2023 Annual Reports of Listed Oral Healthcare Companies Conclude: Multiple Firms Report Net Profits Exceeding RMB 100 Million

May 07, 2024 08:00 CST Updated 08:00

Yunnan Baiyao

Pharmaceutical Manufacturers and Distributors

C-MER Medical

Ophthalmology Medical Chain Institution

Whole Shine

Permanent Magnet Switch Products and Oral Healthcare Service Provider

ZH-BIO

Developer of Regenerative Medical Biomaterials

Shining 3d

Developer of High-Precision 3D Vision Software and Hardware

Meyer

Developer of Core Technologies and Products for Intelligent Recognition

Text | "Dental Observation" Grain in Ear Data Comprehensive Arrangement

Introduction

According to regulations, the deadline for annual report disclosure of listed companies is April 30. Based on publicly available information, the "Oral Observation" new media has compiled and organized the 2023 annual reports of listed dental enterprises (including those involved in the dental field). The performances varied. What hotspots, changes, and trends in the industry can be observed from these reports?

"Oral Observation" follows the annual惯例 to provide industry practitioners with key insights into the dental sector: multiple companies report revenues and net profits exceeding 100 million yuan, the dental medical services market sees an average annual revenue growth of over 30%, and innovative enterprises demonstrate outstanding performance.

Who makes the most money?

Net Profit of Multiple Companies Exceeds 100 Million Yuan

A group of leading companies in oral care, dental 3D printing, oral imaging, denture processing, oral regenerative materials, and orthodontics have achieved remarkable results. Leveraging the scale effect, technological innovation, product iteration, matrix improvement, or business expansion, they have reported net profits exceeding 100 million yuan.

In the field of oral care, Yunnan Baiyao and DENCARE(CHONGQING)ORAL CARE CO.,LTD, two time-honored brands, continue to dominate the high-end toothpaste market.The financial report shows,Yunnan Baiyao achieved a total operating revenue of 39.111 billion yuan in 2023, representing a year-on-year increase of 7.19%; net profit attributable to shareholders was 4.094 billion yuan, up 36.41% year-on-year; non-recurring net profit was 3.764 billion yuan, an increase of 16.45% year-on-year. The health products business group, with toothpaste as its core category, generated a revenue of 6.422 billion yuan in 2023, marking a year-on-year growth of 6.50%. In the oral care sector, Yunnan Baiyao toothpaste maintained the top market share in China at 24.60% (Data source: Nielsen Retail Research Data YTD2312).

DENCARE(CHONGQING)ORAL CARE CO.,LTD Achieves Full-Year Revenue of 1.376 Billion Yuan in 202, a Year-on-Year Increase of 4.76%. Net Profit Attributable to Shareholders of the Listed Company Reaches 141 Million Yuan, a Year-on-Year Growth of 4.97%. In 2023, the Offline Retail Market Share of Cold Acid Spirit Toothpaste Increased to 8.04%, Firmly Ranking Fourth in the Industry, While the Offline Retail Market Share of Cold Acid Spirit Toothbrushes Grew Against the Trend to 5.29%. The Company Also Expanded Into New Oral Care Categories Such as Mouthwash, Dental Floss, Electric Toothbrushes, and Water Flossers.

As a representative of regenerative medicine enterprises, ZH-BIO (300653.SZ) achieved revenue of approximately 414 million yuan in 2023, with a net profit attributable to shareholders of the listed company of about 191 million yuan, representing a year-on-year increase of 2.98%. The net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was approximately 168 million yuan, marking a year-on-year decrease of 2.71%. Sales revenue from oral repair membrane products reached 199 million yuan, showing a year-on-year decrease of 3.87%.

Top Choice Medical Investment Co.,inc. 2023 Company Revenue Approximately 2.847 Billion Yuan, a Year-on-Year Increase of 4.7%; Net Profit Attributable to Shareholders Approximately 500 Million Yuan, a Year-on-Year Decrease of 8.72%; Net Cash Flow from Operating Activities 840 Million Yuan, a Year-on-Year Increase of 25.36%.

