RemeGen Co. Ltd. Class H (9995) AI Stock Analysis

• Market Cap: HK$51.74B
• Dividend Yield: N/A
• Average Volume (3M): 6.34M
• Price to Earnings (P/E): 51.5
• Beta (1Y): 1.57
• Revenue Growth: 46.14%
• EPS Growth: 39.56%
• Country: HK
• Employees: 2,999
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 208,581,240
• 10 Day Avg. Volume: 6,644,676
• 30 Day Avg. Volume: 6,343,592
• PEG Ratio: 1.98
• Price to Book (P/B): 3.66
• Price to Sales (P/S): 4.24
• P/FCF Ratio: -5.27
• 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$104.60
• Price Target Upside: 36.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: HK$80.00 ▲(4.03% Upside)
• Action: Reiterated Date: 01/15/26
• Date: Action: Reiterated 01/15/26

The score is held back primarily by weak financial performance—continued losses and worsening/negative cash flow despite revenue growth and strong gross margins. Technicals are supportive (price above major moving averages and positive MACD) but appear overextended (high RSI/Stoch). Valuation is also constrained by a negative P/E tied to unprofitability and no dividend yield data.

Positive Factors

Gross Margin Strength

An 83.24% gross margin indicates strong product pricing and efficient biologics manufacturing economics. This durable margin provides a structural cushion to absorb SG&A and R&D, enabling a clearer path to operating profitability if the company achieves scale and cost control over coming quarters.

Revenue Growth Trend

Sustained revenue growth of 10.01% TTM demonstrates commercial traction for approved therapies and expanding market adoption. Continued top-line expansion supports fixed-cost absorption and scale benefits, improving the odds of durable margin improvement and self‑funding capacity over the next several quarters.

Partnerships and Distribution

Structural collaborations broaden distribution, provide milestone/royalty streams, and accelerate access to international markets. These partnerships diversify revenue sources, reduce single-market commercialization risk, and strengthen long-term go-to-market capabilities beyond transient sales cycles.

Negative Factors

Cash Flow Deterioration

A -63.15% decline in free cash flow and negative operating cash flow reveal the business consumes cash despite revenue gains. This structural cash burn heightens financing risk, may force dilution or spending cuts, and constrains investment in R&D and commercial expansion over the medium term.

Persistent Unprofitability

Ongoing negative net income and EBIT margins, alongside a negative ROE, indicate the company has yet to convert high gross margins into operating profit. Persistent unprofitability erodes equity, limits self‑funding of growth, and necessitates sustained margin improvement or recurring external capital raises.

Elevated Leverage Risk

Debt-to-equity near 0.94, while improved, still represents meaningful leverage. Combined with negative cash flow and losses, this level raises refinancing and interest burden risk, reducing financial flexibility to fund pipeline development or scale commercialization without additional external financing.

RemeGen Co. Ltd. Class H Business Overview & Revenue Model

Company Description

RemeGen Co., Ltd., a biopharmaceutical company, engages in the discovery, development, and commercialization of biologics for the treatment of autoimmune, oncology, and ophthalmic diseases with unmet medical needs in Mainland China and the United States. The company offers Telitacicept (RC18) for use in the treatment of systemic lupus erythematosus an autoimmune disease and Disitamab Vedotin (RC48) for use in the treatment of various cancers. Its products in various stages of development include RC18, which is under phase III clinical trials for the treatment of neuromyelitis optica spectrum disorder and rheumatoid arthritis, and phase II clinical trials for the treatment of IgA nephritis, Sjögren's syndrome, multiple sclerosis, and myasthenia gravis; RC28, which has completed Phase 1 clinical trials for use in the treatment of wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy; RC98, a PD-L1 monoclonal antibody for the treatment of solid tumors and is under Phase I clinical trial; RC88, which is in Phase 1 clinical trials for use in the treatment of mesothelioma, bile duct carcinoma, pancreatic cancer, ovarian carcinoma, lung adenocarcinoma, and other solid tumors, as well as lung and urothelial cancer; and RC108 that is in Phase 1 clinical trials to treat various solid tumors. In addition, the company's products under pre-clinical development include RC118, RC138, RC148, RC158, RC168, RC178, RC188, and RC198 to treat various solid tumors; and RC208, RC218, and RC228 to treat ophthalmic diseases. RemeGen Co., Ltd. was incorporated in 2008 and is headquartered in Yantai, the People's Republic of China.

