QuantumPharm, Inc. (2228) AI Stock Analysis

• Market Cap: HK$53.64B
• Dividend Yield: N/A
• Average Volume (3M): 143.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.92
• Revenue Growth: 243.78%
• EPS Growth: 97.15%
• Country: HK
• Employees: 809
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.02
• Shares Outstanding: 4,303,371,600
• 10 Day Avg. Volume: 160,836,692
• 30 Day Avg. Volume: 143,301,077
• PEG Ratio: 0.00
• Price to Book (P/B): 2.72
• Price to Sales (P/S): 40.47
• P/FCF Ratio: -20.09
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: HK$12.50 ▲(19.62% Upside)

The score is held back primarily by weak financial performance—persistent heavy losses and negative cash flow despite improving gross margin and reduced debt. Technicals are a clear positive with an uptrend across major moving averages and supportive MACD, while valuation remains constrained due to loss-making earnings and no dividend yield data.

Positive Factors

High revenue growth

Very strong revenue growth indicates the company is scaling product adoption and commercial traction. Sustained high top-line expansion supports reinvestment in R&D and partnerships, improving competitive position and optionality over the next several quarters.

Improving gross margin

A sharp gross margin improvement suggests better product mix, pricing power, or lower direct costs. Higher sustainable gross margins enhance future operating leverage, making incremental revenue more profitable and strengthening long-term unit economics.

Diversified commercial revenue streams and partnerships

Multiple revenue channels—direct sales, licensing, milestone payments and grants—reduce dependency on a single product and de-risk cash flow. Strategic pharma partnerships grant distribution scale and co-development resources that materially bolster long-term commercialization prospects.

Negative Factors

Very large net losses

Extreme net losses indicate the company remains far from profitability despite revenue gains. Persistent high operating losses constrain reinvestment, require external financing, and increase execution risk, making balance sheet strength and cash access critical over coming quarters.

Negative operating and free cash flow

Ongoing negative operating and free cash flow mean the business consumes cash to grow. This undermines self-funding ability, raises dilution or refinancing risk, and limits strategic flexibility unless cash generation turns positive or financing is secured on favorable terms.

Balance sheet instability despite debt cuts

While debt has been reduced, a weak equity ratio signals underlying capital structure fragility. Limited equity cushion increases vulnerability to shocks, restricts borrowing capacity, and may force costly capital raises if operational cash flow does not improve within the medium term.

QuantumPharm, Inc. Business Overview & Revenue Model

Company Description

XtalPi Holdings Limited, an investment holding company, provides drug discovery and intelligent automation solutions in China, the United States, Europe, South Korea, and Japan. The company's drug discovery solutions cover the whole drug discovery and research process, including target validation, hit identification, lead generation, lead optimization, and PCC nomination covering various modalities, which comprise small molecules, antibodies, peptides, ADC, and PROTAC. Its intelligent automation solutions focus on AI- and automation-enabled novel drug and materials discovery and research. The company was formerly known as QuantumPharm Inc. and changed its name to XtalPi Holdings Limited in December 2024. XtalPi Holdings Limited was founded in 2015 and is headquartered in Shenzhen, China.

How the Company Makes Money

QuantumPharm generates revenue primarily through the commercialization of its pharmaceutical products, which include both proprietary drugs and those developed in collaboration with larger pharmaceutical companies. Key revenue streams include direct sales of approved drugs, licensing agreements for its proprietary technologies, and milestone payments from partnerships for co-development projects. Significant partnerships with major pharmaceutical firms enhance its research capabilities and provide access to broader distribution networks, contributing to its earnings. Additionally, the company may engage in government and private research grants that fund specific projects, further diversifying its revenue sources.

QuantumPharm, Inc. Financial Statement Overview

Summary

QuantumPharm, Inc. shows strong revenue growth but struggles with profitability, as indicated by negative net profit margins and cash flows. Improvements in debt levels and equity position provide some stability, but operational efficiency and financial sustainability remain concerns.

Income Statement

QuantumPharm, Inc. has shown significant revenue growth from 2019 to 2024, yet the company struggles with profitability. Gross Profit Margin improved to 46.31% in 2024 from 27.66% in 2023, but the company continues to incur substantial net losses, with a Net Profit Margin of -569.33% in 2024. The negative EBIT and EBITDA margins highlight ongoing operational challenges.

Balance Sheet

The company has made notable improvements in its balance sheet, reducing total debt significantly from 2023 to 2024. The Debt-to-Equity Ratio has improved due to a positive equity position in 2024. However, the Equity Ratio remains a concern, reflecting potential financial instability.

