Beijing Health (Holdings) Limited (2389) AI Stock Analysis

• Market Cap: HK$424.11M
• Dividend Yield: N/A
• Average Volume (3M): 1.21M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.13
• Revenue Growth: 12.99%
• EPS Growth: 13.02%
• Country: HK
• Employees: 179
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): >-0.01
• Shares Outstanding: 6,058,772,000
• 10 Day Avg. Volume: 988,800
• 30 Day Avg. Volume: 1,211,200
• PEG Ratio: -0.05
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 3.11
• P/FCF Ratio: -11.05
• 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: 43 Neutral
• Price Target: HK$0.06 ▲(0.00% Upside)
• Action: Reiterated Date: 10/25/25
• Date: Action: Reiterated 10/25/25

The overall stock score is primarily influenced by the company's financial challenges, including declining revenues and persistent losses. Technical analysis indicates bearish momentum, and valuation metrics are unattractive due to negative earnings and lack of dividends.

Positive Factors

Low leverage & strong cash buffer

Extremely low leverage and a sizeable cash balance provide durable financial flexibility. This reduces interest burdens, supports ongoing R&D and operating needs, and gives the company runway to execute restructuring or product investments without immediate refinancing, improving resilience.

Diversified pharma & services model

A multi-channel business model spanning traditional Chinese medicine, OTC drugs, R&D and healthcare services reduces single-product risk. Structural diversification helps stabilize revenue, enables cross-selling, and supports long-term market penetration through partnerships and service offerings.

Positive short-term growth metrics

Reported revenue and EPS growth metrics indicate pockets of recovery or improving operational performance. If maintained, these trends can signal product uptake or better margin management, forming a foundation for sustainable top-line expansion and eventual return to profitability.

Negative Factors

Persistent net losses

Large negative net income erodes retained earnings and prevents reinvestment from internal profits. Continued losses undermine ROE, may require external capital, and increase strategic constraints; profitability turnaround is necessary for long-term financial health.

Negative operating cash flow

Sustained negative operating and free cash flows indicate core operations are not self-financing. This pressures liquidity despite cash reserves, risks increased reliance on financing, and limits capacity to fund R&D or commercial expansion without altering operations or raising capital.

Revenue decline & margin pressure

A multi-year revenue decline combined with compressed gross margins signals structural demand, pricing or cost issues. Persistent top-line contraction and weaker margins hinder scale economics, making recovery harder and exposing long-term competitiveness risks unless product mix or go-to-market improves.

Beijing Health (Holdings) Limited Business Overview & Revenue Model

Company Description

Beijing Health (Holdings) Limited, an investment holding company, provides medical, health, and geriatric care related services and products in the People's Republic of China. The company also engages in owning and developing general health industrial park and incubator projects; the sports-related businesses, including construction of stadiums and winter theme parks; and the fund investment business in the field of the biotechnology, pharmaceutical, medical services, and medical travel. In addition, the company offers investment management consulting, and medical and logistic related property development services; and trades in geriatric related furniture. As of December 31, 2021, it operated 5 geriatric care institutions with a total of 1,055 beds, including 734 beds for medical care services in 3 medical institutions. The company was formerly known as Beijing Enterprises Medical and Health Industry Group Limited and changed its name to Beijing Health (Holdings) Limited in June 2021. Beijing Health (Holdings) Limited was founded in 1995 and is headquartered in Cheung Sha Wan, Hong Kong.

How the Company Makes Money

Beijing Health (Holdings) Limited generates revenue through several key streams, including the sale of pharmaceutical products, which encompass traditional Chinese medicine and contemporary pharmaceuticals. The company leverages its research and development capabilities to innovate and expand its product offerings, thereby attracting a diverse customer base. Additionally, it forms strategic partnerships with healthcare providers and distributors, enhancing its market reach and operational efficiencies. The company's revenue is also bolstered by its involvement in healthcare services, which may include wellness programs and consultations, further diversifying its income sources.

Beijing Health (Holdings) Limited Financial Statement Overview

Summary

The company faces significant financial challenges, with declining revenues and persistent losses impacting profitability. Despite a strong equity position and low leverage, the company struggles with negative cash flows and operational inefficiencies.

Income Statement

The company has faced declining revenue over the past few years, with a notable decrease from 203.8M in 2021 to 149.9M in 2024. Gross profit margin has been inconsistent, with a recent drop to 23.8% in 2024. Net profit margin remains negative, indicating ongoing losses, with a net income of -116.2M in 2024. EBIT and EBITDA margins are also negative, reflecting operational challenges.

Balance Sheet

The balance sheet shows a strong equity base with a debt-to-equity ratio of 0.003 in 2024, indicating low leverage. However, the equity ratio has slightly decreased to 88.0% in 2024 from 86.6% in 2023. Return on equity remains negative due to persistent losses. The company maintains a healthy cash position, with cash and equivalents of 211.1M in 2024.

