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Chinese orthopedic implant maker selling spine, trauma and joint-replacement devices to hospitals.
Chinese orthopedic implant maker selling spine, trauma and joint-replacement devices to hospitals.
Sells through distributors to hospitals, and government-run volume-based procurement for orthopaedic implants has cut prices in exchange for guaranteed volumes, which favours low-cost domestic makers over imports. Surgeons' familiarity with an implant system and training from the maker help repeat orders.
In one line: A Chinese Stryker Orthopaedics/Zimmer Biomet.
Moat: narrow (regulatory licence, switching costs). Device registration and surgeon training create moderate switching costs.
Headquarters: Xiamen, Fujian, China · Employees: 4,704
Size Double Medical Technology (002901.SZ) is a China Health Care company (Medical Specialties) with a market value of $2.56B, the 1014th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥42.30 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +2.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +7.5%); the operating margin is 25.5% (peer median 7.3%).
Valuation It trades at 25.9× forward earnings against a peer median of 31.5× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.7 points above its cost of capital (7.6% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.80B | CN¥2.57B | CN¥2.12B | CN¥1.52B | CN¥1.42B |
| Revenue growth | — | +21% | +39% | +8% | — |
| Gross profit | CN¥2.19B | CN¥1.77B | CN¥1.41B | CN¥997M | CN¥1.05B |
| EBITDA | n/a | CN¥806M | CN¥546M | CN¥202M | CN¥168M |
| Net income | CN¥646M | CN¥600M | CN¥357M | CN¥59.0M | CN¥92.6M |
| Free cash flow | CN¥674M | CN¥702M | CN¥189M | -CN¥220M | -CN¥140M |
| Capital expenditure | CN¥150M | CN¥134M | CN¥270M | CN¥306M | CN¥285M |
| Total debt | CN¥306M | CN¥316M | CN¥385M | CN¥599M | CN¥69.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Double Medical Technology 002901.SZ | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% |
| Zimmer Biomet ZBH | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Shandong Weigao Orthopaedic Device 688161.SS | $1.24B | -25% | -6% | 18% | 27.0× | 12.7% |
| Beijing Chunlizhengda Medical Instruments 1858.HK | $671M | -27% | -9% | 31% | 9.2× | -8.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002901.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.8% | +6.3% | 11th highest of 21 |
| 6-month return | -2.5% | +2.0% | 10th lowest of 21 |
| Distance from 52-week high | -24.5% | -32.2% | 10th highest of 21 |
| Revenue growth (TTM) | +12.8% | +7.5% | 8th highest of 20 |
| Operating margin | 25.5% | 7.3% | 3rd highest of 20 |
| Forward P/E | 25.9× | 31.5× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 12.8% | 6th least demanding of 14 |
| Growth delivered (Del g) | +10.4% | +10.2% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | -2.1 pp | -2.0 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +18.7 pp | -0.6 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Double Medical Technology 002901.SZ | China | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% | +10.4% |
| Neogen NEOG | United States | $2.57B | +30% | 0% | 0% | 34.6× | n/a | n/a |
| EBOS EBO.AX | Australia | $2.52B | +1% | +3% | 3% | 15.2× | 4.3% | +6.8% |
| Medacta MOVE.SW | Switzerland | $2.61B | -21% | +8% | 15% | 24.3× | n/a | n/a |
| Micro-Tech (Nanjing) 688029.SS | China | $2.46B | +3% | +6% | 18% | 29.0× | 12.8% | +19.2% |
| Jafron Biomedical 300529.SZ | China | $2.46B | +8% | +1% | 37% | 25.4× | 6.9% | +0.6% |
| Elekta EKTA-B.ST | Sweden | $2.37B | +8% | -7% | 6% | 15.1× | 10.0% | +4.0% |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Shanghai Conant Optical 2276.HK | Hong Kong | $2.27B | -27% | +8% | 29% | 22.1× | -1.6% | +14.1% |
| Metall Zug METN.SW | Switzerland | $2.25B | +19% | 0% | -10% | 139.2× | n/a | n/a |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| Bonesupport BONEX.ST | Sweden | $2.16B | +34% | +25% | 25% | 61.9× | 13.3% | +45.4% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |