再鼎医药（ZLAB）：强劲的DLL3数据并已进入关键研究-重申买入

Equity ResearchJune 2, 2025Michael J. Yee * | Equity Analyst(415) 229-1535 | michael.yee@jefferies.comDina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com$30.14^$50.00 | +66%$39.77 - $16.01FLOAT (%) | ADV MM (USD)100.1% | 29.12^Prior trading day's closing price unless otherwise Also note -- MRK is also running a Phase III for its B7H3 ADC with 50%+ ORR and only 4mos+ mDoRand a less clean safety profile.Exhibit 1 - Majority of Patients had tumor leison reduction on ZLAB's DLL3 ADC.Source: Company ReportsPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionZai LabZai Lab is a clinical-stage biopharmaceutical company based in Shanghai, focusing on discovering or licensing, developing, and commercializingtherapeutics that address areas of large unmet medical need in the China market, including in the fields of oncology, infectious diseases, andautoimmune diseases.Company Valuation/RisksZai LabOur price target is based on a blend of our sum-of-the-parts analysis and DCF. Risks include shifts in China's regulatory stance, competition, andlimited efficacy/safety data.Amgen, Inc.Our price target is based on a historical industry multiple applied to our NTM non-GAAP EPS and supported by our DCF. Risks include IP litigation,biosims, pricing, and competition.Merck & Co IncValuation: DCF-based. Risks: R&D, LOEs, pricing, competition, legal/ regulatory, M&A.Analyst Certification:I, Michael J. Yee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Dina Elmonshed, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Yang, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Hagood, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Madeleine Lee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from ZaiLab Limited.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Zai Lab Limitedor one of its affiliates.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 2, 2025 8:58 A.M.June 2, 2025 8:58 A.M.3 Within the past twelve months, Zai Lab Limited has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies Financial Group