证券之星消息，截至2025年11月6日收盘，通策医疗(600763)报收于42.21元，下跌0.38%，换手率 0.99%，成交量4.42万手，成交额1.87亿元。 11月6日的资金流向数据方面，主力资金净流出3694.21万元，占总成交额19.79%，游资资金净流入 1659.53万元，占总成交额8.89%，散户资金净流入2034.69万元，占总成交额10.9%。 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 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-06 | 42.21 | -0.38% | -3694.21万 | -19.79% | 1659.53万 | 8.89% | 2034.69万 | - 10.90% | | 2025-11-05 | 42.37 -0.91% | | -2030.04万 | -11.79% | -217.04万 | -1.26% | 2247.08万 | 13.05% | | 2025- ...

2025年11月06日 医药 通策医疗(600763.SH) 收入保持增长，利润率略有波动 推荐 ( 维持) 公 司 报 告 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司2025年Q1-Q3收入22.90亿元，同比经调整后的24年Q1-Q3收入增长 2.56%，归母净利润5.14亿元，同比经调整后的24年Q1-Q3归母净利润增长 3.16%。2025年Q3收入8.42亿元，同比经调整后的去年同期收入增长 2.34%，归母净利润1.92亿元，同比经调整后去年同期归母净利润增长 2.15%。 平安观点： 公 司 季 报 点 评 股价:42.37元 行情走势图 券 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | - ...

| 指标 | 通策医疗 | 医疗服务行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 189.52亿元 | 196亿元 | 8 42 | | 净资产 | 47.03亿元 | 59.77亿元 | 12 42 | | 净利润 | 5.14亿元 | 4.67亿元 | 6 42 | | 市盈率(动) | 27.68 | 376.82 | 3 42 | | 市净率 | 4.36 | 4.48 | 30 42 | | 毛利率 | 41.69% | 35.56% | 16 42 | | 净利率 | 26.91% | 4.43% | 3 42 | | ROE | 11.8% | 3.24% | 5 42 | 证券之星消息，截至2025年11月5日收盘，通策医疗(600763)报收于42.37元，下跌0.91%，换手率 0.91%，成交量4.05万手，成交额1.72亿元。 11月5日的资金流向数据方面，主力资金净流出2030.04万元，占总成交额11.79%，游资资金净流出 217.04万元，占总成交额1.26%，散户资金净流入2247.08万元，占总成交额13.05%。 近5日资 ...

证券之星消息，截至2025年11月4日收盘，通策医疗(600763)报收于42.76元，下跌1.27%，换手率 1.02%，成交量4.57万手，成交额1.96亿元。 11月4日的资金流向数据方面，主力资金净流出2490.59万元，占总成交额12.73%，游资资金净流入 528.33万元，占总成交额2.7%，散户资金净流入1962.27万元，占总成交额10.03%。 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 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-04 | 42.76 -1.27% | -2490.59万 | -12.73% | 528.33万 | 2.70% | 1962.27万 | - 10.03% | | 2025-11-03 | 43.31 -0.32% | -168.85万 | -0.92% | 107.79万 | 0.59% | 61.06万 | 0.33% | | 2025-10-31 | 43.45 1.80% | ...

该股主要指标及行业内排名如下： | 指标 | 通策医疗 | 医疗服务行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 193.72亿元 | 201.46亿元 | 8 42 | | 净资产 | 47.03亿元 | 59.77亿元 | 12 42 | | 净利润 | 5.14亿元 | 4.67亿元 | 6 42 | | 市盈率(动) | 28.29 | 382.07 | 3 42 | | 市净率 | 4.46 | 4.57 | 30 42 | | 毛利率 | 41.69% | 35.56% | 16 42 | | 净利率 | 26.91% | 4.43% | 3 42 | | ROE | 11.8% | 3.24% | 5 42 | 证券之星消息，截至2025年11月3日收盘，通策医疗(600763)报收于43.31元，下跌0.32%，换手率 0.95%，成交量4.25万手，成交额1.84亿元。 11月3日的资金流向数据方面，主力资金净流出168.85万元，占总成交额0.92%，游资资金净流入107.79 万元，占总成交额0.59%，散户资金净流入61.06万元，占总 ...

