来源：金融界 资料显示，皓宸医疗科技股份有限公司位于吉林省吉林市船营区迎宾大路98号，公司主要业务为口腔医 疗服务和实业制造，同时也专注于永磁开关产品的研发和创新。公司于2011年在深圳证券交易所上市， 股票代码002622，并于2021年收购了广东德伦医疗集团有限公司的控股权。 截至3月31日，皓宸医疗股东户数5.4万，人均流通股1.55万股。 2025年1月-3月，皓宸医疗实现营业收入1.43亿元，同比减少12.58%；归属净利润-1221.46万元，同比减 少167.13%。 8月14日，皓宸医疗盘中9.94%涨停，截至11:09，报3.87元/股，成交3.71亿元，换手率12.26%，总市值 32.51亿元。 ...

Group 1 - The company expects a net loss for the period from January 1, 2025, to June 30, 2025, with projected losses ranging from 28 million to 20 million yuan, compared to a profit of 0.5535 million yuan in the same period last year [1] - The expected net profit attributable to shareholders, after deducting non-recurring gains and losses, is projected to be a loss between 26 million and 19 million yuan, compared to a profit of 1.691 million yuan in the previous year [1] - Basic earnings per share are expected to be a loss between 0.0333 yuan and 0.0238 yuan, compared to earnings of 0.0007 yuan per share in the same period last year [1] Group 2 - The performance forecast has not been audited by registered accountants [1] - The decline in performance is attributed to intensified market competition in the oral medical service sector, increased customer acquisition costs, and a decrease in average transaction prices for similar products, leading to reduced profits [1] - Additionally, the company's investment income has decreased due to a decline in the valuation of financial products from its associate, Fushun Bank Co., Ltd., contributing to the overall loss for the first half of 2025 [1]

Group 1 - The Hong Kong IPO market is experiencing a surge, with five companies completing their IPOs on July 9, 2025, marking a significant moment reminiscent of the 2018 tech listing boom [2] - The five companies that went public on the same day include 极智嘉-W, 蓝思科技, FORTIOR, 讯众通信, and 大众口腔, all of which had a successful debut with positive first-day performance [3][4] Group 2 - The first-day performance of the five companies showed gains ranging from 0.22% to 16.02%, with FORTIOR leading at a 16.02% increase, resulting in a market capitalization of approximately 20.8 billion HKD [3] - 蓝思科技 achieved a first-day increase of 9.13%, with a total market value reaching 129.3 billion HKD, while 极智嘉 saw a 5.36% rise, totaling 23 billion HKD in market capitalization [3] - The IPOs were highly sought after, with FORTIOR's public offering receiving 138.26 times subscription, and 蓝思科技's public offering receiving 462.76 times subscription, indicating strong investor interest [3][4] Group 3 - As of July 7, 2025, over 200 companies are in the queue for IPOs in Hong Kong, primarily from the technology, new consumption, and healthcare sectors, reflecting robust market activity [5] - The first half of 2025 saw 44 new listings, a 47% increase from the same period last year, with total fundraising amounting to 1,071 billion HKD, a 699% increase year-on-year [6] - The Hong Kong stock market is expected to maintain its momentum, with projections of around 80 new listings and fundraising between 1,300 billion HKD to 1,500 billion HKD for the entire year [7]

