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Shanghai Henlius Biotech, Inc. Class H
(2696)
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Rating:60Neutral
Price Target:
HK$53.00
â–¼(-20.60% Downside)
Action:Reiterated
Date:10/09/26
The score is driven primarily by improving financial fundamentals—multi-year profitability, strong gross margins, revenue growth, and generally positive cash generation—partly offset by softer 2025 margins/FCF and still-meaningful leverage. Technical indicators are the main drag, with the stock trading well below all major moving averages and negative momentum signals. Valuation is neither clearly cheap nor clearly expensive based on the provided P/E and lack of dividend yield data.
Positive Factors
Sustained Profitability
Sustained profitability and high gross margins indicate that Henlius has moved beyond a purely development-stage profile. This provides internal funding capacity for pipeline investment, supports commercial resilience, and strengthens the durability of earnings as biologic sales expand.
Negative Factors
Margin Compression
The 2025 decline in net and operating profitability suggests that higher costs or investment levels are reducing earnings leverage. If this persists, revenue growth may translate less efficiently into profit and could weaken the company’s ability to compound earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Sustained profitability and high gross margins indicate that Henlius has moved beyond a purely development-stage profile. This provides internal funding capacity for pipeline investment, supports commercial resilience, and strengthens the durability of earnings as biologic sales expand.
Read all positive factors
Shanghai Henlius Biotech, Inc. Class H (2696) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$26.75B
Dividend YieldN/A
Average Volume (3M)813.01K
Price to Earnings (P/E)26.2
Beta (1Y)0.68
Revenue Growth32.63%
EPS Growth8.74%
CountryHK
Employees4,082
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding347,877,260
10 Day Avg. Volume732,101
30 Day Avg. Volume813,013
Financial Highlights & Ratios
PEG Ratio-13.16
Price to Book (P/B)7.06
Price to Sales (P/S)4.20
P/FCF Ratio32.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$101.18Price Target Upside51.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Shanghai Henlius Biotech, Inc. Class H Business Overview & Revenue Model
Company Description
Shanghai Henlius Biotech, Inc. functions as a biopharmaceutical enterprise, dedicated to the research and advancement of biologic medicines, with a primary focus on cancer, autoimmune conditions, and ophthalmic disorders. Its commercial portfolio ...
How the Company Makes Money
Henlius generates revenue primarily by commercializing biologic drugs and monetizing its biologics pipeline through a combination of direct sales and partnership-based economics. Key revenue streams include: (1) Product sales: revenue from sales o...
Shanghai Henlius Biotech, Inc. Class H Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.44B | 6.67B | 5.72B | 5.39B | 3.21B | 1.68B |
| Gross Profit | 5.55B | 4.98B | 4.18B | 3.92B | 2.37B | 1.16B |
| EBITDA | 1.27B | 1.25B | 1.24B | 990.94M | -310.61M | -671.74M |
| Net Income | 867.35M | 805.64M | 820.47M | 546.02M | -695.26M | -984.05M |
Balance Sheet | ||||||
| Total Assets | 13.10B | 12.37B | 10.60B | 9.90B | 8.92B | 7.17B |
| Cash, Cash Equivalents and Short-Term Investments | 956.02M | 772.54M | 772.96M | 1.01B | 680.48M | 742.32M |
| Total Debt | 3.95B | 3.60B | 3.65B | 4.09B | 3.68B | 2.62B |
| Total Liabilities | 8.56B | 8.40B | 7.58B | 7.71B | 7.29B | 4.88B |
| Stockholders Equity | 4.54B | 3.96B | 3.01B | 2.19B | 1.64B | 2.30B |
Cash Flow | ||||||
| Free Cash Flow | 639.95M | 859.86M | 404.68M | 36.48M | -383.67M | -1.04B |
| Operating Cash Flow | 814.46M | 1.16B | 1.24B | 1.05B | 981.62M | 90.39M |
| Investing Cash Flow | -1.10B | -1.17B | -909.97M | -1.00B | -1.36B | -1.68B |
| Financing Cash Flow | -29.93M | 8.89M | -643.37M | 144.43M | 858.02M | 648.30M |
Shanghai Henlius Biotech, Inc. Class H Technical Analysis
Negative
66.75
Price Trends
59.43
Negative
60.60
Negative
64.83
Negative
Market Momentum
-2.61
Negative
37.99
Neutral
29.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2696, the sentiment is Negative. The current price of 66.75 is above the 20-day moving average (MA) of 52.49, above the 50-day MA of 59.43, and above the 200-day MA of 64.83, indicating a bearish trend. The MACD of -2.61 indicates Negative momentum. The RSI at 37.99 is Neutral, neither overbought nor oversold. The STOCH value of 29.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2696.
