六闯资本市场市场，一颗“银牙”的供应商“疑云”

Core Viewpoint - The dental medical industry, particularly in the field of dental materials, is facing challenges that have led to a reassessment of its investment value, as evidenced by the struggles of companies like Shandong Hujie Dental Materials Co., Ltd. (Hujie Dental) in their attempts to go public and the overall decline in stock prices of listed companies in the sector [1][4]. Group 1: Company Performance - Hujie Dental's revenue for 2022 was 280 million RMB, with a growth of 37.98% in 2023, but only 6.58% in the first three quarters of 2024, indicating a slowdown [4]. - The company's net profit for the same periods was 64 million RMB in 2022, 88 million RMB in 2023, and 78 million RMB in the first three quarters of 2024, showing a growth of 27.69% and 13.66% respectively [4]. - The main products contributing to over 60% of Hujie Dental's revenue include elastic impression materials and synthetic resin teeth, which have seen limited growth due to market pressures [3][4]. Group 2: Market Challenges - The dental medical industry has been impacted by centralized procurement policies, leading to a significant drop in prices for dental implants and affecting the sales of synthetic resin teeth, which only grew by 0.56% in the first three quarters of 2024 [2][4]. - Hujie Dental's orthodontic business has not performed well, with revenues nearly unchanged from 2021 and a decline of 3% in the first three quarters of 2024, facing intense competition from established and emerging players [2][3]. Group 3: Financial Strategy and Concerns - Hujie Dental's decision to distribute a dividend of 161 million RMB prior to its IPO application raised concerns about its financial health, as this amount exceeded its cash and cash equivalents of 116 million RMB at the end of the third quarter of 2024 [6][7]. - The company has struggled with overseas market expansion, with revenues dropping significantly after 2019 and not yet recovering to previous levels [4][5]. Group 4: Supplier Relationships and Transparency Issues - Hujie Dental has faced scrutiny regarding its supplier relationships, particularly with its fifth-largest supplier, which has a very small workforce yet provides significant materials, raising questions about the legitimacy of these transactions [9][10]. - The lack of disclosure regarding key suppliers in its IPO application has led to concerns about transparency and potential conflicts of interest, particularly with connections to past shareholders [7][11].