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1801.HK — HKEX Pharmaceuticals

Innovent Biologics Inc

HK$79,85
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Mcap
139,0B HKD
P/E
191,9x
EV / Rev
12,1x
Div yield
—
Op margin
7,8 %
ROE
4,2 %
Net margin
6,2 %
Debt / equity
0,15
Beta
—
52w range
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Volume
—
Day range
—
Prev close
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Next earnings
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About

Innovent Biologics Inc is a biopharmaceutical company that generates revenue through the development and commercialization of innovative biological drugs.

Business. Innovent Biologics Inc (1801.HK) is a pharmaceutical company engaged in the development and commercialization of biologic medicines. The firm operates within the healthcare sector, specifically focusing on pharmaceuticals and medical research activities. Headquartered in China, the company is primarily listed on the Hong Kong Stock Exchange. No specific operating segments or geographic revenue breakdowns are disclosed in the available data.

Classification81 %
SectorHealthcare
Business sectorPharmaceuticals & Medical Research
Industry groupPharmaceuticals
Generated · model-assisted
Sell-side consensus
BUY31 analysts
30 buy1 hold0 sell
Avg 12m price target115,21

Analyst recommendations

31 analysts · consensus Buy
Buy30
Hold1
Sell0
12-month price target
115,21
Consensus of sell-side coverage.
Upcoming events
— missing data
See all catalysts →

At a glance

Score
—
not yet scored
Valuation→
191,9x
P/E
Analysts→
Buy
31 analysts · indicative
Ownership
—
not yet wired
Profitability→
4,2 %
return on equity
Quality
—
not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

0
  • No recent newsroom coverage mentioning 1801.

    • Sector rotation

    Sector1D1Mvs mkt
    Materials+2,3 %+6,6 %+1,7 %
    Communication Services+2,2 %−5,5 %+1,6 %
    Energy+0,6 %+3,3 %+0,0 %
    Health Care · THIS SECTOR+0,6 %−0,8 %+0,0 %
    Information Technology+0,6 %+6,7 %+0,0 %
    Consumer Discretionary+0,4 %+7,6 %−0,2 %
    Financials−0,3 %−2,8 %−0,9 %
    Consumer Staples−0,4 %+2,5 %−1,0 %
    Real Estate−0,7 %+10,9 %−1,3 %
    Industrials−1,9 %−3,1 %−2,5 %
    Utilities−1,9 %+28,2 %−2,5 %

    Developing storylines

    No tracked sagas currently linked to 1801.HK. Browse all sagas →

    Analysis

    AI analysis
    Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

    Opportunity

    — missing data

    Upcoming catalysts

    Scheduled public events. Informational only — not investment advice.

    • Macro
    • Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
    • Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
    • Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
    • Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
    • Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
    • Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
    • Macro & political
    • ElectionSE Swedish Election2026-09-14 · SE
    • ElectionUS U.S. Midterms2026-11-03 · US
    • ElectionFR French Legislative2027-06-01 · FR

    Pre-earnings brief

    — missing data

    Signals & dispatch

    peak dispatch · —

    Composite-score breakdown

    Synthesis

    Business

    Innovent Biologics Inc (1801.HK) is a pharmaceutical company engaged in the development and commercialization of biologic medicines. The firm operates within the healthcare sector, specifically focusing on pharmaceuticals and medical research activities. Headquartered in China, the company is primarily listed on the Hong Kong Stock Exchange. No specific operating segments or geographic revenue breakdowns are disclosed in the available data.

    Classification81 %
    SectorHealthcare
    Business sectorPharmaceuticals & Medical Research
    Industry groupPharmaceuticals
    AI synthesis
    GENERATED

    Innovent Biologics maintains a conservative capital structure with a debt-to-equity ratio of 0.15 and a current ratio of 2.62, indicating strong short-term liquidity coverage. The balance sheet shows total assets of 37.35 billion CNY against total liabilities of 17.99 billion CNY, resulting in total equity of 19.36 billion CNY. Long-term debt stands at 2.82 billion CNY, while cash and equivalents are 773.1 million CNY. The risk assessment flags medium liquidity risk and notes that net cash is negative after subtracting total debt, despite the healthy current ratio.

    Profitability metrics show a gross profit of 11.32 billion CNY on revenue of 13.04 billion CNY, yielding a gross margin of approximately 86.8%. Operating income is 1.02 billion CNY, and net income is 813.6 million CNY. Return on equity is 4.2% and return on assets is 2.18%, which are modest returns relative to the high valuation multiples. The company trades at a price-to-earnings ratio of 191.95 and an EV/EBITDA of 155.82, reflecting high growth expectations rather than current earnings power. The price-to-book ratio is 8.07, and EV/revenue is 12.13.

