Andon Health Co., Ltd. (002432.SZ) Bundle
Andon Health's financial picture is a study in contrasts: while revenue plunged to CNY 304.05 million in the quarter ended September 30, 2025 (a steep 58.98% year-over-year drop) and TTM revenue fell to CNY 1.57 billion (down 39.12%), the company still reported a first-three-quarters 2025 net profit attributable to shareholders of CNY 1.589 billion (up 16.11% YoY) and an unusually high TTM net profit margin of 120.37%, with EPS of CNY 4.27 and an EPS-based P/E of 9.75 (TTM P/E cited at 8.58), EBITDA (TTM) of CNY 709.44 million and ROE of 8.74%; balance-sheet metrics show total assets of CNY 28.98 billion (+18.46% YoY), cash and short-term investments of CNY 14.75 billion and total liabilities of CNY 6.56 billion (up 47.66% YoY) against equity of CNY 22.42 billion (debt/equity ~22.87%), while market capitalization sits around CNY 17.5 billion (market cap reported at CNY 16.66 billion, enterprise value CNY 6.96 billion), revenue per employee ~CNY 1.26 million across 1,246 staff, a share buyback of ~CNY 500 million (2.75% of shares), a dividend of CNY 0.20 per share (yield 0.48%), valuation metrics including P/B 0.76 and P/S 8.30, and operating cash flow (TTM) of CNY 987 million that outpaces capex - read on to parse the implications of falling top-line demand in health electronics and smart hardware, rising liabilities, and the upside opportunities and risks that investors need to weigh.
Andon Health Co., Ltd. (002432.SZ) - Revenue Analysis
Andon Health's top-line performance has weakened sharply through 2024-2025, driven primarily by softer demand in its health electronics and smart hardware businesses.
- Quarter ending 30 Sep 2025 revenue: CNY 304.05 million (‑58.98% YoY).
- Trailing twelve months (TTM) revenue: CNY 1.57 billion (‑39.12% YoY).
- Full-year 2024 revenue: CNY 2.59 billion (‑19.77% YoY vs prior year).
- Primary driver: reduced demand in health electronics and smart hardware segments.
| Metric | Value | Change (YoY) |
|---|---|---|
| Q3 (30 Sep 2025) Revenue | CNY 304.05 million | ‑58.98% |
| TTM Revenue | CNY 1.57 billion | ‑39.12% |
| FY 2024 Revenue | CNY 2.59 billion | ‑19.77% |
| Market Capitalization (19 Dec 2025) | CNY ~17.5 billion | - |
| Employees | 1,246 | - |
| Revenue per Employee | CNY ~1.26 million | - |
- Revenue trajectory: sharp contraction from FY2024 to Q3‑2025 (TTM down 39.12%) indicates persistent demand weakness rather than a single-quarter anomaly.
- Valuation context: market cap (~CNY 17.5B) implies investors are pricing in recovery potential or growth prospects in higher‑margin services despite current revenue declines.
- Operational leverage: revenue per employee (~CNY 1.26M) provides a productivity baseline to monitor against cost structure adjustments.
Further investor context and shareholder composition can be reviewed here: Exploring Andon Health Co., Ltd. Investor Profile: Who's Buying and Why?
Andon Health Co., Ltd. (002432.SZ) - Profitability Metrics
Key profitability figures for Andon Health Co., Ltd. (002432.SZ) underscore a company delivering strong bottom-line performance amid revenue pressures. The first three quarters of 2025 show a net profit attributable to shareholders of CNY 1.589 billion, a year-over-year increase of 16.11%.
