申万宏源主要观点如下： 再鼎医药为一家处于商业化阶段的创新型全球生物制药公司。凭借授权引进(license-in)与自主研发，目 前公司共有七款产品于国内获批上市，包括四款肿瘤产品(则乐、爱普盾、擎乐、奥凯乐)、一款免疫产 品(艾加莫德)，以及两款感染性疾病产品(纽再乐、鼎优乐)。此外，公司拥有涵盖肿瘤、免疫、神经科 学和感染性疾病的广泛产品管线。 核心产品持续销售放量，新产品有望进一步丰富产品组合 2019年以来，随着首款商业化产品尼拉帕利于国内获批上市，目前公司已有七款商业化产品。2024年公 司总收入达到3.99亿美元，同比增长50%，主要由于卫伟迦/卫力迦、纽再乐等产品销售放量。新产品方 面，公司已于今年上半年向NMPA递交了KarXT和维替索妥尤单抗(TF ADC)的上市申请。此外，公司预 计将于今年下半年向NMPA递交贝玛妥珠单抗针对1L胃癌的上市申请。随着现有商业化产品的销售放 量，以及Kar-XT、贝玛妥珠单抗、ZL-1310(DLL3ADC)、povetacicept等新产品未来获批上市，公司预计 2028年营收有望达到20亿美元。 申万宏源发布研报称，随着商业化产品的销售放量，以及本地化生 ...

智通财经APP获悉，申万宏源发布研报称，随着商业化产品的销售放量，以及本地化生产布局，再鼎医 药(09688)预计将于2025年四季度实现non-GAAP经营利润。此外，该行预计2025-2027年公司收入分别 为5.53亿美元，8.02亿美元和12.03亿美元，2025-2027年公司归母净利润分别为-1.34亿美元、0.15亿美元 和1.73亿美元。基于DCF模型，给予目标价35.2港元。目标价对应39%的上涨空间，看好公司的创新管 线布局，首次覆盖给予买入评级。 申万宏源主要观点如下： 再鼎医药为一家处于商业化阶段的创新型全球生物制药公司。凭借授权引进（license-in）与自主研发， 目前公司共有七款产品于国内获批上市，包括四款肿瘤产品（则乐、爱普盾、擎乐、奥凯乐）、一款免 疫产品（艾加莫德），以及两款感染性疾病产品（纽再乐、鼎优乐）。此外，公司拥有涵盖肿瘤、免 疫、神经科学和感染性疾病的广泛产品管线。 核心产品持续销售放量，新产品有望进一步丰富产品组合 2019年以来，随着首款商业化产品尼拉帕利于国内获批上市，目前公司已有七款商业化产品。2024年公 司总收入达到3.99亿美元，同比增长50%，主 ...

Core Viewpoint - Zai Ding Medical (09688) reported a total revenue of $216 million for the first half of 2025, representing a year-on-year increase of 15.35% [1] Financial Performance - The company recorded a net loss of $89.165 million, which is a 33.33% reduction compared to the previous year [1] - Earnings per share stood at a loss of $0.08 [1] Revenue Breakdown - Product revenue increased by $27.5 million (or 15%) to $215 million, driven by sales growth of Weiwei Jia due to extended treatment duration and improved market penetration [1] - Sales of Niu Zai Le also grew due to enhanced market coverage and penetration [1] - The newly launched Ding You Le, which started sales in Q4 2024, contributed to revenue growth [1] R&D Expenditure - Research and development expenses decreased by $4.9 million (or 4%) to $111 million, primarily due to ongoing resource optimization and efficiency improvements that reduced personnel and clinical trial costs [1] - This decrease was partially offset by an increase in licensing fees [1]

Core Viewpoint - Zai Ding Pharmaceutical (09688) reported a total revenue of $216 million for the first half of 2025, representing a year-on-year increase of 15.35% [1] Financial Performance - The company recorded a net loss of $89.165 million, which is a 33.33% reduction compared to the previous year [1] - Earnings per share stood at a loss of $0.08 [1] Revenue Breakdown - Product revenue increased by $27.5 million (or 15%) to $215 million, driven by sales growth of Weigeka due to extended treatment duration and improved market penetration, as well as increased sales of Niuzainuo from enhanced market coverage and penetration [1] - The sales growth of Dingyoule, which was launched in Q4 2024, also contributed to the overall revenue increase [1] Research and Development Expenses - R&D expenses decreased by $4.9 million (or 4%) to $111 million, primarily due to ongoing resource optimization and efficiency improvements that reduced personnel and clinical trial costs, partially offset by an increase in licensing fees [1]

