Upcoming Dividend • May 20
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 18 June 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (3.3%). Reported Earnings • Apr 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥0.77 (up from CN¥0.31 in FY 2024). Revenue: CN¥1.06b (up 35% from FY 2024). Net income: CN¥244.4m (up 144% from FY 2024). Profit margin: 23% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, May 13, 2026 Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, May 13, 2026, at 09:00 China Standard Time. Location: meeting room 202, 2nd floor, zylox-tonbridge industrial park, no. 270 shuyun road, cangqian street, yuhang district, hangzhou, zhejiang, China Declared Dividend • Mar 19
Dividend of CN¥0.22 announced Shareholders will receive a dividend of CN¥0.22. Ex-date: 1st June 2026 Payment date: 18th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 22%. Cash payout ratio: 31%. Reported Earnings • Mar 18
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥0.77 (up from CN¥0.31 in FY 2024). Revenue: CN¥1.06b (up 35% from FY 2024). Net income: CN¥244.4m (up 144% from FY 2024). Profit margin: 23% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Mar 17
Zylox-Tonbridge Medical Technology Co., Ltd. Proposes Ordinary Final Dividend for the Year Ended 31 December 2025, Payable on June 18, 2026 Zylox-Tonbridge Medical Technology Co., Ltd. proposed ordinary final dividend of RMB 0.22 per share for the Year Ended 31 December 2025. Ex-dividend date is 27 May 2026. Record date is 02 June 2026. Payment date is 18 June 2026. Announcement • Mar 02
Zylox-Tonbridge Medical Technology Co., Ltd. to Report Fiscal Year 2025 Results on Mar 17, 2026 Zylox-Tonbridge Medical Technology Co., Ltd. announced that they will report fiscal year 2025 results on Mar 17, 2026 Buy Or Sell Opportunity • Jan 12
Now 20% undervalued Over the last 90 days, the stock has risen 7.0% to HK$25.00. The fair value is estimated to be HK$31.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 125% in the next 2 years. Buy Or Sell Opportunity • Dec 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to HK$22.00. The fair value is estimated to be HK$27.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 124% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$27.50, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 17x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 174% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$27.62 per share. Buy Or Sell Opportunity • Oct 30
Now 20% undervalued Over the last 90 days, the stock has risen 5.0% to HK$23.88. The fair value is estimated to be HK$29.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 124% in the next 2 years. Buy Or Sell Opportunity • Oct 14
Now 21% undervalued Over the last 90 days, the stock has risen 14% to HK$23.36. The fair value is estimated to be HK$29.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 124% in the next 2 years. Reported Earnings • Sep 27
First half 2025 earnings released: EPS: CN¥0.38 (vs CN¥0.21 in 1H 2024) First half 2025 results: EPS: CN¥0.38 (up from CN¥0.21 in 1H 2024). Revenue: CN¥482.0m (up 32% from 1H 2024). Net income: CN¥121.2m (up 76% from 1H 2024). Profit margin: 25% (up from 19% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 24
Now 21% undervalued Over the last 90 days, the stock has risen 17% to HK$23.76. The fair value is estimated to be HK$30.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 124% in the next 2 years. Buy Or Sell Opportunity • Aug 27
Now 22% undervalued Over the last 90 days, the stock has risen 22% to HK$22.80. The fair value is estimated to be HK$29.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 80% in 2 years. Earnings are forecast to grow by 118% in the next 2 years. Major Estimate Revision • Aug 26
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.47 to CN¥0.567. Revenue forecast steady at CN¥1.07b. Net income forecast to grow 52% next year vs 45% growth forecast for Medical Equipment industry in Hong Kong. Consensus price target up from HK$22.18 to HK$27.12. Share price was steady at HK$23.72 over the past week. Reported Earnings • Aug 21
First half 2025 earnings released: EPS: CN¥0.38 (vs CN¥0.21 in 1H 2024) First half 2025 results: EPS: CN¥0.38 (up from CN¥0.21 in 1H 2024). Revenue: CN¥482.0m (up 32% from 1H 2024). Net income: CN¥121.2m (up 76% from 1H 2024). Profit margin: 25% (up from 19% in 1H 2024). 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 18% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$24.40, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 20x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 142% over the past three years. Announcement • May 30