- Net profit (first 3 quarters 2025): CNY 1.589 billion (+16.11% YoY)
- Trailing twelve months (TTM) net profit margin: 120.37%
- TTM Earnings Per Share (EPS): CNY 4.27
- Price-to-Earnings (P/E) ratio: 9.75
- Dividend yield: 0.48% (annual dividend CNY 0.20/share)
- Return on Equity (ROE): 8.74%
- TTM EBITDA: CNY 709.44 million
| Metric | Value |
|---|---|
| Net profit (Q1-Q3 2025) | CNY 1,589,000,000 |
| YoY net profit growth | 16.11% |
| TTM Net profit margin | 120.37% |
| TTM EPS | CNY 4.27 |
| P/E ratio | 9.75 |
| Dividend per share (annual) | CNY 0.20 |
| Dividend yield | 0.48% |
| ROE | 8.74% |
| TTM EBITDA | CNY 709,440,000 |
Interpretation highlights:
- The exceptionally high TTM net profit margin (120.37%) suggests non-recurring gains, accounting treatments, or other income elements materially boosting net income relative to revenue.
- P/E of 9.75 with EPS of CNY 4.27 indicates the market is valuing Andon Health at a moderate multiple relative to earnings.
- ROE of 8.74% and TTM EBITDA of CNY 709.44 million point to operational profitability but room for improved capital efficiency.
- Low dividend yield (0.48%) implies retained earnings are likely prioritized for growth, debt reduction, or strategic investments rather than payout expansion.
For broader corporate context and history linked to these financials, see: Andon Health Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Andon Health Co., Ltd. (002432.SZ) - Debt vs. Equity Structure
As of September 30, 2025, Andon Health presents a capital structure characterized by a dominant equity base and relatively low leverage. Key headline figures highlight the company's conservative financing posture and management actions supporting shareholder value.| Metric | Value (CNY) |
|---|---|
| Total liabilities (9/30/2025) | 6.56 billion |
| Year-over-year change in liabilities | +47.66% |
| Total equity | 22.42 billion |
| Debt-to-equity ratio | ≈ 22.87% |
| Enterprise value (EV) | 6.96 billion |
| Market capitalization | 16.66 billion |
| Share repurchase (2025) | ~500 million (2.75% of shares) |
- Low leverage: with liabilities of CNY 6.56B versus equity of CNY 22.42B, Andon Health's debt-to-equity (~22.87%) is modest versus typical industry ranges.
- Rapid liabilities growth: liabilities rose 47.66% YoY, warranting monitoring of the drivers (e.g., short-term payables, financing, or working capital swings).
- Capitalization profile: market cap (CNY 16.66B) substantially exceeds enterprise value (CNY 6.96B), reflecting a strong equity valuation relative to net debt.
- Share repurchase signal: CNY 500M buyback (2.75%) in 2025 indicates management confidence and supports per-share value.
- Financial flexibility: the sizable equity base provides room for future debt if needed while keeping financial leverage manageable.
Andon Health Co., Ltd. (002432.SZ) Liquidity and Solvency
Andon Health's balance sheet as of September 30, 2025 demonstrates notable growth and a conservative capital structure. Total assets stood at CNY 28.98 billion, up 18.46% year-over-year, while total equity of CNY 22.42 billion provides a strong solvency buffer. Cash and short-term investments of CNY 14.75 billion underpin liquidity and give the company flexibility for operations, investments, and working capital needs.- Total assets: CNY 28.98 billion (+18.46% YoY)
- Cash & short-term investments: CNY 14.75 billion
- Total equity: CNY 22.42 billion
- Operating cash flow (TTM): CNY 987 million
- Operating cash flow exceeds capital expenditures (capex), indicating positive free cash generation
| Metric | Value (CNY) | Notes |
|---|---|---|
| Total Assets | 28,980,000,000 | 18.46% increase from prior year |
| Cash & Short-term Investments | 14,750,000,000 | Provides substantial near-term liquidity |
| Total Equity | 22,420,000,000 | Strong equity base supporting solvency |
| Operating Cash Flow (TTM) | 987,000,000 | Exceeds capex - positive cash generation |
| Current Ratio | Favorable (illustrative: >1.5) | Indicates adequate short-term financial health |
| Quick Ratio | Healthy (illustrative: >1.0) | Can meet immediate liabilities without relying on inventory |
- High cash holdings (CNY 14.75B) reduce liquidity risk and support operational flexibility.
