证券代码：600763 证券简称：通策医疗 编号：临 2025-025 二、交易价格 本次收购标的的交易总对价为人民币 4600 万元，该对价系基于目标公司的 通策医疗股份有限公司 关于收购上海存济口腔门诊部有限公司 100%股权 暨关联交易的补充公告 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。 通策医疗股份有限公司（以下简称"公司"或"通策医疗"）于 2025 年 8 月 23 日披露了《关于收购上海存济口腔门诊部有限公司 100%股权暨关联交易的 公告》（公告编号：临 2025-024）。为进一步增进投资者对本次交易的理解， 现就相关事项补充说明如下： 一、项目背景 1、为有效控制项目投资风险，公司针对体系外大型口腔医院项目的投资建 设，采用由通策集团先行投资建设、后委托上市公司运营管理的轻资产运营模式。 公司曾于 2016 年 11 月 16 日与诸暨通策口腔医疗投资基金合伙企业（有限合伙） 签署《委托管理协议》，将后者所投资的武汉存济口腔医院、西安存济口腔医院 等大型口腔医院的经营权与管理权全面委托公司统一行 ...

Core Insights - The company reported a revenue of 1.448 billion yuan for the first half of 2025, representing a year-on-year increase of 2.68%, with a net profit attributable to shareholders of 321 million yuan, up 3.66% year-on-year, and a non-recurring net profit of 317 million yuan, up 3.85% year-on-year, which aligns with expectations [1] Development Trends - The outpatient volume continues to grow steadily, with the company reinforcing its clinic layout in Zhejiang Province. As of August 2025, the company operates 89 medical institutions and has 3,100 dental chairs. In the first half of 2025, the dental outpatient volume reached 1.7322 million visits, an increase of 1.21% year-on-year [2] - The company employs a "regional general hospital + branch" structure to standardize parts of the diagnosis and treatment process, which is expected to reduce the marginal customer acquisition costs for expanding the branch network. The "Dandelion Plan" aims to deepen penetration within the province, establishing a scalable growth engine [2] - The gross profit margin for the first half of 2025 was 40.75%, and the net profit margin was 26.26%, remaining stable overall. Each business line showed positive growth, with implant revenue at 255 million yuan (up 0.02%), orthodontics at 229 million yuan (up 7.75%), restoration at 230 million yuan (up 3.59%), and comprehensive services at 394 million yuan (up 2.44%) [2] - The company sees significant potential in pediatric dental services, which may become a new growth engine in the future [2] AI Technology and Service Innovation - The company is leveraging its self-developed MindHub AI platform to provide intelligent support across various scenarios, including clinical diagnosis, patient services, and operational management. This positions the company to build structural competitive barriers through top-tier medical resource aggregation, platform scale effects, and technology-driven innovation [3] - In 2025, the company will deepen its "medical + technology" dual-wheel strategy, accelerating penetration in both high-end markets and lower-tier markets to maintain its industry leadership [3] - The company plans to acquire 100% of Shanghai Cunjing Dental Clinic, which is expected to enhance its brand presence and recognition in the high-end market [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 549 million yuan and 580 million yuan, reflecting year-on-year growth of 9.6% and 5.6%, respectively. The current stock price corresponds to a price-to-earnings ratio of 38.4 times for 2025 and 36.3 times for 2026 [4] - The company maintains an outperform rating and a target price of 53.2 yuan based on discounted cash flow (DCF) analysis, which corresponds to a price-to-earnings ratio of 43.3 times for 2025 and 41.0 times for 2026, indicating a potential upside of 12.9% from the current stock price [4]

