Innovax Holdings Limited (2680) AI Stock Analysis

• Market Cap: HK$714.00M
• Dividend Yield: N/A
• Average Volume (3M): 351.74K
• Price to Earnings (P/E): 121.4
• Beta (1Y): -0.33
• Revenue Growth: -22.46%
• EPS Growth: N/A
• Country: HK
• Employees: 36
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 60,000,000
• 10 Day Avg. Volume: 984,490
• 30 Day Avg. Volume: 351,740
• PEG Ratio: <0.01
• Price to Book (P/B): 0.35
• Price to Sales (P/S): 0.42
• P/FCF Ratio: -2.24
• 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: 57 Neutral
• Price Target: HK$12.50 ▲(5.93% Upside)

The overall stock score is primarily influenced by strong technical indicators, suggesting positive market momentum. However, the high P/E ratio indicates potential overvaluation, and financial performance is mixed with significant profitability and cash flow challenges. The absence of earnings call data and corporate events means these factors do not influence the score.

Innovax Holdings Limited Business Overview & Revenue Model

Company Description

Innovax Holdings Limited, an investment holding company, provides financial and securities services in Hong Kong. It offers corporate finance advisory services, such as IPO sponsorship, financial and independent financial advisory, and compliance advisory services; and securities dealing and brokerage services. The company also provides securities financing services, including margin financing for purchasing securities on the secondary market, as well as IPO financing for subscribing shares offered under public tranche of IPOs; and asset management services comprising fund and discretionary account management services, as well as future dealing and money lending services. In addition, it acts as a placing or sub-placing agent for the issue of new shares by listed companies; and global coordinator or bookrunner or lead manager or underwriter for IPOs of listing applicants. The company was founded in 2014 and is headquartered in Wan Chai, Hong Kong. Innovax Holdings Limited is a subsidiary of Billion Shine International Investment Limited.

How the Company Makes Money

Innovax Holdings Limited generates revenue through multiple key streams. The primary source of income comes from its technology solutions, including software licensing and subscription services, tailored to meet the needs of businesses in the telecommunications and financial sectors. Additionally, the company earns revenue from consulting services, where it provides expertise in implementing technology solutions and optimizing business processes. Strategic partnerships with other technology firms and service providers further enhance its market reach and revenue potential, allowing Innovax to expand its customer base and enhance service offerings. Moreover, Innovax may also benefit from recurring revenue models, particularly in software as a service (SaaS) arrangements, which provide ongoing income as clients renew their subscription agreements.

Innovax Holdings Limited Financial Statement Overview

Summary

Innovax Holdings Limited shows a mixed financial performance. Strong revenue growth and a solid equity position are overshadowed by ongoing profitability issues and inconsistent cash flow generation. The low leverage is a strength, indicating financial stability, but improving operational efficiency and cash flow management will be critical to achieving sustainable profitability.

Income Statement

The income statement reveals a volatile performance over the years. The Gross Profit Margin for 2025 was approximately 88.3%, indicating strong cost control, but the consistently negative Net Income and EBIT margins highlight operational inefficiencies. Revenue growth was substantial in 2025, driven by a significant increase in total revenue, yet the underlying profitability remains a concern due to negative EBIT and net income figures.

Balance Sheet

The balance sheet shows a solid equity base, with a Debt-to-Equity ratio of 0.007 in 2025, indicating very low leverage. The company's Equity Ratio of 52.9% suggests a healthy proportion of equity financing relative to total assets. However, the Return on Equity (ROE) is negative, reflecting the ongoing profitability challenges.

Cash Flow

Cash flow analysis indicates challenges in generating consistent cash from operations. The Operating Cash Flow was negative in 2025, but past years showed variability with some positive cash flow periods. The Free Cash Flow to Net Income Ratio is negative, reflecting the difficulty in converting earnings into cash flow. The company needs to stabilize its cash flow generation to improve financial health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	163.33M	158.02M	32.68M	45.24M	34.86M	83.95M
Gross Profit	92.54M	139.53M	8.71M	45.24M	34.86M	83.95M
EBITDA	-33.90M	-33.90M	3.37M	-3.49M	-4.34M	4.06M
Net Income	-35.29M	-35.29M	1.77M	-6.58M	-22.52M	2.38M
Balance Sheet
Total Assets	353.03M	353.03M	283.60M	307.62M	303.34M	408.03M
Cash, Cash Equivalents and Short-Term Investments	141.35M	141.35M	181.54M	129.98M	101.14M	125.80M
Total Debt	1.26M	1.26M	330.00K	1.83M	721.00K	3.02M
Total Liabilities	166.15M	166.15M	73.11M	98.90M	94.78M	176.96M
Stockholders Equity	186.87M	186.87M	210.49M	208.71M	208.55M	231.07M
Cash Flow
Free Cash Flow	-29.96M	-29.32M	22.73M	29.72M	-6.90M	-27.36M
Operating Cash Flow	-26.31M	-29.32M	22.73M	30.05M	-6.89M	-27.35M
Investing Cash Flow	1.78M	4.07M	3.44M	426.00K	-12.00K	169.00K
Financing Cash Flow	10.43M	10.43M	-1.54M	-1.91M	-2.36M	-2.09M

