3D Medicines (SEHK:1244) Loss Narrows To C¥0.36 EPS And Tests Bearish Narratives

3D Medicines (SEHK:1244) has released its FY 2025 first half figures, reporting revenue of C¥209.2 million and a basic EPS loss of C¥0.36 per share, underscoring that the business is still in loss-making territory. Over recent periods, the company has seen revenue range from C¥206.4 million in 1H 2024 to C¥239.2 million in 2H 2024, while basic EPS moved between losses of C¥0.42 and C¥0.32 per share. This gives investors a clearer view of how revenue scale and per share losses have tracked side by side. With the company still unprofitable over the last 12 months but showing a multi year pattern of shrinking losses, the latest numbers put the spotlight firmly on how margins are evolving from here.

See our full analysis for 3D Medicines.

With the headline figures on the table, the next step is to see how these results line up with the prevailing stories about 3D Medicines, and where the numbers start to question those widely held narratives.

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

LTM loss of C¥168.5 million keeps profitability in focus

• On a trailing 12 month basis, 3D Medicines booked total revenue of C¥448.4 million and a net loss of C¥168.5 million, compared with the latest half year revenue of C¥209.2 million and loss of C¥89.4 million, so the business is still clearly in loss making mode even as it operates at a few hundred million yuan of annualised sales.
• What stands out for a more bullish take is that losses have reportedly reduced at an annual rate of 36.7% over the past five years, which sits alongside the current trailing loss of C¥168.5 million rather than contradicting it
  • Supporters often point to this multi year loss reduction trend as evidence that the company is moving closer to breakeven, even though the latest 12 month period is still loss making.
  • At the same time, the most recent half year net loss of C¥89.4 million versus C¥103.5 million in 1H 2024 shows that any progress is still playing out within a clearly negative earnings base, which keeps the bullish view grounded in ongoing execution rather than past improvements alone.

Some investors will want to connect this pattern of shrinking losses with the broader story around growth, risk, and valuation before deciding what it really means for the long run, which is where community views can help add extra context through different lenses on the same numbers. Curious how numbers become stories that shape markets? Explore Community Narratives

Price to sales at 2x versus 13.6x industry

• The current P/S ratio of around 2x sits far below the Hong Kong biotech industry average of 13.6x and the cited peer average of 20.8x, so the market is valuing each C¥1 of 3D Medicines revenue at a much lower multiple than many comparable names.
• Critics highlight that this discount is consistent with a cautious or bearish stance that focuses on the lack of current profitability rather than the revenue base
  • The trailing 12 month loss of C¥168.5 million means that, even at a 2x P/S ratio, investors are still paying for a business that has not yet produced positive earnings, which aligns with a more cautious view.
  • On the other hand, the combination of a relatively low P/S multiple and a reported multi year loss reduction rate of 36.7% creates a tension for bearish arguments, because the valuation already reflects considerable concern while the income statement shows some progress in narrowing losses over time.

Half year EPS losses tightening compared with 1H 2024

• Basic EPS in the latest half was a loss of C¥0.36 per share, compared with a loss of C¥0.42 per share in 1H 2024 and C¥0.32 per share in 2H 2024, so recent periods cluster in a relatively narrow band of per share losses even as the company reports different revenue levels between C¥206.4 million and C¥239.2 million.
• What is interesting for a more optimistic angle is how this series of half year EPS figures fits alongside the reported 36.7% annual improvement in loss reduction over five years
  • The move from a C¥0.42 loss in 1H 2024 to a C¥0.36 loss in 1H 2025 is consistent with the longer term trend of shrinking losses that bullish investors highlight, rather than suggesting a sharp reversal.
  • At the same time, the trailing 12 month EPS loss of C¥0.69 shows that, despite this pattern, earnings across a full year are still meaningfully negative, which reminds investors that the path to any potential breakeven point is still a work in progress rather than an achieved milestone.

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 3D Medicines'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.

With the mixed tone around shrinking losses and valuation, it helps to look directly at the facts and test whether the optimism makes sense for you. To see what others view as the most appealing parts of the story, review the 1 key reward

See What Else Is Out There

3D Medicines is still reporting meaningful losses alongside a low P/S multiple, so profitability remains a clear weak spot despite the revenue base.

If you want ideas where earnings risks look more contained, check out 274 resilient stocks with low risk scores today and quickly compare companies that aim to keep downside in check.

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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