Core Viewpoint - Zai Lab (09911) shows strong stock performance with a rise of over 5% in the morning session, currently trading at HKD 11.5, with a transaction volume of HKD 30.13 million [1] Group 1: Company Performance - According to a report by Citi, Zai Lab's early mover advantage and operational moat have driven revenue growth from diversified applications [1] - The company has an agile, asset-light business model that allows for high capital return rates and reliable cash flow generation [1] - Citi forecasts a compound annual growth rate (CAGR) of 24% for revenue and 27% for core EBIT from 2025 to 2027 [1] Group 2: Market Position - Zai Lab's competitiveness in the MENA (Middle East and North Africa) market is continuously strengthening [1] - The company's business scale in the MENA region is expected to grow by over 60% year-on-year in both 2024 and the first half of 2025, indicating robust growth [1] - The MENA region has a population of over 570 million, with a median age of only 26 years, and 400 million internet users, who spend an average of over 210 minutes daily on social applications, significantly higher than the averages in the US, China, and Germany [1]

据悉，赤子城科技在中东北非市场的竞争力正持续增强。根据公司财报，2024年及2025年上半年，其在 MENA地区的业务规模同比增长均超过60%，展现出强劲增长态势。里昂指出，MENA地区人口超过5.7 亿，年龄中位数仅为26岁，互联网用户规模达4亿，日均使用社交应用时长超过210分钟，分别为美国、 中国和德国的1.5倍、1.8倍和2倍，也远高于全球平均的143分钟。 智通财经APP获悉，赤子城科技(09911)午前涨超5%，截至发稿，涨3.98%，报11.5港元，成交额3013.16 万港元。 里昂发布研报称，赤子城凭借早期进入者优势及营运护城河的构建，其产品策略推动多元化应用程式的 收入增长。其敏捷、轻资产商业模式，允许高股本回报率及可靠现金流产生。里昂预期，赤子城科技收 入及核心EBIT在2025至27年三年间复合年均增长率分别达24%及27%。首次覆盖赤子城科技，予"跑赢 大市"评级，目标价元17.5港元。 ...