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

• Market Cap: HK$59.99B
• Dividend Yield: N/A
• Average Volume (3M): 6.34M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.68
• Revenue Growth: 46.14%
• EPS Growth: 39.56%
• Country: HK
• Employees: 2,999
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• 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$99.82
• Price Target Upside: 7.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: HK$99.00 ▲(6.28% Upside)

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

High gross margins

An 83% gross margin reflects strong product-level economics typical for proprietary biologics. That durable margin provides pricing power and the capacity to absorb R&D and distribution costs, supporting long-term profitability potential if operating expenses are controlled.

Strong revenue growth

Sustained top-line growth (reported ~46%) indicates successful commercialization and accelerating product adoption. Continued revenue expansion creates scale advantages, supports future margin improvement, and supplies internal funding for further R&D and global commercialization over months.

Improved leverage

Deleveraging to a ~0.94 D/E reduces financial risk and improves balance sheet resilience. Lower leverage increases flexibility to fund late-stage trials or commercialization, lowers refinancing pressure, and gives management room to prioritize strategic investments without immediate solvency concerns.

Negative Factors

Negative free cash flow growth

A ~-63% free cash flow growth rate and negative operating cash-to-net-income indicate recurring cash burn. Persistent negative cash flows threaten the company’s ability to self-fund R&D and launches, increasing reliance on external financing or dilution over the medium term if not remedied.

Persistent unprofitable operations

Negative EBIT and net margins despite strong gross margins point to high operating costs or inefficiencies. If structural cost bases are not reduced, the company will struggle to convert sales into sustainable profits, undermining long-term return generation for shareholders.

Negative return on equity

A negative ROE signals that invested capital has not produced positive shareholder returns, indicating capital inefficiency or unprofitable expansion. Prolonged negative ROE can hamper the company’s ability to attract non-dilutive capital and constrain strategic growth options.

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

RemeGen Co. Ltd. faces significant challenges in achieving profitability, with persistent negative margins and rising leverage. Despite promising revenue growth, the company struggles with cash flow and balance sheet weaknesses, impacting its financial stability.

Income Statement

RemeGen Co. Ltd. has shown substantial revenue growth from 2022 to 2024, with a 59.5% increase in 2024. However, persistent negative EBIT and net income margins highlight ongoing profitability challenges, with a gross profit margin of 79.8% in 2024 offset by significant operating losses.

Balance Sheet

The company maintains a high debt-to-equity ratio, increasing from 0.37 in 2023 to 1.34 in 2024, indicating rising leverage. The equity ratio has decreased to 36.1% in 2024 from 62.2% in 2023, reflecting a more leveraged balance sheet. Additionally, negative ROE suggests continued profitability issues.

Cash Flow

RemeGen's cash flow statement reveals negative free cash flow throughout the years, with a 41.4% improvement in 2024. The operating cash flow to net income ratio is negative, indicating insufficient cash generation from operations to cover losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.28B	1.72B	1.08B	767.77M	1.42B	0.00
Gross Profit	1.90B	1.37B	822.99M	497.84M	1.36B	0.00
EBITDA	-697.57M	-1.19B	-1.25B	-805.70M	402.05M	-661.56M
Net Income	-957.01M	-1.47B	-1.51B	-997.84M	276.26M	-727.09M
Balance Sheet
Total Assets	6.53B	5.50B	5.53B	6.02B	4.16B	4.12B
Cash, Cash Equivalents and Short-Term Investments	1.29B	759.53M	709.07M	2.19B	1.76B	2.77B
Total Debt	2.39B	2.67B	1.26B	165.03M	102.78M	197.69M
Total Liabilities	4.00B	3.51B	2.09B	1.04B	712.79M	523.07M
Stockholders Equity	2.54B	1.99B	3.44B	4.98B	3.45B	3.59B
Cash Flow
Free Cash Flow	-288.82M	-1.38B	-2.35B	-2.02B	-353.71M	-1.14B
Operating Cash Flow	-21.57M	-1.11B	-1.50B	-1.26B	263.63M	-660.08M
Investing Cash Flow	-119.50M	-248.24M	-817.65M	-841.56M	-637.95M	-479.06M
Financing Cash Flow	526.64M	1.39B	978.31M	2.43B	-626.90M	3.90B

