证券之星消息，截至2025年11月14日收盘，通策医疗(600763)报收于44.68元，下跌0.16%，换手率 2.22%，成交量9.94万手，成交额4.49亿元。 11月14日的资金流向数据方面，主力资金净流出1146.82万元，占总成交额2.56%，游资资金净流入 2541.95万元，占总成交额5.67%，散户资金净流出1395.13万元，占总成交额3.11%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-14 | 44.68 | -0.16% | -1146.82万 | -2.56% | 2541.95万 | 5.67% | -1395.13万 | -3.11% | | 2025-11-13 | 44.75 | 0.36% | -3844.37万 | -12.79% | 45.99万 | 0.15% | 3798.39万 | 12.64% | | 2025-11-12 ...

证券之星消息，截至2025年11月13日收盘，通策医疗(600763)报收于44.75元，上涨0.36%，换手率 1.51%，成交量6.75万手，成交额3.01亿元。 11月13日的资金流向数据方面，主力资金净流出3844.37万元，占总成交额12.79%，游资资金净流入 45.99万元，占总成交额0.15%，散户资金净流入3798.39万元，占总成交额12.64%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-13 | 44.75 | 0.36% | -3844.37万 | -12.79% | 45.99万 | 0.15% | 3798.39万 | - 12.64% | | 2025-11-12 | | 44.59 -0.16% | -1272.08万 | -3.93% | -760.67万 | -2.35% | 2032.74万 | 6.28% | | 2025-11-1 ...

通策医疗控股股东宝群实业持有公司33.89%股份，本次质押2133万股，占其所持股份14.07%，占公司 总股本4.77%；同时解除质押1932万股，占其所持股份12.74%，占公司总股本4.32%。本次变动后，宝 群实业累计质押10103.6672万股，占其所持股份66.65%，占公司总股本22.59%。其一致行动人吕建明持 股0.47%，无质押。宝群实业资信良好，具备偿还能力，质押风险可控，不会影响公司控制权。 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。 11月12日主力资金净流出1272.08万元，占总成交额3.93%；游资资金净流出760.67万元，占总成交额 2.35%；散户资金净流入2032.74万元，占总成交额6.28%。 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11月12日收盘，通策医疗(600763)报收于44.59元，下跌0.16%，换手率1.62%，成交量7.24万 手，成交额3.24亿元。 当日关注点 交易信息汇总资金流向 来自交易信息汇总：11月12日主 ...

每经头条（nbdtoutiao）——北大医药董事长徐晰人被抓前，警方去集团厂区调查过！内部人士：集团 资产被其处置，巨额资金去向不明 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，通策医疗（SH 600763，收盘价：44.66元）11月11日晚间发布公告称，宝群实业质押股份 总数约为1.01亿股，占宝群实业所持有公司股份数的66.65%，占公司总股份数的22.59%；宝群实业的一 致行动人吕建明先生持股总数约209万股，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公司股份数的65.74%，占公司总股份数的22.59%。 2025年1至6月份，通策医疗的营业收入构成为：医疗服务业占比92.84%，产品销售占比4.06%，建筑工 程占比2.72%，其他占比0.38%。 截至发稿，通策医疗市值为200亿元。 ...

证券简称：通策医疗 证券代码：600763 编号：临 2025-031 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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 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 21,330,000 股，占宝群实业所持有本公司股份数 14.07%，占本公司总股 份数的 4.77%；同时办理解除质押股份数为 19,320,000 股，占宝群实业所持有本公司 股份数的 12.74%，占本公司总股份数的 4.32%。宝群实业质押股份总数为 101,036,672 股，占宝群实业所持有本公司股份数的 66.65%，占本公司总股份数的 22.59%；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 65.74%，占 本 ...

从资金流向上来看，当日医疗服务板块主力资金净流出1.85亿元，游资资金净流入1.01亿元，散户资金净 流入8471.54万元。医疗服务板块个股资金流向见下表： 证券之星消息，11月10日医疗服务板块较上一交易日上涨0.89%，诚达药业领涨。当日上证指数报收于 4018.6，上涨0.53%。深证成指报收于13427.61，上涨0.18%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301201 | 诚达药业 | 33.87 | 8.94% | 9.90万 | | 3.30亿 | | 600763 | 通策医疗 | 44.51 | 5.00% | 17.45万 | | 7.69亿 | | 301239 | 普瑞眼科 | 38.73 | 4.96% | 3.85万 | | 1.48亿 | | 300683 | 海特生物 | 34.16 | 4.85% | 11.34万 | | 3.83亿 | | 300015 | 爰尔眼科 | 12.47 | 3.40 ...

Core Points - Tongce Medical's stock increased by 5.14% to 44.57 CNY per share, with a trading volume of 454 million CNY and a turnover rate of 2.33%, resulting in a total market capitalization of 19.936 billion CNY [1] Company Overview - Tongce Medical Co., Ltd. is located at 1 Tongce Medical Building, Shuangkoujing Lane, Xixi Road, Xihu District, Hangzhou, established on August 30, 1995, and listed on October 30, 1996 [1] - The company's main business involves medical service investment and dental medical services, with revenue composition as follows: medical services 92.84%, product sales 4.06%, construction engineering 2.72%, and others 0.38% [1] Shareholder Information - Among the top ten circulating shareholders of Tongce Medical, a fund under Southern Fund holds a position. The Southern CSI 500 ETF (510500) reduced its holdings by 106,700 shares in the third quarter, now holding 4.5641 million shares, accounting for 1.02% of circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY. Year-to-date return is 29.93%, ranking 1781 out of 4217 in its category; the one-year return is 19.19%, ranking 2058 out of 3918; and since inception, the return is 146.52% [2] - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 206 days, with total fund assets of 170.445 billion CNY. The best fund return during his tenure is 151.42%, while the worst is -47.6% [2]

