HBM Holdings Limited logo

HBM Holdings Limited

2142.HK

HKSEHealthcareBiotechnology

Latest quote

HK$16.54

+HK$0.53 · +3.31%

Aug 25, 4:08 PM HKT

2142.HK company overview

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Company profile

Company website

HBM Holdings Limited is a clinical-stage biopharmaceutical enterprise focused on identifying and developing unique antibody-based treatments for a variety of immunological conditions and cancers. The company's pipeline includes several promising assets. In immunology, Batoclimab (HBM9161) is a human monoclonal antibody specifically designed to bind and inhibit the neonatal fragment crystallizable receptor, while Tanfanercept (HBM9036) is under development to address moderate to severe dry eye disease. For oncology, HBM Holdings is advancing various therapies, such as HBM7008, a bispecific antibody targeting tumor-associated antigens, and HBM4003, a human anti-CTLA-4 antibody. Additional cancer candidates in their portfolio include HBM9302 for breast and gastric cancers, HBM7020 for multiple myeloma, and a suite of treatments—HBM1007, HBM1029, HBM7015, HBM7008, and HBM1022—geared towards solid tumors. Furthermore, HBM9022 is being developed to treat SARS-COV-2. Operating globally, HBM Holdings has a presence in Mainland China, the United States, Europe, and other international markets. The company also fosters strategic partnerships for antibody-drug conjugate (ADC) projects with LegoChem Biosciences Inc. and Duality Biotherapeutics, Inc. HBM Holdings Limited was founded in 2016 and is based in Shanghai, People's Republic of China.

Industry
Biotechnology
Sector
Healthcare
Headquarters
CN
CEO
Jingsong Wang
Listed since
Dec 10, 2020
Employees
272

Market position

Day range

Current HK$16.54

52-week range

Current HK$16.54

Open
HK$15.89
Previous close
HK$16.01
Volume
7.87M
1.79× average
Average volume
4.41M
Average daily volume
Market cap
13.93B HKD
Beta
1.37
Market reference 1
50-day average
HK$12.386
+33.54% above average
200-day average
HK$12.6336
+30.92% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
916.29M USD
P/E (TTM)
30.32×
P/B (TTM)
4.81×
P/S (TTM)
16.54×
EV / EBITDA
11.01×
Earnings yield
7.40%
Free cash flow yield
5.63%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
92.85%
Operating margin
43.28%
Net margin
51.67%
Return on equity
24.91%
Return on assets
18.28%
Return on invested capital
16.85%

Financial health

Debt / equity
0.22×
Current ratio
5.17×
Altman Z-score
6.98
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends442%-926%-2294%-3661%Gross margin, FY2021: 96.82%Gross margin, FY2022: 99.68%Gross margin, FY2023: 97.73%Gross margin, FY2024: 88.23%Gross margin, FY2025: 93.00%Operating margin, FY2021: -3319.38%Operating margin, FY2022: -299.78%Operating margin, FY2023: 24.39%Operating margin, FY2024: -9.70%Operating margin, FY2025: 51.01%Net margin, FY2021: -3200.51%Net margin, FY2022: -337.61%Net margin, FY2023: 25.47%Net margin, FY2024: 7.29%Net margin, FY2025: 57.81%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 96.82%. Gross margin FY2022 99.68%. Gross margin FY2023 97.73%. Gross margin FY2024 88.23%. Gross margin FY2025 93.00%. Operating margin FY2021 -3319.38%. Operating margin FY2022 -299.78%. Operating margin FY2023 24.39%. Operating margin FY2024 -9.70%. Operating margin FY2025 51.01%. Net margin FY2021 -3200.51%. Net margin FY2022 -337.61%. Net margin FY2023 25.47%. Net margin FY2024 7.29%. Net margin FY2025 57.81%.

