Zylox-Tonbridge Medical Technology Co., Ltd. Class H (2190) AI Stock Analysis

• Market Cap: HK$8.29B
• Dividend Yield: 0.48%
• Average Volume (3M): 743.29K
• Price to Earnings (P/E): 47.0
• Beta (1Y): 0.71
• Revenue Growth: 35.01%
• EPS Growth: 483.73%
• Country: HK
• Employees: 875
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.40
• Shares Outstanding: 336,350,740
• 10 Day Avg. Volume: 433,268
• 30 Day Avg. Volume: 743,287
• PEG Ratio: -0.16
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 4.57
• P/FCF Ratio: -207.21
• 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: HK$32.38
• Price Target Upside: 31.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 5.68
• Revenue Forecast (FY): HK$8.23B

• Rating: 58 Neutral
• Price Target: HK$27.00 ▲(9.58% Upside)

Zylox-Tonbridge Medical Technology's strong revenue growth and profitability improvements are offset by significant cash flow challenges and a high valuation. Technical indicators suggest mixed momentum, contributing to a moderate overall stock score.

Positive Factors

Revenue Growth & Profitability Improvement

Sustained multi-year top-line expansion and a shift to positive net margins indicate durable product-market fit and scalable distribution. This growth supports reinvestment in R&D and commercial expansion, strengthening competitive positioning over the medium term.

High Gross Margins

Consistently high gross margins signal differentiated products and pricing power in medical devices. Durable margin structure provides operating leverage as revenue scales, enabling sustained investment in innovation and after-sales services without immediate margin erosion.

Strong Balance Sheet and Liquidity

Very high equity ratio and minimal leverage offer financial resilience, funding optionality for capex, acquisitions, or clinical trials. This capital flexibility reduces refinancing risk and supports multi-period strategic initiatives despite operational swings.

Negative Factors

Weak Cash Flow Generation

Negative operating cash flow undermines the company’s ability to convert strong reported earnings into internally generated capital. Persistent cash conversion issues force dependence on external financing, constraining durable funding for growth and working capital needs.

Historic Operational Volatility

Prior EBIT/EBITDA losses indicate execution and scaling risk, suggesting margins and profitability could be uneven as the business expands. This operational volatility raises the chance of setbacks in product commercialization or margin sustainability.

Rising Liabilities and Prior Financing Reliance

Growing liabilities and a history of dependence on financing increase financial risk if cash flows do not stabilize. Higher liabilities can constrain strategic flexibility, elevate funding costs, and limit the company’s ability to sustain long-term R&D or commercial investments.

Zylox-Tonbridge Medical Technology Co., Ltd. Class H Business Overview & Revenue Model

Company Description

Zylox-Tonbridge Medical Technology Co., Ltd. Class H (2190) is a leading player in the medical technology sector, specializing in the research, development, manufacturing, and distribution of advanced medical devices and solutions. The company focuses on areas such as minimally invasive surgical instruments, diagnostic equipment, and healthcare IT solutions, aiming to enhance patient outcomes and streamline healthcare processes through innovative technology.

How the Company Makes Money

Zylox-Tonbridge generates revenue primarily through the sale of its medical devices and diagnostic equipment to hospitals, clinics, and healthcare providers. The company operates on a business-to-business (B2B) model, where it sells its products directly to healthcare institutions and through distributors. Key revenue streams include the sale of surgical instruments, diagnostic tools, and software solutions for healthcare management. Additionally, Zylox-Tonbridge benefits from partnerships with other medical technology firms and research institutions, which may involve joint ventures or collaborative projects, further enhancing its market reach and product offerings. The company may also engage in after-sales services, including maintenance and training for its products, contributing to its overall earnings.

Zylox-Tonbridge Medical Technology Co., Ltd. Class H Financial Statement Overview

Summary

Zylox-Tonbridge Medical Technology shows strong revenue growth and improved profitability with a robust balance sheet. However, significant cash flow challenges persist, impacting overall financial performance.

Income Statement

Zylox-Tonbridge Medical Technology shows significant revenue growth, with revenue increasing from HKD 5 million in 2019 to HKD 782 million in 2024. The gross profit margin has been consistently high, reaching 71.5% in 2024. Profitability has improved, with the net profit margin turning positive at 12.8% in 2024, up from negative margins in previous years. However, there were periods of EBIT and EBITDA losses, indicating operational challenges before 2024.

Balance Sheet

The company maintains a strong equity position, with a high equity ratio of 89.8% in 2024, reflecting financial stability. The debt-to-equity ratio has remained low, minimizing financial risk. High cash reserves and negative net debt emphasize liquidity strength. However, consistent growth in total liabilities over the years warrants monitoring.

