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

• Market Cap: HK$7.54B
• Dividend Yield: 2.72%
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): 21.4
• Beta (1Y): 1.37
• Revenue Growth: 29.81%
• EPS Growth: 10.40%
• Country: HK
• Employees: 747
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): 0.24
• 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$12.50 ▲(27.16% Upside)

The score is primarily driven by strong financial performance (growth, margins, low leverage, and healthy cash generation). Offsetting this, technical indicators are mixed with price below key moving averages and only neutral momentum, while valuation is moderate with a mid-to-higher P/E partly supported by a ~2.5% dividend yield.

Positive Factors

Strong Revenue Growth

Sustained near-30% revenue growth indicates strong underlying demand for Medlive's software and services. Over 2–6 months this supports expanding customer adoption, higher recurring subscription revenue, greater pricing power, and capacity to scale R&D and customer success investments.

Solid Balance Sheet

A high equity ratio and very low debt provide durable financial flexibility. This reduces refinancing risk, enables opportunistic M&A or R&D spending, and cushions against sector cyclicality—supporting long-term execution of digital health initiatives and government contract delivery.

Consistent Free Cash Flow

Reliable free cash flow supports reinvestment, working capital for SaaS growth, and shareholder returns without dependence on external financing. Over multiple quarters this enhances resilience, funds platform enhancements, and underpins sustainable operating expansion.

Negative Factors

Declining EBIT Margin

A falling EBIT margin signals rising operating costs or margin compression. If structural (pricing, higher SG&A or R&D) this can erode long‑term profitability and ROE, limiting cash available for growth initiatives and reducing the firm's ability to finance expansion internally.

Investing Cash Flow Variability

Irregular investing cash flow implies uneven capex or acquisitions, creating uncertainty in future asset base and ROI. Over the medium term this can complicate planning, produce lumpy cash needs, and raise the likelihood of external funding or delayed strategic projects.

Above‑Average Market Sensitivity (Beta)

A beta above 1 indicates earnings and equity value are more sensitive to market swings. For a healthcare tech provider this raises execution risk for multi‑quarter projects, increases cost of capital, and can magnify the impact of sectorwide or macro shocks on strategic investments.

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

Strong overall fundamentals: solid revenue growth and healthy profitability, supported by a robust balance sheet with low leverage and improving ROE. Cash flows are consistently positive, though investing cash flow variability slightly tempers the score.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2192, the sentiment is Negative. The current price of 9.83 is below the 20-day moving average (MA) of 11.76, below the 50-day MA of 10.61, and below the 200-day MA of 12.51, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.33 is Neutral, neither overbought nor oversold. The STOCH value of 4.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$7.54B	21.39	6.77%	2.72%	29.81%	10.40%
1099	72 Outperform	HK$65.16B	8.86	8.74%	3.75%	-2.68%	-21.45%
1931	69 Neutral	HK$2.37B	12.59	5.07%	3.81%	0.33%	-44.28%
2607	64 Neutral	HK$65.17B	7.25	7.53%	2.67%	2.77%	39.24%
2289	60 Neutral	HK$626.40M	12.01	8.12%	8.03%	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9955	40 Underperform	HK$566.22M	-0.51	-69.05%	―	-43.86%	-217.25%