Core Viewpoint - Tongce Medical (600763) reported that as of January 20, 2026, the total number of shareholders is over 90,000, emphasizing the company's commitment to ensuring fair information access for all investors [1]. Group 1 - The company has over 90,000 shareholders as of the specified date [1]. - The company will provide updates on shareholder information through its official periodic reports [1].

Core Viewpoint - Tongce Medical (600763) shows a slight increase in stock price and mixed capital flow, indicating potential investor interest despite some net outflows from major and retail investors [1][2]. Group 1: Stock Performance - As of January 22, 2026, Tongce Medical closed at 46.58 yuan, up by 0.15% with a turnover rate of 2.37% and a trading volume of 106,000 hands, resulting in a transaction amount of 493 million yuan [1]. - In the last five days, the stock experienced fluctuations, with a peak increase of 4.99% on January 21, 2026, and a decrease of 1.77% on January 20, 2026 [2]. Group 2: Capital Flow Analysis - On January 22, 2026, the net outflow of major funds was 20.35 million yuan, accounting for 4.13% of the total transaction amount, while retail investors saw a net inflow of 37.44 million yuan, representing 7.6% of the total [1][2]. - Over the past five days, major funds had a net inflow on January 21, 2026, of 83.46 million yuan, which was a significant contrast to the net outflows observed on other days [2]. Group 3: Company Financials and Industry Comparison - Tongce Medical's total market value is 20.835 billion yuan, with a net asset of 4.703 billion yuan and a net profit of 514 million yuan, ranking 9th, 12th, and 6th respectively in the medical services industry [3]. - The company reported a gross margin of 41.69% and a net margin of 26.91%, significantly higher than the industry averages of 36.47% and 4.61% respectively [3]. - For the first three quarters of 2025, the company achieved a main business revenue of 2.29 billion yuan, a year-on-year increase of 2.56%, and a net profit of 514 million yuan, up by 3.16% [3]. Group 4: Analyst Ratings - In the last 90 days, seven institutions provided ratings for Tongce Medical, with four buy ratings and three hold ratings, indicating a generally positive outlook [4]. - The average target price set by institutions over the past 90 days is 52.88 yuan, suggesting potential upside from the current trading price [4].

Market Overview - The medical services sector increased by 0.18% on January 21, with Nanmo Biology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers in Medical Services - Nanmo Biology (688265) closed at 49.79, up 7.01% with a trading volume of 20,000 shares and a transaction value of 98.02 million [1] - Hite Biology (300683) closed at 29.67, up 5.74% with a trading volume of 107,800 shares and a transaction value of 32.2 million [1] - Dean Diagnostics (300244) closed at 26.46, up 5.59% with a trading volume of 796,300 shares and a transaction value of 2.13 billion [1] - ST Zhongzhu (600568) closed at 2.64, up 5.18% with a trading volume of 376,500 shares and a transaction value of 9.81 million [1] - Tongce Medical (600763) closed at 46.51, up 4.99% with a trading volume of 198,600 shares and a transaction value of 911 million [1] Top Losers in Medical Services - Digital Human (920670) closed at 18.72, down 4.44% with a trading volume of 74,500 shares and a transaction value of 143 million [2] - Hongbo Pharmaceutical (301230) closed at 46.36, down 1.88% with a trading volume of 131,200 shares and a transaction value of 614 million [2] - Chengda Pharmaceutical (301201) closed at 41.39, down 1.76% with a trading volume of 36,600 shares and a transaction value of 153 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 50.51 million from institutional investors, while retail investors experienced a net outflow of 375 million [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, with retail investors pulling back [2][3] Notable Capital Inflows - Sanbo Brain Science (301293) had a net inflow of 91.48 million, representing 9.03% of its total capital [3] - Tongce Medical (600763) saw a net inflow of 83.46 million, accounting for 9.16% of its total capital [3] - BGI Genomics (300676) recorded a net inflow of 51.81 million, which is 8.37% of its total capital [3]

Group 1 - The core viewpoint of the news is that Tongce Medical's stock has seen a significant increase of 5.19%, reaching a price of 46.60 yuan per share, with a trading volume of 570 million yuan and a turnover rate of 2.80%, resulting in a total market capitalization of 20.844 billion yuan [1] - Tongce Medical Co., Ltd. is located in Hangzhou, established on August 30, 1995, and listed on October 30, 1996. The company's main business involves medical service investment and dental medical services [1] - The revenue composition of Tongce Medical is as follows: medical services account for 92.84%, product sales 4.06%, construction engineering 2.72%, and others 0.38% [1] Group 2 - From the perspective of the top ten circulating shareholders of Tongce Medical, Huabao Fund's ETF, Huabao Zhongzheng Medical ETF (512170), reduced its holdings by 1.5804 million shares in the third quarter, now holding 8.8854 million shares, which represents 1.99% of the circulating shares [2] - The Huabao Zhongzheng Medical ETF (512170) was established on May 20, 2019, with a latest scale of 26.404 billion yuan. Year-to-date returns are 7.98%, ranking 1481 out of 5542 in its category; the one-year return is 16.76%, ranking 3551 out of 4243; and since inception, the return is 9.93% [2] - The fund manager of Huabao Zhongzheng Medical ETF is Hu Jie, who has a cumulative tenure of 13 years and 101 days, with total fund assets of 100.204 billion yuan. The best fund return during his tenure is 165.65%, while the worst is -98.01% [2]