Core Viewpoint - The company reported a revenue of $216 million and a net loss of $89 million for the first half of 2025, while maintaining its full-year revenue guidance of $560 million to $590 million, indicating confidence in accelerated sales of existing products in the second half of the year [1][2]. Group 1: Financial Performance - The company achieved a revenue of $216 million in the first half of 2025, with a net loss of $89 million [1]. - The management reiterated the full-year revenue guidance of $560 million to $590 million, reflecting confidence in the sales growth of products like Weiweijia, Weiliqia, Zele, Dingyoule, and Niuzailai in the second half of 2025 [1]. Group 2: Upcoming Milestones - Several key milestones are anticipated in the second half of 2025, including the submission of new drug applications to the NMPA for various products [1][2]. - Expected submissions include: - Bematinib (FGFR2b) for first-line gastric cancer treatment - Tumor electric field therapy for first-line pancreatic cancer treatment - Efgartigimod for gMG and CIDP [1]. - Recently, the company expects to receive NMPA approval for: - KarXT for schizophrenia - TIVDAK for recurrent or metastatic cervical cancer - Repotrectinib for NTRK-positive solid tumors [2]. Group 3: Clinical Development and Data Releases - The company plans to update data on ZL-1310 (DLL3 ADC) for second-line ES-SCLC and initiate global registration studies in the second half of 2025 [2]. - ZL-1503 (IL-13/IL-31R) is set to advance to a global Phase 1 clinical study for moderate to severe atopic dermatitis [2]. - ZL-6201 (LRRC15 ADC) will also move forward with global Phase 1 clinical development for sarcoma and other potential LRRC15-positive solid tumors [2]. Group 4: Investment Outlook - The company is projected to generate revenues of 4.01 billion, 5.48 billion, and 7.49 billion yuan from 2025 to 2027, with net profits of -1.11 billion, 0.06 billion, and 0.59 billion yuan respectively [3]. - Given the potential for existing and upcoming products, along with a robust clinical development pipeline, the company's future growth prospects are considered promising [3].

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 - Zai Ding Pharma reported a total revenue of $110 million for Q2 2025, reflecting a 9% year-over-year growth, with management reaffirming the annual revenue guidance and targeting a positive Non-GAAP operating profit by Q4 2025. However, the market reacted negatively, with a significant drop in stock prices, raising questions about underlying concerns in the financial report and potential investment opportunities [1][2][3]. Revenue Performance - The company achieved a total revenue of $110 million in Q2 2025, marking a 9% increase year-over-year, and a 10% increase when adjusted for constant exchange rates [2]. - Management reiterated the annual revenue guidance, indicating a sustainable growth outlook [2]. Market Concerns - The revenue growth has raised market concerns, particularly regarding the performance of the PARPi product line, which saw a 9.75% decline in sales year-over-year, leading to skepticism about the annual revenue guidance of $560 million to $590 million [3][4]. - Despite the challenges faced by the PARPi products, there are signs of marginal improvement in sales for the second half of the year [4]. Product Performance - The sales of the flagship product, Egamod, increased significantly by 46% quarter-over-quarter, reaching a historical high in patient usage, although year-over-year growth remains modest [5]. - The company plans to submit a market application for a pre-filled subcutaneous injection of Egamod in 2025, which will enhance its market position with three administration methods [5]. New Growth Drivers - New products such as Niu Zai Le and Ding You Le contributed to a 30% year-over-year growth in "other businesses," indicating a strengthening pipeline [6]. Global Pipeline Development - Zai Ding Pharma is advancing its "dual reporting in China and the U.S." strategy, with several global pipeline candidates entering critical stages [10]. - Notable candidates include ZL-1310 for small cell lung cancer and ZL-1503 for atopic dermatitis, both showing promising clinical results [11]. Financial Health - The company reported a Q2 2025 operating loss of $54.9 million, a 28% year-over-year reduction, with adjusted losses narrowing by 37% to $34.2 million, indicating improved financial health [13]. - With cash reserves of $832.3 million, the company is well-positioned to support business expansion and R&D efforts [13]. Market Sentiment - Despite stock price declines, there was a significant inflow of capital into the stock, suggesting some investors are adopting a "buy the dip" strategy [9]. - The overall market sentiment remains optimistic due to the company's global pipeline and clear path to profitability, which may lead to a revaluation of the stock [15].

