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Zai Lab Ltd (9688) AI Stock Analysis
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Zai Lab Ltd
(HKEX:9688)
The score is primarily held back by weak financial performance—sharp TTM revenue contraction, continued losses, and ongoing cash burn—despite acceptable gross margins and a not-overly-levered balance sheet. Technicals are a key offset, with price trading above major moving averages and positive momentum indicators. Valuation remains constrained by negative earnings and no provided dividend yield.
Zai Lab Ltd (9688) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 21.69B
- Dividend Yield
- ―
- Average Volume (3M)
- 7.38M
- Price to Earnings (P/E)
- -12.7
- Beta (1Y)
- 1.17
- Revenue Growth
- 5.38%
- EPS Growth
- 16.86%
- Country
- Hong Kong
- Employees
- 1,784
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Biotechnology
Zai Lab Ltd Business Overview & Revenue Model
Company Description
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, a...
How the Company Makes Money
Zai Lab makes money primarily by commercializing prescription medicines and recognizing product sales revenue from those marketed products. In addition to direct product revenue, the company can generate revenue from collaboration and licensing arran...
Zai Lab Ltd Financial Statement Overview
Summary
Gross margin is solid (~58%), and leverage is moderate (debt-to-equity ~0.35), but the business remains meaningfully loss-making (TTM net margin ~-39%, ROE ~-24%). The sharp TTM revenue decline (~-81%) and ongoing negative operating/free cash flow (about -127M/-135M) keep overall financial quality pressured despite some improvement in cash burn versus prior periods.
Income Statement
34NegativeBalance Sheet
63PositiveCash Flow
38Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 449.20M | 460.84M | 398.99M | 266.72M | 215.04M | 144.31M |
| Gross Profit | 253.66M | 269.47M | 251.13M | 170.90M | 141.02M | 92.07M |
| EBITDA | -205.83M | -214.76M | -242.99M | -365.11M | -384.66M | -689.46M |
| Net Income | -188.02M | -175.80M | -257.10M | -334.62M | -481.99M | -692.44M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.17B | 1.19B | 1.04B | 1.22B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 617.52M | 789.47M | 779.67M | 806.45M | 1.01B | 1.41B |
| Total Debt | 254.58M | 224.26M | 153.47M | 15.15M | 20.39M | 15.54M |
| Total Liabilities | 467.76M | 456.82M | 344.86M | 240.18M | 174.54M | 230.00M |
| Stockholders Equity | 607.04M | 715.41M | 840.90M | 796.12M | 1.05B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | -134.75M | -159.13M | -276.39M | -206.67M | -392.63M | -568.18M |
| Operating Cash Flow | -127.33M | -151.01M | -214.87M | -198.18M | -367.64M | -549.23M |
| Investing Cash Flow | -39.36M | 308.32M | -375.19M | -10.78M | 420.02M | 249.96M |
| Financing Cash Flow | 38.30M | 72.46M | 349.89M | -6.43M | -1.73M | 820.20M |
Zai Lab Ltd Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9688, the sentiment is Negative. The current price of 17.37 is below the 20-day moving average (MA) of 18.73, below the 50-day MA of 19.57, and above the 200-day MA of 16.26, indicating a neutral trend. The MACD of -0.48 indicates Positive momentum. The RSI at 40.63 is Neutral, neither overbought nor oversold. The STOCH value of 30.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9688.
Zai Lab Ltd Risk Analysis
Zai Lab Ltd disclosed 101 risk factors in its most recent earnings report. Zai Lab Ltd reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksZai Lab Ltd Peers Comparison
Overall Rating
HK:996965Neutral
HK:195264Neutral- HK:968852Neutral
HK:685550.1Neutral
HK:261646.6Neutral
HK:217139Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:9969 | 65Neutral | HKD 16.81B | 12.42 | 17.47% | ― | 146.27% | ― |
| HK:1952 | 64Neutral | HKD 9.58B | -145.11 | -1.02% | ― | 192.64% | 92.31% |
| HK:9688 | 52Neutral | HKD 21.69B | -12.70 | -27.40% | ― | 5.38% | 16.86% |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| HK:6855 | 50Neutral | HKD 10.12B | -5.93 | -153.78% | ― | 70.26% | -12.79% |
| HK:2616 | 47Neutral | HKD 7.77B | -15.53 | -43.54% | ― | 116.67% | -0.42% |
| HK:2171 | 39Underperform | HKD 6.32B | -56.08 | -9.45% | ― | 68.12% | 81.84% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:9688 | Zai Lab Ltd | 17.37 | -3.65 | -17.36% | |
| HK:9969 | InnoCare Pharma Ltd. | 11.25 | -3.37 | -23.05% | |
| HK:1952 | Everest Medicines Ltd. | 27.02 | -22.34 | -45.26% | |
| HK:2171 | CARsgen Therapeutics Holdings Ltd. | 10.63 | -6.92 | -39.43% | |
| HK:2616 | CStone Pharmaceuticals | 4.94 | -1.28 | -20.58% | |
| HK:6855 | Ascentage Pharma Group International | 27.20 | -40.70 | -59.94% |
Zai Lab Ltd Corporate Events
Zai Lab Grants New Restricted Share Units Under 2024 Equity Incentive Plan
Zai Lab Limited has granted 15,600 restricted share units, representing 156,000 underlying shares, to six employee participants under its 2024 Equity Incentive Plan at no purchase price. The awards will vest in four equal annual tranches over four ye...
Zai Lab’s Interim Results Show Lower Revenue but Rising R&D Investment
Zai Lab reported unaudited interim results for the six months ended June 30, 2026, showing a 6% decline in net product revenue to $201.3 million, mainly due to weaker sales of ZEJULA following volume-based procurement for generic olaparib and lower V...
Zai Lab to Align Hong Kong Interim Results With Previously Filed U.S. Financials
Zai Lab Limited has announced that its Audit Committee will meet on August 25–26, 2026 to consider and approve the unaudited condensed consolidated interim results for the six months ended June 30, 2026, in line with Hong Kong listing requireme...
Zai Lab Grants New Employee Share Options and Restricted Units Under 2024 Plan
Zai Lab Limited has granted share options and restricted share units under its 2024 Equity Incentive Plan as part of ongoing efforts to incentivize key employees and align compensation with long-term company performance. The awards include 1,000 Amer...
Zai Lab’s Q2 Revenue Climbs as Oncology and Immunology Pipeline Nears Key Milestones
Zai Lab reported unaudited second-quarter 2026 results prepared under U.S. GAAP, with total revenue of $106.3 million and an 11% quarter-on-quarter rise in net product revenue, driven by stabilization of ZEJULA and strong volume growth for VYVGART. M...
Zai Lab Files Latest Quarterly Report with U.S. Regulator
Zai Lab Limited has announced that it filed its Quarterly Report on Form 10-Q for the period ended June 30, 2026 with the U.S. Securities and Exchange Commission, in line with its regulatory obligations as a dual-listed company. The filing underscore...
Zai Lab Sets August 6 Date to Approve and Publish 2026 Interim Results
Zai Lab Limited said its audit committee will meet on August 6, 2026 to consider and approve the unaudited interim results for the three and six months ended June 30, 2026, prepared in accordance with U.S. GAAP and SEC rules. If approved, the results...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Aug 09, 2026