证券简称：通策医疗 证券代码：600763 编号：临 2024-062 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。 | 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 1011.2295 | 万股 | | 占其所持股份比例 | | 6.67% | | 占公司总股本比例 | | 2.26% | | 解质时间 | | 2024.10.25 | | 持股数量 | 15158.9199 | 万股 | | 持股比例 | | 33.89% | | 剩余被质押股份数量 | 9198.8767 | 万股 | | 剩余被质押股份数量占其所持股份比例 | | 60.68% | | 剩余被质押股份数量占公司总股本比例 | | 20.57% | 3.股东累计质押股份情况 二、上市公司控股股东股份质押情况 1.控股股东质押股票未来半年到期的质押股份数量为 3640.7092 万股，占所持股 份比例的 24.02%，占公司总股本的 8. ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-061 一、上市公司股份质押情况 2024 年 10 月 21 日接到控股股东宝群实业股票质押及解除质押交易通知，具体事 项如下。 1 股东 名称 是否为 控股股 东 本次质 押股数 （万股） 是否 为限 售股 是否 补充 质押 质押起始日 质押到期日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融资资 金用途 宝群 实业 是 295 否 否 2024.10.17 2025.10.17 温州银行股份 有限公司杭州 分行 1.95% 0.66% 体系外医 疗项目资 金需要 1.股份质押基本情况 2.解除质押基本情况 | 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 249.3059 | 万股 | | 占其所持股份比例 | | 1.64% | | 占公司总股本比例 | | 0.56% | | 解质时间 | | 2024.10.21 | | 持股数量 | 15158.9199 | 万股 | | 持股比例 | | 33.89% | | 剩余被质押股份数量 | 8995.1062 | 万股 | | ...

Investment Rating - The report assigns a "Buy" rating for the company, Tongce Medical [1][3]. Core Views - Tongce Medical is a leading private dental service provider in China, with a robust long-term development outlook as it navigates policy disruptions [1][3]. - The company has established a regional chain of dental services through a model of regional general hospitals and branch clinics, with ongoing expansion efforts [1][3]. - The dental service market in China is experiencing steady growth, driven by increasing healthcare spending and an aging population, which is expected to sustain demand for dental implants [2][3]. Summary by Sections Company Overview - Tongce Medical has a strong presence in the dental service sector, operating 84 dental institutions with 3,037 dental chairs as of mid-2024 [1][9]. - The company has a stable and reasonable shareholding structure, with a management team rich in talent and experience [1][16]. Market Demand - The dental healthcare market is expanding rapidly, with orthodontic cases increasing from 1.63 million in 2015 to 3.74 million in 2023, indicating a growing demand among adults aged 24-34 [2][3]. - The company is well-positioned to leverage its scale and brand influence to gain a competitive advantage in the long term [2][3]. Operational Strategy - The "general hospital + branch" model is maturing, with a focus on deepening operations in Zhejiang province while exploring opportunities for expansion in other provinces [1][3]. - The company has initiated the "Dandelion Plan" to penetrate lower-tier markets, with 41 Dandelion clinics opened by the end of 2023 and plans for further expansion [1][3]. Financial Performance - In the first half of 2024, the company achieved a revenue of 1.411 billion yuan, a year-on-year increase of 3.52%, and a net profit of 310 million yuan, up 1.77% [1][19]. - Revenue projections for 2024-2026 are 2.949 billion, 3.322 billion, and 3.676 billion yuan, with corresponding net profits of 568 million, 665 million, and 762 million yuan, reflecting a positive growth trajectory [3][4]. Cost Management - The company has made progress in cost control, with a reduction in the proportion of medical material costs and an emphasis on optimizing supply chain management [1][26]. - The overall gross margin has shown signs of recovery, with a gross margin of 40.83% in the first half of 2024, up from 38.53% in 2023 [1][30].

杭州海胤科创有限公司 审计 报 告 众环审字(2024)0300822号 目 录 起始页码 审计报告 | 财务报表 | | | --- | --- | | 资产负债表 | | | 利润表 | 3 | | 现金流量表 | 4 | | 所有者权益变动表 | 5 | | 财务报表附注 | 7 | 审计报告 众环审字(2024)0300822 号 杭州海胤科创有限公司全体股东: 一、审计意见 我们审计了杭州海胤科创有限公司(以下简称"海胤科创公司")财务报表,包括 2023 年 12月31日、2024年6月30日的资产负债表,2023年度、2024年1-6月的利润表、现 金流量表、所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 海胤科创公司 2023年 12月31日、2024年6月30日的财务状况以及 2023年度、2024年 1-6 月的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德 ...

