以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：控股股东宝群实业累计质押股份占公司总股本22.16%。 公司公告汇总：本次质押8,410,000股，占其所持股份5.55%，同时解除质押8,403,570股。 公司公告汇总：质押融资用于体系外医疗项目资金需要，风险可控。 公司公告汇总 通策医疗公告，控股股东宝群实业持有公司股份151,589,199股，占总股本33.89%。本次质押8,410,000 股，占其所持股份5.55%，占公司总股本1.88%；同时解除质押8,403,570股，占其所持股份5.54%，占公 司总股本1.88%。宝群实业累计质押股份99,097,891股，占其所持股份65.37%，占公司总股本22.16%。 其一致行动人吕建明持股2,091,088股，无质押。宝群实业及其一致行动人合计持股153,680,287股，已质 押股份占其合计持股的64.48%，占公司总股本22.16%。质押融资用于体系外医疗项目资金需要。宝群 实业资信良好，具备偿还能力，质押风险可控，不会影响公司主营业务和实际控制权。 截 ...

资金流向 9月11日主力资金净流入2876.3万元，占总成交额3.9%；游资资金净流出393.8万元，占总成交额 0.53%；散户资金净流出2482.5万元，占总成交额3.36%。 公司公告汇总 通策医疗股份有限公司关于控股股东部分股票质押及解除质押的公告 截至2025年9月11日收盘，通策医疗(600763)报收于47.78元，上涨1.64%，换手率3.49%，成交量15.62万 手，成交额7.38亿元。 当日关注点 交易信息汇总 通策医疗公告，控股股东宝群实业持有公司股份151,589,199股，占总股本33.89%。本次质押8,410,000 股，占其所持股份5.55%，占公司总股本1.88%；同时解除质押8,403,570股，占其所持股份5.54%，占公 司总股本1.88%。宝群实业累计质押股份99,097,891股，占其所持股份65.37%，占公司总股本22.16%。 其一致行动人吕建明持股2,091,088股，无质押。宝群实业及其一致行动人合计持股153,680,287股，已质 押股份占其合计持股的64.48%，占公司总股本22.16%。质押融资用于体系外医疗项目资金需要。宝群 实业资信良好，具备 ...

证券简称：通策医疗 证券代码：600763 编号：临 2025-026 通策医疗股份有限公司 重要内容提示: 杭州宝群实业集团有限公司（以下简称"宝群实业"）持有通策医疗股份有 限公司（以下简称"公司"）股份总数 151,589,199 股，占总股本的 33.89%；本次质 押股份数为 8,410,000 股，占宝群实业所持有本公司股份数 5.55%，占本公司总股份 数的 1.88%；同时办理解除质押股份数为 8,403,570 股，占宝群实业所持有本公司股 份数的 5.54%，占本公司总股份数的 1.88%。宝群实业质押股份总数为 99,097,891 股， 占宝群实业所持有本公司股份数的 65.37%，占本公司总股份数的 22.16%；宝群实业 的一致行动人吕建明先生持股总数 2,091,088 股，占总股本的 0.47%，并无质押；宝 群实业已质押股份数占宝群实业及其一致行动人所持有本公司股份数的 64.48%，占本 公司总股份数的 22.16%。 一、上市公司股份质押情况 2025 年 9 月 11 日接到控股股东宝群实业股票质押及解除质押交易通知，具体事 项如下。 | 股东 | 是否为 | 本次质 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The overall performance of the industry has shown significant improvement, with a notable recovery in revenue and profit margins [3][14] - Private medical services are under short-term pressure, while the CXO sector continues to perform well, particularly in ADC and CDMO related companies [4][6] - The core contradiction in the industry has shifted from "insufficient effective supply" to a new phase of "medical insurance cost control" due to increasing demand from an aging population [5][6] Summary by Sections Overall Industry Performance - The pharmaceutical manufacturing industry reported a cumulative revenue of 1.23 trillion yuan in the first half of 2025, a year-on-year decline of 1.20%, but the decline is narrowing month by month [5][14] - The medical service sector achieved a revenue of 883.6 billion yuan in 2025H1, with a year-on-year growth of 3.8% and a net profit growth of 43.0% [29] Private Medical Services and CXO Sector - Private medical services are experiencing short-term pressure, with the ophthalmology sector showing relatively strong performance [4][39] - The CXO sector's performance continues to improve, with significant growth in ADC and CDMO related companies [4][6] IVD and ICL Performance - The IVD sector is under pressure due to medical insurance cost control and centralized procurement policies, impacting short-term performance [5][6] - The ICL sector is facing a downward trend, with increased competition and pressure from medical insurance cost control [8][6] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and the weight-loss drug supply chain, as well as sectors with expected improvements like ophthalmology and dental services [6][29]

