Core Insights - The company reported a revenue of 2.874 billion yuan for 2024, reflecting a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 501 million yuan, up 0.20% year-on-year [1] - In Q1 2025, the company achieved a revenue of 745 million yuan, representing a year-on-year growth of 5.11%, with a net profit of 184 million yuan, up 6.22% year-on-year [1] Business Analysis - The planting business showed steady growth with a revenue of 530 million yuan in 2024, an increase of 10.60% year-on-year, accounting for 19.39% of total revenue, driven by demand release from price reductions post-collective procurement [2] - The orthodontics business saw a revenue decline of 5.05% to 474 million yuan, with invisible correction accounting for approximately 15% of this segment [2] - Pediatric business revenue was 501 million yuan, up 0.29% year-on-year, while repair business revenue reached 462 million yuan, increasing by 1.53% [2] - The company expanded its "Dandelion Plan" in the province, adding 3 new branches in 2024, bringing the total to 44, covering all 11 prefecture-level cities in Zhejiang [2] - Revenue from outside the province reached 277 million yuan, a year-on-year increase of 4.83%, with a gross margin improvement of 4.72 percentage points to 29.51% [2] Digitalization and Management - The company is advancing its digital transformation by leveraging its stake in Ren Technology to create an AI platform (MindHub), enhancing efficiency and service quality across clinical diagnosis, patient services, and operational management [3] - Continuous efforts in cost reduction and efficiency improvement are being made through refined operations, structural optimization, and digital empowerment [3] Profit Forecast and Valuation - Due to external consumption environment factors, the company has revised its profit forecast, expecting net profits attributable to shareholders of 537 million yuan, 574 million yuan, and 610 million yuan for 2025-2027, representing year-on-year growth of 7%, 7%, and 6% respectively [4] - The expected EPS for the same period is 1.20, 1.28, and 1.36 yuan, with corresponding PE ratios of 33, 31, and 29 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][11]. Core Insights - In 2024, the company achieved a revenue of 2.874 billion RMB, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 501 million RMB, reflecting a growth of 0.20% [2]. - The company's planting business showed robust growth, with revenue reaching 530 million RMB, up 10.60% year-on-year, driven by increased demand following price reductions in dental implants [3]. - The company is advancing its digital transformation through AI technology, enhancing operational efficiency and service quality [4]. Summary by Sections Performance Review - In Q1 2025, the company reported a revenue of 745 million RMB, a year-on-year increase of 5.11%, and a net profit of 184 million RMB, up 6.22% [2]. Operational Analysis - The orthodontics segment saw a revenue decline of 5.05%, while pediatric and restoration services remained stable, indicating the essential nature of dental care [3]. - The company expanded its "Dandelion Plan" in the province, adding 3 new branches, bringing the total to 44, with 60% achieving breakeven [3]. Financial Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 537 million, 574 million, and 610 million RMB, respectively, with expected growth rates of 7%, 7%, and 6% [5]. - The estimated EPS for the same period is projected at 1.20, 1.28, and 1.36 RMB, with corresponding P/E ratios of 33, 31, and 29 times [5].

Company Overview - Tongce Medical announced a 2024 annual distribution plan, proposing a cash dividend of 4.5 yuan per 10 shares (including tax), with a total cash distribution amounting to 201 million yuan, representing 40.14% of the net profit [2] - The company reported a revenue of 2.874 billion yuan for the year, reflecting a year-on-year growth of 0.96%, and a net profit of 501 million yuan, which is a 0.20% increase compared to the previous year [2] Dividend History - This marks the fourth cumulative cash distribution since the company's listing, with the following historical distribution plans: - 2024: 10 shares distributed 4.5 yuan (total cash: 201 million yuan, dividend yield: 0.84%) - 2023: 10 shares distributed 4.3565 yuan (total cash: 139 million yuan, dividend yield: 0.39%) - 2017: 10 shares distributed 0.3 yuan (total cash: 10 million yuan, dividend yield: 0.11%) - 2016: 10 shares distributed 1.3 yuan (total cash: 42 million yuan, dividend yield: 0.40%) [2] Market Performance - The stock experienced a net outflow of 197,400 yuan from main funds today, with a total net outflow of 11.9 million yuan over the past five days [3] - The latest margin financing balance for the stock is 852 million yuan, with an increase of 15.57 million yuan over the past five days, representing a growth of 1.86% [4] Industry Context - In the pharmaceutical and biotechnology sector, 255 companies have announced their 2024 distribution plans, with WuXi AppTec leading with a cash distribution of 7.692 billion yuan, followed by Yunnan Baiyao and Aier Eye Hospital with distributions of 2.114 billion yuan and 1.488 billion yuan, respectively [4]