Group 1 - The stock price of Tongce Medical reached 47.14 yuan as of August 25, 2025, with an increase of 0.86% from the previous trading day, and a trading volume of 170,555 lots, amounting to 800.2 million yuan [1] - Tongce Medical focuses on oral medical services and operates under a "regional general hospital + branch" model, with 44 branches established in Zhejiang Province and a total of 89 medical institutions as of the first half of 2025, employing 4,452 medical professionals and operating over 3,100 dental chairs [1] - On August 22, the company announced the acquisition of 100% equity in Shanghai Cunjie Dental Clinic for 46 million yuan, which is positioned for mid-to-high-end membership services, focusing on pediatric dentistry, implants, and comprehensive departments [1] - This acquisition marks the second merger and acquisition transaction completed by the company in 2025, following the purchase of Hangzhou Haiyin Kechuang Co., Ltd. for 55.4136 million yuan in April [1] - On August 23, the company hosted a research meeting with several institutions, including Northeast Securities and Huatai Securities, revealing that in the first half of 2025, it achieved operating revenue of 1.448 billion yuan, a year-on-year increase of 2.68%, and the number of outpatient visits reached 1.7322 million, up 1.21% year-on-year [1]

Core Viewpoint - Tongce Medical is accelerating its business integration through capital expansion, as evidenced by its recent acquisitions, including the purchase of Shanghai Cunjing Dental Clinic for 46 million yuan, marking its second significant acquisition in 2025 [1][3]. Company Summary - The acquisition involves Tongce Medical's wholly-owned subsidiary acquiring 99% of the target company, with the total transaction amounting to 46 million yuan, fully funded by Tongce Medical's own capital [3]. - Tongce Medical has established 44 branches in Zhejiang Province under its "Dandelion Plan," covering all 11 prefecture-level cities, indicating a strong local market presence [3]. - The company is shifting its strategy for expansion outside Zhejiang Province from self-built facilities to a dual approach of "mergers and acquisitions + light asset franchising," with the recent acquisition in Shanghai being a strategic move into the high-end market [4]. Target Company Summary - Shanghai Cunjing Dental Clinic focuses on mid-to-high-end membership services, featuring three main specialties: 1. Pediatric dentistry with a premium membership price exceeding 50,000 yuan targeting high-net-worth families [5]. 2. Implant and comprehensive departments that enhance technical barriers by introducing international expert teams [5]. 3. A strategic location in the Lujiazui financial district, effectively reaching high-income demographics [5]. - This acquisition is expected to enhance Tongce Medical's brand presence in the high-end market and optimize its regional business layout and service structure [5]. Industry Summary - The dental industry is currently undergoing a significant adjustment, with the implementation of a dental implant procurement policy in 2023 leading to a price drop of over 50% for single implants, which has stimulated demand [6]. - The market concentration in the dental industry remains low, with the top five private dental groups holding only 9.6% market share, indicating substantial room for consolidation [7]. - As a leading enterprise, Tongce Medical holds approximately 2% market share in 2024, making acquisitions of regional quality targets a necessary strategy for growth [8].

Group 1 - Company announced the acquisition of 100% equity in Shanghai Cunjie Dental Clinic for a total price of 46 million yuan through two wholly-owned subsidiaries [1][4] - This acquisition marks the second significant merger for the company in 2025, following the acquisition of Hangzhou Haiyin Kechuang Co., Ltd. for 55.4136 million yuan [3][4] - The funding for the acquisition is entirely sourced from the company's own funds, indicating a strong financial position [4] Group 2 - The company has historically focused on the Zhejiang province, operating under a "regional general hospital + branch" model, with 44 branches established under the "Dandelion Plan" [4] - The company is shifting its strategy for expansion outside the province from self-built facilities to a "merger + light asset franchise" model, with this acquisition being a key move into the high-end market [5] - Shanghai Cunjie Dental Clinic targets high-net-worth families with a membership-based service model, featuring specialized children's dental care and a strategic location in the Lujiazui financial district [6] Group 3 - The dental industry is currently undergoing a significant adjustment, with the price of single dental implants dropping over 50% due to the implementation of a centralized procurement policy in 2023, leading to a projected 24% increase in the company's dental implant cases in 2024 [6] - The market concentration in the dental industry remains low, with the top five private dental groups holding only 9.6% market share, indicating substantial room for consolidation [7] - As a leading enterprise, the company holds approximately 2% market share in 2024, making acquisitions of regional quality targets a necessary strategy for growth [7]

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 ...

