China Medical System Holdings Ltd. (HK:0867)
:0867
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China Medical System Holdings
(0867)
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Rating:63Neutral
Price Target:
HK$12.00
▼(-15.49% Downside)
Action:Reiterated
Date:04/04/26
The score is primarily supported by a conservative, low-debt balance sheet, but is held back by the post-2022 deterioration in earnings and the sharp weakening in 2025 cash flow. Technical indicators are mixed and valuation appears neutral, reinforcing a mid-range overall score.
Positive Factors
Balance sheet strength
The company’s conservative balance sheet (debt-to-equity roughly 4% in 2025 and steadily growing equity) provides durable financial flexibility. This supports long-term activities—licensing, marketing investments, and selective M&A—while reducing refinancing and solvency risk through cycles.
Negative Factors
Weakening operating cash flow
A sharp decline in operating cash flow and free cash flow in 2025 reduces the company’s internal funding capacity for launches, licensing fees, and capex. Persistent cash volatility can constrain strategic options, increase reliance on external financing, and impair resilience during industry headwinds.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
The company’s conservative balance sheet (debt-to-equity roughly 4% in 2025 and steadily growing equity) provides durable financial flexibility. This supports long-term activities—licensing, marketing investments, and selective M&A—while reducing refinancing and solvency risk through cycles.
Read all positive factors
China Medical System Holdings (0867) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$27.20B
Dividend Yield2.26%
Average Volume (3M)6.44M
Price to Earnings (P/E)18.8
Beta (1Y)0.93
Revenue Growth10.00%
EPS Growth-7.54%
CountryHK
Employees6,141
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.61
Shares Outstanding2,439,528,600
10 Day Avg. Volume4,711,227
30 Day Avg. Volume6,437,247
Financial Highlights & Ratios
PEG Ratio-2.52
Price to Book (P/B)1.61
Price to Sales (P/S)3.41
P/FCF Ratio114.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$18.62Price Target Upside31.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.84
Revenue Forecast (FY)HK$9.92B
China Medical System Holdings Business Overview & Revenue Model
Company Description
China Medical System Holdings Limited, an investment holding company, manufactures, sells, markets, and promotes pharmaceutical products in the People's Republic of China. The company's products include Plendil for the treatment of hypertension an...
How the Company Makes Money
China Medical System primarily generates revenue from selling pharmaceutical products in its markets, with income recognized from the commercial distribution and marketing of prescription drugs. A key part of its model is acquiring or licensing co...
China Medical System Holdings Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
88
Very Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.21B | 7.47B | 8.01B | 9.15B | 8.34B |
| Gross Profit | 5.87B | 5.42B | 6.11B | 7.04B | 6.25B |
| EBITDA | 1.82B | 2.31B | 2.92B | 3.76B | 3.70B |
| Net Income | 1.49B | 1.62B | 2.40B | 3.26B | 3.02B |
Balance Sheet | |||||
| Total Assets | 19.21B | 18.05B | 17.73B | 17.75B | 15.81B |
| Cash, Cash Equivalents and Short-Term Investments | 5.79B | 5.87B | 6.14B | 5.87B | 4.36B |
| Total Debt | 690.37M | 860.74M | 1.30B | 1.81B | 1.71B |
| Total Liabilities | 1.66B | 1.64B | 2.17B | 3.02B | 2.96B |
| Stockholders Equity | 17.40B | 16.31B | 15.52B | 14.59B | 12.75B |
Cash Flow | |||||
| Free Cash Flow | 244.01M | 812.64M | 2.18B | 3.03B | 2.31B |
| Operating Cash Flow | 758.42M | 1.27B | 2.50B | 3.55B | 2.49B |
| Investing Cash Flow | -984.32M | -615.10M | -442.28M | -1.18B | -1.52B |
| Financing Cash Flow | -770.94M | -1.26B | -2.13B | -1.40B | -258.39M |
China Medical System Holdings Technical Analysis
Negative
14.20
Price Trends
13.03
Negative
13.48
Negative
13.50
Negative
Market Momentum
-0.57
Positive
24.62
Positive
10.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0867, the sentiment is Negative. The current price of 14.2 is above the 20-day moving average (MA) of 12.44, above the 50-day MA of 13.03, and above the 200-day MA of 13.50, indicating a bearish trend. The MACD of -0.57 indicates Positive momentum. The RSI at 24.62 is Positive, neither overbought nor oversold. The STOCH value of 10.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0867.