Core Viewpoint - The company reported steady growth in its financial performance for the first three quarters of 2025, with revenue and net profit showing positive year-on-year changes, indicating resilience in a cautious consumer environment [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.29 billion yuan (+2.56%) and a net profit attributable to shareholders of 514 million yuan (+3.16%) [1]. - In Q3 2025, the company recorded revenue of 842 million yuan (+2.34%) and a net profit of 192 million yuan (+2.15%) [1][2]. - The gross margin for the first three quarters was 41.7%, remaining stable compared to 41.8% in the same period last year [3]. Business Segmentation - The revenue structure for the first three quarters was balanced, with orthodontics and comprehensive services accounting for over half of total revenue [2]. - Orthodontics generated revenue of 426 million yuan, with Q3 revenue of 197 million yuan, representing 25% of Q3 revenue [2]. - Comprehensive services contributed 604 million yuan, with Q3 revenue of 210 million yuan, accounting for 27% of Q3 revenue [2]. Growth Drivers - The recovery in the orthodontics business is driven by two main factors: the implementation of centralized procurement policies stabilizing market expectations and the significant growth in early orthodontic treatments for children [2]. - The number of orthodontic cases in Q3 increased by 10.6%, indicating a recovery trend [2]. Cash Flow and Profitability - The company maintained a low sales expense ratio of 1.17%, reflecting strong brand power and customer acquisition capabilities [3]. - The net cash flow from operating activities for the first three quarters was 682 million yuan (+5.34%), with a cash flow to net profit ratio of 1.11, indicating ample cash flow [3]. Strategic Focus - The company is shifting its core drive from external expansion to enhancing internal efficiency, implementing a "big department system" reform to break down barriers in doctor resources [3]. - Digitalization efforts are aimed at improving productivity among over 1,600 existing doctors [3]. Investment Outlook - The company is actively implementing strategic plans to strengthen talent reserves and expand new hospitals and branches [4]. - Projected net profits for 2025-2027 are estimated at 512 million, 571 million, and 617 million yuan, with year-on-year growth rates of 2.2%, 11.5%, and 8.0% respectively [4]. - A target price of 51.10 yuan is set based on a 40x PE ratio for 2026, maintaining a "recommended" rating [4].

Core Viewpoint - Tongce Medical (600763) experienced a slight decline in stock price, closing at 42.21 yuan on November 6, 2025, with a trading volume of 44,200 hands and a total transaction amount of 187 million yuan [1] Group 1: Stock Performance and Trading Data - On November 6, 2025, the main funds saw a net outflow of 36.94 million yuan, accounting for 19.79% of the total transaction amount [1] - Retail investors had a net inflow of 20.35 million yuan, representing 10.90% of the total transaction amount [1] - Over the past five days, the stock price has shown a downward trend, with a closing price of 42.21 yuan on November 6, down 0.38% from the previous day [2] Group 2: Financial Performance and Industry Comparison - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, a year-on-year increase of 2.56%, and a net profit of 514 million yuan, up 3.16% year-on-year [3] - The company’s gross profit margin stands at 41.69%, significantly higher than the industry average of 35.56% [3] - Tongce Medical's total market capitalization is 18.88 billion yuan, ranking 8th in the medical services industry [3] Group 3: Analyst Ratings and Target Price - In the last 90 days, 10 institutions have rated the stock, with 8 buy ratings and 2 hold ratings [4] - The average target price set by institutions over the past 90 days is 52.01 yuan [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance [1][6]. Core Insights - The company is expected to achieve a revenue of 22.90 billion yuan in Q1-Q3 2025, reflecting a year-on-year adjusted growth of 2.56%. The net profit attributable to the parent company is projected to be 5.14 billion yuan, with a year-on-year adjusted growth of 3.16% [3]. - For Q3 2025, the revenue is anticipated to be 8.42 billion yuan, showing a year-on-year adjusted growth of 2.34%, while the net profit is expected to reach 1.92 billion yuan, with a year-on-year adjusted growth of 2.15% [3]. - The company has established a dual-brand strategy in Zhejiang Province, which has led to a continuous increase in outpatient visits. The operational structure focuses on a "regional general hospital + branch hospital" model to standardize treatment processes and reduce customer acquisition costs [6]. Financial Performance Summary - The company's revenue is projected to grow from 28.47 billion yuan in 2023 to 38.77 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [5][8]. - Net profit is expected to increase from 500 million yuan in 2023 to 665 million yuan by 2027, reflecting a steady growth trajectory [5][8]. - The gross margin is forecasted to remain stable around 38.5% through 2025, with a slight decline to 37.8% by 2027 [5][8]. - The net profit margin is projected to decrease slightly from 17.6% in 2023 to 17.2% in 2027 [5][8]. Key Financial Ratios - The return on equity (ROE) is expected to decline from 13.2% in 2023 to 12.3% by 2027, indicating a gradual decrease in profitability relative to shareholders' equity [5][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2023 to 28.5 by 2027, suggesting a potential increase in stock attractiveness as earnings grow [5][8]. - The asset-liability ratio is expected to improve from 25.1% in 2023 to 11.7% by 2027, indicating a strengthening balance sheet [5][8].