Zai Lab Limited logo

Zai Lab Limited

9688.HK

HKSEHealthcareBiotechnology

Latest quote

HK$19.81

−HK$0.53 · -2.61%

Aug 24, 11:59 AM HKT

9688.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Zai Lab Limited, established in 2013 and based in Shanghai, China, is a biopharmaceutical company dedicated to developing and bringing to market innovative medical treatments. Its core focus spans oncology, autoimmune diseases, infectious diseases, and neurological conditions, primarily serving patients in Mainland China and Hong Kong. The company's portfolio of commercialized products includes Zejula, an oral, once-daily poly polymerase 1/2 inhibitor; Optune, a non-invasive device employing tumor treating fields; NUZYRA for addressing acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia; and Qinlock, indicated for gastrointestinal stromal tumors. Zai Lab also maintains a robust pipeline of investigational therapies. This pipeline features numerous oncology assets such as Odronextamab for various lymphomas, Repotrectinib—a tyrosine kinase inhibitor targeting ROS1 and TRK fusions, Margetuximab for breast and gastroesophageal cancers, Adagrasib for KRAS-G12C-mutated solid tumors, and Bemarituzumab for gastric and gastroesophageal junction cancers. Other notable pipeline candidates include CLN-081 for specific non-small cell lung cancers, multi-targeted kinase inhibitors like Elzovantinib, several monoclonal antibodies (e.g., Tebotelimab, Retifanlimab, ZL-1201), and immune modulators such as Efgartigimod for reducing disease-causing IgG antibodies and ZL-1102 targeting IL-17A. Additionally, the company is advancing therapies like KarXT for psychiatric and neurological disorders, novel EGFR inhibitors (ZL-2313, ZL-2314), a CDC7 kinase inhibitor (ZL-2309), and Sulbactam/durlobactam for serious Acinetobacter infections, showcasing its commitment to a broad range of therapeutic innovations.

Industry
Biotechnology
Sector
Healthcare
Headquarters
CN
CEO
Ying Du
Listed since
Sep 28, 2020
Employees
1,784

Market position

Day range

Current HK$19.81

52-week range

Current HK$19.81

Open
HK$20.30
Previous close
HK$20.34
Volume
2.06M
0.18× average
Average volume
11.48M
Average daily volume
Market cap
22.37B HKD
Beta
0.78
Market reference 1
50-day average
HK$15.8066
+25.33% above average
200-day average
HK$15.192
+30.40% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.37B USD
P/E (TTM)
-14.5×
P/B (TTM)
4.65×
P/S (TTM)
6.35×
EV / EBITDA
-6.63×
Earnings yield
-9.15%
Free cash flow yield
-8.29%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
56.47%
Operating margin
-58.73%
Net margin
-41.86%
Return on equity
-24.57%
Return on assets
-15.00%
Return on invested capital
-23.37%

Financial health

Debt / equity
0.42×
Current ratio
2.45×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends121%-100%-320%-540%Gross margin, FY2021: 63.80%Gross margin, FY2022: 65.58%Gross margin, FY2023: 64.08%Gross margin, FY2024: 62.94%Gross margin, FY2025: 58.47%Operating margin, FY2021: -485.10%Operating margin, FY2022: -188.04%Operating margin, FY2023: -137.44%Operating margin, FY2024: -70.71%Operating margin, FY2025: -49.86%Net margin, FY2021: -479.82%Net margin, FY2022: -224.14%Net margin, FY2023: -125.46%Net margin, FY2024: -64.44%Net margin, FY2025: -38.15%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 63.80%. Gross margin FY2022 65.58%. Gross margin FY2023 64.08%. Gross margin FY2024 62.94%. Gross margin FY2025 58.47%. Operating margin FY2021 -485.10%. Operating margin FY2022 -188.04%. Operating margin FY2023 -137.44%. Operating margin FY2024 -70.71%. Operating margin FY2025 -49.86%. Net margin FY2021 -479.82%. Net margin FY2022 -224.14%. Net margin FY2023 -125.46%. Net margin FY2024 -64.44%. Net margin FY2025 -38.15%.

