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CStone Pharmaceuticals
(2616)
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Rating:41Neutral
Price Target:
HK$4.50
▼(-15.73% Downside)
Action:Reiterated
Date:09/17/26
The score is weighed down primarily by weak financial performance—sharp margin compression, expanding losses, and ongoing cash burn—despite improved leverage and a 2025 revenue rebound. Technicals add further pressure as the stock trades below major moving averages, while valuation offers limited support given negative earnings and no stated dividend yield.
Positive Factors
Revenue Rebound
The 2025 revenue recovery indicates renewed commercial traction after two weaker years. If sustained through additional product launches, indication expansion, or market penetration, higher sales could improve operating leverage and provide a broader base for future profitability.
Negative Factors
Severe Margin Compression
The sharp gross-margin decline shows that the revenue rebound is not yet translating into durable economic quality. Continued margin volatility can constrain reinvestment, make earnings less predictable, and delay the point at which commercial growth produces sustainable operating profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
The 2025 revenue recovery indicates renewed commercial traction after two weaker years. If sustained through additional product launches, indication expansion, or market penetration, higher sales could improve operating leverage and provide a broader base for future profitability.
Read all positive factors
CStone Pharmaceuticals (2616) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.77B
Dividend YieldN/A
Average Volume (3M)6.59M
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth116.67%
EPS Growth-0.42%
CountryHK
Employees147
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.27
Shares Outstanding1,596,330,900
10 Day Avg. Volume5,567,455
30 Day Avg. Volume6,588,232
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)10.65
Price to Sales (P/S)24.38
P/FCF Ratio-20.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$9.65Price Target Upside80.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.29
Revenue Forecast (FY)HK$423.13M
CStone Pharmaceuticals Business Overview & Revenue Model
Company Description
CStone Pharmaceuticals is a biopharmaceutical company dedicated to the discovery, development, and commercialization of advanced immuno-oncology and precision medicines. Its mission is to address critical unmet medical needs for cancer patients, b...
How the Company Makes Money
CStone Pharmaceuticals makes money primarily through (1) product revenue from the sale of its commercialized medicines (where available in its markets), (2) collaboration income from strategic partnerships, which can include upfront payments, mile...
CStone Pharmaceuticals Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 422.40M | 269.58M | 407.20M | 463.84M | 481.36M | 243.72M |
| Gross Profit | 234.40M | 51.25M | 240.15M | 304.30M | 278.38M | 136.89M |
| EBITDA | -327.01M | -371.84M | -45.55M | -297.23M | -849.66M | -1.90B |
| Net Income | -415.62M | -437.00M | -91.21M | -367.23M | -902.68M | -1.92B |
Balance Sheet | ||||||
| Total Assets | 2.06B | 1.36B | 1.39B | 1.66B | 1.64B | 2.27B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 919.09M | 672.94M | 1.05B | 1.04B | 1.73B |
| Total Debt | 357.17M | 348.67M | 355.97M | 363.45M | 286.29M | 174.20M |
| Total Liabilities | 763.35M | 741.60M | 1.03B | 1.21B | 1.19B | 1.06B |
| Stockholders Equity | 1.29B | 617.03M | 363.87M | 456.83M | 449.33M | 1.21B |
Cash Flow | ||||||
| Free Cash Flow | -277.60M | -327.75M | -343.18M | -653.89M | -714.29M | -1.63B |
| Operating Cash Flow | -277.60M | -327.75M | -343.18M | -588.84M | -612.47M | -1.48B |
| Investing Cash Flow | 34.56M | 133.99M | -247.68M | 619.61M | 365.12M | -826.55M |
| Financing Cash Flow | 1.22B | 577.78M | -12.90M | 388.36M | 28.47M | 92.30M |
CStone Pharmaceuticals Technical Analysis
Negative
5.34
Price Trends
5.49
Negative
5.19
Negative
6.19
Negative
Market Momentum
-0.20
Positive
46.33
Neutral
38.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2616, the sentiment is Negative. The current price of 5.34 is above the 20-day moving average (MA) of 5.07, below the 50-day MA of 5.49, and below the 200-day MA of 6.19, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 46.33 is Neutral, neither overbought nor oversold. The STOCH value of 38.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2616.
CStone Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$16.81B | 12.42 | 17.47% | ― | 146.27% | ― | |
52 Neutral | HK$21.69B | -12.70 | -27.40% | ― | 5.38% | 16.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$10.12B | -5.93 | -153.78% | ― | 70.26% | -12.79% | |
48 Neutral | HK$6.32B | -56.20 | -9.45% | ― | 68.12% | 81.84% | |
47 Neutral | HK$6.06B | -30.68 | -10.27% | ― | -31.77% | -177.01% | |
41 Neutral | HK$7.77B | -15.53 | -43.54% | ― | 116.67% | -0.42% |
* Healthcare Sector Average
HK:2616
CStone Pharmaceuticals
4.94
-1.32
-21.09%
HK:9688
Zai Lab Ltd
17.37
-2.73
-13.58%
HK:9966
Alphamab Oncology
6.22
-5.29
-45.96%
HK:9969
InnoCare Pharma Ltd.
11.25
-3.00
-21.05%
HK:2171
CARsgen Therapeutics Holdings Ltd.
10.63
-5.85
-35.50%
HK:6855
Ascentage Pharma Group International
27.20
-39.30
-59.10%
CStone Pharmaceuticals Corporate Events
CStone’s Trispecific Cancer Antibody Hits Key Clinical Milestone Ahead of Global Phase III Push
Oct 25, 2026
CStone Pharmaceuticals reported a major clinical validation milestone for its investigational trispecific antibody CS2009 at the ESMO 2026 Congress, based on data from more than 300 patients across multiple solid tumors. The results show proof of ...
CStone CEO Boosts Stake Ahead of Key Clinical Data Milestone
Sep 24, 2026
CStone Pharmaceuticals reported that its CEO and executive director, Dr. Jianxin Yang, increased his personal stake in the company by purchasing 496,000 shares on the open market between 17 and 22 September 2026, investing more than HK$2.7 million...
CStone Pharmaceuticals Gains Southbound Stock Connect Access as Pipeline Advances
Sep 7, 2026
CStone Pharmaceuticals’ shares have been added to the eligible securities list for southbound trading under the Stock Connect program, effective September 7, 2026, opening access to mainland Chinese investors. The company expects the inclusi...
CStone Revenues Soar on NRDL-Driven Cancer Drug Sales as Loss Narrows in H1 2026
Aug 27, 2026
CStone Pharmaceuticals reported interim 2026 results showing revenue surged 315.2% year on year to RMB205.1 million, driven mainly by a sharp increase in sales of avapritinib, pralsetinib, and sugemalimab. The strong top-line growth was largely at...
CStone Gains Rapid China IND Approval for EGFR/HER3 ADC CS5007
Aug 20, 2026
CStone Pharmaceuticals has secured rapid investigational new drug approval in China for CS5007, an EGFR/HER3 bispecific antibody-drug conjugate and a core asset in its Pipeline 2.0 strategy. The decision by the National Medical Products Administra...
CStone Pharmaceuticals Sets Board Meeting to Review Interim Results and Consider Dividend
Aug 6, 2026
CStone Pharmaceuticals has scheduled a board meeting for August 27, 2026 to review and approve the unaudited interim results for the six months ended June 30, 2026, and to authorize their publication. The board will also consider the potential pay...
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.