Shanghai Henlius Biotech, Inc. Class H (HK:2696)
:2696
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Shanghai Henlius Biotech, Inc. Class H
(2696)
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Rating:73Outperform
Price Target:
HK$92.00
â–²(8.94% Upside)
Action:UpgradedDate:04/27/26
The score is driven primarily by improving financial performance (sustained profitability, strong gross margins, and solid revenue growth) and supportive technical momentum (price above major moving averages with positive MACD). This is tempered by a relatively high valuation (P/E ~34.6) and signs of 2025 margin and free-cash-flow softening.
Positive Factors
Sustained Profitability & Margins
Henlius has sustained net profitability and high gross margins across 2023–2025, indicating durable product-level economics. For a biologics maker, persistent margins and recurring sales from commercialized therapies support reinvestment in R&D, manufacturing scale, and long-term operating leverage.
Negative Factors
Residual Leverage Risk
Despite improvement, meaningful and historically volatile leverage leaves the company sensitive to execution hiccups or slower launches. For capital-intensive biologics development and manufacturing, ongoing leverage can constrain strategic flexibility and increase vulnerability to adverse regulatory or commercial outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability & Margins
Henlius has sustained net profitability and high gross margins across 2023–2025, indicating durable product-level economics. For a biologics maker, persistent margins and recurring sales from commercialized therapies support reinvestment in R&D, manufacturing scale, and long-term operating leverage.
Read all positive factors
Shanghai Henlius Biotech, Inc. Class H (2696) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$43.43B
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)34.6
Beta (1Y)0.30
Revenue Growth16.65%
EPS Growth0.87%
CountryHK
Employees3,515
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding346,074,400
10 Day Avg. Volume1,665,497
30 Day Avg. Volume1,532,406
Financial Highlights & Ratios
PEG Ratio-17.40
Price to Book (P/B)7.03
Price to Sales (P/S)4.29
P/FCF Ratio32.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$99.12Price Target Upside17.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
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., a biopharmaceutical company, engages in the research and development of biologic medicines with a focus on oncology, autoimmune diseases, and ophthalmic diseases. It offers HANLIKANG, a rituximab injection for treat...
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 | 6.49B | 5.72B | 5.39B | 3.21B | 1.68B |
| Gross Profit | 4.39B | 4.81B | 4.18B | 3.92B | 2.37B | 1.16B |
| EBITDA | 1.14B | 1.21B | 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 | 930.30M | 859.86M | 404.68M | 36.48M | -383.67M | -1.04B |
| Operating Cash Flow | 990.62M | 1.16B | 1.24B | 1.05B | 981.62M | 90.39M |
| Investing Cash Flow | -123.16M | -1.17B | -909.97M | -1.00B | -1.36B | -1.68B |
| Financing Cash Flow | 0.00 | 8.89M | -643.37M | 144.43M | 858.02M | 648.30M |
Shanghai Henlius Biotech, Inc. Class H Technical Analysis
Positive
84.45
Price Trends
69.56
Positive
66.59
Positive
68.46
Positive
Market Momentum
4.56
Negative
74.45
Negative
77.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2696, the sentiment is Positive. The current price of 84.45 is above the 20-day moving average (MA) of 74.15, above the 50-day MA of 69.56, and above the 200-day MA of 68.46, indicating a bullish trend. The MACD of 4.56 indicates Negative momentum. The RSI at 74.45 is Negative, neither overbought nor oversold. The STOCH value of 77.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$43.43B | 34.57 | 25.67% | ― | 16.65% | 0.87% | |
63 Neutral | HK$20.73B | 50.10 | 9.08% | ― | 110.05% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | HK$42.59B | -18.01 | -14.44% | ― | 28.41% | 33.61% | |
47 Neutral | HK$19.74B | -10.93 | -22.81% | ― | 15.24% | 38.39% | |
44 Neutral | HK$17.08B | -13.81 | -123.74% | ― | -41.32% | -159.81% |
* Healthcare Sector Average
HK:2696
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Shanghai Henlius Biotech, Inc. Class H Corporate Events
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 ...
Henlius Starts Phase 1b/2 Trial of CD47-Targeting HLX701 in Advanced Colorectal Cancer
Mar 26, 2026
Shanghai Henlius Biotech has begun dosing the first patient in a phase 1b/2 clinical trial of HLX701, a recombinant human SIRPα-IgG4 Fc fusion protein injection, combined with cetuximab and chemotherapy for advanced colorectal cancer in mainl...
Henlius Wins NMPA Nod for Phase 1 Trial of Nivolumab Biosimilar HLX18
Mar 20, 2026
Shanghai Henlius Biotech has received approval from China’s National Medical Products Administration for the investigational new drug application of HLX18, its independently developed nivolumab biosimilar, to begin a phase 1 clinical trial i...
Henlius Boosts 2025 Revenue as Global Drug Approvals Broaden Its Biologic Portfolio
Mar 20, 2026
Shanghai Henlius Biotech reported a 16.5% rise in total revenue to RMB6.67 billion in 2025, driven mainly by product sales and RD services, while total profit edged up to RMB827 million despite a sharp increase in RD expenditure to RMB2.49 billion...
Henlius Taps Fosun Affiliate to Promote HANBEITAI in Connected-Party Deal
Mar 20, 2026
Shanghai Henlius Biotech’s subsidiary Henlius Bioscience has signed a Promotional Services Agreement with Fosun Yaohong, an affiliate of controlling shareholder Fosun Pharma, to promote its HANBEITAI product in specified regions of China fro...
