Following the spotlight on innovative drugs in 2025, the focus within the pharmaceutical and biological sector for 2026 has shifted to identifying the hottest segment, a topic of keen interest for industry insiders and secondary market investors. Various indicators suggest that as last year's wave of business development in innovative drugs temporarily recedes, the medical device segment is poised to take the lead in the Year of the Horse.
Potential contenders within this segment have already shown strong momentum in the secondary market. For instance, the ChiNext-listed company Aidite has recorded 11 consecutive days of gains since February 6, with its year-to-date increase exceeding 105% as of the midday close on March 2. Having debuted on the capital market on June 26, 2024, the company's annual gains for the previous two years were 29.25% and -23.92%, respectively.
What explains its strong outperformance this year? While reasons may be multifaceted, insightful institutional investors recently conducted research on the stock. According to Wind Information, on January 27, Zhao Bei, Ding Yang, and Yuan Fang from ICBC Credit Suisse Asset Management participated in an online conference call with the company. Zhao Bei is a prominent public fund manager specializing in healthcare, comparable to Ge Lan. As of the end of last year, the total assets under management for her five funds were approximately 14.158 billion yuan, with the best tenure return among her managed funds reaching about 208.40%, both metrics remaining outstanding.
Online research sessions attracted leading fund companies, with participation from Bosera, ICBC Credit Suisse, and GF Fund indicating a high level of attention. Between January 7 and February 12, Aidite conducted six research sessions primarily via online conferences, involving a total of 23 institutions. Public fund companies were the most active participants, with 16 different firms taking part in sessions at various times. For the January 27 online session, GF Fund dispatched six representatives, while ICBC Credit Suisse sent the aforementioned trio. In an earlier session on January 22, Bosera Fund notably sent a team of nine participants.
Regarding the specific individuals involved, Bosera Fund's delegation included Cai Bin, Li Jia, Wang Lingxiao, Wang Zengcai, Ye Li, Chen Ximing, Zhang Han, Huang Chaojie, and Li Zhe, with three being current fund managers, including Chen Ximing. GF Fund's team comprised Wang Yuanhong, Cheng Wenwen, Zhou Fei, Li Shanxin, Wang Ruidong, and Yang Dingguang, with the latter two being current fund managers. In comparison, most participants from ICBC Credit Suisse were current fund managers; not only Zhao Bei but also Ding Yang is a key member of the company's equity fund manager team.
Data from Tian Tian Fund Network shows that Ding Yang previously served as a postdoctoral researcher at the University of California, San Diego. He joined ICBC Credit Suisse Fund Management Co., Ltd. on December 1, 2017, and currently holds positions as Assistant Fund Manager and Fund Manager in the Research Department. Since May 5, 2023, he has been managing the ICBC Credit Suisse Healthcare Industry Stock Fund. Additionally, both funds he currently manages are healthcare-themed products.
According to disclosed research records, the focus of the institutional research on January 22 was on the company's overseas markets. For example, when asked about "growth performance in different overseas regions," Aidite representatives stated: "In the first half of 2025, the company achieved overseas revenue of 327 million yuan, a year-on-year increase of 34%. The overseas market overall maintained a high growth trend, with particularly significant growth rates in the European and Middle Eastern markets. The company implements differentiated cultivation strategies for different overseas regions, deeply exploring regional customer needs and matching them with appropriate solutions, resulting in outstanding market expansion results. For markets of varying maturity, the company has established systematic coverage strategies: in mature markets like Europe and the US, the large customer cooperation model is already mature, with the current focus on expanding the coverage of value customers and deepening cooperation loyalty; in vibrant emerging markets such as South America, Russian-speaking regions, and the Middle East, the emphasis is on promoting channel empowerment and improving coverage penetration and local service capabilities for target customers. Through precise strategies for markets with different levels of reach, synergistic development across overseas regions has been achieved."
During the January 27 research session, institutional inquiries focused on gaining a deeper understanding of various fundamental aspects from an industry perspective. For instance, when asked to "provide an update on the 3D printing business and the company's outlook on the market size and development trends of 3D printing in the dental field," Aidite representatives emphasized: "The company's 3D printing business is progressing well and is set to become a new core growth engine. Its advantages are significant; the EZprint-P1 printer boasts high-speed printing capabilities, able to complete a semi-arch bridge print in 20 minutes, greatly enhancing industry production efficiency. The supporting printing material has a solid content of 53%, has received FDA certification, and domestic and EU certifications are imminent. Regarding the dental 3D printing market, the company believes it possesses broad potential for development and volume growth. The maturity of 3D printing products and technologies continues to improve, and the company's printing applications are expanding into multiple areas such as implants and orthodontics, with related clinical solutions having completed market validation. Leveraging its advantages in full-chain layout encompassing materials, equipment, and solutions, the company will continue to deepen its 3D printing business."
