Investment Rating - The report maintains a "Buy" rating for Zai Lab with a target price of $67.22, indicating a potential upside of 96% from the current price of $34.31 [1][5]. Core Insights - The company's total revenue for 1H25 reached $216 million, a year-on-year increase of 15%, with product revenue netting $215 million and collaboration revenue at $1.73 million. The net loss improved by 33% year-on-year to $89.17 million, with an EPS of -$0.08, showing significant improvement from -$0.14 in 1H24 [3][4]. - The growth in revenue for 2Q25 was primarily driven by core products, with significant increases in patient usage of Efgartigimod and sales of other key products benefiting from market expansion and increased penetration [4][8]. - The company reiterated its full-year revenue guidance for 2025, projecting between $560 million and $590 million, with a goal to achieve profitability in 4Q25 [3][5]. Financial Summary - The financial projections for Zai Lab show a steady increase in revenue from $267 million in 2023 to an estimated $1.181 billion by 2027. The gross profit is expected to rise from $171 million in 2023 to $756 million in 2027, while the net profit is projected to turn positive in 2026 with a net income of $19 million [7].

Core Viewpoints - Zai Ding Pharma reported a 9% year-on-year revenue growth for Q2 2025, with total revenue reaching $110 million, despite a slowdown due to declining sales of the PARP inhibitor Niraparib, attributed to intensified competition in the same category [1] - The company expects rapid revenue growth in the next two to three years as multiple new products and indications are anticipated to be approved, aiming for operational profitability by Q4 2025 [1] - Key catalysts in the second half of the year include detailed data disclosure from the Phase III clinical trial of Bemarituzumab (FORTITUDE-101) and data readout from the Phase III trial of KarXT (ADEPT-2) [1] Financial Performance - In Q2 2025, Zai Ding Pharma's adjusted operating loss narrowed by 37% to $34.2 million, while net loss decreased by 28% to $54.9 million [1] - Revenue from Niraparib was $41 million, a 9% decline year-on-year due to competitive pressures, while Aigamod revenue grew by 14% year-on-year to $26.5 million, benefiting from extended treatment cycles and increased market penetration [1] - Omaveloxolone generated $14.3 million in revenue, reflecting a 16% year-on-year increase due to expanded market coverage [1] Product Pipeline and Innovations - ZL-1310 has received accelerated development status in small cell lung cancer, and Bemarituzumab has met primary endpoints in its Phase III study for FGFR2b overexpressing gastric cancer, with plans for a market application submission in China [2] - Aigamod has been upgraded in the Chinese guidelines for myasthenia gravis, highlighting its clinical value for early and long-term treatment [2] - ZL-1503 shows promising treatment prospects for atopic dermatitis, supported by its long half-life characteristics [2] Clinical Data and Efficacy - The global Phase II FIGHT study for Bemarituzumab demonstrated a median overall survival of 19.2 months in the chemotherapy combination group, with significant survival benefits in the FGFR2b overexpressing subgroup [3] - In the East Asian subgroup, median overall survival was further optimized to 30.1 months, underscoring the importance of biomarker selection for efficacy [3]

Core Viewpoint - The company announced a grant of restricted stock units to three recipients under the 2024 equity incentive plan, totaling 3,300 American Depositary Shares [1] Group 1 - The announcement was made on August 13, 2023, regarding the equity incentive plan [1] - The restricted stock units will be granted on August 11, 2025, Eastern Time [1] - The total number of restricted stock units involved is 3,300 [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。 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8月11日（美國東部時間），本公司根據2024年股權激勵計劃向3名承授人涉及合共 3,300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受限制股份單位 本公司根據2024年股權激勵計劃條款向3名承授人授出3,300份受限制股份單位（以美國 存託股份計）。 受限制股份單位授出詳情如下： | 授出日期： | 2025年8月11日（美國東部時間） | | --- | --- | | 承授人數目： | 3 | | 承授人類型： | 本集團僱員參與者 | | 所授出受限制股份單位數目 | 3,300 | | （以美國存託股份計）： | | | 所授出受限制股份單 ...