In the field of denture processing,Modern Dental's Revenue in 2023 Reached HKD 3.172 Billion, with an 82.35% Year-on-Year Increase; Annual Net Profit at HKD 402.177 Million. Over 60% of Dentures Worldwide Are Produced in China, with More Than 4,000 Denture Processing Enterprises in the Country. Modern Dental Continues to Lead in Competition.

The First Stock of Chinese Orthodontics - Times Angel, a Hong Kong Stock Exchange listed company, released its 2023 annual report. The revenue reached 1.476 billion yuan, increasing by 16.2% year-on-year. The gross profit amounted to 921 million yuan, growing by 17.19% year-on-year. The net profit attributable to the parent company was 54 million yuan, decreasing by 74.99% year-on-year. The adjusted profit of domestic business reached 256 million yuan, increasing by 29.9% year-on-year.

Hangzhou SHINING3D Dental Technology Co., Ltd., a prominent player in the dental industry, focuses on the research, development, production, and sales of high-precision 3D scanning and digital dental equipment and software. In 2023, the company reported revenue of 1.018 billion yuan, representing a year-on-year increase of 32.56%, with a net profit of 142 million yuan, marking a staggering year-on-year growth of 622.50%. The revenue growth was primarily driven by the rapid increase in 3D scanner sales. The company successfully completed R&D and launched new products in the high-precision industrial 3D scanning sector, including a three-laser-head 3D scanner capable of marker-free stitching. In the digital dentistry field, it introduced wireless intraoral 3D scanners and facial 3D scanners. International business maintained rapid growth, with the company’s products sold in over 100 countries and regions worldwide. In 2023, overseas revenue reached 615.6471 million yuan, accounting for 60.47% of total revenue.

Hefei Meiya Optoelectronic Technology Inc. 2023 total revenue reached 2.425 billion yuan, a year-on-year increase of 14.55%, with a net profit of 745 million yuan, a year-on-year increase of 2.02%. In terms of R&D achievements, high-end seated oral CBCT, Pure-Detail image enhancement technology, and other products have expanded the product portfolio in the oral field, continuing to focus on the domestic substitution market in China. The sales volume of oral-related equipment in the domestic market exceeded 4,000 units, and the export of medical devices overseas in 2023 reached hundreds of units.

Shandong Sinocera Functional Material Co.,Ltd. achieved an operating income of 3.859 billion yuan in 2023, representing a year-on-year increase of 21.86%, and a net profit attributable to shareholders of 569 million yuan, marking a year-on-year growth of 14.50%.Including its wholly-owned subsidiary, Shenzhen Ailichuang Technology Co., Ltd.Operating revenue in 2023 was 606 million yuan, an increase of 14.73%, and net profit was 94.0795 million yuan, an increase of 13.8%.

Giant SHINVA MEDICAL INSTRUMENT CO.,LTD.In 2023, the company achieved a revenue of 10.012 billion yuan, representing a year-on-year increase of 7.87%.; Achieved a net profit attributable to shareholders of the listed company of 654 million yuan, representing a year-on-year increase of 30.78%.

Dental Medical Service Market:

Annual revenue growth exceeds 30% on average

As a key player in China's oral healthcare market, the listed dental enterprises in 2023 demonstrated a coexistence of slight growth and rapid expansion. This sufficiently proves that, against the backdrop of continued growth in demand for oral healthcare services following policy adjustments and self-regulation within the industry, the operational strategies of various oral healthcare institutions have led to diverse market effects and regional characteristics in the oral healthcare market.

New Third Board Lantian Stomatology (GuangxiBlue Sky Stomatological Hospital Group Co., Ltd. achieved a revenue of 282 million yuan in 2023, representing a year-on-year increase of 39.37%, and a net profit of 26.3465 million yuan, marking an 86.32% year-on-year growth.