Zylox-Tonbridge Medical Technology Co., Ltd. Declares Final Dividend for the Year Ended December 31, 2024, Payable on June 27, 2025 Zylox-Tonbridge Medical Technology Co., Ltd. announced at the AGM held on May 30, 2025, approved declaration and payment of a Final Dividend of RMB0.1 per Share (tax inclusive) for the year ended December 31, 2024 were approved by the Shareholders at the AGM. The Final Dividend will be paid by the Company on or before June 27, 2025 to Shareholders whose names appear on the register of members of the Company on June 10, 2025. Announcement • May 27
Zylox-Tonbridge Medical Technology Co., Ltd. Receives Regulatory Approval in Indonesia Zylox-Tonbridge Medical Technology Co., Ltd. announced that its proprietary ZYLOX Unicorn Vascular Closure Device (VCD) has received regulatory approval in Indonesia. This marks the ZYLOX Unicorn V vascular Closure Device's first international market clearance and the Company's first market authorization in Southeast Asia--representing a significant step forward in its international expansion strategy. As China's first domestically developed vascular closure device, the ZYLOX Unicorn™? VCD offers an extended closure range from 5F to 22F and is compatible with large-bore access sites (8F), enabling broader clinical applications and addressing previously unmet needs in vascular intervention. Designed to meet global standards, the ZYLOX unicorn™? VCD has demonstrated strong safety and efficacy in premarket clinical trials. The system facilitates effective vascular closure, shortens patient immobilization time, and reduces the risk of puncture-site complications--delivering high-quality, affordable care to a wider patient population. The product was granted marketing authorization in China in June 2024. Indonesia, the world's fourth most populous country, represents a major opportunity for expanding access to advanced vascular intervention solutions. The approval of the ZYLOX Unicorn®? VCD in this key market will provide local physicians and patients with greater access to comprehensive vascular intervention solutions and support Zylox-Tonbridge's continued expansion across Southeast Asia. Announcement • Apr 26
Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, May 30, 2025 Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, May 30, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$16.92, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 13x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 52% over the past three years. Announcement • Apr 01
Zylox-Tonbridge Medical Technology Co., Ltd. Announces Resignation of Stephen Hui Wang as Non-Executive Director, Effective March 31, 2025 The board of directors of Zylox-Tonbridge Medical Technology Co., Ltd. received a resignation letter from Mr. Stephen Hui Wang. Mr. Wang has tendered his resignation as a non-executive Director with effect from March 31, 2025 due to other work commitments. Mr. Wang has confirmed that he has no disagreement with the Board, and there is no other matter relating to his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.31 (up from CN¥0.24 loss in FY 2023). Revenue: CN¥782.5m (up 48% from FY 2023). Net income: CN¥100.3m (up CN¥179.0m from FY 2023). Profit margin: 13% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Zylox-Tonbridge Medical Technology Co., Ltd. to Report Fiscal Year 2024 Results on Mar 20, 2025 Zylox-Tonbridge Medical Technology Co., Ltd. announced that they will report fiscal year 2024 results on Mar 20, 2025 Reported Earnings • Sep 26
First half 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.11 loss in 1H 2023) First half 2024 results: EPS: CN¥0.21 (up from CN¥0.11 loss in 1H 2023). Revenue: CN¥366.0m (up 59% from 1H 2023). Net income: CN¥68.9m (up CN¥104.4m from 1H 2023). Profit margin: 19% (up from net loss in 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 04
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥0.263 to CN¥0.303. Revenue forecast steady at CN¥781.0m. Net income forecast to grow 462% next year vs 43% growth forecast for Medical Equipment industry in Hong Kong. Consensus price target broadly unchanged at HK$15.63. Share price was steady at HK$11.02 over the past week. Reported Earnings • Aug 22