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Viewpoints - The domestic innovative drug industry is expected to reach a turning point in 2025, shifting from capital-driven to profit-driven trends, with continuous performance realization likely to elevate valuations [4][28] - The innovative drug market is anticipated to expand due to the implementation of supportive policies and the introduction of the first Class B medical insurance directory [30] Summary by Sections Industry Performance - Over the past 12 months, the relative return of the industry compared to the CSI 300 index is 28.2%, with an absolute return of 51.4% [2] Market Analysis and Outlook - The innovative drug sector is entering a new profit-driven cycle, with significant improvements in supply-demand dynamics and competitive landscape [30] - The industry is witnessing a transition where innovative products are being commercialized, marking the beginning of a profit cycle for leading innovative drug companies [29] Mid-Year Tracking - Ganjin Pharmaceutical reported a revenue of 2.067 billion yuan for the first half of 2025, a year-on-year increase of 57.18%, with a net profit of 604 million yuan, up 101.96% [25] - The company has successfully expanded its market share through two rounds of insulin procurement, with international revenue reaching 222 million yuan, a 75.08% increase year-on-year [25] Investment Recommendations - Two main investment lines are recommended: 1. Pharma companies transitioning to innovation, with strong performance resilience and a focus on companies like Sanofi, East China Pharmaceutical, and Aosaikang [30][31] 2. Biotech companies with potential for overseas product registration and growth [31] - The report emphasizes the importance of focusing on the realization of R&D pipeline value and increasing the weight of commercialization value realization factors [6][30]

Core Viewpoint - The financial report for Q2 2025 from Zai Lab indicates a mixed performance, with product revenue growth overshadowed by a slowdown in sales of its core product, Zejula [1] Product Performance - Total product revenue for Q2 2025 reached $109.1 million, a 9% increase year-over-year, driven by sales growth of Aigermode, Dinyule, and Nuzanle, although this was partially offset by a decline in Zejula sales [1] - The revenue from Weiqijia and Weiliqia was $26.5 million in Q2, a 46% increase from $18.1 million in Q1, attributed to extended treatment times and increased market penetration [3] - Zejula, a significant revenue source, generated $41 million in Q2, down from $45 million in the same period last year, due to intensified competition in the PARPi product segment [3] - The newly launched Dinyule contributed $4.6 million in revenue since its introduction in Q4 2024, while Nuzanle's revenue was $14.3 million, reflecting a 16% year-over-year increase driven by expanded market coverage [3] Cost Control - Zai Lab achieved significant cost control in Q2, with R&D expenses at $50.6 million, a 17.9% decrease from $61.6 million in the same period last year, due to resource prioritization and efficiency measures [4] - Selling, general, and administrative expenses also declined to $71 million, down 10.9% from $79.7 million year-over-year, indicating improved operational efficiency [4] - Despite revenue growth and cost control, the company reported an operating loss of $54.9 million, although the adjusted loss narrowed from $80.3 million to $40.7 million year-over-year, with loss per share improving from $0.08 to $0.04 [4] Financial Health - As of June 30, 2025, Zai Lab's cash and cash equivalents, short-term investments, and restricted cash totaled $832.3 million, slightly down from $857.3 million on March 31, 2025, providing sufficient funding for ongoing operations [6] - The current ratio was 3.26 and the quick ratio was 3.09, indicating a relatively healthy liquidity position despite a decline from previous years [6] - The accounts receivable turnover period was 76 days, while the accounts payable turnover period was 87 days, suggesting room for improvement in cash flow management [6] - The gross margin improved to 63.71% in Q1 2025 from 62.94% in 2024, reflecting positive impacts from product portfolio optimization, although the return on equity was -5.87% and return on assets was -4.11%, indicating ongoing investment phase [6]