BOAN BIOTECH

Shandong Boan Biotechnology (6955.HK) staged a rally from a low open, surging in the afternoon session to close up 7.14% at HKD 5.10, driven by positive clinical and licensing news. The company received CDE approval for a Phase II lung cancer trial of a novel immunotherapy combo, while its dulaglutide injection was licensed in the US and two denosumab biosimilar BLAs were submitted to the US FDA, marking key R&D milestones. However, fundamentals remain under pressure: Q4 2025 revenue rose 12.59% YoY to HKD 217.6 million, but net profit swung to a loss of HKD 7.43 million, with EPS down 218.36% YoY. The stock is still 74.37% below its 52-week high of HKD 19.9 and down 37.8% YTD; while it has reclaimed the 20-day MA (HKD 4.828), it remains well below the 60-day MA (HKD 5.985), highlighting persistent valuation concerns.