证券代码：600763 证券简称：通策医疗 编号：临 2026-004 通策医疗股份有限公司 关于收购股权暨关联交易的公告 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： 一、关联交易概述 1. 关联交易的主要内容 通策医疗股份有限公司（以下简称"通策医疗"或"公司"）拟收购杭 州存济眼镜有限公司、宁波广济眼视光科技有限公司、杭州广济眼视光 科技有限公司、新昌广济眼镜有限公司 100%股权，交易总金额 60,000 万元。 标的公司为浙江通策眼科医院投资管理有限公司（以下简称"眼科投资"） 直接或间接控制的公司，眼科投资及标的公司的实际控制人为吕建明先 生，本次交易构成关联交易。 本次交易未导致公司主营业务、资产、收入发生重大变化，不构成《上 市公司重大资产重组管理办法》规定的重大资产重组、不存在重大法律 障碍。根据《公司章程》及相关规定，本事项须提交股东会审议。 截至本次关联交易前，过去 12 个月公司与同一关联法人（包括与该关联 法人受同一主体控制，或相互存在股权控制关系的其他关联法人）进行 的交易总 ...

证券代码：600763 证券简称：600763 公告编号：2026-005 通策医疗股份有限公司 关于召开2026年第一次临时股东会的通知 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 召开的日期时间：2026 年 4 月 9 日 15 点 00 分 召开地点：杭州市西湖区西溪路双口井巷 1 号通策医疗大厦 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会网络投票系统 网络投票起止时间：自2026 年 4 月 9 日 至2026 年 4 月 9 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会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 1 股东会召开日期：2026年4月9日 本次股东会采用的网络投票系统：上海证券交易所股东会 ...

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"）第十届董事会第十二次会议通知以 电子邮件、电话等方式发出，会议于 2026 年 3 月 24 日在浙江省杭州市西湖区西溪路 双口井巷 1 号通策医疗大厦会议室以现场结合通讯表决方式召开。 证券简称：通策医疗 证券代码：600763 编号：临 2026-003 通策医疗股份有限公司 第十届董事会第十二次会议决议公告 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。 公司决定于 2026 年 4 月 9 日召开 2026 年第一次临时股东会，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关于 召开 2026 年第一次临时股东会的通知》。 1 表决结果：7 票同意；0 票弃权；0 票反对。 特此公告！ 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 ...

Summary of China Healthcare: Medical Device & Services Conference Call Industry Overview - The report focuses on the **China Medical Device & Services** sector, excluding companies Gushengtang and Topchoice. [1] Key Company Insights 1. **Shandong Weigao** - EPS estimates revised down by an average of -2.5% for 2025E-27E due to prolonged VBP (Volume-Based Procurement) drag and slower recovery into 2026-27. [1][6] - Target Price (TP) adjusted to HK$6.90 from HK$7.00, reflecting a 1% decrease. [5][17] 2. **Angelalign** - EPS estimates revised up by an average of 6.3% for 2026 and 7.7% for 2027, driven by overseas ramp-up and improved pricing discipline. [6] - Target Price increased to HK$98.00 from HK$95.10, indicating a 3% rise. [5][8] 3. **Gushengtang** - EPS estimates revised down by -6.5% for 2025, -3.7% for 2026, and -4.4% for 2027 due to higher operating expenses from overseas expansion. [6] - Target Price decreased to HK$36.80 from HK$38.20, reflecting a 4% drop. [5][9] 4. **Topchoice Medical** - EPS estimates adjusted down by -0.6% across 2025-27, reflecting a mix of different business segments. [6] - Target Price slightly decreased to Rmb49.60 from Rmb49.80, indicating no significant change. [5][11] Financial Projections - **Sales and Net Income Estimates for 2026-2028**: - Gushengtang: Sales projected to grow from Rmb3,973 million in 2026 to Rmb5,066 million in 2028, with net income increasing from Rmb457 million to Rmb604 million. [7] - Angelalign: Sales expected to rise from Rmb408 million in 2026 to Rmb537 million in 2028, with net income growing from Rmb34 million to Rmb61 million. [7] - Shandong Weigao: Sales forecasted to increase from Rmb14,161 million in 2026 to Rmb16,022 million in 2028, with net income rising from Rmb2,060 million to Rmb2,489 million. [7] Valuation and Risks Angelalign - Target Price based on a sum-of-the-parts (SOTP) valuation with a forward P/E of 23x for domestic business and DCF for overseas business. [8] - Key risks include geopolitical tensions, slower domestic market recovery, and intense competition. [8] Gushengtang - Target Price based on a forward P/E of 18x, referencing peer group valuations. [9] - Risks include competition from private/public providers and challenges in geographical expansion. [10] Topchoice - Target Price based on DCF with a discount rate of 8.6%. [11] - Risks include pricing pressure from macroeconomic trends and regulatory headwinds. [11] Shandong Weigao - Target Price based on SOTP with a discount of 9%. [17] - Risks include uncertainty regarding VBP pricing cuts and market share gains. [17] Conclusion - The report indicates a cautious outlook for the China Medical Device & Services sector, with revisions in earnings estimates reflecting ongoing challenges and opportunities for growth. The adjustments in target prices and EPS estimates highlight the dynamic nature of the industry and the need for continuous monitoring of market conditions and company performance. [1][6][8][11][17]

