从新三板摘牌，到多次闯关A股折戟，再到如今转战港股，沪鸽口腔的上市之路堪称坎坷。 星标 ★ IPO日报 精彩文章第一时间推送 2026年2月27日，港交所披露了Huge Dental Limited（山东沪鸽口腔医疗集团有限公司，下称"沪鸽口腔"）更新后的招股书，这已是这家成立近二十 年的口腔材料企业第三次向港股主板发起冲刺。联席保荐人为中金公司与星展银行。 张力制图 突击分红 据悉，沪鸽口腔成立于2006年11月。招股书显示，按2024年销售收入计，公司是中国最大的口腔印模制取材料制造商，亦为中国最大的口腔临床类材料制 造商之一。 公司于2015年挂牌新三板，2017年从新三板摘牌后，公司便开启了长达数年的A股IPO征程，其于2017年、2019年、2020年、2022年、2023年先后与招商 证券、海通证券、中原证券、国金证券等多家券商签署辅导协议，目标板块在创业板与科创板之间切换，但均以终止告终。 其中，在2021年冲刺创业板时，公司的历史问题被监管重点关注，深交所的问询函揭示了其在新三板期间存在的股权代持与财务内控不规范等问 题。 而公司盈利能力的恶化似乎更为明显。财务数据显示，公司同期净利润分别为0 ...

Core Insights - The company aims to break the foreign monopoly in the dental clinical and technician product market, which has been dominated by foreign brands holding approximately 70% market share. The company has developed products that meet international standards and is expected to rank first in sales revenue by 2024 [1][3]. Business Model and Sales Network - The company has established a strong sales network domestically through a wide range of distributors and dental technician networks, while internationally, its products are certified in over 60 countries, with key markets including Europe, the USA, and Southeast Asia [2]. Revenue and Profit Trends - The company experienced robust revenue growth from 2022 to 2024, with revenue increasing from 280 million yuan in 2022 to 358 million yuan in 2023 (up 27.7%), and further to 399 million yuan in 2024 (up 11.7%) [3][4]. - The pre-tax profit also showed a growth trend, rising from 77 million yuan in 2022 to 106 million yuan in 2023 (up 37.8%), and further to 111 million yuan in 2024 (up 4.7%) [5][6]. Gross Margin Analysis - The overall gross margin remained relatively stable from 2022 to 2024, with figures of 47.6% in 2022, 49.4% in 2023, and 49.7% in 2024. However, there are differences in gross margins across various product categories [7][8]. Net Margin Insights - The net profit margin followed a similar growth trend, with net margins of approximately 27.4% in 2022, 29.6% in 2023, and a slight decrease to 27.7% in 2024, indicating potential impacts from cost control and market competition [9][10]. Revenue Composition - Key products such as elastic impression materials, composite resin teeth, temporary crown and bridge resin blocks, and clear aligners contributed significantly to revenue, with elastic impression materials accounting for nearly 40% of total revenue during the reporting period [11][12]. Competitive Landscape - The company holds a leading position in the market for certain products, ranking first in China for elastic impression materials and composite resin teeth by 2024. However, the overall market remains highly competitive, necessitating continuous improvement in R&D, production, and sales capabilities [16][17]. Customer Concentration Risks - The company faces significant revenue impacts from fluctuations in orders from American clients, highlighting a high dependency on certain customers. There is a need to diversify the customer base to mitigate risks associated with customer concentration [18][19].

星标 ★ IPO日报 精彩文章第一时间推送 五次闯关A股未果，最终选择了前往港交所，赌一个上市可能。 这就是近日申请在港交所主板上市的口腔材料公司Huge Dental Limited（下称"沪鸽"）。 作为医疗服务行业俗语"金眼银牙铜骨头"中"银牙"产业链上游的知名公司，沪鸽为何屡屡登不上A股的舞台？是沪鸽的竞争力不 强吗？ 最早，沪鸽于2015年4月在新三板挂牌，后在2017年6月摘牌。 从2017年开始，沪鸽和招商证券签署辅导协议，开启了辅导之路，拟申请创业板上市，直到2019年1月以双方终止协议为终点。 2019年底，沪鸽和海通证券签署辅导协议，谋求科创板上市。然而不到一年，沪鸽和海通证券分道扬镳，转身和中原证券"牵 手"，希望奔向上市的幸福彼岸。 2021年12月，沪鸽申请创业板IPO受理，接受一轮问询，随后又于2022年8月申请终止上市。 2022年9月，沪鸽上市辅导再次进行了备案，辅导机构为中原证券，随后则因撤回辅导备案而终止。 2023年8月，沪鸽再次备案开启上市辅导，辅导机构为国金证券，最终未有成果。 制图：佘诗婕 四任保荐机构，五次备案，历经六年 港交所官网披露，沪鸽已递表港交所，申请主板 ...