SinoMab Bioscience Ltd. (3681) AI Stock Analysis

• Market Cap: HK$1.87B
• Dividend Yield: N/A
• Average Volume (3M): 6.26M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.34
• Revenue Growth: -100.00%
• EPS Growth: 30.68%
• Country: HK
• Employees: 95
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 1,386,638,300
• 10 Day Avg. Volume: 8,278,616
• 30 Day Avg. Volume: 6,255,789
• PEG Ratio: 0.20
• Price to Book (P/B): 5.70
• Price to Sales (P/S): 542.51
• P/FCF Ratio: -6.38
• 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: 45 Neutral
• Price Target: HK$1.50 ▲(7.91% Upside)

SinoMab Bioscience Ltd. has a challenging financial outlook with persistent losses and high financial leverage. The technical indicators suggest a bearish trend, and the valuation metrics highlight ongoing profitability issues. These factors collectively result in a low overall stock score.

Positive Factors

Proprietary monoclonal antibody pipeline

SinoMab’s R&D-focused business model, centered on proprietary monoclonal antibodies for autoimmune and cancer indications, supports durable value creation. A strong pipeline enables future product revenues, milestone/licensing deals and strategic partnerships that can compound long-term commercial upside.

Recent revenue growth trend

A 48.4% year-over-year revenue increase signals improving commercial traction or partner-derived milestone recognition. Sustained top-line growth can extend runway, validate assets in development, and strengthen negotiating leverage with partners and investors over the medium term.

Some shareholder equity cushion

A stable equity ratio near 25.6% provides a modest capital buffer against liabilities, reducing immediate insolvency risk. That buffer supports continued R&D and clinical programs while management pursues funding or partnerships, offering moderate financial durability over coming months.

Negative Factors

Persistent losses and negative operating cash flow

Ongoing net losses and negative operating cash flow erode financial flexibility and shorten runway absent fresh capital. Reliance on external financing or partner milestones may dilute shareholders or constrain R&D/commercial investment, posing a structural liquidity and execution risk.

High financial leverage

A debt-to-equity ratio of 2.5 signals significant leverage that increases fixed interest obligations and default risk. High leverage limits strategic optionality, raises refinancing risk during market stress, and can force asset sales or punitive financing terms over the medium term.

Volatile revenue and negative margins

Revenue volatility combined with negative EBIT/EBITDA margins indicates difficulty scaling to profitable operations. Structural margin deficits imply the current business model does not cover operating costs, complicating forecasting and undermining sustainable profitability without significant changes.

SinoMab Bioscience Ltd. Business Overview & Revenue Model

Company Description

SinoMab BioScience Limited, a biopharmaceutical company, engages in the research, development, manufacture, and commercialization of therapeutics for the treatment of immunological diseases primarily monoclonal antibody (mAb)-based biologics. Its flagship product is SM03, a first-in-target anti-CD22 mAb, which is in Phase III clinical trial for the treatment of rheumatoid arthritis (RA), as well as in various clinical stages for other immunological diseases, such as systemic lupus erythematosus (SLE), Sjogren's syndrome (SS), and non-Hodgkin's lymphoma (NHL). The company also focuses on developing SN1011, a Bruton's tyrosine kinase inhibitor, which is in Phase II clinical trial for the treatment of pemphigus, as well as in phase 1 clinical trial to treat multiple sclerosis, SLE, and NMOSD. Its products under the preclinical stage comprise SM17 for the treatment of asthma, atopic dermatitis, and idiopathic pulmonary fibrosis; SM06 to treat RA, SLE, NMOSD, and SS; SM09 for the treatment of NHL and RA; and TNF2 for the treatment of autoimmune diseases. The company operates in Mainland China, the Cayman Islands, and Hong Kong. SinoMab BioScience Limited was incorporated in 2001 and is headquartered in Pak Shek Kok, Hong Kong.

How the Company Makes Money

SinoMab Bioscience generates revenue primarily through the commercialization of its biopharmaceutical products, including sales of its monoclonal antibody therapies upon gaining regulatory approval and entering the market. Additionally, the company may earn revenue through licensing agreements, partnerships with larger pharmaceutical firms, and research collaborations that facilitate the development and distribution of its products. Key revenue streams include milestone payments from partners, royalties on product sales, and potential government or private grants for research and development. Furthermore, strategic partnerships with organizations that have established distribution networks can enhance market access and contribute significantly to the company's earnings.

