<div id="readability-page-1"><div><p>CICC published a report stating that ZAI LAB (09688.HK)<span> </span><span> -0.510 (-3.364%)  </span> <span> Short selling $18.64M; Ratio 20.595%  </span>  (ZLAB.US)<span> </span>  <span> </span>   recorded revenue of USD99.6 million in 1Q, down 6% YoY, with a net loss of USD51 million. Results were in line with expectations.</p><p>The broker noted that Zoci is currently in global Phase III registrational clinical trials and investors should pay attention to data readouts and pipeline progress. The company also has multiple potential blockbuster candidates entering clinical stages. According to company announcements, ZL1503 (IL-13/IL-31R? is undergoing global Phase 1/1b enrollment, with first-in-human data readout expected in 2HYY. Investors are advised to focus on PK/PD/biomarker data. ZL6201 (LRRC15ADC) has initiated global Phase I trials and enrollment is progressing steadily. The company expects ZL-1222 (PD-1/IL-12) to update preclinical data in 1HYY, with IND-enabling studies to be completed within 2026. It also expects the IND filing for ZL-1311 (MUC17TCE) to be completed by end-2026.</p><p>Taking into account volume-based procurement competition for Zejula and pricing pressure on efgartigimod, CICC lowered its 2026 earnings forecast for ZAI LAB from a net loss of USD226 million to a net loss of USD248 million, and its 2027 forecast from a net loss of USD237 million to a net loss of USD255 million. It maintained an Outperform rating and, based on a DCF model, cut its H-share/US-share TP by 8% to HKD20.2/USD26 respectively. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-19 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p></div></div>

ZLAB

LABU

<p>CICC has reduced ZAI LAB's target price to HKD20.2 following a report indicating a 6% YoY revenue decline to USD99.6 million and a net loss of USD51 million in 1Q. The results met expectations. The broker highlighted ongoing Phase III trials and multiple candidates entering clinical stages. CICC adjusted its 2026 and 2027 earnings forecasts, predicting larger net losses, while maintaining an Outperform rating.</p>

- CICC reported that ZAI LAB (09688.HK) had a revenue of USD 99.6 million in Q1, a 6% YoY decline, with a net loss of USD 51 million, aligning with expectations.  
- The company is advancing its pipeline, with Zoci in Phase III trials and ZL1503 and ZL6201 in earlier clinical stages, while recent earnings forecasts have been downgraded due to competitive pricing pressures.  
- CICC lowered the 2026 net loss projection for ZAI LAB from USD 226 million to USD 248 million and maintained an Outperform rating, reducing the target price by 8%.

CICC Cuts ZAI LAB TP to HKD20.2; 1Q Results In Line