Core Viewpoint - Tongce Medical (600763) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating stable growth in its financial performance [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.448 billion yuan, a 2.68% increase compared to 1.411 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 321 million yuan, up 3.67% from 310 million yuan in the previous year [1]. - In Q2 2025, total revenue was 704 million yuan, reflecting a 0.24% increase year-on-year, while net profit for the quarter was 137 million yuan, a 0.44% increase [1]. Key Financial Ratios - Gross margin stood at 40.75%, a slight decrease of 0.20% from 40.83% [1]. - Net margin improved to 26.26%, an increase of 0.76% from 26.06% [1]. - Total expenses (selling, administrative, and financial) amounted to 175 million yuan, accounting for 12.07% of revenue, down 1.04% from the previous year [1]. Cash Flow and Debt Management - Operating cash flow per share was 0.8 yuan, a decrease of 21.66% year-on-year [1]. - The company reported a significant reduction in short-term borrowings by 37.57% due to repayment of loans [2]. - Cash flow from operating activities increased by 9.72%, attributed to higher cash receipts from sales and services [2]. Investment and Fund Holdings - The company’s return on invested capital (ROIC) was 10.81%, indicating average capital returns [2]. - The largest fund holding Tongce Medical shares is GF聚瑞混合A, with 3.3766 million shares, remaining unchanged [2].

截至2025年8月22日收盘，通策医疗（600763）报收于46.74元，较上周的45.16元上涨3.5%。本周，通 策医疗8月18日盘中最高价报47.1元。8月18日盘中最低价报45.1元。通策医疗当前最新总市值209.06亿 元，在医疗服务板块市值排名9/50，在两市A股市值排名894/5152。 近日通策医疗披露，截至2025年6月30日公司股东户数为8.81万户，较5月28日增加4997.0户，增幅为 6.01%。户均持股数量由上期的5380.0股减少至5075.0股，户均持股市值为20.95万元。 通策医疗股份有限公司第十届监事会第九次会议于2025年8月22日召开，应出席监事3人，实际出席3 人，会议由张晓露先生主持，合法有效。会议审议通过了四项议案。第一项议案为取消监事会免去监事 张晓露先生、赵敏女士，原监事会职权由董事会审计委员会行使，并废止《公司监事会议事规则》，对 《公司章程》相关条款进行修订，在股东会审议通过前，第十届监事会将继续履行监督职能。表决结果 为3票同意，0票弃权，0票反对，该议案需提请公司股东会审议。第二项议案为修订《公司章程》及其 他制度，具体内容详见同日在上海证券交易所网 ...

Financial Performance - For the first half of 2025, the company's operating revenue was 1.448 billion, an increase from 1.410 billion in the same period last year, reflecting a growth of approximately 2.7% [1] - The total profit for the same period was 419.921 million, compared to 406.937 million in the previous year, indicating a growth of about 3.1% [1] - The net profit attributable to shareholders was 321.157 million, up from 309.780 million year-on-year, representing an increase of approximately 3.5% [1] - The net cash flow from operating activities was 355.809 million, showing a year-on-year increase of 9.72% [29] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 7.67%, a slight decrease of 0.14 percentage points compared to the previous year [27] - The return on invested capital for the same period was 6.79%, down by 0.08 percentage points year-on-year [27] Cash Flow Analysis - The net cash flow from financing activities was -306 million, a decrease of 155 million compared to the previous year [29] - The net cash flow from investment activities was -188 million, compared to -144 million in the same period last year [29] Asset and Liability Changes - As of the end of the first half of 2025, cash and cash equivalents decreased by 22.36% compared to the end of the previous year [40] - Long-term borrowings decreased by 100%, while non-current liabilities due within one year increased by 127.03% [43] Shareholder Structure - The largest shareholder, Hangzhou Baoqun Industrial Group Co., Ltd., held 33.89% of the total shares, with no change in its holding [54] - New shareholder, China Europe New Blue Chip Flexible Allocation Mixed Securities Investment Fund, replaced the previous quarter's shareholder [53] Valuation Ratios - As of August 22, 2025, the company's price-to-earnings ratio (TTM) was approximately 40.77, the price-to-book ratio (LF) was about 5.04, and the price-to-sales ratio (TTM) was around 7.18 [1]

