Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥21.70, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 25x in the Biotechs industry in China. Total returns to shareholders of 7.8% over the past three years. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.8% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. New Risk • May 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.8% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥25.89, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 54x in the Biotechs industry in China. Total returns to shareholders of 23% over the past three years. Announcement • Apr 22
Kexing Biopharm Co., Ltd., Annual General Meeting, May 12, 2026 Kexing Biopharm Co., Ltd., Annual General Meeting, May 12, 2026, at 14:00 China Standard Time. Location: 19F, Building B, Chuangyi Science and Technology Building, Intersection of Gaoxin Middle 1st Road and Keji Middle 1st Road, Nanshan District, Shenzhen, Guangdong China Reported Earnings • Apr 22
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥0.79 (up from CN¥0.16 in FY 2024). Revenue: CN¥1.53b (up 9.0% from FY 2024). Net income: CN¥155.6m (up 394% from FY 2024). Profit margin: 10% (up from 2.2% in FY 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Apr 13
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.3% operating cash flow to total debt). Earnings have declined by 13% per year over the past 5 years. Announcement • Mar 30
Kexing Biopharm Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Kexing Biopharm Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥24.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 24x in the Biotechs industry in China. Total returns to shareholders of 11% over the past three years. Reported Earnings • Mar 05
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥0.81 (up from CN¥0.16 in FY 2024). Revenue: CN¥1.54b (up 9.5% from FY 2024). Net income: CN¥159.4m (up 407% from FY 2024). Profit margin: 10% (up from 2.2% in FY 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Dec 26
Kexing Biopharm Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Kexing Biopharm Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.15 (vs CN¥0.03 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.15 (up from CN¥0.03 in 3Q 2024). Revenue: CN¥447.2m (up 61% from 3Q 2024). Net income: CN¥30.9m (up 483% from 3Q 2024). Profit margin: 6.9% (up from 1.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Oct 02
Kexing Biopharm's Sorafenib Generic Receives Approvals in Egypt and Peru Kexing Biopharm announced that its in-licensed Sorafenib Tosylate Tablets generic, from Yabao Pharmaceutical Co. Ltd.Beijing, has recently been approved for marketing in both Egypt and Peru, marking another important step in the Kexing's international commercialization efforts. In Egypt, the product was granted marketing authorization by the Egyptian Drug Authority (EDA). In Peru, the product received approval from the National Authority of Medicines and Medical Devices (DIGEMID). Sorafenib, as a well-recognized molecular targeted therapy, is indicated for the treatment of some kind of cancers. With these back-to-back approvals, Kexing Biopharm has further expanded the geographic reach of Sorafenib, enhancing its accessibility across both the Middle East & North Africa (MENA) region and Latin America, where the demand for oncology medicines continues to grow. These milestones also highlight the company's capability to navigate diverse regulatory environments and advance global registrations efficiently. Moving forward, Kexing Bioph arm will continue to develop therapeutics of high clinical value, collaborating closely with domestic and international partners to continually expand its product portfolio and ensure the stability of the pharmaceutical supply chain. Kexing is committed to enhancing treatment accessibility, providing high-quality medicines for patients worldwide. Announcement • Sep 30
Kexing Biopharm Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Kexing Biopharm Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Announcement • Sep 17
