Aesthetic Medical International Holdings Group Ltd

PAIYY
About the company

Aesthetic Medical International Holdings Group Limited provides aesthetic medical services in the People's Republic of China. The company offers surgical aesthetic treatments, such as eye lid surgery, rhinoplasty, breast augmentation, liposuction, facelifts; and non-surgical aesthetic treatments, including minimally invasive and energy-based treatments, which include laser, ultrasound, and radiofrequency treatments.

Country: Cayman IslandsPrice: $0.01Market Cap: $584,251

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

$0.35

+2816.7% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

All 10 investors pass PAIYY's cash flow

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILFAILNEUTRALFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A+97.6%N/AN/AN/AN/A+99.4%+86.7%N/AN/A+99.2%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-25

Score computed: 2026-11-14

Where It Passes

  • Cash Flow100% pass✓ 12▾

    All 10 investors pass PAIYY's cash flow

    Free Cash Flow Proxy$2.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$6.7M
    ✓LynchPositive and growing
    Operating Cash Flow$10.9M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=16.39%, ROA=-4.10%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)0.1x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=1150.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive5/8 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap1140.9%
    ✓Ackman>= 4%
    Price / FCF per Share0.1x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency6/8 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$6.7M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+1150.82%; #19/4519 (top 0.4%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Valuation models100% pass✓ 4▾

    PAIYY undervalued: all 4 models price fair value above $0.01 (median $0.35)

    Buffett fair value$0.17
    ✓Buffett+97.6% margin vs $0.01
    Munger fair value$0.69
    ✓Munger+99.4% margin vs $0.01
    Pabrai fair value$0.03
    ✓Pabrai+86.7% margin vs $0.01
    Ackman fair value$0.53
    ✓Ackman+99.2% margin vs $0.01

Where It Falls Short

  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -6.8% vs Rev: 7.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-0.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-3.6%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.22x -> 1.55x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 6✗ 29▾

    15 of 16 flag PAIYY's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/9 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-44.3%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$2.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-65.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value15.6%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=15.6%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-4.10%
    ✗PiotroskiROA > 0
    ROA Change YoY-6.68% -> -4.10% (delta: +2.57%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=16.39%, ROA=-4.10%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY47.2% -> 44.7%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-0.2%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-65.5%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-67.4% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-65.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-467.76%; #5910/6340 (top 93.2%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+69.47%; #346/3702 (top 9.3%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-65.49%; #4365/5226 (top 83.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.3651; #4744/5884 (top 80.6%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/8 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts7% pass✓ 1✗ 13▾

    Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2136/2370 (Top 90.1%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Debt & Leverage8% pass✓ 2✗ 13▾

    11 of 12 flag PAIYY's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 2.82, IC: 0.8x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity2.82
    ✗Lynch< 0.33
    Cash - Long-term Debt$4.0M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change5.60% -> 2.82%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity2.82
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels2.82
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=0.8x, D/EBITDA=1.2x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity2.82
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-2.8216; #3910/4210 (top 92.9%)
    ✗AsnessTop 30% of eligible cross-section
  • Valuation23% pass✓ 15✗ 13▾

    10 of 13 flag PAIYY's valuation — Graham, Lynch, Greenblatt +7 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.1x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value15.6%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=15.6%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)0.1x
    ✓Dreman< 8x
    Price / Book Value per Share0.1x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=358.5%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=1150.8%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share0.1x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.00)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-467.76%; #5910/6340 (top 93.2%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+7.1430; #230/6449 (top 3.6%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.14x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+177.2244; #67/5247 (top 1.3%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+1150.82%; #19/4519 (top 0.4%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-76.92%; #5785/6202 (top 93.3%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Healthcare
SIC Sector: Health Services
Size: Micro Cap($584,251)
Revenue: $103.5M+7.8% YoY
Net Income: $2.7M+48.1% YoY

Financial Snapshot

Operating Margin--
Return on Equity-65.5%
Debt / Equity2.82
Current Ratio--
EPS (Diluted)$-0.02
Buybacks (1y)$277.2K
Shares Retired−2.8%

Similar Companies

HCAHCA Healthcare, Inc.
$104.2B
THCTENET HEALTHCARE CORP
$22.8B
GHGuardant Health, Inc.
$20.5B
EXASEXACT SCIENCES CORP
$20.0B

Shareholder Return

Fiscal 2024

Issued 2.8% of shares last year.

Buybacks
$277.2K
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-04-25
FY 2023
Sources
  • 20-F · 2024-04-25
FY 2022
Sources
  • 20-F · 2023-04-21
FY 2021
Sources
  • 20-F · 2022-05-16
FY 2020
Sources
  • 20-F · 2021-04-30
Market Cap$584.3Kcurrent$78.9Mest.$159.9Mest.$227.0Mest.$362.5Mest.
Revenue$103.5M↑8%$96.0M$96.2M↓5%$101.3M↓27%$138.2M
Operating Income----------
Net Income-$2.7M↑48%-$5.3M↑52%-$11.0M↑88%-$92.1M↓155%-$36.1M
EPS (Diluted)$-0.02↑51%$-0.04↑71%$-0.13↑90%$-1.40↓152%$-0.55
Gross Margin44.7%↓5%47.2%↓11%53.1%↑27%41.7%↓31%60.4%
Operating Margin—————
ROE-65.5%↑14%-76.6%↓214%67.1%↓82%374.4%↑722%-60.2%
Total Debt$11.8M↓21%$14.8M↓49%$29.0M↓21%$36.7M↑13%$32.5M
Shareholders' Equity$4.2M↓39%$6.9M↑142%-$16.3M↑34%-$24.6M↓141%$59.9M
Current Ratio————0.68
Debt / Equity2.82↑31%2.15↑221%-1.78↓19%-1.49↓376%0.54
Operating Cash Flow$10.9M↑4%$10.5M↑197%-$10.8M↓235%$8.0M↑6303%-$129.3K
Free Cash Flow$6.7M↑151%$2.7M↑124%-$11.0M↓493%$2.8M↑147%-$6.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Healthcare

PAIYY vs Peers — Financial Grading

Revenue$103.5MBottom 25%
Net Income$2.7MBottom 25%
ROE-65.5%Bottom 25%
D/E2.82Bottom 25%
Op. Margin—
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
HCA Healthcare, Inc.HCA$104.2B$499.05$75.6B$6.8B-112.6%-7.7113.0%0.971/95/93/71/3F-Score 64/11
TENET HEALTHCARE CORPTHC$22.8B$286.03$21.3B$2.4B56.1%3.1216.5%1.761/94/93/73/3F-Score 65/11
Guardant Health, Inc.GH$20.5B$151.70$982.0M$416.3M419.2%-15.14-44.5%4.842/91/91/70/3F-Score 52/11
EXACT SCIENCES CORPEXAS$20.0B$104.91$3.2B$207.9M-8.7%0.00-6.4%2.432/91/93/70/3F-Score 73/11
Fresenius Medical Care AGFMS$11.4B$22.03$23.1B$1.1B7.4%0.819.3%1.265/92/91/70/3F-Score 85/11
UNIVERSAL HEALTH SERVICES INCUHS$11.2B$194.07$17.4B$1.5B20.5%0.6511.5%1.054/96/95/71/3F-Score 76/11
DAVITA INC.DVA$11.0B$174.56$13.6B$746.8M-114.7%-15.7815.0%1.291/94/92/71/3F-Score 73/11
CHEMED CORPCHE$7.1B$548.20$2.5B$265.2M27.1%—13.4%1.054/97/93/71/3F-Score 66/11