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

• Market Cap: HK$7.83B
• Dividend Yield: 0.46%
• Average Volume (3M): 525.30K
• Price to Earnings (P/E): 46.2
• Beta (1Y): 0.62
• 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: 322,400,760
• 10 Day Avg. Volume: 572,538
• 30 Day Avg. Volume: 525,305
• 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$28.62
• Price Target Upside: 16.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 4.73
• Revenue Forecast (FY): HK$8.27B

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

Zylox-Tonbridge Medical Technology's overall score is driven by strong financial performance, particularly in revenue growth and profitability. However, technical indicators suggest bearish momentum, and the valuation appears high, which tempers the overall score.

Positive Factors

Revenue Growth

The substantial revenue growth over recent years indicates strong market demand and effective business expansion strategies, reinforcing the company's competitive position in the medical technology sector.

Profitability Improvement

The shift to positive net profit margins reflects improved operational efficiency and cost management, which enhances long-term financial sustainability and shareholder value.

Balance Sheet Strength

A strong equity position and low debt levels provide financial stability and flexibility, enabling the company to invest in growth opportunities and weather economic uncertainties.

Negative Factors

Cash Flow Challenges

Negative operating cash flow indicates potential liquidity issues, which could constrain the company's ability to fund operations and growth initiatives without relying on external financing.

Liabilities Growth

Increasing liabilities, despite strong equity, may signal rising financial obligations that could pressure future cash flows and necessitate careful financial management.

Operational Challenges

Historical operational losses suggest past inefficiencies that, if not fully resolved, could impact future profitability and operational resilience.

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, cash flow challenges persist, indicating a need for more stable cash generation from operations.

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: Positive
• 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 23.96, above the 50-day MA of 24.42, and above the 200-day MA of 19.35, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 45.06 is Neutral, neither overbought nor oversold. The STOCH value of 52.43 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$6.49B	20.29	11.24%	1.25%	25.18%	55.79%
1858	62 Neutral	HK$10.67B	26.67	8.69%	0.77%	14.56%	61.60%
2190	58 Neutral	HK$7.83B	46.19	4.99%	0.46%	35.01%	483.73%
2172	58 Neutral	HK$6.69B	30.22	11.79%	1.45%	-5.18%	-9.69%
1302	57 Neutral	HK$8.51B	110.67	1.98%	―	3.42%	-70.82%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9996	41 Neutral	€3.87B	-15.77	-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.

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.

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.

The most recent analyst rating on (HK:2190) stock is a Buy with a HK$27.00 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 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.

The most recent analyst rating on (HK:2190) stock is a Buy with a HK$27.00 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 Proposes Share Incentive Scheme to Boost Competitiveness

Zylox-Tonbridge Medical Technology Co., Ltd. has proposed the adoption of a Share Incentive Scheme, which aims to align with the company’s long-term business goals and improve its corporate governance structure. The scheme is designed to attract and retain key employees and enhance the company’s market competitiveness, subject to shareholder approval. The scheme will involve issuing new H Shares and has a duration of ten years, with specific limits on the number of shares available for issuance.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$26.00 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 Reports Strong Revenue Growth in H1 2025

Zylox-Tonbridge Medical Technology Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with a 31.7% rise in revenue compared to the same period in 2024. This growth was driven by high sales in both neurovascular and peripheral vascular interventional devices, with notable contributions from established products and the successful launch of new products across hospitals nationwide.

The most recent analyst rating on (HK:2190) stock is a Hold with a HK$26.00 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.