Breaking Down Winning Health Technology Group Co., Ltd. Financial Health: Key Insights for Investors

If you're weighing an investment in Winning Health Technology Group Co., Ltd. (300253.SZ), start here: Q3 2025 revenue plunged to 456.65 million CNY (down 33.78% YoY) and TTM revenue as of Sept 30, 2025 fell to 2.16 billion CNY (-31.84% YoY), while annual 2024 revenue was 2.78 billion CNY (-12.05% vs. 2023); profitability shows a Q3 2025 net loss of 123.42 million CNY (-199.16% YoY), TTM net loss of 308.12 million CNY, EBITDA loss of 48.61 million CNY in Q3 and razor-thin FY2024 profit and operating margins of 2.91% and 13.60% respectively; balance-sheet and valuation metrics paint a mixed picture-total assets of 8.35 billion CNY against liabilities of 2.61 billion CNY (debt-to-equity 18.62), strong equity of 5.73 billion CNY, a current ratio of 3.43, cash & short-term investments up 60.97% to 1.22 billion CNY, but a lofty TTM P/E of 247.00, forward P/E 42.96, P/S 8.09, P/B 3.60, EV/Revenue 8.75 and EV/EBITDA 72.46 with market cap at 17.47 billion CNY (EV 17.35 billion CNY); risks include a Jan 23, 2025 profit warning predicting a 66-78% drop in 2024 net profit and Q3 operating cash flow weakness (-64.63 million CNY, -236.50% YoY), yet analysts forecast earnings and revenue growth of 63.4% and 18.7% p.a. over the next three years and the company's positioning in digital health (WiNEX, smart hospitals, regional health) alongside low volatility (beta 0.31) and revenue per employee of ~381,180 CNY; read on for the full breakdown and implications for investors.

Winning Health Technology Group Co., Ltd. (300253.SZ) - Revenue Analysis

Winning Health Technology Group Co., Ltd. reported material revenue contractions through 2024-2025, reflecting both quarter-level volatility and a multi-quarter downtrend in top-line performance. Key figures frame the current revenue profile and valuation context for investors.

• Q3 2025 revenue: 456.65 million CNY (down 33.78% YoY vs Q3 2024).
• TTM revenue as of 2025-09-30: 2.16 billion CNY (down 31.84% YoY).
• Full-year 2024 revenue: 2.78 billion CNY (down 12.05% vs 2023).
• Revenue per employee: ~381,180 CNY; total employees: 5,679.
• Price-to-Sales (P/S) ratio: 8.09.
• Primary market: China (minimal overseas revenue).

The figures above highlight pronounced revenue deterioration in 2025 versus prior periods, a high P/S indicating market valuation relative to current sales, and mid-single-digit revenue per-employee productivity given the workforce size. For contextual corporate direction and stated priorities, see: Mission Statement, Vision, & Core Values (2026) of Winning Health Technology Group Co., Ltd.

Winning Health Technology Group Co., Ltd. (300253.SZ) - Profitability Metrics

Recent profitability metrics for Winning Health Technology Group Co., Ltd. (300253.SZ) show material deterioration in 2025 relative to 2024, with multiple negative indicators across net income, margins, EBITDA and returns.

• Q3 2025 net income: loss of 123.42 million CNY, a 199.16% decline versus Q3 2024.
• Q3 2025 net profit margin: -27.03% (sharp contraction year-over-year).
• TTM net income as of September 30, 2025: loss of 308.12 million CNY.
• Q3 2025 EBITDA: loss of 48.61 million CNY, a 124.30% decline YoY.
• Fiscal year 2024 reported profit margin: 2.91%; operating margin: 13.60%.
• Returns (TTM as of Sept 30, 2025): return on assets (ROA) -1.61%; return on equity (ROE) -1.97%.

