SinoMab Bioscience Ltd. (3681) AI Stock Analysis

• Market Cap: HK$2.24B
• Dividend Yield: N/A
• Average Volume (3M): 6.69M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• 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: 4,453,535
• 30 Day Avg. Volume: 6,691,010
• 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

• Rating: 40 Neutral
• Price Target: HK$1.50 ▼(-3.85% Downside)

SinoMab Bioscience Ltd. is facing significant financial and operational challenges, with persistent losses and negative cash flows. 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.

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 Ltd. generates revenue primarily through the development and commercialization of its biopharmaceutical products. The company earns money by selling its monoclonal antibody drugs to healthcare providers, hospitals, and clinics that treat autoimmune diseases. Additionally, SinoMab may engage in licensing agreements and strategic partnerships with other pharmaceutical companies, allowing them to co-develop or distribute its products in different markets. These partnerships can provide upfront payments, milestone payments, and royalties as additional revenue streams. The company's success in clinical trials and regulatory approvals also plays a significant role in its ability to bring new drugs to market, thereby expanding its potential for revenue generation.

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: 1.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 1.56 is below the 20-day moving average (MA) of 1.69, below the 50-day MA of 1.99, and below the 200-day MA of 1.77, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 42.73 is Neutral, neither overbought nor oversold. The STOCH value of 52.38 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	―	HK$38.94B	43.75	27.37%	―	2.57%	18.79%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
1877	―	HK$38.08B	-21.94	-15.06%	―	39.02%	48.26%
2179	―	HK$3.34B	―	-129.05%	―	―	-18.99%
3681	―	HK$2.24B	―	-55.33%	―	-100.00%	30.68%
9995	―	HK$52.13B	-37.14	-39.64%	―	46.14%	39.56%
2157	―	HK$11.52B	-55.06	-21.42%	―	240.05%	-140.09%

SinoMab Bioscience Ltd. Corporate Events

SinoMab Doses First Cohort with Subcutaneous SM17 in China Study

SinoMab BioScience Limited announced the successful dosing of the first cohort of healthy subjects with the subcutaneous formulation of its novel monoclonal antibody, SM17, in a bridging study in China. This study aims to evaluate the safety, tolerability, and pharmacokinetics of SM17, which targets the IL-25 receptor to modulate immune responses in autoimmune and inflammatory diseases. The subcutaneous form of SM17 is expected to improve patient compliance and administration convenience, positioning it as a potentially safer and more effective treatment for atopic dermatitis compared to existing therapies.

The most recent analyst rating on (HK:3681) stock is a Hold with a HK$2.00 price target. To see the full list of analyst forecasts on SinoMab Bioscience Ltd. stock, see the HK:3681 Stock Forecast page.

SinoMab BioScience Announces New Company Secretary Appointment

SinoMab BioScience Limited announced a change in its company secretary position, with Ms. Chow Yuk Yin Ivy resigning and Ms. Lai Florence Wai Ki being appointed as her replacement, effective October 8, 2025. This transition is expected to strengthen the company’s corporate compliance and advisory capabilities, given Ms. Lai’s extensive experience and professional background.

The most recent analyst rating on (HK:3681) stock is a Hold with a HK$2.00 price target. To see the full list of analyst forecasts on SinoMab Bioscience Ltd. stock, see the HK:3681 Stock Forecast page.

SinoMab BioScience Reports Key Progress in Clinical Trials for 2025

SinoMab BioScience Limited announced significant advancements in its clinical trial programs during the first half of 2025. The company’s flagship product, SM03 (Suciraslimab), showed promising preclinical results for systemic lupus erythematosus, leading to a strategic shift away from rheumatoid arthritis treatment. Additionally, SM17 demonstrated positive Phase 1b results for atopic dermatitis, highlighting its potential as a leading treatment in the field. The company is also progressing with its anti-CGC antibody for alopecia areata, with an IND application expected by 2026.

The most recent analyst rating on (HK:3681) stock is a Hold with a HK$3.50 price target. To see the full list of analyst forecasts on SinoMab Bioscience Ltd. stock, see the HK:3681 Stock Forecast page.

SinoMab Completes New Share Subscription to Raise HK$50.68 Million

SinoMab BioScience Limited has completed the subscription of 24,965,400 new shares under a general mandate with Subscribers H and O. This issuance, which represents approximately 1.80% of the company’s enlarged share capital, is expected to generate net proceeds of about HK$50.68 million, impacting the company’s shareholding structure and potentially enhancing its financial position.

The most recent analyst rating on (HK:3681) stock is a Hold with a HK$3.50 price target. To see the full list of analyst forecasts on SinoMab Bioscience Ltd. stock, see the HK:3681 Stock Forecast page.

SinoMab BioScience Schedules Board Meeting to Review Interim Results

SinoMab BioScience Limited has announced a board meeting scheduled for August 29, 2025, to review and approve the interim results for the first half of the year ending June 30, 2025. This meeting is significant as it will address the company’s financial performance and potentially influence its strategic direction and stakeholder confidence.

SinoMab Completes New Share Subscription to Boost Drug Development

SinoMab BioScience Limited has completed the subscription of new shares under a general mandate, issuing 157,107,000 shares, which represents approximately 11.54% of the company’s enlarged share capital. The net proceeds from these subscriptions, amounting to approximately HK$318,782,210, will be used for clinical trials, pre-clinical research, and general corporate purposes, with the funds expected to be fully utilized by the end of 2027. This strategic move is anticipated to strengthen SinoMab’s operational capabilities and support its ongoing and future drug development initiatives.

SinoMab BioScience Enters Strategic Biomedicine Partnership

SinoMab BioScience Limited has entered into a three-year strategic cooperation agreement with Sun Yat-sen University Institute of Advanced Studies Hong Kong to conduct joint research and development in biomedicine. This collaboration aims to leverage mutual expertise in scientific research, drug development, and technical support, with a focus on advancing therapeutics for debilitating diseases. The agreement includes joint usage of facilities, training programs, and a funding commitment from SinoMab to support the projects, enhancing the company’s operational capabilities and industry positioning.

SinoMab BioScience Grants Over 46 Million Share Options to Employees and Service Providers

SinoMab BioScience Limited announced the grant of 46,585,862 share options to 20 employees and two service providers under its 2022 Share Option Scheme. This move is part of the company’s strategy to incentivize and retain talent, aligning employee performance with company growth. The share options, exercisable over an eight-year period starting from July 2027, are tied to performance evaluations, ensuring that the grantees’ contributions are rewarded. The absence of a clawback mechanism is justified by existing protective measures within the scheme rules.