China Dental Industry Report, 2016-2020 May 2016 STUDY GOAL AND OBJECTIVES METHODOLOGY This report provides the industry executives with strategically significant Both primary and secondary research methodologies were used competitor information, analysis, insight and projection on the in preparing this study. Initially, a comprehensive and exhaustive competitive pattern and key companies in the industry, crucial to the search of the literature on this industry was conducted. These development and implementation of effective business, marketing and sources included related books and journals, trade literature, R&D programs. marketing literature, other product/promotional literature, annual reports, security analyst reports, and other publications. REPORT OBJECTIVES Subsequently, telephone interviews or email correspondence To T establish t bli h a comprehensive, h i ffactual, t l annually ll updated d t d and d costt was conducted with marketing executives etc. Other sources effective information base on market size, competition patterns, included related magazines, academics, and consulting market segments, goals and strategies of the leading players in the companies. market, reviews and forecasts. To assist potential market entrants in evaluating prospective acquisition and joint venture candidates. To complement the organizations’ internal competitor information INFORMATION SOURCES The primary information sources include Company Reports, and National Bureau of Statistics of China etc. gathering efforts with strategic analysis, data interpretation and insight. To suggest for concerned investors in line with the current development of this industry as well as the development tendency. tendency To help company to succeed in a competitive market, and Copyright 2012 ResearchInChina understand the size and growth rate of any opportunity. Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Abstract The dental industry refers to medical industrial chain on the basis of oral medical consumption, consisting mainly of dental apparatus (equipments and consumables), dental medical services, etc. With the synergy of deepening implementation of new medical reform, growing per capita disposable income and raising public awareness over health, China’s dental industry has witnessed robust development in recent years. The scale of dental apparatus and relevant medical services industry was roughly RMB40 billion in 2015 and is expected to hit at least RMB150 billion in 2020. Dental apparatus: There are a great variety of dental apparatus and consumables and numerous manufacturers in China, presenting a relatively low market concentration. The revenue of enterprises each with annual revenue of RMB20 million or more from their main business operations exceeded RMB5 billion in 2015. However, the mid- to high-end market is dominated by foreign brands which entered the Chinese market via agents or branches in the early days, and some of them out of optimism about the Chinese market have built production bases in China. For example, l F Foshan h h has gathered th d 17 world-renowned ld dd dental t l equipment i t manufacturers f t including i l di Si Sirona D Dental. t l However, China’s domestic dental apparatus companies have made huge breakthroughs in some fields like dental CBCT and invisible appliance. Hefei Meiya Optoelectronic Technology has become a major supplier of dental CBCT in China. Since the introduction of the products in 2012, the sales volume has doubled every year with a growing tendency of import substitution substitution, and is estimated to reach 350 units in 2015 2015. In 2015, 2015 Angel Align, an indigenous Chinese appliance brand, surpassed Align Technology’s Invisalign to become the first brand in the Chinese invisible appliance market with a share of 38% (compared with a 35% share for Invisalign in China over the same period). Dental medical services: The total revenue of stomatological hospitals in China rose from RMB2.37 billion in 2006 to RMB11.39 billion in 2014 at a CAGR of 21.5%. 