Cash Flow

Operating cash flow remains negative, at -35.6M in 2024, indicating cash flow challenges. Free cash flow has also been negative, with a slight improvement from -45.1M in 2023 to -42.2M in 2024. The free cash flow to net income ratio is negative, reflecting difficulties in generating cash from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	153.22M	149.94M	140.35M	166.48M	203.78M	149.89M
Gross Profit	39.69M	35.68M	38.47M	46.51M	46.99M	32.79M
EBITDA	-56.17M	-97.47M	-44.19M	-75.25M	-10.37M	-122.87M
Net Income	-89.04M	-116.22M	-61.88M	-97.70M	-39.41M	-185.32M
Balance Sheet
Total Assets	1.92B	1.95B	2.18B	2.42B	2.84B	2.81B
Cash, Cash Equivalents and Short-Term Investments	258.81M	211.08M	335.96M	440.76M	496.30M	504.63M
Total Debt	6.23M	5.65M	4.89M	32.75M	48.37M	41.64M
Total Liabilities	199.43M	209.74M	223.82M	271.77M	341.34M	317.57M
Stockholders Equity	1.69B	1.72B	1.89B	2.04B	2.29B	2.28B
Cash Flow
Free Cash Flow	10.30M	-42.20M	-45.10M	-12.34M	406.00K	17.02M
Operating Cash Flow	19.10M	-35.56M	-43.72M	-11.19M	1.99M	26.73M
Investing Cash Flow	-9.42M	-33.80M	74.76M	22.77M	-227.83M	122.22M
Financing Cash Flow	-4.64M	-5.28M	-68.40M	-17.71M	-20.46M	-83.56M

Beijing Health (Holdings) Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 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:2389, the sentiment is Positive. The current price of 0.06 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.08, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.21 is Neutral, neither overbought nor oversold. The STOCH value of 70.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2389.

Beijing Health (Holdings) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0722	78 Outperform	HK$384.46M	4.98	4.28%	7.10%	-2.88%	-22.83%
3689	71 Outperform	HK$605.25M	3.30	5.33%	9.14%	0.47%	50.46%
2189	65 Neutral	HK$460.00M	4.08	5.27%	4.49%	20.85%	-66.81%
3869	56 Neutral	HK$552.78M	5.00	30.40%	―	2.30%	―
1518	54 Neutral	HK$283.10M	-1.35	-8.40%	3.16%	-21.31%	-149.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
2389	43 Neutral	HK$424.11M	-4.56	-5.09%	―	12.99%	13.02%

Beijing Health (Holdings) Limited Corporate Events

Beijing Health (Holdings) Unveils Board Line-up and Committee Structure

Beijing Health (Holdings) Limited has announced the composition of its board of directors, which consists of four executive directors, led by chairman Zhu Shi Xing and chief executive officer Liu Xue Heng, and four independent non-executive directors, underscoring a balanced governance framework in line with Hong Kong listing requirements. The company has also detailed the membership of its four key board committees—Audit, Remuneration, Nomination, and Investment and Risk Management—clarifying oversight responsibilities and reinforcing its internal control, risk management, and corporate governance structures for investors and other stakeholders.

The most recent analyst rating on (HK:2389) stock is a Hold with a HK$0.06 price target. To see the full list of analyst forecasts on Beijing Health (Holdings) Limited stock, see the HK:2389 Stock Forecast page.

Beijing Health Redeems HKD20.2 Million from CUAM USD Money Market Fund

Beijing Health (Holdings) Limited has redeemed its entire holding of 1,812,940.7712 units in the CUAM USD Money Market Fund (Class P), receiving approximately HKD20.2 million in cash proceeds, slightly above its original HKD20 million subscription made in August 2025. The transaction, classified as a discloseable transaction under Hong Kong listing rules due to its size, reflects a reallocation of the group’s financial assets while maintaining independence from the fund and its manager, and may modestly enhance the company’s liquidity position without requiring shareholder approval or a circular.

The most recent analyst rating on (HK:2389) stock is a Hold with a HK$0.07 price target. To see the full list of analyst forecasts on Beijing Health (Holdings) Limited stock, see the HK:2389 Stock Forecast page.

Beijing Health Unit Exits Investment Fund With US$1 Million Gain

Beijing Health (Holdings) Limited has announced that its indirect wholly owned subsidiary, China Vista Capital Holding Limited, has fully redeemed its 8,020.99 Class A shares in BE Fortune Diversified Income Fund SP 2 for approximately US$10.9 million (HK$85.1 million), generating an estimated gain of about US$1.04 million compared with the fund’s fair value at the end of 2024. The redemption, classified as a discloseable transaction under Hong Kong listing rules, will be settled partly in cash and largely via an in‑specie distribution of a loan receivable due from another group subsidiary, effectively internalising that asset within the group’s balance sheet and modestly strengthening its financial position without requiring shareholder approval.

The most recent analyst rating on (HK:2389) stock is a Hold with a HK$0.07 price target. To see the full list of analyst forecasts on Beijing Health (Holdings) Limited stock, see the HK:2389 Stock Forecast page.