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Chinese maker of cardiac electrophysiology catheters and cardiovascular devices used to treat heart arrhythmias.
Chinese maker of cardiac electrophysiology catheters and cardiovascular devices used to treat heart arrhythmias.
In one line: A Chinese Abbott Electrophysiology/Boston Scientific (EP devices).
Moat: narrow (IP / patents, regulatory licence). Device approvals and physician training create switching costs once a device is adopted.
Headquarters: Shenzhen, Guangdong, China · Employees: 3,118
Size APT Medical (688617.SS) is a China Health Care company (Medical Specialties) with a market value of $5.95B, the 420th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥285.26 on 6 Nov 2026.
Performance Over six months the shares gained 19.9%, against +27.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 28.0% over the last twelve months (peer median +5.2%); the operating margin is 36.6% (peer median 13.9%).
Valuation It trades at 38.5× forward earnings against a peer median of 19.9× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 49.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.07B | CN¥2.56B | CN¥2.04B | CN¥1.63B | CN¥1.20B |
| Revenue growth | — | +25% | +25% | +36% | — |
| Gross profit | CN¥2.29B | CN¥1.79B | CN¥1.42B | CN¥1.12B | CN¥824M |
| EBITDA | n/a | CN¥995M | CN¥797M | CN¥588M | CN¥416M |
| Net income | CN¥1.02B | CN¥821M | CN¥673M | CN¥534M | CN¥358M |
| Free cash flow | CN¥1.07B | CN¥690M | CN¥101M | CN¥507M | CN¥272M |
| Capital expenditure | CN¥179M | CN¥286M | CN¥650M | CN¥202M | CN¥143M |
| Total debt | CN¥12.0M | CN¥19.4M | CN¥11.3M | CN¥89.9M | CN¥52.6M |
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 |
|---|---|---|---|---|---|---|
| APT Medical 688617.SS | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| MicroPort Scientific 0853.HK | n/a | -45% | n/a | n/a | n/a | n/a |
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 | 688617.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | +9.4% | 6th highest of 21 |
| 6-month return | +19.9% | +27.7% | 8th lowest of 21 |
| Distance from 52-week high | -15.4% | -9.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +28.0% | +5.2% | 2nd highest of 21 |
| Operating margin | 36.6% | 13.9% | 3rd highest of 21 |
| Forward P/E | 38.5× | 19.9× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 11.2% | 8th least demanding of 19 |
| Growth delivered (Del g) | +40.1% | +9.1% | highest of 19 |
| Hurdle (Req g minus delivered) | -31.4 pp | +1.6 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +49.8 pp | +3.1 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| APT Medical 688617.SS | China | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% | +40.1% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
| Haemonetics HAE | United States | $5.46B | +118% | 0% | 18% | 21.6× | 10.9% | +8.9% |
| GRAIL GRAL | United States | $5.42B | +67% | +23% | -323% | n/a | n/a | n/a |
| Lantheus LNTH | United States | $6.57B | +8% | +2% | 19% | 17.5× | -0.5% | +35.3% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| Cochlear COH.AX | Australia | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% | +9.3% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| Shenzhen New Industries Biomedical Engineering 300832.SZ | China | $7.11B | +25% | +7% | 43% | 25.5× | 2.1% | +15.7% |
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| Bausch + Lomb BLCO.TO | Canada | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% | +10.0% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |