Core Viewpoint - The company Hujie Dental has faced multiple setbacks in its attempts to go public since 2015, with its latest IPO application in Hong Kong becoming invalid, marking the fourth failed attempt at capital raising [2]. Group 1: Company Background - Hujie Dental began its capital market journey in March 2015 by listing on the New Third Board but voluntarily delisted two years later [2]. - Over the past eight years, the company has made several attempts to go public, including efforts in the ChiNext and Sci-Tech Innovation Board, but has not succeeded [2]. Group 2: Market Position - Hujie Dental's main products include dental impression materials and synthetic resin teeth, with a market share of 17.9% in elastic impression materials and 22.2% in synthetic resin teeth, leading the domestic market [2]. Group 3: Financial Performance - The company exhibits a "high gross margin, low growth" characteristic, with its two main products contributing approximately 60% of total revenue, which is projected to increase from 280 million yuan to 304 million yuan from 2022 to the first three quarters of 2024 [2]. - The gross profit margin for the company was 54.9% in 2022, with sales costs representing 45.1% of total revenue [6]. Group 4: Pricing and Sales Challenges - Hujie Dental's core product prices have stagnated, with synthetic resin teeth priced at 0.9 yuan per piece and the price of invisible orthodontic products decreasing from 3,564 yuan per case in 2022 to 3,212 yuan in 2024 [6][7]. - The company faces significant price pressure due to its invisible orthodontic products being included in bulk procurement programs in several provinces [7]. Group 5: Ownership Structure and Dividend Policy - The ownership structure of Hujie Dental is highly concentrated and family-controlled, with the founder holding 52.56% of shares through an offshore company, and family members controlling over 75% of voting rights [7]. - The company has engaged in substantial dividend payouts, including a one-time dividend of 145 million yuan in January 2025, which is nearly equal to the net profit for 2022-2023 [7][8]. Group 6: Cash Flow and Financial Health - The large dividend distributions have put pressure on Hujie Dental's cash flow, with cash and equivalents at 145 million yuan and short-term borrowings rising to 152 million yuan, indicating a cash shortfall [8]. - The net operating cash flow for the first three quarters of 2024 decreased by 47.7%, highlighting a tightening cash flow situation [8].