（原标题：瑞银：给予再鼎医药"买入"评级 目标价33.5港元） 瑞银发布研报，首次覆盖再鼎医药，给予"买入"评级，目标价33.5港元。研报指出，再鼎医药已发展成 为一家拥有八项商业化产品、产品线涵盖肿瘤学、免疫学、神经科学及传染病等领域的生物制药公司。 瑞银预期，核心产品VYVGART将持续扩展适应症并提升销售额，同时多款重磅候选药物有望获批。此 外，ZL-1310(DLL3ADC)和ZL-1503(IL-13/IL-31R)的业务发展机会被认为是近期增长动力。 ...

瑞银首次覆盖再鼎医药，给予"买入"评级，基于现金流折现法(DCF)的目标价为33.5港元，分别意味着1 倍、1.6倍未调整/调整后价格对高峰销售。瑞银认为，市场似乎忽略了再鼎医药的短期增长潜力，包括 VYVGART及新产品推出，以及DLL3ADC及ZL-1503(IL-13/IL-31R)等产品的业务发展潜力。 瑞银发表研报指，再鼎医药从授权引进商业模式起步，已发展成为一家成熟的生物制药公司，拥有八项 商业化产品，以及在肿瘤学、免疫学、神经科学及传染病等治疗领域拥有丰富的产品线。瑞银预期，集 团核心产品VYVGART将持续扩展适应症并提升销售额，同时预期数个重磅候选药物产品将获批；认为 ZL-1310(DLL3ADC)及ZL-1503(IL-13/IL-31R)的业务发展(BD)机会，将为近期增长动力。 ...

智通财经APP获悉，瑞银发布研报称，基于现金流折现法(DCF)，对再鼎医药(09688)目标价为33.5港 元，分别意味着1倍、1.6倍未调整/调整后价格对高峰销售。瑞银认为，市场似乎忽略了再鼎医药的短 期增长潜力，包括VYVGART及新产品推出，以及DLL3ADC及ZL-1503(IL-13/IL-31R)等产品的业务发 展潜力。瑞银预期，集团核心产品VYVGART将持续扩展适应症并提升销售额，同时预期数个重磅候选 药物产品将获批;认为ZL-1310(DLL3ADC)及ZL-1503(IL-13/IL-31R)的业务发展(BD)机会，将为近期增长 动力;并相信市场似乎忽略了集团短期增长及业务发展潜力，首次覆盖该股，给予"买入"评级。 瑞银相信，再鼎医药透过收入增长及营运效率改善，将在近期实现盈利，公司亦指引预计2025第四季度 实现非公认会计准则(non-GAAP)营运收支平衡，以及2026年全年非公认会计准则营运收支平衡。就毛 利率而言，瑞银认为本地制造、VYVGART因产能扩张而降低的销货成本，以及潜在全球产品推出，将 改善综合毛利率。就开支而言，公司指引透过优先高价值项目，限制研发开支增长，而销售、一 ...

瑞银相信再鼎医药已商业化的药物VYVGART是同类首创的FcRn药物，并有潜力成为免疫学领域的重磅 药物;预测VYVGART在中国的高峰销售额将达到18亿美元。对于产品线候选药物，认为潜在重磅药物 可能包括：用于胃癌的Bemarituzumab(FGFR2b)、用于自身免疫疾病的Povetacicept(BAFF/APRIL)、新授 权引进的候选药物VRDN-003(IGF-1R)用于甲状腺眼病，以及用于思觉失调的KarXT。 瑞银相信，再鼎医药透过收入增长及营运效率改善，将在近期实现盈利，公司亦指引预计2025第四季度 实现非公认会计准则(non-GAAP)营运收支平衡，以及2026年全年非公认会计准则营运收支平衡。就毛 利率而言，瑞银认为本地制造、VYVGART因产能扩张而降低的销货成本，以及潜在全球产品推出，将 改善综合毛利率。就开支而言，公司指引透过优先高价值项目，限制研发开支增长，而销售、一般及行 政开支的增长温和。 瑞银发布研报称，基于现金流折现法(DCF)，对再鼎医药(09688)目标价为33.5港元，分别意味着1倍、 1.6倍未调整/调整后价格对高峰销售。瑞银认为，市场似乎忽略了再鼎医药的短期 ...

