Chinese biopharmaceutical company developing antibody drugs and oncology therapies, including bispecific antibody candidates.
Profile & Fundamentals
Akeso: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Akeso Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
Company Profile & Ownership
Akeso, Inc., a biopharmaceutical company, engages in the research, development, manufacture, and commercialization of antibody drugs worldwide. The company develops AK104, a PD-1/CTLA-4 bi-specific antibody to treat cervical cancer, gastric cancer, lung cancer, and liver cancer; and AK112, a PD-1/VEGF bi-specific antibody to treat lung cancer, biliary tract cancer, head and neck squamous cell carcinoma, breast cancer, colorectal cancer, and pancreatic cancer. It is also developing AK117, a CD47 monoclonal antibody to treat myelodysplastic syndrome, acute myeloid leukemia, and recurrent or refractory classical Hodgkin lymphoma; AK109, a PD-1 monoclonal antibody to treat G/GEJ patients; penpulimab, a PD-1 for the treatment of recurrent or metastatic nasopharyngeal carcinoma (NPC); and tagitanlimab, a PD-L1 for treating recurrent or metastatic NPC. In addition, the company develops AK102, a PCSK9 monoclonal antibody to treat hypercholesterolemia and mixed hyperlipidemia; AK101, an IL-12/IL-23 monoclonal antibody to treat moderate-to-severe psoriasis and ulcerative colitis; AK111, an IL-17 monoclonal antibody to treat moderate-to-severe psoriasis and ankylosing spondylitis; and AK120, an IL-4R monoclonal antibody to treat moderate-to-severe atopic dermatitis. Further, its preclinical product includes AK120 to treat moderate-to-severe atopic dermatitis. The company was founded in 2012 and is headquartered in Zhongshan, the People's Republic of China.
Company profile record
Akeso Inc
Common Stock · Health Care · Biotechnology
Company
- Company / asset
- Akeso Inc
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Biotechnology
- HQ
- 🇨🇳 China
- Head office
- No. 6, Shennong Road, Zhongshan, China, 528437
Leadership & scale
- Chief executive
- Dr. Yu Xia Ph.D.
- CEO year born
- 1967
- Full-time employees
- 4.1K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- HKD 101.6B
- P/E
- --
- Revenue (Q2 26)
- CNY 1.8B
- Profit (Q2 26)
- CNY -418.4M
- Dividend Yield
- --
- Revenue (FY 25)
- CNY 3.0B
- Shares in public float
- 721.5M
- Insider ownership
- 21.67%
Reporting & identifiers
- Symbol
- 9926.HKEX
- Listing
- 🇭🇰 Hong Kong | Dividend Tax: 0%
- Ticker Currency
- HKD
- Income Statement Currency
- CNY
- Balance Sheet Currency
- CNY
- Cash Flow Currency
- CNY
- EPS Currency
- CNY
- Contract Type
- SPOT
- ISIN
- KYG0146B1032
- Asset ID
- equity_80e6bf6a-44b6-5956-a57c-c94fde3bae6b
Ownership
Shares Outstanding
Latest: 918.6M | Max: 918.6M | Min: 205.9M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
78.55%
721.5M latest reported shares
Insider Ownership
21.67%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 763,133,200 |
| 2018-01-01 | 763,133,200 |
| 2019-01-01 | 205,856,700 |
| 2020-01-01 | 787,057,200 |
| 2021-01-01 | 816,961,100 |
| 2022-01-01 | 835,904,800 |
| 2023-01-01 | 838,091,800 |
| 2024-01-01 | 857,280,300 |
| 2025-01-01 | 911,090,000 |
| 2026-01-01 | 918,644,400 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Akeso's financial performance highlights a company rapidly transitioning from heavy clinical spending to commercial self-sufficiency. Commercial drug sales expanded 51.5% in fiscal 2025 to RMB 3.03 billion, with momentum continuing into the first half of 2026 as product revenue rose 28.7% to RMB 1.80 billion. Net operating losses contracted from RMB 918 million in 2025 to RMB 418 million in interim 2026, confirming that rising prescription sales are beginning to outrun baseline overhead costs. This trend demonstrates that hospital prescription demand is driving the business rather than one-time licensing fees. As manufacturing scale improves and overseas royalties begin flowing in, fixed expenses will be diluted further, paving a realistic path toward full operational profitability.