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (Dazhong Dental) was listed on the Hong Kong Stock Exchange, closing at HKD 20.70, with a gain of 3.50% on the first day of trading [1]. Share Issuance and Capital Structure - Dazhong Dental issued a total of 10,861,800 H-shares, with 1,949,500 shares allocated for public offering in Hong Kong and 8,912,300 shares for international offering [2]. - After the listing, the total number of issued shares is 49,379,042 [2]. Pricing and Fundraising - The final offering price was HKD 20.00, raising a total of HKD 217.24 million. After deducting estimated listing expenses of HKD 39.07 million, the net proceeds amounted to HKD 178.17 million [4][5]. Use of Proceeds - The net proceeds will be allocated as follows: - 35.0% (HKD 64.9 million) for establishing new dental medical institutions in Central China - 25.0% (HKD 46.4 million) for acquiring dental medical institutions in Central China - 10.0% (HKD 18.6 million) for upgrading and renovating existing dental medical institutions - 10.0% (HKD 18.6 million) for optimizing information technology infrastructure and systems - 10.0% (HKD 18.6 million) for developing the medical professional team to support the growth of the dental service network - 10.0% (HKD 18.6 million) for working capital and other general corporate purposes [6]. Financial Performance - Dazhong Dental's projected revenues for 2022, 2023, and 2024 are RMB 409.4 million, RMB 441.8 million, and RMB 407.1 million, respectively. The net profits for the same years are projected to be RMB 56.5 million, RMB 67.0 million, and RMB 62.5 million, respectively [7][8]. - Adjusted net profits are expected to be RMB 59.4 million, RMB 70.4 million, and RMB 68.3 million for the years 2022, 2023, and 2024, respectively [8]. Cash Flow - The net cash flow from operating activities for 2022, 2023, and 2024 is projected to be RMB 119.9 million, RMB 149.0 million, and RMB 100.6 million, respectively [9].

Summary of Key Points Core Viewpoint - The recent IPO of Dazhong Dental has attracted significant attention due to its positioning in the healthcare sector, particularly following the success of Baize Medical, which has set a precedent for investor interest in dental services [1]. Group 1: IPO Details - Stock name: Dazhong Dental - Stock code: 02651.HK - Subscription period: June 30 to July 4, with listing on July 9 - Offer price: HKD 20.0 to 21.4 per share - Number of shares per lot: 100 shares, with an entry fee of HKD 2,161.58 - Total fundraising amount: HKD 217 million to 232 million, with a net fundraising amount of approximately HKD 186 million [2][3]. Group 2: Financial Performance - Revenue from dental services is projected to be RMB 409.44 million, RMB 441.84 million, and RMB 407.08 million for 2022, 2023, and 2024 respectively - Net profit for the same years is expected to be RMB 56.5 million, RMB 67.0 million, and RMB 62.5 million, with adjusted net profits of RMB 59.3 million, RMB 70.4 million, and RMB 68.3 million [4][8]. Group 3: Market Position and Competition - Dazhong Dental is a leading private dental service provider in Central China, with a market share of approximately 2.4% in the region and 0.4% in the national private dental service market [9]. - The company operates 77 dental institutions as of January 1, 2022, with plans to increase to 86 by December 31, 2024 [9]. Group 4: Strategic Challenges - The company faces pricing pressure due to intense market competition and centralized procurement policies, leading to a reduction in service prices by 25% to 40% for dental implant services and 15% to 20% for orthodontic services [10]. - A significant number of institutional investors exited prior to the IPO, indicating potential concerns regarding the company's market strategy [10]. Group 5: Fund Utilization - Approximately 35% of the funds raised will be used to establish new dental institutions in Wuhan and other cities in Central China - About 25% will be allocated for acquiring dental institutions, with plans to acquire 40 to 65 institutions over the next five years [11]. - Additional allocations include 10% for upgrading existing facilities, 10% for optimizing IT infrastructure, and 10% for developing the medical professional team [12].

