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Chinese biotech developing antibody drugs for allergic and autoimmune diseases, led by CM310 (stapokibart).
Chinese biotech developing antibody drugs for allergic and autoimmune diseases, led by CM310 (stapokibart).
Income so far comes from selling its first approved antibody, CM310, into China's hospital system, plus upfront and milestone payments from partners that license other programs. The rest of the pipeline is still in trials, so spending on development runs ahead of sales.
In one line: A Chinese Regeneron-style antibody biotech focused on allergy/immunology.
Moat: narrow (IP / patents). Proprietary antibody pipeline with patent protection in a fast-growing allergy drug class.
Headquarters: Chengdu, China · Founded: 2012 · Employees: 1,625
Size Keymed Biosciences (2162.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $2.48B, the 382nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$69.30 on 6 Nov 2026.
Performance Over six months the shares fell 5.7%, against -3.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median -2.4%); the operating margin is -73.1% (peer median 9.8%).
Valuation It trades at 18.6× forward earnings against a peer median of 35.7× (5th cheapest of 15).
Capital Return on invested capital runs 41.2 points below its cost of capital (7.2% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$942M | HK$777M | HK$464M | HK$391M | HK$116M |
| Revenue growth | — | +67% | +19% | +236% | — |
| Gross profit | HK$644M | HK$575M | HK$350M | HK$274M | HK$71.3M |
| EBITDA | -HK$586M | -HK$545M | -HK$569M | -HK$428M | -HK$590M |
| Net income | HK$902M | -HK$567M | -HK$559M | -HK$397M | -HK$358M |
| Free cash flow | -HK$963M | -HK$930M | -HK$818M | -HK$672M | -HK$733M |
| Capital expenditure | HK$297M | HK$365M | HK$233M | HK$423M | HK$325M |
| Total debt | n/a | HK$878M | HK$802M | HK$461M | HK$137M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Keymed Biosciences 2162.HK | $2.48B | -6% | 0% | -73% | 18.6× | n/a |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Galderma GALD.SW | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% |
| Almirall ALM.MC | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2162.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | +1.6% | 5th lowest of 21 |
| 6-month return | -5.7% | -3.4% | 10th lowest of 21 |
| Distance from 52-week high | -22.8% | -22.9% | 11th highest of 21 |
| Revenue growth (TTM) | +0.1% | -2.4% | 9th highest of 19 |
| Operating margin | -73.1% | 9.8% | 2nd lowest of 18 |
| Forward P/E | 18.6× | 35.7× | 5th cheapest of 15 |
| ROIC minus cost of capital | -41.2 pp | -1.1 pp | lowest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
| InnoCare Pharma 688428.SS | China | $2.31B | -2% | +135% | 35% | 94.3× | -8.8% | +344.2% |
| Shandong Buchang Pharmaceuticals 603858.SS | China | $2.31B | -7% | +4% | 10% | n/a | -2.2% | -5.8% |
| Neuland Laboratories NEULANDLAB.NS | India | $2.68B | +14% | +50% | 26% | 54.3× | n/a | n/a |
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| Yili Chuanning Biotechnology 301301.SZ | China | $2.70B | -20% | -14% | 16% | 26.3× | 4.6% | +4.8% |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| Acrobiosystems 301080.SZ | China | $2.72B | +95% | +29% | 17% | 64.9× | 45.0% | +27.7% |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| Almirall ALM.MC | Spain | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% | +6.5% |
| Kangmei Pharmaceutical 600518.SS | China | $2.77B | -22% | -6% | -7% | n/a | n/a | n/a |
| BioArctic BIOA-B.ST | Sweden | $2.78B | -3% | -46% | 22% | 53.4× | 25.7% | +100.1% |
| InSilico Medicine Cayman TopCo 3696.HK | Hong Kong | $2.80B | -43% | +153% | -7% | 100.0× | 42.1% | +22.9% |
| Vericel VCEL | United States | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% | +17.3% |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% | +15.7% |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |