现代牙科

Modern Dental Group Ltd has demonstrated robust recent financial performance, with strong growth in key markets and an aggressive move into digital dental solutions. The group's strategy and diversified presence support its positive financial outlook despite global challenges​

Recent Financial Performance

For the first half of 2025, Modern Dental Group Ltd reported revenue of approximately HK$1,834.8 million, a year-on-year increase of about 7.8% compared to the previous period. The company recorded a gross profit of HK$1,005.5 million (gross margin 54.8%), up 10% year-on-year, and EBITDA surged 21.6% to about HK$456.7 million. Notably, net profit for the period reached HK$288.7 million, representing a 34.7% increase over the prior year, and the company achieved record-high profitability despite industry headwinds and general softness in certain regional markets.​

Business Segment Review

Modern Dental Group Ltd operates three main business segments:

• Fixed Prosthetic Devices: Includes crowns, bridges, and implants. This is the largest segment, contributing significantly to total revenue (recent years: HK$1.99B–HK$2.05B annually).​
• Removable Prosthetic Devices: Includes full and partial dentures, with segment revenues rising steadily (HK$713M–HK$799M annually)​
• Other Devices: Covers orthodontic appliances, sports guards, clear aligners, and education services. This segment is also benefiting from increased adoption of digital workflow products, especially digital dentures and intra-oral scanners, which grew more than 60% year-on-year in use in 2024.​

Geographically, Europe and Australia remain the strongest growth drivers, with Europe accounting for about 48% of group revenue and showing strong double-digit revenue gains. The acquisition of Hexa Ceram in Thailand in early 2025 has also strengthened its production platform in Asia.​

Recent Financial Position

As of the latest full year, Modern Dental Group Ltd maintained a solid balance sheet:

• Total Assets: Approximately HK$4,075 million by the end of 2024, up year-on-year.​
• Total Equity: Around HK$2,726 million, reflecting prudent management and reinvestment into operations.​
• Cash Flow: The group generated strong cash from operations (over HK$500 million in 2024) and healthy levered free cash flow, indicative of robust underlying profitability.​
• Liabilities: The company managed its current liabilities conservatively, maintaining a comfortable liquidity position.​

Future Prospects

Modern Dental Group Ltd is optimistic about mid- to long-term growth. Industry consolidation and accelerated digitalization of dental services are likely to support future expansion, with further upside from cross-border integration, product innovation, and deepening digital penetration.

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Key growth catalysts include:

• Further expansion in Europe, Australia, and Southeast Asia
• Increased adoption of digital dental technologies
• Market share gains as consolidation continues and regulatory measures favor larger, well-established providers​
• Potential for incrementally higher dividends as margins improve and cash flow remains strong​

In summary, Modern Dental Group Ltd is well positioned to defend and expand its leadership in global dental prosthetics through its focus on digital transformation, strategic acquisitions, and geographical diversification, despite ongoing global economic uncertainties.

「注：本人倪国权为证监会持牌人士。截至本评论文章发表日止，本人及/或其有联系者并无持有全部提及之证券的所有相关财务权益。」; Or
” I, Ni Kwok Kuen Alex, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto. “