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. plans to launch an IPO between June 30 and July 4, 2025, aiming to issue 10.8618 million H-shares at a price range of HKD 20.0 to 21.4 per share, with trading expected to start on July 9, 2025 [1] Group 1: Company Performance - Dazhong Dental ranked first among private dental service providers in Central China by revenue in 2023, holding a market share of approximately 2.6% [1][2] - Revenue for the years 2022, 2023, and 2024 was CNY 409 million, CNY 442 million, and CNY 407 million, respectively, with net profits of CNY 56.45 million, CNY 67.04 million, and CNY 62.50 million, indicating a decline in both revenue and profit in 2024 [2][3] - The average spending per patient decreased to CNY 544 in 2024, reflecting pressure on customer visits and spending [1][2] Group 2: Service Offerings - The company provides comprehensive dental services, dental implant services, and orthodontic services, with revenue contributions of 51.9%, 28.5%, and 19.6% in 2022, respectively [3][4] - The number of dental institutions operated increased from 77 in January 2022 to 86 by December 2024, with plans to further expand to 92 [2] Group 3: Financial Health - Current assets totaled CNY 202 million, CNY 248 million, and CNY 122 million over the reporting period, while current liabilities were CNY 128 million, CNY 248 million, and CNY 135 million [8] - The net current liabilities increased to CNY 13.45 million in 2024, indicating rising short-term debt pressure [8][9] - The company distributed dividends of CNY 50 million in 2024, following CNY 39 million and CNY 36.6 million in the previous two years, raising market concerns [1][9] Group 4: Compliance Issues - The company faced multiple fines for compliance issues, including failure to establish proper protocols for disinfection and radiation safety, with fines ranging from CNY 900 to CNY 20,000 [10][11][12]

Core Viewpoint - The dental healthcare service industry is experiencing significant growth due to increased awareness of oral health and consumer upgrades, leading to high valuation premiums in the capital market. However, the influx of dental hospitals entering the market has intensified competition, making it less scarce [1]. Company Overview - Dazhong Dental, established in 2007 and based in Wuhan, Hubei, is a leading private dental service provider in Central China, focusing on community-centered dental care [2]. - As of 2024, Dazhong Dental holds the largest market share among private dental service providers in Central China, accounting for approximately 2.4% of the market [2][11]. - The number of Dazhong Dental's facilities has increased from 77 in 2022 to 92 by the end of 2024, including 4 profit-making hospitals and 80 outpatient clinics [2]. Financial Performance - Dazhong Dental's revenue grew from 381 million RMB in 2021 to 442 million RMB in 2023, with net profit increasing from 14.73 million RMB to 67.04 million RMB during the same period [1][2]. - The company's revenue for 2022, 2023, and 2024 was 409.44 million RMB, 441.84 million RMB, and 407.08 million RMB, respectively, while net profits were 56.45 million RMB, 67.04 million RMB, and 62.5 million RMB [3][4]. Market Dynamics - The dental service market in China has shown minimal growth, with the market size increasing from 101.1 billion RMB in 2019 to 101.5 billion RMB in 2023, reflecting a growth rate of less than 1% [7]. - The number of dental institutions in Central China has grown from 14,000 in 2019 to 18,000 in 2023, with a projected compound annual growth rate of 6.0% from 2023 to 2028 [8]. Competitive Landscape - The dental healthcare market is highly competitive and fragmented, with Dazhong Dental's closest competitor holding a market share of approximately 2.4% [11]. - The company plans to open 80 to 100 new facilities and acquire 40 to 65 quality targets over the next five years to expand its market share [12]. Strategic Initiatives - Dazhong Dental aims to enhance its service structure and increase the proportion of high-value services to improve profitability [12]. - The company has demonstrated resilience against industry challenges, including the impact of centralized procurement policies, by optimizing service structures and controlling costs [1][5].

Company Overview - The company, Dazhong Oral (02651), is a private dental service provider focused on the Hubei and Hunan provinces in Central China, operating a growing network of dental services through a direct chain model [1] - It holds the leading position among private dental service providers in Central China, with a market share of approximately 2.4% based on revenue for 2024 [1] Financial Performance - The company's revenue increased from RMB 409 million for the year ending December 31, 2022, to RMB 442 million for the year ending December 31, 2023 [2] - For the year ending December 31, 2024, the revenue is projected to slightly decline to RMB 407 million due to economic recovery challenges and intense competition in the dental service sector [2] IPO Details - The company plans to offer 10.8618 million H-shares globally, with 10% allocated for Hong Kong and 90% for international sales, with a proposed price range of HKD 20.0 to HKD 21.4 per share [1] - Assuming a mid-point offer price of HKD 20.7, the expected net proceeds from the global offering are approximately HKD 186 million [3] - The allocation of the proceeds includes 35% for establishing new dental facilities in Wuhan and other cities, 25% for acquiring dental institutions, and 10% for upgrading existing facilities and IT infrastructure [3]

