New Stock News | Profits Continue to Decline, Shanghai Pigeon Files for Listing on HKEX for the Third Time

CITIC Finance APP learned that, according to the Hong Kong Stock Exchange disclosure on February 27, Huge Dental Limited (hereinafter referred to as: Huged) has submitted an application to the Main Board of the Hong Kong Stock Exchange, with CICC and DBS as joint sponsors. The company previously submitted listing applications to the Hong Kong Stock Exchange on February 18 and August 18, 2025.

According to the prospectus, Huged is a professional oral materials company offering a diversified product portfolio that includes clinical oral products, dental technician products, and digital dental products, suitable for various applications in core dental specialties. The company mainly produces and sells oral materials through a distribution model in China and is gradually expanding into international markets. In 2024, China’s oral materials market accounted for 42.2% of the overall dental medical device market (including dental equipment and tools), which is highly fragmented. In the same year, the company’s market share in China’s oral materials market by revenue was 1.3%.

Huged’s comprehensive product matrix covers all scenarios in dental medical institutions (including dental hospitals and clinics) and laboratories, effectively meeting the diverse clinical needs of customers across restorative, implantology, endodontics, orthodontics, and pediatric dentistry. Based on 2024 sales revenue, the company is the largest manufacturer of dental impression materials in China and one of the largest manufacturers of clinical oral materials in China, with the most CE-marked or FDA-approved clinical oral materials among domestic manufacturers.

Among Huged’s products, six products (elastic impression materials, synthetic resin teeth, temporary crown and bridge resin blocks, occlusal recording silicone rubber, zirconia ceramic blocks, and clear aligners) contributed over 5% of revenue annually during the historical period. Elastic impression materials are the highest revenue contributor, accounting for about 35% of total revenue each year during the period. Synthetic resin teeth and temporary crown and bridge resin blocks together account for approximately 30%. According to Frost & Sullivan, based on 2024 sales revenue in China, Huged’s elastic impression materials and synthetic resin teeth rank first. The same source indicates that Huged’s elastic impression materials also rank first in the domestic market globally in 2024.

Revenue

In 2023, 2024, and 2025, the company achieved revenues of approximately RMB 358 million, RMB 399 million, and RMB 400 million, respectively.

Annual Profit

In 2023, 2024, and 2025, the company recorded annual profits of RMB 88.35 million, RMB 76.57 million, and RMB 47.70 million, respectively.

Gross Profit Margin

In 2023, 2024, and 2025, the company’s gross profit margins were 57%, 58.6%, and 58.3%, respectively.

Oral medical devices refer to materials, equipment, and tools used by dentists during treatment. Driven by factors such as population aging, increased oral health awareness, and advances in treatment technology, the oral medical device market is experiencing rapid growth. From 2019 to 2024, the industry saw significant expansion, with continued strong growth expected through 2030. The oral medical device market includes both oral materials and oral equipment and tools.

The global oral medical device market is a large and continuously growing segment within the healthcare industry, with demand spanning mature markets like Europe and North America, as well as rapidly expanding markets in Southeast Asia. From RMB 261.2 billion in 2019, growing at a CAGR of 5.3%, to RMB 338.3 billion in 2024, it is projected to grow at a CAGR of 9.8% from 2024 to 2030, reaching RMB 592.1 billion by 2030.

Industry leaders such as 3M, Dentsply Sirona, Ivoclar, GC, and Kuraray Noritake dominate high-end clinical and laboratory material segments with strong R&D capabilities, brand assets, and integrated solutions. Meanwhile, emerging Chinese companies like Huge Dental, Angelalign, Upcera, and Aidite are rapidly gaining market share. These participants leverage their ability to offer cost-effective alternatives and strategically target fast-growing domestic and Southeast Asian markets. In 2024, Huge Dental accounted for approximately 0.2% of the global oral materials market by sales revenue.

China’s Oral Medical Device Market

China’s oral medical device market is large and rapidly growing. In 2023, approximately 765 million people in China were affected by dental caries, with continued growth expected from 2024 to 2030, highlighting a vast patient base. Despite high prevalence, per capita expenditure on oral healthcare remains relatively low compared to developed markets, indicating significant future penetration potential.

Additionally, oral healthcare services hold a prominent position in personal healthcare consumption, providing resilience to demand growth. The size of China’s oral medical device market grew from RMB 43.4 billion in 2019 at a CAGR of 10.4% to RMB 71.2 billion in 2024, with projections to reach RMB 166.7 billion by 2030, growing at a CAGR of 15.2% from 2024 to 2030.

Board of Directors

The board consists of seven directors, including four executive directors and three independent non-executive directors.

As of the last practicable date, Chairman, Executive Director, and CEO Mr. Song controls the company indirectly through HugeVanguard and Huge Star, holding a total of 52.56% of the issued shares with voting rights.

Joint Sponsors: China International Capital Hong Kong Securities Limited, DBS Asia Capital Limited

Legal Advisors: For Hong Kong law and U.S. law: K&L Gates; for Chinese law: Tongshang Law Firm; for Cayman Islands law: Maples and Calder (Hong Kong) Limited; for international sanctions law: Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo

Legal Advisors for Joint Sponsors: Nanjing Nanda Law Firm, Beijing Jingtian & Gongcheng Law Firm

Reporting Accountants and Auditors: Ernst & Young

Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch

Compliance Advisor: Zhongtai International Finance Limited