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Shanghai Henlius Biotech, Inc. Class H
(2696)
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Rating:61Neutral
Price Target:
HK$67.00
â–¼(-20.66% Downside)
Action:Downgraded
Date:06/02/26
The score is supported primarily by improving fundamentals—sustained profitability, strong gross margins, and continued revenue growth—alongside moderating leverage. This is tempered by weak technical conditions (below major moving averages and negative MACD) and a relatively high P/E that implies higher expectations despite softer 2025 margins and free cash flow.
Positive Factors
Sustained profitability & strong gross margins
Henlius has sustained net profitability across 2023–2025 with very high gross margins (~69–74%) and recurring revenue growth (~+12% in 2025). That combination implies durable commercialization scale, pricing/production edge in biologics, and ongoing cash flow support for R&D and commercialization.
Negative Factors
Margin compression in 2025
Reported margin compression in 2025 versus 2024 signals rising costs or elevated investment levels that cut into operating and net profitability. If structural (pricing pressure, higher SG&A or R&D intensity), this can erode durable earnings power and slow free cash flow expansion over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained profitability & strong gross margins
Henlius has sustained net profitability across 2023–2025 with very high gross margins (~69–74%) and recurring revenue growth (~+12% in 2025). That combination implies durable commercialization scale, pricing/production edge in biologics, and ongoing cash flow support for R&D and commercialization.
Read all positive factors
Shanghai Henlius Biotech, Inc. Class H (2696) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$35.11B
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)36.6
Beta (1Y)0.37
Revenue Growth16.65%
EPS Growth0.87%
CountryHK
Employees3,515
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding347,781,160
10 Day Avg. Volume1,665,497
30 Day Avg. Volume1,532,406
Financial Highlights & Ratios
PEG Ratio-17.43
Price to Book (P/B)7.08
Price to Sales (P/S)4.21
P/FCF Ratio32.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$110.96Price Target Upside31.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Shanghai Henlius Biotech, Inc. Class H Business Overview & Revenue Model
Company Description
Shanghai Henlius Biotech, Inc. functions as a biopharmaceutical enterprise, dedicated to the research and advancement of biologic medicines, with a primary focus on cancer, autoimmune conditions, and ophthalmic disorders. Its commercial portfolio ...
How the Company Makes Money
Henlius generates revenue primarily by commercializing biologic drugs and related services. Key revenue streams typically include: (1) Product sales: revenue from selling approved biologic medicines (mainly biosimilars and any self-developed innov...
Shanghai Henlius Biotech, Inc. Class H Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.80B | 6.67B | 5.72B | 5.39B | 3.21B | 1.68B |
| Gross Profit | 4.39B | 4.98B | 4.18B | 3.92B | 2.37B | 1.16B |
| EBITDA | 1.14B | 1.16B | 1.15B | 911.33M | -310.61M | -671.74M |
| Net Income | 824.30M | 805.64M | 820.47M | 546.02M | -695.26M | -984.05M |
Balance Sheet | ||||||
| Total Assets | 11.55B | 12.37B | 10.60B | 9.90B | 8.92B | 7.17B |
| Cash, Cash Equivalents and Short-Term Investments | 972.50M | 772.54M | 772.96M | 1.01B | 680.48M | 742.32M |
| Total Debt | 3.67B | 3.60B | 3.65B | 4.09B | 3.68B | 2.62B |
| Total Liabilities | 8.14B | 8.40B | 7.58B | 7.71B | 7.29B | 4.88B |
| Stockholders Equity | 3.41B | 3.96B | 3.01B | 2.19B | 1.64B | 2.30B |
Cash Flow | ||||||
| Free Cash Flow | 1.53B | 859.86M | 404.68M | 36.48M | -383.67M | -1.04B |
| Operating Cash Flow | 1.76B | 1.16B | 1.24B | 1.05B | 981.62M | 90.39M |
| Investing Cash Flow | -865.97M | -1.17B | -909.97M | -1.00B | -1.36B | -1.68B |
| Financing Cash Flow | -561.48M | 8.89M | -643.37M | 144.43M | 858.02M | 648.30M |
Shanghai Henlius Biotech, Inc. Class H Technical Analysis
Neutral
84.45
Price Trends
68.20
Negative
68.62
Negative
68.48
Negative
Market Momentum
-2.26
Negative
37.10
Neutral
30.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2696, the sentiment is Neutral. The current price of 84.45 is above the 20-day moving average (MA) of 59.93, above the 50-day MA of 68.20, and above the 200-day MA of 68.48, indicating a neutral trend. The MACD of -2.26 indicates Negative momentum. The RSI at 37.10 is Neutral, neither overbought nor oversold. The STOCH value of 30.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2696.
