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

• Market Cap: HK$7.74B
• Dividend Yield: 0.49%
• Average Volume (3M): 728.03K
• Price to Earnings (P/E): 43.9
• Beta (1Y): 0.75
• 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: 588,947
• 30 Day Avg. Volume: 728,027
• 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$32.12
• Price Target Upside: 30.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 5.39
• Revenue Forecast (FY): HK$8.25B

• Rating: 58 Neutral
• Price Target: HK$24.50 ▼(-0.57% Downside)

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

The significant revenue growth highlights the company's expanding market presence and successful product adoption, indicating strong business fundamentals.

Profitability Improvement

Improved profitability with positive net margins suggests effective cost management and operational efficiency, enhancing long-term financial health.

Balance Sheet Strength

A strong balance sheet with high equity and low debt levels provides financial stability and flexibility for future growth initiatives.

Negative Factors

Cash Flow Challenges

Negative operating cash flow indicates potential liquidity issues and the need for improved cash generation from core operations to sustain growth.

Liability Growth

Increasing liabilities could pose a risk to financial stability if not managed properly, potentially impacting long-term solvency.

Operational Challenges

Historical operational losses suggest potential vulnerabilities in cost control and efficiency, which may affect future profitability if not addressed.

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

Company Description

Zylox-Tonbridge Medical Technology Co., Ltd., a medical device company, provides neuro- and peripheral-vascular interventional medical devices China and internationally. It primarily offers ThromBite Clot Retriever Device, which is intended to restore blood flow by removing thrombus from a large intracranial vessel in patients experiencing ischemic stroke; Balloon Guiding Catheter; Cylone Aspiration Catheter; ZENFLEX Pro Peripheral Drug-eluting Stent System for complex lesions and restenotic symptomatic lesions; ZENFlex Peripheral Stent System to deliver a self-expanding stent to the iliac artery, superficial femoral arteries, and/or proximal popliteal arteries through a 6F delivery system; and drug-coated percutaneous transluminal angioplasty (PTA) Balloon Catheters that are indicated for PTA of stenosis or occlusion lesions in iliac, femoral, or popliteal arteries. The company also provides Ton-Bridge extra soft coils for the endovascular embolization of intracranial aneurysms and other neurovascular abnormalities, such as arteriovenous malformations and arteriovenous fistulae; microcatheter for coiling; distal access catheter; glycine micro catheter for professional physician to selectively inject or input control medium and/or embolic materials, and/or appropriate devices; Intracranial PTA balloon catheter; vascular snare; and snare retrieval kit for IVC filter. Zylox-Tonbridge Medical Technology Co., Ltd. was incorporated in 2012 and is headquartered in Zhejiang, the People's Republic of China.

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: Neutral

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 above the 20-day moving average (MA) of 23.64, above the 50-day MA of 24.14, and above the 200-day MA of 21.07, indicating a neutral trend. The MACD of -0.60 indicates Positive momentum. The RSI at 40.29 is Neutral, neither overbought nor oversold. The STOCH value of 33.97 is Neutral, 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$6.10B	19.06	11.24%	1.32%	25.18%	55.79%
2190	58 Neutral	HK$7.74B	43.85	4.99%	0.49%	35.01%	483.73%
2172	58 Neutral	HK$6.06B	27.39	11.79%	1.54%	-5.18%	-9.69%
1302	57 Neutral	HK$6.48B	88.20	1.98%	―	3.42%	-70.82%
1858	55 Neutral	HK$9.11B	21.27	8.69%	1.85%	14.56%	61.60%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9996	39 Underperform	HK$3.84B	-15.90	-11.20%	―	29.25%	9.02%

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

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.

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.

Zylox-Tonbridge to Discuss New Share Incentive Scheme at 2025 EGM

Zylox-Tonbridge Medical Technology Co., Ltd. has announced the convening of its 2025 first extraordinary general meeting to discuss and potentially approve a Share Incentive Scheme. This scheme includes granting restricted stock units (RSUs) to key executives, which could impact the company’s operational strategies and stakeholder interests by aligning management incentives with company performance.

Zylox-Tonbridge Announces Closure of H Share Register for 2025 EGM

Zylox-Tonbridge Medical Technology Co., Ltd. has announced the closure of its H share register of members to determine eligible shareholders for its 2025 first extraordinary general meeting. The register will be closed from October 21 to October 24, 2025, with the meeting scheduled for October 24, 2025. Shareholders wishing to attend must deposit their share certificates and transfer documents by October 20, 2025. The meeting will address resolutions detailed in a forthcoming circular.