Core Viewpoint - Tongce Medical (600763) shows a slight increase in stock price and mixed capital flow, indicating potential investor interest despite some outflows from major funds [1][2]. Financial Performance - As of the latest report, Tongce Medical's total revenue for the first half of 2025 reached 1.448 billion yuan, a year-on-year increase of 2.68% [3]. - The net profit attributable to shareholders was 321 million yuan, up 3.67% year-on-year, while the net profit excluding non-recurring items was 317 million yuan, increasing by 3.85% [3]. - The company's second-quarter revenue was 704 million yuan, reflecting a 0.24% year-on-year growth, with a net profit of 137 million yuan, up 0.44% year-on-year [3]. Market Position - Tongce Medical's total market capitalization is 19.605 billion yuan, ranking 8th in the medical services industry [3]. - The company has a price-to-earnings ratio of 30.52, significantly lower than the industry average of 83.4, indicating a potentially undervalued stock [3]. - The gross margin stands at 40.75%, higher than the industry average of 35.92%, showcasing operational efficiency [3]. Capital Flow Analysis - On October 15, 2025, the stock experienced a net outflow of 7.0293 million yuan from major funds, accounting for 3.61% of the total transaction volume [2]. - Retail investors contributed a net inflow of 1.8809 million yuan, representing 0.97% of the total transaction volume, indicating some retail interest [1][2]. Analyst Ratings - Over the past 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, suggesting a generally positive outlook [4]. - The average target price set by analysts is 5.201 yuan, indicating potential upside from the current trading price [4].

证券代码：600763 证券简称：通策医疗 公告编号：2025-028 通策医疗股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： https://roadshow.sseinfo.com/）； 通策医疗股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 10 月 22 日（星期三）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 10 月 22 日（星期三）15:00-16:00； 1 会议召开时间：20 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [2][24]. Core Viewpoints - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, declining by 0.23% from September 26, 2025, to October 9, 2025, lagging behind the index by approximately 2.76 percentage points [9][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors showing gains of 1.99% and 0.55%, respectively, while the raw materials and chemical preparations sectors fell by 2.23% and 1.73% [10][24]. - Approximately 54% of stocks in the industry achieved positive returns, with the top performer, Zhendemedical, increasing by 21.43%, while the largest decline was seen in Guangshentang, which fell by 21.86% [11][14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.04 times as of October 9, 2025, indicating a decrease in industry valuation [15][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.23% from September 26, 2025, to October 9, 2025 [9]. - Most sub-sectors recorded negative returns, with medical research outsourcing and in vitro diagnostics performing better than others [10]. - About 54% of stocks in the industry recorded positive returns, with significant variations in individual stock performance [11]. 2. Industry News - The 11th batch of national procurement will begin accepting applications on October 21, 2025, with 55 major varieties included [22]. - The National Medical Products Administration issued guidelines for the quality management of medical device online sales [20][21]. 3. Company Announcements - Zhejiang Haizheng Pharmaceutical announced that its product achieved Self-GRAS certification in the U.S., allowing it to enter the U.S. market [23]. 4. Weekly Industry Perspective - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [24][26].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Group 1 - The announcement details the stock pledge and release of shares by the controlling shareholder, Hangzhou Baoqun Industrial Group Co., Ltd. (referred to as "Baoqun Industrial") [2][3] - Baoqun Industrial holds a total of 151,589,199 shares in Tongce Medical Co., Ltd., accounting for 33.89% of the total share capital [2] - The pledged shares amount to 2,250,000, which is 1.48% of Baoqun Industrial's holdings and 0.50% of the total shares of the company; simultaneously, 2,871,219 shares were released from pledge [2] Group 2 - The total number of pledged shares by Baoqun Industrial is 98,476,672, representing 64.96% of its holdings and 22.02% of the total shares of the company [2] - The controlling shareholder has 31,470,000 shares due for pledge in the next six months, which is 20.76% of its holdings and 7.04% of the total share capital; in the next year, 86,586,672 shares are due, accounting for 57.12% of its holdings and 19.36% of the total shares [4] - Baoqun Industrial's credit status is good, and it has the ability to repay, indicating that the pledge risk is controllable and will not affect the company's main business or operational capability [5]

