Keymed Biosciences (SEHK:2162) Loss Narrowing In 1H 2025 Tests Premium Growth Narrative

Simply Wall St.03-28

Keymed Biosciences (SEHK:2162) has just posted FY 2025 first half revenue of C¥498.8 million with a basic EPS loss of C¥0.30 per share, while trailing twelve month figures show revenue of C¥716.3 ...

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Over recent reporting halves, the company has seen revenue move from C¥54.7 million in 1H 2024 to C¥373.4 million in 2H 2024 and then to C¥498.8 million in 1H 2025, alongside basic EPS losses of C¥1.29, C¥0.68 and C¥0.30 respectively. These figures place the...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1583":"高瓴概念","02162":"康诺亚-B","BK1161":"生物科技","BK1574":"生物医药B类股","BK1587":"次新股"},"translate_title":"Keymed Biosciences(SEHK：2162)2025年上半年亏损收窄考验溢价增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02162":0.9},"content_text":"Keymed Biosciences (SEHK:2162) has just posted FY 2025 first half revenue of C¥498.8 million with a basic EPS loss of C¥0.30 per share, while trailing twelve month figures show revenue of C¥716.3 million and a basic EPS loss of C¥1.91. Over recent reporting halves, the company has seen revenue move from C¥54.7 million in 1H 2024 to C¥373.4 million in 2H 2024 and then to C¥498.8 million in 1H 2025, alongside basic EPS losses of C¥1.29, C¥0.68 and C¥0.30 respectively. These figures place the focus on whether future growth can start to ease the pressure on margins. See our full analysis for Keymed Biosciences. With the headline numbers set, the next step is to see how these results line up against the prevailing narratives around Keymed Biosciences's growth potential, risk profile and path toward margin improvement. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:2162 Earnings & Revenue History as at Mar 2026 AdvertisementLosses Narrow While Revenue Scales Up  Net income loss has moved from C¥336.7 million in 1H 2024 to C¥178.5 million in 2H 2024 and C¥78.8 million in 1H 2025, while revenue over the same halves rose from C¥54.7 million to C¥373.4 million and then to C¥498.8 million. Bulls often point to this combination of higher revenue and smaller losses as progress toward a more efficient business model. However, the latest trailing twelve month figures still show a C¥522.6 million net income loss, which keeps the bullish story dependent on further improvement rather than current profitability.\n     The EPS loss per half has moved from C¥1.29 to C¥0.68 and then C¥0.30, but trailing twelve month EPS remains at a C¥1.91 loss, so the recent halves have not yet changed the picture at the full year level. Revenue of C¥716.3 million over the trailing twelve months highlights that the business is generating meaningful sales. Bulls would typically want this to eventually translate into positive earnings before the growth case is fully reflected in the bottom line.    Premium 22x P/S Versus Peers  The shares are trading on a P/S of 22x, compared with a 13.1x average for Hong Kong biotech peers, even though the company remains loss making over the trailing twelve months. Bears focus on this premium multiple as a key concern. They argue that paying 22x sales while net income over the trailing twelve months is a C¥522.6 million loss leaves little room if the business does not keep delivering the forecast 30.1% annual revenue growth.\n     The ongoing lack of forecast profitability over the next three years means there is no P/E support here, so the valuation hinges heavily on revenue based measures like P/S. If sector peers on 13.1x P/S also show strong growth, critics see the 22x level as demanding, especially while EPS for the trailing twelve months sits at a C¥1.91 loss.    DCF Fair Value And Targets Signal Upside  Against the current share price of HK$60.55, the DCF fair value of HK$132.94 and an analyst price target of HK$86.84 both sit higher than where the stock trades today. Supporters highlight that this gap between HK$60.55 and both HK$86.84 and HK$132.94 is consistent with the forecast 30.1% annual revenue growth. Skeptics point out that trailing twelve month net income is still a C¥522.6 million loss, so these valuation signals rely on future execution rather than present day profitability.\n     Consensus expectations in the data indicate analysts see scope for the share price to move higher from HK$60.55, yet the same data also notes that the company is not forecast to reach profitability within the next three years. What stands out is that even with an unprofitable trailing twelve month EPS of C¥1.91 loss, both the DCF fair value and the HK$86.84 target remain above the current price. This keeps the debate centered on how long investors are willing to wait for earnings to catch up.    If you want a broader, story driven view that ties these numbers together, check how other investors frame Keymed Biosciences in their narratives Curious how numbers become stories that shape markets? Explore Community Narratives 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 Keymed Biosciences'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 sentiment split between the growth story and the ongoing losses, this is the moment to look through the numbers yourself, weigh both sides and decide how comfortable you are with the current balance of risks and rewards, then check the 3 key rewards and 1 important warning sign See What Else Is Out There Keymed Biosciences carries ongoing net income and EPS losses alongside a premium 22x P/S multiple, so investors face meaningful risk if growth expectations are not met. If you are uneasy about paying a premium for a loss making company, it is worth checking companies screened in the 284 resilient stocks with low risk scores to compare more resilient profiles.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    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\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Keymed Biosciences might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. 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