Innovax Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2680, the sentiment is Positive. The current price of 11.8 is below the 20-day moving average (MA) of 12.11, above the 50-day MA of 9.03, and above the 200-day MA of 4.09, indicating a neutral trend. The MACD of 0.78 indicates Positive momentum. The RSI at 56.49 is Neutral, neither overbought nor oversold. The STOCH value of 15.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2680.

Innovax Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8350	60 Neutral	HK$355.20M	20.67	47.28%	―	55.42%	159.42%
2680	57 Neutral	HK$714.00M	121.43	2.99%	―	-22.46%	―
8098	47 Neutral	HK$101.20M	―	-10.11%	―	-3.21%	-184.91%
0510	45 Neutral	$263.02M	-8.91	-13.85%	―	51.58%	69.53%
0821	41 Neutral	HK$122.90M	-1.04	-28.22%	―	―	48.53%
0812	31 Underperform	―	―	―	―	-73.92%	75.00%

Innovax Holdings Limited Corporate Events

Innovax Holdings Announces Delay in Document Dispatch for Cash Offer

Innovax Holdings Limited has announced a delay in the dispatch of both a circular and a composite document related to a possible unconditional mandatory cash offer by AFG Securities Limited on behalf of Mr. Wang Tingfa. The delay is due to the need for additional time to finalize information and obtain necessary approvals from the SFC for the Offeror to become a substantial shareholder. The company has applied for an extension to meet regulatory requirements, with the Executive indicating a willingness to grant consent for this extension. Stakeholders are advised to await further announcements for updates on the offer’s progress.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

Innovax Holdings Reports Profit Despite Revenue Drop

Innovax Holdings Limited announced its interim results for the six months ended August 31, 2025, reporting a significant turnaround with a profit of HK$18.3 million compared to a loss of HK$22.9 million in the same period last year. Despite a sharp decline in total revenue from HK$93.7 million to HK$12 million, the company achieved profitability through other gains and reduced operating expenses, indicating improved operational efficiency and strategic adjustments.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

Innovax Holdings Issues Positive Profit Alert Amid Compliance Challenges

Innovax Holdings Limited has issued a supplemental announcement regarding a positive profit alert for the six months ending August 31, 2025. The company anticipates recording a profit and total comprehensive income, but acknowledges that the announcement does not meet the standards required by Rule 10 of the Takeovers Code. This alert was issued to comply with timely disclosure requirements, although it was not vetted by the Executive as required. Innovax Holdings plans to address these compliance issues in future announcements. Stakeholders are advised to exercise caution when considering the profit alert in relation to the potential unconditional mandatory cash offer by AFG Securities Limited on behalf of Mr. Wang Tingfa.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

Innovax Holdings Announces Major Share Acquisition and Cash Offer

Innovax Holdings Limited has announced a conditional sale and purchase agreement involving the issued share capital of Billion Shine International Investment Limited. The agreement includes a possible unconditional mandatory cash offer by AFG Securities Limited on behalf of Mr. Wang Tingfa to acquire all issued shares of Innovax Holdings Limited not already owned by him or parties acting in concert with him. This transaction, valued at HK$270,000,000, will result in Mr. Wang Tingfa and his associates owning 75% of Innovax Holdings’ share capital upon completion. The move is expected to significantly impact the company’s ownership structure and may influence its market positioning.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

Innovax Holdings Limited Announces Positive Profit Outlook

Innovax Holdings Limited has issued a positive profit alert, indicating an expected profit of HK$15 million to HK$20 million for the six months ending August 31, 2025, a significant turnaround from a loss of HK$22.9 million in the same period of 2024. This improvement is primarily due to net realized and unrealized gains on financial assets, highlighting a positive shift in the company’s financial performance and potentially strengthening its position in the market.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

Innovax Holdings Schedules Board Meeting for Financial Review

Innovax Holdings Limited has announced that its board of directors will convene on October 28, 2025, to review and approve the company’s unaudited condensed consolidated financial statements for the six months ending August 31, 2025. The meeting will also consider the declaration of an interim dividend, which may have implications for the company’s financial strategy and shareholder returns.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.