Key context for investors:

• The shift from 2024's positive profit and operating margins (2.91% and 13.60%) to Q3 2025's negative margins and losses indicates pressure on both top-line profitability and core operating performance.
• Negative TTM net income (-308.12 million CNY) and negative ROA/ROE signal sustained capital inefficiency over the trailing year.
• Q3 EBITDA loss (-48.61 million CNY) suggests operating cash generation challenges before non-cash charges and financing items.

For broader strategic and historical context on the company, see: Winning Health Technology Group Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

Winning Health Technology Group Co., Ltd. (300253.SZ) - Debt vs. Equity Structure

• Total assets: 8.35 billion CNY (as of September 30, 2025)
• Total liabilities: 2.61 billion CNY (as of September 30, 2025)
• Total equity: 5.73 billion CNY (as of September 30, 2025)
• Debt-to-equity ratio: 18.62 (calculated from assets and liabilities as of September 30, 2025)
• Current ratio: 3.43 (indicating strong short-term financial health)
• Book value per share: 2.74 CNY (as of July 4, 2025)
• Enterprise value: 17.35 billion CNY (as of November 14, 2025)
• Market capitalization: 17.47 billion CNY (as of November 14, 2025)
• Beta: 0.31 (low volatility vs. the market)

• Implication - Low leverage: With liabilities of 2.61 billion CNY against equity of 5.73 billion CNY, the company's debt burden relative to equity is modest (debt-to-equity 18.62), reducing financial risk from interest obligations.
• Implication - Liquidity cushion: A current ratio of 3.43 implies ample short-term assets to cover current liabilities, supporting operational resilience and flexibility for near-term investments or working capital needs.
• Implication - Market valuation alignment: Enterprise value (17.35 bn CNY) roughly tracks market cap (17.47 bn CNY), indicating limited net debt impact on valuation; combined with a book value per share of 2.74 CNY, investors can compare market pricing vs. accounting equity.
• Implication - Lower volatility: Beta of 0.31 suggests the stock is less sensitive to market swings, which can be attractive for risk-averse investors prioritizing stability over high beta-driven upside.

Winning Health Technology Group Co., Ltd. (300253.SZ) - Liquidity and Solvency

Key balance-sheet and cash-flow metrics for Winning Health Technology Group Co., Ltd. highlight a company with strong short-term liquidity, meaningful free cash generation over the trailing year, but a recent quarterly operating cash outflow that bears monitoring. Relevant market and valuation context is provided alongside core liquidity ratios.

• Cash and short-term investments: 1.22 billion CNY as of September 30, 2025 (up 60.97% YoY).
• Q3 2025 operating cash flow: -64.63 million CNY (down 236.50% YoY).
• Trailing twelve-month free cash flow (ending June 30, 2025): 278 million CNY.
• Current ratio: 3.43, indicating solid short-term coverage of liabilities.
• Beta: 0.31, suggesting lower market volatility relative to the broader market.
• Enterprise value: 17.35 billion CNY; Market capitalization: 17.47 billion CNY (as of November 14, 2025).

For additional investor-focused context and who is accumulating shares, see: Exploring Winning Health Technology Group Co., Ltd. Investor Profile: Who's Buying and Why?

Winning Health Technology Group Co., Ltd. (300253.SZ) - Valuation Analysis

• Trailing twelve months (TTM) Price-to-Earnings (P/E): 247.00 - a very high trailing multiple driven by low recent reported earnings versus price.
• Forward P/E: 42.96 - implies the market expects substantial earnings improvement relative to the TTM base.
• Price-to-Sales (P/S): 8.09 - investors are valuing each yuan of revenue at ~8.1 CNY of equity value.
• Price-to-Book (P/B): 3.60 - the share price is trading at 3.6× reported net assets.
• Enterprise Value-to-Revenue (EV/Revenue): 8.75 - enterprise value implies a material premium to revenue.
• Enterprise Value-to-EBITDA (EV/EBITDA): 72.46 - indicates very high valuation relative to operating cash profitability.
• Market Capitalization (as of 2025-11-14): 17.47 billion CNY.