First half 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.11 loss in 1H 2023) First half 2024 results: EPS: CN¥0.21 (up from CN¥0.11 loss in 1H 2023). Revenue: CN¥366.0m (up 59% from 1H 2023). Net income: CN¥68.9m (up CN¥104.4m from 1H 2023). Profit margin: 19% (up from net loss in 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jul 26
Zylox-Tonbridge Medical Technology Co., Ltd. to Report First Half, 2024 Results on Aug 20, 2024 Zylox-Tonbridge Medical Technology Co., Ltd. announced that they will report first half, 2024 results on Aug 20, 2024 Announcement • Jun 08
Zylox-Tonbridge Medical Technology Co., Ltd. Approves the Election of Dr. Xiang Qian as an Independent Non-Executive Director Zylox-Tonbridge Medical Technology Co., Ltd. approved the election of Dr. Xiang Qian as an independent non-executive Director. Announcement • May 15
Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, Jun 06, 2024 Zylox-Tonbridge Medical Technology Co., Ltd., Annual General Meeting, Jun 06, 2024, at 09:00 China Standard Time. Location: meeting room 202, 2nd floor, zylox-tonbridge industrial park, no. 270 shuyun road, cangqian street, yuhang district, hangzhou, zhejiang China Announcement • May 10
Zylox-Tonbridge Medical Technology Co., Ltd. Announces Retirement of Hongze Liang as an Independent Non-Executive Director The board (the "Board") of directors Zylox-Tonbridge Medical Technology Co., Ltd. announced that Mr. Hongze Liang ("Mr. Liang") has indicated he will not offer himself for re-election as an independent non-executive Director at the upcoming annual general meeting of the Company (the "AGM") due to other work commitments. Accordingly, Mr. Liang will cease to be an independent non-executive Director and a member of each of the audit committee (the "Audit Committee") and the remuneration committee (the "Remuneration Committee") of the Company upon conclusion of the AGM. Reported Earnings • Mar 23
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: CN¥0.24 loss per share (improved from CN¥0.34 loss in FY 2022). Revenue: CN¥527.8m (up 58% from FY 2022). Net loss: CN¥78.7m (loss narrowed 31% from FY 2022). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Medical Equipment industry in Hong Kong. Announcement • Mar 09
Zylox-Tonbridge Medical Technology Co., Ltd. to Report Fiscal Year 2023 Results on Mar 21, 2024 Zylox-Tonbridge Medical Technology Co., Ltd. announced that they will report fiscal year 2023 results on Mar 21, 2024 Announcement • Feb 21
Zylox-Tonbridge Receives Marketing Approvals for Multiple Products in the UAE Zylox-Tonbridge announced the recent marketing approvals granted by the Ministry of Health and Prevention in the United Arab Emirates for five of its advanced products. These include the ZENFluxion™ Drug-coated PTA Balloon Catheter, ZENFlow™ HP PTA Balloon Catheter, ZENFlow™ PTA Balloon Catheter, ZENFlex™ Peripheral Stent System, and ZENFLEX Pro™ Peripheral Drug-eluting Stent System. This milestone marks Zylox-Tonbridge's first market approval in the Gulf region, demonstrating its dedication to expanding its market presence in the Middle East and advancing global business initiatives. Zylox-Tonbridge has experienced rapid international growth as a provider of innovative medical solutions. With a comprehensive product portfolio focusing on peripheral vascular and neurovascular interventions, the company is committed to delivering pioneering products and total healthcare solutions worldwide. Its products are currently available in over 20 countries and regions, earning widespread recognition for their innovative designs and high quality. Driven by economic growth and demographic trends, the Middle East has emerged as a pivotal overseas market for Chinese medical device companies. Recognizing this opportunity, Zylox-Tonbridge consistently showcases its offerings at events like the Arab Health Exhibition, solidifying its position in both regional and global markets. Additionally, with the establishment of its warehouse and logistics center in Italy, the company aims to better serve healthcare providers and patients across Europe, the Middle East, and Africa. The approval of these five Zylox-Tonbridge products in the UAE is expected to fuel growth in Middle Eastern markets, providing local patients with high-quality, affordable, and innovative medical devices. Announcement • Jan 22
