆惠萍在股东会、董事会与盛泽林保持一 致行动，以其意见为准。续签后公司实控权未变，利于控制权稳定和经营政策连贯。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688266 证券简称：泽璟制药 公告编号：2026-004 苏州泽璟生物制药股份有限公司 关于自愿披露注射用ZG005与含铂化疗联用获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ■ 二、药品相关情况 注射用ZG005是重组人源化抗PD-1/TIGIT双特异性抗体，为创新型肿瘤免疫治疗生物制品，注册分类为 1类，有望用于治疗多种实体瘤。根据公开查询，ZG005是全球率先进入临床研究的同靶点药物之一， 目前全球范围内尚未有同类机制药物获批上市。 ZG005拥有双靶向阻断PD-1和TIGIT的作用，既可以通过有效阻断PD-1与其配体PD-L1的信号通路，进 而促进T细胞的活化和增殖；又可以有效阻断TIGIT与其配体PVR等的信号通路，促使PVR结合CD226产 生共刺激激活信号，进而促进T细胞和NK细胞的活化和增殖，并产生两个靶点被同时阻断后的协同增 强免疫系统杀伤肿瘤细胞的能力。 三、风险提示 根据国家药品注册相关 ...

Group 1 - Huakang Clean announced it is the first candidate for the bid of the Wuhan First Hospital expansion project with a bid amount of 54.88 million yuan and a construction period of 120 days [1] - Hualing Steel's subsidiary plans to invest 449.88 million yuan in a major overhaul project for its coking plant, aiming to address aging issues and restore production capacity over a 19-month construction period [2] - Yinjia Technology expects a net loss of 140 million to 110 million yuan for 2025, compared to a loss of 129 million yuan in the previous year [3] Group 2 - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan for 2025, recovering from a loss of 58.52 million yuan in the previous year [4] - Shiyi Da anticipates a net profit increase of 31 million to 46 million yuan for 2025, turning around from a loss of 23.41 million yuan last year [5] - Lijun Co. expects a net profit of 48 million to 66 million yuan for 2025, representing a decline of 45.05% to 60.03% compared to the previous year [7] Group 3 - Xindian Pharmaceutical plans to repurchase shares worth 25 million to 50 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 42 yuan per share [6] - Jingchen Co. has set the initial transfer price for its shares at 82.85 yuan per share, with a total of 13.1 million shares to be transferred to 28 institutional investors [8] - Zejing Pharmaceutical received approval for clinical trials of its innovative cancer immunotherapy drug ZG005 in combination with platinum-based chemotherapy for advanced nasopharyngeal and esophageal squamous cell carcinoma [9] Group 4 - Xingqi Eye Medicine expects a net profit of 662 million to 749 million yuan for 2025, marking a growth of 95.82% to 121.56% compared to the previous year [10] - Liancheng Precision anticipates a net loss of 12 million to 17 million yuan for 2025, reducing its loss from 37.96 million yuan in the previous year [11] - Beidou Star expects a net loss of 230 million to 290 million yuan for 2025, improving from a loss of 350 million yuan last year [13] Group 5 - Qing Shan Paper's affiliate won a bid for a wastewater treatment project worth 51.9 million yuan [15] - Yiling Pharmaceutical forecasts a net profit of 1.2 billion to 1.3 billion yuan for 2025, recovering from a loss of 725 million yuan in the previous year [16] - Huahai Pharmaceutical received a drug registration certificate for its product used in treating depression and obsessive-compulsive disorder [23] Group 6 - Nanjing Panda expects a net profit of 10 million to 15 million yuan for 2025, turning around from a loss of 189 million yuan last year [40] - Rui Sheng Intelligent anticipates a net profit of 33.92 million to 38.40 million yuan for 2025, representing a growth of 112% to 140% compared to the previous year [41] - Jiechang Drive expects a net profit of 395 million to 437 million yuan for 2025, with a growth of 40% to 55% compared to the previous year [43]

证券代码：688266 证券简称：泽璟制药 公告编号：2026-004 苏州泽璟生物制药股份有限公司 关于自愿披露注射用 ZG005 与含铂化疗联用 获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 苏州泽璟生物制药股份有限公司（以下简称"公司"）于近日收到国家药品监 督管理局（以下简称"国家药监局"）核准签发的《药物临床试验批准通知书》， 注射用ZG005与含铂化疗联合用于晚期鼻咽癌和食管鳞癌的临床试验获得批准。 本次临床试验获批事项对公司近期业绩不会产生重大影响。由于药品的研发 周期长、审批环节多、研发投入大，容易受到一些不确定性因素的影响，敬请广 大投资者谨慎决策，注意防范投资风险。 由于医药产品具有高科技、高风险、高附加值的特点，药品前期研发以及产 品从研制、临床试验、报批到投产的周期长、环节多，容易受到一些不确定性因 素的影响，存在无法获批上市销售的风险。公司将按国家有关法规的规定积极推 进上述研发项目，并及时对项目后续进展情况履行信息披露义务，敬请广大投资 者谨慎 ...

Core Viewpoint - Zai Lab (688266.SH) has received approval from the National Medical Products Administration for clinical trials of ZG005, a novel dual-specific antibody targeting PD-1 and TIGIT, for use in advanced nasopharyngeal carcinoma and esophageal squamous cell carcinoma [1] Group 1: Product Information - ZG005 is a recombinant humanized anti-PD-1/TIGIT dual-specific antibody classified as a Class 1 innovative tumor immunotherapy biological product [1] - ZG005 is among the first in the world to enter clinical research for this target mechanism, with no similar mechanism drugs approved globally [1] Group 2: Mechanism of Action - ZG005 simultaneously blocks PD-1 and TIGIT pathways, enhancing T cell activation and proliferation by inhibiting PD-1 signaling through its ligand PD-L1 [1] - The drug also effectively blocks the TIGIT pathway, promoting co-stimulatory activation signals through PVR and CD226, leading to increased activation and proliferation of T cells and NK cells [1] - The dual-target blockade is expected to synergistically enhance the immune system's ability to kill tumor cells [1]

人民财讯1月22日电，泽璟制药(688266)1月22日公告，公司于近日收到国家药品监督管理局核准签发的 《药物临床试验批准通知书》，注射用ZG005与含铂化疗联合用于晚期鼻咽癌和食管鳞癌的临床试验获 得批准。 ...