7Baggers

Zai Lab Limited
(NASDAQ:ZLAB) 

ZLAB stock logo

Zai Lab Limited, a biopharmaceutical company, discovers, licenses, develops, and commercializes therapeutics to treat oncology, autoimmune, and infectious diseases in China. The company offers ZEJULA for the treatment of breast cancer and non-small cell lung cancer (NSCLC); and Optune, a cancer ther...

Founded: 2013
Full Time Employees: 859
Sector: Healthcare
Industry: Biotechnology
PharmaceuticalsChinese
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-08-13 2020-06-30 2020-03-19 2020-01-21 2019-12-31 2019-09-03 2019-03-07 2018-12-31 2018-08-30 2018-05-02 2017-12-31 
                                      
      revenues
    		                                  
      product revenue
    		95,556,000 127,087,000 115,361,000 109,085,000 105,650,000 108,512,000 101,847,000 100,106,000  65,830,000 69,228,000 68,864,000 62,797,000 62,039,000 56,963,000 47,575,000 46,095,000                  
      collaboration revenue
    		4,055,000 510,000 734,000 892,000 837,000 558,000 418,000 398,000      562,000 577,000 601,000 629,000                  
      total revenues
    		99,611,000 127,597,000 116,095,000 109,977,000 106,487,000 109,070,000 102,265,000 100,504,000  65,830,000 69,228,000 68,864,000 62,797,000 62,601,000 57,540,000 48,176,000 46,724,000                  
      yoy
    		-6.46% 16.99% 13.52% 9.43%  65.68% 47.72% 45.95%  5.16% 20.31% 42.94% 34.40%                      
      qoq
    		-21.93% 9.91% 5.56% 3.28% -2.37% 6.65% 1.75%   -4.91% 0.53% 9.66% 0.31% 8.80% 19.44% 3.11%                   
      expenses
    		                                  
      cost of product revenue
    		-38,315,000 -62,301,000 -46,764,000 -43,003,000 -38,452,000 -41,782,000 -36,569,000 -35,148,000                           
      cost of collaboration revenue
    		-20,000 -30,000 -119,000 -217,000 -195,000 -309,000 -348,000 -85,000                           
      research and development
    		-65,591,000 -61,633,000 -47,928,000 -50,614,000 -60,729,000 -52,252,000 -65,982,000 -61,625,000 -54,645,000 -81,948,000 -58,767,000 -76,682,000 -48,472,000 -66,946,000 -99,524,000 -66,084,000 -53,854,000 -172,086,000 -55,144,000 -142,224,000 -203,852,000   -102,049,000 -102,049,000 -142,221,056 -110,125,563  -58,928,465 -120,278,023  -34,632,256 -39,341,518  
      selling, general, and administrative
    		-65,070,000 -73,039,000 -70,106,000 -71,038,000 -63,422,000 -54,030,750 -67,219,000 -79,710,000 -69,194,000 -49,745,500 -68,552,000 -67,920,000 -62,510,000 -46,736,750 -66,555,000 -63,401,000                   
      income from operations
    		-69,385,000 -69,406,000 -48,822,000 -54,895,000 -56,311,000 -67,891,000 -67,853,000 -76,064,000 -70,309,000 -123,981,000 -83,570,000 -89,501,000 -69,522,000 -97,293,000 -128,583,000 -98,716,000 -79,764,000 -219,196,000 -83,205,000 -170,571,000 -227,092,000   -130,288,000 -130,288,000 -203,195,939 -151,146,406  -85,878,913 -141,768,082  -40,996,344 -51,391,036  
      yoy
    		23.22% 2.23% -28.05% -27.83% -19.91% -45.24% -18.81% -15.01% 1.13% 27.43% -35.01% -9.33% -12.84% -55.61% 54.54% -42.13% -64.88%   30.92% 74.30%    51.71% 43.33%   67.11%      
      qoq
    		-0.03% 42.16% -11.06% -2.51% -17.06% 0.06% -10.79% 8.19% -43.29% 48.36% -6.63% 28.74% -28.54% -24.33% 30.26% 23.76% -63.61% 163.44% -51.22% -24.89%    0.00% -35.88% 34.44%   -39.42%   -20.23%   
      operating margin %
    		-69.66% -54.39% -42.05% -49.91% -52.88% -62.25% -66.35% -75.68% -Infinity% -188.34% -120.72% -129.97% -110.71% -155.42% -223.47% -204.91% -170.71% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% -Infinity% -Infinity% -Infinity% -Infinity% NaN% -Infinity% -Infinity% NaN% -Infinity% -Infinity%  
      interest income
    		6,447,000 7,254,000 8,345,000 8,843,000 8,606,000 9,088,000 9,029,000 9,330,000 9,658,000 10,304,000 9,172,000 10,090,000 10,232,000 9,347,000 3,872,000 1,175,000 188,000 1,019,000 713,000 244,000 214,000  2,882,000 2,882,000 2,882,000 7,939,230 5,071,173  3,505,043 3,260,634  407,977 527,351  
      interest expenses
    		-1,637,000 -1,361,000 -1,400,000 -1,262,000 -1,187,000    -113,000                          
      foreign currency gains
    		14,837,000 9,682,000 6,422,000 2,837,000 651,000 2,070,250 14,457,000  -2,068,000                          
      other income
    		162,000 495,000 -508,000 3,750,000 -197,000 1,441,000 3,441,000  9,361,000 6,783,000 394,000         7,406,000      937,785    1,968,325   529,161  
      loss before income tax
    		-49,576,000 -53,336,000 -35,963,000 -40,727,000 -48,438,000 -43,854,750 -41,671,000 -80,277,000 -53,471,000                          
      income tax expense
    		-1,440,000                                  
      net income
    		-51,016,000 -50,409,000 -35,963,000 -40,727,000 -48,438,000 -81,684,000 -41,671,000 -80,277,000 -53,471,000 -95,429,000 -69,152,000 -120,895,000 -49,144,000 -61,769,000 -161,190,000 -137,933,000 -82,394,000 -211,825,000 -96,412,000 -163,324,000 -232,910,000   -128,617,000 -128,617,000 -195,071,124 -148,640,670  -83,273,723 -139,074,895  -41,490,428 -50,384,176  
      yoy
    		5.32% -38.29% -13.70% -49.27% -9.41% -14.40% -39.74% -33.60% 8.80% 54.49% -57.10% -12.35% -40.35% -70.84% 67.19% -15.55% -64.62%   26.98% 81.09%    54.45% 40.26%   65.28%      
      qoq
    		1.20% 40.17% -11.70% -15.92% -40.70% 96.02% -48.09% 50.13% -43.97% 38.00% -42.80% 146.00% -20.44% -61.68% 16.86% 67.41% -61.10% 119.71% -40.97% -29.88%    0.00% -34.07% 31.24%   -40.12%   -17.65%   
      net income margin %
    		-51.22% -39.51% -30.98% -37.03% -45.49% -74.89% -40.75% -79.87% -Infinity% -144.96% -99.89% -175.56% -78.26% -98.67% -280.14% -286.31% -176.34% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% -Infinity% -Infinity% -Infinity% -Infinity% NaN% -Infinity% -Infinity% NaN% -Infinity% -Infinity%  
      loss per share - basic and diluted
    		-0.05 -0.028 -0.03 -0.04 -0.04 -0.045 -0.04 -0.08 -0.05 -0.063 -0.07 -0.13 -0.05 -0.1 -0.17 -0.14 -0.09 -1.335 -1.01 -1.76 -2.64   -1.74 -1.74 -3.03 -2.35  -1.37 -2.64   -2.32  
      weighted-average shares used for eps calculation
    		1,107,390,590 1,095,311,090 1,102,072,680 1,091,933,150 1,080,825,300 989,477,730 981,687,390 975,937,790 973,145,760 966,394,130 968,767,730 964,817,310 961,444,780 958,067,140 959,085,960 957,684,820 955,499,030 92,992,112 95,035,432 93,045,531 88,374,928 77,667,743 73,847,551,000 73,847,551 73,847,551 64,369,490 63,189,214 64,369,490 60,919,842 52,609,810 52,609,810 50,041,670 21,752,757  
      gain on sale of intellectual property
    		           10,000,000                       
      interest expense
    		     -337,500 -745,000 -492,000                -114,000 -114,000    -276,768 -39,672     
      foreign currency losses
    		       -4,108,000                           
      other (expenses) income
    		       -8,943,000          -3,100,250 -13,580,000                
      revenue
    		        87,149,000         25,035,250 43,103,000 36,935,000 20,103,000  19,213,000 19,213,000 19,213,000 12,984,751 8,339,732  3,420,183 129,452     
      cost of sales
    		        -33,619,000 -25,237,000 -25,479,000 -23,763,000 -21,337,000 -20,924,000 -20,044,000 -17,407,000 -15,643,000 -21,704,000 -12,162,000 -10,868,000 -7,505,000   -4,980,000 -4,980,000 -3,748,806 -2,173,767  -881,774 -43,590     
      revenues:
    		                                  