Zylox-Tonbridge Medical Technology Co., Ltd Receives Marketing Approval from National Medical Products Administration Grants Marketing for Zylox® Penguin Peripheral Venous Stent System Zylox-Tonbridge Medical Technology Co., Ltd. announced that the ZYLOX® Penguin Peripheral Venous Stent System, self-developed by the Group, has recently been granted marketing approval by the National Medical Products Administration (the "N NMPA"). ZYLOX® Random Peripheral Venous StENT System is an innovative product developed by the medical-industrial joint effort of the Group in cooperation with the First Affiliated Hospital of Chongqing Medical University. The product has 8 invention patents and is designed for lower limb and pelvic venous return disorders caused by iliac vein compression. The ZYLOX® engu Peripheral Venous Stents, featuring three major designs of oblique entrance, tapered gradient and integrated structure, is designed to reduce the risk of thrombosis while ensuring alignment with the natural variation of dimension of the blood vessel. The ZYLOX™? Penguin Peripheral Venal Venous Stent System is designed to provide excellent wall adherence and gradual expansion, with a proximal closed-loop structure for strong support and a distal open-loop structure for excellent alignment. The pre-market clinical trial of the ZYLO X®? Penguin Peripheral Stent System was led by Professor Zhao Yu of the First Affiliated Hospital ofChongqing Medical University. A total of 161 patients from 14 top clinical trial centers across the PRC were enrolled over a period of 10 months, with the target vessel patency rate reaching 100% at 12 months after the procedure. Such excellent clinical trial results strongly demonstrate the safety and efficacy of this product. Iliac Vein Compression Syndrome ("IVCS") is a blood circulation disorder caused by compression of the iliac veins. The main symptoms include leg pain and swelling, occasionally accompanied by deep vein thrombosis. Treatment paradigm of IVCS mainly includes medication, surgery and vascular intervention. Currently, interventional therapy using peripheral venous stents has become the main method of treatment for IVCS. As disclosed in the prospectus of the Company dated June 22, 2021, the potential incidence of IVCS in the PRC is expected to reach 2.0 million by 2030; meanwhile, the number of peripheral venous stents interventional procedures is expected to grow at a compound annual growth rate of nearly 50% from 2019 to 2030. With the launch of the ZYLOX®®? Penguin PeripheralVenous Stent System, the Company believes that it will bring domestic innovative iliac vein compression treatment solutions to patients in the PRC with higher quality and accessibility. Announcement • Dec 29
Zylox-Tonbridge Medical Technology Co., Ltd. Announces National Medical Products Administration Grants Marketing Approval for Zylox Phoenix Peripheral Detachable Fibrous Coil Embolization System Zylox-Tonbridge Medical Technology Co., Ltd. updated information in relation to the latest business and new product development of the Group. The Company announced that the ZYLOX® Phoenix Peripheral Detachable Fibrous Coil Embolization System, self-developed by the Group, has recently been granted marketing approval by the National Medical Products Administration (the "NMPA"). This is the Company's first product launched for peripheral vascular embolization interventional procedures. As of the date of this announcement, the Company has obtained approvals from the NMPA for a total of 34 products in the People's Republic of China (the "PRC"). ZYLOX ® Phoenix Peripheral Detachable Fibrous Coil Embolization System is a domestically developed medical device for minimally invasive interventional treatment of peripheral arterial embolism. The clinical application of coils for vascular embolization has been prevalent in the field of peripheral vascular intervention. For instance, endoleak management of abdominal aortic aneurysms, embolization treatment of visceral aneurysms, hemoptysis and arteriovenous fistula are important clinical applications, and their safety and efficacy have been internationally recognized. At present, in China's peripheral vascular intervention device market, fibrous coils are still dominated by imported brands. The launch of the ZYLOX® Phoenix Peripheral Detachable Fibrous Coil Embolization System can effectively fill the gap in the field of domestically developed arterial embolization devices and provides doctors and patients with high-quality and affordable products and solutions. Based on the existing embolization coil products, the ZYLOX ® Phoenix Peripheral Detachable Fibrous Coil Embolization System optimizes and upgrades the interlocking