On September 15, HBM HOLDINGS-B fell 5.31% in regular trading, trading at 12.72 HKD/share, with turnover of HKD 117 million. The decline came amid broad weakness in the biotechnology sector, compounded by concerns over the company's interim earnings quality.

On the sector front, biotech stocks declined broadly, with LEADS BIOLABS-B down 7.24%, SKB BIO down 4.53%, INNOVENT BIO down 2.22%, BEONE MEDICINES down 0.47%, and AKESO down 0.26%. On the fundamental side, the company's interim results showed first-half revenue of USD 122 million, up 20.9% year-over-year, but net profit fell 11.16% to USD 64.85 million. More notably, operating cash flow swung from a net inflow of USD 61.66 million in the prior-year period to a net outflow of USD 14.34 million, raising concerns about earnings quality. Research notes have also flagged that cooperation income accounts for over 90% of total revenue, suggesting earnings may fluctuate with deal timing and revenue recognition schedules.

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