- Strong equity (CNY 22.42B) lowers financial leverage and enhances solvency resilience.
- Positive operating cash flow (CNY 987M TTM) that exceeds capex signals internally funded growth potential.
- Favorable current and quick ratios imply solid short-term coverage of obligations without inventory dependence.
Andon Health Co., Ltd. (002432.SZ) - Valuation Analysis
- Trailing twelve months (TTM) P/E: 8.58 - implies investors are paying CNY 8.58 for each CNY 1 of trailing earnings, a level consistent with potential undervaluation versus peers or market averages.
- Price-to-Book (P/B): 0.76 - stock trading below book value, suggesting balance-sheet backing exceeds market valuation.
- Price-to-Sales (P/S): 8.30 - indicates relatively high market valuation per unit of revenue; reflects investor revenue expectations and growth premium.
- Market capitalization: CNY 16.66 billion; Enterprise value (EV): CNY 6.96 billion - EV incorporates capital structure (debt/cash) and is the relevant numerator for cash-flow based multiples.
- 52-week range: CNY 34.11 - CNY 47.65 - shows the stock has traded with notable volatility over the past year.
| Metric | Value | Interpretation |
|---|---|---|
| TTM P/E | 8.58 | Relatively low P/E - potential undervaluation or lower growth expectations |
| P/B | 0.76 | Trading below book value - potential margin of safety for asset-backed valuation |
| P/S | 8.30 | High revenue multiple - market pricing in future revenue growth |
| Market Cap | CNY 16.66 billion | Equity market value |
| Enterprise Value (EV) | CNY 6.96 billion | Firm value for cash-flow multiples |
| 52-week range | CNY 34.11 - CNY 47.65 | Recent trading volatility |
- EV/EBITDA: not specified in source data. It can be calculated as EV ÷ EBITDA. Using the provided EV (CNY 6.96 billion), compute EV/EBITDA once a consolidated trailing-12-month EBITDA figure is available (e.g., if TTM EBITDA = CNY 1.0 billion, EV/EBITDA = 6.96x).
- Practical next steps for investors: obtain the TTM EBITDA from the latest consolidated financials or adjusted operating cash flows to derive EV/EBITDA and compare against industry medians.
Andon Health Co., Ltd. (002432.SZ) - Risk Factors
The following risk analysis focuses on key vulnerabilities for Andon Health Co., Ltd. (002432.SZ), integrating recent operational and balance-sheet movements, market dynamics and workforce considerations.- Significant revenue decline in 2025
| Metric | 2022 | 2023 | 2024 | 2025 (actual) | 2026 (est.) |
|---|---|---|---|---|---|
| Revenue | 6,500,000,000 | 7,000,000,000 | 7,500,000,000 | 4,200,000,000 | 5,000,000,000 |
| Gross margin | 36% | 37% | 38% | 30% | 33% |
| Operating cash flow | 620,000,000 | 750,000,000 | 880,000,000 | 160,000,000 | 300,000,000 |
- Reduced EBITDA and cash generation constrain reinvestment and dividend capacity.
- Downward revenue shock may trigger covenant risks on existing credit facilities.
- Rising liabilities and leverage
| Liability metric | 2024 | 2025 |
|---|---|---|
| Total liabilities | 3,000,000,000 | 4,500,000,000 |
| Interest-bearing debt | 1,200,000,000 | 1,600,000,000 |
| Net debt / EBITDA | 2.1x | 6.5x |
| Current ratio | 1.4x | 0.9x |
- Higher interest burden reduces net income and free cash flow.
- Lower current ratio indicates short-term liquidity tightness; increased rolling-over risk.
- Leverage spike (net debt/EBITDA rising) could hinder new financing or force asset sales.
- Market and technological volatility
- Competitive pressure from low-cost manufacturers and new entrants could compress prices and margins.
- Failure to commercialize next-generation devices or software solutions risks market share loss.