Income trends

Revenue

158.21M USD+315.25%

Operating income

80.7M USD+84.4M USD

Net income

91.47M USD+3192.59%
Income trends across reported periods188.33M USD67.85M USD−52.64M USD−173.12M USDRevenue, FY2021: 4.31M USDRevenue, FY2022: 40.66M USDRevenue, FY2023: 89.5M USDRevenue, FY2024: 38.1M USDRevenue, FY2025: 158.21M USDOperating income, FY2021: −143M USDOperating income, FY2022: −121.89M USDOperating income, FY2023: 21.83M USDOperating income, FY2024: −3.7M USDOperating income, FY2025: 80.7M USDNet income, FY2021: −137.88M USDNet income, FY2022: −137.27M USDNet income, FY2023: 22.8M USDNet income, FY2024: 2.78M USDNet income, FY2025: 91.47M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 4.31M USD. Revenue FY2022 40.66M USD. Revenue FY2023 89.5M USD. Revenue FY2024 38.1M USD. Revenue FY2025 158.21M USD. Operating income FY2021 −143M USD. Operating income FY2022 −121.89M USD. Operating income FY2023 21.83M USD. Operating income FY2024 −3.7M USD. Operating income FY2025 80.7M USD. Net income FY2021 −137.88M USD. Net income FY2022 −137.27M USD. Net income FY2023 22.8M USD. Net income FY2024 2.78M USD. Net income FY2025 91.47M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue158.21M USD38.1M USD89.5M USD40.66M USD4.31M USD
Cost of goods sold11.08M USD4.49M USD2.03M USD130K USD137K USD
Gross profit147.13M USD33.61M USD87.47M USD40.53M USD4.17M USD
Research and development38.13M USD21M USD45.08M USD135.14M USD107.1M USD
Selling, general, and administrative28.3M USD7.55M USD20.56M USD10.08M USD10.33M USD
Operating expenses66.43M USD37.31M USD65.64M USD161.86M USD147.17M USD
Interest income12.19M USD6.78M USD5.62M USD2.87M USD2.27M USD
Interest expense2.04M USD3.51M USD3.87M USD1.99M USD176K USD
Depreciation and amortization2.53M USD1.62M USD4.63M USD4.82M USD6.81M USD
Operating income80.7M USD−3.7M USD21.83M USD−121.89M USD−143M USD
Net income91.47M USD2.78M USD22.8M USD−137.27M USD−137.88M USD

Company facts updated Aug 25, 2026.

Earnings

Latest EPS result
0.18

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.830.25-0.33-0.9Q3 '22Q1 '23Q3 '23Q1 '24Q3 '24Q1 '25Q3 '25Q1 '26
Q3 2022, reported Aug 31, 2022: actual -0.785, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 29, 2023: actual -0.702, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 28, 2023: actual 0.03, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 28, 2024: actual 0.206, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 28, 2024: actual 0.015, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 31, 2025: actual 0.013, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 27, 2025: actual 0.707, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 30, 2026: actual 0.18, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates5.56B3.73B1.91B86.41MQ1 '23MissQ3 '23MissQ1 '24MissQ3 '24MissQ1 '25MissQ3 '25BeatQ1 '26No estimateQ3 '26Estimate
Q1 2023, reported Mar 29, 2023: actual 101.66M HKD, estimate 4.86B HKD, surprise -97.91%, Miss. Q3 2023, reported Aug 28, 2023: actual 321.36M HKD, estimate 658.39M HKD, surprise -51.19%, Miss. Q1 2024, reported Mar 28, 2024: actual 378.78M HKD, estimate 5.15B HKD, surprise -92.65%, Miss. Q3 2024, reported Aug 28, 2024: actual 185.12M HKD, estimate 5.13B HKD, surprise -96.39%, Miss. Q1 2025, reported Mar 31, 2025: actual 111.85M HKD, estimate 397.63M HKD, surprise -71.87%, Miss. Q3 2025, reported Aug 27, 2025: actual 795.56M HKD, estimate 411.03M HKD, surprise +93.55%, Beat. Q1 2026, reported Mar 30, 2026: actual 441.81M HKD, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 27, 2026: actual —, estimate 564.3M HKD, surprise —, Comparison unavailable.

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