近年来，国内口腔CBCT市场迎来大爆发，尤其是随着国产化率迅速提升，更多具有价格优势的产品进入 市场，渗透率快速增长，在许多中小型民营口腔医疗机构，CBCT也已成为标配。 然而，在一轮疯狂增长后，以价格战为核心的行业危机逐渐浮现：CBCT企业陷入经营困境，下游口腔医 疗机构日常诊疗受到影响，上游核心零部件供应商面临坏账风险……连锁反应接踵而至，全产业链寻求突 破口已迫在眉睫。 产品扎堆，陷入价格厮杀 截至目前，国内处于有效期的CBCT注册证共85张，其中国产占比达60%。 国内口腔医疗领域引入CBCT技术的初期，进口设备占据市场主导地位，售价普遍较高，这一时期内，具 备购买能力的主要是那些资金较为充裕的口腔专科医院、大型综合医院的口腔科，民营口腔门诊设备购置 预算有限，仍然主要依靠牙片机等传统影像设备开展诊疗。 随着国产CBCT的崛起，进口品牌的价格垄断被逐步打破。国产设备不仅具备显著的价格优势，依托产地 优势还能提供本土化的售后服务。因此，越来越多民营口腔门诊开始引进国产CBCT，以替换原有的传统 影像设备；同时，更多中小型机构也逐步具备了配置CBCT的条件。 另一方面，国内口腔医疗市场规模持续扩大、民营口 ...

Core Viewpoint - Meiya Optoelectronics is enhancing its competitiveness by investing in a new intelligent coating and sheet metal production base, with a total investment of 185 million yuan, aimed at increasing production capacity and transitioning towards high-end, intelligent, and green manufacturing [2][4]. Investment and Expansion - The new project will add a production capacity of 10,000 sets per year in coating, sheet metal, and machining [4]. - The project is expected to start construction in June 2025 and be completed by December 2026, with production gradually commencing in the first half of 2027 [4]. Business Focus and Product Lines - Meiya Optoelectronics specializes in optical identification equipment, focusing on three main sectors: food safety, healthcare, and renewable resources, with key products including color sorters, X-ray foreign object detectors, and dental CBCT [3][6]. - The company has established high-level innovation platforms and has undertaken over 30 national and provincial major scientific projects [5]. Financial Performance - In 2024, Meiya Optoelectronics reported a revenue of 2.311 billion yuan, a decrease of 4.73% year-on-year, and a net profit of 649 million yuan, down 12.84% [6][7]. - The revenue from color sorters, X-ray industrial detectors, and medical devices was 1.622 billion yuan, 149 million yuan, and 503 million yuan respectively, with significant declines in the latter two categories [7]. Research and Development - The R&D expense rates for 2022 to Q1 2025 were 5.79%, 6.13%, 6.90%, and 7.40%, respectively, indicating a consistent increase in investment in innovation [5]. - The company holds 158 valid invention patents, 205 utility model patents, and 47 design patents as of the end of 2024 [5]. Financial Health - As of Q1 2025, Meiya Optoelectronics had cash and cash equivalents of 1.474 billion yuan and trading financial assets of 452 million yuan, totaling 1.926 billion yuan, with no short-term or long-term debt [8]. - The company's asset-liability ratio has decreased for three consecutive years, reaching 14.09% by the end of Q1 2025 [8].

Industry Overview - The dental medical equipment industry is experiencing rapid growth in China, driven by an aging population and increasing disposable income, leading to heightened awareness of oral health [1][8] - The market size for dental medical equipment in China is projected to grow from 22.3 billion yuan in 2020 to 41.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.59% [1][8] - The global dental medical equipment market is also expanding, expected to increase from 14.6 billion USD in 2020 to 20.7 billion USD in 2024, with a CAGR of 9.12% [6] Market Dynamics - The demand for dental medical services is rising, leading to a robust growth phase for the dental equipment market in China [1][8] - The domestic market for dental medical equipment is forecasted to reach 47.9 billion yuan by 2025 [1][8] - The domestic CBCT (Cone Beam Computed Tomography) market is becoming a focal point, with the localization rate expected to rise from 16.3% in 2020 to 56.44% in 2024 [10][18] Competitive Landscape - Major players in the Chinese dental medical equipment market include Xinhua Medical, Meiya Optoelectronics, Times Angel, and Kangzhong Medical [2][12] - The industry is currently reliant on imports for 90% of its dental equipment, particularly in the mid-to-high-end segments, but there is a significant opportunity for domestic companies to replace imports [12][18] - Key products from leading companies include CBCT systems, dental sterilization equipment, and implant devices [14][16] Development Trends - There is a notable acceleration in domestic replacement and technological breakthroughs, particularly in CBCT, with expectations for further advancements in high-end sectors [18] - The integration of digital and intelligent technologies is transforming the dental medical equipment industry, enhancing diagnostic efficiency and patient experience [19] - The market is witnessing a segmentation in demand, with older populations driving the need for dental implants and younger consumers pushing for aesthetic treatments like invisible orthodontics [20]