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Mabpharm Limited
(2181)
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Rating:50Neutral
Price Target:
HK$0.43
▼(-15.00% Downside)
Action:Reiterated
Date:08/06/26
The score is held near the midpoint primarily due to improving profitability and strong gross margins being offset by high balance-sheet leverage and weak free-cash-flow conversion. Technicals are neutral with near-term stabilization but a still-weak longer-term trend, while valuation is moderate (P/E ~25.3) with no dividend support.
Positive Factors
High Gross Margins
Sustained gross margins near 72%–86% indicate durable product economics and pricing power typical of biologics. High gross margins provide structural capacity to fund R&D and scale manufacturing, supporting long-term profitability if SG&A and R&D are managed.
Negative Factors
Elevated Financial Leverage
High and rising leverage reduces financial flexibility and raises refinancing and interest-rate risk. With equity small relative to debt, shocks to revenue or cash flow would more quickly impair solvency and constrain strategic choices like M&A, capex or dividend initiation.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained gross margins near 72%–86% indicate durable product economics and pricing power typical of biologics. High gross margins provide structural capacity to fund R&D and scale manufacturing, supporting long-term profitability if SG&A and R&D are managed.
Read all positive factors
Mabpharm Limited (2181) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.84B
Dividend YieldN/A
Average Volume (3M)53.47K
Price to Earnings (P/E)18.6
Beta (1Y)0.91
Revenue Growth88.38%
EPS GrowthN/A
CountryHK
Employees394
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.02
Shares Outstanding4,124,080,000
10 Day Avg. Volume43,000
30 Day Avg. Volume53,466
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)11.77
Price to Sales (P/S)2.94
P/FCF Ratio-79.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mabpharm Limited Business Overview & Revenue Model
Company Description
Mabpharm Limited is a Chinese biopharmaceutical firm dedicated to the research, development, and manufacturing of innovative and biosimilar medications. Its therapeutic focus areas include allergic conditions, various cancers, and autoimmune disor...
How the Company Makes Money
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Mabpharm Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
46
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 764.09M | 629.37M | 258.23M | 87.16M | 55.92M | 82.88M |
| Gross Profit | 652.70M | 521.55M | 219.39M | 75.24M | 40.54M | 66.11M |
| EBITDA | 95.97M | 62.91M | -67.81M | -139.08M | -152.08M | -245.46M |
| Net Income | 84.72M | 55.65M | -127.95M | -209.36M | -210.62M | -291.74M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.15B | 1.02B | 1.03B | 917.52M | 899.90M |
| Cash, Cash Equivalents and Short-Term Investments | 93.31M | 109.30M | 89.34M | 173.34M | 48.61M | 81.56M |
| Total Debt | 307.88M | 326.88M | 293.09M | 260.07M | 126.34M | 46.43M |
| Total Liabilities | 974.61M | 996.58M | 927.28M | 829.92M | 516.58M | 297.92M |
| Stockholders Equity | 193.80M | 157.37M | 88.93M | 205.06M | 400.94M | 601.98M |
Cash Flow | ||||||
| Free Cash Flow | 17.82M | -23.22M | -63.58M | 38.35M | -182.01M | -348.14M |
| Operating Cash Flow | 99.49M | 80.78M | -4.10M | 57.39M | -56.88M | -199.47M |
| Investing Cash Flow | -96.63M | -64.16M | -98.20M | -3.50M | -104.95M | -179.42M |
| Financing Cash Flow | -3.69M | 3.29M | 18.28M | 85.60M | 112.26M | -17.78M |
Mabpharm Limited Technical Analysis
Positive
0.50
Price Trends
0.42
Positive
0.43
Positive
0.47
Negative
Market Momentum
<0.01
Negative
59.33
Neutral
40.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2181, the sentiment is Positive. The current price of 0.5 is above the 20-day moving average (MA) of 0.43, above the 50-day MA of 0.42, and above the 200-day MA of 0.47, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.33 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2181.
Mabpharm Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$67.94B | 11.96 | 128.12% | ― | 305.94% | ― | |
64 Neutral | HK$38.22B | 37.75 | 20.41% | ― | 32.63% | 8.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$1.84B | 18.59 | 48.25% | ― | 88.38% | ― | |
47 Neutral | HK$8.55B | -43.68 | -10.27% | ― | -31.77% | -177.01% | |
46 Neutral | HK$34.66B | -78.10 | -7.32% | ― | 34.83% | 58.94% | |
45 Neutral | HK$1.58B | -7.23 | -41.81% | ― | ― | -4.24% |
* Healthcare Sector Average
HK:2181
Mabpharm Limited
0.45
-0.34
-42.95%
HK:9966
Alphamab Oncology
8.61
-2.18
-20.25%
HK:9995
RemeGen Co. Ltd. Class H
78.70
-18.05
-18.66%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
17.66
-17.74
-50.11%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
65.55
-23.15
-26.10%
HK:3681
SinoMab Bioscience Ltd.
1.15
-1.15
-50.22%
Mabpharm Limited Corporate Events
Mabpharm Shareholders Unanimously Approve All AGM Resolutions
Jun 26, 2026
Mabpharm Limited reported that all resolutions proposed at its annual general meeting on June 26, 2026 were approved by shareholders via poll, with 2,359,000,000 votes cast in favor and none against. The resolutions covered receipt of the 2025 fin...
Mabpharm Wins NMPA Nod for New Denosumab Injection, Eyes Rapid Market Expansion
Jun 24, 2026
Mabpharm Limited has secured approval from China’s National Medical Products Administration for CMAB807X denosumab injection, an additional specification of its existing denosumab product line for patients with bone metastases from solid tum...
Mabpharm Wins China Approval for Denosumab Osteoporosis Drug, Eyes Global Markets
Jun 9, 2026
Mabpharm Limited has received approval from China’s National Medical Products Administration for its new drug application for CMAB807 denosumab injection, indicated for osteoporosis in postmenopausal women at increased fracture risk, men at ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.