Loading…
Chinese biotech developing antibody-drug conjugates for cancer, with licensing deals with Merck, BMS and Novartis.
Chinese biotech developing antibody-drug conjugates for cancer, with licensing deals with Merck, BMS and Novartis.
No product sales yet: income is upfront payments and milestones from drug partners that license its ADCs (antibody-drug conjugates, which carry a toxic payload to cancer cells), and the cash from those deals funds its own trials. BioNTech holds rights to its two lead ADCs.
In one line: A Chinese Seagen/ImmunoGen-style ADC developer.
Moat: narrow (IP / patents, process know-how). Differentiated ADC linker-payload technology validated by multiple global pharma licensing deals.
Headquarters: Shanghai, China · Employees: 231
Size Duality Biotherapeutics (9606.HK) is a Hong Kong Health Care company (Biotechnology) with a market value of $1.23B, the 542nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$104.90 on 6 Nov 2026.
Performance Over six months the shares fell 59.6%, against -13.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 4.6% over the last twelve months (peer median +1.4%); the operating margin is -180.6% (peer median -12.4%).
Valuation It trades at 7.0× enterprise value to sales against a peer median of 6.3× (7th most expensive of 14).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$932M | HK$2.01B | HK$2.10B | HK$1.97B | HK$1.86M |
| Revenue growth | — | -5% | +7% | +106,001% | — |
| Gross profit | -HK$276M | HK$631M | HK$842M | HK$1.50B | -HK$226,761 |
| EBITDA | -HK$1.67B | -HK$489M | -HK$220M | HK$820M | -HK$428M |
| Net income | -HK$1.62B | -HK$2.81B | -HK$1.14B | -HK$395M | -HK$450M |
| Free cash flow | -HK$921M | HK$197M | HK$308M | HK$890M | -HK$351M |
| Capital expenditure | HK$18.6M | HK$14.9M | HK$33.8M | HK$39.7M | HK$25.8M |
| Total debt | n/a | HK$181M | HK$3.25B | HK$2.35B | HK$1.21B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Duality Biotherapeutics 9606.HK | $1.23B | -60% | -5% | -181% | 7.0× | n/a |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 7.4× | 11.7% |
| RemeGen 9995.HK | $6.92B | -31% | +293% | 61% | 5.1× | -4.8% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | $13.9B | 0% | +44% | -38% | 44.4× | 56.2% |
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 | 9606.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -46.6% | -3.5% | lowest of 21 |
| 6-month return | -59.6% | -13.1% | lowest of 20 |
| Distance from 52-week high | -72.2% | -41.7% | lowest of 21 |
| Revenue growth (TTM) | -4.6% | +1.4% | 7th lowest of 14 |
| Operating margin | -180.6% | -12.4% | 6th lowest of 14 |
| EV / Sales | 7.0× | 6.3× | 7th most expensive of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Duality Biotherapeutics 9606.HK | Hong Kong | $1.23B | -60% | -5% | -181% | 7.0× | n/a | n/a |
| SpyGlass Pharma SGP | United States | $1.24B | +58% | n/a | n/a | n/a | n/a | n/a |
| Akums Drugs and Pharmaceuticals AKUMS.NS | India | $1.22B | +34% | +18% | 10% | 2.1× | 15.8% | +9.9% |
| Vor Biopharma VOR | United States | $1.22B | +17% | n/a | n/a | n/a | n/a | n/a |
| COMPASS Pathways Plc Sponsored ADR CMPS | United States | $1.22B | -13% | n/a | n/a | n/a | n/a | n/a |
| Inhibrx Biosciences INBX | United States | $1.24B | -37% | -100% | n/a | n/a | n/a | n/a |
| UroGen Pharma URGN | United States | $1.21B | -16% | +159% | -12% | 5.2× | n/a | n/a |
| Liaoning Chengda Biotechnology 688739.SS | China | $1.28B | -10% | -9% | 0% | 2.5× | 8.8% | -7.0% |
| Rapport Therapeutics RAPP | United States | $1.17B | -36% | n/a | -838% | 39.3× | n/a | n/a |
| Guangzhou Wondfo Biotech 300482.SZ | China | $1.14B | -10% | -24% | -2% | 3.2× | 16.4% | -5.8% |
| Mineralys Therapeutics MLYS | United States | $1.36B | -48% | n/a | n/a | n/a | n/a | n/a |
| Daan Gene 002030.SZ | China | $1.11B | -9% | +1% | -81% | 8.4× | 5.7% | -32.3% |
| Pacific Shuanglin Bio-pharmacy 000403.SZ | China | $1.38B | -19% | +1% | 10% | 3.8× | n/a | n/a |
| Oncolys BioPharma 4588.T | Japan | $1.39B | +162% | +1,662% | -303% | 429.8× | n/a | n/a |
| AnaptysBio ANAB | United States | $1.39B | -33% | +93% | 56% | 6.3× | -1.2% | +25.6% |
| Hualan Biological Vaccine 301207.SZ | China | $1.39B | -21% | -28% | -7% | 10.3× | 36.5% | -13.1% |
| Janux Therapeutics JANX | United States | $1.08B | +24% | +5,367% | -598% | 5.3× | n/a | n/a |
| Taysha Gene Therapies TSHA | United States | $1.41B | -36% | -32% | -2,855% | 184.6× | n/a | n/a |
| Korsana Biosciences KRSA | United States | $1.41B | +43% | -13% | -359% | 743.5× | n/a | n/a |
| Kardigan KARD | United States | $1.45B | n/a | n/a | n/a | n/a | n/a | n/a |
| Tyra Bioscience TYRA | United States | $1.45B | -38% | n/a | n/a | n/a | n/a | n/a |