Cash Flow

Zylox-Tonbridge has faced challenges with cash flow generation, as evidenced by fluctuating and often negative free cash flows. Operating cash flow turned negative in 2024, impacting cash flow sustainability. The reliance on financing activities in earlier years highlights the need for improved cash flow from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	898.46M	782.48M	527.75M	334.09M	177.91M	27.63M
Gross Profit	642.09M	559.89M	384.99M	252.67M	131.88M	16.29M
EBITDA	101.16M	65.30M	-41.60M	-86.56M	-208.49M	-90.16M
Net Income	152.59M	100.26M	-78.73M	-113.56M	-199.69M	-100.47M
Balance Sheet
Total Assets	3.50B	3.45B	3.38B	3.25B	3.25B	503.97M
Cash, Cash Equivalents and Short-Term Investments	1.61B	1.28B	1.51B	1.86B	2.93B	317.26M
Total Debt	83.12M	90.91M	55.88M	14.00M	9.40M	34.22M
Total Liabilities	341.97M	351.56M	328.32M	159.54M	103.61M	79.28M
Stockholders Equity	3.15B	3.10B	3.05B	3.09B	3.14B	424.69M
Cash Flow
Free Cash Flow	607.00K	-17.26M	-92.48M	-236.60M	-205.80M	-127.47M
Operating Cash Flow	70.04M	174.08M	98.44M	-91.32M	-116.21M	-82.33M
Investing Cash Flow	-136.59M	-801.36M	-206.24M	-95.05M	-1.33B	-249.18M
Financing Cash Flow	-47.60M	-41.98M	-11.46M	-30.26M	2.81B	345.54M

Zylox-Tonbridge Medical Technology Co., Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 24.64
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2190, the sentiment is Negative. The current price of 24.64 is below the 20-day moving average (MA) of 25.13, above the 50-day MA of 24.23, and above the 200-day MA of 22.46, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 43.23 is Neutral, neither overbought nor oversold. The STOCH value of 12.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2190.

Zylox-Tonbridge Medical Technology Co., Ltd. Class H Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1789	69 Neutral	HK$6.46B	20.18	11.24%	1.26%	25.18%	55.79%
1858	69 Neutral	HK$9.56B	20.24	8.69%	1.88%	14.56%	61.60%
2172	69 Neutral	HK$7.08B	32.02	11.79%	1.50%	-5.18%	-9.69%
2190	58 Neutral	HK$8.29B	46.97	4.99%	0.48%	35.01%	483.73%
1302	57 Neutral	HK$7.43B	104.49	1.98%	―	3.42%	-70.82%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9996	48 Neutral	HK$4.33B	-18.39	-11.20%	―	29.25%	9.02%

Zylox-Tonbridge Medical Technology Co., Ltd. Class H Corporate Events

Zylox-Tonbridge to Acquire 49% Stake in Medical Tech Firm with Option to Take Full Control

Zylox-Tonbridge Medical Technology has agreed to acquire a 49% equity stake in an independent medical technology firm, referred to as the Target Company, from E-Med Solutions for approximately EUR18.375 million (about RMB149.41 million), with the price subject to adjustment. The deal, completed under a sale and purchase agreement signed on 16 January 2026, also grants Zylox-Tonbridge an option to purchase the remaining shares in the Target Company from other shareholders at its discretion. The Target Company will not become a subsidiary after this transaction and its results will not be consolidated into Zylox-Tonbridge’s financial statements. Under Hong Kong listing rules, the acquisition is classified as a discloseable transaction requiring reporting and announcement but not shareholder approval, while the grant of the option involves no premium and therefore does not itself constitute a notifiable transaction, signaling a measured expansion strategy that preserves financial flexibility and regulatory compliance.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$24.50 price target. To see the full list of analyst forecasts on Zylox-Tonbridge Medical Technology Co., Ltd. Class H stock, see the HK:2190 Stock Forecast page.

Zylox-Tonbridge Amends Articles Following Share Incentive Issuance

Zylox-Tonbridge Medical Technology Co., Ltd. announced amendments to its Articles of Association following the issuance of 13.95 million H Shares under its 2025 Share Incentive Scheme. This has resulted in an increase in the company’s registered capital and total share capital, reflecting a strategic move to enhance shareholder value. The amendments, which are administrative in nature, were approved by the Board and do not require further shareholder approval, indicating streamlined governance and operational efficiency.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$24.50 price target. To see the full list of analyst forecasts on Zylox-Tonbridge Medical Technology Co., Ltd. Class H stock, see the HK:2190 Stock Forecast page.

Zylox-Tonbridge Announces RSU Grants Under 2025 Share Incentive Scheme

Zylox-Tonbridge Medical Technology Co., Ltd. has announced the grant of 13,950,000 restricted stock units (RSUs) to 44 selected participants as part of its 2025 Share Incentive Scheme. This initiative aims to align the interests of the company’s directors, supervisors, and employees with its long-term growth objectives. The RSUs are subject to performance targets, with revenue growth benchmarks set for the years ending 2025, 2026, and 2027. Failure to meet these targets will result in the cancellation of the RSUs for the relevant vesting period, highlighting the company’s commitment to achieving significant revenue growth.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$24.50 price target. To see the full list of analyst forecasts on Zylox-Tonbridge Medical Technology Co., Ltd. Class H stock, see the HK:2190 Stock Forecast page.

Zylox-Tonbridge Successfully Concludes 2025 EGM with All Resolutions Passed

Zylox-Tonbridge Medical Technology Co., Ltd. successfully held its 2025 First Extraordinary General Meeting on October 24, 2025, where all proposed resolutions were passed. The meeting saw significant shareholder participation, with specific resolutions requiring certain shareholders to abstain from voting due to their interests, ensuring compliance with the relevant listing rules.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$24.50 price target. To see the full list of analyst forecasts on Zylox-Tonbridge Medical Technology Co., Ltd. Class H stock, see the HK:2190 Stock Forecast page.