21 5% The stomatological hospitals enjoy higher gross margins (among the top three by gross margin) compared with other specialized hospitals, standing at 10.8% in 2010, 11.8% in 2011, 11.9% in 2012, 12.4% in 2013, and 13.1% in 2014. Bybo Dental (previous iBYER Dental), ARRAIL Dental, Jiamei Dental and other private/foreign-funded dental medical institutions have been more aggressive in marketing and developed more quickly in recent years. As of Apr 2016, chain clinics (including hospitals) directly operated by the three institutions above totaled 137, 137 51 and 31 (excluding dozens of franchises) franchises), respectively respectively. Moreover Moreover, these famous dental chain brands are primarily concentrated in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and other economically developed coastal regions, with fiercer competition in former three cities. Copyright 2012ResearchInChina Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Strongly attracted by incentive policies and bright market prospects, sundry capital flooded into stomatological hospitals or clinics. In 2014, Legend Holdings planned to invest RMB1 billion to help iBYER Dental to join premium dental brands in the country; ARRAIL Dental Clinic received third round financing of USD70 million led by New Horizon Capital; Jiamei Dental secured a second round financing of USD100 million. Since the introduction of industrial capital in primary market by Jiamei Dental, ARRAIL Dental, and Bybo Dental in 2014, five dental medicalrelated companies, namely KEEN Dental, Dazhong Dental, Huamei Dental, HUGE Dental (dental materials), and Jiahong Dental (dental materials) have so far gone listed on the National Equities Exchange and Quotations materials), Quotations. Major Private Dental Medical Institutions and Chain Stores (Hospitals) in China as of Apr 2016 Source: ResearchInChina Copyright 2012ResearchInChina Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com China Dental Industry Report, 2016-2020 highlights the followings: Chinese Chi dental d t l apparatus t and d materials t i l market k t (size, ( i imports i t & exports, t competitive titi llandscape, d d development l t fforecast, t etc.); t ) Chinese dental medical service market (status quo, competitive landscape, development trends, etc.); Market segments (orthodontics, tooth implantation, and teeth whitening) in China (development status, trends, etc.); 11 dental apparatus suppliers and 9 private dental medical service companies in China (current development, dental business, development prospects, etc.) Copyright 2012ResearchInChina Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Table of contents 1. Overview of Oral Industry 3.3.3 Dental Implantation and Restoration Equipment 5.3.1 Integration of High- 1.1 Definition 3.3.4 Digitalized g Dental Equipment q p end Clinics and Hospitals p 1.2 Classification of Dental Devices & Materials 1.3 Characteristics of Stomatological Hospitals 5.3.2 Physicians Sources being Crucial to the D 4. Development Forecast for Chinese Oral Medical evelopment of Enterprises Market 5.3.3 Orthodontics and Implantation Businesses 2. Market Situation of Oral Industry in China 4.1 Orthodontic Market to Be Priorities of Development 2.1 Low Ratio of Dentists to Patients 4.2 Tooth Implantation Market 5.3.4 Dentistry (Oral) Insurance Conducive to D 2.2 High Incidence of Dental Diseases VS Low Consu 4.2.1 Initial Stage for High- evelopment of Oral Medical Industry ltation Rate end Businesses like Tooth Implantation 5.3.5 Introduction of O2O Model Promoting Dev 2.3 Growing Awareness of Oral Health 4.2.2 Rapid Growth in High Value- elopment of Oral Medical Industry 2.4 Late Start in Professional Orthodontics added Businesses like Tooth Implantation 2.5 Active Import and Export Trade 4.2.3 Great Potential of High-end Consumer Group 6. Major Dental Equipment and Materials Co 2.5.1 Import 4.3 Teeth Whitening mpanies in China 2.5.2 Export 4.4 Market Forecast 6.1 Hefei Meiya Optoelectronic Technology Inc. 2 6 Great Development Potential of Oral Industry 2.6 6 1 1 Profile 6.1.1 5. Development Forecast for China Stomatological 6.1.2 Operation 3. Development Forecast for China Dental Equipm Hospital Industry 6.1.3 Revenue Structure ent Industry 5.1 Overview 6.1.4 Gross Margin 3.1 Overview 5.1.1 Number of Hospitals 6.1.5 Clients 3.1.1 Market Size 5.1.2 Market Size 6.1.6 Dental Equipment Business 3.1.2 Asset Size 5.1.3 Industry Profit 6.1.7 Forecast and Outlook 3.2 Profit 5.1.4 Number of Doctors 6.2 Shandong Huge Dental Material Co., Ltd. 3.3 Competitive Landscape 