Group 1 - The core point of the news is that Tongce Medical has seen significant financing activity, with a total financing buy amount of 0.87 billion yuan on August 22, ranking 367th in the market [1] - Over the last three trading days, Tongce Medical has received financing buy amounts of 0.73 billion yuan, 0.77 billion yuan, and 0.87 billion yuan respectively [1] - On the same day, the company had a financing repayment amount of 1.00 billion yuan, resulting in a net sell of 12.37 million yuan [1] Group 2 - In terms of securities lending, on the same day, the company had a securities lending sell of 6100 shares, with a net sell of 3500 shares [2]

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括南方中证500ETF、中欧时代先锋股票 A、华宝中证医疗ETF，持股增加占比达0.30%。本期较上一季度持股减少的公募基金共计1个，即中欧 医疗健康混合A，持股减少占比达1.93%。本期较上一季度新披露的公募基金共计2个，包括中欧新蓝筹 混合A、南华中证杭州湾区ETF。本期较上一季未再披露的公募基金共计13个，主要包括广发盛兴混合 A、广发瑞安精选股票A、光大保德信信用添益债券A类、广发瑞泽精选混合A、广发科创板两年定开混 合等。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月23日，通策医疗(600763.SH)发布2025年半年度报告。截至2025年8月22日，共有25个机构投 资者披露持有通策医疗A股股份，合计持股量达2.05亿股，占通策医疗总股本的45.94%。其中，前十大 机构投资者包括杭州宝群实业集团有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指数 证券投资基金、浙江存济医疗教育基金会、香港中央结算有限公司、中国农业银行股份有限公司-中证 500交易型开放式指数证券投资基金、中国工商银行股 ...

Group 1 - The company has decided to cancel its supervisory board, transferring its powers to the audit committee of the board of directors, and will amend relevant provisions in its articles of association [3][49][50] - The company has approved the acquisition of 100% equity of Shanghai Cunjing Dental Clinic Co., Ltd. for a total amount of 46 million yuan, with the transaction constituting a related party transaction [14][15][31] - The acquisition aims to enhance the company's strategic investment in the Shanghai market, focusing on high-end dental services, particularly for children [31][32] Group 2 - The company held its tenth board meeting on August 22, 2025, where several resolutions were passed, including the confirmation of audit committee members and the election of a representative director [37][38] - The company’s 2025 semi-annual report was reviewed and approved, reflecting its operational and financial status [44][46] - The company plans to establish a high-end dental service center in Shanghai, targeting affluent clients and expanding its service offerings [22][31]

Core Insights - The company Tongce Medical (600763.SH) reported a total revenue of 1.448 billion yuan and a net profit attributable to shareholders of 321 million yuan for the first half of 2025 [1] - The operating cash flow for the company was 356 million yuan [1] Financial Performance - The latest debt-to-asset ratio is 27.51%, which is an increase of 0.54 percentage points from the previous quarter [3] - The latest gross profit margin is 40.75%, down by 3.46 percentage points from the previous quarter and down by 0.08 percentage points year-on-year [3] - The return on equity (ROE) stands at 7.74%, a decrease of 0.13 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.72 yuan [3] - The total asset turnover ratio is 0.23 times [3] - The inventory turnover ratio is 28.10 times, which is a decrease of 5.27 times year-on-year, representing a decline of 15.78% [3] Shareholder Structure - The number of shareholders is 88,100, with the top ten shareholders holding a total of 209 million shares, accounting for 46.66% of the total share capital [3] - The largest shareholder is Hangzhou Baoqun Industrial Group Co., Ltd., holding 33.8% of the shares [3]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，通策医疗发布公告称，公司全资子公司通策口腔投资收购上海存济口腔门 诊部有限公司（以下简称"标的公司"）99%股权，全资子公司杭州通盛医疗投资管理有限公司收购标的 公司1%股权，交易总金额为4600万元，交易资金来源为自有资金。本次交易构成关联交易。 ...

证券日报网讯 8月22日晚间，通策医疗发布公告称，公司第十届监事会第九次会议审议通过了《关于取 消监事会免去监事的议案》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月22日晚间，通策医疗发布公告称，公司第十届董事会第十次会议审议通过了《关于确 认审计委员会成员及推选召集人的议案》等多项议案。 ...