According to the Open Source Securities Research Report, Dengkang Dental's 2026H1 revenue and profit both increased, and the high increase in the electric category illuminated the second curve. 2026H1 achieved net profit of 101 million yuan, +19.1% year over year; net profit before deducting non-return to mother was 92 million yuan, +32.4% year over year. The growth rate after deduction was significantly higher than the revenue growth rate, and profit quality continued to improve. Looking ahead to the whole year, the company continues to make efforts around the “15th Five-Year Plan” strategy and the “8462” leap forward. The brand strategy has been upgraded from “three modernizations” to professional, high-end, youthful, and international collaboration. On the product side, the company continues to consolidate anti-sensitive core technology barriers, accelerate the implementation of innovative categories such as anhydrous formulations and age-specific care for children, and promote the expansion of the matrix of smart dental products such as electric toothbrushes and dental fillers to create a second growth curve; on the channel side, deepening global full-channel collaboration, concentrating on the sinking distribution market while strengthening the new retail layout of KA and e-commerce. Overseas business officially entered Vietnam and completed supply chain pilot construction. Internationalization has taken a substantial step. At the profit level, high-end explosives continue to drive the product structure upward. Since 2025, the gross margin of e-commerce channels has improved markedly. Combined with cost reduction and efficiency in the digital supply chain, profitability is expected to increase steadily throughout the year. According to Nielsen 2026H1 offline retail statistics, the company's toothpaste and children's toothpaste market share all rank in the top three in the industry, and the retail share of toothbrushes and children's toothbrushes rank second and first in the industry respectively. Maintaining the profit forecast of the company's 2026-2028 net profit of 217/2.60/309 million yuan, the current stock price corresponding to PE is 22.5/18.8/15.8 times, respectively, maintaining the “buy” rating.

According to the Open Source Securities Research Report, Dengkang Dental's 2026H1 revenue and profit both increased, and the high increase in the electric category illuminated the second curve. 2026H1 achieved net profit of 101 million yuan, +19.1% year over year; net profit before deducting non-return to mother was 92 million yuan, +32.4% year over year. The growth rate after deduction was significantly higher than the revenue growth rate, and profit quality continued to improve. Looking ahead to the whole year, the company continues to make efforts around the “15th Five-Year Plan” strategy and the “8462” leap forward. The brand strategy has been upgraded from “three modernizations” to professional, high-end, youthful, and international collaboration. On the product side, the company continues to consolidate anti-sensitive core technology barriers, accelerate the implementation of innovative categories such as anhydrous formulations and age-specific care for children, and promote the expansion of the matrix of smart dental products such as electric toothbrushes and dental fillers to create a second growth curve; on the channel side, deepening global full-channel collaboration, concentrating on the sinking distribution market while strengthening the new retail layout of KA and e-commerce. Overseas business officially entered Vietnam and completed supply chain pilot construction. Internationalization has taken a substantial step. At the profit level, high-end explosives continue to drive the product structure upward. Since 2025, the gross margin of e-commerce channels has improved markedly. Combined with cost reduction and efficiency in the digital supply chain, profitability is expected to increase steadily throughout the year. According to Nielsen 2026H1 offline retail statistics, the company's toothpaste and children's toothpaste market share all rank in the top three in the industry, and the retail share of toothbrushes and children's toothbrushes rank second and first in the industry respectively. Maintaining the profit forecast of the company's 2026-2028 net profit of 217/2.60/309 million yuan, the current stock price corresponding to PE is 22.5/18.8/15.8 times, respectively, maintaining the “buy” rating.