      expenses:
    		                                  
      foreign currency gain
    		         11,465,000 4,852,000  8,912,000                      
      loss before income tax and share of loss from equity method investment
    		         -95,429,000 -69,152,000 -120,895,000 -49,144,000 -61,769,000 -161,190,000 -137,933,000  -211,316,000 -96,072,000 -162,921,000    -128,211,000 -128,211,000 -194,318,924 -148,138,916  -82,970,896 -138,488,344  -41,283,985   
      share of loss from equity method investment
    		                 -509,000 -340,000 -403,000    -406,000 -406,000 -752,200 -501,754  -302,827 -586,551  -206,443 -249,652  
      net loss attributable to ordinary shareholders
    		         -59,797,750 -69,152,000 -120,895,000 -49,144,000 -95,379,250 -161,190,000 -137,933,000 -82,394,000 -211,825,000 -96,412,000 -163,324,000 -232,910,000   -128,617,000 -128,617,000 -195,071,124 -148,640,670  -83,273,723 -139,074,895     
      loss per american depositary shares (“ads”) - basic and diluted
    		         -0.62 -0.71 -1.25 -0.51 -0.65 -1.68 -1.44                   
      weighted-average adss used in calculating net loss per ads - basic and diluted
    		          96,876,773 96,481,731 96,144,478 95,806,714 95,908,596 95,768,482 95,549,903                  
      foreign currency loss
    		           -40,079,000                       
      other expense
    		           -1,405,000         -6,227,000   -691,000 -691,000  -2,063,683   -1,909,549     
      other income (expenses)
    		            1,234,000 82,580,000 -36,479,000 -40,392,000                -695,618   
      selling, general and administrative
    		                -56,991,000 -69,577,000 -59,002,000 -54,414,000 -35,838,000   -42,472,000 -42,472,000 -70,210,828 -47,186,808  -29,488,857 -21,575,921     
      other expenses
    		                -2,597,000            -320,258      
      loss before income tax and share of income from equity method investment
    		                -82,173,000                  
      share of income from equity method investment
    		                -221,000                  
      loss per american depositary shares (“ads“)- basic and diluted
    		                -0.86                  
      loss before income tax and share of gain from equity method investment
    		                    -233,105,000              
      share of gain from equity method investment
    		                    195,000              
      comprehensive loss data:
    		                                  
      income tax expenses
    		                                  
      net income per share
    		                                  
      ​
    		                                  
      gross profit
    		                         9,235,945 6,165,965  2,538,409 85,862     
      yoy
    		                         10656.73%         
      qoq
    		                         49.79%   2856.38%      
      gross margin %
    		0% 0% 0% 0% 0% 0% 0% 0% NaN% 0% 0% 0% 0% 0% 0% 0% 0% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% Infinity% Infinity% NaN% Infinity% Infinity% NaN% NaN% NaN%  
      operating expenses:
    		                                  
      changes in fair value of warrants
    		                                200,000  
      general and administrative
    		                               -6,364,088 -12,049,518  
      loss per share-basic and diluted
    		                               -0.83   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-08-13 2020-06-30 2020-03-19 2020-01-21 2019-12-31 2019-09-30 2019-09-03 2019-06-30 2019-03-07 2018-12-31 2018-08-30 2018-06-30 2017-12-31 
                                         