    Key takeaways
    • High valuation multiples (P/E 191.95, EV/EBITDA 155.82) reflect growth expectations rather than current profitability.
    • Strong gross margins (~86.8%) indicate pricing power or low cost of goods sold typical of biopharma.
    • Analyst consensus is strongly positive with a mean recommendation of 1.58 and significant upside to the mean price target.
    • Net cash is negative after debt, posing a medium liquidity risk despite a healthy current ratio of 2.62.
    • Low dilution risk with no difference between basic and diluted shares outstanding.

    Bull / Bear case

    Generated · model-assisted
    BULL CASE · 4

    Revenue surged 38.4% year-over-year to CNY 13.0 billion in FY2026, demonstrating robust top-line growth momentum.

    The company achieved profitability with CNY 813.6 million net income in FY2026, marking a significant turnaround from prior losses.

    Free cash flow turned positive at CNY 531.1 million in FY2026, indicating improved operational cash generation capabilities.

    Analysts project 44.3% upside to a mean price target of CNY 115.2, reflecting strong market confidence in future performance.

    BEAR CASE · 4

    Long-term debt increased to CNY 2.8 billion in FY2026, maintaining a leverage burden despite recent profitability improvements.

    The company faces medium liquidity risk, which could constrain financial flexibility during periods of market stress or cash flow volatility.

    Medium credit risk flags suggest potential challenges in debt servicing or refinancing, warranting caution regarding financial stability.

    Return on equity stands at 4.2%, which remains modest despite profitability, indicating limited capital efficiency relative to book value.

    In focus — financials by report

    Annual
    ANNUALFiled 2026-03-26
    FY 2026 · Full-year highlights

    Revenue ¥13.04B, +38,4% YoY; Operating income +3 280,4% YoY.

    Revenue¥13.04B+38,4 % YoY
    Operating income¥1.02B+3 280,4 % YoY
    Net income¥813.6M+959,7 % YoY
    Free cash flow¥531.1M+135,9 % YoY
    EPS—
    Operating cash flow¥10.00B+677,1 % YoY
    Financials
    Income statement
    Revenue¥13.04B
    Gross profit¥11.32B
    Operating income¥1.02B
    Net income¥813.6M
    Margins
    Gross margin86.8%
    Operating margin7.8%
    Net margin6.2%
    FCF margin4.1%
    Balance sheet
    Total assets¥37.35B
    Total liabilities¥17.99B
    Total equity¥19.36B
    Cash & equivalents¥773.1M
    Long-term debt¥2.82B
    Cash flow
    Operating cash flow¥10.00B
    CapEx-¥683.3M
    Free cash flow¥531.1M
    SBC—
    P&L flow · revenue → net income
    Revenue ¥13.04BOperating costs ¥12.03BFinance ¥79.6MNet income ¥813.6M
    Highlights
    • ▍Revenue ¥13.04B, +38,4% YoY
    • ▍Operating income +3 280,4% YoY
    • ▍Net income +959,7% YoY
    • ▍Free cash flow +135,9% YoY
    • ▍Net margin 6.2%

    Valuation FY

    Market price
    HK$79,85
    Market cap
    HK$156.16B
    Enterprise valueⓘ
    HK$158.20B
    P/Eⓘ
    191.9x
    Non-GAAP P/Eⓘ
    —
    EV / Revenueⓘ
    12.1x
    EV / Op incomeⓘ
    155.8x
    EV / OCFⓘ
    15.8x
    P / Bⓘ
    8.1x
    P / Tangible bookⓘ
    8.1x
    Tangible book
    HK$19.36B
    Net cashⓘ
    -HK$2.04B
    Current ratioⓘ
    2.6
    Debt / equityⓘ
    0.1
    ROAⓘ
    2.2%
    ROEⓘ
    4.2%
    Cash conversionⓘ
    1229.0%
    CapEx / revenueⓘ
    -5.2%
    SBC / revenueⓘ
    —
    Dilution ratioⓘ
    0.0%

    Revenue by segment

    Biologics—
    low · llm_fanout_v2
    Branded / Innovative Medicines—
    low · llm_fanout_v2
    Oncology Pharmaceuticals—
    low · llm_fanout_v2