Cash Flow

Operating Cash Flow has improved slightly, yet remains negative, impacting the company's ability to generate positive Free Cash Flow. Despite the improvement in financing activities, the Free Cash Flow to Net Income Ratio remains unfavorable, indicating ongoing cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2019
Income Statement
Total Revenue	680.88M	266.43M	174.42M	133.35M	62.80M	0.00
Gross Profit	511.39M	123.43M	48.24M	66.09M	32.78M	0.00
EBITDA	-243.20M	-631.38M	-1.78B	-1.38B	-2.11B	-9.84M
Net Income	-196.79M	-1.52B	-1.91B	-1.44B	-2.14B	-36.03M
Balance Sheet
Total Assets	7.72B	4.35B	4.01B	4.32B	4.38B	8.44M
Cash, Cash Equivalents and Short-Term Investments	5.32B	3.10B	2.83B	3.47B	3.83B	8.44M
Total Debt	366.10M	148.76M	11.04B	9.45B	7.83B	159.05M
Total Liabilities	689.47M	362.43M	11.25B	9.63B	7.99B	219.45M
Stockholders Equity	6.99B	3.96B	-7.27B	-5.33B	-3.61B	-211.01M
Cash Flow
Free Cash Flow	-475.64M	-536.79M	-698.20M	-627.83M	-417.42M	655.00K
Operating Cash Flow	-417.87M	-478.68M	-567.56M	-429.10M	-253.75M	655.00K
Investing Cash Flow	-1.69B	74.09M	735.58M	-2.76B	-70.47M	33.00K
Financing Cash Flow	3.13B	840.00M	-25.89M	57.99M	2.48B	0.00

QuantumPharm, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2228, the sentiment is Positive. The current price of 10.45 is below the 20-day moving average (MA) of 10.92, below the 50-day MA of 10.48, and above the 200-day MA of 8.27, indicating a bullish trend. The MACD of 0.83 indicates Negative momentum. The RSI at 63.60 is Neutral, neither overbought nor oversold. The STOCH value of 69.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2228.

QuantumPharm, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2268	73 Outperform	HK$91.51B	59.41	19.62%	―	―	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
2502	54 Neutral	HK$727.48M	-5.84	-6.64%	―	2.76%	-293.57%
2228	52 Neutral	HK$53.64B	-197.19	-3.55%	―	243.78%	97.15%
2498	48 Neutral	HK$18.39B	-38.45	-11.44%	―	―	―
2511	46 Neutral	HK$1.42B	-4.08	-67.27%	―	―	47.42%
2509	46 Neutral	HK$5.29B	-24.54	-64.62%	―	―	―

QuantumPharm, Inc. Corporate Events

XtalPi to Raise HK$2.87 Billion via Zero-Coupon Convertible Bonds for Global Expansion

XtalPi Holdings Limited has agreed to issue HK$2.866 billion in zero-coupon convertible bonds due 2027, following a book-building exercise that set an initial conversion price of HK$13.85 per share. On full conversion, the bonds would translate into about 206.9 million new shares, equal to roughly 4.81% of the company’s current issued share capital and 4.59% of the enlarged capital base, with the conversion shares ranking pari passu with existing stock. The company plans to use the net proceeds to strengthen its R&D and one-stop solution capabilities, expand domestic and international commercialisation and marketing teams, invest in new sites to boost delivery and R&D capacity, and for general working capital, moves that aim to broaden its global footprint and operational scale. The bonds and related conversion shares will be issued under an existing general mandate without further shareholder approval, and XtalPi will seek Hong Kong Stock Exchange listing for both the bonds and the conversion shares, though completion remains subject to conditions and possible termination of the subscription agreement, prompting a cautionary note to investors.

The most recent analyst rating on (HK:2228) stock is a Hold with a HK$9.50 price target. To see the full list of analyst forecasts on QuantumPharm, Inc. stock, see the HK:2228 Stock Forecast page.

XtalPi Announces Strategic Senior Management Change

XtalPi Holdings Limited has announced a change in senior management as CFO Mr. Tam Man Hong transitions to the role of Hong Kong and International Development Adviser effective January 2026. This strategic shift will allow Mr. Tam to focus on the company’s business development in Hong Kong and international markets, including contributing to sustainable growth, mergers and acquisitions, and establishing an incubation ecosystem. The announcement is positioned to strengthen XtalPi’s regional and global presence while ensuring consistent leadership guidance. Details regarding the appointment of the next CFO will be announced in due course.

The most recent analyst rating on (HK:2228) stock is a Hold with a HK$9.50 price target. To see the full list of analyst forecasts on QuantumPharm, Inc. stock, see the HK:2228 Stock Forecast page.

XtalPi Enters Consumer Healthcare with AI-Developed Hair Growth Molecules

XtalPi Holdings Limited has announced the successful development of two new molecules, Remeanagen™ and AquaKine™, for hair growth and hair loss prevention using its AI molecular discovery platform. These molecules, combined in the product Groland, have shown superior performance in human trials and received key international certifications, marking XtalPi’s entry into the consumer healthcare sector. This development underscores the company’s commitment to leveraging AI for creating both life-saving drugs and consumer products that enhance daily life.

The most recent analyst rating on (HK:2228) stock is a Hold with a HK$12.00 price target. To see the full list of analyst forecasts on QuantumPharm, Inc. stock, see the HK:2228 Stock Forecast page.

XtalPi’s Ailux Partners with Eli Lilly for AI-Driven Antibody Development

XtalPi’s subsidiary, Ailux, has announced a strategic collaboration with Eli Lilly to enhance the development of bispecific antibodies using AI-driven technology. This partnership allows Lilly to access Ailux’s advanced antibody engineering platform, potentially leading to significant milestone payments and a total collaboration value of up to $345 million, marking a substantial impact on XtalPi’s industry positioning and stakeholder interests.

The most recent analyst rating on (HK:2228) stock is a Hold with a HK$12.00 price target. To see the full list of analyst forecasts on QuantumPharm, Inc. stock, see the HK:2228 Stock Forecast page.