Shanghai Bio-Heart Biological Technology Co., Ltd. Class H (2185) AI Stock Analysis

• Market Cap: HK$1.28B
• Dividend Yield: N/A
• Average Volume (3M): 2.14M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.62
• Revenue Growth: N/A
• EPS Growth: 22.65%
• Country: HK
• Employees: 63
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.12
• Shares Outstanding: 235,703,410
• 10 Day Avg. Volume: 3,698,147
• 30 Day Avg. Volume: 2,141,365
• PEG Ratio: 0.09
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.25
• 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: 44 Neutral
• Price Target: HK$6.00 ▲(5.08% Upside)

The score is held down primarily by the lack of revenue and ongoing cash burn despite improving losses, alongside weak technical momentum (below key moving averages with negative MACD). Low leverage is a stabilizing factor, but valuation is difficult to assess with negative earnings and no dividend data.

Positive Factors

Narrowing losses

A consistent multi-year reduction in net losses signals improving cost control and R&D efficiency. This durable trend lowers the quantum of future funding needed, improves runway assumptions, and increases the probability management can reach clinical or commercial inflection points without immediate restructuring.

Low leverage

Extremely low debt provides structural financial flexibility for a capital-intensive biotech. With minimal interest burden and available balance-sheet capacity, the company can access equity financing, partnerships, or selective borrowing without immediate solvency pressure, preserving strategic optionality over months.

Improving free cash flow

A materially less-negative free cash flow trajectory indicates the business is beginning to convert spending into closer-to-sustainable cash outcomes. While still negative, an improving FCF trend reduces incremental funding needs and signals operational progress that can persist if cost discipline and program prioritization continue.

Negative Factors

No revenue

Absent revenue, the firm remains wholly pre-commercial and value depends on successful clinical outcomes or licensing deals. This structural lack of operating income maintains high execution risk, limited earnings visibility, and persistent dependency on external capital for extended periods.

Persistent cash burn

Chronic negative operating and free cash flow is a durable constraint: it forces recurring capital raises or dilutive partnerships, increases financing risk, and can divert management focus from long-term science to funding. Sustained burn without clear near-term revenue elevates dilution and execution risk.

Eroding balance-sheet base

Declining assets and equity reflect cumulative losses eating shareholder capital, reducing the company's buffer to absorb setbacks. A shrinking balance sheet limits capacity for additional R&D investment or partnership leverage and increases reliance on external funding, weakening long-term competitive positioning.

Shanghai Bio-Heart Biological Technology Co., Ltd. Class H Business Overview & Revenue Model

Company Description

Shanghai Bio-heart Biological Technology Co., Ltd. operates as an interventional cardiovascular device company in the People's Republic of China. The company focuses on the provision of bioresorbable scaffolds (BRS) and renal denervation (RDN) therapies for the treatment of coronary artery diseases and uncontrolled and resistant hypertension. It is developing Bioheart, a BRS system used in percutaneous coronary intervention procedures for the treatment of coronary artery disease; Iberis 2nd, a multi-electrode RDN product candidate; and drug coated balloon, a sirolimus drug-eluting balloon catheter designed for instent restenosis. The company has collaboration agreements with Terumo (China) Investment Co., Ltd. to conduct clinical trials for Iberis 2nd. Shanghai Bio-heart Biological Technology Co., Ltd. was founded in 2014 and is headquartered in Shanghai, the People's Republic of China.

How the Company Makes Money

Shanghai Bio-Heart Biological Technology Co., Ltd. generates revenue by developing and selling medical devices and technologies related to cardiovascular health. The company earns income through the sale of its proprietary products to healthcare providers, hospitals, and clinics. Additionally, it may engage in partnerships or licensing agreements with other medical technology firms or research institutions to co-develop new products or expand market reach. Revenues are also supported by ongoing research and development efforts that lead to new innovations and solutions in the cardiovascular sector.

Shanghai Bio-Heart Biological Technology Co., Ltd. Class H Financial Statement Overview

Summary

Financials reflect an early-stage biotech profile: no revenue reported and continued operating/net losses, which limits visibility and earnings quality. Positively, losses have narrowed meaningfully through 2024 and leverage is very low (debt-to-equity ~0.1%–2.3%), but persistent negative operating cash flow and free cash flow indicate ongoing cash-burn and funding risk.

Income Statement

The company reports no revenue across the period provided, while losses remain sizable, indicating the business is still in an investment/burn phase rather than a scaled commercial stage. Profitability has improved meaningfully from 2020–2022 to 2024 (annual net loss narrowed from roughly -366m in 2020 to about -88m in 2024, with operating losses also shrinking), which is a clear positive trajectory. However, the absence of revenue and consistently negative operating results keep earnings quality and visibility weak, leaving profitability highly dependent on future commercialization and cost control.

