HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Last week, the 14th Five-Year Plan for the medical device industry was released, which is actually China's first state-level industrial development plan for the medical device sector.</li>
<li>The NHSA and State Administration of TCM issued the new guidelines on medical insurance to support the development of TCM from top to bottom, and various measures are being implemented.</li>
<li>The recent rally in TCM sector may not the sustainable, and our view on this sector is conservative.</li>
</ul>


Last week, the 14th Five-Year Plan for the medical device industry was released, which is actually China's first state-level industrial development plan for the medical device sector.
The NHSA and State Administration of TCM issued the new guidelines on medical insurance to support the development of TCM from top to bottom, and various measures are being implemented.
The recent rally in TCM sector may not the sustainable, and our view on this sector is conservative.


China Healthcare Weekly (Dec.31)-1st State-Level Device Policy,TCM Guideline,TCM Rally Unsustainable

Industry viewpoints:<ul>
<li>The recent centralized procurement on spring coil in Hebei province could be a warning to the relevant enterprises.</li>
<li>The NHSA pointed out that it will explore feasible ways to include dental items into the payment scope of commercial insurance.</li>
<li>We expect to see AI deeply integrated into the new drug development process and revolutionize the industry in the future.</li>
</ul>Company news:News about the updated progress on new drugs and cooperation agreement of <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>. Market review:Last week, stock price for healthcare sector in A share increased 3.74%, while CSI 300 decreased 0.37% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The recent centralized procurement on spring coil in Hebei province could be a warning to the relevant enterprises.
The NHSA pointed out that it will explore feasible ways to include dental items into the payment scope of commercial insurance.
We expect to see AI deeply integrated into the new drug development process and revolutionize the industry in the future.
Company news:News about the updated progress on new drugs and cooperation agreement of Akeso Biopharma Inc (9926 HK), CSPC Pharmaceutical Group (1093 HK) and Everest Medicines (1952 HK). Market review:Last week, stock price for healthcare sector in A share increased 3.74%, while CSI 300 decreased 0.37% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Sep.24) - VBP on Neuro-Intervention, Payment System Changes, AI in Drug R&D

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Modern Dental (3600) manufactures and distributes dental prosthetics with a potential for over 15% CAGR from a share price of HKD 4.35.</li><li>The company generates approximately 75% of its revenue from developed markets despite its primary manufacturing facility being in Shenzhen, China.</li><li>Modern Dental is well-positioned to benefit from the growing global reputation of Chinese manufacturers for quality and competitive pricing.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Modern Dental (3600) manufactures and distributes dental prosthetics with a potential for over 15% CAGR from a share price of HKD 4.35.The company generates approximately 75% of its revenue from developed markets despite its primary manufacturing facility being in Shenzhen, China.Modern Dental is well-positioned to benefit from the growing global reputation of Chinese manufacturers for quality and competitive pricing.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Modern Dental Group Limited (3600) - Wednesday, Jul 9, 2025

Equity Capital Markets

<ul>
<li>Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.</li>
<li>If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.</li>
<li>Comparable companies include <a href="https://www.smartkarma.com/entities/shandong-sinocera-functional-material-a" target="_blank" data-smartkarma-citation="entities:6865:1" rel="noopener">Sinocera Functional Material</a>, <a href="https://www.smartkarma.com/entities/yantai-zhenghai-bio-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:29760:1" rel="noopener">Yantai Zhenghai Bio-Tech</a>, Angelalign, <a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group</a>, <a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical</a>. We think valuation of HUGE could be higher than peers due to higher profitability.</li>
</ul>


Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.
If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.
Comparable companies include Sinocera Functional Material, Yantai Zhenghai Bio-Tech, Angelalign, Modern Dental Group, Topchoice Medical. We think valuation of HUGE could be higher than peers due to higher profitability.


Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group (3600 HK)</a> reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.</li>
<li>With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.</li>
<li>Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.</li>
</ul>



Modern Dental Group (3600 HK) reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.
With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.
Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.


Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

Hong Kong

Modern Dental Group is a leading global provider of custom-made dental prosthetics, including crowns, bridges, dentures, and clear aligners. The company also offers orthodontic devices, sports guards, and anti-snoring devices, leveraging digital dentistry solutions. Founded in 1986, Modern Dental Group is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Modern Dental Group (3600 HK)

China Healthcare Weekly (Dec.31)-1st State-Level Device Policy,TCM Guideline,TCM Rally Unsustainable

This insight analyzed the 14th Five-Year Plan for medical device industry, the new guideline on medical insurance to support TCM development, and...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.24) - VBP on Neuro-Intervention, Payment System Changes, AI in Drug R&D

This article analyzed the centralized procurement on spring coil in Hebei province, commercial insurance coverage for dental items, AI in new drug...

Xinyao (Criss) Wang

Modern Dental Group Limited (3600) - Wednesday, Jul 9, 2025

Modern Dental (3600) is a leading dental prosthetics manufacturer poised for over 15% CAGR growth, driven by dividends and buybacks, with 75% of...

Value Investors Club (VIC)

Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Xinyao (Criss) Wang