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Data-driven stock valuation

Shanghai Bao Pharmaceuticals Co., Ltd. (2659) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Shanghai Bao Pharmaceuticals Co., Ltd. stock HK$2.66, price HK$8.78, that is 69.7% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare HK · Based in China

SB Shanghai Bao Pharmaceuticals Co., Ltd. logo Thin data Nov 3, 2026

Shanghai Bao Pharmaceuticals Co., Ltd.

2659 · HK
Weakest Setup

Our calculation puts a fair price 70% below what the stock costs today.

Low debt
Quality 44/100
Expensive Growth (revenue YoY +698.0 %/yr in CNY)
Revenue last quarter 77% below a year ago.
Fair value HK$2.66 · Strongly overvalued
Negative free cash flow
Trails peers (2/7)
Narrow moat 6/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$199.90 HK$7.52 Fair Value HK$2.66 Dec 2025 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

11‑month range HK$7.52 – HK$199.90 · fair‑value band HK$1.76 – HK$3.33 · the HK$8.78 price screens above the HK$2.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Shanghai Bao Pharmaceuticals Co., Ltd., a biotechnology company, engages in the research, development, and commercialization of pharmaceutical products in Mainland China. The company uses synthetic biology technology to develop and deliver recombinant biologic drugs.

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Its products include KJ017, a recombinant human hyaluronidase for subcutaneous drug delivery; KJ103, a recombinant immunoglobulin G (IgG)-degrading enzyme for IgG-mediated autoimmune diseases; and SJ02, a long-acting recombinant human follicle-stimulating hormone carboxyl-terminal peptide fusion protein (FSH CTP) for assisted reproduction.

The company also develops KJ101, a recombinant human chymotrypsin developed through synthetic biology that is in Phase 2 clinical trials; KJ015, a bispecific anti HER2 antibody; BJ007, a subcutaneous formulation of ceftriaxone sodium for the treatment of bacterial infections; BJ009, a first generation cephalosporin antibiotic for treating bacterial infections, including of the skin, bones, joints, reproductive organs, blood, heart valves, respiratory tract, biliary tract, and urinary tract; and SJ04, a recombinant human chorionic gonadotropin (hCG) that can be used in assisted reproductive procedures to accelerate follicle maturation and induce ovulation.

These product candidates are in Phase 1 clinical trials.

In addition, it is developing BJ045, a subcutaneously administered anti CD20 antibody; BJ047, a subcutaneously administered anti CD154 antibody; BJ008, a subcutaneous formulation of cefoperazone sodium"sulbactam sodium to treat bacterial infections; and BJ044, a serine protease inhibitor with broad anti inflammatory properties.

These product candidates are in the preclinical stage. Further, the company licenses its intellectual property and other deliverables and provides technical services. Shanghai Bao Pharmaceuticals Co., Ltd. was founded in 2019 and is based in Shanghai, China.

Stock analysis

Shanghai Bao Pharmaceuticals Co., Ltd. (2659) currently trades at HK$8.78, while our model-based Fair Value estimate is HK$2.66, 70% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 88/100, which puts the data coverage at low.

Scenario range: HK$1.76 (bear) to HK$3.33 (bull), the price of HK$8.78 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Shanghai Bao Pharmaceuticals Co., Ltd. reported revenue of 49.2M CNY in FY2025 versus 6.9M CNY in FY2023, a compound +166.3%/yr. Reported net income was −395M CNY in FY2025.

Key figures

Market cap HK$2.9B (≈ $365M) Small · Return on equity −31.3% · Return on assets (EBIT) −20.0% (3-year average) · Operating margin −1,263% · Revenue (TTM) 17.0M CNY · Revenue growth (YoY) −76.5% · Free cash flow −333M CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 96% below its 52-week high and 17% above its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −70%, 2659 screens richer than that median.

Fair Value models

Bear HK$1.76 Fair Value HK$2.66 Bull HK$3.33
Price HK$8.78 · Downside -69.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) HK$1.76 HK$2.66 HK$3.32 53
All 1 models by family
Asset-Based
NCAV (Graham) HK$1.76 HK$2.66 HK$3.32 53

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 92
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 98
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed

2659 screens overvalued: fair value 70% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Above median
Fair Value upside −69.7% · Below median
Profitability
Return on assets −17.8% · Below median
Growth and dividend
Revenue growth (quarter YoY) −76.5% · Bottom 25%
Balance sheet
Debt / equity 0.13× · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.53× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)94 · sector 97
DIVIDEND (yield)0 · sector 22