Kexing Biopharm's Human Umbilical Cord Mesenchymal Stem Cell-Derived Exosomes Registered with FDA DMF Kexing Biopharm announced that its investigational Human Umbilical Cord Mesenchymal Stem Cell-Derived Exosomes has successfully completed a Type II Drug Master File (DMF) registration with the U.S. FDA. Exosomes, as a next-generation bioactive carrier, boast unique advantages such as low immunogenicity, strong tissue penetration, and potential for targeted modification, offering immense promise for medical applications. However, the technical barriers and research challenges in Exosome development place them at the forefront of complexity among bioactive material fields. This achievement builds on Kexing's K'Exosome platform, which is built on high-performance GMP-grade exosome "end-to-end" production technology. The platform's core strengths lie in its "six highs and one low" advantages: high purity, high yield, high efficiency, high recovery rate, high stability, high bioactivity, and low cost. This enables scalable, standardized, and intelligent manufacturing of clinical-grade exosomes. Additionally, the platform offers advanced engineering capabilities for efficient protein/small nucleic acid loading and precise targeted modification, providing a comprehensive solution from molecular design to process scale-up for next-generation delivery therapies. Kexing Biopharm will continue to advance its "Innovation + Internationalization" strategy, driving the global development and application of exosome technologies and delivering high-quality solutions for broader healthcare needs. Reported Earnings • Aug 25
Second quarter 2025 earnings released: EPS: CN¥0.28 (vs CN¥0.003 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.28 (up from CN¥0.003 loss in 2Q 2024). Revenue: CN¥346.9m (down 13% from 2Q 2024). Net income: CN¥54.8m (up CN¥55.3m from 2Q 2024). Profit margin: 16% (up from net loss in 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 29
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to CN¥50.47. The fair value is estimated to be CN¥40.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 59% in 2 years. Earnings are forecast to grow by 380% in the next 2 years. Buy Or Sell Opportunity • Jul 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 80% to CN¥49.00. The fair value is estimated to be CN¥40.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 443% in the next 2 years. Announcement • Jun 30
Kexing Biopharm Co., Ltd. to Report First Half, 2025 Results on Aug 23, 2025 Kexing Biopharm Co., Ltd. announced that they will report first half, 2025 results on Aug 23, 2025 Announcement • May 29
Kexing Biopharm's GB18 Project Receives Clearance of IND Application from NMPA and FDA Kexing Biopharm announced that the National Medical Products Administration (NMPA) has approved the Investigational New Drug (IND) application for its independently developed innovative product, GB18. Moreover, GB18 has previously received the clearance from U.S. Food and Drug Administration (FDA) for IND application on May 21st. GB18 is an innovative biologic product developed for the treatment of cancer cachexia, a complication with a prevalence up to 40% to 70% among cancer patients. Currently, no specific biological therapies are available to address the condition, presenting vast market potential. Featuring a unique nanobody-Fc fusion molecular structure, the product demonstrates enhanced stability, bettered bioavailability, and significantly improved performance in inhibiting disease-associated signaling pathways. Benchmarking against globally leading pipelines with the same target (GDF-15) and indication, Kexing Biopharm's GB18 features a special nanobody-Fc Fusion structure (VHH-Fc), with the patents granted or applied for the molecule globally already. Last October, a research article of GB18's preclinical study was published in the renowned international academic journal mAbs, which demonstrated that GB18 effectively alleviated weight loss in cancer cachexia models, showing superior weight recovery and improved muscle fibers in both quantity and size compared to the comparator. In cancer cachexia, the expression level of GDF-15 is significantly elevated, which is closely associated with tumor progression and the severity of cachexia. Therefore, targeting GDF-15 has emerged as a new strategy in addressing the clinical challenge of cancer cachexia. This recent FDA IND approval marks a significant milestone in the Company's globalization of innovative products. Approximately millions advanced cancer patients annually in the world are suffering from cachexia. There is a significant unmet clinical need for the indication of cancer cachexia. Kexing Biopharm will remain steadfast in its mission to deliver "Precise Products, Predictable Effects, and Health Protection", with a focus on product quality and a commitment to scientific innovation, and improve the lives of patients worldwide. Buy Or Sell Opportunity • May 28
