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$26.00
â–²(5.52% Upside)
Action:UpgradedDate: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 margin and profit rebound
The company delivered very high gross margins (~72%) and a meaningful net margin (~23%) in 2025. Durable high device margins plus procedure-based consumables support structural profitability, enabling reinvestment in R&D and sales while insulating operating leverage over multiple quarters.
Negative Factors
Historic earnings and cash volatility
Prior multi-year losses and negative FCF reduce confidence that 2025 results represent a durable run-rate. Structural adoption, pricing, or execution issues historically produced volatility; until the company sustains profitable cash conversion across several cycles, outcomes remain uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin and profit rebound
The company delivered very high gross margins (~72%) and a meaningful net margin (~23%) in 2025. Durable high device margins plus procedure-based consumables support structural profitability, enabling reinvestment in R&D and sales while insulating operating leverage over multiple quarters.
Read all positive factors
Zylox-Tonbridge Medical Technology Co., Ltd. Class H (2190) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.89B
Dividend Yield0.48%
Average Volume (3M)743.29K
Price to Earnings (P/E)27.9
Beta (1Y)0.69
Revenue Growth35.28%
EPS Growth146.71%
CountryHK
Employees875
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.42
Shares Outstanding336,350,740
10 Day Avg. Volume433,268
30 Day Avg. Volume743,287
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)2.05
Price to Sales (P/S)6.44
P/FCF Ratio24.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$30.22Price Target Upside22.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.99
Revenue Forecast (FY)HK$1.48B
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 foc...
How the Company Makes Money
The company primarily makes money by selling medical devices and related consumables used in interventional procedures to hospitals and other healthcare providers. Key revenue streams typically include (1) sales of core interventional device produ...
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 | 1.03B | 782.48M | 527.75M | 334.09M | 177.91M |
| Gross Profit | 743.17M | 559.89M | 384.99M | 252.67M | 131.88M |
| EBITDA | 195.07M | 65.30M | -41.60M | -86.56M | -208.49M |
| Net Income | 238.05M | 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
Positive
24.64
Price Trends
22.98
Positive
23.61
Positive
23.50
Positive
Market Momentum
0.31
Negative
55.85
Neutral
71.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2190, the sentiment is Positive. The current price of 24.64 is above the 20-day moving average (MA) of 23.48, above the 50-day MA of 22.98, and above the 200-day MA of 23.50, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 55.85 is Neutral, neither overbought nor oversold. The STOCH value of 71.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$7.67B | 17.31 | 11.91% | 1.26% | 10.19% | 23.37% | |
72 Outperform | HK$7.89B | 27.86 | 4.88% | 0.48% | 35.28% | 146.71% | |
71 Outperform | HK$7.73B | 16.13 | 9.39% | 1.88% | 29.94% | 119.16% | |
69 Neutral | HK$6.08B | 31.02 | 10.38% | 1.50% | 3.83% | -26.43% | |
68 Neutral | HK$8.51B | 42.52 | 4.02% | ― | 5.10% | -32.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | HK$4.47B | -18.13 | -11.27% | ― | 16.35% | 9.43% |
* Healthcare Sector Average
HK:2190
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Zylox-Tonbridge Medical Technology Co., Ltd. Class H Corporate Events
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...
Zylox-Tonbridge Sets Governance Rules for Board Nomination Committee
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has formalized detailed terms of reference for its Nomination Committee, specifying that it must comprise at least three directors, with a majority being independent non-executive directors and at least...
Zylox-Tonbridge Sets Governance Framework for Remuneration Committee
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has formalized the terms of reference for its Remuneration Committee, setting requirements for at least three members, a majority of whom must be independent non-executive directors. The committee chair...
Zylox-Tonbridge Moves to Full Ownership of Target Company in EUR 41 Million Deal
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has exercised a call option to acquire an additional 11% stake in a target company from E-Med Solutions, and will be required to purchase the remaining 40% interest in the first half of 2028, at which p...
Zylox-Tonbridge Proposes Final Cash Dividend for 2025
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has proposed a final ordinary cash dividend of RMB 0.22 per share for the financial year ended 31 December 2025, with the Hong Kong dollar equivalent, exchange rate, and applicable withholding tax detai...
Zylox-Tonbridge Plans Governance Overhaul, Seeks to Scrap Supervisory Committee
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd., a PRC-incorporated medical technology company listed in Hong Kong, is updating its corporate governance framework to reflect changes in PRC company law and overseas listing rules. The firm remains gove...
Zylox-Tonbridge Sets Detailed Governance Rules for Audit Committee
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has formalised detailed terms of reference for its audit committee, specifying that it must comprise at least three non-executive directors, with a majority being independent and at least one possessing...
Zylox-Tonbridge Profit Soars on Strong Neurovascular and Peripheral Device Growth in 2025
Mar 17, 2026
Zylox-Tonbridge Medical Technology reported strong 2025 results, with revenue rising 35.1% year on year to RMB1.06 billion and profit more than doubling, supported by a gross margin improvement to 72.1%. Growth was driven by both neurovascular and...
Zylox-Tonbridge Proposes 2025 Final Dividend and Sets Key Dates
Mar 17, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has proposed a final cash dividend of RMB0.22 per share for the financial year ended 31 December 2025, amounting to approximately RMB74.2 million and representing about 30% of the profit attributable to...
Zylox-Tonbridge Sets March Board Meeting to Review 2025 Results and Final Dividend
Mar 2, 2026
Zylox-Tonbridge Medical Technology Co., Ltd. has scheduled a board meeting for March 17, 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended December 31, 2025, and to authorize their publi...
Zylox-Tonbridge Details Strategic Rationale for 49% Stake in European-Focused Medtech Group
Feb 13, 2026
Zylox-Tonbridge Medical Technology provided further details on its acquisition of a 49% stake in a medical device group focused on innovative products, noting that recent losses stem from heavy investment in RD, expanded manufacturing and mandator...
Zylox-Tonbridge Forecasts 139% Profit Surge on Strong Domestic and Overseas Device Sales
Jan 29, 2026
Zylox-Tonbridge Medical Technology has issued a positive profit alert, indicating that net profit attributable to shareholders for 2025 is expected to exceed RMB240 million, a year-on-year increase of about 139%, on revenues projected to surpass R...
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.
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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.