Core Viewpoint - Tongce Medical's stock has shown a positive trend with a year-to-date increase of 12.41%, reflecting strong performance in the medical service sector [1][2]. Group 1: Stock Performance - As of January 21, Tongce Medical's stock price reached 45.20 CNY per share, with a market capitalization of 20.217 billion CNY [1]. - The stock has experienced a 4.15% increase over the last five trading days, a 10.19% increase over the last 20 days, and a 6.60% increase over the last 60 days [1]. - The company has seen a net outflow of 12.52 thousand CNY in principal funds, with significant buying and selling activity from large orders [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongce Medical reported a revenue of 2.29 billion CNY, representing a year-on-year growth of 2.56%, and a net profit attributable to shareholders of 514 million CNY, up 3.06% year-on-year [2]. - The company has distributed a total of 392 million CNY in dividends since its A-share listing, with 340 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of January 10, the number of shareholders for Tongce Medical decreased to 90,000, while the average number of circulating shares per person increased by 8.89% to 4,969 shares [2]. - The top ten circulating shareholders include notable funds such as Huabao Zhongzheng Medical ETF and Southern Zhongzheng 500 ETF, with some shareholders reducing their holdings [3].

Core Viewpoint - Tongce Medical (600763) experienced a decline in stock price, closing at 44.3 yuan on January 20, 2026, with a turnover rate of 2.26% and a trading volume of 101,000 hands, resulting in a transaction amount of 449 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, an increase of 2.56% year-on-year [2] - The net profit attributable to shareholders was 514 million yuan, up 3.16% year-on-year, while the net profit excluding non-recurring items was 509 million yuan, reflecting a 3.09% increase year-on-year [2] - In Q3 2025, the company achieved a single-quarter main revenue of 842 million yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 192 million yuan, up 2.31% year-on-year [2] - The company's debt ratio stands at 25.1%, with investment income of 41.22 million yuan and financial expenses of 31.93 million yuan, resulting in a gross profit margin of 41.69% [2] Group 2: Market Activity - On January 20, 2026, the net outflow of main funds was 59.49 million yuan, accounting for 13.24% of the total transaction amount, while retail investors saw a net inflow of 39.88 million yuan, representing 8.87% of the total transaction amount [1] - Over the past 90 days, seven institutions have provided ratings for the stock, with four buy ratings and three hold ratings, and the average target price set by institutions is 5.288 billion yuan [2]

Core Viewpoint - Tongce Medical (600763) shows a steady performance with a slight increase in stock price and positive financial results for the third quarter of 2025, indicating potential growth in the medical services sector [1][2]. Financial Performance - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, a year-on-year increase of 2.56% [2]. - The net profit attributable to shareholders reached 514 million yuan, up 3.16% year-on-year, while the net profit excluding non-recurring items was 509 million yuan, reflecting a 3.09% increase [2]. - In Q3 2025 alone, the company achieved a single-quarter revenue of 842 million yuan, a 2.34% increase year-on-year, and a net profit of 192 million yuan, up 2.31% year-on-year [2]. - The company's debt ratio stands at 25.1%, with investment income of 41.22 million yuan and financial expenses of 31.93 million yuan, resulting in a gross profit margin of 41.69% [2]. Market Activity - As of January 19, 2026, Tongce Medical's stock closed at 45.1 yuan, marking a 0.6% increase with a turnover rate of 3.42% and a trading volume of 153,100 hands, amounting to a total transaction value of 694 million yuan [1]. - The net inflow of main funds was 33.53 million yuan, accounting for 4.83% of the total transaction value, while retail investors experienced a net outflow of 53.02 million yuan, representing 7.64% of the total transaction value [1]. Analyst Ratings - Over the past 90 days, seven institutions have provided ratings for Tongce Medical, with four giving a "buy" rating and three an "increase" rating [2]. - The average target price set by institutions in the last 90 days is 5.288 billion yuan [2].

