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    Distribution services

  3. •

    Medical distributors
ETHK Labs Inc.

ETHK Labs Inc.

HHKEX:1931
0.36
HKD
+0.03
(+7.46%)
4.20BMarket Cap
Mar 12Next Earn
ETHK Labs Inc.
HKEX:1931
(Hong Kong Exchange)

Recent

price

0.36

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
0.22
0.25
0.31
2.06
1.83
2.06
2.04
2.28
2.12
1.74
- -
Revenue per Share
0.04
0.08
0.08
0.24
0.12
0.13
0.16
0.18
0.17
0.02
- -
Basic EPS, GAAP
-0.03
- -
-0.01
0.27
0.11
0.1
0.16
0.19
0.1
-0.62
- -
Free Cash Flow per Basic Share
0.02
0.01
- -
0.2
0.06
0.04
0.04
0.06
0.09
0.05
- -
Dividend per Share
0.56
0.63
0.71
2.11
2.16
2.2
2.33
2.47
2.29
1.84
1.84
Book Value per Share
0.53
0.6
0.69
0.89
0.91
0.98
1.12
1.26
1.28
0.82
0.82
Tangible Book Value per Share
1,333
1,333
1,333
1,134
1,330
1,323
1,345
1,352
1,495
1,620
1,615
Basic Weighted Avg Shares
290
338
414
2,333
2,428
2,731
2,749
3,088
3,162
2,821
- -
Sales/Revenue/Turnover
10.87
15.11
9.24
8.34
10.27
10.21
13.14
12.67
14.6
7.29
- -
Operating Margin (%)
11
15
18
49
38
39
35
38
38
55
- -
Depreciation Expense
56
111
103
275
159
175
210
238
260
35
- -
Net Income, GAAP
13.46
12.25
15.4
14.19
33.34
39.63
31.1
30.12
33.79
57.6
- -
Effective Tax Rate (%)
19.37
32.74
25.01
11.79
6.54
6.39
7.64
7.71
8.23
1.24
- -
Profit Margin (%)
214
253
297
1,281
1,413
1,376
1,529
1,783
2,170
914
914
Working Capital
- -
- -
- -
- -
147
- -
- -
- -
- -
- -
- -
LT Debt
754
853
956
2,806
2,859
2,993
3,153
3,386
3,761
3,011
3,011
Total Equity
- -
5.85
3.31
6.67
5.16
4.97
7.07
7.51
7.32
1.79
- -
Return on Invested Capital (%)
- -
13.55
11.88
14.9
5.6
5.96
7.09
7.02
6.76
1.23
- -
Return on Capital (%)
- -
13.96
11.56
14.6
5.6
5.99
6.85
7.33
7.38
1.05
- -
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
756
1,684
1,927
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,623
1,619
1,602
Market Capitalization
2,745
3,250
3,772

Working Capital

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
3,717
4,342
3,567
Cash, Cash Equivalents & STI
1,858
425
551
Accounts Receivable, Net
484
510
453
Inventories
1,237
3,109
2,288
Total Current Liabilities
1,547
2,420
2,654
Payables & Accruals
- -
- -
- -
ST Debt
756
1,684
1,927
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
1.71%
-19.94%
Free Cash Flow
- -
-150.69%
-780.72%
Net Income, GAAP
- -
-6.71%
-86.59%
Sales/Revenue/Turnover
- -
3.41%
-10.81%
Total Cash Common Dividend
- -
10.25%
-41.3%

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
3,088
2024
- -
- -
3,162
2025
- -
- -
2,821

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.18
2024
- -
- -
0.17
2025
- -
- -
0.02

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.06
2024
- -
- -
0.09
2025
- -
- -
0.05
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Business
IVD Medical Holding Limited (1931.HK), an investment holding company incorporated in 2016 and headquartered at Room 602, Block 6, No.1 Shanghai Center, Lane 299, Bisheng Road, Zhangjiang Hi-Tech Park, Shanghai, China, principally engages in the distribution, research, development, manufacturing, and sale of in vitro diagnostic (IVD) products and related medical equipment and consumables, primarily in Mainland China with international reach. The company operates through three key segments: Distribution Business, trading IVD analyzers, reagents, and other consumables to distributors, hospitals, healthcare institutions, and logistics providers; After-sales Services, providing maintenance, repair, installation, and end-customer training; and Self-branded Products Business, focusing on the research, development, manufacturing, and sales of proprietary IVD analyzers and reagents. It serves healthcare customers including hospitals and clinics with products encompassing clinical chemistry, immunoassay, hematology, microbiology, and molecular diagnostics categories. Recent developments include the establishment of a joint venture with ETHK Group in September 2025 to advance on-chain financial strategies; a HK$149 million investment in Ethereum through HashKey Exchange in August 2025 to position as a leading Ethereum Treasury player; ongoing share repurchases, such as 15.29 million shares; and strengthened solution services with enhanced stocking of multi-brand IVD products.