Gongwin Biopharm Holdings Co., Ltd. (6617) AI Stock Analysis

Gongwin Biopharm Holdings Co., Ltd.

(TPEx:6617)

Select Model

Rating:40Underperform

Price Target:TWD 95.00▼(-24.90% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down primarily by weak financial performance: revenue remains negligible relative to a widening operating loss and roughly NT$138 million of annual free cash flow burn, with no visible path to breakeven. The main mitigating factor is an unusually strong, almost debt-free balance sheet (NT$2.53 billion equity versus NT$130 million debt), which funds operations for now, though equity is being eroded and additional capital raises may be needed. Technicals add further caution, with the price below its 20- and 50-day averages and a negative MACD, partially offset by near-oversold RSI and Stochastic readings and a price still above the 200-day average. Valuation offers no cushion given negative earnings and no dividend. This is a high-risk, pipeline-dependent story suited only to investors comfortable with speculative biopharma exposure.

Positive Factors

Long-term Revenue ExpansionThe substantial multi-year increase in revenue indicates that Gongwin has expanded its commercial activity and potential market reach. Although the latest year was slightly weaker, the longer growth trajectory provides a foundation for future operating leverage if the company can convert scale into improved profitability.

Negative Factors

Severe Operating LossesExtremely large operating losses relative to revenue show that the current cost structure is not yet compatible with a sustainable earnings model. This weakens the quality of revenue growth, increases dependence on continued funding, and makes a durable path to profitability highly uncertain over the next several quarters.

Gongwin Biopharm Holdings Co., Ltd. (6617) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 15.50B
Dividend Yield: ―
Average Volume (3M): 836.58K
Price to Earnings (P/E): -92.2
Beta (1Y): 0.74
Revenue Growth: 11.66%
EPS Growth: -72.96%
Country: TW
Employees: 20
Sector: General
Sector Strength: 55
Industry: Medical - Distribution

Gongwin Biopharm Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Gongwin Biopharm Holdings Co., Ltd. is a clinical-stage biopharmaceutical company specializing in the development of oncology therapeutics. The company's robust pipeline features several drug candidates, including PTS302, which has successfully concl...

Gongwin Biopharm Holdings Co., Ltd. Financial Statement Overview

Summary

Gongwin Biopharm is effectively a development-stage biopharma: revenue is only about NT$36 million, while operating losses widened to roughly NT$207 million and net losses deepened to about NT$114 million, driving a very weak income statement score of 17. Cash flow is equally strained, with operating cash flow near -NT$136 million and free cash flow around -NT$138 million, and burn accelerating versus the prior year (score 16). The offsetting strength is a solid, nearly debt-free balance sheet (score 63) with NT$2.53 billion of equity against only NT$130 million of debt, giving near-term liquidity comfort. However, equity shrank nearly 19% year over year as losses consumed capital, raising the prospect of future dilution.

Income Statement

17Very Negative

Balance Sheet

63Positive

Cash Flow

16Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Mar 2024	Mar 2023	Dec 2021
Income Statement
Total Revenue	42.22M	36.45M	32.04M	18.91M	1.14M	1.14M
Gross Profit	9.89M	14.99M	8.68M	11.20M	1.07M	1.08M
EBITDA	-280.75M	-196.19M	-75.97M	-81.05M	-275.56M	-100.58M
Net Income	-164.52M	-114.13M	-82.55M	-92.04M	-254.19M	-121.58M
Balance Sheet
Total Assets	2.64B	2.80B	3.38B	1.52B	1.62B	1.17B
Cash, Cash Equivalents and Short-Term Investments	1.67B	1.82B	2.39B	1.08B	1.32B	909.82M
Total Debt	149.93M	129.74M	126.75M	77.17M	141.74M	115.14M
Total Liabilities	314.04M	279.20M	281.84M	203.53M	248.70M	184.43M
Stockholders Equity	2.33B	2.53B	3.11B	1.32B	1.39B	970.72M
Cash Flow
Free Cash Flow	-208.68M	-138.21M	-293.54M	-111.93M	-238.37M	-95.56M
Operating Cash Flow	-205.67M	-135.75M	-87.41M	-110.80M	-232.20M	-95.51M
Investing Cash Flow	365.99M	600.68M	-1.20B	-280.97M	-202.00M	-246.42M
Financing Cash Flow	-90.53M	-388.61M	1.88B	-12.10M	604.05M	101.77M

Gongwin Biopharm Holdings Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6617 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1720	71Outperform	TWD 10.81B	10.82	―	3.62%	4.62%	9.56%
TW:4114	61Neutral	TWD 14.97B	17.66	―	3.06%	11.40%	9.36%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6576	42Neutral	TWD 11.52B	519.28	―	―	6.41%	―
TW:6617	40Underperform	TWD 15.11B	-92.22	―	―	11.66%	-72.96%

* General Sector Average

Performance Comparison

TW:6617 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6617	Gongwin Biopharm Holdings Co., Ltd.	126.50	41.90	49.53%
TW:1720	Standard Chemical & Pharmaceutical Co. Ltd.	55.20	1.49	2.78%
TW:4114	Synmosa Biopharma Corp	27.75	-1.98	-6.67%
TW:6467	TAHO Pharmaceuticals Ltd	230.00	56.50	32.56%
TW:6576	Foresee Pharmaceuticals Co., Ltd.	73.00	-4.50	-5.81%
TW:6589	EirGenix, Inc.	51.70	-22.80	-30.60%

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.

Date of analysis: Nov 09, 2026

Gongwin Biopharm Holdings Co., Ltd. AI Stock Analysis