Summary of Key Points Core Viewpoint - The announcement details the stock pledge situation of the controlling shareholder, Hangzhou Baoqun Industrial Group Co., Ltd., which holds a significant portion of shares in Tongce Medical Co., Ltd. The pledge is deemed manageable and does not pose a risk to the company's operations or control. Group 1: Shareholding and Pledge Details - Hangzhou Baoqun 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 1,230,000, which represents 0.81% of Baoqun's holdings and 0.27% of the total shares of the company [1] - The total number of shares pledged by Baoqun is 99,091,461, which is 65.37% of its holdings and 22.15% of the total shares of the company [1][3] Group 2: Pledge Risk and Management - The controlling shareholder's credit situation is good, and it has the ability to repay, indicating that the pledge risk is controllable [4] - The company assures that the pledge will not affect its main business or ongoing operations, nor will it lead to a change in actual control [4] - In case of any margin call risk, Baoqun plans to take measures such as additional pledges or early repurchase of pledged shares [4]

证券简称：通策医疗 证券代码：600763 编号：临 2025-018 通策医疗股份有限公司 关于控股股东部分股票质押的公告 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: 2.股东累计质押股份情况 1 本次质押及解除质押交易后，上述股东及其一致行动人累计质押股份情况如下： 股东名称 持 股 数 量 持股比 本 次 质 押 本次质押后 占其所 占公司 已质押股份情况 未质押股份情况 | | （万股） | 例 | 前 累 计 数 | 数量（万股） | 持股份 | 总股本 | | | 未 质 押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 量（万股） | | 比例 | 比例 | 已质押股 | 已质押 | 股 份 中 | 未 质 押 | | | | | | | | | | 份中限售 | 股份中 | 限 售 股 | 股 份 中 | | | | | | | | | | 股份数量 | 冻 ...

Group 1 - The controlling shareholder, Baoqun Industrial, pledged 1.23 million shares to Shanghai Pudong Development Bank for external medical project funding [1] - The pledged shares account for 0.81% of Baoqun Industrial's holdings and 0.27% of the company's total share capital [1] - Baoqun Industrial has cumulatively pledged 99.09 million shares, representing 65.37% of its holdings and 22.15% of the company's total share capital [1]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Tongce Medical, which closed at 41.92 yuan with a rolling PE ratio of 36.61, marking a new low in 25 days, and a total market capitalization of 18.75 billion yuan [1] - The average PE ratio for the medical services industry is 43.29, with a median of 47.24, positioning Tongce Medical at the 25th rank within the industry [1][2] - As of May 28, 2025, the number of shareholders in Tongce Medical is 83,145, a decrease of 1,346 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - Tongce Medical specializes in providing oral medical services and research, with its main products including medical services, product sales, construction engineering, and comprehensive service fees [1] - In the latest quarterly report for Q1 2025, the company achieved a revenue of 745 million yuan, reflecting a year-on-year growth of 5.11%, and a net profit of 184 million yuan, with a year-on-year increase of 6.22%, and a sales gross margin of 44.21% [1]

Core Insights - The Chinese dental beauty industry is experiencing rapid growth, driven by increasing consumer demand for oral health and aesthetics, with a market size expected to exceed 78.5 billion yuan by 2025 [1][16][25] - The industry is characterized by three main features: explosive demand from 718 million oral disease patients, innovation in supply with a 25% penetration rate of invisible orthodontics, and rapid market expansion with a CAGR of 15.9% from 2018 to 2023 [1][12][16] Industry Overview - Dental beauty focuses on improving the appearance, shape, and alignment of teeth through non-invasive or minimally invasive techniques, aiming to unify natural aesthetics and functionality [2] - The industry includes various segments such as teeth whitening, veneer restoration, crown restoration, orthodontics, and gum shaping [2] Development Drivers - **Consumer Upgrade and Demand Change**: The shift from essential treatment to aesthetic consumption is evident, with over 60% of Gen Z viewing teeth whitening as key to confidence [4][16] - **Technological Innovation**: Breakthroughs in materials science and digital technology are reshaping industry standards, with AI aesthetic design and 3D printing significantly enhancing service efficiency [6][25] - **Policy and Capital Synergy**: Government initiatives like "Healthy China 2030" and increased financing are facilitating industry growth and standardization [7][25] - **Silver Economy and Niche Market Rise**: The aging population is driving demand for dental aesthetics, with 35% of spending on implants and aesthetic restorations coming from those aged 50 and above [8][25] Industry Chain - The industry chain exhibits high collaboration and vertical integration, with upstream focusing on high-value consumables and digital equipment, while domestic brands are rapidly replacing foreign ones in the mid-range market [9][20] Market Size and Growth - The market size grew from 28.56 billion yuan in 2018 to 59.82 billion yuan in 2023, with a projected growth to over 78.5 billion yuan by 2025 [16][18] Competitive Landscape - The industry features a multi-tiered competition structure, with foreign brands dominating the high-end market and domestic brands rapidly expanding in the mid-range and low-end markets [20][22] - The top five brands in the implant sector hold nearly 70% market share, while the invisible orthodontics market is dominated by two major players [20][22] Future Trends - **Technological Integration**: The industry is moving towards full-cycle intelligent management, integrating AI, 3D printing, and biological materials [25][26] - **Market Layering and Downstream Expansion**: The competition is characterized by high-end precision, mid-range differentiation, and low-end accessibility, with community health stations expanding rapidly [27][28] - **Ecosystem Reconstruction and Regulatory Upgrades**: The industry is evolving towards a cross-sector integration of healthcare, technology, and consumer services, with increased regulatory oversight [28]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [35]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 4.42% from June 27, 2025, to July 10, 2025, exceeding the CSI 300's performance by approximately 2.79 percentage points [14][29]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors leading with increases of 10.00% and 5.17%, respectively [16][29]. - Approximately 88% of stocks in the industry achieved positive returns, with notable performers including Yong'an Pharmaceutical, which saw a weekly increase of 24.71% [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 49.02 times as of July 10, 2025, indicating a rise in industry valuation, which is currently at a relatively low level compared to recent years [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 4.42% from June 27, 2025, to July 10, 2025 [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and in vitro diagnostics, which increased by 10.00% and 5.17%, respectively [16]. - About 88% of stocks in the industry had positive returns, with significant gains from certain stocks [17][19]. 2. Industry News - A procurement announcement for blood dialysis equipment was made, indicating a larger scale of procurement at the provincial level, which may impact pricing dynamics in the market [27]. - The report highlights the importance of the new "Occupational Disease Classification and Catalog" set to be implemented, which may influence industry practices [26]. 3. Company Announcements - Hainan Haiyao announced that its subsidiary received a drug registration certificate for Linezolid tablets, indicating progress in its product pipeline [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities within the innovative drug industry chain and highlights several companies across various sectors, including medical devices, pharmaceutical commerce, and innovative drugs [31].