证券代码：600763 证券简称：通策医疗 编号：临 2024-060 通策医疗股份有限公司 关于购买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 通策医疗全资子公司通策健康收购标的公司 80%股权，全资子公司杭州口腔 医院集团有限公司收购标的公司 20%股权，交易总金额为 5541.36 万元，即按注 1/5 通策医疗股份有限公司（以下简称"通策医疗"或"公司"）全资子公 司浙江通策健康管理服务有限公司（以下简称"通策健康"）收购杭州 海胤科创有限公司（以下简称"标的公司"）80%股权，全资子公司杭州 口腔医院集团有限公司收购标的公司 20%股权，交易总金额为 5541.36 万元，即按注册资本金 1000 万元收购目标公司 100%股权以及收购债权 应支付的对价 4541.36 万元。 标的公司为杭州海骏科技有限公司全资子公司，杭州海骏科技有限公司 为公司实际控制人控制的公司，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、 ...

| 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 420.1784 万股 | | | 占其所持股份比例 | 2.77% | | | 占公司总股本比例 | 0.94% | | | 解质时间 | 2024.9.20 | | | 持股数量 | 15,158.9199 万股 | | | 持股比例 | | 33.89% | 1.解除质押基本情况 1 证券简称：通策医疗 证券代码：600763 编号：临 2024-059 通策医疗股份有限公司 关于控股股东部分股票解除质押的公告 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（以下数据均为公司分红派息后 的股数），占总股本的 33.89%；本次解除质押股份数为 4,201,784 股，占宝群实业所 持有本公司股份数 2.77%，占本公司总股份数的 0.94%。宝群实业质押股份总数为 89,4 ...

业绩平稳增长，种植牙增速亮眼 通策医疗(600763)/医疗服务 证券研究报告/公司点评 2024 年 09 月 17 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In the first half of 2024, the company achieved operating revenue of 1.411 billion yuan (+3.52% year-on-year) and a net profit attributable to shareholders of 310 million yuan (+1.77%), with a non-recurring net profit of 306 million yuan (+4.33%) [3] - The implant business showed accelerated growth, with revenue from the implant, repair, and comprehensive services increasing by 11.3%, 2.8%, and 4.2% year-on-year respectively in H1 2024 [3] - The company’s gross margin and net margin slightly decreased, with the overall gross margin at 40.83% (-0.53 percentage points) and net margin at 26.06% (-0.26 percentage points) [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 5.8 billion, 7.0 billion, and 8.4 billion yuan respectively, corresponding to P/E ratios of 32, 26, and 22 times [4] - The company is expected to maintain an accelerated growth trend in the implant business after fully digesting the impact of price declines [4] Revenue and Profitability - The total revenue for 2024 is projected to be 3.145 billion yuan, with a year-on-year growth rate of 10.48% [2] - The net profit attributable to shareholders for 2024 is estimated at 576 million yuan, reflecting a year-on-year growth of 15.11% [2] Market Data - The closing price of the company's stock is 40.85 yuan, with a market capitalization of approximately 18.27 billion yuan [5]

Investment Rating - The investment rating for the company is maintained at "Buy" [5][11]. Core Insights - The company is experiencing a slowdown in growth due to external environmental factors, with a strategy of exchanging price for volume in the dental implant sector. The consumer dental segment is under short-term pressure, while the development of the Pugongying branches is progressing smoothly [4]. - The company achieved a revenue of 1.411 billion yuan in H1 2024, representing a growth of 3.52%, and a net profit attributable to shareholders of 310 million yuan, up by 1.77% [11]. - The target price has been adjusted to 48.80 yuan, down from the previous forecast of 52.56 yuan, based on a PE ratio of 40x for 2024 [11]. Financial Performance - For H1 2024, the company reported a gross margin of 40.83% and a net margin of 26.06%, indicating stable profitability despite increased investments and changing customer pricing [11]. - The dental implant revenue reached 255 million yuan, up by 11.3%, with the number of implants sold increasing by 41% [11]. - The company operates 84 medical institutions, with 63 located in Zhejiang province, contributing 12.85 billion yuan in revenue, which accounts for 91% of total revenue [11]. Business Segments - The dental implant segment is expected to continue growing in the second half of the year, driven by the implementation of centralized procurement policies [11]. - The Pugongying branches have shown rapid growth, contributing 3.25 billion yuan in revenue and 39.54 million yuan in net profit in H1 2024, with a gross margin of 30% [11]. - The orthodontics segment reported a revenue decline of 4.7%, while pediatric services saw a slight decrease of 1.1% [11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 26 日 通策医疗(600763.SH) 业绩增长阶段性承压，继续夯实口腔医 疗基础设施 事件： 2024 年 8 月 23 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 14.11 亿元，同比增长 3.52%；实现归母净利润 3.10 亿元，同比增长 1.77%；实现扣非归母净利润 3.06 亿元，同比增长 4.33%。单季度来看，2024 年 Q2 公司实现营业收入 7.02 亿元，同 比增长 2.04%；实现归母净利润 1.37 亿元，同比增长 0.85%；实现 扣非归母净利润 1.35 亿元，同比增长 4.49%。 业绩增长阶段性承压，种植业务恢复两位数增长。 2024 年 H1 公司口腔医疗门诊量达到 171 万人次，同比增长 8%左右， 营业收入和净利润同比基本持平，我们推测主要受消费降级影响，业 绩增长阶段性承压。分业务来看：2024 年 H1 种植业务实现营业收入 2.55 亿元，同比增长 11.3%，恢复两位数增长，我们推测主要得益于 集采持续放量和客单价逐步平稳；2024 年 H1 正 ...