他们清仓退场，大众口腔又来IPO

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (Dazhong Dental) has submitted an IPO application to the Hong Kong Stock Exchange, facing challenges as its revenue and profit declined in 2024, with original investors exiting before the IPO [1][6]. Company Overview - Dazhong Dental, founded in 2007, is the largest private dental service provider in Central China, operating 92 facilities including hospitals and clinics, with a market share of approximately 2.6% [2][3]. - The company offers community-centered dental care services, including general dental treatment, dental implant services, and orthodontics, catering to clients of all ages [2][3]. Financial Performance - Revenue for the years 2022 to 2024 was reported as follows: 409 million RMB, 442 million RMB, and 407 million RMB, with corresponding profits of 56.45 million RMB, 67.038 million RMB, and 62.5 million RMB, indicating a decline in both revenue and profit in 2024 [2][3]. - The gross margin for 2024 was 37.4%, and the net margin was 15.4% [2][3]. Revenue Breakdown - The revenue sources include: - General dental services: 51.9% (2022), 53.7% (2023), 53.4% (2024) - Dental implant services: approximately 28% - Orthodontic services: 801.9 million RMB (2022), 817.69 million RMB (2023), 741.15 million RMB (2024), accounting for about 19% [4][5]. Market Context - The dental service market in China was valued at 144.6 billion RMB in 2023, expected to grow at a CAGR of 6.0% to reach 193.2 billion RMB by 2028. The private dental service market was valued at 101.5 billion RMB in 2023, with a projected CAGR of 6.6% [6]. - Dazhong Dental faces intense competition in a fragmented market, with opportunities for improvement in revenue scale and gross margin compared to peers [6]. IPO Details - The IPO proceeds are intended for establishing new dental facilities in Central China, acquiring existing dental institutions, upgrading current facilities, enhancing IT infrastructure, and developing the professional team [7]. - Prior to the IPO, original investors, including CITIC Securities and Zhongyuan Jiupai, exited by selling shares back to the company for 121 million RMB, leading to a significant reduction in institutional investor presence [7].