证券简称：通策医疗 证券代码：600763 编号：临 2025-031 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 21,330,000 股，占宝群实业所持有本公司股份数 14.07%，占本公司总股 份数的 4.77%；同时办理解除质押股份数为 19,320,000 股，占宝群实业所持有本公司 股份数的 12.74%，占本公司总股份数的 4.32%。宝群实业质押股份总数为 101,036,672 股，占宝群实业所持有本公司股份数的 66.65%，占本公司总股份数的 22.59%；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 65.74%，占 本 ...

Core Insights - The medical services sector experienced a rise of 0.89% on November 10, with Chengda Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Medical Services Sector Performance - Chengda Pharmaceutical (301201) closed at 33.87, with an increase of 8.94% and a trading volume of 99,000 shares, amounting to a transaction value of 330 million [1] - Tongce Medical (600763) saw a closing price of 44.51, up 5.00%, with a trading volume of 174,500 shares and a transaction value of 769 million [1] - Puri Eye Hospital (301239) closed at 38.73, up 4.96%, with a trading volume of 38,500 shares and a transaction value of 148 million [1] - Other notable performers include Hite Bio (300683) with a 4.85% increase, and Aier Eye Hospital (300015) with a 3.40% increase [1] Capital Flow Analysis - The medical services sector saw a net outflow of 185 million from institutional investors, while retail investors contributed a net inflow of 84.71 million [2] - Major stocks like Aier Eye Hospital (300015) experienced a net inflow of 300 million from institutional investors, despite a significant outflow from retail investors [3] - Tongce Medical (600763) had a net inflow of 115 million from institutional investors, but also faced outflows from retail investors [3]

Core Points - Tongce Medical's stock increased by 5.14% to 44.57 CNY per share, with a trading volume of 454 million CNY and a turnover rate of 2.33%, resulting in a total market capitalization of 19.936 billion CNY [1] Company Overview - Tongce Medical Co., Ltd. is located at 1 Tongce Medical Building, Shuangkoujing Lane, Xixi Road, Xihu District, Hangzhou, established on August 30, 1995, and listed on October 30, 1996 [1] - The company's main business involves medical service investment and dental medical services, with revenue composition as follows: medical services 92.84%, product sales 4.06%, construction engineering 2.72%, and others 0.38% [1] Shareholder Information - Among the top ten circulating shareholders of Tongce Medical, a fund under Southern Fund holds a position. The Southern CSI 500 ETF (510500) reduced its holdings by 106,700 shares in the third quarter, now holding 4.5641 million shares, accounting for 1.02% of circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY. Year-to-date return is 29.93%, ranking 1781 out of 4217 in its category; the one-year return is 19.19%, ranking 2058 out of 3918; and since inception, the return is 146.52% [2] - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 206 days, with total fund assets of 170.445 billion CNY. The best fund return during his tenure is 151.42%, while the worst is -47.6% [2]

Core Viewpoint - The company reported steady growth in its financial performance for the first three quarters of 2025, with revenue and net profit showing positive year-on-year changes, indicating resilience in a cautious consumer environment [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.29 billion yuan (+2.56%) and a net profit attributable to shareholders of 514 million yuan (+3.16%) [1]. - In Q3 2025, the company recorded revenue of 842 million yuan (+2.34%) and a net profit of 192 million yuan (+2.15%) [1][2]. - The gross margin for the first three quarters was 41.7%, remaining stable compared to 41.8% in the same period last year [3]. Business Segmentation - The revenue structure for the first three quarters was balanced, with orthodontics and comprehensive services accounting for over half of total revenue [2]. - Orthodontics generated revenue of 426 million yuan, with Q3 revenue of 197 million yuan, representing 25% of Q3 revenue [2]. - Comprehensive services contributed 604 million yuan, with Q3 revenue of 210 million yuan, accounting for 27% of Q3 revenue [2]. Growth Drivers - The recovery in the orthodontics business is driven by two main factors: the implementation of centralized procurement policies stabilizing market expectations and the significant growth in early orthodontic treatments for children [2]. - The number of orthodontic cases in Q3 increased by 10.6%, indicating a recovery trend [2]. Cash Flow and Profitability - The company maintained a low sales expense ratio of 1.17%, reflecting strong brand power and customer acquisition capabilities [3]. - The net cash flow from operating activities for the first three quarters was 682 million yuan (+5.34%), with a cash flow to net profit ratio of 1.11, indicating ample cash flow [3]. Strategic Focus - The company is shifting its core drive from external expansion to enhancing internal efficiency, implementing a "big department system" reform to break down barriers in doctor resources [3]. - Digitalization efforts are aimed at improving productivity among over 1,600 existing doctors [3]. Investment Outlook - The company is actively implementing strategic plans to strengthen talent reserves and expand new hospitals and branches [4]. - Projected net profits for 2025-2027 are estimated at 512 million, 571 million, and 617 million yuan, with year-on-year growth rates of 2.2%, 11.5%, and 8.0% respectively [4]. - A target price of 51.10 yuan is set based on a 40x PE ratio for 2026, maintaining a "recommended" rating [4].