NEEQ: Keen Stomatological (Dezhou Keen Stomatological Hospital Co., Ltd.) 2023 revenue reached 425 million yuan, a year-on-year increase of 30.71%, with a net profit of 20.051 million yuan, a year-on-year increase of 8.40%.

Chengdu Huamei Dental Chain Co.,Ltd. (New Third Board: Huamei Dental) Reported Full-Year 2023 Net Profit of RMB 2.07 Million, Turning Loss into Profit; Revenue Reached RMB 105 Million, Up 13.20% Year-on-Year. Net Profit was RMB 2.07 Million, Turning Loss into Profit from a Loss of RMB 167,500 in the Same Period Last Year.

HAMONY LONG (Heng Lun Stomatology Medical Technology Group Co., Ltd.) reported revenue of 432 million yuan in 2023, a year-on-year increase of 23.25%, and a net profit of 28.6918 million yuan, turning losses into profits compared to a loss of 32.5537 million yuan in the same period last year.

Huachi Dental Chain Medical Institutions (Shanghai Huachi Stomatology Hospital Investment Management Co., Ltd.) reported revenue of 248 million yuan in 2023, an increase of 38.98%; gross margin was 48.27%, up 3.51% from 2022. Net profit attributable to shareholders was 17.4184 million yuan, a decrease of 0.60%.

In 2023, HAMONY LONG's revenue reached 30.4607 million yuan, a year-on-year increase of 34.78%, with a net loss of 188,000 yuan, representing a year-on-year reduction in loss of 69.28%.

C-MER Medical's core business revenue reached HKD 1.9 billion, representing a year-on-year increase of 32.9%. Profit attributable to shareholders turned from loss to profit, hitting a new high since its listing at HKD 62 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to HKD 340 million, up by 52.7% year-on-year, while net operating cash flow reached HKD 360 million, marking a 125% year-on-year growth.Mainland Dentistry (i.e., C-MER Aikangjian Dental Group) reported revenue of 380 million Hong Kong dollars, a year-on-year increase of 208%. After merging with C-MER, Aikangjian has shown significant improvements in quality and efficiency, with average annual revenue per dental chair reaching 1.75 million Hong Kong dollars in 2023.

RongYu Group Co., Ltd.2023Annual Revenue7.57100 million yuan,An increase of 51.15% year-on-year; net profit -94.3651 million yuan, compared with a loss of 257 million yuan in the same period last year, showing a year-on-year reduction in losses. Among themRevenue from oral medical services increased significantly。

According to the above statistics, the annual revenue growth of its oral medical service market exceeds 30%.

Long-termism:

Industry Resilience and Innovation-Driven Growth

Noticed by "Dental Observation," a phenomenon is that many listed companies have more than 20 years of corporate development history. They also represent a vivid history of China's dental capital market.

Among these, there have been fluctuations, slowdowns, increased revenue with decreased profits, or even negative growth, among other varied situations. However, we have also witnessed the resilience of China's dental market. The heightened awareness of oral health among the Chinese population has unleashed tremendous demand, propelling the entire dental industry chain into a phase of remarkable development.

From treatment to the concept innovation of comprehensive oral health management, digital transformation, iteration of product and equipment technology, and diversified demands, China's oral industry is ushering in an opportunity period for high-quality development.

It was also noted that the profits of many listed dental enterprises have started to enter an era of meager profits compared to before. Some emerging innovative companies achieved high-speed dual growth in revenue and profits, with their significantly improved performance becoming a bright spot in China's oral market.

Adhering to the Long-term Vision, Innovation-driven Development Shapes New Competitiveness: Publicly Listed Dental Enterprises Are Profoundly Illustrating the New Trends and Directions of China’s Dental Industry.

(Note: The data in this article are sourced from listed companies' annual reports and media coverage.)

HISTORY

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Editor | Mangzhong

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Zhao Tiexin, President of the Chinese Popular Culture Association and former Director of the Policy and Regulations Department of the Ministry of Culture

New Media of China's Dental Industry

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