PresentationGood day, and thank you for standing by. Welcome to the Zai Lab 2025 Triple Meeting Investor Call. [Operator Instructions] Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Rafael Amado, President and Head of Global Research and Development. Please go ahead.Rafael AmadoPresident and Head of Global Research & Development Hi, everyone. Thank you so much for joining us today. I'm Rafael Amado, Zai Lab's President and Head of Global ...

再鼎医药 20251026 摘要 索利在 FURTHER 研究中显示出良好的安全性，仅 13%的患者出现 3 级 或更高级别不良事件，且在 1.6 毫克/公斤剂量组中未出现停药情况，总 体反应率为 60%，脑转移未接受放疗患者的反应率高达 80%。 索利治疗在总体人群中有一半患者实现肿瘤缩小，包括脑转移患者，中 位反应持续时间为 6.1 个月，表明其在复发性小细胞肺癌治疗中具有潜 力，可能成为首个 DLS 三靶向 ADC 药物。 瑞利公司计划启动索利针对调查者选择治疗方案的注册试验，预计 2027 年初进行中期数据读取，并继续推进 19 号航班研究，探索更早治 疗线适应症，包括与抗 PD-L1 及化疗联合使用。 瑞利公司正在开发的 L15O3（新一代治疗性抗体，针对特应性皮炎）预 计 2026 年完成一期临床试验，DL62、O1、RLRC15、ADC 等肿瘤学 化合物预计 2026 年进入临床试验。 小细胞肺癌占所有肺癌病例约 15%，预后差，脑转移发生率高，现有治 疗方案毒副作用大，因此迫切需要新的疗法来改善预后，索利有望成为 最佳治疗方案。 Q&A 索利单药一期剂量递增和剂量扩展的临床数据有哪些关键发现？ ...

Group 1 - President Xi Jinping will attend the APEC informal leaders' meeting in South Korea from October 30 to November 1, with potential discussions on a meeting between the Chinese and U.S. leaders [1] - The Central Committee emphasizes addressing "three rural issues" as a priority, projecting an estimated market space of around 10 trillion yuan over the next five years [1] - The focus on new urbanization is expected to require over 5 trillion yuan in investment for underground infrastructure during the 14th Five-Year Plan [1] Group 2 - The U.S. September CPI rose 3% year-on-year, the highest since January, but below market expectations of 3.1% [2] - The market has fully priced in two 25 basis point rate cuts by the Federal Reserve for the remainder of the year [2] Group 3 - Premier Li Qiang will attend multiple ASEAN meetings in Malaysia from October 27 to 28 [3] - The central bank aims to enhance the effectiveness of monetary policy and maintain stability in financial markets [3] - The State Administration of Foreign Exchange emphasizes the need for high-level opening in the foreign exchange sector and promoting the internationalization of the renminbi [3] Group 4 - The central bank will conduct a 900 billion yuan MLF operation on October 27, marking a net injection of 200 billion yuan for the month [4] - Various provinces have reported GDP data for the first three quarters, with Guangdong's GDP reaching 10.52 trillion yuan, a 4.1% increase [4] Group 5 - The China Securities Regulatory Commission emphasizes risk prevention and high-quality development in capital markets [5] - A-shares saw significant gains, with the Shanghai Composite Index rising 0.71% to 3950.31 points [5] - Hong Kong's Hang Seng Index closed up 0.74%, with notable strength in the semiconductor sector [5] Group 6 - 712 listed companies have disclosed share repurchase or increase loan plans, totaling a maximum loan amount of 152.48 billion yuan [6] - Domestic GPU leader Muxi Co. successfully passed IPO approval on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for R&D [6] Group 7 - The China Logistics and Purchasing Federation initiated an "anti-involution" campaign to combat low-quality competition in the warehousing industry [8] - The China Nonferrous Metals Industry Association stressed the importance of maintaining industry confidence and preventing "involution" [9] Group 8 - The People's Bank of China reported a decline in real estate loans, with a balance of 52.83 trillion yuan, down 0.1% year-on-year [10] - Hangzhou is implementing "home purchase + consumption voucher" subsidy activities to stimulate the housing market [10] Group 9 - JD.com, Meituan, and other companies are under investigation by market regulators for food safety and operational compliance issues [11] - The narrow passenger car retail market is expected to reach around 2.2 million units in October, with a projected 60% penetration rate for new energy vehicles [11] Group 10 - Morgan Stanley plans to allow institutional clients to use actual holdings of Bitcoin and Ethereum as loan collateral [12] - Xiaomi Auto announced a tax subsidy plan for customers who complete orders by November 30 [13] Group 11 - Ford's Q3 adjusted EPS was 45 cents, with sales up 9.3% to a record $50.5 billion, exceeding expectations [21] - Procter & Gamble reported Q1 adjusted EPS of $1.99, with revenue of $22.39 billion, both surpassing market expectations [21]