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange after a previous attempt failed due to an expired prospectus, facing significant challenges in revenue and profit growth amid a competitive market environment [1][2]. Company Overview - Dazhong Dental, founded in 2007, operates a chain of dental service facilities primarily in Hubei and Hunan provinces, focusing on community-centered dental care [1]. - The company is the largest private dental service provider in Central China, operating 92 facilities, including 4 hospitals and 80 clinics, with a market share of approximately 2.6% [1][2]. Financial Performance - Revenue for 2022, 2023, and 2024 was reported at RMB 409.44 million, RMB 441.84 million, and RMB 407.08 million, respectively, indicating a decline in 2024 [2][3]. - Corresponding profits were RMB 56.45 million, RMB 67.04 million, and RMB 62.50 million for the same years, showing a decrease in profitability [2][3]. Revenue Breakdown - The main revenue streams include: - Comprehensive dental services: RMB 217.32 million in 2024, down 8.34% year-on-year - Dental implant services: RMB 115.65 million in 2024, down 5.97% - Orthodontic services: RMB 74.12 million in 2024, a decline from RMB 81.77 million in 2023 [4][5]. Market Challenges - The company faces a challenging market environment with slow post-pandemic economic recovery leading to consumer spending downgrades and intense competition among dental service providers [6]. - Despite an increase in patient visits for dental implants and orthodontics, the overall patient visits decreased significantly, indicating customer retention issues [6][7]. Operational Insights - Dazhong Dental has implemented measures to enhance operational efficiency and maintain a stable dental team, with a retention rate of over 90% for dentists with more than three years of service [6]. - The company plans to expand aggressively by opening 80-100 new facilities and acquiring 40-65 medical institutions over the next five years [8]. Investment and Financial Strain - The company has experienced significant cash flow pressure due to a buyback of shares from original investors and high dividend payouts, which have raised concerns about its long-term financial health [9][10]. - The cash and cash equivalents dropped from RMB 227 million at the end of 2023 to RMB 95 million in 2024, highlighting liquidity challenges [10]. Regulatory Issues - Dazhong Dental has faced multiple regulatory penalties related to compliance issues, including unauthorized use of medical equipment and inadequate adherence to sterilization protocols [10].

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. is set to go public on the Hong Kong Stock Exchange, with Haitong International as its sole sponsor [1] Company Overview - Dazhong Dental is a private dental service provider focusing on Hubei and Hunan provinces, operating a growing network of dental services through a direct chain model [4] - The company holds the largest market share in the private dental service sector in Central China, accounting for approximately 2.4% of the market by revenue in 2024 [4] Business Expansion - The number of operational dental institutions increased from 77 as of January 1, 2022, to 86 by December 31, 2024, and is projected to reach 92 by June 21, 2025 [5] - The dental institutions include 4 profit-making dental hospitals, 80 profit-making dental clinics, and 8 profit-making dental practices across 8 cities in Hubei and Hunan [5] Brand Strategy - All dental institutions operate under the unified brand name "Aishang Dazhong Dental," ensuring a cohesive and strong brand image across multiple regions [5] Partner Program - The company has a partner program aimed at experienced medical professionals, which supports network expansion and maintains team stability [5][7] - As of December 31, 2024, the program has seen 37 dentists become minority shareholders in the company's dental institutions [5] Workforce and Retention - The company employs a stable and extensive team of 280 dentists as of December 31, 2024, with retention rates for dentists exceeding three years at approximately 90% [7] Service Offerings - Dazhong Dental provides comprehensive dental services, including general dentistry, dental implants, and orthodontics, catering to clients of all ages [8] Financial Performance - Revenue figures for the years 2022, 2023, and 2024 were approximately CNY 409.4 million, CNY 441.8 million, and CNY 407.1 million, respectively [8][9] - Net profits for the same years were CNY 56.5 million, CNY 67.0 million, and CNY 62.5 million, respectively [8][9]