Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $35 for US shares and HK$27 for Hong Kong shares, indicating a potential upside of 51% and 56% respectively [5][11]. Core Insights - The company's 3Q25 performance was below expectations, with total revenue of $116 million, representing a 13.5% year-over-year increase but significantly lower than forecasts. The net loss narrowed to $35.96 million, slightly above expectations [2][3]. - The report emphasizes the importance of the core pipeline asset Zoci, which is expected to have multiple data readouts in 1H26 that could positively impact the stock price [1][4]. - The revenue guidance for 2025 has been revised down from $560-590 million to at least $460 million, reflecting a 18%-22% reduction in expected annual revenue [4][11]. Financial Performance Summary - 3Q25 total revenue was $116 million, with product revenue of $115 million, both lower than expected. The product gross margin was 59.5%, continuing a downward trend [2][3]. - R&D expenses were reduced by 27.4% year-over-year to $47.93 million, indicating effective cost control [2]. - The company expects to submit applications for key products by the end of 2025, with global Phase 1 clinical trials for Zoci anticipated to start in 1H26 [11][12]. Pipeline and Future Prospects - The report highlights several upcoming catalysts for Zoci, including updates on intracranial efficacy data and potential registration trials in 2026 [4][11]. - Other pipeline assets are also expected to yield important data, including ZL-1503 and ZL-6201, with readouts anticipated in 2026 [4][11]. Market Expectations - The current market capitalization is approximately $2.56 billion, with a recent average trading volume of $22 million [5]. - The stock has a 52-week price range of $21.6 to $44.3, indicating significant volatility [5].