Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to USD 46 for the US stock and HKD 36 for the Hong Kong stock, reflecting potential upside of +35% and +18% respectively [5][13]. Core Insights - The company's Q2 2025 performance was below expectations, primarily due to lower-than-expected revenues from key products Aigamod and Zelek, as well as a decline in gross margin [1][2]. - Total revenue for Q2 2025 was USD 110 million, including product net revenue of USD 109 million, which represents a year-over-year increase of 9.0% but is significantly below market expectations [2]. - The net loss narrowed to USD 40.73 million, a decrease of 49.3% year-over-year, but still fell short of internal forecasts [2]. - The report highlights that Aigamod's sales were USD 26.5 million in Q2 2025, showing a year-over-year increase of 14.3%, but the growth rate has slowed compared to previous quarters [3]. - Zelek's revenue was only USD 41 million, down 8.8% year-over-year, attributed to increased competition from generic drugs [3]. Financial Performance Summary - The company maintained its full-year guidance for 2025, projecting total revenue between USD 560 million and USD 590 million, with expectations of significant growth in the second half of the year [4]. - The report anticipates that Aigamod will benefit from new treatment guidelines, potentially leading to a recovery in sales growth [4]. - The company is expected to face challenges in achieving its revenue targets, with projected growth rates of 63%-77% year-over-year and 59%-73% quarter-over-quarter for the second half of 2025 [4]. - Key catalysts for growth include updates on the promising pipeline product ZL-1310 and potential approvals for other drugs in the pipeline [4][12]. Market Data - The current stock price is USD 34.1, with a 52-week range of USD 16.0 to USD 44.3, and a total market capitalization of USD 3.747 billion [5]. - The average daily trading volume over the past three months is USD 32 million [5].
再鼎医药（09688）：2Q25业绩不及预期