5.2 Competition Pattern 6.2.1 Profile 3.3.1 Dental Treatment Equipment 5.3 Development Trend5.3.1 Integration of High- 6.2.2 Operation 3.3.2 Dental Sterilization and Disinfection Equipment end Clinics and Hospitals 6.2.3 Revenue Structure Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Table of contents 6.2.4 Gross Margin 6.7.1 Profile 7.1.6 Forecast and Outlook 6.2.5 Clients 6.7.2 Dental Materials Business 7.2 Keen Dental 6.3 Shandong Sinocera Functional Material Co., Ltd. 6.8 Northwest Medical Instrument (Group) Co., Ltd. 7.2.1 Profile 6.3.1 Profile 6.8.1 Profile 7.2.2 Operation 6.3.2 Operation 6.8.2 Operation 7.2.3 Revenue Structure 6.3.3 Revenue Structure 6.9 Ningbo Runyes Medical Instrument Co., Ltd. 7.2.4 Gross Margin 6.3.4 Gross Margin 6.9.1 Profile 7.2.5 Forecast and Outlook 6.3.5 Clients 6.9.2 Operation 7.3 Dazhong Dental 6.4 Shenzhen Jiahong Dental Co., Ltd. 6.10 Fujian Meisheng Medical Science & Technology 7.3.1 Profile 6.4.1 Profile Co., Ltd. 7.3.2 Operation 6 4 2 Operation 6.4.2 O ti 6.10.1 Profile 7.3.3 Revenue Structure 6.4.3 Revenue Structure 6.10.2 Operation 7.3.4 Gross Margin 6.4.4 Gross Margin 6.10.3 Development 7.3.5 Forecast and Outlook 6.4.5 Clients 6.11 Other Foreign Companies 7.4 Huamei Dental 6 5 Modern Dental Group Limited 6.5 6 11 1 Shanghai Fimet Medical Instrument Co., 6.11.1 Co Ltd. Ltd 7 4 1 Profile 7.4.1 6.5.1 Profile 6.11.2 Heraeus Kulzer 7.4.2 Operation 6.5.2 Operation 6.11.3 KaVo Sybron 7.4.3 Revenue Structure 6.5.3 Revenue Structure 7.4.4 Gross Margin 6.5.4 Gross Margin g 7. Major Private Stomatological Hospitals in China 7 4 5 Forecast and Outlook 7.4.5 6.5.5 Clients 7.1 TC Medical 7.5 ARRAIL Dental 6.6 Shanghai Fosun Pharmaceutical (Group) Co., Ltd. 7.1.1 Profile 7.5.1 Profile 6.6.1 Profile 7.1.2 Operation 7.6 BYBO Dental 6.6.2 Operation 7.1.3 Revenue Structure 7.7 Jiamei Dental 6.6.3 Dental Equipment Business 7.1.4 Gross Margin 7.8 YaFei Dental 6.7 Weigao Group 7.1.5 Dental Business 7.9 C.K.J Professional Dental Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • • • • • • • • • Classification and Major Products of Dental Equipments Classification and Major Products of Dental Materials Number of Dentists per Million and Average Age of Population by Country/Region, 2011 Rate of Population with Decayed Tooth and Rate of Population Receiving No Treatment by Age Group in China, 2008 Rate of Population with Decayed Tooth, and Average Rate of Population with Agomphiasis and Rate of Population with Denture Restored among People Aged 35 to 44 and People Aged 65 to 74, 2008 Incidence of Dentognathic Deformity and Rate of Population Receiving Formal Treatment among Teenagers in Changsha by Age, 2011 Survey on People’s Habit of Seeking Medical Care for Oral Diseases in China, 2014 Survey on People’s Attention to Dental Health in China, 2014 Import Volume and Import Value of Dental Chair with Dental Equipment in China, 2012-2015 I Import t Volume V l and d IImportt Value V l off Dental D t l Drill D ill iin Chi China, 2009 2009-2015 2015 Import Volume and Import Value of Dental X-ray Machine in China, 2009-2015 Import Volume and Import Value of Artificial Teeth in China, 2009-2015 Import Volume and Import Value of Tooth Fixing Parts in China, 2009-2015 Import Volume and Import Value of Dental Floss in China, China 2009-2015 Import Volume and Import Value of Dental Cement in China, 2009-2015 Import Volume and Import Value of Dental Wax, Molding Paste and Other Dental Slaked Lime Products in China, 2010-2015 Export Volume and Export Value of Dental Chair from China, 2009-2015 Export p Volume and Export p Value of Dental Drill from China, 2009-2015 Export Volume and Export Value of Dental X-ray Machine from China, 2009-2015 Export Volume and Export Value of Denture (Artificial Teeth) from China, 2009-2015 Export Volume and Export Value of Tooth Fixing Parts from China, 2009-2015 Export Volume and Export Value of Dental Floss from China, 2009-2015 Export Volume and Export Value of Dental Cement from China, 2009-2015 Export Volume and Export Value of Dental Wax, Molding Paste and Other Dental Slaked Lime Products from China, 2010-2015 Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • • • • • • • • • • Oral Market: Hangzhou (China) vs. Singapore Number of Trainings Provided for Dentists in China by OSSTEM OSSTEM, 2006-2010 