现代牙科(03600)发布公告，截至2025年9月30日止9个月，在牙科行业数码化趋势持续的支持下，本集 团的多维度策略及持续提升的营运效率及生产力，使其于本期间的收益创下纪录新高。宏观经济环境充 满挑战，牙科手术的需求普遍疲弱，且贸易战存在不确定性，然而仍然创下纪录。本集团利用位于泰 国、越南及中国内地的国际生产设施，积极应对前所未有的国际贸易环境。 中国大陆市场面临带量采购政策及长期激烈价格竞争的阻力。此举亦导致中国内地诊所积极于香港推广 种植牙治疗(香港患者就诊人数明显减少)。集团有意摆脱低利润率的市场，转而专注于服务中高价值客 户，确保集团业务的长期可持续盈利能力。 澳洲的收益取得升幅反映了牙科行业数码化趋势推动的新数码产品的强劲成长。 其他业务收益的成长主要来自2025年1月收购Hexa Ceram对泰国市场的销售贡献。Hexa Ceram的销售及 分销网络为集团提供了在泰国的广泛客户群，集团期内专注于进一步扩大和补充其产品供应、分销及销 售网络。 截至2025年9月30日止9个月，本集团的销量总数增加约29.5%至约211.5万件(截至2024年9月30日止9个 月：约163.3万件)。不包括截至 ...

Core Viewpoint - Modern Dental (03600) anticipates revenue growth for the first half of 2025, driven by natural growth and the acquisition of Hexa Ceram, with significant increases in EBITDA and net profit expected [1][2] Group 1: Financial Projections - The expected revenue for the first half of 2025 is projected to be between HKD 1.775 billion and HKD 1.85 billion, representing an increase of approximately 4.3% to 8.7% compared to HKD 1.702 billion in the first half of 2024 [1] - The anticipated EBITDA for the first half of 2025 is expected to range from HKD 430 million to HKD 470 million, which is an increase of approximately 14.5% to 25.1% from HKD 376 million in the first half of 2024 [1] - The projected net profit for the first half of 2025 is expected to be between HKD 279 million and HKD 295 million, marking an increase of approximately 30.1% to 37.6% from HKD 214 million in the first half of 2024 [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the company's ongoing natural growth, particularly in Europe and Australia [1] - The increase in EBITDA and net profit is also due to the higher proportion of digital solution cases leading to improved operational efficiency [2] - Favorable exchange rate movements, including the appreciation of the Euro and Australian Dollar against the Renminbi and Hong Kong Dollar during the period from January to June 2025, have contributed positively [2] - The acquisition of Hexa Ceram, Thailand's largest dental laboratory, has accelerated growth [1][2]

Core Viewpoint - Modern Dental (03600) anticipates a significant increase in profit for the first half of 2025, projecting net profit between HKD 279 million and HKD 295 million, representing a year-on-year increase of approximately 30.1% to 37.6% [1] Group 1: Financial Projections - The expected revenue for the first half of 2025 is projected to be between HKD 1.775 billion and HKD 1.85 billion, an increase of approximately 4.3% to 8.7% compared to HKD 1.702 billion in the first half of 2024 [1] - The EBITDA for the first half of 2025 is expected to range from HKD 430 million to HKD 470 million, reflecting an increase of approximately 14.5% to 25.1% from HKD 376 million in the first half of 2024 [1] - The net profit for the first half of 2025 is projected to be between HKD 279 million and HKD 295 million, which is an increase of approximately 30.1% to 37.6% from HKD 214 million in the first half of 2024 [1] Group 2: Growth Drivers - The increase in revenue is primarily attributed to the company's ongoing organic growth, particularly in Europe and Australia, and is accelerated by the acquisition of Thailand's largest dental laboratory, Hexa Ceram Company Limited, completed in January 2025 [2] - The growth in EBITDA and net profit is driven by several factors: (i) an increase in the proportion of digital solution cases leading to improved operational efficiency; (ii) favorable exchange rate movements during the period from January to June 2025, including the appreciation of the Euro and Australian Dollar against the Renminbi and Hong Kong Dollar; and (iii) the acquisition of Hexa Ceram [2]

Core Viewpoint - Modern Dental Group (03600.HK) anticipates revenue growth for the first half of 2025, driven by natural growth and the acquisition of Hexa Ceram, with significant increases in EBITDA and net profit expected [1][2] Group 1: Financial Projections - The expected revenue for the first half of 2025 is between HKD 17.75 billion and HKD 18.5 billion, representing an increase of approximately 4.3% to 8.7% compared to the first half of 2024 [1] - The projected EBITDA for the first half of 2025 is between HKD 4.3 billion and HKD 4.7 billion, indicating an increase of approximately 14.5% to 25.1% from the first half of 2024 [1] - The anticipated net profit for the first half of 2025 is between HKD 2.79 billion and HKD 2.95 billion, reflecting an increase of approximately 30.1% to 37.6% compared to the first half of 2024 [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the company's ongoing natural growth, particularly in Europe and Australia, and is accelerated by the acquisition of Hexa Ceram, Thailand's largest dental laboratory [2] - The increase in EBITDA and net profit is driven by several factors, including a higher proportion of digital solution cases leading to improved operational efficiency [2] - Favorable currency fluctuations, particularly the appreciation of the Euro and Australian Dollar against the Renminbi and Hong Kong Dollar, have also contributed to the financial improvements [2]

Core Insights - Modern Dental (03600.HK) is actively implementing multi-dimensional strategies to capture market opportunities and increase sales despite a challenging macroeconomic environment [1] - The acquisition of Thailand's largest dental laboratory, Hexa Ceram Company Limited, is expected to enhance the company's product offerings and market coverage, allowing it to outperform domestic and international competitors [1] - The company is leveraging its production facilities in Thailand, Vietnam, and Dongguan to demonstrate resilience in an uncertain international trade environment and capitalize on global digitalization trends [1] Financial Performance - For the three months ending March 31, 2025, the total revenue of the group was approximately HKD 881.11 million, representing an increase of about 5.3% compared to HKD 837.00 million for the same period in 2024 [1] - The total sales volume increased by approximately 26.6% to about 672,000 units for the three months ending March 31, 2025, compared to approximately 531,000 units for the same period in 2024 [2] - Excluding sales from Hexa Ceram, the group's sales volume increased by about 0.9% to approximately 536,000 units, while excluding Micro Dental and Hexa Ceram, the sales volume rose by about 2.1% to approximately 479,000 units [2] Digital Solutions - The contribution from Hexa Ceram included approximately 14,298 cases of digital solutions, with the total number of digital solution cases produced in China, Thailand, and Vietnam increasing to about 223,587 cases, a rise of 28.4% compared to approximately 174,193 cases in the same period of 2024 [2] - The increase in digital solution cases is attributed to more customers adopting intraoral scanners [2]