Shanghai MicroPort Endovascular MedTech Co.

688016.SS

Medical - Devices · Healthcare

Price

¥90.43

-0.41 (-0.45%)

Market Cap

¥10.93B

Exchange

Shanghai Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 29, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+13.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 107.2M (2021) → 121.1M (2025)

Winston Score History

The full picture

MicroPort Endovascular makes medical devices used to treat blood vessel diseases, especially in the heart and legs. Its main products include stent grafts and balloon catheters that doctors use to repair damaged arteries without open surgery. The company is one of China's leading domestic players in the endovascular device market.

MicroPort Endovascular earns revenue by selling its devices to hospitals and medical centers, primarily in China with growing international sales. With gross margins around 71%, the company benefits from strong pricing power and limited domestic competition in aortic stent grafts. Key growth drivers include China's aging population and increasing adoption of minimally invasive procedures, though rising competition from both global and local device makers and potential pricing pressure from government volume-based procurement policies remain notable risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-7.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

¥61M/ year

↓ Declining (-35% vs prior year)

4.6% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

42.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥2.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Shanghai MicroPort Endovascular MedTech Co. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale

Gross Margin

67.4%

Premium pricing power — 67.4% gross margin

Profit after running costs

Operating Margin

42.1%

Excellent — 42.1% operating margin

Return on the money invested

ROCE

15.0%

Good — 15.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+26.2%

Fast-growing sales (+26.2% YoY)

Profit growth

EPS YoY

+41.7%

Earnings growing fast (+41.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

96%

Turns 96% of profit into real cash

Spare cash per sale

FCF Margin

20.7%

Converts sales into free cash efficiently (20.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

476.56x

Comfortably covers interest (476.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.0x

Fair value — P/E 19.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.0 → 14.0)

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Dividends

Dividend

Dividend Yield

1.11%

Small dividend — 1.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-48.0%

Dividend cut (-48.0% YoY) — warning sign

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