Antengene (SEHK:6996) Losses Halve In 1H 2025 Challenging Concerns Over Rich P/S Multiple

Antengene (SEHK:6996) has opened FY 2025 with first half revenue of C¥53.2 million and a basic EPS loss of C¥0.12 per share, setting the tone for how investors will assess its path toward profitability. Over the past few reporting periods, the company has seen revenue move from C¥60.8 million in 1H 2024 to C¥31.2 million in 2H 2024 and C¥53.2 million in 1H 2025, while basic EPS has shifted from a loss of C¥0.27 to a loss of C¥0.24 and then to a loss of C¥0.12. With revenue still modest and EPS in loss territory, the focus now turns to how quickly margins can improve and whether the growth story can justify the current share price of C¥4.06.

See our full analysis for Antengene.

With the headline numbers set, the next step is to see how this earnings profile lines up against the widely held narratives about Antengene's growth potential, risk profile, and route to profitability.

Curious how numbers become stories that shape markets? Explore Community Narratives

Losses Narrow To C¥76.4 Million In 1H 2025

• Net income loss moved from C¥167.0 million in 1H 2024 to C¥152.2 million in 2H 2024 and then to C¥76.4 million in 1H 2025, while the trailing 12 month loss sits at C¥239.1 million.
• What stands out for the bullish view is that analysts highlight losses shrinking by about 48.7% per year over the past five years. The latest half year shows:
  • Basic EPS loss tightening from C¥0.27 in 1H 2024 to C¥0.24 in 2H 2024 and C¥0.12 in 1H 2025, which lines up with that long run loss reduction story.
  • Trailing 12 month basic EPS at a loss of C¥0.38 still signals unprofitability, so the progress on losses sits alongside an ongoing need for earnings improvement.

Curious how this pattern of shrinking losses fits into the bigger growth and valuation story for Antengene? 📊 Read the what the Community is saying about Antengene.

Revenue Track Record Versus 41.9% Growth Forecast

• Total revenue across the last three half years came in at C¥60.8 million, C¥31.2 million and C¥53.2 million, with trailing 12 month revenue at C¥105.3 million compared with the forecast of about 41.9% annual revenue growth going forward.
• Supporters of the growth case often point to that 41.9% revenue growth forecast and the 62.9% forecast earnings growth, and the reported numbers add some nuance to that:
  • Revenue over the latest trailing 12 month period of C¥105.3 million is higher than any single half year figure in the recent history, which fits with a story of building revenue scale even while individual half years move around.
  • At the same time, the trailing 12 month net loss of C¥239.1 million shows that, despite the strong growth forecasts, today’s business model still relies on investors being comfortable with losses while that growth thesis plays out.

Premium P/S Multiple Against Peer Average

• The current share price of C¥4.06 implies a P/S of about 23x, which sits well above both the peer average near 3x and the Hong Kong pharmaceuticals industry average around 3.1x.
• Critics highlight this valuation gap as a key risk, and the earnings profile gives them concrete numbers to point to:
  • With trailing 12 month basic EPS at a loss of C¥0.38 and net income also in loss territory at C¥239.1 million, the premium multiple is being paid on a business that is still unprofitable.
  • On top of that, the share price has been more volatile over the past three months than the Hong Kong market, which can make this rich P/S multiple feel more exposed if the forecast growth or path to profitability takes longer than expected.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Antengene's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Seen enough to sense both optimism and caution around Antengene's story? Use the full data set, move quickly, and weigh the 2 key rewards and 1 important warning sign.

See What Else Is Out There

Antengene still reports losses, has a trailing 12 month net loss of C¥239.1 million, and trades on a P/S multiple far above industry peers.

If rich valuation and ongoing losses make you cautious here, it is worth urgently scanning 228 high quality undervalued stocks to focus on companies where pricing and fundamentals align more closely.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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