InnoCare Pharma Limited logo

InnoCare Pharma Limited

9969.HK

HKSEHealthcareBiotechnology

Latest quote

HK$13.84

−HK$0.43 · -3.01%

Aug 24, 11:59 AM HKT

9969.HK company overview

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Company profile

Company website

InnoCare Pharma Limited, a biopharmaceutical enterprise, specializes in the discovery, development, and commercialization of therapeutic agents for oncological and autoimmune disorders. Its lead product, Orelabrutinib, a BTK inhibitor, addresses a wide range of conditions, including various forms of relapsed and/or refractory (r/r) lymphomas (such as chronic lymphocytic leukemia, mantle cell lymphoma, Waldenstrom's macroglobulinemia, marginal zone lymphoma, specific diffuse large B-cell lymphomas, and central nervous system lymphoma). It also targets systemic lupus erythematosus, immune thrombocytopenia purpura, multiple sclerosis, and neuromyelitis optica spectrum disorder, sometimes utilized in combination therapies. The company's robust pipeline features several key candidates: ICP-192, a pan-FGFR inhibitor in Phase I/II clinical trials for solid tumors, notably cholangiocarcinoma and head and neck cancer; ICP-723, a pan-TRK inhibitor undergoing Phase I evaluation for cancers positive for neurotrophic tyrosine receptor kinase fusion; ICP-332, a novel tyrosine kinase 2 inhibitor in Phase I for autoimmune diseases; and ICP-B02, a bispecific antibody developed for lymphoma treatment. Furthermore, InnoCare is advancing ICP-189, ICP-915, and ICP-B03 for solid tumors; ICP-033 for liver cancer, renal cell carcinoma, colorectal cancer, and other solid malignancies; ICP-488 for autoimmune conditions; ICP-B05, an anti-CC chemokine receptor 8 monoclonal antibody targeting various cancers; ICP-248 for hematological indications; and ICP-490 for both hematology and autoimmune disorders. In addition, the firm offers ICP-B04 (Tafasitamab) for the treatment of DLBCL and other hematological conditions. InnoCare Pharma Limited was established in 2015 and maintains its headquarters in Beijing, China.

Industry
Biotechnology
Sector
Healthcare
Headquarters
CN
CEO
Jisong Cui
Listed since
Mar 23, 2020
Employees
1,176

Market position

Day range

Current HK$13.84

52-week range

Current HK$13.84

Open
HK$14.27
Previous close
HK$14.27
Volume
2.6M
0.3× average
Average volume
8.61M
Average daily volume
Market cap
20.67B HKD
Beta
0.39
Market reference 1
50-day average
HK$13.2766
+4.24% above average
200-day average
HK$13.125
+5.45% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
14B CNY
P/E (TTM)
29.63×
P/B (TTM)
2.86×
P/S (TTM)
7.09×
EV / EBITDA
25.19×
Earnings yield
3.21%
Free cash flow yield
0.67%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
90.36%
Operating margin
23.70%
Net margin
28.78%
Return on equity
8.10%
Return on assets
5.78%
Return on invested capital
4.46%

Financial health

Debt / equity
0.25×
Current ratio
5.83×
Altman Z-score
4.09
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 trends117%23%-71%-165%Gross margin, FY2021: 93.70%Gross margin, FY2022: 77.07%Gross margin, FY2023: 82.61%Gross margin, FY2024: 86.29%Gross margin, FY2025: 87.59%Operating margin, FY2021: -17.36%Operating margin, FY2022: -123.19%Operating margin, FY2023: -88.17%Operating margin, FY2024: -52.09%Operating margin, FY2025: 19.18%Net margin, FY2021: -6.19%Net margin, FY2022: -141.76%Net margin, FY2023: -85.47%Net margin, FY2024: -43.65%Net margin, FY2025: 27.24%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 93.70%. Gross margin FY2022 77.07%. Gross margin FY2023 82.61%. Gross margin FY2024 86.29%. Gross margin FY2025 87.59%. Operating margin FY2021 -17.36%. Operating margin FY2022 -123.19%. Operating margin FY2023 -88.17%. Operating margin FY2024 -52.09%. Operating margin FY2025 19.18%. Net margin FY2021 -6.19%. Net margin FY2022 -141.76%. Net margin FY2023 -85.47%. Net margin FY2024 -43.65%. Net margin FY2025 27.24%.