How the Company Makes Money

RemeGen generates revenue primarily through the commercialization of its therapeutic products, which include proprietary drugs that have received regulatory approval for use in treating various cancers and autoimmune conditions. The company earns money through direct sales of its products to hospitals and healthcare providers, as well as through licensing agreements and collaborations with other pharmaceutical companies. Significant partnerships and collaborations with global healthcare organizations help to enhance its market reach and distribution capabilities, contributing positively to its earnings. Additionally, RemeGen may receive milestone payments and royalties from its partners based on the performance of co-developed products, further diversifying its revenue streams.

RemeGen Co. Ltd. Class H Financial Statement Overview

Summary

Revenue is growing (10.01% TTM) and gross margin is strong (83.24%), but profitability remains weak with negative net income/EBIT margins. Balance sheet leverage has improved (debt-to-equity 0.94) yet ROE is still negative, and cash flow is a key concern with sharply deteriorating free cash flow (-63.15% TTM) and negative operating cash flow signals.

Income Statement

RemeGen Co. Ltd. has shown a positive revenue growth rate of 10.01% in the TTM, indicating an upward trend in sales. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin remains strong at 83.24%, but the persistent negative net income and EBIT suggest operational inefficiencies or high costs.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.94 in the TTM, indicating a reduction in leverage compared to previous years. However, the return on equity remains negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid asset base, but the high debt levels pose a risk if profitability does not improve.

Cash Flow

RemeGen Co. Ltd. faces significant challenges in cash flow management, with a negative free cash flow growth rate of -63.15% in the TTM. The operating cash flow to net income ratio is also negative, indicating cash flow issues. Despite a high free cash flow to net income ratio, the overall cash flow situation is concerning due to negative operating cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.22B	1.72B	1.08B	767.77M	1.42B	0.00
Gross Profit	1.85B	1.37B	822.99M	497.84M	1.36B	0.00
EBITDA	-689.14M	-1.19B	-1.25B	-805.70M	402.05M	-661.56M
Net Income	-947.50M	-1.47B	-1.51B	-997.84M	276.26M	-727.09M
Balance Sheet
Total Assets	5.98B	5.50B	5.53B	6.02B	4.16B	4.12B
Cash, Cash Equivalents and Short-Term Investments	1.18B	759.53M	709.07M	2.19B	1.76B	2.77B
Total Debt	2.18B	2.67B	1.26B	165.03M	102.78M	197.69M
Total Liabilities	3.66B	3.51B	2.09B	1.04B	712.79M	523.07M
Stockholders Equity	2.32B	1.99B	3.44B	4.98B	3.45B	3.59B
Cash Flow
Free Cash Flow	-326.42M	-1.38B	-2.35B	-2.02B	-353.71M	-1.14B
Operating Cash Flow	-64.39M	-1.11B	-1.50B	-1.26B	263.63M	-660.08M
Investing Cash Flow	-104.48M	-248.24M	-817.65M	-841.56M	-637.95M	-479.06M
Financing Cash Flow	573.25M	1.39B	978.31M	2.43B	-626.90M	3.90B

RemeGen Co. Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 76.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9995, the sentiment is Negative. The current price of 76.9 is below the 20-day moving average (MA) of 79.65, below the 50-day MA of 83.21, and below the 200-day MA of 78.87, indicating a bearish trend. The MACD of -2.63 indicates Positive momentum. The RSI at 32.68 is Neutral, neither overbought nor oversold. The STOCH value of 15.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9995.

RemeGen Co. Ltd. Class H Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2696	66 Neutral	HK$23.20B	33.55	27.37%	―	2.57%	18.79%
1548	60 Neutral	HK$23.58B	-21.83	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9995	47 Neutral	HK$51.74B	51.47	-39.64%	―	46.14%	39.56%
9688	47 Neutral	HK$15.41B	-10.93	-30.41%	―	23.87%	30.08%
1877	38 Underperform	HK$30.65B	-22.62	-15.06%	―	38.56%	48.26%

RemeGen Co. Ltd. Class H Corporate Events

RemeGen Forecasts 2025 Profit Turnaround on Surging Drug Sales and Global Licensing Deal

RemeGen Co., Ltd. has issued preliminary 2025 financial estimates indicating a sharp rebound in performance, with operating revenue expected to reach about RMB3.25 billion, up roughly 89% year on year, and net profit attributable to shareholders projected at around RMB716 million, compared with a substantial loss in 2024. The turnaround is driven by rapid sales growth of its core biologic drugs telitacicept and disitamab vedotin in China, a major global licensing deal granting Vor Biopharma exclusive rights to develop and commercialize telitacicept outside Greater China that boosts technology licensing income and shifts some overseas R&D costs to the partner, as well as internal cost and efficiency measures that have lowered production costs, improved gross margins and reduced sales expenses; even after excluding non-recurring gains, notably from fair-value changes of warrants tied to the licensing transaction, the company expects to move from loss to profit in 2025, signaling a significant improvement in its profitability profile and market positioning.