证券简称：通策医疗 证券代码：600763 编号：临 2025-003 通策医疗股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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。 1 季度报告内容和格式符合中国证监会和证券交易所的各项规定，反映了公司 2025 年 第一季度的经营管理和财务状况等事项；没有发现参与季报编制和审议的人员有违反 保密规定的行为。 表决结果：3 票同意；0 票弃权；0 票反对。 三、审议通过《通策医疗股份有限公司 2024 年度监事会工作报告》； 通策医疗股份有限公司（以下简称"本公司"、"公司"）第十届监事会第八次会 议于 2025 年 4 月 25 日在公司会议室召开，监事会会议通知及相关文件以书面通知、 电话确认的方式通知全体监事。本次会议应出席监事 3 人，实际出席 3 人，会议由张 晓露先生主持，会议召集、召开程序符合《公司法》和《公司章程》的有关规定，合 法有效。 会议审议并通过以下议案： 一、审议通过《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 ...

证券简称：通策医疗 证券代码：600763 编号：临 2025-002 通策医疗股份有限公司 第十届董事会第九次会议决议公告 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。 一、董事会会议召开情况 通策医疗股份有限公司（以下简称"公司"）第十届董事会第九次会议通知以电 子邮件、电话等方式发出，会议于 2025 年 4 月 25 日在浙江省杭州市西湖区灵溪北路 21 号合生国贸中心 5 号楼会议室以现场表决方式召开。 本次会议由公司董事长王毅女士主持。会议应出席董事 7 人，实际出席 7 人，公 司监事以及公司高管列席本次会议，会议的通知、召开符合《公司法》、《公司章程》 及有关法律法规规定，会议决议合法有效。 二、董事会会议审议情况 会议审议并通过以下议案： 1、审议通过《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》； 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《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 ...

通策医疗股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12层、23层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road. Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhepa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) "进行查验 报告编码:浙250QH07F3P 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-5 | | 二、财务报表 | 6-17 | | (一) 合并资产负债表 | 6-7 | | (二) 合并利润表 | 8 | | (三) 合并现金流量表 | 9 | | (四) 合并所有者权益变动表 | 10-11 | | (五) 母公司资产负债表 | 12-13 | | (六) 母公司利润表 | 14 | | (七) 母公司现金流量表 | 15 | | (八) 母公司所有者权益变 ...