Income trends

Revenue

2.3B CNY+127.60%

Operating income

440.59M CNY+966.38M CNY

Net income

625.84M CNY+1.07B CNY
Income trends across reported periods2.62B CNY1.34B CNY68.64M CNY−1.21B CNYRevenue, FY2021: 1.04B CNYRevenue, FY2022: 625.4M CNYRevenue, FY2023: 738.54M CNYRevenue, FY2024: 1.01B CNYRevenue, FY2025: 2.3B CNYOperating income, FY2021: −181.1M CNYOperating income, FY2022: −770.4M CNYOperating income, FY2023: −651.15M CNYOperating income, FY2024: −525.78M CNYOperating income, FY2025: 440.59M CNYNet income, FY2021: −64.55M CNYNet income, FY2022: −886.59M CNYNet income, FY2023: −631.26M CNYNet income, FY2024: −440.63M CNYNet income, FY2025: 625.84M CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.04B CNY. Revenue FY2022 625.4M CNY. Revenue FY2023 738.54M CNY. Revenue FY2024 1.01B CNY. Revenue FY2025 2.3B CNY. Operating income FY2021 −181.1M CNY. Operating income FY2022 −770.4M CNY. Operating income FY2023 −651.15M CNY. Operating income FY2024 −525.78M CNY. Operating income FY2025 440.59M CNY. Net income FY2021 −64.55M CNY. Net income FY2022 −886.59M CNY. Net income FY2023 −631.26M CNY. Net income FY2024 −440.63M CNY. Net income FY2025 625.84M CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue2.3B CNY1.01B CNY738.54M CNY625.4M CNY1.04B CNY
Cost of goods sold285.17M CNY138.44M CNY128.44M CNY143.4M CNY65.67M CNY
Gross profit2.01B CNY871.01M CNY610.1M CNY482.01M CNY977.37M CNY
Research and development849.18M CNY814.03M CNY751.18M CNY639.14M CNY721.58M CNY
Selling, general, and administrative759.52M CNY310.64M CNY252.13M CNY489.61M CNY344.66M CNY
Operating expenses1.57B CNY1.4B CNY1.26B CNY1.25B CNY1.14B CNY
Interest income151.98M CNY171.59M CNY192.33M CNY136.91M CNY135.14M CNY
Interest expense53.64M CNY33.79M CNY35.03M CNY17.05M CNY2.64M CNY
Depreciation and amortization115.29M CNY57.99M CNY92.62M CNY68.4M CNY33.71M CNY
Operating income440.59M CNY−525.78M CNY−651.15M CNY−770.4M CNY−181.1M CNY
Net income625.84M CNY−440.63M CNY−631.26M CNY−886.59M CNY−64.55M CNY

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
0.07

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.490.270.06-0.15Q3 '24Q4 '24Q4 '24Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Q3 2024, reported Aug 20, 2024: actual -0.086, estimate —, surprise —, Comparison unavailable. Q4 2024, reported Nov 11, 2024: actual -0.011, estimate —, surprise —, Comparison unavailable. Q4 2024, reported Dec 31, 2024: actual -0.11, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 13, 2025: actual 0.011, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 19, 2025: actual -0.043, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 13, 2025: actual -0.022, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 25, 2026: actual 0.445, estimate —, surprise —, Comparison unavailable. Q2 2026, reported Apr 23, 2026: actual 0.068, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates1.54B1.11B687.47M261.76MQ4 '24MissQ4 '24No estimateQ2 '25BeatQ3 '25MissQ4 '25No estimateQ1 '26BeatQ2 '26MissQ3 '26Estimate
Q4 2024, reported Nov 11, 2024: actual 307.95M HKD, estimate 331.6M HKD, surprise -7.13%, Miss. Q4 2024, reported Dec 31, 2024: actual 331.59M HKD, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 13, 2025: actual 406.85M HKD, estimate 354.29M HKD, surprise +14.84%, Beat. Q3 2025, reported Aug 19, 2025: actual 383.12M HKD, estimate 1.45B HKD, surprise -73.54%, Miss. Q4 2025, reported Nov 13, 2025: actual 419.7M HKD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 25, 2026: actual 1.38B HKD, estimate 776.42M HKD, surprise +77.82%, Beat. Q2 2026, reported Apr 23, 2026: actual 600.75M HKD, estimate 653.98M HKD, surprise -8.14%, Miss. Q3 2026, reported Aug 24, 2026: actual —, estimate 798.54M HKD, surprise —, Comparison unavailable.

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