New Risk • May 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 126% Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥69.80, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 44x in the Medical Equipment industry in China. Total returns to shareholders of 17% over the past year. Reported Earnings • Apr 23
First quarter 2026 earnings released: EPS: CN¥0.70 (vs CN¥0.69 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.70 (up from CN¥0.69 in 1Q 2025). Revenue: CN¥140.4m (up 9.2% from 1Q 2025). Net income: CN¥56.8m (up 1.0% from 1Q 2025). Profit margin: 40% (down from 44% in 1Q 2025). The decrease in margin was driven by higher expenses. Announcement • Apr 23
Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 15, 2026 Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 15, 2026, at 13:30 China Standard Time. Location: 3F, No. 389, Xingzhong Road, Linping District, Hangzhou, Zhejiang China Announcement • Mar 30
Hangzhou AGS MedTech Co., Ltd. to Report Q1, 2026 Results on Apr 23, 2026 Hangzhou AGS MedTech Co., Ltd. announced that they will report Q1, 2026 results on Apr 23, 2026 Announcement • Dec 26
Hangzhou AGS MedTech Co., Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 Hangzhou AGS MedTech Co., Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 Board Change • Dec 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Supervisor Weijuan Shen was the last director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.63 (vs CN¥0.91 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.63 (down from CN¥0.91 in 3Q 2024). Revenue: CN¥156.9m (down 3.9% from 3Q 2024). Net income: CN¥51.0m (down 30% from 3Q 2024). Profit margin: 33% (down from 45% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Medical Equipment industry in China. Announcement • Sep 30
Hangzhou AGS MedTech Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Hangzhou AGS MedTech Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Price Target Changed • Aug 22
Price target increased by 33% to CN¥100.00 Up from CN¥75.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of CN¥83.59. Stock is up 77% over the past year. The company is forecast to post earnings per share of CN¥4.01 for next year compared to CN¥3.64 last year. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: CN¥0.87 (vs CN¥0.89 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.87 (down from CN¥0.89 in 2Q 2024). Revenue: CN¥173.8m (up 14% from 2Q 2024). Net income: CN¥69.8m (down 2.7% from 2Q 2024). Profit margin: 40% (down from 47% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Medical Equipment industry in China. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥82.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 26x in the Medical Equipment industry in China. Total returns to shareholders of 72% over the past year. Announcement • Jun 30
Hangzhou AGS MedTech Co., Ltd. to Report First Half, 2025 Results on Aug 08, 2025 Hangzhou AGS MedTech Co., Ltd. announced that they will report first half, 2025 results on Aug 08, 2025 Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: CN¥0.69 (vs CN¥0.65 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.69 (up from CN¥0.65 in 1Q 2024). Revenue: CN¥128.6m (up 15% from 1Q 2024). Net income: CN¥56.2m (up 6.6% from 1Q 2024). Profit margin: 44% (down from 47% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Medical Equipment industry in China. Buy Or Sell Opportunity • Apr 23
Now 23% undervalued Over the last 90 days, the stock has risen 4.3% to CN¥61.44. The fair value is estimated to be CN¥79.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 69% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Announcement • Apr 23
Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 16, 2025 Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 16, 2025, at 13:30 China Standard Time. Location: 3F, No. 389, Linping Avenue, Hangzhou, Zhejiang China New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥58.79, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Medical Equipment industry in China. Total returns to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥81.41 per share. Buy Or Sell Opportunity • Apr 07
Now 28% undervalued Over the last 90 days, the stock has risen 2.6% to CN¥58.79. The fair value is estimated to be CN¥81.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 69% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Announcement • Mar 28
Hangzhou AGS MedTech Co., Ltd. to Report Q1, 2025 Results on Apr 23, 2025 Hangzhou AGS MedTech Co., Ltd. announced that they will report Q1, 2025 results on Apr 23, 2025 Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥70.82, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Medical Equipment industry in China. Total returns to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥115 per share. Announcement • Dec 27
Hangzhou AGS MedTech Co., Ltd. to Report Fiscal Year 2024 Results on Apr 23, 2025 Hangzhou AGS MedTech Co., Ltd. announced that they will report fiscal year 2024 results on Apr 23, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.91 (vs CN¥0.85 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.91 (up from CN¥0.85 in 3Q 2023). Revenue: CN¥163.3m (up 7.7% from 3Q 2023). Net income: CN¥73.0m (up 5.5% from 3Q 2023). Profit margin: 45% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥56.83, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Medical Equipment industry in China. Total loss to shareholders of 27% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥109 per share. Announcement • Sep 30
