CStone Pharmaceuticals (HK:2616)
:2616
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CStone Pharmaceuticals
(2616)
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Rating:50Neutral
Price Target:
HK$7.50
▲(40.45% Upside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by weak financial performance—sharp margin compression, widening losses, and ongoing cash burn—despite improved leverage and a 2025 revenue rebound. Technicals are moderately supportive (positive MACD and price above key longer-term averages), while valuation is constrained by negative earnings and no stated dividend yield.
Positive Factors
2025 revenue rebound (+47.7% YoY)
A sustained top-line recovery of +47.7% in 2025 indicates improving commercial traction for marketed products and/or partnership revenues. Over 2–6 months this provides a more credible revenue base to support scale-up of sales, R&D funding and reduces dependence on short-term financing.
Negative Factors
Sharp gross margin compression (~17% in 2025)
A collapse in gross margin to ~17% signals structural pricing, cost or product-mix issues that erode the ability to convert revenue into sustainable profits. Even with revenue growth, low gross margins make durable profitability and self-funding of R&D/commercial ops difficult without structural changes.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 revenue rebound (+47.7% YoY)
A sustained top-line recovery of +47.7% in 2025 indicates improving commercial traction for marketed products and/or partnership revenues. Over 2–6 months this provides a more credible revenue base to support scale-up of sales, R&D funding and reduces dependence on short-term financing.
Read all positive factors
CStone Pharmaceuticals (2616) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$12.38B
Dividend YieldN/A
Average Volume (3M)19.75M
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-33.37%
EPS Growth-344.90%
CountryHK
Employees135
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.21
Shares Outstanding1,600,249,100
10 Day Avg. Volume13,736,900
30 Day Avg. Volume19,747,038
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$9.87Price Target Upside84.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)HK$468.24M
CStone Pharmaceuticals Business Overview & Revenue Model
Company Description
CStone Pharmaceuticals, a biopharmaceutical company, researches, develops, and commercializes immuno-oncology and precision medicines to address the unmet medical needs of cancer patients in China and internationally. It offers Sugemalimab, a mono...
How the Company Makes Money
CStone Pharmaceuticals makes money primarily through (1) product sales of its commercialized medicines in markets where it holds commercialization rights, generating revenue from hospital and pharmacy channels (exact channel mix not available: nul...
CStone Pharmaceuticals Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 269.58M | 407.20M | 463.84M | 481.36M | 243.72M |
| Gross Profit | 51.25M | 240.15M | 304.30M | 278.38M | 136.89M |
| EBITDA | -403.85M | -76.43M | -297.23M | -849.66M | -1.90B |
| Net Income | -437.00M | -91.21M | -367.23M | -902.68M | -1.92B |
Balance Sheet | |||||
| Total Assets | 1.36B | 1.39B | 1.66B | 1.64B | 2.27B |
| Cash, Cash Equivalents and Short-Term Investments | 919.09M | 672.94M | 1.05B | 1.04B | 1.73B |
| Total Debt | 348.67M | 355.97M | 363.45M | 286.29M | 174.20M |
| Total Liabilities | 741.60M | 1.03B | 1.21B | 1.19B | 1.06B |
| Stockholders Equity | 617.03M | 363.87M | 456.83M | 449.33M | 1.21B |
Cash Flow | |||||
| Free Cash Flow | -327.75M | -343.18M | -653.89M | -714.29M | -1.63B |
| Operating Cash Flow | -327.75M | -343.18M | -588.84M | -612.47M | -1.48B |
| Investing Cash Flow | 133.99M | -247.68M | 619.61M | 365.12M | -826.55M |
| Financing Cash Flow | 577.78M | -12.90M | 388.36M | 28.47M | 92.30M |
CStone Pharmaceuticals Technical Analysis
Negative
5.34
Price Trends
8.43
Negative
7.08
Positive
7.32
Positive
Market Momentum
-0.27
Positive
33.75
Neutral
10.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2616, the sentiment is Negative. The current price of 5.34 is below the 20-day moving average (MA) of 8.92, below the 50-day MA of 8.43, and below the 200-day MA of 7.32, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 33.75 is Neutral, neither overbought nor oversold. The STOCH value of 10.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | HK$11.04B | 13.52 | 17.09% | ― | 314.00% | 3032.07% | |
55 Neutral | HK$7.44B | ― | 11.49% | ― | 20.39% | 104.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$8.21B | -15.87 | -6.26% | ― | -11.65% | -169.40% | |
50 Neutral | HK$12.38B | -11.03 | -64.19% | ― | -33.37% | -344.90% | |
47 Neutral | HK$3.87B | -3.21 | -137.11% | ― | ― | 0.47% |
* Healthcare Sector Average
HK:2616
CStone Pharmaceuticals
7.70
4.04
110.38%
HK:9966
Alphamab Oncology
8.55
-0.43
-4.79%
HK:2142
HBM Holdings Ltd.