        assets
      		                                   
        current assets
      		                                   
        cash and cash equivalents
      		651,316,000 679,573,000 717,155,000 732,159,000 757,263,000 449,667,000 616,086,000 630,048,000 650,780,000 790,151,000 788,806,000 859,155,000 879,844,000 1,008,470,000 1,119,476,000 680,820,000 846,957,000 964,100,000 1,398,498,000 1,766,573,000 1,013,420,000 442,116,000 258,604,000 258,604,000 75,932,037 68,707,541 75,932,000 68,707,541 91,602,489 91,602,489 62,951,607 62,951,607 127,715,473 127,715,473 181,910,618 
        restricted cash, current
      		100,000,000 100,000,000 100,000,000 100,111,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000                           
        short-term investments
      		10,000,000 10,000,000    330,000,000    16,300,000 31,600,000 15,500,000 50,550,000   575,274,000 465,274,000 445,000,000 170,000,000   744,676,000 205,000,000 205,000,000 200,000,000 251,600,000 200,000,000 251,600,000 301,600,000 301,600,000 200,350,000 200,350,000    
        accounts receivable
      		54,069,000 106,116,000 85,377,000 88,499,000 76,555,000 85,178,000 49,970,000 69,635,000 60,422,000 59,199,000 41,596,000 47,283,000 43,346,000 39,963,000 27,736,000 27,054,000 33,394,000 47,474,000 21,018,000 18,029,000 8,815,000 5,165,000 7,024,000 7,024,000 3,791,407 3,917,134 3,791,000 3,917,134 2,483,131 2,483,131 89,708 89,708    
        notes receivable
      		7,929,000 12,169,000 19,628,000 10,843,000 11,118,000 4,233,000 19,278,000 8,102,000 15,363,000 6,134,000 23,679,000 20,781,000 17,381,000 8,608,000 10,251,000 10,968,000 10,848,000 7,335,000                  
        inventories
      		85,961,000 74,745,000 67,135,000 61,700,000 53,054,000 39,875,000 39,548,000 41,846,000 37,851,000 44,827,000 44,229,000 36,353,000 38,405,000 31,621,000 29,131,000 23,339,000 20,288,000 18,951,000 12,494,000 11,114,000 12,629,000 13,144,000 6,569,000 6,569,000 6,004,932 889,434 6,005,000 889,434 141,103 141,103 3,822 3,822    
        prepayments and other current assets
      		35,454,000 36,683,000 43,653,000 40,750,000 43,878,000 41,527,000 35,667,000 20,292,000 24,224,000 22,995,000 29,821,000 38,433,000 42,772,000 35,674,000 22,157,000 17,973,000 16,490,000 18,021,000 17,077,000 12,887,000 14,321,000 10,935,000 7,684,000 7,684,000 6,735,917 4,190,512 6,736,000 4,190,512 5,971,200 5,971,200 5,749,260 5,749,260 4,690,984 4,690,984 450,333 
        total current assets
      		944,729,000 1,019,286,000 1,032,948,000 1,034,062,000 1,041,868,000 1,050,480,000 860,549,000 869,923,000 888,640,000 939,606,000 959,731,000 1,017,505,000 1,072,298,000 1,124,336,000 1,209,831,000 1,335,647,000 1,393,251,000 1,500,881,000 1,619,087,000 1,808,603,000 1,049,185,000 1,216,036,000 484,881,000 484,881,000 292,464,293 329,304,621 292,464,000 329,304,621 401,797,923 401,797,923 269,144,397 269,144,397 182,406,457 182,406,457 182,360,951 
        restricted cash, non-current
      		1,117,000 1,116,000 1,115,000 1,114,000 1,113,000 1,114,000 1,118,000 1,116,000 1,114,000 1,113,000 1,792,000 1,791,000 1,003,000 803,000 803,000 803,000 803,000 803,000 743,000 743,000 743,000 743,000 510,000 510,000 510,218 510,218 510,000 510,218        
        property and equipment
      		47,067,000 47,389,000 48,868,000 50,160,000 49,654,000 47,961,000 50,765,000 50,613,000 52,386,000 53,734,000 55,282,000 56,410,000 58,309,000 57,863,000 50,528,000 46,419,000 45,227,000 43,102,000 37,087,000 31,642,000 29,016,000 29,162,000 21,017,000 21,017,000 21,353,437 20,450,785 21,353,000 20,450,785 21,906,317 21,906,317 20,494,482 20,494,482 19,466,017 19,466,017  
        operating lease right-of-use assets
      		17,585,000 19,152,000 15,751,000 16,787,000 19,081,000 21,496,000 12,833,000 13,102,000 15,187,000 14,844,000 16,398,000 18,537,000 20,148,000 19,512,000 20,269,000 18,596,000 16,986,000 14,189,000 15,514,000 17,015,000 16,652,000 17,701,000 13,929,000 13,929,000 15,071,292 14,831,960 15,071,000 14,831,960 7,698,765 7,698,765      
        land use rights
      		2,868,000 2,853,000 2,852,000 2,860,000 2,882,000 2,907,000 3,012,000 2,991,000 3,034,000 3,069,000 3,057,000 3,067,000 6,920,000 6,892,000 6,824,000 7,286,000 7,774,000 7,811,000 7,749,000 7,849,000 7,784,000 7,908,000 7,416,000 7,416,000 7,655,115 7,500,231 7,655,000 7,500,231        
        intangible assets
      		75,759,000 76,144,000 55,278,000 56,519,000 56,198,000 56,027,000 51,669,000 44,063,000 12,398,000 13,389,000 1,568,000 1,690,000 1,479,000 1,511,000 1,540,000 1,673,000 1,745,000 1,848,000 1,678,000 1,733,000 1,585,000 1,532,000 1,216,000 1,216,000 1,147,797 1,123,651 1,148,000 1,123,651 663,667 663,667 321,566 321,566    
        deferred tax assets
      		3,444,000 3,390,000                                  
        other non-current assets
      		3,168,000 3,054,000 2,128,000 2,599,000 2,534,000                            4,512,146 4,512,146  
        total assets
      		1,095,737,000 1,172,384,000 1,158,940,000 1,164,101,000 1,173,330,000 1,185,753,000 985,346,000 987,368,000 988,437,000 1,036,295,000 1,043,694,000 1,106,373,000 1,170,074,000 1,220,140,000 1,298,514,000 1,418,777,000 1,500,915,000 1,609,956,000 1,728,079,000 1,895,215,000 1,131,290,000 1,297,638,000 548,214,000 548,214,000 355,153,488 391,628,712 355,153,000 391,628,712 446,460,503 446,460,503 301,987,149 301,987,149 210,812,374 210,812,374 237,246,277 
        liabilities and shareholders’ equity
      		                                   