Shanghai Henlius Biotech, Inc. Class H Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$42.87B | 4.28 | 38.96% | 0.95% | 95.27% | 304.20% | |
64 Neutral | HK$143.34B | 25.14 | 10.64% | ― | 16.79% | 47.14% | |
61 Neutral | HK$35.11B | 36.63 | 23.99% | ― | 16.65% | 0.87% | |
61 Neutral | HK$138.36B | 138.22 | 4.82% | ― | 38.55% | ― | |
54 Neutral | HK$68.70B | 57.13 | 42.27% | ― | 80.08% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
41 Neutral | HK$34.22B | -52.03 | -10.78% | ― | 34.19% | 47.97% |
* Healthcare Sector Average
HK:2696
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Shanghai Henlius Biotech, Inc. Class H Corporate Events
Henlius Doses First U.S. Patient in Global Trial of Ipilimumab Biosimilar HLX13
Jun 25, 2026
Shanghai Henlius Biotech has dosed the first patient in the United States in an international, randomized phase 1 trial of HLX13, its biosimilar version of immunotherapy drug ipilimumab, as a first-line treatment for unresectable advanced hepatoce...
Henlius wins EU nod for new lung cancer use of serplulimab
Jun 25, 2026
Shanghai Henlius Biotech has secured European Commission approval for a new indication of its anti-PD-1 antibody serplulimab, branded as HETRONIFLY in the EU, in combination with carboplatin and nab-paclitaxel for first-line treatment of unresecta...
Henlius Wins GMP Green Light for HANBEIYOU Production in Mainland China
Jun 17, 2026
Shanghai Henlius Biotech, Inc. announced that its wholly owned subsidiary Shanghai Henlius Biologics Co., Ltd. has passed a Good Manufacturing Practice compliance inspection by the Shanghai Medical Products Administration for HANBEIYOU, a pertuzum...
Henlius Wins NMPA Nod for First-in-Class Trispecific Prostate Cancer Therapy Trial
Jun 17, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration for a phase 1 clinical trial of HLX3902, a trispecific antibody injection targeting metastatic castration-resistant prostate cancer and othe...
Henlius Wins Australian Nod for Phase 2 NSCLC Trial of HLX43 Combo
Jun 16, 2026
Shanghai Henlius Biotech announced that Australia’s Human Research Ethics Committee has approved, and the Therapeutic Goods Administration has acknowledged, a phase 2 clinical trial of HLX43, an anti-PD-L1 antibody-drug conjugate, in combina...
Henlius Phase 3 Eye Drug HLX04-O Hits Key Goals in Global wAMD Trial
Jun 16, 2026
Shanghai Henlius Biotech announced that its international multi-center phase 3 clinical trial of HLX04-O, a recombinant anti-VEGF humanized monoclonal antibody injection for wet age-related macular degeneration, has met its primary and key seconda...
Henlius Wins China Approval for New Gastric Cancer Use of HANSIZHUANG
Jun 9, 2026
Shanghai Henlius Biotech announced that China’s National Medical Products Administration has approved a new indication for its anti-PD-1 antibody HANSIZHUANG in combination with Oxaliplatin and S-1 as neoadjuvant therapy, followed by adjuvan...
Henlius Starts Global Phase 1 Trial of Pembrolizumab Biosimilar HLX17 in U.S. and China
Jun 5, 2026
Shanghai Henlius Biotech has dosed the first patient in an international, multi-center phase 1 clinical trial of HLX17, its independently developed biosimilar to pembrolizumab, in patients with multiple resected solid tumors in the U.S. and simult...
Henlius Wins China Approval for HANBEIYOU Breast Cancer Biosimilar
May 29, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration for HANBEIYOU, its pertuzumab biosimilar injection, for neoadjuvant and adjuvant treatment of HER2-positive early breast cancer and for meta...