11.79
2.09
21.55%
HK:2179
Jiangsu Recbio Technology Co., Ltd. Class H
5.15
-3.91
-43.16%
HK:2256
Abbisko Cayman Limited
10.00
1.19
13.51%
HK:6955
Shandong Boan Biotechnology Company., Limited. Class H
6.32
-4.68
-42.55%
CStone Pharmaceuticals Corporate Events
CStone Pharmaceuticals Unveils Share Buyback Plan After Key Oncology Data Milestone
May 13, 2026
CStone Pharmaceuticals plans to repurchase up to 136,450,133 of its own shares on the open market under an existing and future shareholder-approved repurchase mandate, subject to Hong Kong listing rules and blackout periods. The buyback will comme...
CStone Launches Nationwide Supply of Locally Made Pralsetinib as China Sales Surge
May 11, 2026
CStone Pharmaceuticals has begun nationwide commercial supply of its first domestically manufactured batch of 100 mg pralsetinib capsules in China, marking a key step in localizing the supply chain for this targeted cancer therapy. The company emp...
CStone Pharmaceuticals Raises Over HK$1 Billion in Completed Share Placement
Apr 22, 2026
CStone Pharmaceuticals has completed a new share placement under its general mandate, issuing 118 million shares at HK$8.97 each to at least six institutional and professional investors, raising net proceeds of about HK$1.05 billion. The new share...
CStone to Showcase Promising CS2009 Cancer Data Ahead of Global Phase III Push
Apr 22, 2026
CStone Pharmaceuticals said it will present updated clinical data for its internally developed trispecific antibody CS2009 at the ASCO 2026 Annual Meeting, highlighting progress from a global Phase I/II program in non-small cell lung cancer and ad...
CStone Showcases Three Novel ADC Candidates, Highlighting EGFR/HER3 Bispecific CS5007
Apr 20, 2026
CStone Pharmaceuticals has presented new preclinical data on three proprietary antibody-drug conjugates at the 2026 American Association for Cancer Research meeting, underscoring its push into next-generation oncology therapies. The candidates, CS...
CStone Pharmaceuticals to Raise About HK$1.05 Billion via Discounted Share Placement
Apr 14, 2026
CStone Pharmaceuticals has entered into a placing agreement to issue 118 million new shares at HK$8.97 each, a discount of about 6.95% to the last closing price and 7.85% to the five-day average. The new shares will represent roughly 7.40% of the ...
CStone’s 2025 Loss Widens as R&D Spend Climbs Ahead of Pralsetinib NRDL Boost
Mar 26, 2026
CStone Pharmaceuticals reported 2025 revenue of RMB269.6 million, down 33.8% year-on-year, as lower pralsetinib sales and reduced one-time license fees weighed on results while cost of revenue rose on inventory write-downs and early pralsetinib su...
CStone Fast-Tracks Global Phase III Plan After Strong Early Data for Trispecific Cancer Antibody CS2009
Mar 26, 2026
CStone Pharmaceuticals reported strong early-stage clinical data for CS2009, its self-developed trispecific antibody targeting PD-1, VEGF, and CTLA-4, in patients with advanced solid tumors. Phase I results from 113 heavily pretreated patients sho...
CStone’s Sugemalimab Wins Top ESMO Backing for Stage III Lung Cancer
Mar 25, 2026
CStone Pharmaceuticals’ anti-PD-L1 antibody sugemalimab has received a [I, A] recommendation in the European Society for Medical Oncology guideline for consolidation therapy in patients with unresectable Stage III non-small cell lung cancer ...
CStone to Showcase Three ADC Pipeline Programs at 2026 AACR Meeting
Mar 17, 2026
CStone Pharmaceuticals said preclinical data from three proprietary antibody-drug conjugate candidates have been selected for poster presentations at the 2026 American Association for Cancer Research Annual Meeting in San Diego. The assets include...
CStone Wins Second UK Approval for Lung Cancer Drug Sugemalimab
Feb 23, 2026
CStone Pharmaceuticals announced that the UK Medicines and Healthcare products Regulatory Agency has approved a new indication for its anti-PD-L1 antibody sugemalimab as monotherapy for adult patients with unresectable stage III non-small cell lun...
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.