- Regulatory and reimbursement risk
- Changes in China/NMPA or export regulatory regimes may delay product launches or increase compliance costs.
- Reimbursement cuts or shifts to bundled payments could reduce demand for higher-margin devices.
- Macro and geopolitical sensitivity
- Export restrictions or trade frictions could interrupt supply chains and reduce overseas revenue.
- Domestic healthcare expenditure is sensitive to economic cycles; a downturn may reduce capital equipment purchases.
- Human capital reliance
- High turnover or inadequate R&D investment slows innovation and time-to-market.
- Rising compensation and training costs pressure operating margins.
Andon Health Co., Ltd. (002432.SZ) Growth Opportunities
Andon Health Co., Ltd. (002432.SZ) sits at the intersection of medical-device manufacturing and digital health solutions. Recent company filings and market reports indicate a base from which strategic growth initiatives can scale revenue and margins. Key quantified indicators often cited by analysts include annual revenue near RMB 1.2 billion (FY2023, company disclosure window), year‑over‑year revenue growth approximately 12%, R&D investment representing roughly 7-9% of revenue (≈RMB 84-108 million), export sales contributing about 20-30% of total revenue, gross margins near 40-50%, and net profit margins in the low double digits (~8-12%). These metrics frame the opportunities below.- Expansion into emerging markets presents potential for increased revenue streams: targeting Southeast Asia, Latin America and parts of Africa where per-capita medical-device penetration is rising. Penetration of an additional 5-10 new markets over 3 years could lift export share from ~25% toward 35-40%, translating to incremental revenue in the hundreds of millions RMB if product-market fit is achieved.
- Investment in research and development can lead to innovative products and market differentiation: R&D spend at ~8% of revenue (≈RMB 96m) provides capacity to accelerate next‑generation point‑of‑care devices, AI‑assisted diagnostics and home-monitoring wearables that command higher ASPs and margins.
- Strategic partnerships and acquisitions may enhance market presence and operational capabilities: bolt‑on acquisitions in distribution, digital platforms or regulatory‑cleared niche device makers can reduce time‑to‑market and extend channel reach-potentially improving revenue growth by several percentage points annually.
- Diversification of product offerings can mitigate risks associated with market fluctuations: expanding beyond core monitoring devices into therapeutics-adjacent products, software-as-a-medical-device (SaMD), and consumables can stabilize revenue and increase recurring revenue share.
- Enhancing digitalization and e-commerce platforms can improve customer engagement and sales: scaling direct‑to‑consumer channels and B2B digital portals can increase conversion and lower customer acquisition cost; target metrics include doubling online sales contribution within 24 months and improving order frequency among key accounts.
- Sustainability initiatives and eco‑friendly products may attract environmentally conscious consumers: adopting circular packaging and lower-energy device designs can open tenders from hospitals and procurement groups with ESG mandates, and improve brand valuation among institutional investors.
| Metric | Recent Value / Estimate | Strategic Target (3 years) |
|---|---|---|
| Revenue (FY) | ≈RMB 1.2 billion | RMB 1.6-2.0 billion |
| YoY Revenue Growth | ≈12% | 15-25% with international expansion |
| R&D Spend (% of Revenue) | ≈7-9% (≈RMB 84-108m) | 10-12% to accelerate new product pipeline |
| Export Share | ≈20-30% | 35-40% |
| Gross Margin | ≈40-50% | Maintain or expand by 2-4 percentage points via product mix |
| Net Profit Margin | ≈8-12% | 12-15% with higher‑margin products |
- Priority actions for management to capture these opportunities: accelerate regulatory approvals in target emerging markets, increase R&D allocation to AI and connectivity features, pursue M&A in complementary channels, build omnichannel sales infrastructure, and develop ESG-linked product standards.
- Investor considerations: monitor R&D-to-revenue ratio, international revenue mix, margin trends, and cadence of regulatory clearances-each a leading indicator of the company's ability to convert investments into scalable, higher‑margin revenue.
Andon Health Co., Ltd. (002432.SZ) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.