通策医疗股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:浙25VC3G5GG8 ther 内部控制审计报告 中汇会审[2025]5269号 通策医疗股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了通策医疗股份有限公司(以下简称通策医疗公司)2024年12月31日的财务 报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是通策医疗 公司董事会的责任。 二、注册会计师的责 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 744.61 million, an increase of 5.11% compared to CNY 708.44 million in the same period last year[5]. - Net profit attributable to shareholders was CNY 183.93 million, reflecting a growth of 6.22% from CNY 173.22 million year-on-year[5]. - Basic and diluted earnings per share were both CNY 0.41, representing a 5.13% increase from CNY 0.39 in the same period last year[5]. - Total operating revenue for Q1 2025 reached ¥744,611,704.47, an increase of 5.5% compared to ¥708,442,365.10 in Q1 2024[21]. - Net profit for Q1 2025 was ¥216,103,399.66, representing a 5.9% increase from ¥203,864,140.15 in Q1 2024[21]. - The net profit attributable to shareholders of the parent company was ¥183,925,013.61, compared to ¥173,151,359.78 in the same period last year, reflecting a growth of 6.5%[22]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.41, up from ¥0.39 in Q1 2024[22]. Cash Flow - The net cash flow from operating activities reached CNY 147.69 million, up 13.93% from CNY 129.41 million in the previous year[5]. - The company reported a total cash flow from operating activities of ¥670,695,631.81 for Q1 2025, compared to ¥646,195,492.97 in Q1 2024[24]. - The net cash flow from operating activities was $147,693,433.62, an increase from $129,630,596.75 in the previous period, reflecting a growth of approximately 13.5%[25]. - The total cash inflow from investment activities was $5,273,912.51, down from $8,010,488.89, indicating a decrease of about 34.3%[25]. - The net cash flow from financing activities was -$106,653,416.80, worsening from -$64,356,040.91, representing a decline of approximately 65.5%[26]. - The cash inflow from operating activities totaled $677,575,609.67, compared to $653,342,191.28, reflecting an increase of about 3.7%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6.26 billion, a 1.31% increase from CNY 6.18 billion at the end of the previous year[6]. - The company's current assets totaled RMB 935,692,569.16, up from RMB 917,629,396.66 at the end of 2024, indicating an increase of about 1.36%[15]. - The total non-current assets reached RMB 5,327,679,518.15, compared to RMB 5,264,459,245.73 previously, reflecting an increase of approximately 1.2%[16]. - Total liabilities decreased to ¥1,689,279,715.45 in Q1 2025 from ¥1,822,999,066.66 in Q1 2024, indicating a reduction of approximately 7.3%[17]. - The total liabilities include accounts payable of RMB 128,439,580.55, which decreased from RMB 136,650,854.56, indicating a reduction of about 6.5%[16]. - The company reported a decrease in employee compensation payable from RMB 39,474,780.64 to RMB 12,555,784.59, a significant drop of approximately 68.2%[16]. Equity - Shareholders' equity attributable to the parent company was CNY 4.21 billion, up 4.51% from CNY 4.03 billion at the end of the previous year[6]. - Total equity increased to ¥4,574,092,371.85 in Q1 2025 from ¥4,359,089,575.73 in Q1 2024, marking an increase of about 4.9%[17]. - The total equity of the company is not explicitly stated but can be inferred from the total assets and liabilities, indicating a stable financial position[15][16]. Strategic Developments - The company completed the acquisition of 100% equity in Hangzhou Haiyin Technology Co., Ltd. in October 2024, which will be reflected in the financial statements[7]. - The company has not reported any significant changes in shareholder structure or major strategic shifts during the reporting period[14]. Other Financial Metrics - The company reported a significant increase in contract liabilities by 251.35%, primarily due to an increase in advance rental payments[10]. - The net cash flow from investing activities decreased by 57.07%, mainly due to cash payments for the construction of fixed assets and intangible assets[10]. - Cash received from sales of goods and services in Q1 2025 was ¥670,695,631.81, an increase from ¥646,195,492.97 in Q1 2024[24]. - The company's long-term borrowings were reported at ¥169,000,000.00, reflecting a strategic focus on managing debt levels[17]. - Cash outflows for investment activities totaled $69,481,305.03, significantly lower than $157,782,538.09 from the previous period, showing a reduction of approximately 56%[25]. - Cash paid for employee compensation was $316,528,548.52, up from $304,031,478.13, indicating an increase of approximately 4.1%[25]. - The cash outflow for taxes paid was $27,155,619.42, a decrease from $37,916,356.61, representing a reduction of about 28.4%[25]. - The net cash flow from investment activities was -$64,207,392.52, an improvement from -$149,772,049.20, indicating a reduction in losses of approximately 57.1%[25].

