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Mabpharm Limited

2181.HK

HKSEHealthcareBiotechnology

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Latest quote

HK$0.43

−HK$0.005 · -1.15%

Aug 24, 11:57 AM HKT

2181.HK company overview

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Company profile

Company website

Mabpharm Limited is a Chinese biopharmaceutical firm dedicated to the research, development, and manufacturing of innovative and biosimilar medications. Its therapeutic focus areas include allergic conditions, various cancers, and autoimmune disorders. The company boasts a robust pipeline, with several key products currently in advanced Phase III clinical trials. These include CMAB007, a recombinant humanized anti-IgE monoclonal antibody targeting asthma; CMAB009, a recombinant anti-EGFR chimeric monoclonal antibody for the initial treatment of metastatic colorectal cancer; CMAB008, a recombinant anti-TNF-alpha chimeric monoclonal antibody designed for moderate to severe active rheumatoid arthritis; and CMAB807, an agent developed for osteoporosis. Furthermore, Mabpharm is progressing various candidates through Phase I clinical development. Among these are CMAB819, aimed at treating metastatic non-small cell lung cancer, hepatocellular carcinoma, and head and neck squamous cell carcinomas; CMAB807X, formulated for tumor bone metastasis; and CMAB809, which targets HER2 overexpressing breast cancer and metastatic gastric cancer. The preclinical pipeline is equally extensive, featuring CMAB810 for breast cancer; CMAB816, addressing periodic fever syndrome, lung cancer, and systemic juvenile idiopathic arthritis; and CMAB017, intended for KRAS wild-type colorectal cancer. Also in preclinical stages are biosimilar candidates such as CMAB015, an analog of secukinumab for plaque psoriasis, psoriatic arthritis, and ankylosing spondylitis; CMAB018, a mepolizumab biosimilar for asthma and eosinophilic granulomatous polyangiitis; and CMAB022, designed for various inflammatory conditions. Beyond its product development, Mabpharm provides a range of related services, including contract research and development, technical consultation, technology transfer, and specialized technical support for biological products, diagnostic and chemical biological reagents, and pharmaceutical compounds. Established in 2018, Mabpharm Limited is headquartered in Taizhou, People's Republic of China.

Industry
Biotechnology
Sector
Healthcare
Headquarters
CN
CEO
Hao Wang
Listed since
May 31, 2019
Employees
389

Market position

52-week range

Current HK$0.43

Open
HK$0.43
Previous close
HK$0.435
Volume
20K
0.08× average
Average volume
245.27K
Average daily volume
Market cap
1.77B HKD
Beta
0.6
Market reference 1
50-day average
HK$0.41
+4.88% above average
200-day average
HK$0.4752
-9.51% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
2.07B CNY
P/E (TTM)
27.12×
P/B (TTM)
9.66×
P/S (TTM)
2.38×
EV / EBITDA
32.9×
Earnings yield
3.00%
Free cash flow yield
-1.25%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
85.91%
Operating margin
0.75%
Net margin
8.79%
Return on equity
35.36%
Return on assets
4.82%
Return on invested capital
0.55%

Financial health

Debt / equity
2.08×
Current ratio
0.81×
Altman Z-score
-0.34
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends135%-61%-257%-454%Gross margin, FY2021: 79.76%Gross margin, FY2022: 72.50%Gross margin, FY2023: 86.32%Gross margin, FY2024: 84.96%Gross margin, FY2025: 82.87%Operating margin, FY2021: -358.97%Operating margin, FY2022: -404.61%Operating margin, FY2023: -231.74%Operating margin, FY2024: -46.34%Operating margin, FY2025: 0.74%Net margin, FY2021: -352.00%Net margin, FY2022: -376.66%Net margin, FY2023: -240.19%Net margin, FY2024: -49.55%Net margin, FY2025: 8.84%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 79.76%. Gross margin FY2022 72.50%. Gross margin FY2023 86.32%. Gross margin FY2024 84.96%. Gross margin FY2025 82.87%. Operating margin FY2021 -358.97%. Operating margin FY2022 -404.61%. Operating margin FY2023 -231.74%. Operating margin FY2024 -46.34%. Operating margin FY2025 0.74%. Net margin FY2021 -352.00%. Net margin FY2022 -376.66%. Net margin FY2023 -240.19%. Net margin FY2024 -49.55%. Net margin FY2025 8.84%.