这只股票2015年4月上市，发行价5.47元，曾经冲到72元的高点，如今股价只有3.67元。 十年时间，从53.84元跌到3.67元，跌幅高达93.5%。 让人想不通的是，这家公司居然不是亏损企业。 近五年它的盈利都在3亿元以上，而且每年都在增长。 就是这样一家"赚钱"的公司，股价却跌破了净资 产，比发行价还低了19.5%。 华平股份上市以来累计募资9.8亿元，分红却只有3100万元，大股东套现2.3亿元。 这些数字背后，是普通投资者真金白银的损失。 2024年，山鹰国际甚至 没有一家机构出具分析报告，完全被市场遗忘。 在A股5411只股票中，隐藏着不少连续下跌十年的股票。 它们共同的特点是：跌势持续多年，任何抄底行为最终都以套牢告终。 暴风集团从327.01元跌至 退市价0.28元，跌幅99.9%；乐视网从179.03元跌至0.31元，跌幅99%。 这些极端案例提醒着投资者，股市的下行风险可以如此巨大。 锦州港当前股价1.04元，较十年前的11.6元已跌去91%，创出上市以来新低。 任何时点入场的投资者均被套牢。 那些曾经因概念被疯狂炒作的股票，如华 丽家族因石墨烯概念暴涨后，迎来的是连续十年的下跌，累计跌 ...

Core Viewpoint - Tongce Medical (600763) shows a positive performance with a closing price of 43.45 yuan, up 1.8% as of October 31, 2025, indicating a stable market interest in the company [1]. Financial Performance - 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% [3]. - The net profit attributable to shareholders reached 514 million yuan, up 3.16% year-on-year, while the net profit after deducting non-recurring gains and losses was 509 million yuan, increasing by 3.09% [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 842 million yuan, a year-on-year increase of 2.34%, and a net profit of 192 million yuan, up 2.31% [3]. Market Activity - On October 31, 2025, the net inflow of main funds was 14.46 million yuan, accounting for 4.78% of the total transaction amount, while retail investors experienced a net outflow of 3.39 million yuan, representing 1.12% of the total [1][2]. - Over the past five days, the stock has seen fluctuations in fund flows, with varying levels of net inflow and outflow from different investor categories [2]. Industry Comparison - Tongce Medical's total market capitalization stands at 19.435 billion yuan, ranking 8th in the medical services industry, while its net profit ranks 6th [3]. - The company has a price-to-earnings ratio of 28.39, significantly lower than the industry average of 375.95, indicating a potentially undervalued position [3]. Analyst Ratings - In the last 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, suggesting a generally positive outlook among analysts [4]. - The average target price set by institutions is 52.01 yuan, indicating potential upside from the current trading price [4].

Core Viewpoint - Tongce Medical (600763) shows a stable performance with a slight increase in stock price and mixed capital flow, indicating potential investor interest despite some outflows from institutional and speculative funds [1][2]. Group 1: Stock Performance - As of October 29, 2025, Tongce Medical's stock closed at 42.99 yuan, up by 0.99% with a turnover rate of 1.27% and a trading volume of 56,600 hands, resulting in a transaction amount of 242 million yuan [1]. - Over the past five days, the stock has experienced fluctuations in capital flow, with a net outflow of 662.74 million yuan on October 29, 2025, while retail investors saw a net inflow of 757.1 million yuan [2]. Group 2: Financial Metrics - 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 attributable to shareholders of 514 million yuan, up by 3.16% [3]. - The company's third-quarter performance included a single-quarter main revenue of 842 million yuan, reflecting a 2.34% year-on-year increase, and a net profit of 192 million yuan, up by 2.31% [3]. - Key financial ratios include a total market value of 19.229 billion yuan, a net asset of 4.703 billion yuan, and a net profit margin of 26.91%, which is significantly higher than the industry average [3]. Group 3: Institutional Ratings - In the last 90 days, nine institutions have rated Tongce Medical, with seven giving a "buy" rating and two an "increase" rating, indicating positive sentiment among analysts [4]. - The average target price set by institutions over the past 90 days is 52.01 yuan, suggesting potential upside from the current trading price [4].

