星标 ★ IPO日报 精彩文章第一时间推送 8月22日晚间， 通策医疗投资股份有限公司 （600763.SH，下称"通策医疗"）发布公告，宣布通过两家全资子公司以4600万元总价收购上海存济 口腔门诊部有限公司100%股权。 AI制图 值得一提的是，此次收购是通策医疗2025年第二次重要并购。 4月26日，公司刚以5541.36万元完成收购杭州海胤科创有限公司100%股权，显示其正通过资本扩张加速业务整合。 就交易细节来看，本次收购，通策医疗通过全资子公司通策口腔投资收购99%股权，杭州通盛医疗投资管理有限公司收购1%股权，交易总金额为 4600万元，资金全部来源于通策医疗自有资金。 长期以来，通策医疗以浙江省为"大本营"，通过"区域总院+分院"模式深耕本地市场。其"蒲公英计划"已在浙江省内开设44家分院，覆盖全部11个 地级市。 对比之下，公司省外扩张始终是短板。 2024年起，公司调整省外策略，从自建转向"并购+轻资产加盟"双轮驱动，此次收购上海门诊部，正是其突破区域限制、进军高端市场的重要落 子。 就被收购方上海存济口腔来看，其定位中高端会员制服务，具有三大特色方向： 1. 儿童口腔专科：建设"三叶儿童 ...

8月22日晚间，通策医疗投资股份有限公司（600763.SH，下称"通策医疗"）发布公告，宣布通过两家全资子公司以4600万元总 价收购上海存济口腔门诊部有限公司100%股权。 长期以来，通策医疗以浙江省为"大本营"，通过"区域总院+分院"模式深耕本地市场。其"蒲公英计划"已在浙江省内开设44家 分院，覆盖全部11个地级市。 对比之下，公司省外扩张始终是短板。 2024年起，公司调整省外策略，从自建转向"并购+轻资产加盟"双轮驱动，此次收购上海门诊部，正是其突破区域限制、进军 高端市场的重要落子。 就被收购方上海存济口腔来看，其定位中高端会员制服务，具有三大特色方向： 1. 儿童口腔专科：建设"三叶儿童口腔上海国际中心"，瞄准高净值家庭客群，会员制客单价超5万元； AI制图 值得一提的是，此次收购是通策医疗2025年第二次重要并购。 4月26日，公司刚以5541.36万元完成收购杭州海胤科创有限公司100%股权，显示其正通过资本扩张加速业务整合。 就交易细节来看，本次收购，通策医疗通过全资子公司通策口腔投资收购99%股权，杭州通盛医疗投资管理有限公司收购1% 股权，交易总金额为4600万元，资金全部来源于通策 ...

24 August 2025 | 3:05PM HKT Topchoice Medical (600763.SS) Earnings Review: 2Q25 revenue/ earnings slightly miss with soft recovery, awaiting policy tailwind into 2H 600763.SS 12m Price Target: Rmb49.00 Price: Rmb46.74 Upside: 4.8% 2Q25 revenue and earnings miss: Revenue of Rmb704mn, +0.2% y/y, 4% below GSe of Rmb733mn, and net profit of Rmb137mn, +0.5% y/y, 2% below GSeRmb140mn. Net margin came in at 19.5% (vs GSe 19.1%). The miss was primarily driven by the slow down in dental implant segment revenue (-4.4 ...

近年来，通策医疗积极并购扩张。Wind系统显示，2024年，公司收购眼科管理公司，收购并增资娄底 口腔、医疗云临床信息系统等。2025年4月，公司收购海胤科创100%股权、债权。 长江商报消息●长江商报记者 沈右荣 "牙茅"通策医疗（600763.SH）经营业绩低速增长。 8月22日晚，通策医疗披露的2025年半年度业绩报告显示，2025年上半年，公司实现营业收入14.48亿 元，同比增长2.68%；归母净利润3.21亿元，同比增长3.67%。 长江商报记者发现，2022年中期以来，通策医疗的营收和净利持续个位数增长。 目前，通策医疗正在推进收购上海存济口腔门诊部，交易作价4600万元。 浙江是通策医疗的大本营，公司积极寻求走出浙江，但进展缓慢。2025年上半年，来自浙江省内市场的 收入占比仍然超过90%。 二级市场上，通策医疗恐难以回到巅峰。8月22日，公司收盘价46.74元/股，较2021年6月的巅峰时刻下 跌逾80%。 2025年二季度，陆股通、中欧基金减少了对通策医疗的持仓。 营收、净利连续三年增长乏力 业绩增长乏力，是外界对通策医疗的评价。 根据最新的半年报，2025年上半年，通策医疗实现的营业收入 ...

