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Hospital Corporation of China Ltd (3869) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Hospital Corporation of China Ltd HK$19.49, price HK$3.39, upside +475.8%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? Yes
Good quality? No
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Healthcare · HK · ISIN KYG4612W1042

HC Thin data Sep 24, 2026

Hospital Corporation of China Ltd

3869 · HK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value HK$19.49 · Strongly undervalued (+475.8%)

!Quality 41/100

!Mixed Growth (revenue 5y +29.8 %/yr)

!Thin margins · 9.3% net margin (TTM)

!High debt · generates free cash flow

!Mixed vs. peers (7/12)

!Moderate moat 45/100

!Evidence only low, so the estimate is less certain

!Weak on future: 4 out of 100

!Weak on balance sheet: 2 out of 100

26 models, one by oneBear HK$12.63 to bull HK$34.60 Growth analysisrevenue history, year by year Quality 41/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range HK$3.30 – HK$12.00 · fair‑value band HK$12.63 – HK$34.60 · the HK$3.39 price screens below the HK$19.49 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Hospital Corporation of China Limited, an investment holding company, owns, operates, and manages hospitals in the People's Republic of China. It operates through three segments: General Hospital Services; Hospital Management Services; and Sale of Pharmaceutical Products. The company offers inpatient and outpatient, operation management, management, supply chain, and other ancillary services to certain hospitals; and property management services. It also engages in the wholesale and retail of pharmaceutical products and medical devices. The company was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China. Hospital Corporation of China Limited operates as a subsidiary of Vanguard Glory Limited.

Stock analysis

Hospital Corporation of China Ltd (3869) currently trades at HK$3.39, while our model-based Fair Value estimate is HK$19.49, implying the stock looks roughly 82.6% undervalued today.

Valuation

Bull case: the Growth Earnings group reads highest at a median of HK$37.14 per share, and 21 of the 24 models we run sit above the HK$3.39 price.

Bear case: the Economic Profit group reads lowest at HK$2.35, and 3 of the 24 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$12.63 (bear) to HK$34.60 (bull), the price of HK$3.39 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 41/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Hospital Corporation of China Ltd reported revenue of 1.5B CNY in FY2025 versus 520M CNY in FY2021, a compound +29.7%/yr. Reported net income was 136M CNY in FY2025.

Key figures

Market cap HK$681M (≈ $86.8M) · P/E ratio 8.5 · P/S ratio 0.79 · EPS (TTM) HK$0.2400 · Net margin 9.3% · Return on equity 21.4% · Return on assets (EBIT) −3.1% · Operating margin 3.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 51% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 476%, 3869 screens cheaper than that median.

Fair Value models

Bear HK$12.63 Fair Value HK$19.49 Bull HK$34.60

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.1815 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.

Highest evidence

FCF DCF HK$11.11 HK$16.66 HK$32.84 77

Growth DCF HK$10.23 HK$17.56 HK$30.60 76

EPV HK$1.81 HK$2.35 HK$2.79 74

All 24 models by family

DCF Models

FCF DCF HK$11.11 HK$16.66 HK$32.84 77

Owner Earnings HK$14.15 HK$30.40 HK$58.76 72

5Y Revenue Exit HK$8.62 HK$16.25 HK$31.88 68

5Y EBITDA Exit HK$12.69 HK$24.57 HK$47.50 71

5Y P/E Exit HK$14.46 HK$34.88 HK$62.37 67

10Y Revenue Exit HK$9.11 HK$20.50 HK$28.17 66

10Y EBITDA Exit HK$11.94 HK$27.78 HK$56.50 63

10Y P/E Exit HK$13.03 HK$30.94 HK$61.83 59

Earnings-Based

Graham-Dodd HK$7.94 HK$55.38 HK$77.71 63

Lynch FV HK$19.67 HK$28.10 HK$36.52 61

PEG = 1.0 HK$19.67 HK$28.10 HK$36.52 57

EPV HK$1.81 HK$2.35 HK$2.79 74

Multiples

P/E Multiple HK$19.27 HK$25.69 HK$32.11 63

P/S Multiple HK$14.89 HK$19.85 HK$24.81 58

P/B Multiple HK$14.52 HK$19.36 HK$24.21 55

EV/EBIT HK$10.54 HK$14.95 HK$19.36 65

EV/EBITDA HK$13.81 HK$19.31 HK$24.81 67

EV/Revenue HK$6.75 HK$10.80 HK$14.85 53

Asset-Based

NCAV (Graham) HK$2.15 HK$2.88 HK$4.30 54

Growth DCF

Growth DCF HK$10.23 HK$17.56 HK$30.60 76

Rev-Margin DCF HK$8.62 HK$18.97 HK$36.64 68

Economic Profit

Residual Income HK$5.87 HK$8.28 HK$15.16 67

ROIC Compounder HK$1.81 HK$2.35 HK$2.79 72

Growth Earnings

Growth-Adj P/E HK$25.99 HK$37.14 HK$48.28 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 43 · Market factors (momentum, volatility) 36

Profitability 47

Margins and returns on capital today

Quality Growth 45

Are margins and returns improving?

