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CStone Pharmaceuticals
(2616)
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Rating:47Neutral
Price Target:
HK$6.00
▲(12.36% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial quality—sharp margin compression, widening losses, and persistent cash burn—despite improved leverage. Technicals are moderately supportive with positive momentum and price above key short-term averages, but valuation remains difficult to justify on earnings due to continued unprofitability.
Positive Factors
2025 Revenue Rebound
The strong 2025 top-line recovery indicates renewed commercial traction after two weaker years. Sustaining this growth through product adoption, launches, or expanded indications could improve operating leverage over the next several quarters.
Negative Factors
Severe Margin Compression
The sharp gross-margin decline indicates that the revenue rebound did not translate into durable economic quality. Unless product mix, pricing, or manufacturing economics improve, sustained margin pressure can limit future profitability and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Revenue Rebound
The strong 2025 top-line recovery indicates renewed commercial traction after two weaker years. Sustaining this growth through product adoption, launches, or expanded indications could improve operating leverage over the next several quarters.
Read all positive factors
CStone Pharmaceuticals (2616) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$9.70B
Dividend YieldN/A
Average Volume (3M)8.67M
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth116.67%
EPS Growth-0.42%
CountryHK
Employees102
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.27
Shares Outstanding1,596,323,600
10 Day Avg. Volume13,018,224
30 Day Avg. Volume8,669,783
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$7.73Price Target Upside44.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.1
Revenue Forecast (FY)HK$401.00M
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 | -343.42M | -403.85M | -76.43M | -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 | -56.03M | -327.75M | -343.18M | -653.89M | -714.29M | -1.63B |
| Operating Cash Flow | -56.03M | -327.75M | -343.18M | -588.84M | -612.47M | -1.48B |
| Investing Cash Flow | 32.92M | 133.99M | -247.68M | 619.61M | 365.12M | -826.55M |
| Financing Cash Flow | 332.52M | 577.78M | -12.90M | 388.36M | 28.47M | 92.30M |
CStone Pharmaceuticals Technical Analysis
Positive
5.34
Price Trends
5.30
Positive
6.13
Negative
6.27
Negative
Market Momentum
0.25
Negative
57.90
Neutral
56.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2616, the sentiment is Positive. The current price of 5.34 is below the 20-day moving average (MA) of 5.84, above the 50-day MA of 5.30, and below the 200-day MA of 6.27, indicating a neutral trend. The MACD of 0.25 indicates Negative momentum. The RSI at 57.90 is Neutral, neither overbought nor oversold. The STOCH value of 56.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$21.64B | 22.56 | 12.35% | ― | 117.39% | ― | |
52 Neutral | HK$22.71B | -13.73 | -27.40% | ― | 5.38% | 16.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | HK$9.70B | -19.27 | -43.54% | ― | 116.67% | -0.42% | |
46 Neutral | HK$8.23B | -41.48 | -10.27% | ― | -31.77% | -177.01% | |
45 Neutral | HK$12.67B | -7.18 | -153.78% | ― | 70.26% | -12.79% | |
44 Neutral | HK$7.98B | -66.50 | -9.49% | ― | 68.12% | 81.84% |
* Healthcare Sector Average
HK:2616
CStone Pharmaceuticals
6.08
-3.92
-39.20%
HK:9688
Zai Lab Ltd
18.77
-7.27
-27.92%
HK:9966
Alphamab Oncology
8.33
-4.11
-33.04%
HK:9969
InnoCare Pharma Ltd.
13.69
-5.50
-28.66%
HK:2171
CARsgen Therapeutics Holdings Ltd.
12.47
-8.09
-39.35%
HK:6855
Ascentage Pharma Group International
32.62
-46.68
-58.87%
CStone Pharmaceuticals Corporate Events
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...
CStone Management Boosts Shareholdings as Key Immuno-Oncology Asset Advances
Jul 22, 2026
CStone Pharmaceuticals announced that CEO Dr. Jianxin Yang, other directors and senior management collectively purchased 2,420,500 shares on the open market in June 2026, with Dr. Yang’s cumulative holdings since 2022 now representing about ...
CStone’s Trispecific Cancer Antibody CS2009 Secures Dual Rapid Oral Slots at ESMO 2026
Jul 20, 2026
CStone Pharmaceuticals has reported that updated clinical research results for its core asset CS2009, a first-in-class trispecific antibody targeting PD-1, VEGF and CTLA-4, have been accepted for two Rapid Oral presentations at the ESMO Congress 2...
CStone Strikes Oceania Deal with Arrotex for Cancer Drug Sugemalimab
Jun 25, 2026
CStone Pharmaceuticals has signed an exclusive commercialization agreement with Arrotex Pharmaceuticals to bring its anti-PD-L1 antibody sugemalimab to Australia and New Zealand. Arrotex, part of DBG Health, will handle regulatory submissions and ...
CStone Shareholders Approve All AGM Resolutions, Renew Capital Mandates and CEO Equity Awards
Jun 23, 2026
CStone Pharmaceuticals reported that all resolutions at its 23 June annual general meeting were approved by shareholders, including the adoption of 2025 financial statements and the re-election of its full slate of executive, non-executive and ind...
CStone Seeks Independent Shareholder Approval for CEO Equity Awards
Jun 16, 2026
CStone Pharmaceuticals has issued a supplemental announcement detailing proposed grants of 7,000,000 share options and 4,270,000 restricted share units to its executive director and chief executive officer, Dr. Frank Ningjun Yang, under its post-I...
CStone Launches Global Phase I Trial for New EGFR/HER3 Bispecific ADC
Jun 11, 2026
CStone Pharmaceuticals has initiated global clinical development of CS5007, an EGFR/HER3 bispecific antibody-drug conjugate, after receiving ethics approval for a multicenter Phase I trial from Australia’s Human Research Ethics Committee. Th...
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.