Shanghai Henlius Biotech, Inc. Class H Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$34.37B | 3.46 | 30.16% | 1.85% | 101.73% | 249.15% | |
72 Outperform | HK$183.11B | 31.19 | 10.51% | ― | 21.93% | 21.94% | |
66 Neutral | HK$51.82B | 7.90 | 105.60% | ― | 292.84% | ― | |
63 Neutral | HK$139.32B | 95.59 | 6.06% | ― | 42.64% | 9.67% | |
60 Neutral | HK$26.75B | 26.18 | 20.41% | ― | 32.63% | 8.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
41 Neutral | HK$30.07B | -69.15 | -7.23% | ― | 35.82% | 54.40% |
* Healthcare Sector Average
HK:2696
Shanghai Henlius Biotech, Inc. Class H
49.06
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Shanghai Henlius Biotech, Inc. Class H Corporate Events
Henlius Biotech Reshapes Board Leadership With New Chairman and Director Changes
Sep 30, 2026
Shanghai Henlius Biotech, Inc. has announced the resignation of non-executive director and board chairman Wenjie Zhang, as well as independent non-executive director Yihao Zhang, both stepping down for personal development reasons effective 30 Sep...
Shanghai Henlius Biotech Clarifies Board and Committee Structure
Sep 30, 2026
Shanghai Henlius Biotech, Inc. has disclosed the composition of its board of directors, listing one executive director, several non-executive directors and three independent non-executive directors. The announcement confirms the roles of chairman,...
Henlius Strikes Global T Cell Engager Deal with Amberstone
Sep 23, 2026
Shanghai Henlius Biotech has entered a global collaboration and license agreement with U.S.-based Amberstone Biosciences to develop two T cell engager oncology products using Amberstone’s T-MATE technology platform. Under the deal, Amberston...
Henlius Wins China NDA Acceptance for Denosumab Biosimilar HLX14
Sep 11, 2026
Shanghai Henlius Biotech, Inc. has announced that China’s National Medical Products Administration has accepted a new drug application for a 120 mg strength of its denosumab biosimilar HLX14. The filing covers indications including bone meta...
Shanghai Henlius Added to Hong Kong Stock Connect Eligible Securities List
Sep 7, 2026
Shanghai Henlius Biotech, Inc. has been included in the list of eligible securities for trading through the Hong Kong Stock Connect schemes linking the Shanghai and Shenzhen stock exchanges with Hong Kong. The move, effective 7 September 2026, all...
Henlius Delivers Strong Interim Growth and Expands EU Cancer Drug Footprint
Aug 21, 2026
Shanghai Henlius Biotech reported strong interim results for the six months ended 30 June 2026, with total revenue rising 27.3% year-on-year to RMB3.59 billion, driven mainly by higher drug sales, RD services and licensing income. Global product s...
Shanghai Henlius Biotech Added to Hang Seng Composite Index, Boosting Market Profile
Aug 21, 2026
Shanghai Henlius Biotech, Inc., a Hong Kong-listed biopharmaceutical company from China, develops and commercializes biologic drugs and relies on its H shares to access regional capital markets. Its governance structure includes a chairman, execut...
Henlius Strikes Global Biosimilar Alliance with Sandoz
Aug 17, 2026
Shanghai Henlius Biotech has entered a global strategic collaboration with Sandoz AG to develop and commercialize up to 10 monoclonal antibody and antibody-drug conjugate biosimilar products or components. Henlius will lead development and manufac...
Shanghai Henlius Biotech Sets August Board Meeting to Approve Interim Results
Aug 3, 2026
Shanghai Henlius Biotech, Inc. has scheduled a board meeting for 21 August 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the potential declaration of an interim dividend and addr...
Henlius Wins NMPA Nod to Start New HLX43 Combination Trials in China
Jul 31, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration to begin clinical trials of HLX43, an antibody-drug conjugate targeting PD-L1, in combination with bevacizumab with or without chemotherapy ...
Henlius Starts First-in-Human Trial of Novel Trispecific Prostate Cancer Antibody
Jul 30, 2026
Shanghai Henlius Biotech has initiated a first-in-human phase 1 clinical study in Chinese Mainland for HLX3902, a trispecific STEAP1×CD3×CD28 T-cell engager antibody targeting metastatic castration-resistant prostate cancer and other adv...
Shanghai Henlius Biotech Grants New Share Options and RSUs to Strengthen Incentives
Jul 17, 2026
Shanghai Henlius Biotech has approved new equity incentives, granting 4,130,000 share options to 27 participants and 230,000 restricted share units to 11 participants under its existing option and RSU schemes. The grants, which include awards to k...
Henlius Doses First Patient in Global Trial of Nivolumab Biosimilar HLX18
Jul 16, 2026
Shanghai Henlius Biotech has begun dosing the first patient in a global, multicenter phase 1 clinical trial of HLX18, its nivolumab biosimilar, in patients with multiple resected solid tumors in mainland China. The company plans to extend the tria...
Henlius Wins NMPA Nod for HLX37 and HLX43 Combination Trial in Advanced Solid Tumours
Jul 10, 2026
Shanghai Henlius Biotech, Inc. is a China-based biopharmaceutical company focused on developing innovative antibody therapies, including bispecific antibodies and antibody-drug conjugates, for the treatment of advanced and metastatic solid tumours...
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.