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 123% to CN¥46.80. The fair value is estimated to be CN¥36.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 443% in the next 2 years. Reported Earnings • Apr 11
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.16 (up from CN¥0.96 loss in FY 2023). Revenue: CN¥1.41b (up 12% from FY 2023). Net income: CN¥31.5m (up CN¥221.8m from FY 2023). Profit margin: 2.2% (up from net loss in FY 2023). Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
Kexing Biopharm Co., Ltd., Annual General Meeting, May 08, 2025 Kexing Biopharm Co., Ltd., Annual General Meeting, May 08, 2025, at 14:00 China Standard Time. Location: 19F, Building B, Chuangyi Science and Technology Building, Intersection of Gaoxin Middle 1st Road and Keji Middle 1st Road, Nanshan District, Shenzhen, Guangdong China Announcement • Mar 28
Kexing Biopharm Co., Ltd. to Report Q1, 2025 Results on Apr 28, 2025 Kexing Biopharm Co., Ltd. announced that they will report Q1, 2025 results on Apr 28, 2025 Announcement • Mar 21
Kexing Biopharm Co., Ltd. (SHSE:688136) announces an Equity Buyback for CNY 60 million worth of its shares. Shandong Kexing Bioproducts Co,.Ltd (SHSE:688136) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The repurchase price will not more than CNY 29.77 per Share. The repurchased shares will be used for Equity incentive or employees’ shareholding plan. The repurchase period will be not more than 12 months. New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.16 (up from CN¥0.96 loss in FY 2023). Revenue: CN¥1.41b (up 12% from FY 2023). Net income: CN¥31.5m (up CN¥221.8m from FY 2023). Profit margin: 2.2% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Feb 15
Kexing Biopharm Co., Ltd.'s Subsidiary Shenzhen Kexing Pharmaceutical Co., Ltd. Obtains IND Approval for Its Self-developed GB05 from U.S. FDA Kexing Biopharm Co., Ltd. recently announced that the Investigational New Drug Application (IND) of GB05, Human Interferon a1b Inhalation Solution, a self-developed product by the Company's wholly-owned subsidiary, Shenzhen Kexing Pharmaceutical Co., Ltd., has been approved by the United States Food and Drug Administration (FDA), and this approval allows Shenzhen Kexing to initiate its proposed clinical trials in the US. The proposed indications are pediatric lower respiratory tract infections caused by respiratory syncytial virus (RSV), such as pneumonia and bronchiolitis. This significant breakthrough in antiviral drug development brings new hope to the treatment of RSV infections in children globally. RSV is one of the most causative viruses for acute respiratory infections in infants. Children under the age of five are particularly vulnerable, and the situation is even worse for infants and children with underlying health conditions, who are likely to suffer severe pneumonia when infected. There is yet no effective anti-viral drugs targeting RSV approved globally. GB05, Human Interferon a1b Inhalation Solution, is specifically formulated for pediatric use: it incorporates a mutation to increase stability, is formulated with low human albumin content for increased safety and lower cost, and in inhaled regimen, the active ingredient can be delivered directly to the infection site for better efficacy and reduced side effects. In addition, inhalation delivery enhances pediatric patients' compliance compared to subcutaneous injection. In summary, the safety, efficacy and compliance of GB05 have been significantly improved. Currently, phase III clinical trials for GB05 are on going in China. Kexing Biopharm has been deeply engaged in antiviral, oncology, and immunology areas, keeping refining and balancing its product pipeline. The approval of GB05 for clinical trials in both China and the US is not only a reflection of Kexing Biopharm's prowess in innovative R&D, but also an important achievement after years of efforts in antiviral area. Besides GB05, Kexing Biopharm is also gaining progress in the development of other innovative medicines. For instance, Kexing is actively working on a new biological entity, GB08, a long-acting growth hormone in the form of an Fc-fusion protein. Meanwhile, the IND applications of GB18 indicated for cancer cachexia (a nanobody targeting GDF-15) are about to be submitted in both China and the US within this year. In recent years, Kexing Biopharm's R&D pipeline becomes more focused, and the R&D investment is more precise and targeted. Its innovation capability has attracted attention from peers and venture capitals at home and abroad. In the future, Kexing will adhere to the platform-based development strategy driven by innovation and internationalization, bringing more breakthroughs on the road of innovation. Announcement • Dec 27
