Workflow
无托槽隐形正畸矫治器
icon
Search documents
沪鸽口腔招股书解读:营收两年增长39.4%,利润增长44.3%背后的隐忧
Xin Lang Cai Jing· 2025-08-19 00:29
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].
换了四任保荐机构!五次备案!现在中金出马,沪鸽IPO这回能成功吗?
IPO日报· 2025-02-25 11:15
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 ...