KEYMED BIO-B

Keymed Bio-B (2162.HK) opened lower and declined throughout the session, closing down 3.06% at HK$72.95 on turnover of about 2.11 million shares. The stock opened at HK$76.90 but was met with selling pressure, falling to an intraday low of HK$71.15 in the morning session before stabilizing in a low range of HK$72-73 in the afternoon without recovering the opening price. On the news front, the company had previously issued a profit alert for H1 profit of at least RMB1.2 billion, driven by Kangyueda and licensing income, yet the market chose to take profits today. Meanwhile, positive Phase III survival data for CMG901 (CLDN18.2) in gastric cancer and a breakthrough therapy designation for CM512 in China failed to lift shares. In terms of price positioning, the closing price of HK$72.95 has fallen below the 20-day moving average of HK$82.85, is approximately 18.7% below the 52-week high of HK$89.75, but remains up 36.5% year-to-date and above the 60-day MA of HK$69.65. However, the latest quarter (Q4 2025) showed a 39.1% YoY revenue decline and a 159.9% YoY net loss expansion, highlighting ongoing profitability headwinds.

康诺亚-B(2162.HK) 今日上午盘低开低走，截至 9:48 报 78.15 港元，较昨日收盘价 82.30 港元下跌 5.1%，盘中最低触及 78.15 港元，最高仅 81.90 港元，呈单边下行走势。下跌主因或为近期强势上涨后获利回吐，该股年初至今已累计上涨 45.9%，当前股价距 52 周高点 89.75 港元仍低 13.1%，但远高于 52 周低点 44.66 港元 74.7%。公司此前预告上半年净利润不低于 12 亿港元，主要来自康悦达及许可收入，不过最新财报显示 Q4 2025 营收同比下降 39.1% 至 1.21 亿港元，净亏损扩大至 2.47 亿港元，基本面改善仍需时间验证。

Keymed Biosciences staged a strong rally in the morning session, closing up 5.0% at HK$85.75, driven by its H1 profit warning expecting a turnaround to net profit of at least RMB1.2 billion, fueled by Kangyueda sales growth and licensing income. The stock briefly touched a session high of HK$85.75, approaching its 52-week peak of HK$89.75, and has surged 60.4% year-to-date, well above its 20-day MA of HK$76.5 and 60-day MA of HK$68.9; however, the PE remains negative and the PB stands at a lofty 8.3x, highlighting valuation concerns.

2162.HK experienced a morning session of surge and then pullback, hitting an intraday high of HKD 86.05 shortly after the open before sliding steadily to HKD 81.30 by 09:48 BJ, down about 5.5% from the opening price of HKD 86.00 with an intraday range of nearly 5.5%. The decline likely reflects profit-taking following the company's announcement of an expected interim net profit of at least RMB 1.2 billion, marking a turnaround from recent losses, driven by strong sales of its core product Kangyueda and licensing income. However, the stock had already surged approximately 82% from its 52-week low of HKD 44.66, with a YTD gain of 52.29%, and the current price of HKD 81.30 remains above the 20-day MA (HKD 75.10) and 60-day MA (HKD 68.79), but only 9.3% below the 52-week high of HKD 89.75, indicating heightened divergence at elevated levels. Nonetheless, the company's recent two quarters showed continued year-over-year declines in revenue (Q4 2025 revenue down 39.1% YoY) and widening net losses, casting doubt on the sustainability of the turnaround.

康诺亚今日上午盘低开高走、单边上行，收报 87.95 港元，涨幅 8.91%，主要受港股生物医药板块整体走强推动。盘中最低 81.40 港元（与开盘价持平），最高触及 88.35 港元，逼近 52 周高点 89.75 港元，距 52 周高点仅差 2.01%。近期多家机构给予积极评级，如 Goldman Sachs 给予买入评级及目标价 92.67 港元，Huatai Securities 亦指出 Gilead 收购 Ouro 凸显平台价值，提振市场情绪。不过，公司最新财报显示 Q4 2025 营业收入同比下滑 39.1% 至 1.21 亿港元，净亏损扩大至 2.47 亿港元，基本面仍待改善。