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SINGAPORE, Feb 23, 2022 - (ACN Newswire) - Catalist listed Aoxin Q&M Dental Limited ("Aoxin" or "the Group"), today announced a 20.8% increase in revenue to RMB160.2 million for full year ended 31 December 2021 ("FY2021"). The Group reported a net loss after tax of RMB7.3 million for FY2021, an improvement from the net loss of RMB12.1 million from a year ago. In 2020, in view of COVID-19 situation, the Chinese government provided temporary relief to businesses by waiving the social security insurance contributions. Aoxin would have additional RMB6.3 million of social security insurance expenses recorded in FY2020 resulting in a Net Loss of RMB18.4 million, instead of RMB12.1 million.
Dr. Shao Yongxin, Group Chief Executive Officer of Aoxin Q&M said, "Global economic prospects for 2022 will continue to be uncertain, with many countries still struggling to contain the rapid spread of the Omicron variant. The possibility of new COVID-19 strains cannot be ruled out. However, Aoxin Q&M's dental services make it resilient and well-positioned ride out the current downturn to capitalize on strategic opportunities in the post-COVID healthcare sector".

Mr Ryan San, Deputy Chief Executive Officer of Aoxin Q&M said, "The Group has been operating in a challenging environment, severely impacted by the recurring lockdowns of entire cities in the People's Republic of China ("PRC"). We are keeping a close watch on the evolving COVID-19 situation in PRC, while managing our costs with strict discipline."

Revenue

The Group's revenue increased by RMB27.6 million or 20.8%, from RMB132.6 million in FY2020 to RMB160.2 million in FY2021, mainly due to the recovery in all business segments.

Revenue from primary healthcare segment increased by 19.7% from RMB78.5 million in FY2020 to RMB93.9 million in FY2021. The increase in revenue were from our key hospitals in Shenyang and Dalian cities, and a polyclinic in Panjin city mainly due to increase in patients.

Revenue from distribution of dental equipment and supplies segment achieved a significant growth of 24.8%. Revenue was RMB50.4 million in FY2021 as compared to RMB40.4 million in FY2020. There was a higher demand for dental supplies materials from government hospitals amidst a gradual economic recovery in China backed by rolling out of the COVID-19 vaccination in the country.

Revenue from laboratory services segment increased by 15.9% to RMB15.9 million in FY2021 as compared to RMB13.7 million in FY2020 due to increase in demand of such services from the government dental hospitals in Shenyang City.

EBITDA

The Group's EBITDA also increased from RM9.5 million in FY2020 to RMB13.9 million in FY2021. The increase in EBITDA was mainly attributable to higher revenue and better performance from key dental hospitals and polyclinics as well as higher sales for dental equipment and supplies. Despite a positive EBITDA of RMB13.9 million, the Group recorded a loss of RMB7.3 million due to salary increment and recruitment expenses, as well as higher other expenses, such as acquisition related fees for Acumen Diagnostics Pte. Ltd. ("Acumen Diagnostics") and other tax expenses.

Mr Ryan San, Deputy Chief Executive Officer of Aoxin Q&M added. "We are also hopeful that moving forward, our recent acquisition of a 49% stake in Acumen Diagnostics will improve the profitability and cashflow of the Group. With Acumen Diagnostics expertise in R&D and medical diagnostics we will be able to play a vital role in support of the Singapore government's strategy of living with COVID-19. Concomitantly, this will also contribute to the growth of the Group."

Updates on associate - Acumen Diagnostics

- Capabilities to Tackle Omicron COVID-19 Variant

Acumen Diagnostics will continue to offer COVID-19 testing by polymerase chain reaction ("PCR") for patients that require PCR test results and for travelers as Singapore opens its borders, as well as distribute COVID-19 antigen rapid tests ("ART"). It will also launch a panel of new PCR tests for infectious diseases, sepsis and cancer.

On 3 December 2021, Acumen Diagnostics announced that its proprietary, locally-manufactured PCR test kits Acu-Corona 2.0 and Acu-Corona Duplex are able to detect COVID-19 positive cases infected with the Omicron variant. On 16 December 2021, Acumen Diagnostics announced that it has been granted a license by Ministry of Health, Singapore to provide offsite COVID-19 PCR swab services and serology sample collection at 100 clinics.

