Mabpharm Limited (2181) AI Stock Analysis

• Market Cap: HK$2.19B
• Dividend Yield: N/A
• Average Volume (3M): 354.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: 178.36%
• EPS Growth: 86.74%
• Country: HK
• Employees: 315
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): <0.01
• Shares Outstanding: 4,124,080,000
• 10 Day Avg. Volume: 54,400
• 30 Day Avg. Volume: 354,333
• PEG Ratio: 0.22
• Price to Book (P/B): 12.19
• Price to Sales (P/S): 4.20
• P/FCF Ratio: -17.06
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: HK$0.57 ▲(6.79% Upside)

Mabpharm Limited faces significant financial challenges, with high leverage and negative cash flows being the most critical factors. Technical indicators suggest a bearish trend, and the valuation is unattractive due to ongoing losses. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for Mabpharm's products, suggesting effective market penetration and potential for future profitability.

Product Development

Mabpharm's focus on high-demand therapeutic areas like oncology and autoimmune diseases positions it well for long-term growth and market relevance.

Strategic Partnerships

Strategic partnerships diversify revenue streams and provide financial stability, enhancing Mabpharm's ability to fund R&D and expand its market presence.

Negative Factors

High Leverage

High leverage increases financial risk and limits flexibility, potentially impacting Mabpharm's ability to invest in growth and weather economic downturns.

Negative Cash Flow

Negative cash flow indicates operational inefficiencies and reliance on external financing, posing risks to long-term sustainability and growth.

Profitability Challenges

Ongoing profitability challenges highlight the need for cost management and operational improvements to achieve sustainable financial health.

Mabpharm Limited Business Overview & Revenue Model

Company Description

Mabpharm Limited (2181) is a biopharmaceutical company specializing in the research, development, and commercialization of innovative monoclonal antibodies and other biologic therapies. The company operates primarily in the pharmaceutical sector, focusing on oncology and autoimmune diseases, and aims to provide effective treatment options that enhance patient outcomes. Mabpharm's core products include proprietary therapeutic candidates that are in various stages of clinical trials, addressing significant unmet medical needs.

How the Company Makes Money

Mabpharm Limited generates revenue primarily through the development and commercialization of its proprietary biologic drugs. The company's revenue model includes income from product sales once therapies receive regulatory approval and are launched in the market. Additionally, Mabpharm may enter into strategic partnerships and collaborations with larger pharmaceutical companies, which can provide upfront payments, milestone payments, and royalties on future sales. These partnerships often involve co-development agreements, where Mabpharm shares research costs and receives a share of the profits, thereby diversifying its revenue streams. The company may also engage in licensing agreements for its technology or products, further contributing to its earnings.

Mabpharm Limited Financial Statement Overview

Summary

Mabpharm Limited is experiencing rapid revenue growth, yet it continues to face profitability and financial stability challenges. High leverage and negative cash flows suggest a significant reliance on external financing and indicate potential financial risks. The company needs to focus on improving operational efficiency and profitability to ensure sustainable growth and financial health.

Income Statement

Mabpharm Limited has shown significant revenue growth of 196.24% from the previous year, indicating strong top-line expansion. However, the company remains unprofitable with a negative net profit margin of -49.55% and a negative EBIT margin of -46.34%. Despite the improvement in revenue, consistent losses over the years indicate challenges in achieving profitability.

Balance Sheet

The company exhibits a high debt-to-equity ratio of 3.50, reflecting substantial leverage and potential financial risk. The return on equity is negative at -143.89%, aligning with ongoing net losses. The equity ratio of 8.75% suggests limited equity as a proportion of total assets, further emphasizing financial instability.

Cash Flow

Mabpharm Limited's cash flow statements reveal challenges with cash generation, as evidenced by the absence of free cash flow and operating cash flow for the current period. Historical free cash flow has been negative, indicating ongoing cash management issues. The inability to generate positive operating cash flow relative to net income further highlights the need for operational improvements.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	423.93M	258.23M	87.16M	55.92M	82.88M	0.00
Gross Profit	366.28M	219.39M	75.24M	40.54M	66.11M	0.00
EBITDA	28.72M	-67.81M	-139.08M	-152.08M	-245.46M	-169.93M
Net Income	-27.48M	-127.95M	-209.36M	-210.62M	-291.74M	-188.57M
Balance Sheet
Total Assets	1.07B	1.02B	1.03B	917.52M	899.90M	1.16B
Cash, Cash Equivalents and Short-Term Investments	94.16M	89.34M	173.34M	48.61M	81.56M	484.85M
Total Debt	305.01M	293.09M	260.07M	126.34M	46.43M	40.35M
Total Liabilities	968.98M	927.28M	829.92M	516.58M	297.92M	281.55M
Stockholders Equity	98.86M	88.93M	205.06M	400.94M	601.98M	881.49M
Cash Flow
Free Cash Flow	53.59M	-63.58M	38.35M	-182.01M	-348.14M	-344.47M
Operating Cash Flow	103.11M	-4.10M	57.39M	-56.88M	-199.47M	-147.23M
Investing Cash Flow	-110.67M	-98.20M	-3.50M	-104.95M	-179.42M	156.00M
Financing Cash Flow	27.63M	18.28M	85.60M	112.26M	-17.78M	-80.48M

Mabpharm Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2181, the sentiment is Negative. The current price of 0.53 is below the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.57, and below the 200-day MA of 0.56, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 42.77 is Neutral, neither overbought nor oversold. The STOCH value of 21.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2181.

Mabpharm Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1875	58 Neutral	HK$1.50B	189.52	0.99%	―	9.41%	-32.69%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
2181	45 Neutral	HK$2.19B	-73.61	-25.72%	―	178.36%	86.74%
3681	45 Neutral	HK$2.05B	-10.23	-55.33%	―	-100.00%	30.68%
6996	41 Neutral	HK$2.54B	-10.60	-26.73%	―	49.64%	59.58%
6978	37 Underperform	HK$1.75B	-6.62	―	―	―	27.90%
2185	32 Underperform	HK$1.37B	-14.46	-14.87%	―	―	22.65%

Mabpharm Limited Corporate Events

Mabpharm Limited Announces Board and Committee Restructuring

Mabpharm Limited has announced changes to its board and committee structure effective October 31, 2025. Dr. Qian Weizhu has joined the Nomination Committee, while Mr. Tao Jing has stepped down from it. Dr. Zhang Yanyun has been appointed as the lead independent non-executive director, tasked with enhancing communication within the board and with shareholders. These changes align with recent amendments to the Hong Kong Stock Exchange’s Listing Rules and aim to improve the board’s effectiveness and diversity, thereby strengthening corporate governance practices.

Mabpharm Limited Updates Nomination Committee Terms

Mabpharm Limited has amended the terms of reference for its Nomination Committee, which is responsible for reviewing the board’s structure, size, and composition, and making recommendations for changes to align with corporate strategy. The committee will also assess the independence of directors, support board performance evaluations, and oversee succession planning for key roles, ensuring the company’s leadership remains effective and compliant with employment terms.