Shanghai Henlius revamps Hong Kong company secretary and governance roles
Mar 20, 2026
Shanghai Henlius Biotech, Inc. announced a change in its Hong Kong corporate governance roles, with the resignation of Ms. Chong Wan Kai of Tricor Services Limited as joint company secretary, process agent and authorised representative, effective ...
Henlius Wins NMPA Nod for Novel Lung Cancer Combination Trial
Mar 16, 2026
Shanghai Henlius Biotech has secured Chinese regulatory approval to begin clinical trials of its investigational EGFR-targeting antibody pimurutamab HLX07 combined with its marketed PD-1 inhibitor HANSIZHUANG and chemotherapy in patients with adva...
Henlius Wins NMPA Nod to Launch First-in-Class HLX316 Cancer Trial
Mar 9, 2026
Shanghai Henlius Biotech has obtained approval from China’s National Medical Products Administration to begin a phase 1 clinical trial of HLX316, an investigational B7-H3-targeting sialidase Fc fusion protein for patients with advanced or me...
Henlius Wins NMPA Clearance to Begin Trials of First-in-Class Tetra-Specific Cancer Antibody HLX3901
Mar 9, 2026
Shanghai Henlius Biotech has secured approval from China’s National Medical Products Administration for an investigational new drug application to begin a phase 1 clinical trial of HLX3901, a tetra-specific antibody designed for patients wit...
Henlius Wins NMPA Clearance to Begin First-in-Human Trial of Novel KAT6 Inhibitor HLX97
Mar 5, 2026
Shanghai Henlius Biotech has advanced its oncology pipeline with the National Medical Products Administration approving its investigational new drug application for HLX97, a KAT6A/B small-molecule inhibitor, to begin a phase 1 clinical trial in pa...
Shanghai Henlius Biotech Sets March Board Meeting to Approve 2025 Results
Mar 3, 2026
Shanghai Henlius Biotech, Inc. has scheduled a board meeting for 20 March 2026 to review and approve the audited final results of the company and its subsidiaries for the financial year ended 31 December 2025. The board will also consider whether ...
Henlius Starts Phase 2/3 Trial of HLX22-HLX87 Combo in HER2-Positive Metastatic Breast Cancer
Feb 27, 2026
Shanghai Henlius Biotech has begun dosing the first patient in a phase 2/3 clinical study in mainland China evaluating HLX22, a recombinant humanised anti-HER2 monoclonal antibody, in combination with HLX87, an antibody-drug conjugate targeting HE...
Henlius Wins Key EMA Backing for Pertuzumab Biosimilar HLX11 in Europe
Feb 27, 2026
Shanghai Henlius Biotech has announced that its pertuzumab biosimilar HLX11 has received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use, recommending approval for multiple HER2‑po...
Henlius Reshapes Global Licensing Strategy for HANSIZHUANG With Abbott and KGBio
Feb 24, 2026
Shanghai Henlius Biotech has restructured its regional licensing strategy for its anti-PD-1 therapy HANSIZHUANG by adjusting existing agreements with partners Abbott and PT Kalbe Genexine Biologics. The move consolidates rights across multiple eme...
Henlius Wins U.S. FDA IND Nod for Multiple Myeloma Biosimilar HLX15-SC
Feb 16, 2026
Shanghai Henlius Biotech has secured U.S. FDA approval of an investigational new drug application for a phase 1 clinical trial of HLX15-SC, a subcutaneous formulation of its fully human anti-CD38 monoclonal antibody for the treatment of multiple m...
Henlius Wins NMPA Nod to Start Trials of Daratumumab Biosimilar HLX15-SC
Feb 12, 2026
Shanghai Henlius Biotech has obtained approval from China’s National Medical Products Administration for the investigational new drug application of HLX15-SC, a subcutaneous recombinant anti-CD38 fully human monoclonal antibody, to begin a p...
Henlius Starts Phase 1b/2 Trial of HLX43 Combinations in Advanced Colorectal Cancer
Feb 11, 2026
Shanghai Henlius Biotech, Inc. has initiated patient dosing in a phase 1b/2 clinical trial in Chinese Mainland evaluating its anti-PD-L1 antibody-drug conjugate HLX43 in combination with either HLX07, an anti-EGFR humanised monoclonal antibody, or...
Henlius Grants Eisai Japan Rights to Flagship Cancer Drug HANSIZHUANG in Lucrative Licensing Deal
Feb 5, 2026
Shanghai Henlius Biotech has entered into a license agreement with Japan’s Eisai Co., Ltd. granting Eisai exclusive commercialization rights and co-exclusive development and manufacturing rights for its anti-PD-1 cancer drug HANSIZHUANG in o...
Shanghai Henlius Completes Full Circulation of H Shares on Hong Kong Stock Exchange
Feb 4, 2026
Shanghai Henlius Biotech has completed the conversion of 182,645,856 previously unlisted shares into H shares, marking the full circulation of its H shares on the Hong Kong Stock Exchange. Following the conversion, the company’s share struct...
Henlius Wins NMPA Nod for Triple-Drug Cancer Combination Trial Centered on HLX43
Jan 27, 2026
Shanghai Henlius Biotech, Inc. announced that China’s National Medical Products Administration has approved its application to conduct a clinical trial of HLX43, an anti-PD-L1 antibody-drug conjugate, in combination with HLX07, an anti-EGFR ...
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.
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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.