Balance Sheet

Leverage is low, with debt remaining small relative to equity (debt-to-equity consistently near ~0.1%–2.3% in recent years), which reduces financial risk and provides flexibility. The main weakness is continued value erosion from recurring losses, reflected in persistently negative returns on equity (improving to about -13% in 2024 from roughly -44% in 2020). Assets and equity have generally declined since 2021–2022 levels, suggesting ongoing cash usage and limited replenishment from operating success.

Cash Flow

Cash generation remains a key concern: operating cash flow and free cash flow are negative every year shown, indicating ongoing cash burn. While free cash flow improved substantially in 2024 versus 2023 (less negative), 2024 operating cash flow worsened versus 2023, highlighting volatility in cash usage and working-capital/investment timing. Free cash flow is consistently more negative than net income (free cash flow to net income above 1), implying non-cash losses are meaningful but cash outflows remain heavy—typical for early-stage biotech, but still a funding risk if sustained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	20.86M	0.00	0.00	0.00	0.00	0.00
Gross Profit	9.70M	0.00	-23.60M	-24.25M	0.00	-9.71M
EBITDA	-44.18M	-44.54M	-148.21M	-237.34M	-400.88M	-319.76M
Net Income	-89.33M	-87.94M	-194.36M	-237.50M	-361.45M	-365.79M
Balance Sheet
Total Assets	878.42M	733.78M	817.90M	981.52M	1.11B	785.04M
Cash, Cash Equivalents and Short-Term Investments	312.87M	202.39M	369.44M	451.32M	708.53M	453.67M
Total Debt	7.67M	8.28M	1.76M	18.11M	22.45M	1.32M
Total Liabilities	224.62M	53.24M	44.04M	66.47M	80.04M	40.94M
Stockholders Equity	477.65M	660.47M	748.41M	883.21M	995.69M	700.09M
Cash Flow
Free Cash Flow	-83.34M	-166.69M	-66.74M	-170.65M	-147.28M	-60.74M
Operating Cash Flow	-59.77M	-119.55M	-49.03M	-140.62M	-105.45M	-54.28M
Investing Cash Flow	-23.02M	-46.03M	-28.86M	-100.69M	-33.73M	-225.15M
Financing Cash Flow	-1.22M	-2.44M	-5.82M	-35.18M	383.68M	722.99M

Shanghai Bio-Heart Biological Technology Co., Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.71
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2185, the sentiment is Negative. The current price of 5.71 is below the 20-day moving average (MA) of 5.93, below the 50-day MA of 6.03, and above the 200-day MA of 5.42, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 35.55 is Neutral, neither overbought nor oversold. The STOCH value of 8.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2185.

Shanghai Bio-Heart Biological Technology Co., Ltd. Class H Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1875	60 Neutral	HK$3.18B	392.38	0.99%	―	9.41%	-32.69%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
6998	48 Neutral	HK$5.02B	56.31	2.04%	―	1447.56%	―
6622	47 Neutral	HK$2.02B	-6.68	-14.84%	―	-38.38%	-22.12%
2511	46 Neutral	HK$1.36B	-3.85	-67.27%	―	―	47.42%
2185	44 Neutral	HK$1.28B	-13.25	-14.87%	―	―	22.65%
6978	43 Neutral	HK$1.60B	-6.01	―	―	―	27.90%

Shanghai Bio-Heart Biological Technology Co., Ltd. Class H Corporate Events

Shanghai Bio-Heart’s Iberis Renal Denervation System Registered in Indonesia

Shanghai Bio-Heart announced that its subsidiary Shanghai AngioCare Medical Technology has completed registration of the Iberis® Multi-Electrode Renal Artery Radiofrequency Ablation Catheter System in Indonesia, supported by commercialization partner Biosensors International Group. Iberis® is currently the only renal denervation product globally approved for both transradial and transfemoral approaches, a combination the company says can make RDN procedures safer, more effective and cheaper, underpinning its ambition to shift RDN towards outpatient settings worldwide and potentially strengthening its competitive positioning in international cardiovascular device markets, although the company cautions there is no guarantee the system will be successfully developed and marketed.

The most recent analyst rating on (HK:2185) stock is a Hold with a HK$6.00 price target. To see the full list of analyst forecasts on Shanghai Bio-Heart Biological Technology Co., Ltd. Class H stock, see the HK:2185 Stock Forecast page.

Shanghai Bio-heart Registers Iberis® RDN System in New Zealand

Shanghai Bio-heart Biological Technology Co., Ltd. has announced the successful registration of its Iberis® Multi-Electrode Renal Artery Radiofrequency Ablation Catheter System in New Zealand. This system is notable for being the only renal denervation product approved globally with both transradial and transfemoral approaches, aiming to make renal denervation procedures safer, more effective, and cost-efficient, with the ultimate goal of facilitating outpatient procedures worldwide.