大众口腔二闯港交所：营收净利双降，原始投资方清仓离场

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (referred to as "Dazhong Dental") has re-submitted its prospectus to the Hong Kong Stock Exchange after its initial submission expired six months ago, aiming to re-enter the capital market [2] Group 1: Company Overview - Dazhong Dental is a leading private dental service provider in Central China, previously listed on the New Third Board in May 2015 and voluntarily delisted in April 2018 [2] - The company operates under the brand "Aishang Dazhong Dental" and focuses on community dental care services [2] - As of 2023, Dazhong Dental holds a 2.6% market share in the Central China private dental service industry, ranking first in the region [3] Group 2: Financial Performance - Dazhong Dental's gross profit margins for 2022, 2023, and 2024 are projected to be 36.3%, 38.1%, and 37.4% respectively, indicating a stable performance [2] - The company's revenue for 2021, 2022, and 2023 was 381 million, 409 million, and 442 million RMB, with net profits of 14.73 million, 56.45 million, and 67.04 million RMB respectively [8] - In 2024, revenue is expected to decline to 407 million RMB, a decrease of 7.92%, with net profit dropping to 62.5 million RMB, down 6.77% [8] Group 3: Market Position and Competition - The dental service industry in China is highly competitive with a low concentration, where the top ten companies hold only 12.7% of the market share [6] - Dazhong Dental ranks 11th among all private dental service providers in China, with a market share of only 0.4% [6] - The company has seen a slowdown in its expansion pace, with a compound annual growth rate of only 7.8% in the number of medical institutions from 2022 to 2024 [6] Group 4: Service Performance - In 2024, all three major service revenues of Dazhong Dental are expected to decline, with comprehensive dental treatment services down by 8.34%, implant services down by 5.97%, and orthodontic services down by 9.36% [8] - The average spending per visit for comprehensive dental treatment decreased from 431 RMB in 2023 to 421 RMB in 2024 [10] - The number of visits for comprehensive dental treatment decreased by 33,337 in 2024, while implant and orthodontic services saw slight increases in visit numbers [9] Group 5: Investment and Shareholder Dynamics - Dazhong Dental has undergone two rounds of investment, with the latest round in 2021 leading to a post-investment valuation of 680 million RMB [12] - Prior to the IPO, the company experienced a significant exit of original investors, with a buyback agreement executed for shares held by several investors [14] - The company has consistently paid dividends, distributing 39 million RMB in 2021 and 36.6 million RMB in 2022, with a proposed distribution of 50 million RMB for 2023 [18][19]