Income trends

Revenue

460.84M USD+15.50%

Operating income

−229.77M USD+18.55%

Net income

−175.8M USD+31.62%
Income trends across reported periods576.93M USD112.57M USD−351.79M USD−816.15M USDRevenue, FY2021: 144.31M USDRevenue, FY2022: 215.04M USDRevenue, FY2023: 266.72M USDRevenue, FY2024: 398.99M USDRevenue, FY2025: 460.84M USDOperating income, FY2021: −700.06M USDOperating income, FY2022: −404.36M USDOperating income, FY2023: −366.57M USDOperating income, FY2024: −282.12M USDOperating income, FY2025: −229.77M USDNet income, FY2021: −692.44M USDNet income, FY2022: −481.99M USDNet income, FY2023: −334.62M USDNet income, FY2024: −257.1M USDNet income, FY2025: −175.8M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 144.31M USD. Revenue FY2022 215.04M USD. Revenue FY2023 266.72M USD. Revenue FY2024 398.99M USD. Revenue FY2025 460.84M USD. Operating income FY2021 −700.06M USD. Operating income FY2022 −404.36M USD. Operating income FY2023 −366.57M USD. Operating income FY2024 −282.12M USD. Operating income FY2025 −229.77M USD. Net income FY2021 −692.44M USD. Net income FY2022 −481.99M USD. Net income FY2023 −334.62M USD. Net income FY2024 −257.1M USD. Net income FY2025 −175.8M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue460.84M USD398.99M USD266.72M USD215.04M USD144.31M USD
Cost of goods sold191.36M USD147.86M USD95.82M USD74.02M USD52.24M USD
Gross profit269.47M USD251.13M USD170.9M USD141.02M USD92.07M USD
Research and development221.23M USD234.5M USD265.87M USD286.41M USD573.31M USD
Selling, general, and administrative278.02M USD298.74M USD281.61M USD258.97M USD218.83M USD
Operating expenses499.25M USD533.25M USD537.48M USD545.38M USD792.14M USD
Interest income33.1M USD37.11M USD39.8M USD14.58M USD2.19M USD
Interest expense5.22M USD2.25M USD
Depreciation and amortization23.88M USD11.86M USD9.03M USD8.23M USD6.49M USD
Operating income−229.77M USD−282.12M USD−366.57M USD−404.36M USD−700.06M USD
Net income−175.8M USD−257.1M USD−334.62M USD−481.99M USD−692.44M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
+12.69%
11 comparable reports
Latest EPS result
-0.39
Estimate -0.55 · Beat by 28.05%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates-0.19-0.35-0.5-0.66Q1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual -0.622, estimate -0.509, surprise -22.25%, Miss. Q2 2025, reported May 8, 2025: actual -0.35, estimate -0.427, surprise +18.03%, Beat. Q3 2025, reported Aug 7, 2025: actual -0.29, estimate -0.273, surprise -6.33%, Miss. Q4 2025, reported Nov 6, 2025: actual -0.257, estimate -0.22, surprise -16.59%, Miss. Q1 2026, reported Feb 26, 2026: actual -0.36, estimate -0.273, surprise -32.05%, Miss. Q2 2026, reported May 7, 2026: actual -0.36, estimate -0.416, surprise +13.40%, Beat. Q3 2026, reported Aug 6, 2026: actual -0.392, estimate -0.545, surprise +28.05%, Beat. Q4 2026, reported Nov 10, 2026: actual —, estimate -0.41, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates1.15B1.01B874.42M735.75MQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual 848.02M HKD, estimate 844.46M HKD, surprise +0.42%, Beat. Q2 2025, reported May 8, 2025: actual 827.78M HKD, estimate 861.73M HKD, surprise -3.94%, Miss. Q3 2025, reported Aug 7, 2025: actual 863.29M HKD, estimate 970.79M HKD, surprise -11.07%, Miss. Q4 2025, reported Nov 6, 2025: actual 902.69M HKD, estimate 1.11B HKD, surprise -18.49%, Miss. Q1 2026, reported Feb 26, 2026: actual 998.23M HKD, estimate 959.68M HKD, surprise +4.02%, Beat. Q2 2026, reported May 7, 2026: actual 780.05M HKD, estimate 834.36M HKD, surprise -6.51%, Miss. Q3 2026, reported Aug 6, 2026: actual 834.02M HKD, estimate 811.35M HKD, surprise +2.79%, Beat. Q4 2026, reported Nov 10, 2026: actual —, estimate 858.61M HKD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Recent analyst actions

2 institutions
JP MorganmaintainOverweight

9688.HK peers

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