Summary of Tongce Medical Conference Call Company Overview - **Company**: Tongce Medical - **Industry**: Dental Medical Services Key Points and Arguments Business Model Transformation - Tongce Medical is transitioning from a high-ticket price model to a more efficient and inclusive healthcare model, achieving revenue of 2.29 billion and a net profit of 514 million in Q1-Q3 2025, indicating strong performance resilience [2][3] Market Dynamics - The company’s implant business has seen a significant increase in the proportion of collective procurement, reaching 75%-80%, with single implant costs in Zhejiang dropping to around 5,000 yuan, indicating a potential demand of 3-4 million implants in the province [2][3] Organizational Reform - The implementation of a "big department system" aims to break local management barriers, allowing for dynamic resource allocation among doctors, which is expected to enhance productivity and support platform expansion [2][7] Digital Infrastructure - Tongce Medical is building an AI platform to integrate its HIS system, managing 7 million existing customers with unique IDs for standardized services and cost reduction [2][8] Orthodontics Strategy - The orthodontics business, under the brand "Yinxiu," is adopting a "full refund for dissatisfaction" policy to lower decision-making barriers and capture price-sensitive markets, aiming to double its customer base [2][10] Financial Projections - The company anticipates a net profit of 670 million in 2026, with a growth rate close to 20%, and is assigned a target price of 67 yuan based on a 45x PE ratio for 2026 [2][11] Industry Insights Long-term Growth Potential - The dental healthcare industry remains a long-term growth sector, with significant potential due to low penetration rates compared to developed countries, particularly in Zhejiang [4][5] Fundamental Changes in the Industry - Recent shifts include a rational return in consumer behavior, with price sensitivity affecting demand, and the impact of collective procurement policies enhancing service accessibility [6] Competitive Landscape - The industry is moving from a high-margin, high-ticket model to one focused on scale and operational efficiency, with domestic brands gaining traction post-price reductions [6] Strategic Responses Market Penetration - Tongce Medical is focusing on grid marketing to penetrate lower-tier markets, targeting a population of approximately 30 million in Zhejiang with affordable product packages [8][9] International Benchmarking - The company aims to replicate the successful market strategies of South Korea, where implant penetration is high, leveraging competitive pricing and local brand strength [9] Risks to Consider - Potential risks include unexpected adjustments in medical service pricing, the effectiveness of ongoing reforms, the risk of medical accidents, and the impact of low-cost product packages on overall profitability [12]

Core Viewpoint - The article discusses the transformation of Tongce Medical, a leading player in the dental healthcare sector, as it shifts from a high-price, high-margin consumer upgrade model to a more efficient, scalable, and inclusive quality medical paradigm after enduring significant market pressures [2]. Industry Changes - Consumer demand in the dental industry has become more segmented and rational, with a trend towards selecting higher cost-performance products and services, particularly evident in the invisible orthodontics sector where prices have consistently decreased over the past three years [3]. - The collective procurement mechanism has led to a rapid decline in dental implant prices, making the mid-to-low-end market a competitive battleground. This price drop has significantly improved the accessibility of dental services and stimulated growth in the mid-to-low-end market [3]. Company Growth Strategy - Tongce Medical is restructuring its production relationships through a departmental reform that breaks traditional localized management, establishing a vertical organizational system based on specialized capabilities and digital systems for comprehensive scheduling, laying the groundwork for platform transformation and operational efficiency [4]. - The company is developing a market grid system that covers approximately 30 million consumers, reaching nearly 50% of the provincial population. The introduction of mid-to-low-end products in its implant and orthodontic businesses is expected to unleash growth potential, benefiting from an expanding customer base and business synergy [4]. - The integration of an AI platform as a central infrastructure is enhancing operational, clinical, and service upgrades by embedding AI deeply into the entire treatment process [4]. Investment Outlook - The company is expected to maintain its advantages in the mid-to-high-end market while penetrating the low-price market. Adjustments to the net profit forecasts for 2025-2027 indicate growth rates of xx%, xx%, and xx%, respectively. The current stock price corresponds to PE ratios of xx, xx, and xx for the same years. Given the strengthening brand power and strategic transformation, the company is anticipated to achieve clear and rapid growth, warranting a higher valuation level [5].