Kexing Biopharm Co., Ltd. to Report Fiscal Year 2024 Results on Apr 11, 2025 Kexing Biopharm Co., Ltd. announced that they will report fiscal year 2024 results on Apr 11, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.03 (vs CN¥0.042 loss in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.03 (up from CN¥0.042 loss in 3Q 2023). Revenue: CN¥278.4m (down 13% from 3Q 2023). Net income: CN¥5.30m (up CN¥15.9m from 3Q 2023). Profit margin: 1.9% (up from net loss in 3Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Kexing Biopharm Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Kexing Biopharm Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Reported Earnings • Aug 20
Second quarter 2024 earnings released: CN¥0.003 loss per share (vs CN¥0.22 loss in 2Q 2023) Second quarter 2024 results: CN¥0.003 loss per share (improved from CN¥0.22 loss in 2Q 2023). Revenue: CN¥399.2m (up 22% from 2Q 2023). Net loss: CN¥526.1k (loss narrowed 99% from 2Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Jun 28
Kexing Biopharm Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Kexing Biopharm Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 Announcement • May 30
Kexing Biopharm Co., Ltd. Announces Its Subsidiary Shenzhen Kexing Pharmaceutical Co., Ltd., Obtains Clinical Trial Approval for its Self-Developed Class I Innovative Drug--Long-Acting Growth Hormone Kexing Biopharm Co., Ltd. announced that Shenzhen Kexing Pharmaceutical Co., Ltd., its wholly-owned subsidiary, recently received a Notice of Approval for Drug Clinical Trials from the National Medical Products Administration, approving its clinical trial application for GB08 injection solution developed independently by the company. GB08 was developed using recombinant DNA technology, where the human growth hormone (hGH) gene was linked to a human IgG4-Fc segment gene for expression. GB08 shows significantly improved product safety, patience convenience and compliance. This product is the first Class I innovative drug independently developed by Kexing Biopharm since its listing on the STAR Market. It is a long-acting growth hormone developed to fulfill the clinical needs of patients with pediatric growth hormone deficiency syndrome. There are no long-acting growth hormone products in Fc-fusion format available in the current market. Hence, if launched successfully in the future, this product is expected to provide a new treatment option for pediatric patients with growth hormone deficiency syndrome. Developed by Kexing Biopharm, GB08 is a long-acting growth hormone in the form of a Fc-fusion protein, representing a brand-new generation of long-acting protein drugs. Kexing Biopharm has delved into the R&D of recombinant protein drugs for over 20 years. In its R&D pipeline, a short-acting growth hormone received clinical trial approval last year, and the recent approval of the long-acting version of growth hormone for clinical trials signals another breakthrough for the company in the development of innovative drugs. This achievement not only helps Kexing Biopharm to further optimize its product structure, but it also marks an era when Kexing Biopharm has officially entered the long-acting growth hormone market through fully independent R&D. This accomplishment has also brought hope to patients worldwide, and Kexing Biopharm will leverage this product to tap the vast market potential for long-term profitability. Against the backdrop of a significant demand gap for long-acting growth hormone products globally, the approval of Kexing Biopharm's clinical trial application for GB08 injection solution is of positive significance for the company's future development. It will particularly contribute to the "for global" strategy Kexing Biopharm has been promoting in recent years. Announcement • Apr 29
Kexing Biopharm Co., Ltd., Annual General Meeting, May 24, 2024 Kexing Biopharm Co., Ltd., Annual General Meeting, May 24, 2024, at 14:00 China Standard Time. Location: 19F, Building B, Chuangyi Science and Technology Building, Intersection of Gaoxin Middle 1st Road and Keji Middle 1st Road, Nanshan District, Shenzhen, Guangdong China Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥0.96 loss per share (further deteriorated from CN¥0.45 loss in FY 2022). Revenue: CN¥1.26b (down 4.3% from FY 2022). Net loss: CN¥190.3m (loss widened 111% from FY 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 167%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Biotechs industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Apr 10