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs 2659
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs 2659
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs 2659
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs 2659
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs 2659
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs 2659
argenx SE ARGX $927.21 $908.40 −2% vs 2659
CSL Limited CSL A$200.77 A$183.04 −9% vs 2659
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs 2659
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs 2659

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Shanghai Bao Pharmaceuticals Co., Ltd.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Shanghai Bao Pharmaceuticals Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/2659

Frequently asked questions

Is Shanghai Bao Pharmaceuticals Co., Ltd. (2659) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of HK$2.66 versus a price of HK$8.78, about 70% lower (overvalued).
What is the fair value of 2659?
Our model-based fair value for Shanghai Bao Pharmaceuticals Co., Ltd. is HK$2.66 (as of Nov 3, 2026), built from audited fundamentals. The current price: HK$8.78.
What is the quality score of 2659?
Shanghai Bao Pharmaceuticals Co., Ltd. has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
Our model-based price target is the fair value of HK$2.66 (as of Nov 3, 2026) from 1 valuation models. Cautious scenario HK$1.76, optimistic scenario HK$3.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Shanghai Bao Pharmaceuticals Co., Ltd. stock forecast for 2026?
Our models put fair value at HK$2.66, about 70% lower versus a price of HK$8.78 (overvalued). Cautious scenario HK$1.76, optimistic scenario HK$3.33. The calculation is refreshed regularly with new filings.
What is the revenue of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
Shanghai Bao Pharmaceuticals Co., Ltd. reported trailing-twelve-month revenue of about 17.0M CNY (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai Bao Pharmaceuticals Co., Ltd. it is HK$2.66 per share (as of Nov 3, 2026), against a price of HK$8.78. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Shanghai Bao Pharmaceuticals Co., Ltd. stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2659 trades above its calculated fair value: price HK$8.78, fair value HK$2.66, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2659?
No. The price is what the market pays today (HK$8.78); the fair value is what the company's own numbers justify (HK$2.66). For Shanghai Bao Pharmaceuticals Co., Ltd. the two are HK$6.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shanghai Bao Pharmaceuticals Co., Ltd. worth?
The market values Shanghai Bao Pharmaceuticals Co., Ltd. at about HK$2.9B (market capitalisation, as of Nov 3, 2026). Per share that is HK$8.78; our models calculate a fair value of HK$2.66 per share.
What do the bullish and bearish scenarios say about 2659?
Our models span a range for Shanghai Bao Pharmaceuticals Co., Ltd.: cautious scenario HK$1.76, base HK$2.66, optimistic HK$3.33 per share (as of Nov 3, 2026, price HK$8.78). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
Balance-sheet figures for Shanghai Bao Pharmaceuticals Co., Ltd. (as of Nov 3, 2026): return on equity −31.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 2659 from its 52-week high?
Shanghai Bao Pharmaceuticals Co., Ltd. trades at HK$8.78, about 96% below its 52-week high of HK$199.90 and 17% above the low of HK$7.52 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$2.66 is for.
Which stocks are comparable to Shanghai Bao Pharmaceuticals Co., Ltd.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Shanghai Bao Pharmaceuticals Co., Ltd. stock attractive at the current price?
The data as of Nov 3, 2026: price HK$8.78, calculated fair value HK$2.66 (−70%), Quality Score 44/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2659 calculated?
We run Shanghai Bao Pharmaceuticals Co., Ltd. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of HK$2.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Shanghai Bao Pharmaceuticals Co., Ltd. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
The closing price on Nov 6, 2026 was HK$8.78. Our model-based fair value is HK$2.66, about 70% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shanghai Bao Pharmaceuticals Co., Ltd. right now?
The price sits above even our optimistic bull case (HK$3.33). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (HK$1.76 to HK$3.33) leaves room in how you read the outcome.

Key figures of Shanghai Bao Pharmaceuticals Co., Ltd.

How large is the market capitalisation of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
The market capitalisation of Shanghai Bao Pharmaceuticals Co., Ltd. is HK$2.9B (≈ $365M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the return on equity of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
The return on equity (ROE) of Shanghai Bao Pharmaceuticals Co., Ltd. is −31.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
On an EBIT basis the return on assets of Shanghai Bao Pharmaceuticals Co., Ltd. is −20.0% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
The operating margin of Shanghai Bao Pharmaceuticals Co., Ltd. is −1,263% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shanghai Bao Pharmaceuticals Co., Ltd. (2659)?
Revenue at Shanghai Bao Pharmaceuticals Co., Ltd. is growing −76.5% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Shanghai Bao Pharmaceuticals Co., Ltd. (2659) generate?
The free cash flow of Shanghai Bao Pharmaceuticals Co., Ltd. is −333M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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