2006 2010 Revenue and Growth Rate of Oral Equipment Industry in China, 2008-2015 Total Assets and Growth Rate of Oral Equipment Industry in China, 2008-2015 Asset-liability Ratio of Oral Equipment Industry in China, 2008-2015 Total Profit and Growth Rate of Oral Equipment Industry y in China, 2008-2015 Gross Margin of Oral Equipment Industry in China by Quarter, 2008-2014 Import and Export Volume and Average Price of Dental Chair in China, 2009-2015 Major Global Dental Implant Systems Application Structure of Digital Products in Dental Medical Field in China Sales Volume of Dental CBCT in China, 2010-2015 Major CBCT Producers in Global Number of Orthodontics/Invisible Orthodontics Cases in China, 2012-2018E Comparison between Fixed Appliances and Invisible Appliances Comparison of Major Invisible Appliances in the Chinese Market Competition Pattern of Chinese Invisible Appliance Market, 2013&2015 Global Dental Implant Market Size, 2014&2015&2020 Competitive Landscape of Global Dental Implant Market, 2015 Classification of Global Dental Implant Product Structure Structure, 2014 (in units) Number of Dental Implants per 10,000 Globally by Country, 2013 Global Dental Implant Market Structure by Region, 2011 Revenue and Growth Rate of OSSTEM in China, 2006-2010 Competition Pattern of Dental Implant System in China, 2013 Market Prices for Dental Implants in China (by Region) Structure of Implantation Price Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • • • • • • • • • • Disposable Income Level and Penetration Rate of Dental Implant in Major Countries Market Prices for Teeth Whitenings Number of Public and Private Stomatological Hospitals in China, 2006-2014 Revenue of Stomatological Hospitals in China, 2006-2014 Gross Profit and Gross Margin of Stomatological Hospitals in China, 2006-2014 Profit Margins g of Various Specialized p Hospitals p in China, 2010-2014 Number of Medical Staff in Stomatological Hospitals in China, 2010-2014 Utilization Rate of Sickbeds and Service Efficiency of Doctors in Stomatological Hospitals in China, 2006-2014 Number of Public and Private Stomatological Hospitals in China, 2006-2014 Cases of Capital’s Entry into Stomatological Hospitals in China Number and Distribution of Major Oral Medical Institutions and Their Chains in China, as of the end of Apr. 2016 Prices of Some Dental Diagnosis and Treatment Items in China, 2014-2015 Cases of Capital’s Entry into Oral Medical O2O Revenue and Net Income of Hefei Meiya Optoelectronic Technology, 2009-2015 R Revenue B Breakdown kd off H Hefei f i Meiya M i Optoelectronic O t l t i Technology T h l b by P Product, d t 2009 2009-2015 2015 Revenue Structure of Hefei Meiya Optoelectronic Technology by Region, 2009-2015 Gross Margin of Hefei Meiya Optoelectronic Technology by Product, 2008-2015 Hefei Meiya Optoelectronic Technology’s Revenue from Top5 Customers and % of Total Revenue, 2009-2015 Hefei Meiya Optoelectronic Technology Technology’ Procurement from Top5 Suppliers and % of Total Procurement Procurement, 2009-2015 2009 2015 CBCT Revenue and Gross Margin of Hefei Meiya Optoelectronic Technology, 2012-2015 Revenue and Net Income of Hefei Meiya Optoelectronic Technology, 2013-2018E Revenue and Net Income of Shandong Huge Dental Material, 2012-2015 Revenue Breakdown of Shandong Huge Dental Material by Product, 2012-2015 Revenue structure of Shandong Huge Dental Material by Product, 2012-2015 Revenue Structure of Shandong Huge Dental Material by Region, 2012-2015 Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • • • • • • • • • • Gross Margin of Shandong Huge Dental Material by Product, 2012-2015 Shandong Huge Dental Material’s Material s Revenue from Top5 Customers and % of Total Revenue Revenue, 2012-2015 Shandong Huge Dental Material’ Procurement from Top5 Suppliers and % of Total Procurement, 2012-2015 Revenue and Net Income of Shandong Sinocera Functional Material, 2009-2016 Revenue Structure of Shandong Sinocera Functional Material by Product, 2015 Revenue Structure of Shandong g Sinocera Functional Material by y Region, g 2009-2015 Consolidated Gross Margin of Shandong Sinocera Functional Material, 2009-2016 Shandong Sinocera Functional Material’s Revenue from Top5 Customers and % of Total Revenue, 2009-2015 Shandong Sinocera Functional Material’ Procurement from