Group 1: A-Share Buyback Events - During the period from February 23, 2026, to March 1, 2026, a total of 6 listed companies announced shareholder buyback plans, with the average buyback amount as a percentage of total market capitalization being 0.18% for Aidi Pharmaceutical, 1.09% for Binhua Co., 0.04% for Tongce Medical, 0.07% for Huaneng Hydropower, 1.69% for Biyinlefen, and 0.80% for Conch Cement [1][8][11]. Group 2: Key Companies of Interest - **Biyinlefen**: The company announced its first buyback and the controlling shareholder plans to buy back more than 1% of shares, with an amount between 100 million and 200 million RMB, reflecting confidence in the company's long-term prospects as a leading high-end apparel group focused on golf lifestyle [2][13]. - **Aidi Pharmaceutical**: The controlling shareholder plans to buy back 0.18% of shares, with an expected turnaround from loss to profit and a high growth rate in net profit forecasted [2][14][15]. - **Conch Cement**: The controlling shareholder plans to buy back 0.80% of shares, with a buyback amount between 7 billion and 14 billion RMB, indicating recognition of the company's long-term value in the cement industry [3][20][21]. Group 3: Management Buyback Announcements - From February 23, 2026, to March 1, 2026, 9 listed companies announced management buyback plans, with the only company exceeding 0.01% of total market capitalization being Sruy New Materials [11].

Core Viewpoint - Tongce Medical's executives are planning to repurchase shares, reflecting their confidence in the company's future growth and long-term investment value [1][5]. Group 1: Share Repurchase Plan - The executives, including Chairman Wang Yi and other senior management, plan to increase their holdings between February 13, 2026, and August 13, 2026, with a total investment of no less than 6 million yuan and up to 12 million yuan [1][4]. - The specific amounts for individual executives include Wang Yi, Huang Yuhua, and Zhang Hua each planning to invest between 1.5 million to 3 million yuan, while CFO Xu Guoxi plans to invest 500,000 to 1 million yuan, and Zhao Min plans to invest 1 million to 2 million yuan [1][4]. Group 2: Recent Share Purchases - As of February 13, 2026, the executives have already purchased a total of 38,200 shares for approximately 1.82 million yuan [2][4]. - The breakdown of recent purchases includes Wang Yi buying 10,500 shares for 499,600 yuan, Huang Yuhua buying 10,000 shares for 476,100 yuan, and Zhang Hua buying 10,000 shares for 473,300 yuan [3][4]. Group 3: Company Performance and Future Outlook - Tongce Medical's stock price has seen fluctuations, dropping to 35.54 yuan per share in April 2024 but recovering to 50.03 yuan per share by February 24, 2026, with a total market capitalization of 22.38 billion yuan [2][5]. - The company aims for a 30% year-on-year growth in overall performance for 2026, supported by ongoing reforms and an internal revenue doubling plan [2][7]. - For the first three quarters of 2025, Tongce Medical reported 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% [7].