China Medical System Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$29.40B | 9.36 | 13.95% | 4.09% | 1.48% | -1.55% | |
63 Neutral | HK$27.20B | 18.83 | 8.60% | 2.26% | 10.00% | -7.54% | |
61 Neutral | HK$17.52B | 9.41 | 12.65% | 5.11% | -4.09% | -22.73% | |
58 Neutral | HK$30.16B | 6.21 | 7.98% | 2.95% | 4.66% | 20.76% | |
56 Neutral | HK$38.86B | 3.39 | 7.70% | 7.15% | 7.32% | 12.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$10.08B | 56.08 | 3.49% | 0.87% | 37.90% | ― |
* Healthcare Sector Average
HK:0867
China Medical System Holdings
11.15
2.57
29.91%
HK:3933
The United Laboratories International Holdings
8.88
-4.25
-32.36%
HK:0874
Guangzhou Baiyunshan Pharmaceutical Holdings Company
16.07
-0.66
-3.93%
HK:1513
Livzon Pharmaceutical Group
27.66
1.46
5.56%
HK:0460
Sihuan Pharmaceutical Holdings Group
1.08
0.25
29.50%
HK:3320
China Resources Pharmaceutical Group Ltd.
4.80
-0.18
-3.67%
China Medical System Holdings Corporate Events
China Medical System’s MG‑K10 Allergy Drug NDA Accepted in China
Apr 23, 2026
China Medical System Holdings said China’s National Medical Products Administration has accepted a New Drug Application for MG-K10, a Class 1 innovative anti‑IL‑4Rα monoclonal antibody injection for adults with moderate̴...
China Medical System Wins Full Shareholder Backing for AGM Resolutions
Apr 23, 2026
China Medical System Holdings reported that all resolutions at its 23 April 2026 annual general meeting were approved by poll, with the full issued share capital of 2,439,528,512 shares eligible to vote and no restrictions on shareholder participa...
China Medical System Sets AGM to Approve 2025 Results, Dividend and Share Issuance Mandate
Apr 1, 2026
China Medical System Holdings has called its annual general meeting for 23 April 2026 in Hong Kong, where shareholders will review and adopt the audited 2025 financial statements and related board and auditor reports. The board will also seek appr...
China Medical System Tightens Nomination Committee Governance Rules
Mar 16, 2026
China Medical System Holdings has updated the terms of reference for its nomination committee, which oversees the selection, appointment and reappointment of directors within the group. The revision, effective 16 March 2026, refines the committee&...
China Medical System Declares Final Dividend for 2025
Mar 16, 2026
China Medical System Holdings Limited has declared a final ordinary cash dividend of RMB 0.1366 per share for the financial year ended 31 December 2025, equivalent to HKD 0.155 per share based on an exchange rate of RMB 1 to HKD 1.1336. The divide...
China Medical System Sets Out Board and Committee Structure
Mar 16, 2026
China Medical System Holdings Limited has disclosed the composition of its board of directors, naming Lam Kong as chairman and chief executive and Chen Yanling as chief financial officer and vice-president, alongside three independent non-executiv...
China Medical System Lifts Revenue and Dividend as Innovation and Overseas Push Gather Pace
Mar 16, 2026
China Medical System reported a 9.9% rise in turnover to RMB8.21 billion and an 8.3% increase in gross profit for 2025, though headline profit fell 10.5% due to a one-off tax-related payment, leaving normalized profit up 3.6%. The board proposed a...
China Medical System Wins China Approval for New Renal Anaemia Drug
Mar 13, 2026
China Medical System Holdings has secured Chinese regulatory approval for Desidustat Tablets, a novel oral HIF-PHI therapy for treating anaemia in non-dialysis adult chronic kidney disease patients, following positive Phase III trial results showi...
China Medical System Sets March Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 4, 2026
China Medical System Holdings has scheduled a board meeting for 16 March 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended 31 December 2025. The board will also consider the payment of a...
China Medical System Wins NMPA Nod for Novel Obesity Drug Trials
Mar 4, 2026
China Medical System Holdings has received approval from China’s National Medical Products Administration to begin clinical trials of its self-developed siRNA injection CMS-D008 for overweight and obese patients. The novel therapy targets th...
China Medical System Wins Priority Review in China for Atopic Dermatitis Use of Ruxolitinib Cream
Feb 24, 2026
China Medical System Holdings said subsidiary Dermavon has had its new drug application for ruxolitinib phosphate cream to treat mild to moderate atopic dermatitis accepted by China’s National Medical Products Administration and placed on th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.