Akeso's financial performance highlights a company rapidly transitioning from heavy clinical spending to commercial self-sufficiency. Commercial drug sales expanded 51.5% in fiscal 2025 to RMB 3.03 billion, with momentum continuing into the first half of 2026 as product revenue rose 28.7% to RMB 1.80 billion. Net operating losses contracted from RMB 918 million in 2025 to RMB 418 million in interim 2026, confirming that rising prescription sales are beginning to outrun baseline overhead costs. This trend demonstrates that hospital prescription demand is driving the business rather than one-time licensing fees. As manufacturing scale improves and overseas royalties begin flowing in, fixed expenses will be diluted further, paving a realistic path toward full operational profitability.
Revenue, Net Income, and Free Cash Flow
Latest: CNY 3.0B | Max: CNY 4.5B | Min: CNY -2.0B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 31x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Akeso's margins reveal strong underlying manufacturing economics alongside classic biotechnology growth dynamics. Gross profit margins printed at a robust 78.7% in 2025, supported by proprietary biologic production efficiencies despite government reimbursement price discounts. Operating margins remained negative at -30.8% due to active research trials, but narrowed dramatically from negative 160% in 2022. This steady improvement demonstrates powerful operating leverage overcoming statutory price cuts. Because future overseas royalty payments carry virtually zero manufacturing costs, high gross margins will directly lift the bottom line as global sales materialize, driving sustained profit margin expansion.
Akeso's margins reveal strong underlying manufacturing economics alongside classic biotechnology growth dynamics. Gross profit margins printed at a robust 78.7% in 2025, supported by proprietary biologic production efficiencies despite government reimbursement price discounts. Operating margins remained negative at -30.8% due to active research trials, but narrowed dramatically from negative 160% in 2022. This steady improvement demonstrates powerful operating leverage overcoming statutory price cuts. Because future overseas royalty payments carry virtually zero manufacturing costs, high gross margins will directly lift the bottom line as global sales materialize, driving sustained profit margin expansion.
Profitability Margins
Latest: 78.7% | Max: 100.0% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
78.7%
Gross profit / revenue
Operating Margin
-30.8%
Operating income / revenue
Net Margin
-36.4%
Net income / revenue
FCF Margin
-61.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2018-12-31 | 360,919.54 | -17,886,717.75 | -25,232,567.05 |
| 2019-12-31 | 9,098,716.3 | -43,053,401.8 | -45,682,670.09 |
| 2020-12-31 | 0 | -133,725,677.42 | -137,037,032.26 |
| 2021-12-31 | 35,475,786.16 | -169,014,622.64 | -269,396,855.35 |
| 2022-12-31 | 121,399,420.29 | -169,332,318.84 | -292,181,884.06 |
| 2023-12-31 | 579,545,838.67 | 259,705,505.76 | 223,701,830.99 |
| 2024-12-31 | 273,351,866.15 | -66,218,146.72 | -143,292,921.49 |
| 2025-12-31 | 425,919,200.86 | -155,109,968.24 | -261,230,536.05 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2024-12-31 | 30.61 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2018-12-31 | 100 | -5,448.05 | -4,955.87 | -6,991.19 |
| 2019-12-31 | 100 | -413.29 | -473.18 | -502.08 |
| 2020-12-31 | Not reported | Not reported | Not reported | Not reported |
| 2021-12-31 | 86.15 | -553.03 | -476.42 | -759.38 |
| 2022-12-31 | 87.69 | -160 | -139.48 | -240.68 |
| 2023-12-31 | 97.06 | 45.16 | 44.81 | 38.6 |
| 2024-12-31 | 86.39 | -26.86 | -24.22 | -52.42 |
| 2025-12-31 | 78.66 | -30.84 | -36.42 | -61.33 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-01.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.