        current liabilities
      		                                   
        accounts payable
      		126,169,000 141,608,000 99,706,000 107,357,000 103,017,000 100,906,000 120,652,000 127,344,000 88,121,000 112,991,000 55,020,000 67,031,000 66,361,000 65,974,000 90,112,000 108,443,000 98,161,000 126,163,000 51,406,000 125,621,000 41,415,000 62,641,000 32,392,000 32,392,000 22,659,600 20,456,435 22,660,000 20,456,435 27,725,527 27,725,527 37,432,035 37,432,035 5,726,571 5,726,571  
        current operating lease liabilities
      		5,983,000 6,344,000 5,496,000 5,584,000 6,574,000 8,048,000 6,585,000 7,581,000 7,536,000 7,104,000 6,886,000 7,299,000 7,318,000 7,050,000 6,980,000 6,824,000 6,795,000 5,927,000 6,312,000 6,371,000 5,602,000 5,206,000 4,175,000 4,175,000 4,350,765 3,789,064 4,351,000 3,789,064 2,899,075 2,899,075      
        short-term debt
      		213,819,000 204,530,000 203,026,000 174,509,000 173,405,000 131,711,000 112,994,000 70,298,000                            
        other current liabilities
      		47,011,000 63,684,000 51,541,000 44,051,000 36,811,000 58,720,000 46,084,000 46,495,000 48,176,000 82,972,000 62,990,000 59,024,000 50,881,000 66,818,000 58,456,000 53,610,000 49,956,000 60,811,000 54,292,000 61,925,000 45,639,000 30,196,000 15,750,000 15,750,000 13,174,389  13,174,000         
        total current liabilities
      		392,982,000 416,166,000 359,769,000 331,501,000 319,807,000 299,385,000 286,315,000 251,718,000 192,106,000 203,067,000 124,896,000 133,354,000 124,560,000 139,842,000 155,548,000 168,877,000 154,912,000 192,901,000 112,010,000 193,917,000 92,656,000 98,043,000 56,555,000 56,555,000 46,635,257 41,050,594 46,635,000 41,050,594 45,969,326 45,969,326 48,841,494 48,841,494 10,258,889 10,258,889 593,317 
        deferred income
      		28,627,000 27,333,000 28,061,000 29,233,000 30,126,000 31,433,000 24,924,000 25,343,000 26,297,000 28,738,000 27,686,000 28,625,000 30,968,000 21,360,000 23,205,000 24,775,000 26,896,000 27,486,000 17,487,000 17,632,000 16,657,000 16,858,000 15,736,000 15,736,000 2,881,351 2,762,026 2,881,000 2,762,026 2,514,473 2,514,473 2,063,942 2,063,942 1,622,225 1,622,225 1,482,000 
        non-current operating lease liabilities
      		12,107,000 13,385,000 10,840,000 11,307,000 12,319,000 13,712,000 6,113,000 5,803,000 7,540,000 8,047,000 9,808,000 11,755,000 12,979,000 13,343,000 13,892,000 12,960,000 11,099,000 9,613,000 10,652,000 11,968,000 12,307,000 13,392,000 10,457,000 10,457,000 10,976,846 10,703,104 10,977,000 10,703,104 4,646,586 4,646,586      
        other non-current liabilities
      		40,000  325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000                       
        total liabilities
      		433,756,000 456,884,000 398,995,000 372,366,000 362,577,000 344,855,000 317,677,000 283,189,000 226,268,000 240,177,000 162,715,000 174,059,000 168,832,000 174,545,000 192,645,000 206,612,000 192,907,000 230,000,000 140,149,000 223,517,000 121,620,000 128,293,000 82,748,000 82,748,000 60,493,454 54,515,724 60,493,000 54,515,724 53,130,385 53,130,385 50,905,436 50,905,436 11,881,114 11,881,114 2,075,317 
        commitments and contingencies
      		                                   