Income trends

Revenue

629.37M CNY+143.73%

Operating income

4.68M CNY+124.35M CNY

Net income

55.65M CNY+183.6M CNY
Income trends across reported periods722.06M CNY351.3M CNY−19.45M CNY−390.21M CNYRevenue, FY2021: 82.88M CNYRevenue, FY2022: 55.92M CNYRevenue, FY2023: 87.16M CNYRevenue, FY2024: 258.23M CNYRevenue, FY2025: 629.37M CNYOperating income, FY2021: −297.52M CNYOperating income, FY2022: −226.25M CNYOperating income, FY2023: −201.98M CNYOperating income, FY2024: −119.67M CNYOperating income, FY2025: 4.68M CNYNet income, FY2021: −291.74M CNYNet income, FY2022: −210.62M CNYNet income, FY2023: −209.36M CNYNet income, FY2024: −127.95M CNYNet income, FY2025: 55.65M CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 82.88M CNY. Revenue FY2022 55.92M CNY. Revenue FY2023 87.16M CNY. Revenue FY2024 258.23M CNY. Revenue FY2025 629.37M CNY. Operating income FY2021 −297.52M CNY. Operating income FY2022 −226.25M CNY. Operating income FY2023 −201.98M CNY. Operating income FY2024 −119.67M CNY. Operating income FY2025 4.68M CNY. Net income FY2021 −291.74M CNY. Net income FY2022 −210.62M CNY. Net income FY2023 −209.36M CNY. Net income FY2024 −127.95M CNY. Net income FY2025 55.65M CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue629.37M CNY258.23M CNY87.16M CNY55.92M CNY82.88M CNY
Cost of goods sold107.83M CNY38.83M CNY11.92M CNY15.38M CNY16.78M CNY
Gross profit521.55M CNY219.39M CNY75.24M CNY40.54M CNY66.11M CNY
Research and development49.27M CNY75.21M CNY123.21M CNY147.91M CNY263.57M CNY
Selling, general, and administrative467.6M CNY180.5M CNY69.94M CNY50.18M CNY30.71M CNY
Operating expenses516.87M CNY339.07M CNY277.22M CNY266.79M CNY363.63M CNY
Interest income421.79K CNY513K CNY151K CNY382K CNY1.95M CNY
Interest expense10.53M CNY10.55M CNY9.58M CNY7.19M CNY2.4M CNY
Depreciation and amortization58.23M CNY51.86M CNY60.7M CNY51.55M CNY43.88M CNY
Operating income4.68M CNY−119.67M CNY−201.98M CNY−226.25M CNY−297.52M CNY
Net income55.65M CNY−127.95M CNY−209.36M CNY−210.62M CNY−291.74M CNY

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
0.01

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.050.01-0.04-0.08Q1 '22Q3 '22Q1 '23Q3 '23Q1 '24Q3 '24Q1 '25Q1 '26
Q1 2022, reported Mar 25, 2022: actual -0.044, estimate —, surprise —, Comparison unavailable. Q3 2022, reported Aug 26, 2022: actual -0.035, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 24, 2023: actual -0.026, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 25, 2023: actual -0.026, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 26, 2024: actual -0.033, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 28, 2024: actual -0.025, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 26, 2025: actual -0.008, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 26, 2026: actual 0.014, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates439.24M293.39M147.55M1.7MQ1 '22Q3 '22Q1 '23Q3 '23Q1 '24Q3 '24Q1 '25Q1 '26
Q1 2022, reported Mar 25, 2022: actual 2M HKD, estimate —, surprise —, Comparison unavailable. Q3 2022, reported Aug 26, 2022: actual 33.77M HKD, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 24, 2023: actual 30.83M HKD, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 25, 2023: actual 47.6M HKD, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 26, 2024: actual 47.75M HKD, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 28, 2024: actual 116.5M HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 26, 2025: actual 159.3M HKD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 26, 2026: actual 406.85M HKD, estimate —, surprise —, Comparison unavailable.

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