Zylox-Tonbridge Medical Technology Co., Ltd. Class H (HK:2190)
:2190
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Zylox-Tonbridge Medical Technology Co., Ltd. Class H
(2190)
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Rating:72Outperform
Price Target:
HK$20.50
▼(-16.80% Downside)
Action:Upgraded
Date:04/23/26
The score is driven primarily by a strong financial rebound (higher profitability, improved free cash flow, and very low leverage). Offsetting this, technical signals are neutral-to-mixed and valuation is moderately demanding (P/E ~27.9), which increases reliance on sustaining the recent earnings and cash-flow improvement.
Positive Factors
High gross & net margins
Sustained 72% gross margin and 23% net margin indicate durable unit economics and pricing power in interventional devices. High margins support reinvestment in R&D, distributor incentives and funding of incremental commercialization without immediate reliance on external financing.
Negative Factors
Historic earnings volatility
Multiple prior years of losses imply execution and demand sensitivity; the recent recovery is early in the cycle. That history raises uncertainty about the sustainability of margins and revenue growth, increasing execution risk for sustaining improvements over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross & net margins
Sustained 72% gross margin and 23% net margin indicate durable unit economics and pricing power in interventional devices. High margins support reinvestment in R&D, distributor incentives and funding of incremental commercialization without immediate reliance on external financing.
Read all positive factors
Zylox-Tonbridge Medical Technology Co., Ltd. Class H (2190) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$6.33B
Dividend Yield0.48%
Average Volume (3M)743.29K
Price to Earnings (P/E)21.0
Beta (1Y)0.68
Revenue Growth35.28%
EPS Growth146.71%
CountryHK
Employees875
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.76
Shares Outstanding336,350,740
10 Day Avg. Volume433,268
30 Day Avg. Volume743,287
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)2.08
Price to Sales (P/S)6.35
P/FCF Ratio24.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$29.33Price Target Upside19.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.99
Revenue Forecast (FY)HK$1.49B
Zylox-Tonbridge Medical Technology Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Zylox-Tonbridge Medical Technology Co., Ltd. is a global medical device firm specializing in neurovascular and peripheral vascular interventional technologies. Their comprehensive product line for treating ischemic stroke includes the ThromBite Cl...
How the Company Makes Money
The company makes money primarily by selling medical devices used in interventional procedures to hospitals and medical distributors. Revenue is generated from (1) sales of its core endovascular/interventional product lines (e.g., catheter-based a...
Zylox-Tonbridge Medical Technology Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.06B | 782.48M | 527.75M | 334.09M | 177.91M |
| Gross Profit | 762.92M | 559.89M | 384.99M | 252.67M | 131.88M |
| EBITDA | 231.92M | 65.30M | -41.60M | -86.56M | -208.49M |
| Net Income | 244.37M | 100.26M | -78.73M | -113.56M | -199.69M |
Balance Sheet | |||||
| Total Assets | 3.58B | 3.45B | 3.38B | 3.25B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 1.73B | 1.28B | 1.51B | 1.86B | 2.93B |
| Total Debt | 63.67M | 90.91M | 55.88M | 14.00M | 9.40M |
| Total Liabilities | 343.98M | 351.56M | 328.32M | 159.54M | 103.61M |
| Stockholders Equity | 3.23B | 3.10B | 3.05B | 3.09B | 3.14B |
Cash Flow | |||||
| Free Cash Flow | 268.72M | -17.26M | -92.48M | -236.60M | -205.80M |
| Operating Cash Flow | 377.07M | 174.08M | 98.44M | -91.32M | -116.21M |
| Investing Cash Flow | -46.54M | -801.36M | -206.24M | -95.05M | -1.33B |
| Financing Cash Flow | -168.64M | -41.98M | -11.46M | -30.26M | 2.81B |
Zylox-Tonbridge Medical Technology Co., Ltd. Class H Technical Analysis
Negative
24.64
Price Trends
21.36
Negative
22.16
Negative
23.09
Negative
Market Momentum
-0.80
Positive
30.31
Neutral
30.91