        shareholders’ equity
      		                                   
        ordinary shares
      		7,000 7,000 7,000 7,000 7,000 7,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 5,000 4,000 4,000 4,094 4,065 4,000 4,065   3,481 3,481   2,995 
        additional paid-in capital
      		3,357,826,000 3,343,469,000 3,327,557,000 3,308,491,000 3,283,800,000 3,264,295,000 3,031,628,000 3,011,964,000 2,993,282,000 2,975,302,000 2,954,362,000 2,932,053,000 2,911,454,000 2,893,120,000 2,877,361,000 2,857,202,000 2,838,655,000 2,825,948,000 2,812,830,000 2,799,318,000 1,967,802,000 1,897,467,000 1,031,791,000 1,031,791,000 734,733,914 728,405,891 734,734,000 728,405,891   498,043,011 498,043,011   345,269,688 
        accumulated deficit
      		-2,679,636,000 -2,628,620,000 -2,578,211,000 -2,542,248,000 -2,501,521,000 -2,453,083,000 -2,371,399,000 -2,329,728,000 -2,249,451,000 -2,195,980,000 -2,100,551,000 -2,031,399,000 -1,910,504,000 -1,861,360,000 -1,799,591,000 -1,638,401,000 -1,500,468,000 -1,418,074,000 -1,206,249,000 -1,109,837,000 -946,513,000 -713,603,000 -573,315,000 -573,315,000 -444,697,632 -398,267,178 -444,698,000 -398,267,178   -249,626,508 -249,626,508   -110,551,613 
        accumulated other comprehensive income
      		15,105,000 29,697,000 39,645,000 46,348,000 49,303,000 50,515,000 28,270,000 42,773,000 39,168,000 37,626,000 47,952,000 52,180,000 17,272,000 25,685,000 39,549,000 4,487,000      -14,524,000 6,986,000 6,986,000 4,619,658 6,970,210 4,620,000 6,970,210   2,661,729 2,661,729    
        treasury stock
      		-31,321,000 -29,053,000 -29,053,000 -20,863,000 -20,836,000 -20,836,000 -20,836,000 -20,836,000 -20,836,000 -20,836,000 -20,790,000 -20,526,000 -16,986,000 -11,856,000 -11,456,000 -11,129,000 -4,347,000 -4,279,000 -3,533,000 -924,000                
        total shareholders’ equity
      		661,981,000 715,500,000 759,945,000 791,735,000 810,753,000 840,898,000 667,669,000 704,179,000 762,169,000 796,118,000 880,979,000 932,314,000 1,001,242,000 1,045,595,000 1,105,869,000 1,212,165,000 1,308,008,000 1,379,956,000 1,587,930,000 1,671,698,000 1,009,670,000 1,169,345,000           198,931,260 198,931,260  
        total liabilities and shareholders’ equity
      		1,095,737,000 1,172,384,000 1,158,940,000 1,164,101,000 1,173,330,000 1,185,753,000 985,346,000 987,368,000 988,437,000 1,036,295,000 1,043,694,000 1,106,373,000 1,170,074,000 1,220,140,000 1,298,514,000 1,418,777,000 1,500,915,000 1,609,956,000 1,728,079,000 1,895,215,000 1,131,290,000 1,297,638,000           210,812,374 210,812,374  
        long-term investments
      		     3,115,000    9,220,000    6,431,000    15,605,000 20,801,000                 
        prepayments for equipment
      		     18,000 32,000 46,000 89,000 111,000 144,000 665,000 1,721,000 1,396,000 4,068,000 4,542,000 4,978,000 989,000 1,129,000 1,846,000 244,000 274,000 383,000 383,000 439,604 394,732 440,000 394,732   275,853 275,853 927,154 927,154  
        long-term deposits
      		     1,284,000 975,000 1,441,000 1,480,000 1,209,000 1,256,000 1,580,000 1,324,000 1,396,000 1,329,000 947,000 941,000 870,000 901,000          389,773 389,773      
        value added tax recoverable
      		     1,351,000 1,240,000        6,000 37,000 20,766,000 23,858,000 23,390,000 23,823,000 23,698,000 22,141,000 16,159,000 16,159,000 13,736,949 14,421,359 13,737,000 14,421,359 11,170,490 11,170,490 8,044,258 8,044,258    
        long term investments
      		      3,153,000 4,073,000 14,109,000  4,466,000 5,128,000 6,872,000  3,316,000 2,827,000 8,444,000                   
        short-term debts
      		        48,273,000                           
        current assets:
      		                                   
        current liabilities:
      		                                   
        notes
      		                                   
        value added tax recoverable - current
      		              1,080,000 219,000                    
        accumulated other comprehensive loss
      		                -25,838,000 -23,645,000 -15,124,000 -16,865,000 -11,624,000               
        investments in equity investees
      		                   1,070,000 1,473,000 1,279,000 1,991,000 1,991,000 2,397,655 2,648,101 2,398,000 2,648,101 2,833,568 2,833,568 3,149,855 3,149,855 3,500,600 3,500,600  
        long term deposits
      		                   891,000 910,000 862,000 712,000 712,000 377,128 443,054 377,000 443,054   556,738 556,738    
        short-term borrowings
      		                      4,238,000 4,238,000 6,450,503 6,362,312 6,450,000 6,362,312   3,642,616 3,642,616    
        liabilities and shareholders' equity
      		                                   
        shareholders' equity
      		                                   
        total shareholders' equity
      		                      465,466,000 465,466,000 294,660,034 337,112,988 294,660,000 337,112,988 393,330,118 393,330,118 251,081,713 251,081,713    
        total liabilities and shareholders' equity
      		                      548,214,000 548,214,000 355,153,488 391,628,712 355,153,000 391,628,712 446,460,503 446,460,503 301,987,149 301,987,149    
        ​
      		                                   
        other payables
      		                         10,442,783  10,442,783 9,526,288 9,526,288 7,766,843 7,766,843 3,776,643 3,776,643 593,317 
        short-term borrowing
      		                            5,818,436 5,818,436      
        subscription receivable
      		                                  -18 
        short term investment
      		                                50,000,000 50,000,000  
        short term borrowing
      		                                755,675 755,675  
        investment in subsidiaries
      		                                  54,885,326 
        liabilities, mezzanine equity and shareholders' deficits
      		                                   
        liabilities
      		                                   
        warrant liabilities
      		                                   
        mezzanine equity
      		                                   
        series a1 convertible preferred shares
      		                                   
        series a2 convertible preferred shares
      		                                   
        series b1 convertible preferred shares
      		                                   
        series b2 convertible preferred shares
      		                                   
        total mezzanine equity
      		                                   
        shareholders' (deficit) equity
      		                                   
        additional other comprehensive income
      		                                  449,908 
        total shareholders' (deficit) equity
      		                                  235,170,960 
        total liabilities, mezzanine equity and shareholders' (deficit) equity
      		                                  237,246,277 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-06-30 2019-12-31 
                               
          cash flows from operating activities
        		                       
          net loss
        		-51,016,000 -50,409,000 -35,963,000 -40,727,000 -48,438,000 -81,684,000 -41,671,000 -80,277,000 -53,471,000 -95,429,000 -69,152,000 -120,895,000 -49,144,000 -61,769,000 -161,190,000 -137,933,000 -82,394,000 -211,825,000 -96,412,000 -163,324,000 -232,910,000 -128,617,000  
          adjustments to reconcile net loss to net cash from operating activities:
        		                       
