Huge Dental Submits Listing Application to Hong Kong Exchanges and Clearing Limited for the Third Time

DentalGoodNews | On February 27, 2026, Huge Dental Limited, the controlling company of Huge Dental, submitted its third application for a main board listing to Hong Kong Exchanges and Clearing Limited | HKEX. The joint sponsors are China International Capital Corporation Limited and DBS Asia Capital. Previously, Huge Dental submitted applications to HKEX in February and August 2025, neither of which resulted in a completed listing. Earlier, the company was listed on the National Equities Exchange and Quotations (NEEQ) from 2015 to 2017.

Huge Dental is China's largest manufacturer of dental impression materials. Its main business involves the R&D, production, and sales of clinical dental products, dental laboratory products, and digital materials. Its headquarters is located in Rizhao, Shandong. Its actual controller, Song Xin, holds a 52.56% stake through a holding company. As of the end of 2025, the company had an R&D team of 59 people, with approximately 30% holding master's or doctoral degrees; a domestic sales and marketing team of 177 people; an overseas team of 50 people; and a manufacturing team of 369 people. The overall production line utilization rate in 2025 was nearly 90%.

[IMAGE_1]

According to the prospectus, Huge Dental's revenue for 2023, 2024, and 2025 was RMB 358 million, RMB 399 million, and RMB 400 million, respectively. Revenue increased by 11.7% year-on-year in 2024 and remained essentially flat in 2025 (+0.2%). Net profit for the same period was RMB 88.354 million, RMB 76.569 million, and RMB 47.699 million, respectively, representing a year-on-year decrease of 13.3% in 2024 and 37.7% in 2025, with a cumulative decline of 46.0% compared to 2023. Revenue remained stable, but profits narrowed year by year, indicating a trend of increasing revenue without corresponding profit growth.

Adjusted net profit (excluding listing expenses of RMB 9.55 million / RMB 13.31 million and share-based payments settled with equity) was RMB 89.96 million, RMB 88.63 million, and RMB 61.29 million, respectively. The 2025 figure represents a 31.9% decrease from 2023, which is a smaller decline than the reported net profit, but core profitability is still narrowing.

[IMAGE_2]

In terms of gross profit margin, the figures for the three years were 57.0%, 58.6%, and 58.3%, respectively, remaining stable. Specifically, the gross profit for clinical dental products in 2025 was RMB 126 million, with a gross margin of 57.7%, an increase of 0.4 percentage points from 2024. The gross profit for dental laboratory products in 2025 was RMB 105 million, with a gross margin of 60.6%, a decrease of 2.3 percentage points from 2024. The gross profit for digital dental products in 2025 was RMB 105,000, with a gross margin of 15.6%, a decrease of 11.1 percentage points from 2024.

The main reason for the profit decline lies on the expense side. From 2023 to 2025, selling and distribution expenses increased from RMB 67.79 million to RMB 82.28 million, with their share of revenue rising from 19.0% to 20.6%, primarily related to increased investment in overseas market expansion. Administrative expenses increased from RMB 29.90 million to RMB 56.09 million, with their share of revenue rising from 8.4% to 14.0%, including listing-related expenses of RMB 9.55 million and RMB 13.31 million in 2024 and 2025, respectively. R&D expenses increased from RMB 23.82 million to RMB 31.38 million, with their share of revenue rising from 6.7% to 7.8%. Additionally, other expenses surged to RMB 12.79 million in 2025 (only RMB 410,000 in 2023), mainly due to changes in the fair value of derivative financial instruments. The simultaneous expansion of multiple expenses is the core reason for the profit decline.

[IMAGE_3]

[IMAGE_4]

In terms of product structure, clinical dental and dental laboratory products together accounted for 97.8% of revenue in 2025, while digital products accounted for only 0.2%. Elastomeric impression materials remained the largest revenue source, with revenue of RMB 137 million in 2025, accounting for 34.2%; synthetic resin teeth contributed RMB 83.28 million (20.8%); temporary crown and bridge resin blocks contributed RMB 34.15 million (8.5%); occlusal registration silicone contributed RMB 26.86 million (6.7%); and Zirconia Block contributed RMB 25.73 million (6.4%).

Product line trends diverged. Revenue from Zirconia Block increased from RMB 11.94 million in 2023 to RMB 25.73 million in 2025, a growth of 115.6%, making it the fastest-growing category. In contrast, clear Aligner / Clear Aligner / Invisible Aligner products for Orthodontics｜Orthodontic treatment｜Dental orthodontics shrank significantly, with the number of sales cases dropping from 9,309 to 1,637, a decrease of 82.4%. The prospectus states this was due to their relatively low profitability, leading the company to proactively adjust its product mix, with plans to optimize before further promotion.

[IMAGE_5]

Performance varied across overseas regions. Revenue from Mainland China in 2025 was RMB 271 million (67.9%), flat compared to the previous year. Revenue from Europe increased from RMB 36.68 million in 2023 to RMB 56.98 million in 2025, with its share rising from 10.3% to 14.3%; revenue from Southeast Asia increased from RMB 8.76 million to RMB 15.94 million, with its share rising from 2.5% to 4.0%. Revenue from the US market decreased from RMB 32.29 million to RMB 16.47 million, a drop of 49.0%. The prospectus attributes this to delayed customer orders due to tariff policy impacts and the strategic termination of cooperation by a major customer.

According to data from Frost & Sullivan cited in the prospectus, based on 2024 sales revenue, Huge Dental holds a 1.3% market share in China's dental materials market. It is China's largest manufacturer of dental impression materials and the domestic manufacturer with the most CE-marked or FDA-approved clinical dental materials. As of the latest practicable date, the company holds 34 domestic Class II and Class III Medical Device Registration Certificates, the most among domestic dental material enterprises.

The prospectus discloses that during the track record period (2023-2025), Huge Dental declared cumulative dividends of approximately RMB 210 million, including a single declaration of approximately RMB 145 million in January 2025. This dividend scale is roughly equivalent to the cumulative net profit of RMB 213 million for the same period.

The proceeds from this Initial Public Offering｜IPO are intended to be used for: upgrading production lines at the Rizhao factory (introducing automated equipment); establishing a factory in Indonesia (planned to commence operations in the first half of 2026, with permits already obtained); investing in digital technology R&D (3D Printing Material / Additive Manufacturing Material and intraoral scanners); and expanding the global sales network and warehousing centers.