Core Viewpoint - Tongce Medical (600763) experienced a slight decline in stock price, closing at 42.21 yuan on November 6, 2025, with a trading volume of 44,200 hands and a total transaction amount of 187 million yuan [1] Group 1: Stock Performance and Trading Data - On November 6, 2025, the main funds saw a net outflow of 36.94 million yuan, accounting for 19.79% of the total transaction amount [1] - Retail investors had a net inflow of 20.35 million yuan, representing 10.90% of the total transaction amount [1] - Over the past five days, the stock price has shown a downward trend, with a closing price of 42.21 yuan on November 6, down 0.38% from the previous day [2] Group 2: Financial Performance and Industry Comparison - 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%, and a net profit of 514 million yuan, up 3.16% year-on-year [3] - The company’s gross profit margin stands at 41.69%, significantly higher than the industry average of 35.56% [3] - Tongce Medical's total market capitalization is 18.88 billion yuan, ranking 8th in the medical services industry [3] Group 3: Analyst Ratings and Target Price - In the last 90 days, 10 institutions have rated the stock, with 8 buy ratings and 2 hold ratings [4] - The average target price set by institutions over the past 90 days is 52.01 yuan [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance [1][6]. Core Insights - The company is expected to achieve a revenue of 22.90 billion yuan in Q1-Q3 2025, reflecting a year-on-year adjusted growth of 2.56%. The net profit attributable to the parent company is projected to be 5.14 billion yuan, with a year-on-year adjusted growth of 3.16% [3]. - For Q3 2025, the revenue is anticipated to be 8.42 billion yuan, showing a year-on-year adjusted growth of 2.34%, while the net profit is expected to reach 1.92 billion yuan, with a year-on-year adjusted growth of 2.15% [3]. - The company has established a dual-brand strategy in Zhejiang Province, which has led to a continuous increase in outpatient visits. The operational structure focuses on a "regional general hospital + branch hospital" model to standardize treatment processes and reduce customer acquisition costs [6]. Financial Performance Summary - The company's revenue is projected to grow from 28.47 billion yuan in 2023 to 38.77 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [5][8]. - Net profit is expected to increase from 500 million yuan in 2023 to 665 million yuan by 2027, reflecting a steady growth trajectory [5][8]. - The gross margin is forecasted to remain stable around 38.5% through 2025, with a slight decline to 37.8% by 2027 [5][8]. - The net profit margin is projected to decrease slightly from 17.6% in 2023 to 17.2% in 2027 [5][8]. Key Financial Ratios - The return on equity (ROE) is expected to decline from 13.2% in 2023 to 12.3% by 2027, indicating a gradual decrease in profitability relative to shareholders' equity [5][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2023 to 28.5 by 2027, suggesting a potential increase in stock attractiveness as earnings grow [5][8]. - The asset-liability ratio is expected to improve from 25.1% in 2023 to 11.7% by 2027, indicating a strengthening balance sheet [5][8].

Core Viewpoint - Tongce Medical (600763) experienced a decline in stock price, closing at 42.37 yuan on November 5, 2025, with a trading volume of 40,500 hands and a turnover of 172 million yuan [1] Group 1: Stock Performance - On November 5, 2025, the stock price decreased by 0.91% with a turnover rate of 0.91% [1] - The net outflow of main funds was 20.30 million yuan, accounting for 11.79% of the total turnover, while retail investors saw a net inflow of 22.47 million yuan, representing 13.05% of the total turnover [1][2] Group 2: Financial Metrics - As of the third quarter of 2025, Tongce Medical reported a total revenue of 2.29 billion yuan, a year-on-year increase of 2.56%, and a net profit of 514 million yuan, up 3.16% year-on-year [3] - The company’s gross profit margin stood at 41.69%, significantly higher than the industry average of 35.56% [3] - The company’s return on equity (ROE) was 11.8%, compared to the industry average of 3.24% [3] Group 3: Institutional Ratings - In the last 90 days, 10 institutions provided ratings for the stock, with 8 buy ratings and 2 hold ratings, and the average target price set at 52.01 yuan [4]

Core Viewpoint - Tongce Medical (600763) experienced a decline of 1.27% in stock price, closing at 42.76 yuan on November 4, 2025, with significant net outflow of main funds [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% [3] - The net profit attributable to shareholders was 514 million yuan, up 3.16% year-on-year, while the net profit after deducting non-recurring gains and losses was 509 million yuan, also up 3.09% [3] - In Q3 2025, the company achieved a single-quarter main revenue of 842 million yuan, reflecting a year-on-year increase of 2.34% [3] - The company's gross profit margin stood at 41.69%, with a net profit margin of 26.91% [3] Market Position - Tongce Medical's total market capitalization is 19.126 billion yuan, ranking 8th in the medical services industry [3] - The company has a price-to-earnings ratio (P/E) of 27.93, significantly lower than the industry average of 378.96, indicating a favorable valuation [3] - The return on equity (ROE) is 11.8%, placing it 5th in the industry [3] Fund Flow Analysis - On November 4, 2025, the main funds saw a net outflow of 24.91 million yuan, accounting for 12.73% of the total transaction amount [1][2] - Retail investors contributed a net inflow of 19.62 million yuan, representing 10.03% of the total transaction amount [1][2] - Over the past five days, the stock has seen fluctuating fund flows, with varying levels of net inflow and outflow from main and retail investors [2] Analyst Ratings - In the last 90 days, 10 institutions have rated the stock, with 8 buy ratings and 2 hold ratings, indicating a generally positive outlook [4] - The average target price set by institutions over the past 90 days is 5.201 billion yuan [4]