Shenzhen Kexing Pharmaceutical Co., Ltd. Announces Enrollment of Subjects in Phase III Clinical Trial for Inhaled Aerosol Drug in Children by Kexing Biopharm Kexing Biopharm announced that the Phase III clinical trial of Human Interferon a1b Inhalation Solution developed by Shenzhen Kexing Pharmaceutical Co. Ltd., had completed the enrollment of first patient and dosing. This drug is indicated for respiratory syncytial virus-associated lower respiratory infections (pneumonia, bronchiolitis) in children. It is designed specifically for children by using a nebulizer, which can directly deliver the active ingredients to the lesion site, resulting in a rapid onset of therapeutic effect, improved pediatric patient compliance and safety. As mentioned by relevant R&D directors of Kexing Biopharm, the Phase I clinical dose-escalation and bronchoalveolar lavage studies of Kexing Bioph arm's Human Interferon a1b Inhalation Solution were completed in October 2023. In these studies, the drug safety, tolerability and concentration in the lungs were automatically and comprehensively validated. The results showed high local drug concentration in the lungs and low systemic exposure, indicating that the drug can be delivered directly to the lesion site (lung) using a nebulizer, shows low plasma concentration, and excellent safety profile. Respiratory syncytial virus (RSV) is one of the most common viral pathogens that cause acute respiratory infections in infants. In recent years, due to the persistently high incidence of various respiratory diseases, inhalation preparations have seen a growing market demand, especially when used in treating RSV-associated lower respiratory infections in children, thus aerosol inhalation has become a more ideal route of administration. However, due to various challenges such as specific requirements for the physicochemical and pharmacological properties of inhaled aerosol drugs, the uncertainty of therapeutic effects by depositing atomized drug particles in airways and lungs, as well as strict approval procedures for pediatric medication, inhaled protein therapeutics for children have yet to be marketed in China. Human Interferon a1b Inhalation Solution, another significant breakthrough in the antiviral field achieved by Kexing Biopharm, is expected to fill this market void. Announcement • Mar 30
Shandong Kexing Bioproducts Co,.Ltd to Report Q1, 2024 Results on Apr 27, 2024 Shandong Kexing Bioproducts Co,.Ltd announced that they will report Q1, 2024 results on Apr 27, 2024 Board Change • Feb 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director An Tang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 24
Shandong Kexing Bioproducts Co,.Ltd (SHSE:688136) announces an Equity Buyback for CNY 60 million worth of its shares. Shandong Kexing Bioproducts Co,.Ltd (SHSE:688136) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The repurchase price will not more than CNY 26.08 per Share. The repurchased shares will be used to maintain company value and shareholders’ equity. The repurchase period will be not more than 3 months. New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 01
Third quarter 2023 earnings released: CN¥0.033 loss per share (vs CN¥0.23 loss in 3Q 2022) Third quarter 2023 results: CN¥0.033 loss per share (improved from CN¥0.23 loss in 3Q 2022). Revenue: CN¥320.0m (down 6.8% from 3Q 2022). Net loss: CN¥6.75m (loss narrowed 86% from 3Q 2022). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Biotechs industry in China. Reported Earnings • Aug 26
Second quarter 2023 earnings released: CN¥0.22 loss per share (vs CN¥0.13 loss in 2Q 2022) Second quarter 2023 results: CN¥0.22 loss per share (further deteriorated from CN¥0.13 loss in 2Q 2022). Revenue: CN¥326.3m (down 9.3% from 2Q 2022). Net loss: CN¥38.8m (loss widened 48% from 2Q 2022). Announcement • Jul 26
