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Ascentage Pharma Group (6855) Fair Value & Analysis

Healthcare · HK · Market cap HK$13.1B (≈ $1.7B) · ISIN KYG0519B1023

What is Ascentage Pharma Group really worth?

AP Ascentage Pharma Group 6855 · HK
PriceHK$35.00
Fair ValueHK$17.41
Upside−50.3%
Quality11/100

Below-average quality, and trading another 101% above our fair value of HK$17.41.

As of Sep 2, 2026, the fair value of Ascentage Pharma Group is HK$17.41 per share against a price of HK$35.00, so the fair value sits 50% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Expensive Growth (revenue 5y +114.0 %/yr)
!Moderate debt · negative free cash flow
!Narrow moat 6/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$12.94 – HK$25.95

Fair value as of: Sep 2, 2026

From 1 valuation models · updated 4 days ago

Fair value updated Sep 2, 2026, revised from HK$2.22 to HK$17.41 (+684.2%) since Aug 13, 2026. Share price +4.8% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (HK$25.95). The favourable scenario is already priced in.
  • Weak quality (11/100) 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$12.94 to HK$25.95) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$90.70 HK$11.44 Fair Value HK$17.41 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.

How to read this chart

60‑month range HK$11.44 – HK$90.70 · fair‑value band HK$12.94 – HK$25.95 · the HK$35.00 price screens above the HK$17.41 fair value. Dashed = 300-day average. As of Sep 2, 2026.

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Analysis

Ascentage Pharma Group (6855) currently trades at HK$35.00, while our model-based Fair Value estimate is HK$17.41, implying the stock looks roughly 101.0% overvalued today. The Quality Score stands at 11/100 (below-average quality), in the Healthcare sector. How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.

Trailing-twelve-month revenue stands at HK$574M. Revenue grew 117.0% year over year. The balance sheet holds a net cash position of HK$491M. Fundamentals as of Sep 2, 2026

Our scenario range runs from HK$12.94 (bear case) to HK$25.95 (bull case); at HK$35.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 63% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −56% fair-value upside, at −50%, 6855 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
NCAV (Graham) best evidence HK$1.77 HK$2.38 HK$3.55 54
All 1 models by family
Asset-Based
NCAV (Graham) best evidence HK$1.77 HK$2.38 HK$3.55 54

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Key figures & financial health

P/S ratio 22.8 TTM
EPS (TTM) HK$−1.73
Net margin −216% TTM
Return on equity −155% TTM
Return on assets (EBIT) −28.6% avg 5y
Operating margin −193% TTM
More key figures
Growth
Revenue (TTM) HK$574M TTM
Revenue growth (YoY) +117% 3y avg +38.7%
Balance sheet & cash flow
Free cash flow −HK$1.2B FY2025
Net cash HK$491M FY2025

Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 11/100

Of which business quality 16 · Market factors (momentum, volatility) 27

Profitability 4
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ascentage Pharma Group International, a clinical-stage biotechnology company, develops therapies for cancers, chronic hepatitis B virus (HBV), and age-related diseases in Mainland China. The company's primary product candidate is HQP1351, a BCR-ABL inhibitor targeting BCR-ABL1 mutants, including those with the T315I mutation.

Full company description

Ascentage Pharma Group International, a clinical-stage biotechnology company, develops therapies for cancers, chronic hepatitis B virus (HBV), and age-related diseases in Mainland China. The company's primary product candidate is HQP1351, a BCR-ABL inhibitor targeting BCR-ABL1 mutants, including those with the T315I mutation. It also develops APG-2575, an oral administered Bcl-2 selective inhibitor for hematologic malignancies and solid tumors; APG-115, an oral small molecule inhibitor of the MDM2-p53 protein-protein interactions to treat solid tumors and hematological malignancies; and APG-1252, a small molecule drug to restore apoptosis through dual inhibition of the Bcl-2 and Bcl-xL proteins for the treatment of small-cell lung cancer, non-small cell lung cancer, neuroendocrine tumor, and non-Hodgkin's lymphoma. In addition, the company is developing APG-1387, a small-molecule inhibitor of apoptosis proteins for advanced solid tumors and chronic HBV infection; APG-5918, an orally available and selective embryonic ectoderm development inhibitor. In addition, it is involved in medical research and development; clinical development; clinical trials operations; venture capital investment; rental of buildings; and provision of science and technology promotion services. The company has collaboration relationships with biotechnology and pharmaceutical companies; and research institutions. Ascentage Pharma Group International was founded in 2009 and is headquartered in Suzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ascentage Pharma Group reported revenue of 559M CNY in FY2025 versus 27.9M CNY in FY2021, a compound +111.6%/yr. Reported net income was −1.2B CNY in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$559M
Latest YoY
−43.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+38.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+114.0%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+61.1%
EBIT margin (trend) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5,497.4% (2020) → −211.1% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +111.6%/yr
FY21 27.9M CNY
FY22 210M CNY
FY23 222M CNY
FY24 981M CNY
FY25 559M CNY
Net income
FY21 −782M CNY
FY22 −883M CNY
FY23 −926M CNY
FY24 −405M CNY
FY25 −1.2B CNY

6855 screens 101% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Ascentage Pharma Group Fair Value". https://www.fairvalue-calculator.com/stock/6855.HK

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

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Frequently asked questions

Is Ascentage Pharma Group (6855) overvalued or undervalued?
As of Sep 2, 2026, our model estimates a fair value of HK$17.41 versus a price of HK$35.00, about −50% upside (overvalued).
What is the fair value of 6855?
Our model-based fair value for Ascentage Pharma Group is HK$17.41 (as of Sep 2, 2026), built from audited fundamentals. The current price: HK$35.00.
What is the quality score of 6855?
Ascentage Pharma Group has a Quality Score of 11/100. 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 Ascentage Pharma Group (6855)?
Our model-based price target is the fair value of HK$17.41 (as of Sep 2, 2026) from 1 valuation models. Cautious scenario HK$12.94, optimistic scenario HK$25.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Ascentage Pharma Group stock forecast for 2026?
Our models put fair value at HK$17.41, about −50% upside versus a price of HK$35.00 (overvalued). Cautious scenario HK$12.94, optimistic scenario HK$25.95. The calculation is refreshed regularly with new filings.
What is the revenue of Ascentage Pharma Group (6855)?
Ascentage Pharma Group reported trailing-twelve-month revenue of about HK$574M (latest available figure, as of Sep 2, 2026).
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