Hangzhou AGS MedTech Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Hangzhou AGS MedTech Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥55.90, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Medical Equipment industry in China. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥109 per share. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: CN¥0.89 (vs CN¥0.66 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.89 (up from CN¥0.66 in 2Q 2023). Revenue: CN¥152.4m (up 32% from 2Q 2023). Net income: CN¥71.7m (up 61% from 2Q 2023). Profit margin: 47% (up from 39% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Buy Or Sell Opportunity • Jul 01
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to CN¥50.19. The fair value is estimated to be CN¥68.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last year. Earnings per share has grown by 21%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Announcement • Jun 29
Hangzhou AGS MedTech Co., Ltd. to Report First Half, 2024 Results on Aug 09, 2024 Hangzhou AGS MedTech Co., Ltd. announced that they will report first half, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to CN¥54.85, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Medical Equipment industry in China. Total loss to shareholders of 55% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥96.34 per share. Buy Or Sell Opportunity • Jun 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to CN¥76.95. The fair value is estimated to be CN¥96.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last year. Earnings per share has grown by 21%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Buy Or Sell Opportunity • May 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to CN¥77.98. The fair value is estimated to be CN¥97.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last year. Earnings per share has grown by 21%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: CN¥0.91 (vs CN¥0.79 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.91 (up from CN¥0.79 in 1Q 2023). Revenue: CN¥111.6m (up 23% from 1Q 2023). Net income: CN¥52.8m (up 54% from 1Q 2023). Profit margin: 47% (up from 38% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Announcement • Apr 23
Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 14, 2024 Hangzhou AGS MedTech Co., Ltd., Annual General Meeting, May 14, 2024, at 14:00 China Standard Time. Location: 2F, Building 6, No. 597, Kangxin Road, Linping District, Hangzhou, Zhejiang China Announcement • Mar 30
Hangzhou AGS MedTech Co., Ltd. to Report Q1, 2024 Results on Apr 23, 2024 Hangzhou AGS MedTech Co., Ltd. announced that they will report Q1, 2024 results on Apr 23, 2024 Reported Earnings • Feb 27
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥4.19 (up from CN¥3.34 in FY 2022). Revenue: CN¥508.7m (up 37% from FY 2022). Net income: CN¥217.0m (up 50% from FY 2022). Profit margin: 43% (up from 39% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Medical Equipment industry in China. Announcement • Feb 08
Hangzhou AGS MedTech Co., Ltd. (SHSE:688581) announces an Equity Buyback for CNY 50 million worth of its shares. Hangzhou AGS MedTech Co., Ltd. (SHSE:688581) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 million worth of its shares. The shares will be repurchased at a price not more than CNY 145 per share. The repurchased share will be used for employee stock ownership plan and equity incentives. The company will use its own funds to repurchase its shares. The program will be valid for a period of 12 months. New Risk • Feb 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.6% average weekly change). Buy Or Sell Opportunity • Feb 01
Now 31% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to CN¥76.81. The fair value is estimated to be CN¥111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 89% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥96.01, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 20x in the Medical Equipment industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥111 per share. Reported Earnings • Oct 20
Third quarter 2023 earnings released Third quarter 2023 results: EPS: CN¥1.11. Net income: CN¥64.4m (up CN¥64.4m from 3Q 2022). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: EPS: CN¥0.92. Net income: CN¥44.6m (up CN¥44.6m from 2Q 2022). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥96.00, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 32x in the Medical Equipment industry in China. Announcement • Jun 28
Hangzhou AGS MedTech Co., Ltd. to Report First Half, 2023 Results on Aug 16, 2023 Hangzhou AGS MedTech Co., Ltd. announced that they will report first half, 2023 results on Aug 16, 2023 Reported Earnings • May 19
First quarter 2023 earnings released First quarter 2023 results: EPS: CN¥0.79. Net income: CN¥34.2m (up CN¥34.2m from 1Q 2022). 
