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]

Core Viewpoint - Zhi Zi Cheng Technology (09911) shows strong growth potential driven by its early market entry and operational moat, with a projected revenue and core EBIT CAGR of 24% and 27% from 2025 to 2027, respectively [1] Company Summary - Zhi Zi Cheng Technology's stock rose over 5% in the morning session, currently trading at 11.5 HKD with a transaction volume of 30.13 million HKD [1] - The company has established a competitive edge in the MENA region, with business scale growth exceeding 60% year-on-year for both 2024 and the first half of 2025 [1] - The agile and asset-light business model allows for high capital return rates and reliable cash flow generation [1] Industry Summary - The MENA region has a population of over 570 million, with a median age of 26 years and 400 million internet users [1] - Daily social application usage in the MENA region exceeds 210 minutes, significantly higher than the averages in the US, China, and Germany, as well as the global average of 143 minutes [1] - The region's demographic and usage statistics indicate a robust market for digital applications, supporting Zhi Zi Cheng Technology's growth strategy [1]