Summary of Conference Call on Healthcare Services and Pharmacy Sector Industry Overview - The focus is on the healthcare services and pharmacy sectors within the pharmaceutical industry, particularly consumer-oriented segments, which are currently viewed positively due to historical low valuations after a prolonged adjustment period [1][2]. Key Points and Arguments Healthcare Services - The healthcare services sector has experienced significant declines, with current valuations at historical lows, indicating a potential for recovery by 2026 [1]. - Specific companies highlighted for their optimistic 2026 guidance include Tongce Medical, Gushengtang, and Aier Eye Hospital, all expected to show double-digit growth [1][2]. - The recovery in the sector is anticipated to be driven by improvements in supply structure and consumer environment, leading to a business rebound [2]. - Aier Eye Hospital is introducing new consumer-oriented surgical procedures, which may increase average transaction values despite stable surgical volumes [2]. Market Trends - Data from October 2025 shows positive growth in outpatient services in cities like Chongqing and Tianjin, with increases of 5-6% and 13-14% respectively [3]. - The overall trend indicates a recovery in both service volume and pricing, particularly in consumer-oriented medical fields like ophthalmology [3][4]. AI Integration - AI is expected to empower healthcare service companies, with applications like Ant Group's AI health app showing significant user growth, indicating a new growth driver for leading healthcare service firms [4][5]. Pharmacy Sector - The pharmacy sector is experiencing notable improvements in performance since Q3 2025, with leading companies showing consistent same-store sales growth [6]. - The sector is supported by government policies aimed at increasing industry concentration and chain store rates, which are expected to drive medium-term performance [6][7]. - Companies like Yifeng Pharmacy and Dazhong Pharmacy are highlighted for their strong cash flow and dividend yields, with Dazhong reporting a 60% dividend payout ratio [6][7]. Online vs. Offline Dynamics - The online pharmacy market is growing rapidly, but it serves a different demographic compared to traditional pharmacies, which cater more to older consumers [7][8]. - The online pharmacy market is projected to grow significantly, driven by products like GLP-1, but the overall growth rate may stabilize as both online and offline markets adjust [9][10]. Regulatory Environment - Recent government policies emphasize enhancing pharmacy service capabilities and supporting prescription outsourcing, which could lead to increased revenue opportunities for pharmacies [13][14]. - The focus on compliance and competition is expected to benefit larger pharmacy chains with established networks and resources for mergers and acquisitions [17]. Home Medical Devices - The home medical device sector is poised for growth due to an aging population and increasing health awareness, with significant potential in health monitoring devices like blood pressure monitors and glucose meters [18][19]. - Companies such as Yuyue Medical and Sanofi are recommended for their strong growth prospects in this segment [21]. Conclusion - The healthcare services, pharmacy, and home medical device sectors are expected to experience a bottom reversal, driven by improving fundamentals and supportive government policies. Key players in these sectors are well-positioned to capitalize on these trends, making them attractive investment opportunities moving forward [1][21].

Group 1 - Tongce Medical's chairman and executives plan to increase their shareholding by 6 to 12 million yuan within six months, following recent purchases totaling approximately 1.34 million yuan [1] - Luxshare Precision has repurchased 9.9006 million shares for nearly 500 million yuan, representing 0.14% of its total share capital [2] - Jintai Construction's subsidiary won a project in Malaysia worth approximately 281 million yuan, accounting for 1.53% of the company's audited revenue for 2024 [3] Group 2 - Kela Co. announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties [4] - Mingyang Smart Energy is planning to acquire 100% of Zhongshan Dehua Chip Technology Co., with ongoing audits and evaluations [5] - BGI Genomics intends to sell a subsidiary's equity for approximately 50 million USD and adjust licensing agreements [6] Group 3 - Guotou Capital reported that valuation adjustments at Guotou Ruijin Fund are expected to impact 2026 net profit by less than 5% [7] - Donghong Co. won a bid for a pressure steel pipe project worth 353 million yuan [9] - Yashi Chuangneng's major shareholder's shares, amounting to 2.9165% of total shares, will be auctioned, but it will not affect the company's operations [10] Group 4 - Frontier Biotech signed an exclusive licensing agreement with GlaxoSmithKline, receiving an upfront payment of 40 million USD and potential milestone payments totaling up to 950 million USD [11] - Kede CNC's major shareholders committed not to reduce their holdings for the next six months [12] - Richen Co. reported a 31.87% increase in net profit for 2025, driven by market expansion and operational efficiency [13] Group 5 - Jiayou International's PPP project in Zambia has officially commenced commercial operations and charging [14] - Junxin Co. updated its H-share listing application, pending approvals from regulatory bodies [15] - Shuangliang Energy's subsidiary won a bid for a 100 million yuan project in the Middle East [16][17] Group 6 - Baili Tianheng's drug candidate achieved primary endpoints in a Phase III clinical trial for triple-negative breast cancer [18] - ST Jinglan announced a significant stock price increase of 86.90% without major changes in performance, warning of potential stock suspension if prices continue to rise [19] - *ST Huiteng projected a revenue of 330 to 400 million yuan for 2025, with negative net profit expected [20]