Shanghai pigeon oral cavity went to Hong Kong to pay dividends before submitting the form

(Photo source: Visual China)

Blue Whale News, February 24 (Reporter Shao Yuting)“With gold teeth, silver eyes and copper bones, oral medicine has always been known as the lucky cat in the medical market. Recently, domestic dental materials company Huge Oral came to the door of the Hong Kong Stock Exchange.2months19On the 20th, the official website of the Hong Kong Stock Exchange showed that Shanghai Pigeon orally submitted a statement to the main board of the Hong Kong Stock Exchange, CICC andDBSIts co-sponsor.

Hu Ge oralIPOThe road can be said to be full of twists and turns. The company terminated counseling three times and tried many timesAShares were not listed successfully and are now turning to Hong Kong stocks. Be the first to achieve profitabilityShanghai Pigeon Oral Services urgently paid dividends before submitting the form,dividend distribution to shareholders1.45100 million yuan, on this basis, Shanghai Ge Oral’s listing fundraising behavior seems to be unconvincing.

The unit price fell, and the annual revenue of Shanghai Pigeon’s oral cavity exceeded3billion Yuan

For a long time, China’s dental medical market has long been occupied by imported products.2006In 1999, Song Xin, who graduated from the Department of Pharmacy of Shandong Medical University, founded Huge Oral Medicine and established a development direction centered on the research and development, production and sales of high-quality dental materials.

The prospectus shows that Huge Dental is a domestic oral materials company that provides a diversified product portfolio covering oral clinical products, oral technician products and oral digital products, and is suitable for a variety of application scenarios in the core professional fields of dentistry.

According to Frost Sullivan, according to China2023In terms of annual sales revenue, Huge Oral ranks first in terms of elastomeric impression materials and synthetic resin teeth; the company is also one of the largest manufacturers of oral clinical materials in China and the largest among domestic manufacturersCEsign orFDAApproved oral clinical materials.

Data show that elastomeric impression materials are mainly used to make precision impressions of crowns, bridges, inlays, onlays, telescopic crowns, attachments, implants, orthodontic and other precision restorations. Hu Ge Oral said that the company’s elastomeric impression materials provide highly accurate impressions, resist deformation and have a lower size change rate than1%。

2022Year,2023years and2024In the first nine months of the year (hereinafter referred to as the reporting period), the operating income of Shanghai Ge Dental was2.80100 million yuan,3.58100 million yuan,3.04100 million yuan, with net profits of6403.3Ten thousand yuan,8835.4Ten thousand yuan,7770.8Ten thousand yuan; gross profit margins are54.9%、57%、59.2%。

Shanghai Ge Oral products are mainly divided into three categories: oral clinical products, oral technician products and oral digital products. Among them, oral clinical products (such as impression making materials, etc.) and oral technician products (such as removable denture restoration materials) are the company’s core products, accounting for40%above.

During the reporting period, revenue from oral clinical products was1.49100 million yuan,1.95100 million yuan,1.73100 million yuan, accounting for:53.2%、54.4%、56.9%; The income from oral technician products is1.23100 million yuan,1.53100 million yuan,1.23100 million yuan, accounting for:43.8%、42.7%、40.5%; The revenue from oral digital products is39.8Ten thousand yuan,276Ten thousand yuan,248.5Ten thousand yuan, accounting for respectively0.1%、0.8%、0.8%。

However, during the average reporting period, the average selling prices of temporary crown bridge resin blocks from Shanghai Pigeon were584Yuan/kilograms,555Yuan/kilograms,528Yuan/Kilogram, with a cumulative decrease of9.6%; The average selling prices of bracketless invisible orthodontic appliances are3564Yuan/Example,3250Yuan/Example,3212Yuan/For example, the decline reached9.9%。

However, the dealer network supported the performance. The prospectus shows that during the reporting period, Shanghai Ge Oral Services and1456Name,1571Name,1569Cooperation with famous dealers, and the revenue contributed by the dealers is2.13100 million yuan,2.74100 million yuan,2.38100 million yuan, accounting for:76.1%、76.7%、78.3%。

After the clearing of shadow stocks, one stock dominates,IPOPre-surprise dividend profits in the past two years

This is not the first time that Shanghai Pigeon Oral is rushing into the capital market, but itIPOThe road is full of twists and turns.

2015years4In August, Shanghai Pigeon Oral Services was listed on the New Third Board and was launched two years later.AShares are delisted.2017years6months25On the 20th, Huge Oral signed a counseling agreement with China Merchants Securities to apply for listing on the GEM, but took the initiative to terminate the listing application one and a half years later.2019years12In September, Shanghai Ge Oral Services signed a counseling agreement with Haitong Securities to launch a new science and technology innovation board. but8Two months later, the company changed the guidance agency to Zhongyuan Securities, changed it back to the GEM, and launched the third listing guidance.

2021years12months27In Japan, Shanghai Pigeon Oral Medicine was on the GEMThe form was officially submitted and entered the inquiry stage until the following year8In June, Shanghai Ge Oral terminated the listing process. multiple attemptsAThe listing of shares failed, and in the end, Shanghai Pigeon Oral chose to abandon it.AturnH。

repeatedly rushedAAmong the setbacks, the most concerned issue is the shareholder holding issue of Shanghai Ge Oral.

According to the announcement, inDuring the listing of the New Third Board，2016years5In March, Shanghai Ge Oral Medicine raised funds through targeted additional issuance4560Ten thousand yuan, issued760million shares。Among them, former director Li Jun subscribed238Ten thousand sharesabout74%Shares are held for others, involving57name“shadow shareholders”, including company employees, friends of the actual controller Song Xin, senior executives of subsidiaries and employees of related parties。

2018Starting from 2001, Li Jun began to gradually dissolve the proxy holding relationship. After some shareholders transferred their shares to Song Xin, the actual controller, due to resignation or capital needs, Li Jun still held the shares on their behalf until2019years7The transfer was completed in the month. However, acting holder Li Jun and some shareholders left one after another during the liquidation period, and the equity transfer time was not clearly disclosed, causing regulatory questions about the compliance of capital transfers.

After the cleanup, Song Xin and her relatives further concentrated control through direct or indirect means, exacerbating the situation.“A unique governance hazard.IPOPreviously, founder Song Xin held shares52.56%; Song Xin’s mother Qin Lijuan passedHDMC Aurora LJQshareholding13.81%, passedFuture LJQYHDshareholding9.35%。

It is worth mentioning that the huge dividend paid by Shanghai Pigeon Oral Administration before the presentation caused controversy.

The prospectus shows that2025years1In September, Shanghai Ge Oral Services distributed dividends to shareholders1.45100 million yuan, close to it.2023years and2024years ago9The sum of monthly net income1.66100 million yuan, and Song Xin’s mother and daughter are the main beneficiaries of this dividend.

as of2024years9At the end of the month, the cash and equivalents held by Shanghai Ge Oral Services were only1.16100 million yuan.  

thistimeIPO, Shanghai Pigeon Oral Plan willThe financing is mainly used to upgrade and expand the production line of Rizhao factory; establish an Indonesian factory; upgrade oral product technology, and strengthen overall R & D capabilities.