• Implication: High P/E and EV/EBITDA multiples typically reflect investor willingness to pay for future growth or superior margins; they can also indicate limited near-term earnings visibility or one-off items depressing current earnings.
• Risk: The spread between TTM P/E (247.00) and forward P/E (42.96) signals either aggressive analyst upgrades priced in or reliance on forecasted operating improvements to justify valuation.
• Contextual resource: Mission Statement, Vision, & Core Values (2026) of Winning Health Technology Group Co., Ltd.

Winning Health Technology Group Co., Ltd. (300253.SZ) - Risk Factors

Investors should weigh several material risks that have emerged from the company's recent operating and market performance. Below are the principal risk drivers, supported by the latest disclosed figures and market data.

• Profit deterioration: On January 23, 2025, Winning Health Technology Group Co., Ltd. (300253.SZ) issued a profit warning, forecasting 2024 net profit of CNY 80-120 million, a decline of 77.65% to 66.48% year-over-year.
• Ongoing net losses on a trailing basis: TTM net income as of September 30, 2025, was a loss of CNY 308.12 million, signaling persistent profitability challenges beyond the 2024 profit warning.
• Weak operating cash flow: Operating cash flow for Q3 2025 was negative CNY 64.63 million, a 236.50% decline versus Q3 2024, indicating potential liquidity and working capital stress.
• High valuation relative to earnings: The TTM P/E ratio sits at 247.00, implying high market expectations; any earnings miss could prompt sharp valuation re-rating.
• Low market sensitivity (low beta): A beta of 0.31 suggests lower volatility versus the broader market, which may limit upside capture during market rallies and reduce price responsiveness to favorable developments.
• Market capitalization context: Market cap stood at CNY 17.47 billion as of November 14, 2025; this equity value may be pressured if operational trends or investor sentiment worsen.

Key scenarios for investors to monitor include cash runway and liquidity metrics, near-term earnings releases versus the elevated P/E, and any operational initiatives to reverse the TTM net loss. For corporate positioning and stated strategic direction, see Mission Statement, Vision, & Core Values (2026) of Winning Health Technology Group Co., Ltd.

Winning Health Technology Group Co., Ltd. (300253.SZ) - Growth Opportunities

• Analysts project rapid expansion: consensus forecasts indicate earnings per share (EPS) growth of 63.4% p.a. and revenue growth of 18.7% p.a. over the next three years, implying substantial operational leverage as margins expand.
• Core addressable markets: the company participates in China's accelerating digital health ecosystem - smart hospitals, regional health integrations, and telemedicine - all receiving policy support and rising IT spend.
• Proprietary platform advantage: Winning Health's WiNEX digital health platform positions the company to capture recurring-license, cloud-service and integration revenue streams across hospital and regional health clients.
• Balance-sheet and market indicators that support growth initiatives:
  • Market capitalization: 17.47 billion CNY (as of 14 Nov 2025), giving a scale that supports further M&A and platform investment.
  • Liquidity and solvency: current ratio of 3.43, indicating strong short-term coverage to fund rollouts and R&D without urgent refinancing.
  • Risk profile: low beta of 0.31, suggesting lower share-price volatility vs. the broader market - attractive for risk-averse investors seeking exposure to digital-health upside.

• Strategic levers to realize those forecasts:
  • Scale WiNEX adoption across tertiary and regional hospitals to boost recurring SaaS/maintenance revenue.
  • Cross-sell integrated modules (smart ward, imaging workflow, population health) to increase ARPU per customer.
  • Selective partnerships or bolt-on acquisitions to accelerate access to provincial/regional health projects.
• Investor considerations:
  • High EPS CAGR forecasts imply margin expansion or operating leverage; monitor gross margin trends and customer concentration.
  • Low beta and strong current ratio reduce short-term financial risk, but execution on platform roll-out and contract wins will be decisive.