How Huge Dental Became China's Oral Materials Leader: Diversified Portfolio, Global Expansion, and HK IPO Filing

Good news strikes the dental industry once again.

Recently, Shandong Huge Dental Material Corporation, headquartered in Rizhao, Shandong Province, submitted an IPO application for a listing on the Hong Kong Stock Exchange.As a leading domestic dental materials company, Huge Dental offers a diversified product portfolio spanning clinical dentistry, laboratory technology, and digital solutions, thereby meeting the diverse needs of core dental specialties.

Its draft prospectus shows that Huge Dental’s revenue has grown steadily, rising from RMB 280 million in 2022 to RMB 357 million in 2023. Meanwhile, the company’s revenue for the first nine months of 2024 reached RMB 304 million, surpassing the RMB 267 million recorded in the same period of the previous year, demonstrating strong growth momentum.

Notably, according to Frost & Sullivan, Huge Dental was the largest manufacturer of dental impression materials in China by sales revenue in 2023, and one of the largest manufacturers of clinical dental materials in China, holding the highest number of CE-marked or FDA-approved clinical dental products among domestic manufacturers.

What strategies has Shandong Huge Dental Material Corporation employed to drive its strong product sales? What insights does its growth trajectory offer to the industry? To address these questions, VCBeat will analyze the data disclosed in its prospectus filing to shed light on the answers.

The story of Huge Dental began in 2006. Since its inception, the group has focused on the research, development, manufacturing, and sales of dental materials, achieving mass production of elastomeric impression materials in 2010. Since then, the company has entered a phase of rapid development.

After nearly two decades of steady development, Huge Dental has gradually established a diversified product portfolio, now encompassing clinical dental products, dental laboratory products, and digital dental solutions.

Specifically, clinical dental products include a range of high-quality products designed to meet diverse dental treatment needs, such as impression materials, glass ionomer materials, resin bonding agents, and restorative resin materials; dental laboratory products cover materials for removable prosthodontics and fixed prosthodontics; and digital dental products primarily consist of continuously developed intraoral scanners, 3D printers, and 3D printing materials.

 Huge Medical Product Matrix

According to the disclosure in its draft prospectus, Huge Dental holds 33 domestic Class II and Class III medical device registration certificates, the highest number among dental material companies in China. This extensive regulatory certification underscores the quality and reliability of Huge Dental’s product portfolio.

Strategically, Huge Dental has also built a diverse portfolio of brands, including Huge, Hu Ji Shu, Kai Jing, Kai Feng, Kai Li, Kai Biao, Mei Jia Yin, Mei Yi Ting, Mei Jing Ci, Huge Mei Yue, Mei Tian Gu, and VinciSmile, thereby achieving extensive market coverage.

Benefiting from a rich portfolio of high-quality, reliable products, Huge Dental is able to offer customers diversified product combinations while capitalizing on the high-potential dental medical device market, thereby ensuring sustainable growth.

The data mentioned above offers a glimpse into its achievements—Shandong Huge Dental Material Corporation has seen its revenue grow year by year. Furthermore, the company’s gross profit margin has continued to rise, reaching 54.9%, 57.0%, and 59.2% in 2022, 2023, and the first nine months of 2024, respectively.

It is worth noting that elastomeric impression materials are the products contributing the most to the Company’s revenue, accounting for nearly 40% of the total revenue in each period during the Track Record Period, while synthetic resin teeth and temporary crown and bridge resin blocks collectively accounted for more than 30% of the total revenue in each period during the Track Record Period.

In terms of market position,According to Frost & Sullivan, Huge Dental ranked first in China in 2023 by sales revenue for elastomeric impression materials and synthetic resin teeth. Globally, its elastomeric impression materials also ranked first among Chinese brands in 2023 by sales revenue.

Driven by continuous breakthroughs in the field of dental materials, Huge Dental, after nearly two decades of entrepreneurial journey, has ultimately emerged as an industry leader and is now pursuing an IPO in Hong Kong.

In the past, the dental materials market was predominantly led by well-known international manufacturers such as 3M, Dentsply Sirona, Kuraray Noritake Dental, GC Corporation, Ivoclar, DMG Dental, and Kulzer.