Shandong Kexing Bioproducts Co,.Ltd announced that it expects to receive CNY 571.6 million in funding Shandong Kexing Bioproducts Co,.Ltd signed a purchase agreement to issue not more than 59,759,595 A shares for gross proceeds of not more than CNY 571,600,000 on July 24, 2023. The transaction will include participation from not more than 35 investors, including individual investor Deng Xueqin, who will subscribe for not less than CNY 100,000,000. The issue price will be not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares issued to Deng Xueqin in the transaction cannot be transferred within 18 months from the issuance closing date. The shares issued to the other investors in the transaction cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 8th Meeting of the 2nd Directorate and the 8th Meeting of the 2nd Supervisory Board. The transaction is subject to the approvals of the Company’s Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission. Announcement • Jun 28
Shandong Kexing Bioproducts Co,.Ltd to Report First Half, 2023 Results on Aug 26, 2023 Shandong Kexing Bioproducts Co,.Ltd announced that they will report first half, 2023 results on Aug 26, 2023 Reported Earnings • Apr 23
First quarter 2023 earnings released: CN¥0.04 loss per share (vs CN¥0.15 profit in 1Q 2022) First quarter 2023 results: CN¥0.04 loss per share (down from CN¥0.15 profit in 1Q 2022). Revenue: CN¥322.6m (up 20% from 1Q 2022). Net loss: CN¥8.77m (down 130% from profit in 1Q 2022). Reported Earnings • Mar 02
Full year 2022 earnings released: CN¥0.45 loss per share (vs CN¥0.49 profit in FY 2021) Full year 2022 results: CN¥0.45 loss per share (down from CN¥0.49 profit in FY 2021). Revenue: CN¥1.32b (up 2.4% from FY 2021). Net loss: CN¥90.3m (down 194% from profit in FY 2021). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 30
Third quarter 2022 earnings released: CN¥8.24 loss per share (vs CN¥0.072 profit in 3Q 2021) Third quarter 2022 results: CN¥8.24 loss per share (down from CN¥0.072 profit in 3Q 2021). Revenue: CN¥314.6m (up 4.6% from 3Q 2021). Net loss: CN¥59.6m (down CN¥74.2m from profit in 3Q 2021). Reported Earnings • Sep 01
Second quarter 2022 earnings released: CN¥0.068 loss per share (vs CN¥0.075 profit in 2Q 2021) Second quarter 2022 results: CN¥0.068 loss per share (down from CN¥0.075 profit in 2Q 2021). Revenue: CN¥359.7m (up 13% from 2Q 2021). Net loss: CN¥26.2m (down 285% from profit in 2Q 2021). Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: CN¥0.15 (vs CN¥0.23 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.15 (down from CN¥0.23 in 1Q 2021). Revenue: CN¥269.7m (down 2.6% from 1Q 2021). Net income: CN¥29.1m (down 38% from 1Q 2021). Profit margin: 11% (down from 17% in 1Q 2021). Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: CN¥0.49 (vs CN¥0.93 in FY 2020) Full year 2021 results: EPS: CN¥0.49 (down from CN¥0.93 in FY 2020). Revenue: CN¥1.29b (up 5.3% from FY 2020). Net income: CN¥96.5m (down 31% from FY 2020). Profit margin: 7.5% (down from 11% in FY 2020). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥33.33, the stock trades at a trailing P/E ratio of 73.4x. Average trailing P/E is 46x in the Biotechs industry in China. Total loss to shareholders of 2.9% over the past year. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.45 (down from CN¥0.93 in FY 2020). Revenue: CN¥1.29b (up 5.3% from FY 2020). Net income: CN¥90.2m (down 35% from FY 2020). Profit margin: 7.0% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥30.60, the stock trades at a trailing P/E ratio of 62.7x. Average trailing P/E is 44x in the Biotechs industry in China. Total loss to shareholders of 23% over the past year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.072 (vs CN¥0.16 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥300.8m (down 7.5% from 3Q 2020). Net income: CN¥14.6m (down 37% from 3Q 2020). Profit margin: 4.8% (down from 7.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS CN¥0.075 (vs CN¥0.16 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥318.4m (down 2.1% from 2Q 2020). Net income: CN¥14.2m (down 38% from 2Q 2020). Profit margin: 4.5% (down from 7.1% in 2Q 2020). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥39.09, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 57x in the Biotechs industry in China. Reported Earnings • Apr 26
Full year 2020 earnings released: EPS CN¥0.93 (vs CN¥1.07 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥1.22b (up 2.5% from FY 2019). Net income: CN¥139.1m (down 13% from FY 2019). Profit margin: 11% (down from 13% in FY 2019). The decrease in margin was driven by higher expenses. Announcement • Dec 15
Shan Dong Kexing Bioproducts Co., Ltd has completed an IPO in the amount of CNY 1.109249 billion. Shan Dong Kexing Bioproducts Co., Ltd has completed an IPO in the amount of CNY 1.109249 billion.
Security Name: A Shares
Security Type: Common Stock
Securities Offered: 49,675,300
Price\Range: CNY 22.33 