    Market share

    — missing data

    Business relationships

    — missing data

    Supply chain

    — missing data

    Peer comparison

    — missing data

    Market position

    Stress test

    — missing data

    Predictor forecast

    Next quarternear-term
    Earnings · next quarterconf 45 %
    EPS
    Consensus EPS
    1,22
    Predicted surprise
    -0,08
    Beat probability
    45 %
    Analysts
    31
    Other metrics
    Revenue
    —
    no estimate
    Segment revenue
    —
    no estimate
    Margin
    —
    no estimate
    Segment margin
    —
    no estimate
    revision ratio -0,01 · as of 2026-07-12 · Earnings Surprise V1
    Period note: consensus is not fiscal-period-aligned at source — read as consensus vs the last reported actual, not a calibrated same-quarter surprise.
    Full fiscal year~1 year ahead
    Full fiscal year · our forecast vs guidance vs consensus
    MetricOur forecastGuidanceConsensus
    EPS—no estimate—no estimate1,22
    Revenue—no estimate—no estimate18,4B CNY
    Operating income—no estimate—no estimate2,7B CNY
    Full-year consensus mean (period as reported by source) · consensus in CNY. Company-level full-year forecast and management guidance are not yet modelled at scale — shown as "no estimate", never inferred.
    Probabilistic model output — not investment advice. · generated 2026-08-04

    Options

    — missing data

    Short squeeze

    — missing data

    Earnings-call key lines

    — missing data

    Consensus distribution

    sell-side coverage
    Recommendation distribution31 analysts
    Strong buy14
    Buy16
    Hold1
    Sell0
    Strong sell0
    12-month price targetHK$115,21 · Median HK$114,56
    Low HK$82,90High HK$135,80
    Operating income · consensus2,7B CNY
    EPS surprise
    −18,9 %
    reported vs consensus · miss
    Revenue surprise
    −29,1 %
    reported vs consensus · miss

    Estimate revisions

    consensus EPS · 26-week trend
    — missing data

    Sell-side observations

    LowHK$82,90
    MeanHK$115,21
    MedianHK$114,56
    HighHK$135,80
    SpotHK$79,85
    +44.3 %implied to mean12-month sell-side price targets · ▲ spot

    Themes

    — missing data

    ESG

    — missing data

    Risk factors

    Dilution riskLow
    Liquidity riskMedium
    Filing-based flags
    • Net cash is negative after subtracting total debt.

    Benchmarks vs cohort

    Op Margin7,8 %Above median
    Net Margin6,2 %Above median
    ROE4,2 %Above median
    Capex / Rev-5,2 %Above median
    D/E0,15Above median
    Cash Conv12,29Best in class

    Corporate actions / M&A

    — missing data

    FX exposure

    — missing data

    Comparable transactions

    — missing data

    Derivatives & instruments

    — missing data

    Actions

    Ask Handelsavisen

    — missing data
    Data sources
    • Market data
    • Market data cache
    • Issuer disclosures
    • Public news
    • Earnings transcripts
    • Consensus estimates
    • ESG data
    • Reference data
    How metrics are computed
    • Debt To Equity
      (short_term_debt + long_term_debt) / total_equity
    • Market Cap
      market_price * shares_outstanding_diluted
    • Ev To Revenue
      enterprise_value / revenue
    • Return On Assets
      net_income / total_assets
    • Price To Tangible Book
      market_price / (tangible_book_value / shares_outstanding_diluted)
    • Price To Earnings
      market_price / (net_income / shares_outstanding_diluted)
    Source documents
    • Innovent Biologics Inc Market data — financials · 2026-07-12
    • Innovent Biologics Inc Market data — analyst estimates · 2026-07-12
    • Innovent Biologics Inc Market data — ESG · 2026-07-12
    • Innovent Biologics Inc — company reference export (2026-07-05) · 2026-07-12

    Ownership & reference

    Insider activity

    — missing data

    Short positioning

    — missing data

    Geographic breakdown

    — missing data
    Listings · one canonical issuer all listings resolve to the canonical
    1801.HKCanonical
    HKEX · HKD

    Intel & risk

    PredictorBeat prob45 %Surprise-0,08Full forecast →
    peak dispatch · —
    OSINT findings
    Dilution riskLow
    Liquidity riskMedium
    Net cash is negative after subtracting total debt.

    Evidence & claims

    From filings & derived data
    — missing data

    The Thread

    Everything we know, in order
    2026-06-30 03:38 UTCEARNINGSUpcomingForecast: earnings_forecast (90d)
    2026-03-26 15:02 UTCEARNINGSAnnual results — FY 2026 Revenue CNY 13.04B · Net CNY 813.6M
    2025-03-26 15:30 UTCEARNINGSAnnual results — FY 2025 Revenue CNY 9.42B · Net CNY -94.6M
    2024-03-20 16:00 UTCEARNINGSAnnual results — FY 2024 Revenue CNY 6.21B · Net CNY -1.03B
    2023-03-28 15:30 UTCEARNINGSAnnual results — FY 2023 Revenue CNY 4.56B · Net CNY -2.18B
    2022-03-29 16:32 UTCEARNINGSAnnual results — FY 2022 Revenue CNY 4.27B · Net CNY -2.73B
    The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.
    Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data · Reference data Premium coverage