证券研究报告 非金融公司|公司点评|通策医疗（600763） 正畸业务拉动公司业绩稳增长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月10日 证券研究报告 |报告要点 2025 年 8 月 23 日，公司发布 2025 年中报，2025H1 公司实现营收 14.48 亿元（yoy+2.68%）， 归母净利 3.21 亿元（yoy+3.67%）；其中 2025Q2 实现营收 7.04 亿元（yoy+0.24%），归母净利 润 1.37 亿元（yoy+0.44%）。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 郑薇 林艾灵 SAC：S0590521070002 非金融公司|公司点评 glzqdatemark2 2025年09月10日 通策医疗(600763) 正畸业务拉动公司业绩稳增长 | 行 业： | 医药生物/医疗服务 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 47.12 元 | 基本数据 | 总股本/流通股本(百万股) | 447/447 | | --- | --- | | 流通 A 股市值(百万元) | 21,0 ...

证券之星消息，截至2025年9月9日收盘，通策医疗(600763)报收于47.12元，下跌1.36%，换手率 1.94%，成交量8.68万手，成交额4.11亿元。 | 指标 | 通策医疗 | 医疗服务行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 210.76亿元 | 209.97亿元 | 7 42 | | 净资产 | 44.67亿元 | 56.46亿元 | 12 42 | | 净利润 | 3.21亿元 | 3.11亿元 | 6 42 | | 市盈率(动) | 32.81 | 84.09 | 5 42 | | 市净率 | 5.08 | 4.76 | 30 42 | | 毛利率 | 40.75% | 35.92% | 17 42 | | 净利率 | 26.26% | 3.8% | 3 42 | | ROE | 7.67% | 2.19% | 5 42 | 通策医疗2025年中报显示，公司主营收入14.48亿元，同比上升2.68%；归母净利润3.21亿元，同比上升 3.67%；扣非净利润3.17亿元，同比上升3.85%；其中2025年第二季度，公司单季度主营收入7. ...

业务全面恢复中，省内扩张稳步推进 通策医疗(600763) 通策医疗 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | [Table_Target] 目标价格(元): | 48.48 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | | 股票研究 /[Table_Date] 2025.09.09 本报告导读： 公司省内蒲公英分院已进入业绩贡献期，与总院矩阵成型，省外探索并购和加盟新 扩张模式，当前种植牙集采影响已过，正畸业务企稳回升，维持增持评级。 投资要点： | [Table_Finan ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Core Viewpoint - Tongce Medical (600763) shows a mixed performance in terms of stock price and fund flow, with a slight increase in stock price but significant net outflow of main funds on August 29, 2025 [1][2]. Fund Flow Summary - On August 29, 2025, the stock closed at 47.14 yuan, up 1.77%, with a turnover rate of 4.04% and a trading volume of 180,600 lots, amounting to a total transaction value of 854 million yuan [1]. - The fund flow data indicates a net outflow of main funds amounting to 35.41 million yuan, accounting for 4.15% of the total transaction value, while retail investors saw a net inflow of 18.27 million yuan, representing 2.14% of the total [1][2]. Recent Fund Flow Overview - The recent five-day fund flow shows a trend of net outflows from main funds, with the most significant outflow occurring on August 27, 2025, at 95.11 million yuan, while retail investors consistently showed net inflows [2]. Company Performance Metrics - As of the latest report, Tongce Medical has a total market value of 21.085 billion yuan, with a net asset value of 4.467 billion yuan and a net profit of 321 million yuan [3]. - The company reported a year-on-year increase in main revenue of 2.68% to 1.448 billion yuan and a net profit increase of 3.67% to 321 million yuan for the first half of 2025 [3]. - The second quarter of 2025 showed a slight increase in main revenue to 704 million yuan, with a net profit of 137 million yuan, reflecting a year-on-year increase of 0.44% [3]. Industry Comparison - Tongce Medical's price-to-earnings ratio (P/E) stands at 32.83, significantly lower than the industry average of 84.92, indicating a favorable valuation compared to peers [3]. - The company's gross margin is 40.75%, higher than the industry average of 35.7%, and its net margin of 26.26% is substantially above the industry average of 3.53% [3]. Analyst Ratings - Over the past 90 days, six institutions have rated the stock, with four buy ratings and two hold ratings, and the average target price set at 50.19 yuan [4].

Group 1 - The core viewpoint of the report is that Tongce Medical (600763.SH) is rated as a "buy" due to expected stable growth in performance and improved profitability in the first half of 2025 [1] - The orthodontics business is showing signs of recovery, with the number of dental chairs exceeding 3,100 [1] - The company is implementing a "three-three system" model to drive development, although the business of the three major hospitals has seen a decline [1]