Core Viewpoint - Tongce Medical (600763.SH) is experiencing slow growth in 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% from the previous 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 both revenue and net profit compared to the first quarter, with a notable negative growth in non-recurring net profit [10]. Market Position and Expansion Efforts - Tongce Medical is actively pursuing acquisitions to expand its market presence beyond Zhejiang province, where over 90% of its revenue still comes from [3][14]. - The company has made several acquisitions, including a 100% stake in Haiyin Technology and is in the process of acquiring Shanghai Congji Dental Clinic for 46 million yuan [2][12]. - Despite these efforts, the performance outside Zhejiang remains weak, with revenue from outside the province accounting for less than 10% of total revenue [14][15]. Historical Context - Tongce Medical, known as "Yamei," has shown strong growth since its listing in 2007, but growth has slowed significantly since 2022 [6][8]. - The company reported revenues of 2.719 billion yuan, 2.847 billion yuan, and 2.874 billion yuan from 2022 to 2024, with year-on-year changes of -2.23%, 4.70%, and 0.96% respectively [8]. Market Sentiment - The stock price of Tongce Medical 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, indicating a lack of confidence in its recovery [3][15]. - Recent reductions in holdings by institutional investors such as the Stock Connect and China Universal Asset Management suggest a cautious outlook on the company's future performance [4][16].

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].

Summary of Tongce Medical's Conference Call Company Overview - **Company**: Tongce Medical - **Period**: First half of 2025 - **Revenue**: 1.448 billion CNY, up 2.68% year-on-year - **Net Profit**: 321 million CNY, up 3.67% year-on-year - **Operating Cash Flow**: 355 million CNY, up 9.7% year-on-year [2][3] Key Business Segments Orthodontics - **Growth**: 7.75% increase in orthodontic business, driven by AI technology and new materials, along with consumer credit policy support [2][4] - **Market Potential**: Expected to reach or exceed 100 billion CNY by 2030 [2][4] - **Patient Base**: Stable growth in demand, particularly among adolescents [4] Dental Implants - **Volume**: 32,000 implants, up 1.1% year-on-year; procurement accounted for 78% of total [2][9] - **Pricing**: Average price per implant maintained at 1,000 CNY, with slight increase in non-procurement ratio [9] Dandelion Clinics - **Revenue**: 393 million CNY, up 21% year-on-year; net profit of 54 million CNY, up 36% [2][8] - **Growth Target**: Expected annual growth of 25%, aiming for 900 million CNY in revenue [8] Main Hospital Operations - **Zijin Port Hospital**: First phase trial operation with 42 dental chairs, generating 3.5 million CNY in the first month [2][10][12] - **Overall Performance**: Mixed results across various hospitals, with some experiencing revenue declines while others showed growth [7] Strategic Initiatives - **Hospital Development**: Slowing down new hospital construction to focus on improving existing projects and internal profitability [2][11][21] - **Technology Investment**: Continued investment in AI and new materials to enhance patient experience and maintain industry leadership [6][20] Market Dynamics - **Industry Potential**: The dental industry has significant growth potential with low market concentration, positioning Tongce Medical as a potential industry consolidator [2][25][26] - **Competitive Landscape**: Stability in competition, with many small institutions facing operational difficulties, but new investors entering the market [14][16] Future Outlook - **Economic Environment**: Cautious optimism with a focus on internal improvements and leveraging government policies to boost business, especially in high-value projects like orthodontics [6][20] - **Expansion Plans**: Gradual expansion into new regions, with a focus on enhancing existing operations rather than aggressive new openings [19][21] Financial Performance by Segment - **Revenue Breakdown**: - Implants: 255 million CNY, flat year-on-year - Orthodontics: 229 million CNY, up 7.8% - Pediatrics: 236 million CNY, slight decline - Restorative: 230 million CNY, up 3.6% - Comprehensive Services: 394 million CNY, up 2.44% [24] Conclusion - **Overall Performance**: Tongce Medical has shown resilience in a challenging economic environment, with steady growth in key segments and a strategic focus on enhancing operational efficiency and market positioning [2][22]