Core Insights - The theme for this year's National Love Your Teeth Day emphasizes the importance of oral health as a component of overall health, with a focus on reducing sugar intake and promoting dental health [1] Industry Overview - Approximately 66% of listed dental companies reported revenues exceeding 100 million yuan, with many achieving profitability through cost reduction and operational restructuring [1] - The highest revenue in the dental medical service sector was reported by Tongce Medical at approximately 1.345 billion yuan, while the lowest was by Zhongzai Dental at around 23.78 million yuan [1] Company Performance - Tongce Medical achieved a revenue of 1.448 billion yuan in the reporting period, marking a year-on-year increase of 2.68%, with a net profit of 321 million yuan, up 3.67% [2] - The company operates 89 medical institutions and has 4,452 professional medical staff, with a dental outpatient volume of 1.7322 million, reflecting a growth of 1.21% [2] - Revenue from various business segments for Tongce Medical includes: implants (255 million yuan), orthodontics (229 million yuan), pediatrics (236 million yuan), restorations (230 million yuan), and comprehensive services (394 million yuan) [2] Market Dynamics - The growth in the oral medical service market is driven by three main factors: aging population leading to increased demand for dental restoration, high prevalence of orthodontic issues among youth, and rising consumer demand for aesthetic dental solutions [2] - Tongce Medical's revenue from Zhejiang province accounted for 91.36% of total revenue, indicating a strong regional dependency, with plans to expand into other markets through acquisitions [3] Competitive Landscape - The number of dental medical institutions is projected to reach 144,500 by 2025, with a compound annual growth rate of 10.4%, indicating increasing competition and potential industry consolidation [4] - Other dental service companies with revenues exceeding 100 million yuan include Dazhong Dental (186 million yuan), Ke'en Dental (170 million yuan), and Yaboshi (804 million yuan) [4] Technological Advancements - The application of AI technology in the dental industry is advancing, with companies like Meiya Optical launching innovative products such as the first oral imaging smart device [5] - The oral care market is identified as a significant growth area, with companies like Yunnan Baiyao and Dengkang Dental showing substantial revenue growth [5]

Group 1 - Company Tongce Medical (SH 600763) announced on September 16 that its controlling shareholder, Baoqun Industrial, has pledged 2.25 million shares, accounting for 1.48% of Baoqun's total holdings in the company and 0.50% of the company's total shares [1] - Baoqun Industrial also released 2.87 million shares from pledge, which represents 1.89% of its holdings and 0.64% of the company's total shares [1] - The total number of pledged shares by Baoqun Industrial is approximately 98.48 million, making up 64.96% of its holdings and 22.02% of the company's total shares [1] Group 2 - As of the report date, Tongce Medical's market capitalization is 21 billion yuan [1] - For the first half of 2025, the revenue composition of Tongce Medical is as follows: medical services account for 92.84%, product sales for 4.06%, construction engineering for 2.72%, and others for 0.38% [1]

证券简称：通策医疗 证券代码：600763 编号：临 2025-027 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。 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，占总股本的 33.89%；本次质 押股份数为 2,250,000 股，占宝群实业所持有本公司股份数 1.48%，占本公司总股份 数的 0.50%；同时办理解除质押股份数为 2,871,219 股，占宝群实业所持有本公司股 份数的 1.89%，占本公司总股份数的 0.64%。宝群实业质押股份总数为 98,476,672 股， 占宝群实业所持有本公司股份数的 64.96%，占本公司总股份数的 22.02%；宝群实业 的一致行动人吕建明先生持股总数 2,091,088 股，占总股本的 0.47%，并无质押；宝 群实业已质押股份数占宝群实业及其一致行动人所持有本公司股份数的 64.08%，占本 公司总股 ...

Group 1 - The stock price of Tongce Medical (600763) closed at 47.36 yuan, up 1.96% from last week’s 46.45 yuan, with a market cap of 21.157 billion yuan [1] - The highest intraday price reached 48.35 yuan on September 8, while the lowest was 45.6 yuan on September 11 [1] - Tongce Medical ranks 8th out of 50 in the medical services sector by market capitalization and 891st out of 5153 in the A-share market [1] Group 2 - The controlling shareholder, Baoqun Industrial, holds 151,589,199 shares, accounting for 33.89% of the total share capital [2] - Baoqun Industrial pledged 8,410,000 shares, which is 5.55% of its holdings and 1.88% of the total share capital, while simultaneously unpledging 8,403,570 shares [2][3] - The total pledged shares by Baoqun Industrial amount to 99,097,891 shares, representing 65.37% of its holdings and 22.16% of the total share capital, with the pledged financing intended for off-system medical project funding [2][3]

Trading Information Summary - On September 11, 2025, Tongce Medical (600763) closed at 47.78 yuan, up 1.64%, with a turnover rate of 3.49% and a trading volume of 156,200 shares, amounting to a transaction value of 738 million yuan [1] - On the same day, the net inflow of main funds was 28.76 million yuan, accounting for 3.9% of the total transaction value [3] Company Announcement Summary - Tongce Medical announced that its controlling shareholder, Baoqun Industrial, holds 151,589,199 shares, representing 33.89% of the total share capital. This time, 8,410,000 shares were pledged, accounting for 5.55% of its holdings and 1.88% of the company's total share capital. Simultaneously, 8,403,570 shares were released from pledge, also accounting for 5.54% of its holdings and 1.88% of the company's total share capital [1] - Baoqun Industrial has cumulatively pledged 99,097,891 shares, which is 65.37% of its holdings and 22.16% of the company's total share capital. Its concerted actor, Lv Jianming, holds 2,091,088 shares with no pledges [1] - The total pledged shares by Baoqun Industrial and its concerted actor account for 64.48% of their combined holdings and 22.16% of the company's total share capital. The pledged financing is intended for off-system medical project funding needs. Baoqun Industrial has good creditworthiness and repayment capability, indicating that the pledge risk is controllable and will not affect the company's main business and actual control [1]