According to the prospectus, Time Angel helps dentists in the whole process of invisible orthodontic treatment through its invisible orthodontic system. In addition to digital auxiliary case evaluation support, orthodontic scheme design service and cloud service platform, after the orthodontic scheme is approved by the dentist, Time Angel will manufacture the invisible orthodontic appliance tailored according to the specific orthodontic scheme. Therefore, establishing a strong connection with dentists is an important barrier for the development of angels of the times.
The consulting report on combustion knowledge shows that the market concentration of contact correction solutions in China is high. According to the case calculation in 2020, the total market share of the top two market participants is 82.4%, and the market share of Times Angel in the same year is about 4 1%. Another market participant is Align Technology, a manufacturer in Invisalign.
Like the development path of its main competitor Align Technology, Time Angel's operation and promotion mode is to influence users' decision-making behavior through dentists. From 20 18 to 2020, the number of dentists working with the angel of the times is about1.1.50,000,1.58,000 and1.99,000 respectively.
In order to maintain the channel advantage, Time Angel invested a lot of money in sales and marketing. According to the prospectus, from 20 18 to 2020, the sales and marketing expenses in Time Angel will be 8 10/00000 yuan,1230000 yuan and1490000 yuan respectively, accounting for 16.
In the same period, Time Angel's R&D expenditure was 50163,000 yuan, 80.905 million yuan and 93.479 million yuan, accounting for 10.3%, 12.5% and1/0.4%, respectively, which was lower than sales and.
This has also become the core reason that restricts the growth of angel income in the times. Data show that qualified dentists are relatively scarce in China. In 20 19, there were 48/kloc-0 general dentists and 3.3 orthodontic dentists per 65,438+10,000 people in the United States, while there were only 14.8 general dentists and 0.4 orthodontic dentists per 65,438+10,000 people in China in the same period. The training period of orthodontists is long, ranging from 8 years to 1 1 year.
Wang Chikun said that the cost of orthodontics includes orthodontic materials and appliances, orthodontic medical services and surgical expenses, and the proportion of materials and appliances in the total cost is very low. Therefore, the gross profit margin of Times Angel is as high as 70%. Orthodontic institutions have to pay doctors and other medical services and operating expenses, which ultimately reflects the low net interest rate.
Times angel listed
The angel of the "first invisible orthodontics" era, which attracted much attention from the industry, finally entered the public's field of vision after insisting on 18 years. On June 16, Time Angel was officially listed on the Hong Kong Stock Exchange. The opening price on the first day was as high as 400 yuan/share, which was 13 1.2 1% higher than the issue price. There are a total of 16829600 shares in this global public offering, and the price range is from HK$ 147 to HK$ 173 per share, and the amount of funds raised is about HK$ 25140,000 to HK$ 29 10/00,000. The market value of nearly 30 billion has attracted the attention of the capital market.
This company, which has been compared to the "Maotai" in dentistry, was not paid attention to by capital ten years ago. At that time, capital paid more attention to the major medical and health industries. As a subdivision of medical care, the dental industry is hardly favored by capital because of its narrow and scattered market and long cultivation time. However, a pair of small transparent braces, as a subdivision product in the oral field, is difficult to connect with rapid digitalization.
However, with the listing of Angel of the Times, this situation will be broken, and capital will begin to pay attention to the opportunities and prospects of this subdivided track. The continuous capital injection will change the traditional development mode of the industry, the entry of capital and talents and the improvement of technology, so that the dental industry will be upgraded rapidly. In addition to the changes in the industry itself, related fields have also begun to pay attention to this track, and the digitalization process in the upstream of the entire industrial chain has begun to accelerate.