Core Viewpoint - The company, Aidi Te (301580), has reported significant growth in its 3D printing business this year, which is still in the ramp-up phase, indicating a promising future for its technology and products in the dental treatment sector [1] Group 1: 3D Printing Business - The 3D printing additive manufacturing technology is gradually maturing and is seen as a core technology for achieving efficient, high-precision, and low-cost dental treatment [1] - The company is focusing on large clients in mature markets like Europe and the United States, where its strategy has become well-established [1] - In emerging markets such as South America, Russian-speaking regions, and the Middle East, the company is emphasizing channel empowerment and working with partners to effectively cover and serve local target customers [1] Group 2: Market Strategy - The company has a systematic coverage strategy for reaching different market levels, ensuring comprehensive market penetration [1]

Core Viewpoint - The company, Aidi Te (爱迪特), is experiencing significant growth in its 3D printing business, which is still in the ramp-up phase, and aims to leverage this technology to enhance sales of its implant and repair products [1] Group 1 - The 3D printing technology and products are expected to create synergies with the sales of implant and repair products [1] - The company's additive manufacturing technology for 3D printing is gradually maturing [1] - This technology is seen as a core component for achieving an efficient, high-precision, and low-cost closed-loop dental treatment system in the future [1]

Core Insights - The company reported a revenue of 2.87 billion in 2024, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 500 million, a year-on-year increase of 0.2% [1] - In Q1 2025, the company achieved a revenue of 740 million, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 180 million, a year-on-year increase of 6.2% [1] Revenue Breakdown - The revenue from planting reached 530 million, accounting for 19.4% of total revenue, with a year-on-year increase of 10.6% [1] - Orthodontics generated revenue of 470 million, accounting for 17.3% of total revenue, with a year-on-year decrease of 5.1% [1] - Pediatric services generated revenue of 500 million, accounting for 18.3% of total revenue, with a year-on-year increase of 0.3% [1] - Restoration services generated revenue of 460 million, accounting for 16.9% of total revenue, with a year-on-year increase of 1.5% [1] - Comprehensive services generated revenue of 760 million, accounting for 28.0% of total revenue, with a year-on-year increase of 1.3% [1] Profitability Metrics - The overall gross margin for medical services in 2024 was 39.3%, reflecting a decline of 0.09 percentage points compared to 2023 due to factors such as centralized procurement of dental implants and consumer downgrade [1] Expense Management - The company maintained good control over expense ratios, with a 2024 expense ratio of 15.8%, an increase of 0.2 percentage points year-on-year [2] - In Q1 2025, the expense ratio was 13.5%, with a sales expense ratio of 0.9%, management expense ratio of 9.8%, R&D expense ratio of 1.6%, and financial expense ratio of 1.2% [2] - The company has implemented various digital operations and AI technologies to enhance overall operational efficiency [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 1.13, 1.20, and 1.28 respectively [3]