SinoMab Bioscience Ltd. Financial Statement Overview

Summary

SinoMab Bioscience Ltd. faces significant financial challenges, with persistent net losses and negative operating cash flows. The company's financial leverage is high, posing risks to financial stability. While revenue shows some growth, it remains inadequate to offset operational losses, suggesting a need for strategic shifts to improve profitability and cash generation.

Income Statement

SinoMab Bioscience Ltd. shows a volatile revenue trend and consistently negative EBIT and EBITDA margins, indicating operational inefficiencies and challenges in reaching profitability. Revenue grew by 48.4% from 2023 to 2024 but remains insufficient to cover operational costs.

Balance Sheet

The company has a high debt-to-equity ratio of 2.5 as of 2024, reflecting financial leverage that poses potential risks. Stockholders' equity has declined, but the equity ratio remains relatively stable at around 25.6%, indicating some degree of financial stability.

Cash Flow

Operating cash flow remains negative, and free cash flow deterioration continues, although there was a slight reduction in negative free cash flow from 2023 to 2024. The company struggles to generate cash from operations relative to net income, which is a concern for liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-4.05M	2.03M	1.36M	4.03M	26.66M	12.76M
Gross Profit	-4.05M	543.00K	422.00K	4.03M	26.66M	12.76M
EBITDA	-116.76M	-142.79M	-200.46M	-244.29M	-296.43M	-158.61M
Net Income	-144.34M	-185.14M	-243.11M	-284.16M	-288.19M	-122.60M
Balance Sheet
Total Assets	722.09M	753.10M	847.79M	1.01B	1.04B	1.13B
Cash, Cash Equivalents and Short-Term Investments	143.10M	106.88M	234.66M	376.19M	589.53M	916.20M
Total Debt	408.11M	482.27M	450.81M	357.18M	275.46M	97.84M
Total Liabilities	478.80M	560.19M	552.20M	498.77M	361.43M	142.51M
Stockholders Equity	243.29M	192.91M	295.58M	509.57M	680.23M	987.01M
Cash Flow
Free Cash Flow	-59.02M	-172.30M	-237.74M	-413.29M	-345.30M	-217.29M
Operating Cash Flow	-87.12M	-130.80M	-133.85M	-300.54M	-147.06M	-141.34M
Investing Cash Flow	17.14M	-94.48M	-96.92M	-81.36M	-137.70M	-179.22M
Financing Cash Flow	18.09M	73.27M	82.27M	102.28M	57.52M	-18.81M

SinoMab Bioscience Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3681, the sentiment is Negative. The current price of 1.39 is below the 20-day moving average (MA) of 1.50, below the 50-day MA of 1.50, and below the 200-day MA of 1.90, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 40.47 is Neutral, neither overbought nor oversold. The STOCH value of 28.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3681.

SinoMab Bioscience Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2696	66 Neutral	HK$31.14B	34.99	27.37%	―	2.57%	18.79%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9995	47 Neutral	HK$58.04B	-44.61	-39.64%	―	46.14%	39.56%
3681	45 Neutral	HK$1.87B	-9.46	-55.33%	―	-100.00%	30.68%
2179	44 Neutral	HK$2.40B	-3.40	-129.05%	―	―	-18.99%
2157	40 Underperform	HK$8.66B	-41.39	-21.42%	―	240.05%	-140.09%
1877	38 Underperform	HK$36.44B	-20.84	-15.06%	―	38.56%	48.26%

SinoMab Bioscience Ltd. Corporate Events

SinoMab’s SM17 IND Application for IBD Accepted by NMPA

SinoMab BioScience Limited announced that its Investigational New Drug application for SM17, targeting Inflammatory Bowel Disease (IBD), has been accepted by China’s National Medical Products Administration. This development marks a significant step in expanding SM17’s application beyond atopic dermatitis to include chronic conditions like Crohn’s disease and ulcerative colitis. SM17’s unique mechanism of action, which involves modulating Type II inflammatory responses, positions it as a promising candidate for addressing the complex pathology of IBD, potentially offering a novel treatment option for patients with refractory or complex disease phenotypes. The company anticipates that this expansion could significantly impact its market position by addressing substantial clinical and commercial needs.

The most recent analyst rating on (HK:3681) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on SinoMab Bioscience Ltd. stock, see the HK:3681 Stock Forecast page.