          allowance for credit losses
        		-15,000   4,000 -3,000 11,000 -6,000 2,000 1,000               
          inventory write-down
        		188,000 11,369,000 625,000 267,000 27,000 1,000 58,000 719,000 37,000 227,000 123,000 246,000 377,000 -3,000 287,000 55,000 138,000 966,000 112,000 276,000 14,000 7,000  
          depreciation and amortization expenses
        		3,944,000 3,916,000 3,901,000 3,735,000 3,458,000 3,032,000 2,871,000 2,941,000 3,012,000 2,459,000 1,918,000 1,995,000 2,657,000 2,127,000 2,226,000 1,861,000 2,013,000 1,875,000 1,637,000 1,527,000 1,448,000 2,107,000 1,288,147 
          amortization of deferred income
        		-1,393,000 -1,349,000 -1,330,000 -1,330,000 -1,331,000 -1,002,000 -839,000 -839,000 -840,000 -836,000 -831,000 -1,134,000 -582,000 -561,000 -655,000 -678,000 -708,000 -287,000 -78,000 -78,000 -78,000 -156,000 -78,000 
          share-based compensation
        		13,524,000 15,902,000 16,923,000 16,973,000 15,800,000 17,238,000 16,795,000 18,638,000 17,980,000 20,470,000 21,992,000 20,511,000 16,661,000 15,560,000 19,108,000 14,224,000 12,410,000 12,608,000 10,556,000 10,232,000 7,318,000 13,427,000 5,737,951 
          loss from fair value changes of equity investment with readily determinable fair value
        		 0 0 0 1,912,000 38,000 920,000   -4,754,000 661,000 1,745,000 -441,000 -3,115,000 -489,000 5,617,000 6,939,000 4,687,000      
          loss on disposal of property and equipment
        		18,000         20,000 -121,000 196,000 64,000 571,000 0 0 -11,000 17,000 8,000 0 4,000 1,000 5,604 
          noncash lease expenses
        		1,810,000 1,587,000 1,872,000 2,911,000 2,466,000 2,315,000 1,963,000 2,072,000 2,069,000 2,078,000 2,247,000    1,995,000 1,808,000 2,017,000 1,524,000 1,816,000 1,457,000 1,322,000 2,114,000  
          foreign currency remeasurement impact
        		-14,837,000 -9,682,000 -6,421,000 -2,837,000 -651,000 23,418,000 -14,457,000 4,108,000 2,068,000               
          changes in operating assets and liabilities:
        		                       
          accounts receivable
        		53,268,000 -19,658,000 3,671,000 -11,682,000 8,737,000 -36,687,000 20,554,000 -9,514,000 -1,328,000 -17,217,000 6,040,000 -6,011,000 -2,852,000 -12,153,000 -3,939,000 6,342,000 14,080,000 -26,461,000 -2,990,000 -9,217,000 -3,651,000 -3,235,000  
          notes receivable
        		4,410,000 7,507,000 -8,612,000 274,000 -6,885,000 14,663,000 -10,888,000 7,226,000 -9,239,000 17,915,000 -2,849,000 -4,115,000 -8,599,000 1,885,000 -228,000 -120,000 -3,513,000       
          inventories
        		-11,208,000 -18,916,000 -6,016,000 -8,898,000 -13,198,000 -507,000 2,366,000 -4,781,000 6,818,000 -499,000 -7,781,000 59,000 -6,686,000 -2,147,000 -8,653,000 -3,107,000 -1,475,000 -7,422,000 -1,492,000 1,238,000 502,000 -571,000  
          prepayments and other current assets
        		1,518,000 6,848,000 -2,643,000 2,455,000 -1,601,000 -7,962,000 -13,379,000 3,865,000 -1,253,000 7,120,000 5,039,000 6,557,000 -6,470,000 -13,398,000 -5,908,000 -1,483,000 1,531,000 -944,000 -4,190,000 1,434,000 -3,386,000 -948,000  
          other non-current assets
        		-78,000 -973,000 548,000 -1,350,000 1,401,000                   
          accounts payable
        		4,261,000 20,352,000 -6,900,000 3,754,000 2,720,000 -8,754,000 12,662,000 7,253,000 -13,370,000 46,297,000 -12,531,000 3,364,000 -327,000 -24,923,000 -11,132,000 10,284,000 -28,002,000 74,757,000 -74,215,000 84,206,000 -21,226,000 9,732,000  
          other current liabilities
        		-17,638,000 11,519,000 9,179,000 7,327,000 -23,275,000 14,832,000 -1,247,000 -1,403,000 -34,204,000 19,583,000 6,988,000 8,832,000 -15,593,000 5,764,000 -27,882,000 40,632,000 -11,122,000 -3,966,000 -4,648,000 6,370,000 21,707,000 4,697,000  
          operating lease liabilities
        		-1,061,000 -1,071,000 -987,000 -2,591,000 -2,827,000 -2,406,000 -1,767,000 -2,303,000 -2,783,000 -2,557,000 -2,198,000 -1,455,000 -2,141,000 -2,447,000 -2,159,000 -1,460,000 -2,389,000 -1,551,000 -1,620,000 -1,321,000 -893,000 -1,539,000  
          deferred income
        		2,353,000 384,000 -4,000 376,000 -11,000 8,136,000 0 2,000 -1,550,000 1,562,000 -283,000 63,000 9,839,000 -1,849,000 1,795,000 -1,443,000 118,000 10,286,000 -67,000 1,052,000 -122,000 13,011,000  
          other non-current liabilities
        		40,000         0 0 0 325,000           
          net cash from operating activities
        		-11,912,000 -26,022,000 -32,044,000 -31,024,000 -61,699,000 -55,769,000 -26,821,000 -42,173,000 -90,106,000 -14,917,000 -55,272,000 -58,702,000 -69,287,000 -109,292,000 -126,323,000 -44,900,000 -87,127,000 -152,994,000 -160,889,000 -65,848,000 -169,500,000 -92,319,000 -40,017,838 
          capital expenditures
        		-566,000 -659,000 -5,035,000 -3,032,000 1,111,000 -4,763,000 -1,121,000 -831,000 1,507,000 -373,000 -3,475,000 112,000 719,000 2,035,000 -5,111,000 -2,752,000 -9,075,000 -5,604,000 -6,196,000 -2,683,000 -1,244,000 -319,000 -1,756,540 
          free cash flows
        		-12,478,000 -26,681,000 -37,079,000 -34,056,000 -60,588,000 -60,532,000 -27,942,000 -43,004,000 -88,599,000 -15,290,000 -58,747,000 -58,590,000 -68,568,000 -107,257,000 -131,434,000 -47,652,000 -96,202,000 -158,598,000 -167,085,000 -68,531,000 -170,744,000 -92,638,000 -41,774,378 
          cash flows from investing activities
        		                       
