大众口腔二次冲击港股上市 华中最大民营口腔医疗商营收净利双降

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. has submitted a second application for listing on the Hong Kong Stock Exchange, marking another attempt at capitalizing after its first application lapsed due to not completing the listing within six months [1][2]. Business Layout and Market Position - Founded in 2007 by Yao Xue, the company operates 92 medical institutions, including 4 hospitals and 80 outpatient departments, primarily in Hubei and Hunan provinces, establishing a community-centered service network [1]. - According to Frost & Sullivan, Dazhong Dental ranks first among private dental service providers in Central China, with a market share of approximately 2.6% based on 2023 revenue [1]. - The company's main business segments include comprehensive dental services, dental implant services, and orthodontic services, with comprehensive dental services accounting for over 50% of total revenue [1]. - The company has demonstrated strong customer retention, with a revisit rate increasing from 75.3% in 2022 to 79.6% in 2024 [1]. Financial Performance and Challenges - The company has experienced revenue fluctuations, with revenues of 409 million yuan, 442 million yuan, and 407 million yuan from 2022 to 2024, respectively [2]. - Net profit attributable to shareholders was 43.3 million yuan, 50.1 million yuan, and 41.9 million yuan for the same years, with a noticeable decline in 2024 [2]. - The gross profit margin decreased from 38.1% in 2023 to 37.4% in 2024 [2]. - The decline in performance is attributed to slow economic recovery post-pandemic and intensified competition in the dental service industry, leading to a drop in average transaction prices across all main business segments [2]. - The average cost of dental implant services fell over 30%, from 8,460 yuan in 2022 to 5,767 yuan in the first half of 2024, influenced by national procurement policies [2]. - Prior to the listing application in September 2024, original investors, including CITIC Securities, chose to exit, leading the company to repurchase 8.3793 million shares for 121 million yuan [2].