arm detaching structure, which will enhance the cornering ability of the embolization coils and reduce the risk of premature detaching. Moreover, this product specifically adds polypropylene anti-untwisting wire, which further solves the technical challenge of premature untwisting of embolization coils. Compared with similar products currently available in the market, the ZYLOX ® Phoenix Peripheral Detachable Fibrous Coil Embolization System is available in a wider range of length and diameter specifications,providing more options to meet the needs of various vascular embolization scenarios. The pre-marketing clinical registration trial of the ZYLOX® Phoenix Peripheral DetachableFibrous Coil Embolization System was led by Professor Zhao Jichun from West China Hospital of Sichuan University. A total of 101 patients from 14 top clinical trial centersacross the PRC were enrolled, and the immediate postoperative target vessel subtotal occlusion rate reached 100%. During the follow-up visits with all 101 subjects, no patientneeded further interventional treatment or surgery in the target vessel embolization segment or aneurysm. Such excellent clinical trial results strongly demonstrate the safety and efficacy of this product. Announcement • Dec 20
Zylox-Tonbridge Medical Technology Co., Ltd. Completes Enrollment of All 100 Patients in the Multi-Center Clinical Trial in Germany Zylox-Tonbridge Medical Technology Co., Ltd. announced that ZENFLEX® Peripheral Stent System, independently developed in-house by the Company, completed the enrollment of all 100 patients in the multi-center clinical trial in Germany. The clinical trial is a prospective, multi-center, single arm study to evaluate the effectiveness and safety of ZENFLEX®®? Peripheral StENT System for adjunctive angioplasty in the treatment of peripheral arterial disease. The study was coordinated by a world-renowned vascular intervention expert, Professor Dierk Scheinert of the University of Leipzig Medical Center, with the participation of vascular intervention clinicians from five hospitals in Europe. Announcement • Dec 11
Zylox-Tonbridge Medical Technology Co., Ltd. Receives Official Marketing Approval Zylox-Tonbridge Medical Technology Co., Ltd. announced that the ZENFLOW®?T18 Peripheral Balloon Catheter, self-developed by the Group, has been recently granted official marketing approval. As of the date of this announcement, the Company has obtained approvals from the National Medical Products Administration for a total of 32 products in the People's Republic of China. ZENFLOW®? T18 is a tapered percutaneous transluminal angioplasty ("PTA") balloon catheter, which is suitable for the peripheral vascular system (including the iliac artery, femoral artery, iliofemoral artery, popliteal artery and infrapopliteal artery). The balloon catheter is designed with a thin head end and a slightly thicker tail end, forming a tapered structure. The tapered structure can better adapt to changes in vascular taper, reduce excessive expansion of and damage to the vessel wall, minimize the incidence of entrapment, and improve the therapeutic effect in the lower extremity arteries, while providing the basis for vascular preparation for drug coated PTA balloon catheter (DCB) treatment. The maximum balloon length is 300mm, which can meet the needs of the lower extremity arteries. At the same time, ZENFLOW®?PTA balloon catheter platform technology. The non-invasive tapered head end fits guidewire to protect the vessels, with clear platinoiridium visualization and ultra-smooth hydrophilic coating for good pass-through and delivery. Announcement • Aug 31
Zylox-Tonbridge Medical Technology Co., Ltd.'S ZENFlow Tiger™ LD PTA Dilatation Catheter Receives ANVISA Marketing Approval Zylox-Tonbridge Medical Technology Co., Ltd. announced that its ZENFlow Tiger™ LD PTA Dilatation Catheter (ZENFlow Tiger™), a product independently developed by the Company, has received marketing approval from ANVISA. The Company expects the launch of this newly approved product to provide a solid start to its business development in the South American market. ZENFlow Tiger™ has several outstanding features. Its braided delivery shaft provides outstanding pushability and kink resistance, while the low-temperature molding technology ensures excellent non-compliance. With its unique tapered tip and short shoulder design, ZENFlow Tiger™ can facilitate access through complex lesions and maximize protection of normal blood vessels. Additionally, a