Akeso, Inc. (9926) AI Stock Analysis

• Market Cap: HK$102.43B
• Dividend Yield: N/A
• Average Volume (3M): 11.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.62
• Revenue Growth: 33.46%
• EPS Growth: -7.60%
• Country: HK
• Employees: 3,035
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.71
• Shares Outstanding: 921,143,200
• 10 Day Avg. Volume: 8,237,327
• 30 Day Avg. Volume: 11,452,631
• PEG Ratio: 0.76
• Price to Book (P/B): 7.12
• Price to Sales (P/S): 22.84
• P/FCF Ratio: -43.58
• 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: HK$192.96
• Price Target Upside: 54.99% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: HK$111.00 ▼(-10.84% Downside)

Akeso, Inc. faces significant challenges with negative earnings, bearish technical indicators, and liquidity risks. The strong gross margins are a positive aspect but are overshadowed by profitability and cash flow issues. The stock's valuation is unattractive due to negative earnings and lack of dividends, further impacting its overall score.

Positive Factors

Strong Gross Margins

Strong gross margins indicate efficient production and cost management, providing a buffer against profitability challenges and supporting long-term financial stability.

Proprietary Technology Platform

The proprietary technology platform enhances Akeso's ability to innovate and develop unique antibody drugs, fostering competitive advantage and long-term growth potential in the biopharmaceutical sector.

Revenue Growth

Strong revenue growth reflects successful commercialization and market acceptance of Akeso's products, indicating a robust demand and potential for sustained business expansion.

Negative Factors

Profitability Issues

Persistent profitability issues, as indicated by negative net profit margins, suggest operational inefficiencies and challenges in achieving sustainable earnings, impacting long-term financial health.

Negative Cash Flow

Negative cash flow from operations highlights difficulties in cash generation, which can strain liquidity and limit the company's ability to invest in growth opportunities or weather financial downturns.

Leverage and Liquidity Risks

Moderate leverage combined with liquidity risks can constrain financial flexibility, potentially affecting the company's ability to meet obligations and invest in strategic initiatives.

Akeso, Inc. Business Overview & Revenue Model

Company Description

Akeso, Inc. (9926) is a biopharmaceutical company focused on the research and development of innovative therapies for autoimmune diseases and cancer. The company operates primarily in the biopharmaceutical sector, with a strong emphasis on the development of monoclonal antibodies and other biologics. Akeso's core products include its proprietary drug candidates targeting multiple diseases, which are currently in various stages of clinical trials, as well as its advanced manufacturing capabilities that support both internal and external projects.

How the Company Makes Money

Akeso, Inc. generates revenue primarily through the development and commercialization of its pharmaceutical products. The company's revenue model is based on several key streams, including direct sales of approved drugs, licensing agreements with other pharmaceutical companies, and milestone payments associated with the successful progress of its drug candidates through clinical trials. Additionally, Akeso may earn revenue from partnerships and collaborations that involve co-development or research initiatives. Significant partnerships with larger pharmaceutical firms may also provide upfront payments and royalties, contributing to the company's overall earnings.

Akeso, Inc. Financial Statement Overview

Summary

Akeso, Inc. exhibits a mixed financial profile with strong gross margins but persistent profitability issues. The balance sheet is moderately leveraged, but cash flow challenges highlight potential liquidity risks. The company needs to improve operational efficiency and cash management to enhance overall financial health.

Income Statement

Akeso, Inc. has demonstrated inconsistent revenue growth, with a significant decline from 2023 to 2024. The gross profit margin remains strong, but the company has faced negative net profit margins in recent years, indicating ongoing profitability challenges. The EBIT and EBITDA margins have also been negative, highlighting operational inefficiencies.

Balance Sheet

The company's balance sheet shows a moderate debt-to-equity ratio, suggesting manageable leverage. Equity ratio is relatively stable, reflecting a balanced asset structure. However, the negative ROE indicates that the company is not currently generating positive returns on equity, posing a risk to shareholder value.

Cash Flow

Cash flow from operations has been negative in 2024, reflecting challenges in cash generation. Free cash flow has decreased, and the ratio of operating cash flow to net income indicates inefficiencies in cash management. Despite this, the financing cash flow suggests some level of external capital support.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.51B	2.12B	4.53B	837.66M	225.63M	0.00
Gross Profit	2.02B	1.83B	4.39B	734.54M	195.41M	-1.90M
EBITDA	-704.02M	-604.99M	2.17B	-1.27B	-1.32B	-1.01B
Net Income	-846.01M	-514.51M	2.03B	-1.17B	-1.07B	-1.04B
Balance Sheet
Total Assets	13.29B	12.75B	9.18B	5.50B	4.81B	3.86B
Cash, Cash Equivalents and Short-Term Investments	7.14B	7.32B	4.88B	2.29B	2.65B	2.80B
Total Debt	4.54B	3.95B	2.99B	1.88B	859.42M	198.99M
Total Liabilities	6.93B	6.00B	4.66B	2.95B	1.53B	405.73M
Stockholders Equity	6.44B	6.81B	4.69B	2.64B	3.16B	3.19B
Cash Flow
Free Cash Flow	-163.83M	-1.11B	1.59B	-2.02B	-1.71B	-1.06B
Operating Cash Flow	-408.62M	-527.62M	2.47B	-1.24B	-1.00B	-617.77M
Investing Cash Flow	-3.48B	-1.52B	-4.00B	-889.75M	-579.59M	-555.70M
Financing Cash Flow	2.84B	3.39B	960.89M	1.49B	1.59B	2.88B

Akeso, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 124.50
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9926, the sentiment is Positive. The current price of 124.5 is above the 20-day moving average (MA) of 118.30, above the 50-day MA of 120.09, and above the 200-day MA of 111.53, indicating a bullish trend. The MACD of 0.61 indicates Negative momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 35.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9926.

Akeso, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2269	63 Neutral	$130.61B	28.53	9.79%	―	16.90%	63.11%
1801	61 Neutral	$148.82B	116.92	8.41%	―	52.78%	―
1177	54 Neutral	$122.33B	30.65	11.72%	1.32%	13.69%	50.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9926	43 Neutral	HK$102.43B	-109.23	-14.40%	―	33.46%	-7.60%
1877	43 Neutral	HK$36.37B	-23.36	-15.06%	―	39.02%	48.26%
9995	40 Underperform	HK$56.01B	-48.21	-39.64%	―	46.14%	39.56%

Akeso, Inc. Corporate Events

Akeso’s Innovative Drugs Included in China’s 2025 NRDL

Akeso, Inc. announced that all approved indications of its five marketed innovative drugs have been included in China’s 2025 National Reimbursement Drug List (NRDL), effective January 1, 2026. This inclusion is expected to enhance the company’s market presence and accessibility of its treatments, potentially benefiting patients with various conditions such as cancer, hypercholesterolemia, and psoriasis.

Akeso’s Ivonescimab Shows Promising Results in HARMONi-6 Trial for Advanced sq-NSCLC

Akeso, Inc. announced the results of its HARMONi-6 trial, which were presented at the 2025 European Society For Medical Oncology Symposium and published in The Lancet. The trial demonstrated that ivonescimab plus chemotherapy significantly improved progression-free survival in patients with advanced sq-NSCLC compared to tislelizumab plus chemotherapy. The trial results highlight the superior efficacy and safety profile of ivonescimab, reinforcing Akeso’s leadership in oncology and addressing clinical gaps in current treatments.