PresentationGood day, and thank you for standing by. Welcome to the Zai Lab 2025 Triple Meeting Investor Call. [Operator Instructions] Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Rafael Amado, President and Head of Global Research and Development. Please go ahead.Rafael AmadoPresident and Head of Global Research & Development Hi, everyone. Thank you so much for joining us today. I'm Rafael Amado, Zai Lab's President and Head of Global ...

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Summary of Zai Lab's Conference Call Company Overview - **Company**: Zai Lab - **Focus Areas**: Oncology and Immunology - **Key Product**: Zosi, a DLL3-targeted antibody-drug conjugate (ADC) Key Points on Zosi Development - **Clinical Trials**: - Initiated a global phase three trial for Zosi in second-line small cell lung cancer (SCLC) and expanding into first-line SCLC and neuroendocrine carcinomas (NECs) [2][5][18] - Zosi has shown a 68% overall response rate (ORR) in second-line patients at a dose of 1.6 mg/kg and an 80% ORR in patients with untreated brain metastases [4][14] - The median duration of response is 6.1 months across all doses [15] - **Safety Profile**: - Zosi demonstrated a low rate of grade three treatment-related adverse events at 13%, significantly lower than other ADCs [12] - No treatment discontinuations due to toxicity were reported [16] - **Patient Population**: - The trial includes heavily pretreated patients, with over 90% having received prior anti-PD-L1 or PD-1 therapy [11] - Approximately one-third of patients had brain metastases, which is significant given the poor prognosis associated with this condition [11][52] Market Context and Competitive Landscape - **Urgent Need for New Therapies**: - SCLC accounts for about 15% of lung cancer cases, with over 370,000 new cases annually worldwide [6] - Current treatment options are limited and often associated with high toxicity and poor long-term outcomes [7][8] - **Positioning Against Competitors**: - Zosi is positioned as a chemotherapy-sparing option, which could enhance its appeal in the first-line treatment setting [26][34] - The competitive landscape includes Imdeltra, which is expected to become a front-line agent, but Zosi's rapid onset of action and favorable safety profile may provide a competitive edge [25][34] Future Development Plans - **Upcoming Trials**: - A randomized phase two study is ongoing to optimize dose selection, with plans for a pivotal study in the front-line setting in 2026 [19][48] - Zai Lab is also exploring combination strategies with other agents to enhance Zosi's efficacy [58] - **Regulatory Strategy**: - Zai Lab aims for accelerated approval based on response and durability of response, with a potential filing in 2027 [23][41] - The FDA has agreed on the focus doses of 1.2 and 1.6 mg/kg for the pivotal trial [45] Additional Insights - **Brain Metastasis Efficacy**: - Zosi has shown promising results in patients with brain metastases, with an 80% response rate, highlighting its potential for treating this challenging aspect of SCLC [52][54] - **Long-term Vision**: - Zai Lab is committed to reshaping the treatment paradigm for SCLC and NECs, with a focus on delivering innovative therapies that improve patient outcomes [19][60] Conclusion - Zai Lab is advancing Zosi as a potential best-in-class treatment for SCLC, with a strong emphasis on safety, efficacy, and rapid development timelines. The company is well-positioned to address significant unmet needs in oncology, particularly in challenging patient populations.