通策医疗股份有限公司 2024 年年度股东会资料 通策医疗股份有限公司 2024 年年度股东会 会议资料 通策医疗股份有限公司董事会 2025 年 6 月 5 日 1 通策医疗股份有限公司 2024 年年度股东会资料 通策医疗股份有限公司 2024 年年度股东会会议资料目录 一、程序文件 1. 大会会议议程 《通策医疗股份有限公司 2024 年度财务决算报告》； 二、提交股东会审议表决的议案 议案 1 《通策医疗股份有限公司 2024 年年度报告》和《通策医疗股份有限公司 2024 年年度报告摘要》； 议案 2 《通策医疗股份有限公司 2024 年度董事会工作报告》； 议案 3 《通策医疗股份有限公司 2024 年度利润分配方案》； 议案 4 议案 5 《通策医疗股份有限公司关于续聘会计师事务所的议案》； 议案 6 《通策医疗股份有限公司 2024 年度监事会工作报告》； 议案 7 《通策医疗股份有限公司关于修订<公司章程>的议案》。 35 通策医疗股份有限公司 2024 年年度股东会资料 通策医疗股份有限公司 2024 年年度股东会议程 一、现场会议时间： 2025 年 6 月 5 日（星期四）下午 14 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Tongce Medical, which operates in the dental healthcare sector [1][2] - As of May 16, Tongce Medical's closing price was 40.62 yuan, with a decline of 1.43%, resulting in a rolling PE ratio of 35.47 times and a total market capitalization of 18.169 billion yuan [1] - The average PE ratio for the healthcare services industry is 37.33 times, with a median of 39.22 times, positioning Tongce Medical at 26th place within the industry [1][2] Group 2 - As of the first quarter of 2025, 21 institutions held shares in Tongce Medical, including 18 funds, with a total holding of 209.5898 million shares valued at 9.488 billion yuan [1] - The main business of Tongce Medical includes providing dental healthcare services and research, with key products being medical services, product sales, construction engineering, and comprehensive service fees [1] - The latest financial results for the first quarter of 2025 show that the company achieved an operating income of 745 million yuan, a year-on-year increase of 5.11%, and a net profit of 184 million yuan, reflecting a year-on-year growth of 6.22%, with a gross profit margin of 44.21% [1]

Summary of Key Points Core Viewpoint - The announcement details the stock pledge and release of shares by the controlling shareholder, Baohun Industrial Group, which holds a significant portion of the shares in Tongce Medical Co., Ltd. The company assures that the pledge will not affect its main business or operational capabilities. Group 1: Shareholding and Pledge Details - Baohun Industrial holds a total of 151,589,199 shares, accounting for 33.89% of the total share capital of Tongce Medical [1] - The number of shares pledged this time is 6,860,000, which represents 4.53% of Baohun Industrial's holdings and 1.53% of the total shares of the company [1] - The total number of shares previously pledged by Baohun Industrial is 97,725,507, which is 64.47% of its holdings and 21.85% of the total shares of the company [1][2] Group 2: Pledge and Release Transactions - After the current pledge and release transactions, the cumulative pledged shares by Baohun Industrial and its concerted actors will be as follows: 15,368,028.7 shares, which is 34.36% of the total share capital [2] - The remaining pledged shares after the release will be 9,772,550.7 shares, which is 63.59% of Baohun Industrial's holdings and 21.85% of the total shares of the company [2] Group 3: Financial Stability and Risk Management - Baohun Industrial has a good credit status and repayment capability, indicating that the pledge risk is controllable and will not impact the company's main business or operational continuity [3] - The company will take measures such as supplementary pledges or early repurchase of pledged shares to manage any potential risks [3]

