这家公司连续六年亏损！口腔医疗“内卷”加剧，跨界整合遭遇“成长烦恼”

Core Viewpoint - Haocen Medical Technology Co., Ltd. is expected to report a significant decline in revenue and increased losses for the fiscal year 2025, primarily due to intensified competition in the dental medical services sector and asset impairment provisions [2][4]. Financial Performance - The projected revenue for 2025 is between 650 million to 750 million yuan, representing a year-on-year decline of approximately 13% to 25% from 862 million yuan in the previous year [2][3]. - The net profit attributable to shareholders is expected to be a loss of 70 million to 140 million yuan, compared to a loss of 37.69 million yuan in the same period last year [2][3]. - The net profit after excluding non-recurring gains and losses is projected to be a loss of 65 million to 130 million yuan, compared to a loss of 23.88 million yuan in the previous year [2][3]. Reasons for Losses - The company attributes its performance decline to two main factors: pressure on the dental medical services business and asset impairment provisions [4]. - The dental medical services sector is facing increased competition, leading to higher customer acquisition costs and a significant drop in average transaction prices, which has severely impacted profitability [4]. - The company has conducted impairment tests on relevant assets, resulting in provisions for goodwill impairment and long-term equity investment impairment, which have negatively affected current profits [4]. Acquisition and Goodwill - The goodwill primarily stems from the acquisition of Guangdong Delun Medical Group, which was a strategic move to enter the dental medical services sector [5][6]. - The acquisition, completed in November 2021 for a total consideration of 246 million yuan for a 51% stake, aimed to create a dual business model of "dental medical services + industrial manufacturing" [5][6]. - However, Delun Medical has failed to meet its performance commitments for two consecutive years, triggering compensation obligations for the company [7]. Debt and Legal Issues - The company is facing significant debt risks, with a total debt amounting to approximately 181 million yuan, including principal and interest from a bank loan initiated in 2020 [14]. - Legal actions have been initiated by creditors, including a lawsuit to reverse the transfer of a controlling stake in Delun Medical, which has led to the freezing of key assets [15][16]. - The company has proposed various debt restructuring options to address its financial challenges [16]. Control Change - In November 2025, the company announced a significant change in control, moving away from the "Zhongzhi system" due to unresolved obligations, resulting in a lack of actual control [16]. - This change has raised concerns about strategic stability and decision-making efficiency, as the company now operates without a clear controlling entity [17].