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Mabwell (Shanghai) Bioscience Co., Ltd. Class H
(2493)
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Rating:44Neutral
Price Target:
HK$20.00
Action:Reiterated
Date:09/06/26
The score is primarily held down by weak financial quality—large ongoing losses, heavy free-cash-flow burn, and elevated leverage—despite improving revenue growth and strong gross margins. Technical signals also remain bearish (below 20/50DMA and negative MACD). Valuation offers limited support due to negative earnings and no stated dividend yield.
Positive Factors
Revenue Growth
Revenue growth of 17.3% indicates improving commercial traction and broader adoption of the company’s marketed or partnered products. If sustained, a larger revenue base can improve operating leverage, support pipeline investment, and strengthen the platform’s ability to fund future expansion.
Negative Factors
Severe Operating Losses
Extremely negative EBIT and net margins show that current revenue is insufficient to cover the company’s operating cost base. Persistent losses can delay the path to self-sustaining profitability, constrain reinvestment choices, and make future growth dependent on continued external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth of 17.3% indicates improving commercial traction and broader adoption of the company’s marketed or partnered products. If sustained, a larger revenue base can improve operating leverage, support pipeline investment, and strengthen the platform’s ability to fund future expansion.
Read all positive factors
Mabwell (Shanghai) Bioscience Co., Ltd. Class H (2493) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$17.71B
Dividend YieldN/A
Average Volume (3M)242.39K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue Growth385.38%
EPS GrowthN/A
CountryHK
Employees1,325
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.36
Shares Outstanding47,130,200
10 Day Avg. Volume242,420
30 Day Avg. Volume242,386
Financial Highlights & Ratios
PEG Ratio1.42
Price to Book (P/B)27.25
Price to Sales (P/S)14.37
P/FCF Ratio-21.26
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
Mabwell (Shanghai) Bioscience Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Mabwell (Shanghai) Bioscience Co., Ltd., a biopharmaceutical company, engages in the research and development, manufacture, and commercialization of biological products for oncology, immunology, bone disorders, ophthalmology, hematology, and infec...
How the Company Makes Money
Mabwell (Shanghai) Bioscience Co., Ltd. generates revenue primarily through (1) sales of commercialized drug products, if and when its biologics receive regulatory approval and are launched; and (2) collaborations and out-licensing activities rela...
Mabwell (Shanghai) Bioscience Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
33
Negative
Balance Sheet
24
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 874.03M | 662.52M | 199.78M | 127.84M | 27.73M | 15.96M |
| Gross Profit | 651.57M | 598.05M | 170.83M | 126.47M | 27.66M | -72.92M |
| EBITDA | -642.62M | -647.88M | -844.97M | -937.63M | -858.54M | -699.62M |
| Net Income | -939.96M | -969.33M | -1.04B | -1.05B | -955.23M | -756.86M |
Balance Sheet | ||||||
| Total Assets | 5.29B | 4.56B | 4.28B | 4.46B | 4.62B | 1.59B |
| Cash, Cash Equivalents and Short-Term Investments | 2.29B | 1.53B | 1.20B | 1.67B | 2.55B | 96.37M |
| Total Debt | 3.35B | 2.60B | 2.07B | 1.26B | 752.83M | 333.98M |
| Total Liabilities | 4.21B | 4.02B | 2.72B | 1.88B | 1.11B | 574.15M |
| Stockholders Equity | 873.33M | 349.51M | 1.57B | 2.58B | 3.52B | 1.01B |
Cash Flow | ||||||
| Free Cash Flow | -897.77M | -447.93M | -1.29B | -1.28B | -1.26B | -624.47M |
| Operating Cash Flow | -764.00M | -290.22M | -956.44M | -782.73M | -719.17M | -410.56M |
| Investing Cash Flow | -242.10M | -199.31M | -291.55M | -509.62M | -602.80M | 7.77M |
| Financing Cash Flow | 1.93B | 791.92M | 831.70M | 444.94M | 3.72B | 195.65M |
Mabwell (Shanghai) Bioscience Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$31.84B | 31.44 | 20.41% | ― | 32.63% | 8.74% | |
63 Neutral | HK$167.94B | 116.37 | 6.06% | ― | 42.64% | 9.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | HK$98.38B | -87.89 | -10.86% | ― | 42.47% | -15.80% | |
48 Neutral | HK$8.09B | -41.35 | -10.27% | ― | -31.77% | -177.01% | |
44 Neutral | HK$17.71B | -7.57 | -179.83% | ― | 385.38% | ― | |
44 Neutral | HK$36.61B | -83.16 | -7.32% | ― | 34.83% | 58.94% |
* General Sector Average
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Mabwell (Shanghai) Bioscience Co., Ltd. Class H Corporate Events
Mabwell Reports Positive COPD Data for 9MW1911 Ahead of ERS 2026
Sep 4, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. will present updated Phase Ib/IIa clinical data for its innovative monoclonal antibody 9MW1911 in former smokers with moderate-to-severe COPD at the European Respiratory Society Congress 2026 in Barcelona. T...
