Winshine Science Co., Ltd. (0209) AI Stock Analysis

• Market Cap: HK$288.22M
• Dividend Yield: N/A
• Average Volume (3M): 7.48M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• Revenue Growth: -7.53%
• EPS Growth: -93.37%
• Country: HK
• Employees: 1,654
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): -0.18
• Shares Outstanding: 1,485,671,800
• 10 Day Avg. Volume: 8,413,762
• 30 Day Avg. Volume: 7,476,397
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.16
• Price to Sales (P/S): 0.04
• P/FCF Ratio: -0.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: HK$0.18 ▲(12.50% Upside)

The score is held down primarily by severe fundamental weakness: declining revenue, persistent losses, negative equity, and cash flow instability. Technical indicators show near-term bullish momentum, which partially offsets fundamentals, while valuation remains weak due to negative earnings and no dividend data.

Positive Factors

Exchange Listing / Access to Capital

A public listing on HKEX provides ongoing access to Hong Kong capital markets and enforces disclosure and governance standards. This structural access supports potential equity or bond raises for recapitalization or restructuring, aiding survival and strategic repositioning over months.

Operational Scale (Workforce)

A workforce of 1,654 implies substantive operational capacity and retained institutional knowledge. That scale supports execution of restructuring, service continuity, and potential redeployment of resources to higher‑margin segments, improving odds of a sustained operational recovery.

Lower Market Volatility Exposure

A low beta (~0.37) indicates lower correlation with market swings, suggesting relatively steadier cash flow volatility. Over a multi‑month horizon this can provide breathing room for management to implement turnaround plans and reduce the risk of destabilizing market shocks.

Negative Factors

Negative Shareholders' Equity

Negative equity signals impaired solvency and a weakened capital base, limiting capacity to absorb losses and raising refinancing risk. It constrains access to debt financing, heightens covenant/default risk, and materially reduces strategic flexibility over the coming months.

Declining Revenue and Deteriorating Margins

Ongoing revenue contraction coupled with shrinking gross margins erodes core profitability and scale economics. This structural revenue/margin deterioration suggests weaker market position or pricing pressure, making sustainable recovery difficult without substantive operational or commercial changes.

Cash Flow Instability

Operating cash flow at zero and intermittent negative free cash flow undermine the company's ability to fund operations, capex, or service debt from internal sources. This persistent liquidity stress increases reliance on external financing or asset sales, constraining strategic options.

Winshine Science Co., Ltd. Business Overview & Revenue Model

Company Description

Winshine Science Company Limited, an investment holding company, manufactures and trades in hard and stuffed toys in Hong Kong, the People's Republic of China, the United States, Europe, and Korea. The company operates in three segments: Securities Investments, Toys, and Medical and Health. It engages in the securities investment and trading activities; provision of credit finance and management services; property leasing activities; and research and development of medical and health technology solutions. The company was formerly known as Winshine Entertainment & Media Holding Company Limited and changed its name to Winshine Science Company Limited in February 2016. The company was incorporated in 2001 and is headquartered in Admiralty, Hong Kong.

How the Company Makes Money

Winshine Science Co., Ltd. generates revenue through a diversified business model that includes the sale of laboratory equipment, diagnostic devices, and medical consumables. The company earns significant income from direct sales to research institutions, hospitals, and clinics, as well as through strategic partnerships with healthcare providers and distributors. Additionally, Winshine may offer maintenance and support services for its products, creating a recurring revenue stream. Collaborations with academic institutions and participation in government-funded research projects also contribute to its revenue, as they often require the use of specialized equipment and materials provided by the company.

Winshine Science Co., Ltd. Financial Statement Overview

Summary

Winshine Science Co., Ltd. is facing significant financial challenges, including declining revenue, negative profitability, negative equity, and cash flow issues. High debt levels add further financial risk.

Income Statement

Winshine Science Co., Ltd. shows a declining revenue trend with a significant drop in revenue from 2020 to 2024. The gross profit margin has deteriorated over the years, indicating declining profitability. Net income has remained negative, highlighting ongoing losses. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies.

Balance Sheet

The company has a negative stockholders' equity, indicating financial instability. The debt-to-equity ratio cannot be calculated due to negative equity, but high total debt suggests leverage risk. The equity ratio is negative, emphasizing a weak financial position.

Cash Flow

The operating cash flow to net income ratio is indeterminate due to zero operating cash flow in 2024, indicating cash flow challenges. Historical cash flow metrics reveal instability with periods of negative free cash flow, complicating growth prospects.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	473.15M	515.91M	523.26M	849.10M	724.63M	364.31M
Gross Profit	-1.30M	12.80M	39.27M	97.88M	37.26M	18.52M
EBITDA	-33.14M	-28.48M	5.74M	36.37M	-95.91M	-73.52M
Net Income	-84.76M	-73.03M	-28.65M	8.08M	-136.01M	-95.78M
Balance Sheet
Total Assets	322.50M	352.88M	414.32M	340.95M	550.35M	484.69M
Cash, Cash Equivalents and Short-Term Investments	34.13M	55.26M	119.33M	49.77M	66.63M	57.90M
Total Debt	231.55M	219.56M	243.96M	195.73M	276.62M	235.80M
Total Liabilities	497.94M	493.37M	495.19M	430.59M	649.29M	446.79M
Stockholders Equity	-173.78M	-139.04M	-80.06M	-89.65M	-98.94M	37.90M
Cash Flow
Free Cash Flow	33.58M	-50.08M	-3.62M	10.96M	-42.29M	-65.39M
Operating Cash Flow	38.63M	-40.57M	9.49M	20.77M	-32.75M	-59.62M
Investing Cash Flow	-3.27M	-5.94M	-12.25M	37.62M	23.34M	60.29M
Financing Cash Flow	-23.70M	-11.71M	71.93M	-63.31M	2.31M	-46.93M

Winshine Science Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0209, the sentiment is Negative. The current price of 0.16 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.18, and below the 200-day MA of 0.17, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.23 is Neutral, neither overbought nor oversold. The STOCH value of 42.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0209.

