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Chinese maker of animal-tissue heart valves, congenital heart disease implants and soft-tissue repair products.
Chinese maker of animal-tissue heart valves, congenital heart disease implants and soft-tissue repair products.
Sells implants made from treated animal tissue, mainly artificial heart valves from cow-heart-sac membrane or pig aorta, plus implants for children with congenital heart defects, to hospitals. Surgeons choose by clinical record, and prices follow hospital procurement rules. It is extending the tissue-treatment know-how into soft-tissue and collagen products.
Moat: narrow (IP / patents, regulatory licence). Animal-tissue treatment know-how (anti-rejection, anti-calcification) and device approvals; surgeons' familiarity with the valves.
Headquarters: Beijing, China · Employees: 746
Size Beijing Balance Medical Technology (688198.SS) is a China Health Care company (Medical Specialties) with a market value of $1.47B, the 1661st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥71.26 on 6 Nov 2026.
Performance Over six months the shares fell 26.3%, against +8.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +4.9%); the operating margin is 28.3% (peer median 7.0%).
Valuation It trades at 46.6× forward earnings against a peer median of 21.3× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥653M | CN¥614M | CN¥500M | CN¥370M | CN¥294M |
| Revenue growth | — | +23% | +35% | +26% | — |
| Gross profit | CN¥593M | CN¥509M | CN¥419M | CN¥319M | CN¥258M |
| EBITDA | n/a | CN¥230M | CN¥156M | CN¥113M | CN¥88.8M |
| Net income | CN¥177M | CN¥194M | CN¥146M | CN¥115M | CN¥95.1M |
| Free cash flow | CN¥17.0M | CN¥72.6M | -CN¥13.8M | CN¥25.7M | CN¥42.9M |
| Capital expenditure | CN¥125M | CN¥136M | CN¥163M | CN¥129M | CN¥105M |
| Total debt | CN¥194M | CN¥93.6M | CN¥9.79M | CN¥12.3M | CN¥1.40M |
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 |
|---|---|---|---|---|---|---|
| Beijing Balance Medical Technology 688198.SS | $1.47B | -26% | +10% | 28% | 46.6× | 22.6% |
| Edwards Lifesciences EW | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| LifeTech Scientific 1302.HK | $914M | -18% | +1% | 12% | 23.5× | 13.3% |
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 | 688198.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.4% | -0.3% | 8th highest of 21 |
| 6-month return | -26.3% | +8.0% | 3rd lowest of 20 |
| Distance from 52-week high | -46.4% | -21.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +10.4% | +4.9% | 9th highest of 20 |
| Operating margin | 28.3% | 7.0% | 4th highest of 20 |
| Forward P/E | 46.6× | 21.3× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 22.6% | 14.4% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +27.6% | +15.5% | highest of 13 |
| Hurdle (Req g minus delivered) | -5.0 pp | +0.3 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +8.3 pp | +0.1 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Balance Medical Technology 688198.SS | China | $1.47B | -26% | +10% | 28% | 46.6× | 22.6% | +27.6% |
| Suzhou Sepax Technologies 688758.SS | China | $1.45B | +19% | +28% | 40% | 50.8× | 24.7% | +23.6% |
| El.En ELN.MI | Italy | $1.44B | +11% | +3% | 15% | 21.8× | 9.8% | +7.7% |
| Ovctek China 300595.SZ | China | $1.42B | -26% | 0% | 28% | 20.8× | 9.9% | +16.5% |
| Nakanishi 7716.T | Japan | $1.42B | +8% | +15% | 19% | 16.3× | 2.2% | +19.7% |
| Sonoscape Medical 300633.SZ | China | $1.42B | -8% | +18% | 4% | 36.8× | n/a | n/a |
| CONMED CNMD | United States | $1.53B | +40% | +2% | 2% | 11.1× | 32.4% | +9.8% |
| NovoCure NVCR | United States | $1.55B | -26% | +13% | -17% | n/a | n/a | n/a |
| NIPRO 8086.T | Japan | $1.55B | -9% | +3% | 6% | 14.9× | n/a | n/a |
| Enovis ENOV | United States | $1.57B | +2% | +5% | 3% | 7.7× | 22.3% | -6.0% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |
| Sansure Biotech 688289.SS | China | $1.36B | -8% | -1% | 1% | 39.0× | n/a | n/a |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| Shenzhen Edge Medical 2675.HK | Hong Kong | $1.31B | -51% | +132% | 2% | 130.1× | n/a | n/a |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| Alpha Tau Medical DRTS | United States | $1.27B | +61% | n/a | n/a | n/a | n/a | n/a |