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IVD Medical Holding Limited
(1931)
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Rating:39Underperform
Price Target:
HK$0.32
▼(-91.77% Downside)
Action:Downgraded
Date:10/16/26
The score is weighed down primarily by sharply weaker financial performance—especially the large swing to negative operating and free cash flow, margin compression, and higher leverage. Technicals add further pressure with a clear downtrend and very weak momentum. Valuation provides limited offset because the negative P/E reflects losses and there is no dividend yield data.
Positive Factors
Historical Operating Performance
The company’s 2021–2024 record of generally healthy operating margins and positive growth shows that the model has previously converted demand into operating earnings. That history provides a foundation for recovery if profitability returns toward prior levels.
Negative Factors
Revenue and Margin Decline
The 2025 revenue decline and sharp margin compression represent a material reset in earnings power. Lower operating leverage reduces the company’s ability to absorb costs, limits reinvestment capacity, and makes a sustained recovery dependent on restoring both sales and profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Historical Operating Performance
The company’s 2021–2024 record of generally healthy operating margins and positive growth shows that the model has previously converted demand into operating earnings. That history provides a foundation for recovery if profitability returns toward prior levels.
Read all positive factors
IVD Medical Holding Limited (1931) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$575.63M
Dividend Yield17.1%
Average Volume (3M)226.77K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth-2.55%
EPS Growth-145.60%
CountryHK
Employees910
SectorHealthcare
Sector Strength45
IndustryMedical - Distribution
Share Statistics
EPS (TTM)-0.05
Shares Outstanding1,621,488,000
10 Day Avg. Volume113,600
30 Day Avg. Volume226,766
Financial Highlights & Ratios
PEG Ratio-1.25
Price to Book (P/B)1.29
Price to Sales (P/S)1.35
P/FCF Ratio-3.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
IVD Medical Holding Limited Business Overview & Revenue Model
Company Description
ETHK Labs Inc., formerly IVD Medical Holding Ltd, is an investment holding company that distributes In vitro diagnostic (IVD) products in Mainland China and internationally. The company operates through three segments: Distribution Business, After...
IVD Medical Holding Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
55
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.91B | 2.82B | 3.16B | 3.09B | 2.75B | 2.73B |
| Gross Profit | 584.46M | 566.37M | 751.17M | 671.70M | 608.14M | 566.27M |
| EBITDA | 159.80M | 235.09M | 475.96M | 397.93M | 349.66M | 297.86M |
| Net Income | -74.76M | 34.93M | 260.42M | 238.16M | 210.00M | 174.54M |
Balance Sheet | ||||||
| Total Assets | 14.77B | 5.94B | 5.52B | 4.79B | 4.31B | 4.37B |
| Cash, Cash Equivalents and Short-Term Investments | 1.10B | 551.05M | 1.86B | 1.24B | 1.04B | 841.78M |
| Total Debt | 2.60B | 1.93B | 755.97M | 344.32M | 349.92M | 427.65M |
| Total Liabilities | 4.46B | 2.93B | 1.76B | 1.40B | 1.16B | 1.37B |
| Stockholders Equity | 2.81B | 2.95B | 3.71B | 3.34B | 3.15B | 2.98B |
Cash Flow | ||||||
| Free Cash Flow | -1.34B | -1.01B | 88.69M | 251.92M | 215.39M | 137.88M |
| Operating Cash Flow | -1.23B | -918.89M | 140.29M | 292.42M | 249.67M | 163.11M |
| Investing Cash Flow | -1.08B | -1.35B | -57.80M | -77.58M | 60.54M | -27.88M |
| Financing Cash Flow | 693.93M | 831.04M | 395.13M | -19.45M | -191.29M | -66.29M |
IVD Medical Holding Limited Technical Analysis
Negative
3.85
Price Trends
0.46
Negative
0.54
Negative
0.88
Negative
Market Momentum
-0.03
Negative
40.02
Neutral
24.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1931, the sentiment is Negative. The current price of 3.85 is above the 20-day moving average (MA) of 0.36, above the 50-day MA of 0.46, and above the 200-day MA of 0.88, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 40.02 is Neutral, neither overbought nor oversold. The STOCH value of 24.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1931.
IVD Medical Holding Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$4.67B | 11.63 | 7.05% | 4.98% | 6.47% | 8.10% | |
65 Neutral | HK$50.52B | 6.11 | 8.33% | 4.88% | 2.78% | 7.71% | |
63 Neutral | HK$64.52B | 11.88 | 6.64% | 5.88% | 9.12% | -3.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | HK$592.92M | 10.83 | 7.70% | 6.26% | 14.25% | 0.83% | |
41 Neutral | HK$360.66M | -5.30 | -273.18% | ― | 5.52% | 56.54% | |
39 Underperform | HK$575.63M | -6.46 | -2.60% | 17.10% | -2.55% | -145.60% |
* Healthcare Sector Average
HK:1931
IVD Medical Holding Limited
0.36
-5.93
-94.35%
HK:0673
China Health Group
0.26
-0.36
-58.06%
HK:2607
Shanghai Pharmaceuticals Holding Co
11.11
-0.06
-0.53%
HK:1099
Sinopharm Group Co
16.19
-2.17
-11.84%
HK:2192
Medlive Technology Co., Ltd.
6.31
-4.03
-38.99%
HK:2289
Charmacy Pharmaceutical Co., Ltd. Class H
5.49
0.38
7.46%
IVD Medical Holding Limited Corporate Events
ETHK Labs Halts Key Digital Asset Initiatives Amid Regulatory Reassessment
Oct 6, 2026
ETHK Labs has suspended further development of its proposed digital-asset exchange, RWA platform and IVDD stablecoin after reassessing regulatory requirements, feasibility and Mainland China’s discouraging stance on RWA, confirming it is not...
ETHK Labs Swings to Interim Loss Despite Revenue Boost from B-Soft Acquisition
Aug 30, 2026
ETHK Labs Inc. reported a 6.6% rise in revenue to RMB1.35 billion for the six months ended 30 June 2026, largely due to the consolidation of B-Soft Co., Ltd.’s results following its acquisition. Despite the top-line growth, the group swung t...
ETHK Labs Flags Interim Loss on Rising Costs and Credit Provisions
Aug 26, 2026
ETHK Labs Inc. has warned that it expects to swing to a loss of up to RMB74 million for the six months ended 30 June 2026, compared with a profit of about RMB39.1 million a year earlier, marking a deterioration of roughly RMB113.1 million. The rev...
ETHK Labs Sets Board Meeting to Review Interim Results and Dividend
Aug 20, 2026
ETHK Labs Inc. has scheduled a board meeting for 31 August 2026 in Hong Kong to review and approve the group’s interim results for the six months ended 30 June 2026, and to consider the declaration of any interim dividend. The agenda indicat...
ETHK Labs Clarifies EGM Vote, Narrowly Approves Share Transfer and Voting Deal
Jul 28, 2026
ETHK Labs Inc. has issued a clarification regarding the poll results from its extraordinary general meeting held on 27 July 2026, after discovering misstatements in the previously published voting figures. The corrected results show that sharehold...
ETHK Labs Shareholders Narrowly Approve Share Transfer and Voting Rights Deals
Jul 27, 2026
Shareholders of ETHK Labs Inc. narrowly approved a share transfer agreement at an extraordinary general meeting held on 27 July 2026, with 51.34% of votes cast in favor and 48.66% against. The deal involves the transfer of shares from vendor Mr. G...
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.