Medlive Technology Co., Ltd. (2192) AI Stock Analysis

• Market Cap: HK$8.75B
• Dividend Yield: 2.72%
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): 24.8
• Beta (1Y): 1.35
• Revenue Growth: 29.81%
• EPS Growth: 10.40%
• Country: HK
• Employees: 747
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): 0.23
• Shares Outstanding: 737,960,900
• 10 Day Avg. Volume: 901,132
• 30 Day Avg. Volume: 1,461,578
• PEG Ratio: 0.72
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 12.28
• P/FCF Ratio: 78.46
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: HK$13.50 ▲(37.33% Upside)

The score is driven primarily by strong financial performance (growth, healthy profitability, low leverage, and solid cash generation). Technical indicators are supportive but show near-overbought conditions and the stock remains below the 200-day average, while valuation is only moderately attractive given the ~24.8 P/E despite a ~2.32% yield.

Positive Factors

Robust Revenue Growth

Sustained near-30% revenue growth signals durable demand for Medlive's software and services. Over a 2-6 month horizon this indicates expanding customer adoption and scaling product penetration across hospitals and providers, supporting long-term top-line momentum and reinvestment capacity.

Strong Balance Sheet / Low Leverage

A high equity ratio and very low financial leverage provide structural financial flexibility. This reduces refinancing and solvency risk, enables countercyclical investment or M&A, and supports consistent capital allocation over months, strengthening resilience to sector shocks.

Recurring revenue mix and partnerships

A business model combining licensing, cloud subscriptions and strategic hospital partnerships creates recurring, stickier revenue and diversified channels. This structural mix improves revenue visibility, retention economics, and long-term customer lifetime value versus one‑time sales.

Negative Factors

EBIT Margin Compression

A persistent decline in EBIT margin signals pressure on operating profitability that can erode cash conversion and limit reinvestment. If structural (pricing, cost base, or higher operating spend), margin compression may reduce sustainable free cash flow and return on invested capital.

Investing Cash Flow Volatility

Variable investing cash flows indicate irregular capital deployment (R&D, acquisitions, or capex) which can create earnings and free cash flow volatility. Over months, unpredictable investments complicate forecasting and may signal inconsistent capital allocation priorities.

EPS Growth Lagging Revenue Growth

EPS growth materially trailing revenue suggests profit conversion or dilution issues—margin pressure, higher operating costs, or capital intensity. Structurally, slower EPS scaling can limit dividend growth and investor returns, and may constrain funding for strategic initiatives.

Medlive Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Medlive Technology Co., Ltd., together with its subsidiaries, operates an online professional physician platform in Mainland China and internationally. Its precision marketing and corporate solution provides full service on its one-site platform, which includes project management, clinical monitoring, clinical data management, biostatistics, protocol design, medical monitoring, patient recruitment, and supporting system, as well as digital market research, electronic data capture, real-world studies, and application software development services. The company's medical knowledge solution offers medical education and clinical decision support, including licensing software to physicians, other registered users, such as other healthcare professionals and pharmaceutical companies. Its intelligent patient management solution provides chronic disease management services, comprising online patient consultation, prescription services, and patient management through Internet hospital; and condition-specific patient education services, which includes content development, application software development, and other related services. The company was formerly known as Kingyee Co., Limited and changed its name to Medlive Technology Co., Ltd. in 2021. Medlive Technology Co., Ltd. was founded in 1996 and is headquartered in Beijing, China.

How the Company Makes Money

Medlive Technology generates revenue primarily through the sale of its software solutions and healthcare technology services. The company earns income from licensing its proprietary software to healthcare institutions, which includes installation, customization, and ongoing support services. Additionally, Medlive capitalizes on subscription fees from its cloud-based platforms, where clients pay for access to features such as patient management and data analytics tools. The company also engages in strategic partnerships with hospitals and healthcare organizations, enhancing its market reach and providing integrated solutions that further contribute to its revenue streams. Furthermore, Medlive may benefit from government contracts and grants aimed at advancing digital health initiatives, which can provide substantial financial support.

Medlive Technology Co., Ltd. Financial Statement Overview

Summary

Medlive Technology Co., Ltd. exhibits strong financial health with consistent revenue growth, efficient operational performance, and a robust balance sheet with low leverage. The company maintains healthy cash flows, although investment activities show some variability.

Income Statement

Medlive Technology Co., Ltd. demonstrates robust revenue growth, with Total Revenue increasing from 2019 to 2024. The Gross Profit Margin and Net Profit Margin have remained strong, reflecting stable and efficient cost management. Despite a decline in EBIT Margin from previous years, the EBITDA Margin remains healthy, indicating strong operational performance.

Balance Sheet

The company's Balance Sheet is solid with a high Equity Ratio, suggesting financial stability and low reliance on debt. The Debt-to-Equity Ratio is very low, indicative of minimal financial leverage. Return on Equity has shown a positive trend, highlighting effective use of shareholder funds.

Cash Flow

Cash flow analysis reveals consistent Free Cash Flow generation, with positive growth over time. The Operating Cash Flow to Net Income Ratio indicates strong cash-generating capability. However, fluctuations in Investing Cash Flow suggest potential volatility in investment activities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	627.05M	558.46M	412.00M	314.05M	284.44M	213.53M
Gross Profit	363.84M	327.22M	251.34M	212.74M	200.73M	156.24M
EBITDA	137.14M	121.35M	262.86M	144.56M	76.61M	110.37M
Net Income	323.76M	315.15M	242.30M	117.32M	40.62M	85.20M
Balance Sheet
Total Assets	5.11B	5.11B	4.89B	4.60B	4.12B	227.06M
Cash, Cash Equivalents and Short-Term Investments	3.62B	4.15B	4.40B	4.22B	3.91B	147.09M
Total Debt	14.97M	22.63M	8.19M	11.26M	13.17M	12.07M
Total Liabilities	213.84M	253.56M	248.61M	171.31M	143.37M	75.64M
Stockholders Equity	4.84B	4.80B	4.60B	4.40B	3.95B	151.41M
Cash Flow
Free Cash Flow	133.65M	87.44M	69.34M	69.70M	42.47M	110.42M
Operating Cash Flow	154.64M	108.32M	101.87M	77.19M	44.43M	111.05M
Investing Cash Flow	273.45M	111.02M	-634.95M	-3.59B	-50.54M	13.00K
Financing Cash Flow	-207.96M	-197.89M	-133.13M	-22.38M	3.79B	-2.83M

Medlive Technology Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.83
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2192, the sentiment is Positive. The current price of 9.83 is below the 20-day moving average (MA) of 10.08, below the 50-day MA of 10.08, and below the 200-day MA of 12.55, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 58.28 is Neutral, neither overbought nor oversold. The STOCH value of 75.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2192.

Medlive Technology Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2192	74 Outperform	HK$8.75B	24.83	6.77%	2.72%	29.81%	10.40%
1099	72 Outperform	HK$64.54B	8.78	8.74%	3.75%	-2.68%	-21.45%
2607	71 Outperform	$66.62B	7.25	7.53%	2.67%	2.77%	39.24%
1931	62 Neutral	HK$3.78B	20.09	5.07%	3.81%	0.33%	-44.28%
2289	60 Neutral	HK$786.24M	15.08	8.12%	8.03%	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9955	40 Underperform	HK$643.44M	-0.58	-69.05%	―	-43.86%	-217.25%