Summary of Tongce Medical Conference Call Company Overview - **Company**: Tongce Medical - **Industry**: Dental Care and Orthodontics Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue reached 22.9 billion CNY, a year-on-year increase of 2.56% [3] - **Net Profit**: Net profit attributable to shareholders was 5.16 billion CNY, up 3.16% year-on-year [2] - **Cash Flow**: Operating cash flow increased by 5.34% to 6.82 billion CNY [2] - **Earnings Per Share**: Basic earnings per share were 1.15 CNY, a 3.6% increase [3] Operational Highlights - **Zijin Port Hospital**: Achieved an average monthly output of approximately 4 million CNY since opening, contributing to profitability [2][6] - **Orthodontics Revenue**: Increased by 7.8% to 4.26 billion CNY in the first three quarters, with a third-quarter revenue of 1.97 billion CNY [8][16] - **Implant Sales**: Number of implants remained stable at around 40,000 units, with a unit price of 8,000 CNY [10] Strategic Initiatives - **Reform and Integration**: The company is undergoing comprehensive reforms to vertically integrate departments and optimize doctor-client matching to enhance productivity [2][11] - **Expansion Plans**: Plans to resume steady growth from 2026 and prepare for future external franchise opportunities [11][12] - **Franchise Strategy**: Franchise plans are on hold until the intelligent system is fully developed to ensure effective resource organization [12] Market Dynamics - **Industry Trends**: The orthodontics collective procurement is progressing well, with some regions seeing price increases, which is favorable for the industry [4][13] - **Competition**: The industry is experiencing a balance between new openings and closures, with an increase in small clinics and a decrease in large institutions [15] Future Outlook - **2026 Projections**: The company aims to significantly increase productivity and market share, particularly in Zhejiang province, with a focus on optimizing internal resources [11][23] - **AI Integration**: Plans to leverage AI technology for operational efficiency and resource allocation [20] - **Dividend Expectations**: The company intends to increase dividend payouts as capital expenditures decrease [18] Additional Insights - **Doctor Management**: A new assessment system will be implemented in 2026 to improve doctor efficiency and align incentives with performance [19] - **Market Share Challenges**: The company faces challenges in maintaining market share against public hospitals, particularly in lower-tier markets [21] - **Demand Stability**: No signs of deferred demand for implants due to upcoming collective procurement renewals [22] This summary encapsulates the key points from the conference call, highlighting the financial performance, operational strategies, market dynamics, and future outlook of Tongce Medical.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company achieved a revenue of 2.29 billion RMB in the first three quarters of 2025, reflecting a year-on-year growth of 2.56%. The net profit attributable to shareholders was 514 million RMB, up 3.06% year-on-year [2]. - The company's gross margin for the first three quarters was 41.69%, showing a slight decrease of 0.13 percentage points year-on-year, while the net profit margin was 26.91%, down 0.04 percentage points year-on-year [3]. - The company has successfully launched the largest general hospital in the Hangzhou area, which is expected to enhance its brand influence and operational capacity [4]. Financial Performance - For Q3 2025, the company reported a revenue of 842 million RMB, a year-on-year increase of 2.34%, and a net profit of 192 million RMB, up 2.06% year-on-year [2]. - The operating cash flow for the first three quarters was 682 million RMB, representing a growth of 5.39% year-on-year, indicating strong cash collection capabilities [3]. - The company forecasts net profits of 526 million RMB, 556 million RMB, and 591 million RMB for 2025, 2026, and 2027 respectively, with expected growth rates of 5%, 6%, and 6% [5]. Operational Analysis - The company has maintained a stable cost control and operational efficiency despite industry changes, particularly in the dental implant sector [3]. - The company is expanding its hospital network, with expectations to reach over 90 medical institutions by the end of the year, which will support future growth [4].