2025年8月23日，通策医疗(600763.SH)发布2025年中报。 公司营业总收入为14.48亿元，较去年同报告期营业总收入增加3786.06万元，实现5年连续上涨，同比较 去年同期上涨2.68%。归母净利润为3.21亿元，较去年同报告期归母净利润增加1137.75万元，实现3年 连续上涨，同比较去年同期上涨3.67%。经营活动现金净流入为3.56亿元，较去年同报告期经营活动现 金净流入增加3150.80万元，实现3年连续上涨，同比较去年同期上涨9.72%。 公司最新资产负债率为27.51%，较去年同期资产负债率减少3.20个百分点。 公司摊薄每股收益为0.72元，较去年同报告期摊薄每股收益增加0.03元，同比较去年同期上涨4.35%。 公司最新总资产周转率为0.23次，较去年同期总资产周转率持平，同比较去年同期上涨1.60%。最新存 货周转率为28.10次。 公司股东户数为8.81万户，前十大股东持股数量为2.09亿股，占总股本比例为46.66%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 杭州宝群实业集团有限公司 | 33 ...

Core Viewpoint - Tongce Medical (600763.SH) is experiencing slow growth in its operating performance, with a slight increase in revenue and net profit in the first half of 2025 compared to the previous year [1][5]. Financial Performance - In the first half of 2025, Tongce Medical achieved operating revenue of 1.448 billion yuan, a year-on-year increase of 2.68%, and a net profit attributable to shareholders of 321 million yuan, up 3.67% year-on-year [1][5]. - The company's revenue and net profit have shown continuous single-digit growth since mid-2022, indicating a trend of weak growth [2][9]. - The second quarter of 2025 saw a decline in growth momentum, with revenue and net profit lower than the first quarter, and a negative growth in non-recurring net profit [10]. Market Expansion and Acquisitions - Tongce Medical has been actively pursuing acquisitions to expand its market presence, including the acquisition of an ophthalmology management company and investments in dental and clinical information systems [2][11]. - The company is currently in the process of acquiring Shanghai Congji Dental Clinic for 46 million yuan, but its efforts to expand outside Zhejiang province have been slow, with over 90% of revenue still coming from the Zhejiang market [3][16]. - Despite the acquisitions, the performance outside Zhejiang remains poor, with revenue from the province accounting for 91.36% of total revenue in the first half of 2025 [16][19]. Historical Performance Trends - Tongce Medical, known as "Dental Ma," has shown strong growth since its listing in 2007, but growth has slowed significantly since 2022 [6][8]. - From 2022 to 2024, the company reported revenues of 2.719 billion yuan, 2.847 billion yuan, and 2.874 billion yuan, with year-on-year changes of -2.23%, 4.70%, and 0.96% respectively [8]. - The company's stock price has dropped over 80% from its peak of 421.99 yuan per share in June 2021 to 46.74 yuan per share as of August 22, 2025 [17][19].

