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Gushengtang Holdings Limited
(2273)
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Rating:72Outperform
Price Target:
HK$34.00
▲(17.24% Upside)
Action:Upgraded
Date:07/04/26
The score is driven primarily by solid financial performance (strong post-2021 profitability and robust growth), tempered by margin and cash-flow volatility and higher leverage in 2025. Technicals are mixed—trend is positive but momentum signals are weaker—while valuation is supportive with a reasonable P/E and a healthy dividend yield.
Positive Factors
Revenue growth & sustained profitability
Revenue expanded meaningfully (2025 ~40% after ~30% in 2024) and the company returned to steady net profit margins (~10–11%) after the 2021 loss. Durable top-line momentum with consistent profitability supports reinvestment, scale benefits and long-term cash generation.
Negative Factors
Margin volatility
EBITDA and gross margin swings (notably weaker in 2024) indicate sensitivity to cost mix, pricing or operating leverage. Persistent margin volatility can erode sustainable profitability, complicate forecasting, and limit the company's ability to fund strategic initiatives from operating earnings alone.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & sustained profitability
Revenue expanded meaningfully (2025 ~40% after ~30% in 2024) and the company returned to steady net profit margins (~10–11%) after the 2021 loss. Durable top-line momentum with consistent profitability supports reinvestment, scale benefits and long-term cash generation.
Read all positive factors
Gushengtang Holdings Limited (2273) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.44B
Dividend Yield2.61%
Average Volume (3M)1.54M
Price to Earnings (P/E)17.5
Beta (1Y)1.26
Revenue Growth7.60%
EPS Growth20.01%
CountryHK
Employees3,551
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.49
Shares Outstanding234,371,050
10 Day Avg. Volume1,228,922
30 Day Avg. Volume1,539,754
Financial Highlights & Ratios
PEG Ratio0.93
Price to Book (P/B)2.84
Price to Sales (P/S)1.90
P/FCF Ratio12.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$39.44Price Target Upside36.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.81
Revenue Forecast (FY)HK$3.77B
Gushengtang Holdings Limited Business Overview & Revenue Model
Company Description
Gushengtang Holdings Limited, an investment holding company, provides healthcare services in the People’s Republic of China. The company offers consultation, traditional massage, moxibustion, acupuncture, and other therapies. It is also involved i...
How the Company Makes Money
The company primarily makes money by delivering TCM medical services through its network of clinics/medical institutions. Its key revenue streams generally include (1) consultation and diagnosis fees from outpatient visits (patients pay for physic...
Gushengtang Holdings Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.25B | 3.02B | 2.32B | 1.62B | 1.37B |
| Gross Profit | 1.01B | 909.35M | 700.00M | 499.54M | 620.30M |
| EBITDA | 485.74M | 375.05M | 429.90M | 324.22M | -62.75M |
| Net Income | 352.76M | 306.78M | 252.20M | 180.85M | -507.07M |
Balance Sheet | |||||
| Total Assets | 3.99B | 3.66B | 3.38B | 2.61B | 2.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 1.14B | 1.33B | 1.02B | 1.03B |
| Total Debt | 784.51M | 508.56M | 370.57M | 351.29M | 345.37M |
| Total Liabilities | 1.81B | 1.28B | 1.07B | 891.49M | 842.39M |
| Stockholders Equity | 2.17B | 2.38B | 2.30B | 1.72B | 1.55B |
Cash Flow | |||||
| Free Cash Flow | 482.65M | 361.77M | 332.41M | 244.02M | 138.03M |
| Operating Cash Flow | 582.57M | 452.37M | 410.14M | 281.00M | 187.75M |
| Investing Cash Flow | -352.40M | -267.37M | -263.61M | -178.36M | -48.95M |
| Financing Cash Flow | -442.38M | -375.19M | 157.50M | -138.08M | 638.57M |
Gushengtang Holdings Limited Technical Analysis
Positive
29.00
Price Trends
27.52
Positive
27.28
Positive
28.22
Positive
Market Momentum
1.12
Negative
58.06
Neutral
69.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2273, the sentiment is Positive. The current price of 29 is above the 20-day moving average (MA) of 28.46, above the 50-day MA of 27.52, and above the 200-day MA of 28.22, indicating a bullish trend. The MACD of 1.12 indicates Negative momentum. The RSI at 58.06 is Neutral, neither overbought nor oversold. The STOCH value of 69.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2273.