Now, innovative Chinese brands represented by Huge Dental are rising, striving to seize overseas expansion opportunities to expand their market share and enhance their global influence.

As an industry leader, Huge Dental embarked on its global expansion journey at an early stage. According to the draft prospectus, the company’s products have obtained certifications in more than 60 countries and regions worldwide, including 26 products with FDA clearance, 28 products with CE marking, and 15 products certified by the National Medical Products Administration (NMPA).

In terms of market performance, in 2022, 2023, and the nine months ended September 30, 2024,The revenue generated from Huge Dental’s overseas sales amounted to approximately RMB 85 million, RMB 109.3 million, and RMB 95.5 million, respectively, accounting for approximately 30.4%, 30.6%, and 31.4% of the total revenue during the same periods.

This is underpinned by the strong competitiveness of its products. Currently, Huge Dental has successfully developed products that are comparable to clinical dental materials produced by leading international manufacturers, including elastomeric impression materials, glass ionomer cements, light-cured dentin bonding agents, dual-cure resin cements for luting, light-cured composite resins, flowable composites, sodium fluoride caries-preventive agents, and pit-and-fissure sealant resins.

In addition, it benefits from the support of an extensive network of high-quality distributors and dental laboratories. According to its draft prospectus, Huge Dental collaborated with 1,456, 1,571, and 1,569 distributors in 2022, 2023, and the nine months ended September 30, 2024, respectively. The distributor model enables companies to better plan production, reduce delivery costs, and mitigate financial risks.

Undoubtedly, Huge Dental has become one of the typical examples of Chinese dental enterprises expanding into overseas markets.

Despite the numerous challenges faced by the oral care industry in recent years, its overall upward development trend remains unchanged, and future opportunities remain vast.

On the one hand, the state is placing increasing emphasis on oral health, introducing a series of policies and plans to promote the orderly and upward development of the oral healthcare industry.For example, the National Health Commission, in its issued and implemented “Healthy Oral Health Action Plan (2019–2025),” outlined the following objectives: by 2025, a supportive social environment for oral health will be basically established; the level of oral health literacy and the rate of healthy behavior adoption among the population will increase significantly; oral health services will cover the entire population across the full life cycle, thereby better meeting the public’s health needs. Meanwhile, targeted actions to optimize oral health management for the elderly have been proposed, including the active provision of services such as denture restoration.

On the other hand, China’s oral care industry is still far from reaching its growth ceiling, with immense potential for the future.According to data from Frost & Sullivan and Zhongtai Securities Research Institute, the market size of China’s oral healthcare industry is projected to grow from RMB 122.9 billion in 2018 to RMB 242.9 billion in 2028, representing a compound annual growth rate (CAGR) of 7.1%.

In its draft prospectus, Huge Dental explicitly stated that, in the face of a broad future, it willFirmly Betting on Digitalization, for example, plans to upgrade and expand production at the Rizhao factory by leveraging advanced automation equipment, thereby enhancing efficiency, quality, and capacity.

It is worth noting that the rapid digitalization of the dental industry must inevitably intersect with robust regional development. In Rizhao High-Tech Zone, where Shandong Huge Dental Material Corporation is headquartered, new drivers are emerging around the digital dentistry sector. The zone is gradually building a complete dental industry chain, spanning from the production of high-value consumables to dental implant services, while continuously strengthening supportive policies, resources, and services for dental enterprises.It is evident that the Rizhao High-Tech Zone provides Huge Dental with a uniquely advantageous industrial ecosystem to support its future growth.

Furthermore, Huge Dental hasGlobal Market Expansion Will Accelerate. According to the draft prospectus, Huge Dental has completed the lease of its manufacturing facility in Indonesia and expects to commence trial production in the second half of 2025, following equipment installation and commissioning. In addition, Huge Dental plans to purchase land in Indonesia to construct a larger-scale factory, which will serve as a strategic base for its global expansion.

Based on this, we have reason to believe that as innovative forces in the dental industry, represented by Huge Dental, continue to deepen their impact, China’s dental sector is poised to embark on a new chapter.