现代牙科2025年度报告

目 錄 2425345167727374767880164165 360020251231 20253,737EBITDA938601202411%EBITDA32%48%2025 3540% TrioClear 2026 HexaCeram 2026326 Hexa Ceram20251Digital Sleep Design Pty Limited (i)(ii)(iii)TrioClear59,733,000202447,587,000 20251231EBITDA 202512313,736,519,00020243,364,018,00011.1%2025123155.8%202453.5%202512312,084,952,00020241,798,871,00015.9%20251231EBITDA938,125,0002024708,796,00032.4%20251231601,249,0002024406,943,00047.7% 2025123163.7202443.247.5% 2025123115.020249.220266302026610 20251231Hexa Ceram64,24120241,039,1882024783,100#32.7% #20242025 202520241231 20251Hexa Ceram Company LimitedHexa Ceram (-7.4%)(-7.1%) 202520241231 202512312,205,276,00020241231156,667,00063.0%2024123165.2% 20251231916,025,00020241231117,015,00026.1%2024123125.4% 20251231382,332,0002024123186,829,00010.9%202412319.4% 20251231232,886,0002024123111,990,000TrioClear59,733,000202447,587,000 202520241231 202512312,851,08320242,178,5731,22920241,44330.9%14.8%Hexa Ceram Hexa Ceram2,231,93420242,178,5731,47920241,4432.4%2.5% Hexa Ceram 20251231Hexa Ceram64,24120241,039,1882024783,100#32.7% 202520241231 MicroDental1.8%MicroDental9.0% #4.2%11.5% ++Hexa Ceram20251231188.12024 20251231 202512311,886,755,00020241231268,319,00050.5%2024123148.1% 20251231 20251231696,380,0002024123155,703,00018.6%2024123122.3% MicroDental Laboratories, Inc.MicroDental2025 20254 20251231 (i)(ii)(iii) (i)(ii)(iii) 20251231615,359,0002024123146,851,00016.5%2024123119.7%2025 20251231289,132,0002024123124,380,0007.7%202412317.9%Digital Sleep202412312.4% 20251231248,893,00020241231182,356,0006.7%2.0%Hexa Ceram Hexa Ceram 2025 3540% 20251Hexa CeramDigital Sleep Design TrioClearAI 202512313,736,519,000202412313,364,018,00011.1%20251Hexa Ceram Company LimitedHexa Ceram 202512312,084,952,00015.9%202412312.3(i)(ii)20254(iii)15.5%-7.4%-7.1%20251Hexa Ceram 58.1%54.1%49.9% 20241231456,191,0005.8%20251231482,457,00012.9%13.6%Hexa Ceram 20241231762,143,00011.9%20251231852,815,00022.8%22.7%(i)(ii)Hexa Ceram 2024123130,573,00068.8%202512319,530,0000.3%202412310.9%(i)1,320,00020242,758,000(ii)2024: 26,217,000 2024123151,651,00033.4%2025123134,402,0000.9%20241.5%20241231HIBOR 20241231120,198,00031.7%20251231158,253,000 20241231406,943,00047.7%20251231601,249,000 20251231596,972,00020241231408,002,000188,970,00046.3% (i)(ii)20254(iii)15.5%-7.4%-7.1%(iv)Hexa CeramDigital Sleep EBITDA EBITDAEBITDA 202520241231ERPEBITDAEBITDA EBITDA 2025123120241231 20251231767,035,0002024816,825,000 20251231763,102,0002024521,190,00020241231 20241231613,579,00020251231698,592,00036520241231652025123164 2024123165,517,0002025123185,330,00020251231365172024173090 20241231169,153,00020251231204,488,00036520241231392025123141 20251231278,135,0002024145,473,000(i)Hexa Ceram196,089,000(ii)Digital Sleep14,804,000(iii)71,981,000 20251231575,656,000(i)189,318,0002024160,659,000(ii)30,537,000202425,054,000(iii)57,197,000202460,508,000(iv)25,090,000(202442,107,000)(v)273,514,000202460,625,000 2025123171,981,000202527,281,000202459,207,00038,952,000202443,564,0001.8%20243.1% 20251231 20251231478,245,00020241231737,151,00020251231465,777,00012,468,00020251231 2025123110%202414% 202520241231 202520241231 2025123150% 1231206,00020241231194,000 20251231 20241121Modern Dental Asia Pacific LimitedAchevalHoldings LimitedA20241121Hexa Ceram Company Limited52,500Anucha MeekiatichaikunMeekiatichaikunAA52,50025%326,216,000 20241121Hexa Europe B.V.B20241121102,900BB102,90049%612,743,00020251 20241121Meekiatichaikun(i)MeekiatichaikunMeekiatichaikun2024112154,600(ii)MeekiatichaikunMeekiatichaikun Hexa Ceram2024112120241125202519 20251231 20251231 20251231 202514%20%202415%21%20250%10%20240%10%EBITDA20258%38%2024:7%36%15 20251Hexa CeramMicroDental75% 20251231HIBOR+0.65%HIBOR+0.80%(2024HIBOR+0.725%HIBOR+1.60%)2%4.75%2024 202512318,53820247,1065,91820244,86188020247575512024475 202512311,627,576,00020241,532,248,000 20251231 8413 39571XVTriera Holdings Limited 20142014101720156192021331202511 20086(University of Calgary)20141220154(Heriot-Watt University)201972021 20142022 38XVTriera Holdings Limited 201420149222015619 20106(Haskayne School of Business, University of Calgary) 15FiduciaGoodwin Procter LLP 68XVTriera Holdings Limited 19868201275201561920156192021331 3519751120015200610201610 41XVTriera HoldingsLimited 201120149222015619 20096(SouthernAlberta Institute Technology) 71XVTriera Holdings Limited 1991112012752015619202533120254120156192021331 35 CKFCKFCKFFamily Limited 8920151124 19841219626196022002201012 224272011962023630102620162122024430276820241029 7420151124 200912197710(University ofManitoba)19745 34140313824171419573 20263 452021527 152017 20041220101120112201292014 20042010201020142014 August Wilhelm Torsten Schwafert61Modern Dental Europe B.V. SchwafertSchwafertSchwafert20143 Schwafert19916(Düsseldorf)(Verwaltungs- und Wirtschaftsakademie) Schwafert332009820142SchwafertCAD/CAMW