Zai Lab Ratios and Metrics

Market cap in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	15,800	15,270	22,161	20,997	22,974	47,249
Market Cap Growth	-47.41%	-31.09%	5.54%	-8.60%	-51.38%	-48.85%
Enterprise Value	12,155	11,396	18,352	14,719	14,407	35,150
Last Close Price	14.12	13.65	20.90	21.50	24.60	50.60
PS Ratio	4.41	4.26	7.15	10.08	13.70	41.99
PB Ratio	2.84	2.74	3.39	3.38	2.82	4.39
P/TBV Ratio	3.19	3.08	3.65	3.45	2.84	4.42
EV/Sales Ratio	3.37	3.18	5.92	7.06	8.59	31.24
Debt / Equity Ratio	0.31	0.31	0.18	0.02	0.02	0.01
Net Debt / Equity Ratio	-0.65	-0.65	-0.74	-0.99	-0.94	-1.01
Net Debt / EBITDA Ratio	2.17	2.17	2.32	2.15	2.49	2.01
Net Debt / FCF Ratio	2.93	2.93	2.84	3.85	2.52	2.46
Asset Turnover	0.39	0.39	0.36	0.24	0.15	0.10
Inventory Turnover	7.19	7.19	9.03	9.46	14.25	38.98
Quick Ratio	1.94	1.94	2.90	4.29	7.56	7.59
Current Ratio	2.45	2.45	3.51	4.63	8.04	7.78
Return on Equity (ROE)	-22.56%	-22.56%	-31.41%	-36.34%	-36.55%	-55.27%
Return on Assets (ROA)	-12.16%	-12.16%	-15.87%	-20.86%	-17.86%	-30.10%
Return on Capital Employed (ROCE)	-30.30%	-30.30%	-31.80%	-45.20%	-37.40%	-49.40%
Earnings Yield	-8.65%	-8.95%	-9.01%	-12.45%	-15.04%	-11.63%
FCF Yield	-7.83%	-8.10%	-7.73%	-7.64%	-13.31%	-9.37%
Buyback Yield / Dilution	-10.70%	-10.70%	-2.39%	-0.87%	-3.03%	-19.73%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.