Gushengtang Holdings Limited (HK:2273)
:2273
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Gushengtang Holdings Limited
(2273)
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Rating:76Outperform
Price Target:
HK$34.00
â–²(17.24% Upside)
Action:Upgraded
Date:05/05/26
The score is driven primarily by solid financial performance (profitable growth since 2022) and especially attractive valuation (low P/E with a decent yield). Technicals are supportive but mixed due to the stock remaining below the 200-day moving average, and cash-flow/leverage trends in 2025 are key risks to monitor.
Positive Factors
Sustained revenue and profitability recovery
The company moved from a 2021 loss to consistent profits from 2022 onward, with revenue accelerating ~30% in 2024 and ~40% in 2025. Durable revenue and profit recovery supports long-term reinvestment in clinics, clinician recruitment and network expansion, strengthening market position and operational scale.
Negative Factors
Free cash flow deterioration in 2025
A sharp negative turn in FCF growth in 2025 signals meaningful stress in cash dynamics, potentially from working-capital shifts or higher capex. If sustained, weaker FCF growth constrains reinvestment, dividend capacity and debt servicing, reducing strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue and profitability recovery
The company moved from a 2021 loss to consistent profits from 2022 onward, with revenue accelerating ~30% in 2024 and ~40% in 2025. Durable revenue and profit recovery supports long-term reinvestment in clinics, clinician recruitment and network expansion, strengthening market position and operational scale.
Read all positive factors
Gushengtang Holdings Limited (2273) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$6.35B
Dividend Yield2.61%
Average Volume (3M)1.54M
Price to Earnings (P/E)17.5
Beta (1Y)1.21
Revenue Growth7.60%
EPS Growth20.01%
CountryHK
Employees2,915
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
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 Ratio0.96
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$38.34Price Target Upside32.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.81
Revenue Forecast (FY)HK$3.75B
Gushengtang Holdings Limited Business Overview & Revenue Model
Company Description
Gushengtang Holdings Limited, an investment holding company, provides healthcare services and sells healthcare products. It also engages in the wholesale and retail of pharmaceutical products; and provision of investment management and supply chai...
How the Company Makes Money
Gushengtang makes money primarily by delivering TCM medical services through its clinic network and charging patients for those services. Key revenue streams include: (1) Consultation and outpatient service fees: income generated when patients vis...
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
Negative
29.00
Price Trends
27.90
Negative
28.78
Negative
29.97
Negative
Market Momentum
-0.11
Positive
35.98
Neutral
23.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2273, the sentiment is Negative. The current price of 29 is below the 20-day moving average (MA) of 29.05, above the 50-day MA of 27.90, and below the 200-day MA of 29.97, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 35.98 is Neutral, neither overbought nor oversold. The STOCH value of 23.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$6.35B | 17.47 | 15.36% | 2.61% | 7.60% | 20.01% | |
71 Outperform | HK$662.10M | 2.28 | 6.66% | 9.14% | -1.48% | 549.60% | |
65 Neutral | HK$954.19M | 5.21 | 18.05% | 4.37% | -4.23% | 3.95% | |
62 Neutral | HK$4.97B | 17.83 | 33.08% | 1.97% | 16.70% | 38.98% | |
56 Neutral | HK$6.49B | 41.92 | 0.62% | ― | -9.81% | -72.56% | |
54 Neutral | HK$1.50B | 256.57 | 0.48% | 0.49% | -2.63% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
HK:2273
Gushengtang Holdings Limited
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Town Health International Medical Group Ltd.
0.22
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Gushengtang Holdings Limited Corporate Events
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...
Gushengtang Delivers Double-Digit Profit Growth on Higher 2025 Revenue
Mar 31, 2026
Gushengtang Holdings Limited reported solid growth for the year ended December 31, 2025, with revenue rising 7.5% year-on-year to RMB3.25 billion and gross profit up 11.3% to RMB1.01 billion. The company also delivered stronger profitability, as E...
Gushengtang Declares HKD 0.69 Final Dividend for 2025 With July Payout
Mar 31, 2026
Gushengtang Holdings Limited has declared a final ordinary cash dividend of HKD 0.69 per share for the financial year ended 31 December 2025, subject to shareholder approval at a meeting scheduled for 18 June 2026. The dividend will be paid in Hon...
Gushengtang Adds Veteran Healthcare Investor Cao Yanling as Non-Executive Director
Mar 31, 2026
Gushengtang Holdings Limited has appointed Mr. Cao Yanling as a non-executive director, effective March 31, 2026, bringing more than 15 years of private equity and investment management experience to its board. Cao is a founder and partner at Boyu...
Gushengtang Sets Out Board and Committee Structure
Mar 31, 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 Sets Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 18, 2026
Gushengtang Holdings Limited has scheduled a board meeting for March 31, 2026, to review and approve the group’s annual results for the financial year ended December 31, 2025, and to authorize their publication. The board will also consider ...
Gushengtang to Acquire Majority Stakes in Three Jinan TCM Institutions
Mar 3, 2026
Gushengtang Holdings Limited has announced that its subsidiary, Shandong Gushengtang Health Technology, signed three equity transfer agreements on March 3, 2026 to acquire 70% stakes in Jinan New Sunshine Traditional Chinese Medicine Hospital, Jin...
Gushengtang Completes US$110 Million Convertible Bond Issue, Prioritises Buybacks and Growth
Feb 12, 2026
Gushengtang Holdings Limited has completed the issuance of US$110 million in convertible bonds under its general mandate, with the deal closing on 12 February 2026 and potentially resulting in the issuance of 22,915,071 new shares upon full conver...
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.