Acumen Diagnostics will continue to roll out its testing services via the Q&M Dental Group Limited's network of clinics, and also at its headquarters located at The Gemini, 41 Science Park Road, Singapore. Currently, Acumen Diagnostics has about 61 clinics providing the testing services island-wide.

- Proposed listing on NASDAQ stock exchange in relation to Acumen Diagnostics Pte. Ltd.

On 17 January 2022, Aoxin announced that the associated company of the Group, Acumen Diagnostics is exploring a proposed listing of its securities on the NASDAQ stock exchange in New York, USA. In this regard, Acumen Diagnostics has appointed UOB Kay Hian Private Limited to assist Acumen Diagnostics with the listing evaluation and all relevant preparatory work including the selection of professional advisers and underwriting banks in relation to the proposed listing and fund-raising exercise.

Looking Forward

Aoxin's FY2021 results reflects the significant upturn in revenue as compared to FY2020 revenue which was the period when the COVID-19 pandemic in PRC was in a more serious phase. As the COVID-19 situation in the PRC continues to improve, we expect the Group's revenue to correspondingly improve.

In addition, the recent 49% acquisition of medical technology company, Acumen Diagnostics for S$29.4 million on 1 November 2021, will enhance the profitability of the Group going forward.

The business environment is expected to remain challenging for the year ahead, as many countries including PRC struggle to contain the rapid spread of the COVID-19 virus demonstrated by new waves of infections.

The Group will continue to focus on disciplined management of operating expenditures, costs and capital expenditures. The Group will continue to monitor its expenses and maximise cost efficiency for operations.

Barring any unforeseen circumstances and further worsening of the COVID-19 situation such as ad-hoc lock down or temporary closures in cities where we operate, there are no known significant changes in the trends and competitive conditions of the industry in which the Group operates and no other major known factors or events that may adversely affect the Group in the next reporting period and the next 12 months. The Group will continue to monitor its operating expenses and maximise cost efficiency for operations.

For more information, please see attached files or the below links:
https://links.sgx.com/FileOpen/AoxinPressRelease-FY2021_final_23.2.22.ashx?App=Announcement&FileID=703172
https://links.sgx.com/FileOpen/AXQM%20Announcement%20FY2021.ashx?App=Announcement&FileID=703171

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms. Lim Hui Ling, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg

About Aoxin Q&M Dental Group Limited (Stock Code: 1D4.SI) www.aoxinqm.com.sg

Aoxin Q&M Dental Group Limited ("Aoxin Q&M" or together with its subsidiaries, the "Group") is a leading provider of private dental services in the Liaoning Province, Northern People's Republic of China ("PRC"). The Group operates 16 dental centres, comprising 10 dental polyclinics and 6 dental hospitals, located across 8 cities in Liaoning Province, namely Shenyang, Huludao, Panjin, Gaizhou, Zhuanghe, Jinzhou, Dalian and Anshan.

We currently have 400 dental professionals, including 170 dentists, 180 dental surgery assistants and 50 laboratory technicians.

A majority of the dental centres are accredited as Designated Medical Institutions of Medical Insurance. Additionally, the Group is engaged in the provision of dental laboratory services, as well as the distribution and sale of dental equipment and supplies in the Liaoning, Heilongjiang and Jilin Provinces in Northern PRC.

Aoxin Q&M was listed on the Catalist board of the Singapore Exchange Securities Trading Limited on 26 April 2017.

About Acumen Diagnostics Pte. Ltd. (www.acumen-research.com)

Acumen Diagnostics Pte. Ltd. ("Acumen Diagnostics") is a homegrown Singaporean, award-winning medical technology company. It is fully integrated with functions in research and development, manufacturing, as well as commercialisation of molecular diagnostics by distribution as well as conducting clinical laboratory testing services for (including but not limited to) infectious diseases, cancer, and COVID-19. It has also actively established frontline services such as COVID-19 on-site swabbing operations.

Acumen Diagnostics is a 51% subsidiary of SGX-listed Q&M Dental Group (Singapore) Limited (SGX: 1D4.SI) and 49%-owned by SGX-listed Aoxin Q&M Dental Group Limited (SGX: QC7.SI).