Top5 Suppliers and % of Total Procurement, 2009-2015 Revenue and Net Income of Shenzhen Jiahong Dental, 2013-2015 Revenue Breakdown of Shenzhen Jiahong Dental by Product, 2013-2015 Revenue structure of Shenzhen Jiahong Dental by Product, 2013-2015 Revenue Structure of Shenzhen Jiahong Dental by Region, 2013-2015 Gross Margin of Shenzhen Jiahong Dental by Product, 2013-2015 Sh Shenzhen h Jiahong Ji h D t l’ R Dental’s Revenue ffrom T Top5 5C Customers t and d % off T Total t lR Revenue, 2013 2013-2015 2015 Shenzhen Jiahong Dental’s Procurement from Top5 Suppliers and % of Total Procurement, 2013-2015 Revenue and Net Income of Modern Dental Group, 2012-2015 Revenue Breakdown of Modern Dental Group by Product, 2012-2015 Revenue structure of Modern Dental Group by Product Product, 2012-2015 2012 2015 Revenue Structure of Modern Dental Group by Region, 2012-2015 Gross Margin of Modern Dental Group by Product, 2012-2015 % of Modern Dental Group’s Revenue from Top5 Customers in Total Revenue, 2012-2015 % of Modern Dental Group’s Procurement from Top5 Customers in Total Procurement, 2012-2015 Revenue and Net Income of Shanghai Fosun Pharmaceutical, 2009-2015 Revenue of Shanghai Fosun Pharmaceutical by Product, 2009-2015 Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • • • • • • • • • • Main Dental Equipment and Dental Materials of Shanghai Fosun Pharmaceutical Product Categories and Main Products of Weigao Group Revenue and Total Profit of Xianyang Northwest Medical Instrument (Group), 2007-2009 Gross Margin of Xianyang Northwest Medical Instrument (Group), 2007-2009 Total Assets and Total Liabilities of Xianyang Northwest Medical Instrument (Group), 2007-2009 Revenue and Total Profit of Runyes, y 2007-2009 Gross Margin of Runyes, 2007-2009 Total Assets and Total Liabilities of Runyes, 2007-2009 Revenue and Total Profit of Fujian Meisheng Medical Science & Technology, 2007-2009 Gross Margin of Fujian Meisheng Medical Science & Technology, 2007-2009 Total Assets and Total Liabilities of Fujian Meisheng Medical Science & Technology, 2007-2009 Subsidiaries of TC Medical Revenue and Net Income of TC Medical, 2009-2016 Revenue Breakdown of TC Medical by Product, 2009-2015 R Revenue B Breakdown kd off TC M Medical di l b by P Product, d t 2009-2015 2009 2015 Gross Margin of TC Medical by Business, 2009-2015 Customer Orientation of TC Medical Revenue and Net Income of TC Medical’s Stomatological Hospitals, 2012-2015 Revenue and Net Income of TC Medical, Medical 2015-2020E 2015 2020E Revenue and Net Income of Keen Dental’s Subsidiaries, 2014-2015 Revenue and Net Income of Keen Dental, 2012-2015 Revenue Breakdown of Keen Dental by Business, 2009-2015 Revenue Structure of Keen Dental by Business, 2012-2015 Gross Margin of Keen Dental by Business, 2009-2015 Revenue and Net Income of Keen Dental, 2015-2020 Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com Selected Charts • • • • • • • • • • • • • • • • Revenue and Net Income of Dazhong Dental, 2012-2015 Revenue Breakdown of Dazhong Dental by Business, Business 2012-2015 Gross Margin of Dazhong Dental, 2012-2015 Revenue and Net Income of Dazhong Dental, 2015-2020 Revenue and Net Income of Huamei Dental, 2013-2015 Revenue Breakdown of Huamei Dental by y Business, 2013-2015 Gross Margin of Huamei Dental by Business, 2013-2015 Revenue and Net Income of Huamei Dental, 2015-2020 Distribution of ARRAIL Dental’s Clinics, as of Apr. 2016 Competitive Advantages of ARRAIL Dental Direct Billing Insurance Institutes Cooperating with ARRAIL Dental Distribution of iBYER Dental’s Clinics, as of Apr. 2016 Distribution of Jiamei Dental’s Clinics Competitive Edges of Jiamei Dental I Insurance Firms Fi Providing P idi Di Directt Billi Billing S Services i ffor P Patients ti t iin Jiamei Ji i Dental D t l Distribution of C.K.J Professional Dental Hospital’s Clinics Room 502, Block 3, Tower C, Changyuan Tiandi Building, No. 18, Suzhou Street, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● report@researchinchina.com How to Buy You can place your order in the following alternative ways: Choose type of format 1 O d online 1.Order li at www.researchinchina.com hi hi PDF (Single user license) …………..2,350 USD 2.Fax order sheet to us at fax number:+86 10 82601570 Hard copy 3. 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