Cashflow 55

Earnings quality: real cash, not paper profit

Fin. Strength 41

Balance sheet, leverage, solvency risk

Investment 64

Disciplined investing over empire-building

Low Volatility 85

Calm price path (market factor)

Momentum 23

Price trend over the last 3–12 months (market factor)

52W Momentum 1

Distance to the 52-week high (market factor)

Net Issuance 0

Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Revenue growth 1 year

+2.0%

Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+8.8%

Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+29.8%

Start year 2020 (pandemic). Over 10 years: +26.3% a year

Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+43.2%

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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.

−9.1%

Earnings growth per share plus dividend.

Earnings per share, growth per year−9.1%

Dividend (yield on the price)0.0%

Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−9.1% vs 14.1%, slowing

Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−100% → 8%

Start year 2020 (pandemic)

Growth Forecast

Little optimism in the price

The price assumes less growth than the company has delivered so far.

What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).

−5.6%

Yearly growth needed for the next five years to justify today's price.

What forecasts expect

n/a

No analyst forecast available.

After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −7.2% a year for the price.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 246 stocks

Beats the industry median on 7/12 measures

A mixed picture versus its industry peers.

Valuation

Quality Score 41 · Bottom 25%

Fair Value upside +200.0% · Top 25%

Profitability

Return on equity (TTM) 21.4% · Top 25%

Return on assets 2.9% · Below median

Net margin (TTM) 9.3% · Above median

Operating margin (TTM) 3.7% · Bottom 25%

Growth and dividend

Revenue growth 0.7% · Below median

Balance sheet

Debt / equity 1.95× · Highest 25%

Valuation Multiplesvs Medical Care Facilities median · lower = cheaper

P/E (TTM) 8.5× · Cheapest 25%

P/B 1.16× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.

P/S (TTM) 0.40× · Cheapest 25%

P/FCF 4.3× · Cheapest 25%

EV/EBITDA 5.1× · Cheapest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)100 · sector 33

FUTURE (revenue growth)4 · sector 26

PAST (return on equity)86 · sector 31

HEALTH (low debt)2 · sector 90

DIVIDEND (yield)0 · sector 38

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value
HCA Healthcare, Inc HCA	$431.63	$597.97	+39%
Fresenius SE FRE	€43.64	€34.49	−21%
Dr. Sulaiman Al Habib Medical Services Group 4013	225.00 SAR	109.45 SAR	−51%
Tenet Healthcare Corporation THC	$257.93	$274.35	+6%
IHH Healthcare Berhad, an investment holding company, 5225	8.03 MYR	4.87 MYR	−39%
Apollo Hospitals Enterprise Limited APOLLOHOSP	₹8,889	₹2,908	−67%
Encompass Health Corporation EHC	$123.47	$94.47	−23%
Fresenius Medical Care AG FMS	$22.27	$45.84	+106%
DaVita Inc DVA	$178.07	$215.81	+21%
Aier Eye Hospital Group 300015	¥7.91	¥10.86	+37%

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Hospital Corporation of China Ltd · Fair Value
HK$19.49 +83%Fair Value
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Cite: Fair Value Calculator (2026). "Hospital Corporation of China Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3869

Frequently asked questions

Is Hospital Corporation of China Ltd (3869) overvalued or undervalued?

As of Sep 24, 2026, our model estimates a fair value of HK$19.49 versus a price of HK$3.39, about +476% upside (undervalued).

What is the fair value of 3869?

Our model-based fair value for Hospital Corporation of China Ltd is HK$19.49 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$3.39.

What is the quality score of 3869?

Hospital Corporation of China Ltd has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for Hospital Corporation of China Ltd (3869)?

Our model-based price target is the fair value of HK$19.49 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario HK$12.63, optimistic scenario HK$34.60. It is a calculation from audited fundamentals, not an analyst target.

What is the Hospital Corporation of China Ltd stock forecast for 2026?

Our models put fair value at HK$19.49, about +476% upside versus a price of HK$3.39 (undervalued). Cautious scenario HK$12.63, optimistic scenario HK$34.60. The calculation is refreshed regularly with new filings.

What is the revenue of Hospital Corporation of China Ltd (3869)?

Hospital Corporation of China Ltd reported trailing-twelve-month revenue of about 1.5B CNY (latest available figure, as of Sep 24, 2026).

What growth is priced into Hospital Corporation of China Ltd (3869)?

For today's price to be fair in a discounted-cash-flow model, Hospital Corporation of China Ltd would have to grow free cash flow by -5.6 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.8 % per year. As of Sep 24, 2026.

What discount rate (WACC) does the fair value of 3869 use?

Our models discount Hospital Corporation of China Ltd at 13.3 %: a base by market capitalisation (micro), country premium for Hong Kong. The same rate applies in all 26 models.

What is a reverse DCF?

A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hospital Corporation of China Ltd that is -5.6 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.

How much growth has Hospital Corporation of China Ltd (3869) delivered so far?

Over the past 5 years revenue at Hospital Corporation of China Ltd grew +29.8 % a year. The price currently implies -5.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.