证券简称：通策医疗 证券代码：600763 编号：临 2025-017 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 9,660,000 股，占宝群实业所持有本公司股份数 6.37%，占本公司总股份 数的 2.16%；同时办理解除质押股份数为 9,524,046 股，占宝群实业所持有本公司股 份数的 6.28%，占本公司总股份数的 2.13%。宝群实业质押股份总数为 97,861,461 股， 占宝群实业所持有本公司股份数的 64.56%，占本公司总股份数的 21.88%；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 63.68%，占本 公司总股 ...

关于变更办公地址的公告 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。 证券简称：通策医疗 证券代码：600763 编号：临 2025-016 | 变更项目 | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | | 办公地址 | 浙江省杭州市西湖区灵溪北路 | 21 | 杭州市西湖区西溪路双口井巷 | 1 号 | | | 号合生国贸中心 号楼 5 | | 通策医疗大厦 | | 通策医疗股份有限公司 通策医疗股份有限公司（以下简称"公司"）因自建总部大楼竣工投入使用，将 于 2025 年 7 月 1 日迁入新址办公。为优化投资者关系管理，便于投资者沟通，现就 公司办公地址变更事宜公告如下： 通策医疗股份有限公司董事会 2025 年 7 月 1 日 1 除上述办公地址变更外，公司注册地址、投资者热线等其他联系方式均保持不变， 提请广大投资者注意上述变更事项。 特此公告。 ...

Industry Overview - Dental implant industry involves surgical placement of artificial materials into the jawbone to serve as artificial tooth roots, followed by the installation of crowns [1] - The process includes four main steps: implant placement, waiting for osseointegration, installing abutments, and placing crowns [1] Industry Chain Analysis - The upstream of the dental implant industry includes raw material suppliers, equipment manufacturers, and software developers, with titanium and zirconia being key materials [4][5] - Midstream consists of implant manufacturers and distributors, while downstream includes dental institutions providing implant services to patients [4][5] Industry Development History - The industry has evolved through three main phases: 1. Emergence phase (1980-2000) with initial education and product development [7] 2. Dominance of foreign brands (2000-2010) with a focus on public institutions [10] 3. Rise of domestic brands (2020-present) with a shift towards high-quality local products [10] Industry Policy Direction - Policies focus on reducing medical costs, standardizing management, improving service quality, promoting talent development, and supporting digital technology applications [12] - Key policies include price standardization for dental services and promoting centralized procurement to enhance transparency and reduce costs [12][14] Current Industry Status - Dental implants account for 40% of the total implant costs, with a significant portion of the market still dominated by international brands [15][16] - The number of dental implants in China is projected to exceed 10 million by 2024, driven by increased demand and lower prices due to centralized procurement [18] Market Size and Growth - The dental implant market in China is expected to surpass 60 billion yuan by 2024, with significant price reductions leading to increased accessibility [21] - The average cost of a single implant has dropped to 5,000-7,000 yuan due to policy changes, representing a 50% decrease [21] Competitive Landscape - The market is characterized by a high concentration, with leading companies like Dentium and Osstem dominating the first tier, while others like Straumann and Nobel Biocare are in the second tier [23][26] - The market concentration ratio (CR2) is 45.78%, indicating a competitive environment with a mix of domestic and international brands [26] Future Development Trends - The demand for dental implants is expected to grow due to an aging population and increased awareness of oral health [28] - The implementation of centralized procurement policies will further stimulate market demand and enhance the penetration of domestic brands [28] - Innovations in technology, such as 3D printing and robotic-assisted surgeries, will improve the precision and efficiency of dental implants [28] - By 2030, the market size is projected to reach 277 billion yuan, with an average annual growth rate of 29% [28]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Tongce Medical, which closed at 40.74 yuan with a PE ratio of 35.58 times, and a total market capitalization of 18.223 billion yuan [1][2] - The average PE ratio for the medical services industry is 39.95 times, with a median of 41.77 times, positioning Tongce Medical at the 26th rank within the industry [1][2] - As of the first quarter of 2025, 21 institutions hold shares in Tongce Medical, including 18 funds, with a total holding of 209.5898 million shares valued at 9.488 billion yuan [1] Group 2 - Tongce Medical's main business focuses on providing oral medical services and research, with key products including 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, representing a year-on-year increase of 5.11%, and a net profit of 184 million yuan, up by 6.22%, with a gross profit margin of 44.21% [1]