Against this backdrop, Aidite's 2025 annual report performance is a core focus for both retail investors and institutions. Reviewing the performance of this relatively new listed company: for the full year 2024, it achieved operating revenue of 888 million yuan, a year-on-year increase of 13.81%; net profit attributable to shareholders was 150 million yuan, up 2.40%; and扣非 net profit was 147 million yuan, rising 9.32%. Particularly noteworthy was the improvement in gross margin, with the gross margin for dental restoration materials increasing from 57.62% in 2023 to 60.14%, primarily benefiting from the launch of high value-added products and cost optimization.
Comparatively, the company maintained a positive development trend in 2025, with key financial indicators showing further optimization. Based on the first three quarters, the company achieved cumulative revenue of 747 million yuan from January to September, a year-on-year increase of 16.44%; net profit attributable to shareholders for the same period was 142 million yuan, surging 27.40%. It is noteworthy that the profit growth rate consistently exceeded the revenue growth rate, indicating significant achievements in product portfolio upgrades, cost control, and operational efficiency.
The company did not issue a pre-announcement for its 2025 annual report before the holiday, adding an element of mystery to the full-year results. However, based on disclosures made by Aidite representatives during the aforementioned public research sessions: "The company's overall revenue growth pace for 2025 is largely consistent with the first three quarters, with good growth achieved on the profit side, and the profit growth rate exceeding the revenue growth rate."
From a fundamental perspective, as a leader in the niche segment of dental medical devices, Aidite's core business is closely tied to dental prostheses, commonly known as "false teeth." However, Aidite does not directly manufacture the final prostheses; instead, it provides the core materials and digital equipment support for their production, positioning itself as a leading global provider of dental restoration materials and digital solutions. Simply put, Aidite is the "behind-the-scenes technical core" that makes false teeth more aesthetic, durable, and precise.
Relevant information shows that Aidite's products primarily include dental restoration materials, such as zirconia blocks, glass ceramics, and 3D printing resins; and dental digital equipment, such as intraoral scanners, CAD/CAM milling equipment, and 3D printers. The final prostheses are processed by dental laboratories or medical institutions using Aidite's provided materials and equipment. This model establishes Aidite as a key link connecting material science with clinical application.
The company's website provides a concise answer to "Who is Aidite?": Aidite (Qinhuangdao) Technology Co., Ltd. was established on March 15, 2007, and is a leading global provider of comprehensive dental solutions, specializing in the R&D, manufacturing, and service of dental materials and equipment. On June 26, 2024, Aidite was officially listed on the Shenzhen Stock Exchange (Stock Abbreviation: Aidite, Stock Code: 301580). As of December 31, 2024, Aidite possessed 153 valid patents, reflecting its firm commitment to innovation in the dental industry. Its products are sold globally, with four overseas subsidiaries in the US, Germany, South Korea, and Japan, and technical service teams遍布 India, the Middle East, Australia, South America, Vietnam, Brazil, Arab regions, and Thailand. Aidite collaborates with leading global dental prosthesis manufacturers, serving over 10,000 dental laboratories, clinics, and hospitals, and positively impacting over 90 million patients worldwide.
For 2026, Aidite has outlined a clear corporate development strategy focused on "driving growth in both domestic and international markets," which has garnered high recognition from the capital market. Domestically, the strategy involves continuously empowering dental laboratories and medical institutions, promoting innovative solutions like digital implants, aesthetic restorations, and complete dentures, meeting the evolving needs of downstream customers shifting from "price-oriented" to "value-oriented." Internationally, the focus is on deepening operations, leveraging existing brand advantages and customer relationships to strengthen product portfolio and solution delivery capabilities, and precisely targeting high-value customers. With the proportion of overseas revenue continuing to rise (expected to reach 65% in 2025), the company's risk resilience and profit stability are further enhanced.
Coincidentally, a recent post on the company's WeChat account "Aidite Clinical" succinctly highlighted its advantages in the dental medical subsector: as digital technology deeply penetrates the dental field, prosthesis manufacturing is undergoing a paradigm shift from "traditional manual" to "digital intelligent manufacturing." As a pioneer in dental digitalization, Aidite holds a key position in the efficiency and system innovation of prosthesis manufacturing with its advanced digital full-arch solutions and 3D printing full-arch solutions.
From the above descriptions, it is evident that 3D printing is a crucial component of its digital operations. In this regard, the aforementioned industry insider noted: "The company's self-developed EZprint-P1 printer has achieved technological breakthroughs, capable of completing a semi-arch bridge print within 20 minutes, significantly boosting production efficiency. More importantly, the supporting materials have obtained FDA certification, clearing a key hurdle for product entry into high-end markets like Europe and the US, marking the company's upgrade from a material supplier to a comprehensive digital solution provider. This technology has the potential to synergize with existing implant and restoration products, further expanding its growth space."
Earlier this year, in response to investor inquiries on the "Interactive Easy" app, the company stated: "The currently developed 3D printing materials are primarily targeted at the dental medical field. The company will actively explore the application of 3D printed zirconia technology in related medical fields."