The most recent analyst rating on (HK:9995) stock is a Hold with a HK$88.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Completes RMB20 Million A-Share Buyback for Future Equity Incentives

RemeGen Co., Ltd. has completed a share repurchase plan for its A-shares on the Shanghai Stock Exchange, using RMB20 million of its own and/or self-raised funds to buy back 194,144 shares, or 0.0344% of its total share capital, via centralized bidding. The board had previously approved the plan with a funding range of RMB20 million to RMB40 million and later raised the maximum repurchase price from RMB95 to RMB116 per share to reflect confidence in the company’s long-term value and market conditions, with the actual buyback executed at prices between RMB102.17 and RMB103.78 per share; the repurchased shares are earmarked for future employee stock ownership or equity incentive schemes, and the company said the transaction will not materially affect its operations, financial position, control structure, or listing status.

The most recent analyst rating on (HK:9995) stock is a Hold with a HK$99.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Raises Share Buyback Price Cap to Enable A‑Share Repurchase Plan

RemeGen Co., Ltd. has confirmed details of its previously approved A-share repurchase programme, under which it plans to use RMB20 million to RMB40 million of its own or self-raised funds to buy back shares via centralized bidding over a 12‑month period, with the repurchased stock earmarked for future employee stock ownership plans or equity incentive schemes. In response to a sustained rise in its share price above the original cap, the company’s board has raised the maximum repurchase price from RMB95 to RMB116 per share, a move it says complies with Chinese securities regulations and remains within 150% of the 30‑day average trading price, aiming to ensure the buyback can proceed as planned and signaling management’s confidence in the company’s long-term value, though no repurchases have yet commenced and all other terms of the plan remain unchanged.

The most recent analyst rating on (HK:9995) stock is a Hold with a HK$101.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Signs Up to US$5.6 Billion Global Licensing Deal with AbbVie for Cancer Drug RC148

RemeGen Co., Ltd. has signed an exclusive global licensing agreement with an AbbVie-controlled entity for RC148, its novel PD-1/VEGF-targeting bispecific antibody, granting AbbVie rights to develop, manufacture and commercialize the drug outside Greater China. The deal, effective upon regulatory clearance, provides RemeGen with a US$650 million upfront payment and potential milestone payments of up to US$4.95 billion plus tiered double‑digit royalties on ex‑Greater China sales, substantially strengthening its financial position and validating its oncology pipeline while positioning AbbVie to broaden its cancer portfolio with an innovative immuno-oncology asset.

The most recent analyst rating on (HK:9995) stock is a Sell with a HK$73.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Co., Ltd. Announces A Share Repurchase Plan to Boost Employee Incentives

RemeGen Co., Ltd. has announced a plan to repurchase a portion of its A shares, with the aim of implementing an employee equity incentive scheme. The repurchase, valued between RMB20 million and RMB40 million, is intended to align the interests of shareholders, the company, and its employees, thereby enhancing investor confidence. This strategic move is expected to establish a long-term incentive mechanism, although the actual repurchase will depend on market conditions.

The most recent analyst rating on (HK:9995) stock is a Sell with a HK$75.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Co., Ltd. Approves Key Resolutions at 2025 EGM

RemeGen Co., Ltd. recently held its 2025 third extraordinary general meeting (EGM) where key resolutions were passed. The meeting saw a significant turnout with 47.58% of shares represented. Key resolutions included the approval of expected day-to-day related party transactions for 2026 to 2028 and amendments to several governance policies. These decisions are poised to influence the company’s operational strategies and governance structure, potentially impacting its market position and stakeholder relations.

The most recent analyst rating on (HK:9995) stock is a Hold with a HK$88.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.

RemeGen Co., Ltd. Announces 2025 Third Extraordinary General Meeting

RemeGen Co., Ltd. has announced the convening of its 2025 third extraordinary general meeting (EGM) scheduled for December 2, 2025. The meeting will address resolutions concerning related party transactions for 2026 to 2028 and amendments to several governance policies, which could impact the company’s operational and strategic framework.

The most recent analyst rating on (HK:9995) stock is a Sell with a HK$86.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.