Media and Analysts: please contact below for more information: Waterbrooks Consultants Pte. Ltd.
+65 6958 8008, query@waterbrooks.com.sg
Wayne Koo (M): +65 9338 8166, wayne.koo@waterbrooks.com.sg
Derek Yeo (M): +65 9791 4707, derek@waterbrooks.com.sg

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCatalist listed Aoxin Q&M Dental Limited ("Aoxin" or "the Group"), today announced a 20.8% increase in revenue to RMB160.2 million for full year ended 31 December 2021 ("FY2021").

Mainland Chinese Truck Market Continues to Deteriorate, Supply Constraints Add to Production Woes

The policy-induced pre-loaded consumption has given mainland Chinese medium- and heavy-duty truck (MHDT) market a chill since July, with production cutting by nearly 60% as compared with the same period of last year. The current supply chain constraints caused by semi-conductor and power shortages will weigh on production activities into 2022. In our November 2021 forecast, we expect the mainland Chinese MHDT production to further loose around 25,000 units for the second half of 2021 and 15,000 units for the first quarter of the next year.

High inventories of China 5-level trucks remain the biggest dragger

Owing to the OEMs' price competition, the pre-buy activity in preparation for the China 6 emission rules were greatly amplified, resulting in an over-storage of China 5-level trucks across dealer channels in the first half of 2021. By the end of October, nationwide MHDT inventories are calculated at 260,000 units, still way higher than the typical rates of 150,000-170,000 units. Roughly two thirds of inventories are China 5-level trucks, despite a closure of registrations in major markets such as Hebei, Shaanxi, and Shandong. A part of the unsaleable trucks has flowed into the second-hand market with price depreciating up to 50%. Such price differential, coupled with common concerns over increasing usage cost, makes China-6 level trucks even less favorable. Although the final chance to register a China 5-level truck is set on December 31, 2021 in some regions, the high inventory pressure will likely deepen into early 2022 before the full clearance of new China 5-level trucks in the market.

Semiconductor shortage gets worse but under control

The global automotive semiconductor shortage has worsened by the pandemic resurgence in Malaysia and Vietnam since the summer months. To minimize losses under the tighter resources, some OEMs have prioritized production to bestselling models or new models that need to be pushed to the market, while some OEMs have placed orders of key accounts the first in line. Moreover, there have been cases of pausing acceptance of advanced orders because of the uncertainty about final deliveries. As a result, the average lead time of new trucks in most manufacturers are extended from one week to above four weeks. The sophisticated premium models that account for less than 10% market share suffered the most, with production line rates almost halved for several brands. We expect the semiconductor supply chain to stay gloomy for the coming months, but its impacts on the MHDT production should be manageable under sluggish sales of China 6-level trucks.

Power shortage risk may persist in the medium term

The coal supply disruption stemming from the mainland Chinese government's energy consumption control has triggered a severe power crunch across the nation, with more than 20 provinces experiencing different degrees of load shedding measures since mid-2021. Except for three northeastern provinces - Liaoning, Jilin, and Heilongjiang where the residential sector is affected, most provinces have kept power rationing measures within energy-intensive industries. Some energy-intensive industries such as aluminum, electronics, and steel are ordered to curtail capacity by 20-30% in the second half to meet carbon reduction commitments, posing more hurdles to automotive supply chain and industrial freight transport. On one hand, the softening demand for China 6-level trucks has hindered truck makers to pass the inflating producer cost on to retail prices. On the other hand, the continued downswing in industrial output will undermine the road freight recovery. Although the government has fine-tuned policies to ramp up coal production and reined in coal and power prices, an upturn is not likely to emerge until the second quarter of 2022 when the winter heating season ends. Given the government's anti-pollution ambitions, the supply disruption risks may sustain for quite a while.

With de-stocking of China 5-level new trucks, we predict MHDT inventories to rebuild from the third quarter of 2022, supporting some improvements in production. However, the expected slowing economy as well as economic reform measures including property deleveraging, financial de-risking, and industrial decarbonization will continue to act as a drag from the demand side. The recently released State Council's guideline on antipollution campaigns which highlight a nationwide elimination of China 1-3-level trucks by 2025 may bring a turn to the market, while its practical enforcement and impacts remain uncertain before the issuance of more specific measures.

In this blog post, China Aerospace Blog revisits the “What is the Chinese Aviation Industry Like?” article, which dates back to July 2018. While the former was essentially based on the China Civil Aviation Industry Report 2017 by MIIT, this blog post is built on a different set of data detailed below. The focus is also different: we single out the main aeronautical cities in …