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 19.67, above the 50-day MA of 21.36, and above the 200-day MA of 23.09, indicating a bearish trend. The MACD of -0.80 indicates Positive momentum. The RSI at 30.31 is Neutral, neither overbought nor oversold. The STOCH value of 30.91 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$6.33B | 20.95 | 4.88% | 0.48% | 35.28% | 146.71% | |
70 Neutral | HK$6.10B | 15.45 | 12.01% | 1.26% | 10.19% | 23.70% | |
67 Neutral | HK$5.91B | 21.01 | 9.25% | 1.88% | 29.19% | 121.25% | |
61 Neutral | HK$6.52B | 41.10 | 4.06% | ― | 5.10% | -32.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | HK$12.67B | 28.57 | 6.07% | ― | -3.62% | ― | |
44 Neutral | HK$2.72B | -11.40 | -11.27% | ― | 16.35% | 9.84% |
* Healthcare Sector Average
HK:2190
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Zylox-Tonbridge Medical Technology Co., Ltd. Class H Corporate Events
Zylox-Tonbridge Updates H Share Buyback, Signals Confidence in Long-Term Prospects
Jun 15, 2026
Zylox-Tonbridge Medical Technology has provided an update on its ongoing H share repurchase programme aimed at enhancing market capitalisation management and creating long-term value for shareholders. Over the past three months, the company has sp...
Zylox-Tonbridge Details Valuation Basis for Remaining Stake in Vascular Device Platform
May 15, 2026
Zylox-Tonbridge Medical Technology has detailed the valuation basis for its staged acquisition of the remaining equity in a European vascular device maker, after exercising an option to buy an additional 11% stake in March 2026. The company expect...
Zylox-Tonbridge Shareholders Approve All Proposals at 2025 AGM
May 13, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. held its 2025 annual general meeting in Hangzhou on May 13, 2026, with shareholders or proxies representing about 53.93% of voting share capital in attendance. All directors participated either in perso...
Zylox-Tonbridge Details Board and Committee Structure in Governance Update
May 13, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has announced the current composition of its board of directors, listing three executive directors, two non-executive directors, and three independent non-executive directors, with Dr. Jonathon Zhong Zh...
Zylox-Tonbridge Updates 2025 Final Dividend Terms and Tax Treatment for H Shareholders
May 13, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has announced a final ordinary cash dividend of RMB 0.22 per share for the financial year ended 31 December 2025, approved by shareholders on 13 May 2026. For H share investors in Hong Kong, the dividen...
Zylox-Tonbridge Sets 2025 AGM to Vote on Profit Plan, Capital Mandates and Governance Changes
Apr 21, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has called its 2025 annual general meeting for May 13, 2026, in Hangzhou, where shareholders will review the 2025 board, supervisory committee, financial and independent director reports, decide on the ...
Zylox-Tonbridge Sets Final 2025 Dividend and Confirms Payout Timetable
Apr 21, 2026
Zylox-Tonbridge Medical Technology Co., Ltd., a Hong Kong-listed medical technology company, has confirmed a final ordinary cash dividend of RMB 0.22 per share for the financial year ended 31 December 2025. The payment reflects the company’s...
Zylox-Tonbridge Grants 400,000 Share Options Under 2025 Incentive Scheme
Apr 13, 2026
Zylox-Tonbridge Medical Technology has granted 400,000 share options under its 2025 Share Incentive Scheme to a single employee of the Group, with an exercise price of HK$23.472 per H share and a validity period extending to October 23, 2035. The ...
Zylox-Tonbridge Reshapes Concert Party, Clarifies 24.61% Voting Bloc
Apr 2, 2026
Zylox-Tonbridge Medical Technology disclosed that its existing concert party arrangement among key founders and investment entities has been revised through a supplemental agreement. Under this update, WEA Enterprises, LLC and early investor Dr. S...
Zylox-Tonbridge Seeks to Expand and Extend 2021 H Share Incentive Scheme
Apr 1, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. plans to amend its 2021 H Share Award and Trust Scheme by expanding the maximum number of H shares that can be granted or purchased under the plan to 10% of the company’s issued share capital, exc...
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.