Core Viewpoint - Tongce Medical (600763) experienced a slight decline in stock price, closing at 43.31 yuan on November 3, 2025, with a trading volume of 42,500 hands and a total transaction amount of 184 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Tongce Medical reported a main business revenue of 2.29 billion yuan, a year-on-year increase of 2.56% [3] - The net profit attributable to shareholders for the same period was 514 million yuan, up 3.16% year-on-year [3] - The third quarter of 2025 saw a single-quarter main business revenue of 842 million yuan, reflecting a year-on-year increase of 2.34% [3] - The company’s gross profit margin stood at 41.69%, significantly higher than the industry average of 35.56% [3] Group 2: Market Position and Valuation - Tongce Medical's total market capitalization is 19.372 billion yuan, ranking 8th in the medical services industry [3] - The company has a price-to-earnings ratio (P/E) of 28.29, which is considerably lower than the industry average of 382.07, ranking 3rd in the industry [3] - The return on equity (ROE) for Tongce Medical is 11.8%, significantly higher than the industry average of 3.24%, ranking 5th in the industry [3] Group 3: Fund Flow Analysis - On November 3, 2025, the net outflow of main funds was 1.6885 million yuan, accounting for 0.92% of the total transaction amount [2] - Over the past five days, the stock has seen fluctuations in fund flows, with notable net inflows and outflows from different investor categories [2] - The average target price set by institutions over the past 90 days is 52.01 yuan, with 7 buy ratings and 2 hold ratings [4]

Core Viewpoint - The article highlights the phenomenon of "zombie stocks" in the A-share market, where companies with declining stock prices continue to report profits, leading to perplexing situations for investors [1][3][5]. Group 1: Stock Performance - A stock that was listed in April 2015 at a price of 5.47 yuan peaked at 72 yuan but has since fallen to 3.67 yuan, representing a 93.5% decline over ten years [1]. - Another company, Shanying International, saw its stock price drop from a high of 62.64 yuan to 1.62 yuan, a decline of 97.4%, while facing a 13% year-on-year drop in corrugated paper prices in 2024 [3]. - Watson Bio's stock price fell from 12.20 yuan in May 2015 to a cumulative decline of 18%, with a peak drop of 89.6% from its historical high of 96.73 yuan [3]. - Tongce Medical's stock price plummeted from 300.98 yuan to 40.13 yuan, an 88% decline, despite a market peak where its P/E ratio exceeded 200 [3]. - Chongqing Steel has reported losses for three consecutive years, with a projected loss of 1.26 billion yuan in 2024, amid an oversupply in the steel industry [3]. Group 2: Company Fundamentals - BWS, a veteran in the water treatment industry, has annual revenues exceeding 9 billion yuan but has seen its stock price decline for five consecutive years due to liquidity issues, with a daily trading volume below 100 million yuan [5]. - Huaping Co. has raised 980 million yuan since its listing but has only distributed 31 million yuan in dividends, with major shareholders cashing out 230 million yuan [5]. - Dongjiang Environmental, another established player in environmental management, has seen its stock price drop from 30.30 yuan to 4.54 yuan, an 85% decline, with continuous losses reported [7]. Group 3: Market Trends and Investor Behavior - The A-share market contains numerous stocks that have been in a downward trend for ten years, characterized by persistent declines and failed bottom-fishing attempts by investors [5][9]. - Extreme cases include companies like Baofeng Group, which fell from 327.01 yuan to a delisting price of 0.28 yuan, a 99.9% drop, and LeTV, which dropped from 179.03 yuan to 0.31 yuan, a 99% decline [5]. - Investors often make the mistake of blindly bottom-fishing and trusting low-priced stocks, leading to deeper losses as seen with BWS shareholders who increased their holdings during price declines [7][9]. Group 4: Identifying Zombie Stocks - Zombie stocks typically exhibit characteristics such as a long-term average turnover rate below 1%, minimal price fluctuations, continuous performance declines, and lack of institutional coverage [9]. - Fundamental screening is crucial to avoid risks, with recommendations to steer clear of companies with declining revenues or high debt ratios, while favoring financially healthy industry leaders [9]. - Data indicates that stocks with declines exceeding 90% rarely return to historical highs, often remaining stagnant or heading towards delisting [9].