RemeGen Co. Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 93.15
• 50DMA: Positive
• 100DMA: Positive
• 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:9995, the sentiment is Positive. The current price of 93.15 is above the 20-day moving average (MA) of 81.62, above the 50-day MA of 83.33, and above the 200-day MA of 70.66, indicating a bullish trend. The MACD of 3.38 indicates Negative momentum. The RSI at 60.05 is Neutral, neither overbought nor oversold. The STOCH value of 77.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$36.52B	41.04	27.37%	―	2.57%	18.79%
1548	60 Neutral	HK$30.91B	―	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9995	47 Neutral	HK$59.99B	-49.35	-39.64%	―	46.14%	39.56%
9688	42 Neutral	HK$17.30B	-10.19	-30.41%	―	23.87%	30.08%
1877	38 Underperform	HK$39.27B	-23.88	-15.06%	―	38.56%	48.26%

RemeGen Co. Ltd. Class H Corporate Events

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.

RemeGen Co., Ltd. Engages in Strategic Wealth Management Transaction

RemeGen Co., Ltd. has announced a discloseable transaction involving the purchase of a principal-guaranteed wealth management product worth RMB400 million from SPDB Yantai Branch. This transaction, along with a prior agreement made in October 2025, is part of the company’s strategy to utilize idle self-owned funds for cash management, reflecting a cautious approach to financial management amidst market fluctuations. The purchase is subject to reporting and announcement requirements under the Hong Kong Listing Rules due to the aggregated transaction value exceeding 5% of the applicable percentage ratios.

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.

RemeGen Co., Ltd. Releases 2025 Q3 Unaudited Financial Report

RemeGen Co., Ltd. has released its unaudited 2025 third quarterly report, prepared according to Chinese accounting principles and the STAR Market requirements of the Shanghai Stock Exchange. The report, which has been reviewed by the audit committee but not by independent auditors, emphasizes the company’s commitment to transparency and accuracy in its financial disclosures, advising shareholders and potential investors to exercise caution when dealing with its securities.

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. Renews Key Connected Transactions and Adjusts Leasing Agreements

RemeGen Co., Ltd. has announced the renewal of several connected transactions, including the MabPlex Master Service Agreement and the Materials Purchase Framework Agreement, extending their terms from 2026 to 2028. These transactions, which involve key stakeholders such as MabPlex and RC Pharma, are crucial for the company’s continued operations and strategic partnerships. Additionally, the company plans to adjust its leasing agreements by increasing equipment leases and reducing building and apartment leases, reflecting its business expansion and changing demand.

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. Schedules Board Meeting to Review Q3 Results

RemeGen Co., Ltd. has announced that its board of directors will convene on October 30, 2025, to review and approve the company’s unaudited third-quarter results for the period ending September 30, 2025. This meeting is significant as it will provide insights into the company’s financial performance and strategic direction, potentially impacting its market position and stakeholder interests.

The most recent analyst rating on (HK:9995) stock is a Sell with a HK$89.00 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. Engages in Strategic Cash Management with SPDB Wealth Products

RemeGen Co., Ltd. has announced a discloseable transaction involving the purchase of wealth management products from SPDB Yantai Branch, utilizing idle self-owned funds and raised proceeds. The transaction involves a total investment of RMB500 million, with the aim of optimizing cash management and potentially enhancing financial returns through principal-guaranteed products linked to the EUR-USD exchange rate. This move is subject to reporting and announcement requirements under the Hong Kong Listing Rules, reflecting the company’s strategic financial management efforts.

The most recent analyst rating on (HK:9995) stock is a Sell with a HK$89.00 price target. To see the full list of analyst forecasts on RemeGen Co. Ltd. Class H stock, see the HK:9995 Stock Forecast page.