市值蒸发87%，高端口腔第一股深陷停牌风暴，10万股东被套

Core Viewpoint - The suspension of Ruil Group's stock has raised significant market concerns due to an investigation triggered by a suspicious $11 million loan linked to its founder, which has implications for the company's financial integrity and the broader dental industry [3][4][14]. Group 1: Loan Controversy - The controversial loan of $11 million was provided by Ruil Group to Beier Holdings Limited, fully owned by the founder, with an initial term of 9 months and an interest rate of 4.5%, later extended with a rate increase to 5.5% [4][15]. - As of July 2025, Beier Holdings has repaid $4.01 million in principal and $1.58 million in interest, leaving a remaining principal of $6.99 million, raising questions about the repayment process [4][15]. - The audit revealed suspicious timing and amounts of payments to third parties coinciding with the loan repayments, suggesting potential concealment of repayment capability [4][15]. Group 2: Stock Performance and Market Impact - Ruil Group's stock price has plummeted from a high of HKD 16.02 in March 2023 to HKD 1.83 before suspension, resulting in a market capitalization drop of 87.48% from its IPO price of HKD 14.6 [4][6][16]. - The company has reported losses exceeding 1 billion yuan over five consecutive fiscal years, only achieving a profit of 21.99 million yuan in the fiscal year ending March 2025 [7][17]. Group 3: Industry Challenges - The dental industry, particularly private dental practices, is facing significant challenges, including a shift to centralized procurement for dental implants, which has drastically reduced prices by over 80% [9][19]. - Ruil Group's response to these pressures has included lowering prices and shifting focus from expansion to maintaining profit margins, with a reported 12 percentage point drop in gross margin for its implant business [9][20]. - The ongoing scrutiny of Ruil Group's financial practices may accelerate a trend towards compliance and transparency in the private dental sector, as many institutions face similar pressures [10][21].