Gushengtang Holdings Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$7.44B | 17.53 | 15.51% | 2.61% | 7.60% | 20.01% | |
64 Neutral | HK$1.21B | 11.54 | 5.64% | 1.20% | 1.75% | ― | |
62 Neutral | HK$4.45B | 10.66 | 33.37% | 1.97% | 16.70% | 38.98% | |
60 Neutral | HK$1.03B | 31.68 | 1.27% | ― | ― | ― | |
56 Neutral | HK$1.46B | 105.24 | 0.48% | 0.49% | -2.63% | ― | |
52 Neutral | HK$6.51B | 124.63 | 0.60% | ― | -9.81% | -72.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
HK:2273
Gushengtang Holdings Limited
30.18
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-11.66%
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0.96
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Town Health International Medical Group Ltd.
0.22
-0.02
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Hygeia Healthcare Holdings Co., Ltd.
10.08
-5.44
-35.05%
HK:6639
Arrail Group Ltd.
1.83
-0.52
-22.17%
Gushengtang Holdings Limited Corporate Events
Gushengtang accelerates TCM expansion with clinic acquisitions in Singapore and Tianjin
Jun 23, 2026
Gushengtang Holdings is expanding its traditional Chinese medicine footprint through strategic acquisitions in Singapore and Tianjin. The company’s subsidiary in Singapore has agreed to acquire 100% equity interests in Sante Wellness TCM Cli...
Gushengtang Shareholders Approve All AGM Resolutions and 2025 Final Dividend
Jun 18, 2026
Gushengtang Holdings Limited reported that all resolutions at its June 18, 2026 annual general meeting in Guangzhou were approved by shareholders via poll, including adoption of the 2025 audited financial statements and re-election of all proposed...
Gushengtang Sets 2026 AGM to Approve 2025 Results, Dividend and Share Issue Mandate
May 21, 2026
Gushengtang Holdings Limited has called its annual general meeting for June 18, 2026, in Guangzhou, where shareholders will review and adopt the audited consolidated financial statements and directors’ and auditor’s reports for the yea...
Gushengtang Wins Shareholder Backing for 10% Share Repurchase Mandate
May 12, 2026
Gushengtang Holdings Limited has secured shareholder approval at an extraordinary general meeting held in Guangzhou on May 12, 2026, for a refreshed general mandate allowing the board to repurchase up to 10% of the company’s issued shares, e...
Gushengtang reshapes board with new audit chair as veteran director exits
May 12, 2026
Gushengtang Holdings has announced board-level changes effective May 12, 2026, with the resignation of independent non-executive director Li Tie, who is stepping down as chair of the audit committee and as a member of the remuneration committee to...
Gushengtang Sets Out Board Line-Up and Key Committee Roles
May 12, 2026
Gushengtang Holdings Limited has announced the current composition of its board of directors, led by executive director and chairman Tu Zhiliang, alongside non-executive directors Huang Jingsheng, Liu Kanghua and Cao Yanling, and independent non-e...
Gushengtang Seeks Fresh 10% Share Buyback Mandate at Extraordinary Meeting
Apr 24, 2026
Gushengtang Holdings Limited has called an extraordinary general meeting for May 12, 2026, in Guangzhou to seek shareholder approval for a new share repurchase mandate. The proposal would authorize the board to buy back up to 10% of the company...
Gushengtang Sets Aggressive Three‑Year Dividend Payout Target
Apr 21, 2026
Gushengtang Holdings Limited has unveiled a dividend plan aimed at enhancing shareholder returns over the next three financial years. For each of the years ending December 31, 2026, 2027 and 2028, the company expects to distribute an accumulated c...
Gushengtang posts 15% rise in first-quarter customer visits
Apr 21, 2026
Gushengtang Holdings Limited reported that total customer visits reached approximately 1.392 million for the three months ended March 31, 2026, an increase of about 15% from roughly 1.21 million visits in the same period of 2025. The company said ...
Gushengtang Seeks Mandate for 10% Share Buyback at May 2026 EGM
Apr 21, 2026
Gushengtang Holdings Limited plans to convene an extraordinary general meeting on May 12, 2026, at which shareholders will vote on granting the board a new general mandate to repurchase up to 10% of the company’s issued shares, excluding tre...
Gushengtang Expands Share Buyback and Seeks Fresh Repurchase Mandate
Apr 21, 2026
Gushengtang Holdings Limited has announced a further use of its existing share repurchase mandate, approving an additional on-market buyback of up to HK$300 million in shares, funded from internal resources and excluding proceeds from prior equity...
Gushengtang Reshuffles Company Secretary Roles and Confirms Listing Rules Waiver Arrangements
Apr 13, 2026
Gushengtang Holdings Limited announced that joint company secretary, process agent, and authorized representative Mr. Cheung Kai Cheong Willie has resigned with effect from April 13, 2026, with the board noting there is no disagreement or issue th...
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.