coaxial catheter shaft design allows ZENFlow Tiger™ to inflate and deflate rapidly, and it is available in a wide range of sizes for different clinical needs. The Company also expects ZENFlow Tiger™ to show advantages in the treatment of various vascular diseases, such as iliac vein compression syndrome, Budd-Chiari syndrome, and other peripheral vascular occlusions. When this product is properly used in combination with mechanical thrombectomy devices and peripheral stents, the Company expects to see better treatment efficacy. Driven by an aging population with greater awareness of treatment options, and the development of interventional technology, the peripheral vascular interventional devices market has continued to grow rapidly in recent years. By introducing ZENFlow Tiger™ into the Brazilian market, the Company expects to provide high-quality products and comprehensive solutions to local patients, and to continue to grow and succeed in its international business. Major Estimate Revision • Aug 27
Consensus EPS estimates upgraded to CN¥0.31 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CN¥0.36 to -CN¥0.31 per share. Revenue forecast steady at CN¥500.9m. Medical Equipment industry in Hong Kong expected to see average net income growth of 30% next year. Consensus price target broadly unchanged at HK$16.89. Share price was steady at HK$8.49 over the past week. Reported Earnings • Aug 25
First half 2023 earnings released: CN¥0.11 loss per share (vs CN¥0.077 loss in 1H 2022) First half 2023 results: CN¥0.11 loss per share (further deteriorated from CN¥0.077 loss in 1H 2022). Revenue: CN¥230.1m (up 51% from 1H 2022). Net loss: CN¥35.5m (loss widened 39% from 1H 2022). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Medical Equipment industry in Hong Kong. Announcement • Aug 12
Zylox-Tonbridge Medical Technology Co., Ltd. to Report Q2, 2023 Results on Aug 23, 2023 Zylox-Tonbridge Medical Technology Co., Ltd. announced that they will report Q2, 2023 results on Aug 23, 2023 New Risk • Jun 30
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 Hong Kong stocks, typically moving 9.4% 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. Reported Earnings • Mar 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: CN¥0.34 loss per share (improved from CN¥0.68 loss in FY 2021). Revenue: CN¥334.1m (up 88% from FY 2021). Net loss: CN¥113.6m (loss narrowed 43% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Medical Equipment industry in Hong Kong. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Founder, Chairman & CEO Jonathon Zhao is the most experienced director on the board, commencing their role in 2012. Independent Non-Executive Director Yu Qiu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 16
First half 2022 earnings released: CN¥0.08 loss per share (vs CN¥0.27 loss in 1H 2021) First half 2022 results: CN¥0.08 loss per share (up from CN¥0.27 loss in 1H 2021). Revenue: CN¥152.7m (up 114% from 1H 2021). Net loss: CN¥25.5m (loss narrowed 63% from 1H 2021). Over the next year, revenue is forecast to grow 69%, compared to a 617% growth forecast for the Medical Equipment industry in Hong Kong. Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. 3 independent directors (7 non-independent directors). Founder, Chairman & CEO Jonathon Zhao is the most experienced director on the board, commencing their role in 2012. Independent Non-Executive Director Yun Qiu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: CN¥0.68 loss per share (down from CN¥0.52 loss in FY 2020). Revenue: CN¥177.9m (up CN¥150.3m from FY 2020). Net loss: CN¥199.7m (loss widened 99% from FY 2020). Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 68%, compared to a 46% growth forecast for the industry in Hong Kong. Recent Insider Transactions • Dec 04
Chairman & CEO recently bought HK$1.8m worth of stock On the 1st of December, Zhong Zhao bought around 68k shares on-market at roughly HK$26.26 per share. This was the largest purchase by an insider in the last 3 months. Zhong has been a buyer over the last 12 months, purchasing a net total of HK$2.3m worth in shares. Announcement • Jul 03
Zylox-Tonbridge Medical Technology Co., Ltd. has completed an IPO in the amount of HKD 2.562 billion. Zylox-Tonbridge Medical Technology Co., Ltd. has completed an IPO in the amount of HKD 2.562 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: HKD 42.7
Discount Per Security: HKD 1.281
Transaction Features: Regulation S; Rule 144A; Sponsor Backed Offering 
