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Chinese biotech developing targeted therapies for cancer and autoimmune disease, led by BTK-inhibitor orelabrutinib.
Chinese biotech developing targeted therapies for cancer and autoimmune disease, led by BTK-inhibitor orelabrutinib.
Sells orelabrutinib mainly in China, where hospital access depends on the national reimbursement list, which trades a negotiated lower price for broader coverage. Licensing is a second route: partners can pay upfront and milestone fees for rights outside China. It listed in Hong Kong in 2020 and added a Shanghai STAR Market listing in 2022.
In one line: A Chinese BeiGene-style oncology/immunology biotech.
Moat: narrow (IP / patents, first-mover approval). Own BTK inhibitor approved in China with patent protection.
Headquarters: Beijing, China · Founded: 2015 · Employees: 1,259
Size InnoCare Pharma (9969.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $2.31B, the 390th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.10 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -10.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 146.3% over the last twelve months (peer median -0.9%); the operating margin is 35.2% (peer median 8.6%).
Valuation It trades at 37.0× forward earnings against a peer median of 17.5× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +341%, so the hurdle is -340 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.8 points above its cost of capital (9.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.80B | HK$2.56B | HK$1.08B | HK$810M | HK$722M |
| Revenue growth | — | +136% | +34% | +12% | — |
| Gross profit | HK$3.53B | HK$2.24B | HK$827M | HK$571M | HK$473M |
| EBITDA | n/a | HK$619M | -HK$475M | -HK$673M | -HK$824M |
| Net income | HK$1.53B | HK$697M | -HK$478M | -HK$698M | -HK$1.03B |
| Free cash flow | HK$412M | HK$146M | -HK$336M | -HK$886M | -HK$887M |
| Capital expenditure | HK$152M | HK$76.1M | HK$84.8M | HK$281M | HK$431M |
| Total debt | HK$2.49B | HK$1.79B | HK$1.68B | HK$1.82B | HK$385M |
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 |
|---|---|---|---|---|---|---|
| InnoCare Pharma 9969.HK | $2.31B | -13% | +146% | 35% | 37.0× | 0.8% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | n/a | n/a |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
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 | 9969.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | +0.7% | 5th lowest of 21 |
| 6-month return | -13.1% | -10.5% | 11th highest of 21 |
| Distance from 52-week high | -25.3% | -27.1% | 9th highest of 21 |
| Revenue growth (TTM) | +146.3% | -0.9% | highest of 19 |
| Operating margin | 35.2% | 8.6% | highest of 18 |
| Forward P/E | 37.0× | 17.5× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | 2.4% | 6th least demanding of 14 |
| Growth delivered (Del g) | +341.1% | +2.9% | highest of 14 |
| Hurdle (Req g minus delivered) | -340.2 pp | -0.3 pp | least demanding of 14 |
| ROIC minus cost of capital | +16.8 pp | -2.5 pp | highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| InnoCare Pharma 9969.HK | Hong Kong | $2.31B | -13% | +146% | 35% | 37.0× | 0.8% | +341.1% |
| Shandong Buchang Pharmaceuticals 603858.SS | China | $2.31B | -7% | +4% | 10% | n/a | -2.2% | -5.8% |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| 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% |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 9.3× | -0.2% | +2.9% |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |