HENLIUS

Driven by oncology pipeline progress and overseas commercialization expansion, Shanghai Henlius Biotech opened higher and rallied through the morning session, closing at HK$71.65, up 4.75% from the previous close of HK$68.40, with an intraday swing of 5.8% (low HK$67.95, high HK$71.90). Multiple catalysts surfaced: HLX43 (ADC) cleared by China NMPA for advanced solid tumors, HLX18 (nivolumab biosimilar) dosed first patient globally in Phase III, HLX05-N (cetuximab) started Phase I in China, HLX48 (solid tumors) entered Phase I, HLX13 (ipilimumab) dosed first US patient in Phase I for liver cancer, and HLX22 (HER2) global Phase III received positive commentary from Alligator Bioscience. EU approval expanded serplulimab combo to first-line squamous NSCLC; Canadian launch of denosumab biosimilars (BILDYOS, TUZEMTY) strengthened North American foothold. Q4 2025 revenue rose 35.02% YoY to HK$2.14 billion, net profit grew 5.19% YoY to HK$242.9 million, and ROE stood at 22.06%, though operating profit declined 5.17% YoY. The stock trades 22.12% below its 52-week high of HK$92 but has gained 22.27% YTD, closing above MA20 (HK$59.95) and MA60 (HK$62.12). However, it carries a high PE of 42.66x and PB of 8.91x, warranting valuation caution.

Henlius surged in the afternoon session to close at HKD 65.20, up 5.24%, driven by the Canada launch of denosumab biosimilars BILDYOS and TUZEMTY via Organon partnership, plus EU approval of serplulimab combo for first-line squamous NSCLC. Q4 revenue rose 35.02% YoY to HKD 2.14 billion, net profit up 5.19% YoY to HKD 243 million, signaling sustained earnings improvement. Despite still being 29.13% below its 52-week high of HKD 92, the stock has recovered above MA20 (HKD 58.85) and MA60 (HKD 62.03), with YTD gain of 11.26%. While operating profit slipped 5.17% YoY, indicating lingering cost pressures.

Shanghai Henlius rose sharply in the afternoon session, climbing from HKD 56.80 to close at HKD 58.60, driven by the NMPA's clearance for HLX43 plus bevacizumab trial in advanced solid tumors, EU approval of serplulimab combo for first-line squamous NSCLC, and the Canadian launch of denosumab biosimilars. Q4 revenue surged 35% YoY to HKD 2.14 billion, net profit up 5.19% to HKD 243 million, EPS at HKD 0.44, while operating income fell 5.17% YoY indicating margin pressure. The stock remains 36.3% below its 52-week high of HKD 92, below the 60-day MA of HKD 62.78, and only 16.6% above the 52-week low of HKD 50.25.

Shanghai Henlius Biotech opened low and rallied, closing at HKD 55.80, up 3.14% intraday with a 4.06% range. The stock rebounded from a morning low of HKD 54.10 to hit a session high of HKD 56.25 in the afternoon, primarily driven by the EU Commission's approval of its serplulimab combo for first-line squamous NSCLC and the US Phase 1 trial initiation for ipilimumab biosimilar HLX13. Q4 revenue grew 35.02% YoY to HKD 2.14 billion, and net profit rose 5.19% YoY to HKD 242.9 million, but operating income declined 5.17% YoY, indicating margin pressure. YTD, the stock is down 4.78%, trading 39.35% below its 52-week high of HKD 92.00 and well below the MA20 of HKD 59.49 and MA60 of HKD 63.06, though it has rebounded from a 52-week low of HKD 50.25 touched on July 27, 2026.

Shanghai Henlius Biotech opened lower this morning and continued to decline, trading at HKD 53.10 as of 10:33 BJ time, down 5.18% from the previous close of HKD 56.00. The stock touched an intraday low of HKD 53.10, approaching its 52-week low of HKD 53.05, with volume of only 300,000 shares and a turnover rate of 0.09%. Recent news flow includes dosing of the first patient in the global trial for nivolumab biosimilar HLX18, the first patient enrolled in the Phase 1 trial for cetuximab biosimilar HLX05-N in China, and EU approval for serplulimab combination in first-line squamous NSCLC, but these catalysts failed to lift the stock. Q4 2025 results showed revenue grew 35.02% YoY to HKD 2.14 billion and net profit rose 5.19% YoY to HKD 243 million, with net profit margin stable at 11.36%. However, the current price of HKD 53.10 has fallen below both the 20-day MA (HKD 61.41) and 60-day MA (HKD 64.11), and the stock is down 9.39% year-to-date, still 42.28% below its 52-week high of HKD 92.00, suggesting the market is pricing in limited near-term upside from ongoing pipeline progress.