Winshine Science Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3830	52 Neutral	HK$64.00M	-7.36	-32.53%	―	-6.48%	-38.10%
8545	50 Neutral	HK$44.12M	-18.10	-1.26%	―	0.47%	-195.45%
0209	47 Neutral	HK$288.22M	-0.46	―	―	-7.53%	-93.37%
6918	43 Neutral	HK$113.17M	-1.51	-19.89%	―	84.26%	44.41%
1348	42 Neutral	HK$169.54M	-9.92	-50.25%	―	-61.76%	75.15%
0765	40 Neutral	HK$142.21M	-7.42	-36.17%	―	-13.96%	64.58%

Winshine Science Co., Ltd. Corporate Events

Winshine Science Raises HK$176.5 Million Through Fully Subscribed Rights Issue

Winshine Science Company Limited has completed a fully underwritten rights issue of 1,299,962,832 new shares on the basis of seven rights shares for every one existing share, raising estimated net proceeds of approximately HK$176.5 million. Valid shareholder acceptances and excess applications covered about 79.9% of the offer, with the remaining 20.1% taken up by subscribers procured by the underwriter, resulting in the entire issue being fully subscribed; the company plans to deploy the funds in line with the previously outlined purposes for the capital raise, which is expected to strengthen its balance sheet and support its planned business initiatives.

The most recent analyst rating on (HK:0209) stock is a Hold with a HK$0.19 price target. To see the full list of analyst forecasts on Winshine Science Co., Ltd. stock, see the HK:0209 Stock Forecast page.

Winshine Science Moves to Ease Going Concern Pressure with Rights Issue and Cost Cuts

Winshine Science Company Limited has outlined further measures to address a going concern disclaimer raised in its latest annual report, focusing on improving liquidity and strengthening its financial position. The company has launched a substantial rights issue on the basis of seven rights shares for every existing share at HK$0.14 per share, aiming to raise net proceeds of about HK$176.5 million, primarily to repay borrowings and bolster general working capital, with a portion earmarked specifically to settle a HK$45 million corporate bond that matured on 30 September 2025, for which the bondholder has agreed to defer repayment until one month after completion of the capital raising. In parallel, Winshine is pursuing ongoing cost-control measures in its toys business, including production team streamlining, relocating some manufacturing to lower-cost sites and freezing salaries, underscoring a broader effort to stabilise operations and support its ability to continue as a going concern, with the company committing to further updates as required under Hong Kong listing rules.

The most recent analyst rating on (HK:0209) stock is a Hold with a HK$0.22 price target. To see the full list of analyst forecasts on Winshine Science Co., Ltd. stock, see the HK:0209 Stock Forecast page.

Winshine Science Approves Significant Rights Issue at SGM

Winshine Science Company Limited, a firm incorporated in Bermuda, held a Special General Meeting (SGM) on December 5, 2025, where a proposed Rights Issue was approved by independent shareholders. The resolution passed with 73.21% of votes in favor, allowing the company to increase its issued shares by more than 50%. This decision is significant for the company’s capital structure and future growth opportunities, as it aligns with the Listing Rules requiring shareholder approval for such substantial share increases.

The most recent analyst rating on (HK:0209) stock is a Hold with a HK$0.22 price target. To see the full list of analyst forecasts on Winshine Science Co., Ltd. stock, see the HK:0209 Stock Forecast page.

Winshine Science Co., Ltd. Announces Special General Meeting for Rights Issue

Winshine Science Co., Ltd. has announced a Special General Meeting to be held on December 5, 2025, to discuss and vote on a proposed Rights Issue. The Rights Issue involves the allotment of over 1.29 billion new shares at a subscription price of HK$0.14 per share, offered to existing shareholders on a seven-for-one basis. This initiative is aimed at raising capital, with Planetree Securities Limited underwriting the issue. The move is expected to impact the company’s financial structure and potentially influence its market position.

The most recent analyst rating on (HK:0209) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Winshine Science Co., Ltd. stock, see the HK:0209 Stock Forecast page.

Winshine Science Announces Relocation of Hong Kong Office

Winshine Science Company Limited has announced a change in its head office and principal place of business in Hong Kong, effective from November 1, 2025. This move includes updates to their telephone and facsimile numbers, reflecting a strategic relocation to the Great Eagle Centre in Wanchai. This change signifies a potential shift in the company’s operational focus and could impact its market presence and stakeholder engagement.

Winshine Science Co., Ltd. Announces Change in Company Secretary

Winshine Science Co., Ltd. announced a change in its company secretary and authorized representative roles, effective October 17, 2025. Ms. Yu Nga Yan has resigned from her position, and Ms. Chan Yuk Yee, a seasoned professional with extensive experience in corporate governance, has been appointed as her successor. The company expressed gratitude to Ms. Yu for her contributions and welcomed Ms. Chan to her new role. This change is expected to strengthen the company’s governance practices and ensure compliance with Hong Kong’s regulatory requirements.