Beijing Airdoc Technology Co. Ltd. Class H (2251) AI Stock Analysis

• Market Cap: HK$1.14B
• Dividend Yield: N/A
• Average Volume (3M): 61.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: -32.17%
• EPS Growth: -1.20%
• Country: HK
• Employees: 248
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.02
• Shares Outstanding: 103,568,016
• 10 Day Avg. Volume: 99,440
• 30 Day Avg. Volume: 61,230
• PEG Ratio: -0.05
• Price to Book (P/B): 0.93
• Price to Sales (P/S): 7.56
• P/FCF Ratio: -7.06
• 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): -0.37
• Revenue Forecast (FY): HK$251.57M

• Rating: 40 Neutral
• Price Target: HK$12.50 ▲(0.48% Upside)
• Action: Reiterated Date: 10/14/25
• Date: Action: Reiterated 10/14/25

The overall stock score is primarily impacted by the company's weak financial performance, characterized by declining revenues, persistent losses, and negative cash flows. Technical analysis indicates bearish momentum, with the stock trading below key moving averages. Valuation metrics are unfavorable, with a negative P/E ratio and no dividend yield, further weighing down the score.

Positive Factors

Strong Equity Position

A high equity ratio indicates low financial leverage, providing stability and reducing financial risk, which is beneficial for long-term sustainability.

AI-Driven Healthcare Solutions

Leveraging AI in healthcare offers a competitive advantage by enhancing diagnostic accuracy and efficiency, positioning the company well in a growing market.

Subsidiary Acquisition

Consolidating the subsidiary could streamline operations and improve financial reporting, potentially leading to better strategic alignment and resource allocation.

Negative Factors

Declining Revenue

A substantial drop in revenue indicates challenges in market demand or competitive positioning, which could hinder growth and profitability.

Negative Cash Flow

Inability to generate positive cash flow raises sustainability concerns, limiting the company's ability to invest in growth and manage financial obligations.

Leadership Changes

Frequent leadership changes can disrupt strategic continuity and may affect the company's ability to execute long-term plans effectively.

Beijing Airdoc Technology Co. Ltd. Class H Business Overview & Revenue Model

Company Description

Beijing Airdoc Technology Co., Ltd. provides AI-empowered retina-based early detection, diagnosis, and health risk assessment solutions for medical institutions and consumer healthcare providers in Mainland China and internationally. It offers Airdoc-AIFUNDUS (1.0), an AI-based software as a medical device for auxiliary diagnosis of diabetic retinopathy; Airdoc-AIFUNDUS (2.0) for the auxiliary diagnosis of hypertensive retinopathy, retinal vein occlusion, and age-related macular degeneration; and Airdoc-AIFUNDUS (3.0) for the auxiliary diagnosis of pathological myopia, retinal detachment, glaucoma detection, cataracts detection, ICVD/ASCVD, gestational diabetic retinopathy, gestational hypertensive retinopathy, papilledema intracranial, hypertension retinopathy, and anemia. The company also provides health risk assessment solutions to detect risk indicators, such as various lesions and diseases, hyperthyroidism, graves ophthalmopathy, retinal vein occlusion, dementia, Parkinson's disease, atrial fibrillation, and arteriosclerosis in a range of healthcare environments, including health checkup centers, community clinics, insurance companies, optometry centers, and pharmacies. In addition, it offers hardware devices, including fundus cameras. The company was incorporated in 2015 and is headquartered in Beijing, China.

How the Company Makes Money

Beijing Airdoc Technology Co. Ltd. generates revenue through multiple streams, primarily from the sale of its AI-powered medical devices and software solutions to hospitals, clinics, and healthcare providers. The company's revenue model is built on direct sales, subscription fees for its cloud-based services, and licensing agreements for its proprietary technology. Additionally, Airdoc has established strategic partnerships with healthcare institutions and technology firms, which help expand its market reach and enhance its product offerings. The company also benefits from government health initiatives and funding aimed at improving healthcare accessibility and efficiency in diagnostics.

Beijing Airdoc Technology Co. Ltd. Class H Financial Statement Overview

Summary

Beijing Airdoc Technology Co. Ltd. is facing significant financial challenges. The company struggles with declining revenues, persistent losses, and inefficiencies in operations. Despite a strong equity base, the lack of profitability and negative cash flows pose serious risks to financial stability. Strategic improvements are necessary to enhance revenue growth and operational efficiencies.

Income Statement

The company has experienced significant declines in revenue with a 23.35% decrease from 2023 to 2024. Gross profit margins remain relatively healthy at 55.42% in 2024, but net income is deeply negative, reflecting ongoing profitability challenges. The negative EBIT and EBITDA margins indicate operational inefficiencies and high costs relative to revenue.

Balance Sheet

The company maintains a strong equity position with an equity ratio of 89.87% in 2024, indicating low financial leverage. However, the negative return on equity reflects losses and underutilization of equity capital. Total liabilities remain low, which reduces financial risk, but persistent negative net income impacts overall financial health.

Cash Flow

The company's cash flows are concerning, with zero operating and free cash flow in 2024. The inability to generate positive cash flow from operations raises sustainability concerns. Historical cash flows have been volatile, with significant negative free cash flow, highlighting challenges in managing cash effectively.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	146.37M	156.37M	203.96M	113.66M	115.18M	47.67M
Gross Profit	97.02M	86.68M	125.13M	55.85M	70.24M	29.09M
EBITDA	-175.75M	-259.70M	-113.36M	-159.64M	-126.73M	-51.97M
Net Income	-176.63M	-255.46M	-132.53M	-180.00M	-142.63M	-80.06M
Balance Sheet
Total Assets	1.37B	1.41B	1.68B	1.74B	1.89B	435.75M
Cash, Cash Equivalents and Short-Term Investments	618.65M	774.82M	1.14B	1.41B	1.78B	374.70M
Total Debt	12.71M	31.88M	9.37M	8.01M	8.20M	519.00K
Total Liabilities	93.78M	134.86M	127.13M	68.59M	74.19M	27.30M
Stockholders Equity	1.27B	1.27B	1.54B	1.67B	1.82B	408.21M
Cash Flow
Free Cash Flow	-90.28M	-167.51M	8.02M	-392.55M	-140.11M	-64.77M
Operating Cash Flow	-97.04M	-165.43M	23.37M	-380.44M	-112.09M	-42.86M
Investing Cash Flow	234.62M	-11.34M	-385.14M	-154.43M	-22.01M	91.69M
Financing Cash Flow	-3.62M	-33.31M	-18.53M	-17.14M	1.55B	240.63M

Beijing Airdoc Technology Co. Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.44
• 50DMA: Negative
• 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:2251, the sentiment is Negative. The current price of 12.44 is above the 20-day moving average (MA) of 11.88, above the 50-day MA of 12.00, and below the 200-day MA of 12.68, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 49.22 is Neutral, neither overbought nor oversold. The STOCH value of 56.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2251.

Beijing Airdoc Technology Co. Ltd. Class H Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2219	68 Neutral	HK$1.81B	4.06	7.38%	9.29%	-3.19%	-20.30%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
3309	47 Neutral	HK$1.71B	10.95	-6.56%	1.20%	2.05%	-285.88%
2325	46 Neutral	HK$552.91M	-19.30	-47.91%	2.15%	-18.98%	-164.82%
2158	45 Neutral	HK$6.26B	-110.24	-2.28%	―	-4.99%	47.18%
3681	45 Neutral	HK$2.42B	-10.54	-66.18%	―	-100.00%	30.68%
2251	40 Neutral	HK$1.14B	-176.64	-13.92%	―	-32.17%	-1.20%