Core Viewpoint - Tongce Medical's stock has shown a positive trend with a year-to-date increase of 13.73%, reflecting strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of January 19, Tongce Medical's stock price reached 45.73 CNY per share, with a trading volume of 2.74 billion CNY and a market capitalization of 204.55 billion CNY [1]. - The stock has experienced a 2.01% increase during the trading session on January 19, with significant net inflows of capital amounting to 826.25 million CNY [1]. - Over the past five trading days, the stock has risen by 8.01%, and over the last 20 days, it has increased by 11.37% [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongce Medical reported a revenue of 2.29 billion CNY, representing a year-on-year growth of 2.56%, and a net profit attributable to shareholders of 514 million CNY, which is a 3.06% increase [2]. - The company has distributed a total of 392 million CNY in dividends since its A-share listing, with 340 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of January 10, the number of shareholders for Tongce Medical was 90,000, a decrease of 8.16% from the previous period, while the average number of shares held per shareholder increased by 8.89% to 4,969 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Medical ETF and Southern Zhongzheng 500 ETF, with some shareholders reducing their holdings [3].

Summary of Tongce Medical Conference Call Company Overview - **Company**: Tongce Medical - **Industry**: Dental Services Key Points Revenue Projections - For 2025, Tongce Medical expects revenue growth to remain in the single digits, with an annual increase projected between 0% and 5% due to the traditional off-peak season in Q4 and high expense amortization [2][5] - The company has set a target for 30% revenue growth in 2026, focusing on the development of implant and orthodontic services [2][6] Business Expansion Plans - The plan includes increasing dental implants from over 60,000 cases in 2025 to 200,000 cases, and orthodontics from over 20,000 cases to 50,000 cases [2][6] - To achieve these targets, the company will implement hospital line reforms, optimize doctor scheduling, and enhance patient reception capacity and average transaction value [2][6] Marketing Strategies - Tongce Medical will utilize a grid management approach for market promotion, launching new products that meet market demand [2][8] - The company plans to develop at least 1,000 part-time grid members nationwide, with significant growth expected by March 2026, which will catalyze revenue in Q2 [2][10] Product Offerings - The company is introducing competitive mid-to-low-end products, with prices targeting the 3,000 to 4,000 yuan range, leveraging supply chain advantages to lower costs [2][9] - New products include the Yingxiu invisible orthodontics, priced competitively at over 20,000 yuan, and a unique refund policy for unsatisfied patients [2][22] Operational Capacity - Tongce Medical has over 400 C-level implant doctors and 200 orthodontic doctors, ensuring sufficient capacity to meet future business expansion needs [2][7] Revenue Contribution by Region - Approximately 90% of the company's revenue comes from Zhejiang Province, with about 50% from Hangzhou [3][4] Market Dynamics - The dental implant market in Zhejiang has seen rapid growth, increasing from 400,000 cases in 2022 to 1.5 million cases in 2025, with potential to reach 2-3 million cases in the near future [21] - The low-end market is currently dominated by small chain institutions, but Tongce Medical aims to challenge this with better products and branding [23] Profitability and Cost Management - While group purchasing has impacted profit margins, the company believes that net profit margins are at a relative low point and will improve with increased business volume and cost control [25] - The company expects to maintain or even improve profit margins as fixed costs stabilize and operational efficiencies are realized [25] Competitive Landscape - The company differentiates its offerings to prevent high-end patients from shifting to low-end markets by maintaining distinct service experiences across different market segments [13] Future Outlook - Tongce Medical is optimistic about achieving its growth targets and improving profitability through strategic marketing, operational efficiency, and product innovation [25]

Group 1 - The A-share market opened lower on January 15, with AI application themes retreating and sectors like CRO, commercial aerospace, brain-computer interfaces, and nuclear fusion concepts experiencing significant declines [1] - As of January 13, over 70 billion yuan of public fund capital has flowed into the equity market for 2026, with newly launched rights funds, newly established funds still in the building phase for 2025, and on-site trading open-end index funds being the three main channels [1] - CITIC Securities forecasts that the global interest rate cut cycle will enter its second half in 2026, characterized by "internal and external easing resonance" and a shift from "extraordinary to normal" macro liquidity [1] Group 2 - The A500 ETF (512050) provides investors with a convenient way to invest in core A-share assets, benefiting from valuation increases, with advantages such as a low fee rate of 0.2%, good liquidity with an average daily trading volume exceeding 5 billion yuan, and a large scale of over 40 billion yuan [2] - The A500 ETF tracks the CSI A500 Index, employing a dual strategy of industry balanced allocation and leading stock selection, covering all 35 sub-industries and integrating value and growth attributes [2] - Investors are encouraged to consider related products such as the A500 ETF (512050) and the A500 Enhanced ETF (512370) [2]