Mabwell Narrows Interim Loss as Revenue Surges in First Half of 2026
Aug 30, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. reported a sharp rise in interim revenue to RMB312.45 million for the six months ended June 30, 2026, up from RMB101.10 million a year earlier. Despite this strong top-line growth, the company remained loss-...
Mabwell Plans Expanded Business Scope and Governance Update
Aug 30, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has approved resolutions to significantly expand and refine its business scope to cover a broad range of technical services, medical and agricultural research, genetic diagnosis and cell technology, as well ...
Mabwell Calls Extraordinary Meeting to Approve SynuSight Deals and Business Scope Change
Aug 30, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has convened its fourth extraordinary general meeting for 2026 to seek shareholder approval on key business resolutions, including entering into a license agreement with SynuSight and jointly applying for a ...
Mabwell Sets Board Meeting to Approve 2026 Interim Results
Aug 19, 2026
Mabwell (Shanghai) Bioscience Co., Ltd., a PRC-based biopharmaceutical group listed in Hong Kong under stock code 2493, develops and commercializes bioscience innovations, supported by a board comprising executive and independent non-executive dir...
Mabwell Wins NMPA Nod to Test First-in-Class Autoimmune Antibody 9MW5211 in PBC
Jul 31, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has received approval from China’s National Medical Products Administration to conduct clinical trials of its innovative antibody drug 9MW5211 for primary biliary cholangitis. The candidate, already cl...
Mabwell Wins NMPA Nod to Test Novel Autoimmune Antibody 9MW5211 in Vitiligo
Jul 15, 2026
Mabwell has received approval from China’s National Medical Products Administration to initiate clinical trials of its innovative antibody candidate 9MW5211 injection for the treatment of vitiligo. The drug has already secured NMPA approvals...
Mabwell Wins NMPA Nod for Type 1 Diabetes Trial of Novel Antibody Drug
Jul 7, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has received approval from China’s National Medical Products Administration to begin clinical trials of its 9MW5211 injection for Type 1 diabetes mellitus.The drug, a first-in-class antibody targeting ...
Mabwell Wins NMPA Green Light for Novel Autoimmune Antibody 9MW5211
Jun 24, 2026
Mabwell (Shanghai) Bioscience has secured approval from China’s National Medical Products Administration to begin clinical trials of its innovative antibody drug 9MW5211 for multiple sclerosis. The company has also obtained clearance in both...
Mabwell Wins NMPA Nod for First-in-Class LILRB4/CD3 T Cell Engager in Blood Cancers
Jun 23, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has received approval from China’s National Medical Products Administration to launch clinical trials of its investigational drug 6MW5311 for Injection. The bispecific T cell engager targets LILRB4 and...
Mabwell reshapes senior leadership to bolster pharma growth and governance
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has overhauled its senior management team, appointing chairman Dr. Liu Datao as general manager and naming a slate of deputy general managers, along with a new chief financial officer and board secretary. Th...
Mabwell Showcases Promising Nectin-4 ADC Data in Cervical Cancer at ESMO Gynae 2026
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. will present new clinical data for its Nectin-4-targeted ADC 9MW2821 (Bulumtatug Fuvedotin) in recurrent or metastatic cervical cancer at the ESMO Gynaecological Cancers Congress 2026 in Copenhagen. Updated ...
Mabwell reshapes board as new directors appointed following retirements
Jun 18, 2026
Mabwell (Shanghai) Bioscience announced the retirement of four directors, including one executive, one non-executive and two independent non-executive directors, following the expiry of their terms on June 20, 2026. The board emphasized there were...
Mabwell appoints employee representative director to third board session
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has appointed Dr. Gui Xun as the employee representative director on its third board session following an election at the company’s trade union committee on June 18, 2026. His term will run concurrentl...
Mabwell Clarifies Board Composition and Governance Committee Structure
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has outlined the composition of its board of directors, listing five executive directors and four independent non-executive directors, with Dr. Liu Datao serving as chairman. The disclosure reinforces the co...
Mabwell Revamps Authorised Representation on Hong Kong Bourse
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. announced a change to its authorised representatives under Hong Kong listing rules, effective June 18, 2026. Executive director Hua Jun has been appointed as an authorised representative, replacing Hu Huiguo...
Mabwell Shareholders Approve Pay Plans, Auditor and New Mandate at 2026 EGM
Jun 18, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. reported the poll results of its 2026 third extraordinary general meeting, confirming the meeting was duly convened in Shanghai with all directors attending in person or electronically and full voting rights...
Mabwell Wins FDA Nod for First-in-Class LILRB4/CD3 Bispecific to Treat Blood Cancers
Jun 12, 2026
Mabwell (Shanghai) Bioscience Co., Ltd. has obtained U.S. FDA clearance to begin clinical trials of its investigational bispecific antibody 6MW5311 for Injection, targeting hematological malignancies including acute myeloid leukemia, chronic myelo...
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.