How fast is the sector of Hospital Corporation of China Ltd (3869) growing?

The median revenue growth in the sector is +5.0 % a year. That is the yardstick for the growth priced into Hospital Corporation of China Ltd (-5.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.

What is the free cash flow yield of Hospital Corporation of China Ltd (3869)?

The free-cash-flow yield on the price is 23.30 %: that much free cash flow Hospital Corporation of China Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.

What is the intrinsic value of Hospital Corporation of China Ltd (3869)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hospital Corporation of China Ltd it is HK$19.49 per share (as of Sep 24, 2026), against a price of HK$3.39. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).

Is Hospital Corporation of China Ltd stock overvalued or undervalued in 2026?

As of Sep 24, 2026, 3869 trades below its calculated fair value: price HK$3.39, fair value HK$19.49, a gap of about +476% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.

Is fair value the same as the market price of 3869?

No. The price is what the market pays today (HK$3.39); the fair value is what the company's own numbers justify (HK$19.49). For Hospital Corporation of China Ltd the two are HK$16.11 per share apart. That gap is exactly why we show both numbers side by side.

How much is Hospital Corporation of China Ltd worth?

The market values Hospital Corporation of China Ltd at about HK$681M (market capitalisation, as of Sep 24, 2026). Per share that is HK$3.39; our models calculate a fair value of HK$19.49 per share.

What do the bullish and bearish scenarios say about 3869?

Our models span a range for Hospital Corporation of China Ltd: cautious scenario HK$12.63, base HK$19.49, optimistic HK$34.60 per share (as of Sep 24, 2026, price HK$3.39). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of 3869?

Hospital Corporation of China Ltd trades at a price-to-earnings ratio of 8.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$19.49 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.4, EV/EBITDA 5.1.

How solid is the balance sheet of Hospital Corporation of China Ltd (3869)?

Balance-sheet figures for Hospital Corporation of China Ltd (as of Sep 24, 2026): return on equity 21.4%, debt of 1.95 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.

How far is 3869 from its 52-week high?

Hospital Corporation of China Ltd trades at HK$3.39, about 51% below its 52-week high of HK$6.87 and 3% above the low of HK$3.30 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$19.49 is for.

Which stocks are comparable to Hospital Corporation of China Ltd?

From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, Tenet Healthcare Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.

Is Hospital Corporation of China Ltd stock attractive at the current price?

The data as of Sep 24, 2026: price HK$3.39, calculated fair value HK$19.49 (+476%), Quality Score 41/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.

How is the fair value of 3869 calculated?

We run Hospital Corporation of China Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$19.49, with the spread shown as a cautious and an optimistic scenario.

Is it still worth investing in stocks now?

The global stock market currently sits 14.5 % above its aggregate fair value. Hospital Corporation of China Ltd currently trades 83 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.

What is the share price of Hospital Corporation of China Ltd (3869)?

The closing price on Oct 2, 2026 was HK$3.39. Our model-based fair value is HK$19.49, about +476% upside (undervalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Hospital Corporation of China Ltd right now?

The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$12.63). The market is more pessimistic than our downside scenario. The model range is unusually wide (HK$12.63 to HK$34.60). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Where does the earnings growth of Hospital Corporation of China Ltd (3869) come from?

Earnings per share at Hospital Corporation of China Ltd grew +13.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +25.7 %, EBIT margin −14.6 %, tax rate +1.8 %, residual (interest, one-offs) +3.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Hospital Corporation of China Ltd

How large is the market capitalisation of Hospital Corporation of China Ltd (3869)?

The market capitalisation of Hospital Corporation of China Ltd is HK$681M (≈ $86.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.

What is the P/S ratio of Hospital Corporation of China Ltd (3869)?

The price-to-sales ratio of Hospital Corporation of China Ltd is 0.79 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of Hospital Corporation of China Ltd (3869)?

Earnings per share at Hospital Corporation of China Ltd are HK$0.2400 (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.

What is the net margin of Hospital Corporation of China Ltd (3869)?

The net margin of Hospital Corporation of China Ltd is 9.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.

What is the return on equity of Hospital Corporation of China Ltd (3869)?

The return on equity (ROE) of Hospital Corporation of China Ltd is 21.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the EBIT return on assets of Hospital Corporation of China Ltd (3869)?

On an EBIT basis the return on assets of Hospital Corporation of China Ltd is −3.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.

What is the operating margin of Hospital Corporation of China Ltd (3869)?

The operating margin of Hospital Corporation of China Ltd is 3.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Hospital Corporation of China Ltd (3869)?

Revenue at Hospital Corporation of China Ltd is growing +0.7% versus a year earlier (3y avg +8.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How fast are earnings growing at Hospital Corporation of China Ltd (3869)?

Earnings per share at Hospital Corporation of China Ltd are growing −53.9% versus a year earlier. How much earnings per share grew versus a year earlier.

How much net debt does Hospital Corporation of China Ltd (3869) carry?

The net debt of Hospital Corporation of China Ltd is 391M CNY (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

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