          proceeds from maturity of short-term investment
        		 0 0 0 330,000,000 0 0 0 16,300,000 15,300,000 17,900,000 35,050,000 49,450,000  575,274,000 30,000,000 100,000,000       
          purchases of property and equipment
        		-1,195,000 -677,000 -3,005,000 -2,885,000 -1,534,000 -2,600,000 -1,342,000 -741,000 -974,000    -3,513,000           
          proceeds from the sale of property and equipment
        		2,000 2,000 37,000   0 0   0 10,000             
          acquisition of intangible assets
        		-21,095,000 -621,000 -1,081,000 -1,288,000 -2,333,000 -15,154,000 -28,543,000 -134,000 -12,034,000               
          net cash from investing activities
        		-22,288,000 -11,296,000 -4,049,000 -2,922,000 326,133,000 -347,754,000 -29,885,000 -846,000 3,292,000 14,457,000 -13,981,000 42,702,000 -53,954,000 -4,373,000 568,258,000    -206,382,000 -4,177,000 742,005,000 -6,521,000 49,639,876 
          cash flows from financing activities
        		                       
          proceeds from short-term debt
        		112,510,000 21,273,000 61,215,000 22,459,000 101,890,000 19,868,000 41,212,000                 
          repayment of short-term bank borrowings
        		-105,500,000 -21,952,000 -34,123,000 -21,914,000 -60,904,000 -2,000                -2,130,000  
          proceeds from exercises of stock options
        		833,000 249,000 1,982,000 8,435,000 3,009,000 1,879,000 1,277,000   470,000 137,000 565,000 1,197,000 230,000 1,021,000 4,322,000 297,000 510,000 2,915,000 3,290,000 702,000 3,075,000 607,632 
          payments of public offering costs
        		 0 0 0 -854,000                   
          employee taxes paid related to net share settlement of equity awards
        		-2,270,000  -8,191,000            -312,000 -6,820,000 -39,000  -2,873,000     
          net cash from financing activities
        		5,573,000 -430,000 20,793,000 8,849,000 43,141,000 237,812,000 42,207,000 22,322,000 47,548,000 393,000 -1,447,000 -1,493,000 -3,886,000 -199,000 709,000   -276,000 -471,000 821,220,000 -271,000 281,500,000 761,219 
          effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
        		371,000 167,000 186,000 105,000 20,000 -712,000 539,000 -33,000 -104,000 733,000 352,000 -2,408,000 -1,299,000 2,858,000 -3,988,000 -5,014,000 -130,000 421,000 -333,000 1,958,000 -930,000 12,000 -3,159,409 
          net increase in cash, cash equivalents and restricted cash
        		-28,256,000 -37,581,000 -15,114,000 -24,992,000 307,595,000     666,000    -111,006,000 438,656,000   -434,338,000 -368,075,000 753,153,000 571,304,000 182,672,000 7,223,848 
          cash, cash equivalents and restricted cash - beginning of period
        		780,689,000  0 0 550,781,000  0 0 791,264,000  0 0 1,009,273,000  0 0 964,903,000  0 0 442,859,000   
          cash, cash equivalents and restricted cash - end of period
        		752,433,000  -15,114,000 -24,992,000 858,376,000  -13,960,000 -20,730,000 751,894,000  -70,348,000 -19,901,000 880,847,000  438,656,000 -166,137,000 847,760,000  -368,075,000 753,153,000 1,014,163,000   
          supplemental disclosure on non-cash investing and financing activities
        		                       
          payables for purchase of property and equipment
        		629,000 18,000 -2,030,000 -147,000 2,645,000 -2,163,000 221,000 -90,000 2,481,000 -151,000 -1,719,000 112,000 4,232,000 2,035,000 1,573,000 993,000 668,000 771,000 77,000 1,281,000 439,000 984,000 28,278 
          payables for acquisition of intangible assets
        		895,000 20,790,000 -1,261,000 344,000 2,075,000 -8,637,000 -21,167,000 32,447,000 78,000               
          payables for public offering costs
        		168,000 0 0 0 168,000               529,000 26,000   
          receivable from sales of equity investments
        		    1,203,000                   
          receivables for stock option exercise under equity incentive plans
        		  162,000 -717,000 794,000 -1,523,000       476,000  19,000         
          supplemental disclosure of cash flow information
        		                       
          cash paid for interest
        		1,399,000 1,268,000 1,309,000 1,200,000 1,101,000 852,000 673,000 451,000 45,000               
          impairment of property and equipment
        		                       
          losses on disposal of property and equipment
        		 307,000 24,000   2,000 1,000 43,000 407,000               
          gain on disposal of land use right
        		         0 -4,000             
          gain from sale of intellectual property
        		         0 0             
          amortization of debt issuance cost
        		                       
          deferred tax assets
        		                       
          purchases of short-term investments
        		          -34,000,000 0 -100,000,000 0 0 -140,000,000 -120,274,000 -275,000,000    -205,000,000 -26,040,000 
          proceeds from the sale of equity investment
        		 0 0                     
          proceeds from sale of intellectual property
        		         0 0             
          proceeds from disposal of land use right
        		         0              
          payments of debt issuance costs
        		 0 -90,000    0 0 -700,000               
          proceeds from issuance of ordinary shares upon public offerings
        		                 1,000 0   281,295,000 -4 
          taxes paid related to settlement of equity awards
        		         -77,000 -1,584,000             
          cash, cash equivalents and restricted cash — beginning of the year
        		                       
