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Chinese biotech developing ADC and bispecific-antibody cancer drugs, including envafolimab, the first subcutaneous PD-L1 antibody.
Chinese biotech developing ADC and bispecific-antibody cancer drugs, including envafolimab, the first subcutaneous PD-L1 antibody.
Earns little from its own product sales; income comes mainly from partners that fund development and sell its drugs, through up-front fees, milestones and a share of sales. Envafolimab is commercialized in China by a partner, 3D Medicines, under a co-development deal.
Moat: narrow (IP / patents, process know-how). Proprietary bispecific/ADC platform and a first-in-class subcutaneous PD-L1 approval, but small commercial scale.
Headquarters: Suzhou, China · Founded: 2011 · Employees: 498
Size Alphamab Oncology (9966.HK) is a Hong Kong Health Care company (Biotechnology) with a market value of $777M, the 657th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.25 on 6 Nov 2026.
Performance Over six months the shares fell 38.7%, against -15.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 31.8% over the last twelve months (peer median +9.9%); the operating margin is -37.8% (peer median -22.0%).
Valuation It trades at 8.2× enterprise value to sales against a peer median of 5.2× (6th most expensive of 17).
Capital Return on invested capital runs 47.4 points below its cost of capital (16.4% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$579M | HK$614M | HK$694M | HK$242M | HK$194M |
| Revenue growth | — | -12% | +187% | +25% | — |
| Gross profit | HK$441M | HK$475M | HK$545M | HK$104M | HK$78.4M |
| EBITDA | -HK$146M | -HK$96.1M | HK$193M | -HK$281M | -HK$439M |
| Net income | -HK$194M | -HK$124M | HK$180M | -HK$233M | -HK$379M |
| Free cash flow | -HK$193M | -HK$136M | HK$270M | -HK$213M | -HK$478M |
| Capital expenditure | HK$17.7M | HK$34.3M | HK$23.6M | HK$40.0M | HK$151M |
| Total debt | n/a | HK$137M | HK$198M | HK$283M | HK$388M |
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 |
|---|---|---|---|---|---|---|
| Alphamab Oncology 9966.HK | $777M | -39% | -32% | -38% | 8.2× | n/a |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | 19.5× | 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% |
| Nanjing Leads Biolabs 9887.HK | $927M | -54% | n/a | -108% | 26.5× | 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 | 9966.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.6% | -8.2% | 3rd lowest of 21 |
| 6-month return | -38.7% | -15.6% | 3rd lowest of 20 |
| Distance from 52-week high | -48.7% | -42.2% | 6th lowest of 21 |
| Revenue growth (TTM) | -31.8% | +9.9% | lowest of 16 |
| Operating margin | -37.8% | -22.0% | 7th lowest of 17 |
| EV / Sales | 8.2× | 5.2× | 6th most expensive of 17 |
| ROIC minus cost of capital | -47.4 pp | -15.2 pp | 5th lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alphamab Oncology 9966.HK | Hong Kong | $777M | -39% | -32% | -38% | 8.2× | n/a | n/a |
| Shaanxi Micot Pharmaceutical Technology 2335.HK | Hong Kong | $777M | n/a | n/a | n/a | n/a | n/a | n/a |
| Beijing SL Pharmaceutical 002038.SZ | China | $793M | -21% | -4% | -119% | 7.6× | -12.3% | -10.9% |
| Anhui Wanbang Pharmaceutical Technology 301520.SZ | China | $803M | +91% | -15% | -8% | 17.9× | 48.8% | +14.7% |
| R&G PharmaStudies 301333.SZ | China | $803M | -12% | +21% | 11% | 3.9× | 20.1% | +11.8% |
| Frontier Biotechnologies 688221.SS | China | $746M | -37% | +153% | -20% | 13.1× | 43.2% | +21.5% |
| Wuhan Keqian Biology 688526.SS | China | $814M | -19% | -22% | 20% | 4.7× | 8.8% | +2.4% |
| Shouyao Holdings Beijing 688197.SS | China | $726M | -16% | +4,564% | -92% | 43.1× | n/a | n/a |
| Prime Medicine PRME | United States | $843M | +45% | -18% | -4,825% | 211.3× | n/a | n/a |
| Sana Biotechnology SANA | United States | $709M | -32% | n/a | n/a | n/a | n/a | n/a |
| Solid Biosciences SLDB | United States | $707M | -9% | n/a | n/a | n/a | n/a | n/a |
| Peptidream 4587.T | Japan | $856M | -10% | +1% | -25% | 6.6× | n/a | n/a |
| Syndax Pharmaceuticals SNDX | United States | $859M | -56% | +160% | -62% | 3.5× | n/a | n/a |
| MeiraGTx MGTX | United States | $864M | -8% | +948% | 46% | 2.1× | -9.9% | +39.2% |
| GNI 2160.T | Japan | $866M | -29% | +10% | -24% | 5.7× | n/a | n/a |
| Attovia Therapeutics ATTO | United States | $697M | +744% | n/a | -4,975% | 625.6× | n/a | n/a |
| Anhui Huaheng Biotechnology 688639.SS | China | $688M | -40% | +7% | 3% | 2.1× | n/a | n/a |
| Shenzhen Weiguang Biological Products 002880.SZ | China | $682M | -22% | 0% | 18% | 4.7× | n/a | n/a |
| Aura Biosciences AURA | United States | $680M | -22% | n/a | n/a | n/a | n/a | n/a |
| Oxford BioMedica OXB.L | United Kingdom | $892M | -14% | +16% | -18% | 4.3× | n/a | n/a |
| 4D Molecular Therapeutics FDMT | United States | $677M | +21% | +278,712% | -214% | 3.9× | n/a | n/a |