8月13日，再鼎医药(ZLAB)开盘上涨2.3%，截至21:30，报35.1美元/股，成交6.09万美元，总市值39.23 亿美元。 8月7日，再鼎医药2025财年中报归属股东应占溢利-8917万美元，同比增长33.33%，基本每股收益-0.08 美元。 财务数据显示，截至2025年06月30日，再鼎医药收入总额2.16亿美元，同比增长15.35%；归母净利 润-8916.5万美元，同比增长33.33%。 大事提醒： 本文源自：金融界 作者：行情君 资料显示，再鼎医药有限公司是一家以患者为中心的、处于商业化阶段的创新型全球生物制药公司,立 足中国、全球运营,致力于为中国及全球的患者提供针对肿瘤、自身免疫性疾病、感染性疾病和中枢神 经系统疾病的同类最优和同类首创药物。公司的使命是成为全球领先的生物制药公司,为中国和世界各 地的患者提供变革性创新药物。再鼎医药的长期目标是成为全球领先的生物制药公司,以中国为基,为全 球患者提供创新疗法。 ...

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） 本公司根據香港上市規則將刊發的中期業績與本公司先前公佈並向證交會提交的業績相同，惟香 港上市規則規定須披露的若干附加資料以及本公司業績從美國公認會計準則至國際財務報告準則 的對賬結果除外。 承董事會命 再鼎醫藥有限公司 董事、董事長兼首席執行官 杜瑩 香港，2025 年 8 月 13 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. Morrison 先生、 Leon O. Moulder, Jr. 先生、 Michel Vounatsos 先生及 Peter Wirth 先生。 * 僅供識別 審核委員會行動通告 再鼎醫藥有限公司（「本公司」）董 ...

格隆汇8月13日｜再鼎医药(ZLAB.US)盘前涨3.44%，报35.49美元。中金发研报指，国家医保局发布基 本医疗保险、生育保险和工伤保险药品目录以及商保创新药目录调整初步形式审查公告，534个药品通 过初步形式审查，预期当局启动双目录机制，可为医保形成清晰分工，基本医保目录覆盖临床必需的基 础药品，而商保创新目录则重点纳入未被医保覆盖、但具有重大临床价值的高价值药品。 中金指，医保托底加上商保扩容，预料将鼓励商业保险公司通过创新药投资基金等多种方式，为创新药 研发提供稳定的长期投资，培育支持创新药的耐心资本，有利于具创新性和临床价值的高价值创新药落 地，创新药料将商保应用积累数据、增加临床渗透及提升潜在市场价值空间。该行建议关注再鼎医药等 股票。(格隆汇) | ZLAB 再鼎医药 | | 03 | | --- | --- | --- | | 34.310 ↓ -0.350 -1.01% | | 收盘价 08/12 16:00 美东 | | 35.490 ↑ 1.180 +3.44% | | 盘前价 08/13 04:24 美乐 | | 雪 5 24 华 S 9 8 目 ♥ | | ● 快捷交易 | | ...

Group 1 - The Hong Kong stock market showed strong performance on August 13, with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35%, particularly driven by the healthcare sector [1] - The Hong Kong Innovative Drug 50 ETF (513780) closed up by 3.38% with a turnover rate exceeding 18% and a transaction volume of over 400 million yuan, indicating strong investor interest [1] - Notably, the Hong Kong Innovative Drug 50 ETF (513780) experienced a net inflow of 1.07 billion yuan over the past 15 trading days, and it has gained over 92% year-to-date as of August 12 [1] Group 2 - The National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance directory and commercial insurance innovative drug directory, with 534 drugs passing the basic medical insurance directory review and 121 drugs passing the commercial insurance innovative drug directory review [2] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug directory, indicating a push for diversified payment methods for innovative drugs [2] - Analysts suggest that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential single innovative drugs, and leading technology platforms in the sector [2]

智通财经APP讯，再鼎医药(09688)发布公告，于2025年8月12日，该公司根据股权激励计划发行684.43 万股。 （原标题：再鼎医药(09688)根据股权激励计划发行684.43万股） ...

Group 1 - The company, Zai Lab (09688.HK), announced the issuance of 6.84429 million new ordinary shares on August 12, 2025 [1] - The shares will be held by a trustee to fulfill the share awards and options granted to executive directors under the equity incentive plans disclosed in 2015, 2017, 2022, and 2024 [1]