通策医疗股份有限公司 证券简称：通策医疗 证券代码：600763 编号：临 2025-010 关于控股股东部分股票质押及解除质押的公告 1 股东 名称 是否为 控股股 东 本次质 押股数 （万股） 是否 为限 售股 是否 补充 质押 质押起始日 质押到期日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融资资 金用途 宝群 实业 是 686 否 否 2025.5.13 2026.5.11 中国光大银行 股份有限公司 杭州分行 4.53% 1.53% 体系外医 疗项目资 金需要 1.股份质押基本情况 2.解除质押基本情况 | 股东名称 | 宝群实业 | | --- | --- | | 本次解质股份 | 616.2618 万股 | | 占其所持股份比例 | 4.07% | | 占公司总股本比例 | 1.38% | | 解质时间 | 2025.5.16 | | 持股数量 | 15158.9199 万股 | | 持股比例 | 33.89% | | 剩余被质押股份数量 | 9772.5507 万股 | | 剩余被质押股份数量占其所持股份比例 | 64.47% | | 剩余被质押股份数量占公司总股本比例 | 2 ...

Core Viewpoint - The announcement from Tongce Medical indicates significant share pledges and releases by its major shareholder, Hangzhou Baoqun Industrial Group, which holds 33.89% of the company's total shares [1] Group 1: Shareholding and Pledge Details - Hangzhou Baoqun Industrial Group holds a total of 152 million shares in Tongce Medical, representing 33.89% of the total share capital [1] - The number of pledged shares is 6.86 million, accounting for 4.53% of Baoqun's holdings and 1.53% of the total shares of the company [1] - The number of released pledged shares is 6.1626 million, which is 4.07% of Baoqun's holdings and 1.38% of the total shares [1] Group 2: Pledge Statistics - The total number of pledged shares by Baoqun is 97.7255 million, which is 64.47% of its holdings and 21.85% of the total shares of Tongce Medical [1] - The future six-month maturity of pledged shares amounts to 63.940276 million, representing 42.18% of Baoqun's holdings and 14.30% of the total shares [1] - The total number of pledged shares maturing within one year is 97.725507 million, which is 64.47% of Baoqun's holdings and 21.85% of the total shares [1] Group 3: Financial Health and Control - There are no indications of non-operational fund occupation, illegal guarantees, or related party transactions that could harm the interests of the listed company [1] - Baoqun Industrial Group has a good credit status and repayment capability, indicating that the pledge risk is controllable [1] - The pledges will not impact the main business operations or the ongoing viability of Tongce Medical, nor will they lead to a change in actual control of the company [1]