          cash, cash equivalents and restricted cash — end of the year
        		                       
          right-of-use asset acquired under operating leases
        		     11,205,000 1,556,000 -6,000 2,395,000 372,000 -17,000 651,000 2,662,000 1,940,000 4,410,000         
          debt issuance costs
        		  90,000    0 0 700,000               
          share of loss from equity method investment
        		             0 0 0 221,000 509,000 340,000 403,000 -195,000 406,000  
          long-term deposits
        		     -309,000 466,000 39,000 -271,000 47,000 324,000 -256,000 72,000 -68,000 -381,000 -7,000 -71,000 31,000      
          value added tax recoverable
        		     -144,000        1,349,000 -2,170,000 20,510,000 3,092,000 -468,000 433,000 -124,000 -1,558,000 -2,422,000  
          payment of debt issuance cost
        		                       
          net decrease in cash, cash equivalents and restricted cash
        		      -13,960,000 -20,730,000 -39,370,000   -19,901,000 -128,426,000           
          payables for treasury stock
        		          -1,500,000   -30,000 15,000 -38,000 55,000       
          receivables for disposal of land use right
        		                       
          gain from fair value changes of equity investment with readily determinable fair value
        		        -4,889,000               
          proceeds from short-term debts
        		        48,248,000               
          receivables for disposal of property and equipment
        		                       
          allowance for credit loss
        		         5,000 -2,000 2,000 1,000 4,000 0 -2,000 -1,000       
          noncash research and development expenses
        		                 0 0 0 62,250,000   
          foreign currency remeasurement loss
        		         -11,465,000 -4,852,000   -16,649,000          
          purchase of short-term investments
        		                       
          purchase of investment in equity investee
        		                       
          purchase of property and equipment
        		         -222,000 -1,756,000    -6,684,000 -3,745,000 -9,743,000 -6,375,000 -6,273,000 -3,964,000 -1,683,000 -1,303,000 -1,784,818 
          payment of public offering costs
        		                 -1,000 -513,000 -350,000 -973,000 -740,000 -27,713 
          cash and cash equivalents
        		         1,345,000 -70,349,000 -20,689,000 879,844,000 -111,006,000 438,656,000 -166,137,000 846,957,000 -434,398,000 -368,075,000 753,153,000 1,013,420,000 258,604,000 7,224,459 
          restricted cash, non-current
        		         -679,000 1,000 788,000 1,003,000 0 0 0 803,000 60,000 0 0 743,000 510,000 -218 
          total cash and cash equivalents and restricted cash
        		         666,000 -70,348,000 -19,901,000 880,847,000 -111,006,000 438,656,000 -166,137,000 847,760,000 -434,338,000 -368,075,000 753,153,000 1,014,163,000 259,114,000  
          purchase of intangible assets
        		          -28,000    -332,000 45,000 -152,000 -114,000 -112,000 -213,000 -214,000 -218,000 -115,654 
          payables for intangible assets
        		          2,000 -172,000 268,000  -238,000 197,000 73,000 167,000 -34,000 32,000 26,000   
          non-cash lease expenses
        		            2,464,000           
          foreign currency remeasurement gain
        		            -8,912,000           
          disposal of property and equipment
        		            112,000    25,000 0      
          purchases of intangible assets
        		            -3,000           
          employee taxes paid related to settlement of equity awards
        		            -5,083,000           
          receivables for dispose of property and equipment
        		            10,000           
          non-cash research and development expenses
        		                       
          proceeds from maturity of short-term investments
        		                   0 743,902,000 200,000,000 77,640,000 
          purchases of investment in equity investee
        		                       
          proceeds from disposal of property and equipment
        		                       
          repayment of short-term borrowings
        		                       
          payables for purchase of intangible assets
        		                       
          interest paid
        		                       
          operating activities
        		                       
          cash flows from investing activities:
        		                       
          payment for investment in equity investee
        		                       
          cash flows from financing activities:
        		                       
          supplemental disclosure on non-cash investing and financing activities:
        		                       
          supplemental disclosure of cash flow information:
        		                       
          net cash (used in) provided by investing activities
        		                -30,144,000       
          net cash from (used in) financing activities
        		                258,000       
          net (decrease) increase in cash, cash equivalents and restricted cash
        		                -117,143,000       
          purchase of land use rights
        		                       
          net cash provided by (used in) investing activities
        		                       
          proceeds from short-term borrowings
        		                       
          allowance for doubtful accounts
        		                  1,000 3,000 1,000   
          long term deposits
        		                   18,000 -47,000 -335,000  
          purchase of equity method investment
        		                       
          ​
        		                       
          provision for expected credit losses
        		                     2,000  
          cash, cash equivalents and restricted cash - beginning of the period
        		                     76,442,000  
          cash, cash equivalents and restricted cash - end of the period
        		                     259,114,000  
          interest expense paid
        		                     122,000  
          net changes in operating assets and liabilities
        		                       
          purchase of land use right
        		                       
          reconciliation to amounts on the condensed consolidated balance sheets:
        		                       
          total cash, cash equivalents and restricted cash
        		                       
          change in fair value of warrants
        		                       
          disposal of long-term investment
        		                       
          proceed from short-term borrowings
        		                       
          proceed from issuance of convertible preferred shares, net of issuance cost
        		                       
          proceeds from exercise of warrants
        		                       
          cash, cash equivalents and restricted cash - beginning of the year
        		                       
          cash, cash equivalents and restricted cash - end of the year
        		                       
          conversion of convertible preferred shares
        		                       
          exercise of warrants
        		                       
          net income
        		                       
          adjustments to reconcile net income to net cash from operating activities:
        		                       
          share of income from equity method investment
        		                       
          depreciation of property and equipment
        		                       
          amortization of intangible assets
        		                       
          other payables
        		                       
          purchase of cost method investment
        		                       
          disposal of cost method investment
        		                       
          effect of foreign exchange rate changes on cash and cash equivalents
        		                       
          net increase in cash and cash equivalents
        		                       
          cash and cash equivalents - beginning of the year
        		                       
          cash and cash equivalents - end of the year
        		                       
          proceeds from issuance of ordinary shares upon initial public offering
        		                       
          payment of initial public offering costs
        		                       
          net increases in cash and cash equivalents
        		                       
          payables for initial public offering costs