Financial Performance - The total operating revenue for 2024 was approximately ¥2.87 billion, representing a 0.96% increase compared to ¥2.85 billion in 2023[19]. - The net profit attributable to shareholders for 2024 was approximately ¥501.43 million, a slight increase of 0.20% from ¥500.44 million in 2023[19]. - The cash flow from operating activities for 2024 was approximately ¥763.41 million, showing a decrease of 9.23% compared to ¥841.02 million in 2023[19]. - The total assets as of the end of 2024 were approximately ¥6.18 billion, an increase of 1.98% from ¥6.06 billion at the end of 2023[19]. - The net assets attributable to shareholders increased by 5.58% to approximately ¥4.03 billion in 2024, up from ¥3.81 billion in 2023[19]. - The basic earnings per share for 2024 remained at ¥1.12, unchanged from 2023[20]. - The weighted average return on equity for 2024 was 12.80%, a slight decrease from 12.91% in 2023[20]. Operational Highlights - The annual outpatient volume reached 3.5334 million visits, representing a year-on-year increase of 5.37%[31]. - The company operates 89 medical institutions, with a total of 4,324 medical staff and over 26,000 square meters of operating space[31]. - The gross margin and net margin for 2024 were 39% and 20%, respectively, despite challenges from consumer downgrade and dental implant procurement policies[36]. - The company added 3 new "Dandelion" branches in 2024, bringing the total to 44, covering all 11 prefecture-level cities in Zhejiang Province[41]. - Approximately 60% of the opened "Dandelion" hospitals achieved a break-even point, indicating effective operational management strategies[41]. Strategic Initiatives - The company plans to focus on cost control, digital upgrades, and resource integration to enhance operational efficiency[38]. - The establishment of the Case Manager (CM) management center aims to enhance customer service efficiency and resource allocation, optimizing the entire process from demand identification to resolution[45]. - The AI platform, MindHub, supports over 60 medical AI modules, facilitating flexible integration of various AI models for business and process transformation[48]. - The company is expanding its market presence through a combination of self-built, acquisition, and franchise models[52]. - The company anticipates a dual-driven strategy of technology leadership in high-end markets and rapid penetration in lower-tier markets to maintain its industry-leading position[67]. Research and Development - The company’s R&D expenses increased by 5.94% to 58.95 million RMB, reflecting ongoing investment in new technologies[70]. - The number of R&D personnel is 394, accounting for 6.33% of the total workforce[87]. - The deployment of AI-driven "AI Expert" systems has improved diagnostic efficiency, achieving an accuracy rate of over 95% in automatic identification of dental issues[115]. - The "Zijingang AI Diagnostic Model" 3.0 version will include new features for intelligent positioning and 3D reconstruction, improving diagnostic accuracy[116]. Corporate Governance - The company has established a robust internal control and risk management system to safeguard investor interests[134]. - The company actively engages with investors through various channels, including hotlines and email responses[135]. - The company has a diverse board with members holding various professional backgrounds, including finance, law, and healthcare, enhancing its governance structure[140]. - The company has implemented a stock distribution plan to incentivize its executives and align their interests with shareholders[138]. Environmental Responsibility - The company has invested 100,000 RMB in environmental protection during the reporting period[171]. - The company has established strict wastewater treatment protocols to ensure compliance with national standards before discharge[173]. - The company has committed to reducing carbon emissions through various measures, including energy-saving practices and environmental assessments for construction projects[175]. Market Expansion - The company is focusing on expanding its presence in third and fourth-tier cities, leveraging local service capabilities for competitive advantage[104]. - The company is enhancing its digital capabilities, aiming for 100% cross-hospital access to patient records by integrating HIS, CRM, and quality control platforms[114]. - The company has signed an acquisition agreement for the Loudi Dental Hospital, with a profit commitment of no less than 4 million CNY, 5 million CNY, and 6 million CNY for the years 2024, 2025, and 2026 respectively, totaling at least 15 million CNY over three years[179]. Compliance and Legal Matters - The company has completed compliance rectification and will enhance adherence to securities laws and regulations, aiming for improved information disclosure quality[186]. - The company has not faced any major litigation or arbitration matters during the reporting period[184]. - The company has not encountered any delisting risks or significant violations during the reporting period[184].

本人作为通策医疗股份有限公司（以下简称"公司"）的独立董事，本人严格按 照《中华人民共和国公司法》《关于在上市公司建立独立董事制度的指导意见》《上 市公司治理准则》等规章和《公司章程》等规定，本着"恪尽职守、勤勉尽责"的工 作态度，认真出席股东大会和董事会会议，认真审议董事会各项议案， 积极参加现 场考察，并基于独立立场对相关事项发表独立客观的意见，切实维护了公司和全体股 东的合法利益，对促进董事会的科学决策、公司的规范运作和高质量发展起到了积极 作用。现将2024年度的履职情况报告如下： （一）个人履历 李敏：男，1980年出生，中国国籍，无境外居留权，民革党员，北京大学法 学学士、澳门科技大学综合法学硕士。擅长民商事争议解决及公司法律事务、国 内明星及经纪公司企业法律顾问、海外资产配置等。现任浙江泽大律师事务所高 级合伙人、国际投资与资产管理工作室主任。 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系亲属、主 要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业提供财务、法律、 咨询等服务。本人具有《上市公司独立董事规则》《上海证券交易所科创板上市公司自 律监管 ...