Core Viewpoint - Tongce Medical (600763) announced that its controlling shareholder, Baoqun Industrial, holds a total of 152 million shares, accounting for 33.89% of the total share capital [1] Summary by Relevant Sections - **Pledged Shares**: The number of pledged shares is 6.86 million, which represents 4.53% of the shares held by Baoqun Industrial and 1.53% of the total shares of the company [1] - **Released Pledged Shares**: The number of released pledged shares is 6.1626 million, accounting for 4.07% of the shares held by Baoqun Industrial and 1.38% of the total shares of the company [1] - **Total Pledged Shares**: The total number of pledged shares by Baoqun Industrial is 97.7255 million, which constitutes 64.47% of the shares held by Baoqun Industrial and 21.85% of the total shares of the company [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.67, compared to the current price of RMB 40.13 [1][8]. Core Insights - In 2024, the company is projected to achieve revenue of RMB 2.87 billion (+0.96%) and a net profit attributable to shareholders of RMB 501 million (+0.20%). The recurring net profit attributable to shareholders is expected to be RMB 496 million (+3.18%) [8]. - The company is focusing on expanding its dental services through a "regional main hospital + branch" model, having completed five major clusters in Zhejiang province. The revenue from these clusters in 2024 is expected to be RMB 548 million, RMB 382 million, and RMB 184 million respectively [8]. - The company is shifting its strategy for provincial expansion from traditional self-built models to a combination of acquisitions and asset-light franchising, aiming for a national network at lower costs and higher efficiency. Revenue from outside the province is projected to be RMB 277 million (+4.83%) in 2024 [8]. Financial Summary - The company’s financial performance shows a steady increase in revenue and net profit over the forecast period. Revenue is expected to grow from RMB 2.87 billion in 2024 to RMB 3.40 billion by 2027, with net profit increasing from RMB 501 million to RMB 665 million in the same period [5][8]. - The earnings per share (EPS) forecast has been adjusted to RMB 1.26 for 2025, RMB 1.36 for 2026, and a new forecast of RMB 1.49 for 2027 [8]. - The company’s medical service revenue is expected to reach RMB 2.73 billion in 2024, with significant contributions from dental implants, orthodontics, pediatrics, restoration, and general services [8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.67, compared to the current price of RMB 40.13 [1][8]. Core Insights - In 2024, the company is projected to achieve revenue of RMB 2.87 billion (+0.96%) and a net profit attributable to shareholders of RMB 501 million (+0.20%). The recurring net profit attributable to shareholders is expected to be RMB 496 million (+3.18%) [8]. - The company is adjusting its EPS forecasts for 2025 and 2026 to RMB 1.26 and RMB 1.36, respectively, and adding a forecast for 2027 of RMB 1.49. The 2025 PE is set at 37X [8]. - The dental implant segment shows strong performance, while orthodontics is under short-term pressure due to consumption downgrade. By the end of 2024, the company will have over 260,000 sqm of medical service area and 3.53 million outpatient visits [8]. - The company has completed five major dental clusters in Zhejiang province and is expanding its "regional main hospital + branch" model [8]. Financial Summary - The company’s revenue and net profit projections for the coming years are as follows: - 2023A: Revenue of RMB 2.85 billion, Net Profit of RMB 500 million - 2024A: Revenue of RMB 2.87 billion, Net Profit of RMB 501 million - 2025E: Revenue of RMB 3.00 billion, Net Profit of RMB 564 million - 2026E: Revenue of RMB 3.20 billion, Net Profit of RMB 609 million - 2027E: Revenue of RMB 3.40 billion, Net Profit of RMB 665 million [4][5]. - The company’s net asset return rate is projected to be around 12.9% for 2025 and 13.0% for 2027 [5]. Business Expansion Strategy - The company is shifting its provincial expansion strategy from traditional self-built models to a combination of acquisitions and asset-light franchising, aiming for a national network at lower costs and higher efficiency [8]. - The company has opened 44 Dandelion branches in 2024, with 60% achieving break-even, and plans to open additional branches in 2025 [8].

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The medical services sector is under pressure in 2024 due to high base effects, but macroeconomic improvements are expected to drive a sustained recovery [2][5] - In Q1 2025, the demand for medical services has stabilized, leading to continuous profit improvement [3][5] - The gross profit margin has slightly declined, with 2024's margin at 37.02%, down 1.24 percentage points, and Q1 2025's margin at 36.14% [4][9] Summary by Sections 2024 Performance - The overall revenue for the medical services sector in 2024 is projected at 73.908 billion yuan, a year-on-year increase of 1.29% - The net profit attributable to shareholders is expected to be 4.857 billion yuan, a decrease of 16.37% - The net profit excluding non-recurring items is forecasted at 4.229 billion yuan, down 22.95% [2][9] Q1 2025 Performance - The total revenue for the medical services sector in Q1 2025 is 18.005 billion yuan, reflecting a year-on-year growth of 2.48% - The net profit attributable to shareholders is 1.325 billion yuan, showing a year-on-year increase of 16.24% - The net profit excluding non-recurring items is 1.266 billion yuan, up 18.21% [3][9] Profitability Metrics - The gross profit margin for 2024 is 37.02%, with a slight decline to 36.14% in Q1 2025 - The operating cash flow for Q1 2025 is 2.332 billion yuan, with a cash flow to net profit ratio of 158.22% [4][7]

证券代码：600763 证券简称：通策医疗 公告编号：2025-009 通策医疗股份有限公司 关于召开2024年年度股东大会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 5 日 14 点 30 分 召开地点：杭州市西湖区双口井巷 1 号留风轩通策医疗总部大楼 7 楼报告厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 股东大会召开日期：2025年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会 ...