通策医疗 20250823 摘要 2025 年上半年，通策医疗营收 14.48 亿元，同比增长 2.68%；归母净 利润 3.21 亿元，同比增长 3.67%；经营活动现金流 3.55 亿元，同比 增长 9.7%。 正畸业务增长 7.75%，受益于 AI 技术和新材料的应用，以及消费信贷 政策支持。预计到 2030 年，正畸市场规模将达到或超过 1,000 亿元。 种植牙数量同比增长 1.1%至 3.2 万颗，集采占比 78%，但二季度非集 采比例略有上升，客单价小幅上涨，下半年市场潜力大。 蒲公英分院营收 3.93 亿元，同比增长 21%，净利润 0.54 亿元，同比 增长 36%，全年预计增速 25%，目标营收 9 亿元。 紫金港总院一期试运营，启用 42 张牙椅，首月门诊人次近 4,000，收 入 350 万元，未来将集中资源打造为杭州区域最大总院区。 公司放缓新医院投建，重点完善现有项目，提升内部盈利能力，并计划 完善信息系统，实现统一 ID 管理，以适应大规模扩张。 口腔行业潜力巨大，市场集中度较低，公司致力于成为行业整合者，应 对挑战并推动行业整合，七八月份客流量增长态势好于上半年。 通策医疗将继 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, anticipating a reversal in the market by 2025, with innovative drugs and the recovery of left-side sectors being the main investment opportunities [5][13]. Core Views - The report highlights that major domestic pharmaceutical companies have stabilized their revenues after previous disruptions from centralized procurement, with visible results from their innovation transformations [2][12]. - It emphasizes the importance of BD (business development) collaborations, citing significant deals involving major multinational pharmaceutical companies, which could lead to sustainable income for companies like Heng Rui Medicine [2][12]. - The report suggests focusing on innovative drugs, particularly dual/multi-target antibodies and drugs addressing unmet clinical needs, as key investment opportunities [3][5][13]. Summary by Sections Pharmaceutical Sector - The innovative drug market is experiencing adjustments, but the overall policy environment remains supportive for innovation [3]. - After ten rounds of centralized procurement, the risks for leading pharmaceutical companies are gradually being alleviated, revealing competitive innovative drug pipelines [3][22]. - The report recommends paying attention to leading pharmaceutical companies' transformation results and overseas opportunities [3][5]. Biopharmaceuticals - Jin Sai Pharmaceutical's dual-target ADC GenSci143 has received IND approval, showing potential as a leading treatment option for prostate cancer and other solid tumors [3][41][46]. Medical Devices - The registration and promotion of innovative products in the domestic medical device sector are accelerating, contributing to long-term high-quality development [4][47]. - Companies like Huitai Medical have reported significant revenue growth, with innovative products rapidly expanding their market presence [4][47][48]. Traditional Chinese Medicine - Some companies are facing performance pressure during the destocking cycle, but strong brands like Dong'e Ejiao continue to achieve resilient growth [4][54][56]. Investment Recommendations - The report suggests focusing on innovative drugs, particularly in the fields of dual/multi-target antibodies and drugs for chronic diseases, as well as opportunities in ADC and small nucleic acid sectors [5][13]. - The medical device sector is expected to see a significant performance turnaround in the second half of the year, driven by favorable policies and recovering tender trends [5][13]. Key Targets - Notable companies to watch include Innovent Biologics, Kintor Pharmaceutical, and Heng Rui Medicine, among others [6].

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 [3][9]. Core Insights - The company achieved stable revenue growth in H1 2025, with total revenue of 1.448 billion RMB, a year-on-year increase of 2.68%, and a net profit attributable to shareholders of 321 million RMB, up 3.66% year-on-year [1]. - The orthodontics segment showed strong performance, generating 229 million RMB in revenue, reflecting a year-on-year growth of 7.75%, continuing the recovery trend from Q1 [1][2]. - The company's operational model, combining regional hospitals and branch hospitals, has shown significant expansion, with 89 medical institutions and over 4,452 medical professionals [2]. - The integration of AI technology into clinical diagnosis and operational management has enhanced efficiency, positioning the company competitively in the market [2]. Summary by Sections Performance Review - In H1 2025, the company reported revenue of 1.448 billion RMB, with a net profit of 321 million RMB, and a non-recurring net profit of 317 million RMB [1]. - In Q2 2025, revenue was 703 million RMB, with a net profit of 137 million RMB, showing a slight year-on-year increase of 0.24% [1]. Business Analysis - The orthodontics business is recovering well, while the implant business remained stable with revenue of 255 million RMB, showing a minimal year-on-year change of 0.02% [1]. - Pediatric business revenue decreased by 1.48% to 236 million RMB [1]. Growth Strategy - The company operates 89 medical institutions and employs 4,452 medical professionals, with a medical space exceeding 260,000 square meters [2]. - The "medical + technology" strategy is being deepened, leveraging AI to improve operational efficiency and clinical decision-making [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 537 million RMB, 574 million RMB, and 610 million RMB for the years 2025, 2026, and 2027, respectively, with expected growth rates of 7%, 6.82%, and 6.35% [3][7]. - The estimated EPS for the same years is 1.20, 1.28, and 1.36 RMB, with corresponding PE ratios of 39, 36, and 34 times [3].

本次财报公布的各项数据指标表现尚佳。其中，毛利率40.75%，同比减0.2%，净利率26.26%，同比增 0.76%，销售费用、管理费用、财务费用总计1.75亿元，三费占营收比12.07%，同比减1.04%，每股净资 产9.28元，同比减24.75%，每股经营性现金流0.8元，同比减21.66%，每股收益0.72元，同比增4.35% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 14.11亿 | 14.48亿 | 2.68% | | 归母净利润(元) | 3.1亿 | 3.21亿 | 3.67% | | 扣非净利润(元) | 3.06亿 | 3.17亿 | 3.85% | | 货币资金(元) | 6.23亿 | 4.82亿 | -22.68% | | 应收账款(元) | 1.52亿 | 1.52亿 | 0.14% | | 有息负债 (元) | 3.72亿 | 3.44亿 | -7.56% | | 毛利率 | 40.83% | 40.75% | -0.20% | | 净利率 | 26.06% | 26.26% | ...