Henlius Starts Global Phase 2/3 Trial of ADC HLX43 in Advanced Lung Cancer
May 28, 2026
Shanghai Henlius Biotech has begun dosing the first patient in an international multicentre phase 2/3 clinical trial of HLX43, an anti-PD-L1 antibody-drug conjugate, for advanced or metastatic squamous non-small cell lung cancer after failure of p...
Henlius Starts First-Patient Dosing in Phase 1 Study of Daratumumab Biosimilar HLX15-SC for Newly Diagnosed Multiple Myeloma
May 26, 2026
Shanghai Henlius Biotech has begun dosing the first patient in an international, multicenter phase 1 clinical study of HLX15-SC, a subcutaneous recombinant anti-CD38 fully human monoclonal antibody, in transplant-ineligible patients with newly dia...
Henlius doses first patient in pivotal HLX07–serplulimab lung cancer trial in China
May 26, 2026
Shanghai Henlius Biotech has initiated dosing of the first patient in an international, multicenter phase 2/3 trial in mainland China evaluating its anti-EGFR antibody HLX07 plus HANSIZHUANG and chemotherapy as first-line therapy for advanced squa...
Henlius Wins Key EMA Backing for Serplulimab Lung Cancer Use
May 22, 2026
Shanghai Henlius Biotech said its anti-PD-1 monoclonal antibody serplulimab, marketed as HANSIZHUANG in China and HETRONIFLY in the EU, has received a positive opinion from the European Medicines Agency’s CHMP for use with carboplatin and na...
Henlius Begins First-in-Human Trial of First-in-Class B7-H3 Cancer Fusion Protein
May 22, 2026
Shanghai Henlius Biotech has dosed the first patient in a first-in-human phase 1 clinical trial of HLX316, an experimental B7-H3-targeting sialidase Fc fusion protein, in patients with advanced or metastatic solid tumours in mainland China. The st...
Henlius Wins NMPA Nod for First-in-Human Trial of Bispecific ADC HLX48
May 21, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration to begin a phase 1 clinical trial of HLX48, a bispecific antibody-drug conjugate targeting EGFR and c-MET for advanced or metastatic solid t...
Henlius Wins Australian Nod to Start First-in-Class Trispecific Antibody Trial for Advanced Prostate Cancer
May 21, 2026
Shanghai Henlius Biotech has received clearance in Australia to begin a phase 1 clinical trial of HLX3902, a trispecific STEAP1×CD3×CD28 T-cell engager antibody, for metastatic castration-resistant prostate cancer and other advanced soli...
Henlius Doses First EU Patient in Global Phase 2 Trial of HLX43 for Advanced Lung Cancer
May 21, 2026
Shanghai Henlius Biotech has dosed the first patient in an EU country, Spain, in an international multicentre phase 2 clinical study of HLX43, its anti-PD-L1 antibody-drug conjugate, for advanced non-small cell lung cancer. This trial is also bein...
Henlius Shareholders Unanimously Approve 2025 Reports and Profit Distribution
May 19, 2026
Shanghai Henlius Biotech, Inc. reported that its annual general meeting, held in Shanghai on 19 May 2026, met quorum with shareholders or authorised representatives holding approximately 47.85% of voting shares present. All directors attended, and...
Henlius Wins Australian Nod for First-in-Class Bispecific Cancer ADC Trial
May 13, 2026
Shanghai Henlius Biotech has obtained Australian approval to begin a phase 1 clinical trial for HLX48, a bispecific antibody-drug conjugate targeting EGFR and c-MET for advanced or metastatic solid tumors. The therapy is designed to combine target...
Henlius Starts First-in-Human Trial of Novel KAT6A/B Inhibitor HLX97 in Advanced Tumours
May 13, 2026
Shanghai Henlius Biotech has begun dosing the first patient in a phase 1 clinical trial of HLX97, its independently developed KAT6A/B small molecule inhibitor, in patients with advanced or metastatic solid tumours in mainland China. The study, con...
Henlius Wins EU Approval for Two New Serplulimab Cancer Uses
May 10, 2026
Shanghai Henlius Biotech announced that the European Commission has approved two new indications for its anti-PD-1 antibody serplulimab, branded as HETRONIFLY in the EU, covering first-line treatment of certain esophageal squamous cell carcinoma a...
Henlius Wins FDA Nod to Begin U.S. Trial of Cetuximab Biosimilar HLX05-N
May 10, 2026
Shanghai Henlius Biotech has received U.S. Food and Drug Administration approval for an investigational new drug application to conduct a phase 1 clinical trial of HLX05-N, a cetuximab biosimilar injection, for metastatic colorectal cancer. The co...
Henlius Wins Japan Go-Ahead for Global Phase 2/3 Trial of Lung Cancer ADC HLX43
May 4, 2026
Shanghai Henlius Biotech has received implied approval from Japan’s Pharmaceuticals and Medical Devices Agency to start an international multicenter phase 2/3 clinical trial of HLX43, an anti-PD-L1 antibody-drug conjugate, as a monotherapy o...
Henlius Starts First-in-Human Trial of Novel Tetra-Specific Cancer Antibody HLX3901
Apr 30, 2026
Shanghai Henlius Biotech has begun dosing the first patient in a first-in-human phase 1 clinical trial of HLX3901, a tetra-specific antibody targeting DLL3 dual epitopes, CD3 and CD28, for advanced small cell lung cancer or neuroendocrine carcinom...
Henlius Wins EU Nod for Pertuzumab Biosimilar, Expanding Global Oncology Footprint
Apr 28, 2026
Shanghai Henlius Biotech has secured European Commission approval for POHERDY, its pertuzumab biosimilar HLX11, for use in combination regimens to treat HER2-positive early and metastatic breast cancer across all EU member states and European Econ...
Henlius wins Australian nod for global phase 2/3 trial of HLX07 combo in advanced lung cancer
Apr 24, 2026
Shanghai Henlius Biotech has received approval in Australia to begin a phase 2/3 clinical trial of its innovative anti-EGFR antibody pimurutamab HLX07 combined with HANSIZHUANG and chemotherapy as a first-line treatment for advanced squamous non-s...
Henlius Sets 2026 AGM to Approve 2025 Results and New Share Issuance Mandate
Apr 24, 2026
Shanghai Henlius Biotech, Inc. has called its annual general meeting for 19 May 2026 in Shanghai, where shareholders will review the company’s 2025 performance, including the annual report, board and supervisory board work reports, final acc...
Henlius Grants New Share Options and RSUs to Align Incentives With Performance
Apr 17, 2026
Shanghai Henlius Biotech, Inc., a Hong Kong-listed Chinese biopharmaceutical company, develops biologic drugs and leverages share-based incentive schemes to align its workforce and partners with long-term innovation and commercial goals. Its opera...
Henlius Wins NMPA Nod to Start Trials of Cetuximab Biosimilar HLX05-N
Apr 14, 2026
Shanghai Henlius Biotech has secured approval from China’s National Medical Products Administration for a phase 1 clinical trial application of HLX05-N, its independently developed cetuximab biosimilar, for metastatic colorectal cancer. HLX0...
Henlius Starts Phase 1 Trial of HLX319, a Subcutaneous Pertuzumab-Trastuzumab Biosimilar in China
Apr 10, 2026
Shanghai Henlius Biotech has begun dosing participants in a phase 1 clinical trial in mainland China for HLX319, a subcutaneous biosimilar combination of pertuzumab and trastuzumab designed for HER2-positive breast cancer. The randomized, double-b...
Henlius Wins China Nod to Expand Indications for Rituximab Biosimilar HANLIKANG
Apr 9, 2026
Shanghai Henlius Biotech has secured Chinese regulatory approval to expand the indications of its rituximab biosimilar HANLIKANG, adding two combination therapies for adult patients with previously untreated and relapsed or refractory diffuse larg...
Henlius Wins NMPA Nod to Begin Trials of HER2 Breast Cancer Biosimilar HLX319
Apr 1, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration for investigational new drug applications to begin phase 1 clinical trials of HLX319, a subcutaneous biosimilar injection combining pertuzum...
Henlius Wins NMPA Nod to Start Trials of Novel Hyaluronidase Injection
Mar 31, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration for an investigational new drug application to begin a phase 1 clinical trial of HLXTE-HAase02, a recombinant human hyaluronidase injection....
Henlius Wins Key EMA Backing for Cancer Drug Serplulimab in Europe
Mar 30, 2026
Shanghai Henlius Biotech announced that its serplulimab injection, branded as HANSIZHUANG in China and HETRONIFLY in the European Union, has received positive opinions from the EMA’s Committee for Medicinal Products for Human Use. The panel ...
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.