证券简称：通策医疗 证券代码：600763 编号：临 2025-026 通策医疗股份有限公司 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 8,410,000 股，占宝群实业所持有本公司股份数 5.55%，占本公司总股份 数的 1.88%；同时办理解除质押股份数为 8,403,570 股，占宝群实业所持有本公司股 份数的 5.54%，占本公司总股份数的 1.88%。宝群实业质押股份总数为 99,097,891 股， 占宝群实业所持有本公司股份数的 65.37%，占本公司总股份数的 22.16%；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 64.48%，占本 公司总股份数的 22.16%。 一、上市公司股份质押情况 2025 年 9 月 11 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。 | 股东 | 是否为 | 本次质 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The overall performance of the industry has shown significant improvement, with a notable recovery in revenue and profit margins [3][14] - Private medical services are under short-term pressure, while the CXO sector continues to perform well, particularly in ADC and CDMO related companies [4][6] - The core contradiction in the industry has shifted from "insufficient effective supply" to a new phase of "medical insurance cost control" due to increasing demand from an aging population [5][6] Summary by Sections Overall Industry Performance - The pharmaceutical manufacturing industry reported a cumulative revenue of 1.23 trillion yuan in the first half of 2025, a year-on-year decline of 1.20%, but the decline is narrowing month by month [5][14] - The medical service sector achieved a revenue of 883.6 billion yuan in 2025H1, with a year-on-year growth of 3.8% and a net profit growth of 43.0% [29] Private Medical Services and CXO Sector - Private medical services are experiencing short-term pressure, with the ophthalmology sector showing relatively strong performance [4][39] - The CXO sector's performance continues to improve, with significant growth in ADC and CDMO related companies [4][6] IVD and ICL Performance - The IVD sector is under pressure due to medical insurance cost control and centralized procurement policies, impacting short-term performance [5][6] - The ICL sector is facing a downward trend, with increased competition and pressure from medical insurance cost control [8][6] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and the weight-loss drug supply chain, as well as sectors with expected improvements like ophthalmology and dental services [6][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance is steadily growing, driven by its orthodontic business, with a revenue of 1.448 billion yuan in H1 2025, representing a year-on-year increase of 2.68% [5][11] - The gross margin remains stable, with a gross margin of 40.75% in H1 2025, showing a slight decrease of 0.08 percentage points year-on-year [12] - The company is expanding its operations through a "regional general hospital + branch" structure, enhancing its presence in the province and accelerating nationwide coverage through acquisitions and light asset franchises [14] Financial Performance - In H1 2025, the company achieved a net profit of 321 million yuan, up 3.67% year-on-year, with Q2 2025 net profit at 137 million yuan, an increase of 0.44% year-on-year [5][11] - Revenue breakdown by segment in H1 2025: - Implant business: 255 million yuan (18.9% of total revenue, +0.02% year-on-year) - Orthodontics: 229 million yuan (17.0% of total revenue, +7.75% year-on-year) - Pediatrics: 236 million yuan (17.6% of total revenue, -1.48% year-on-year) - Restoration: 230 million yuan (17.1% of total revenue, +3.59% year-on-year) [13] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 3.029 billion yuan (+5.40% year-on-year) - 2026: 3.336 billion yuan (+10.13% year-on-year) - 2027: 3.737 billion yuan (+12.01% year-on-year) [15] - Net profit projections for the same period are: - 2025: 519 million yuan (+3.55% year-on-year) - 2026: 585 million yuan (+12.61% year-on-year) - 2027: 675 million yuan (+15.50% year-on-year) [15] Valuation Metrics - The company’s earnings per share (EPS) are projected to be: - 2025: 1.16 yuan - 2026: 1.31 yuan - 2027: 1.51 yuan [15] - Price-to-earnings (P/E) ratio is expected to decrease from 42.1 in 2023 to 31.2 in 2027 [16]

Core Viewpoint - Tongce Medical (600763) experienced a decline in stock price, closing at 47.12 yuan on September 9, 2025, with a drop of 1.36% [1] Financial Performance - For the first half of 2025, Tongce Medical reported a main revenue of 1.448 billion yuan, an increase of 2.68% year-on-year [3] - The net profit attributable to shareholders was 321 million yuan, up 3.67% year-on-year [3] - The second quarter of 2025 saw a single-quarter main revenue of 704 million yuan, a slight increase of 0.24% year-on-year [3] - The company’s gross profit margin stood at 40.75%, while the net profit margin was 26.26% [3] Market Activity - On September 9, 2025, the net outflow of main funds was 36.31 million yuan, accounting for 8.84% of the total transaction amount [1] - Retail investors showed a net inflow of 27.30 million yuan, representing 6.65% of the total transaction amount [1] - Over the past five days, the stock has seen fluctuating fund flows, with notable net inflows and outflows from different investor categories [2] Industry Comparison - Tongce Medical's total market value is 21.076 billion yuan, slightly above the industry average of 20.997 billion yuan [3] - The company ranks 5th in the industry based on price-to-earnings ratio (32.81) and 3rd based on net profit margin (26.26%) [3] - The company has a debt ratio of 27.51% and reported investment income of 27.09 million yuan [3] Analyst Ratings - In the last 90 days, 7 institutions rated the stock, with 5 buy ratings and 2 hold ratings [4] - The average target price set by institutions over the past 90 days is 50.19 yuan [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][13]. Core Views - The company has entered a performance contribution phase with its local branch network, while exploring new expansion models through acquisitions and franchises outside the province. The impact of the dental implant procurement has passed, and the orthodontic business is stabilizing and recovering [2][13]. - The company achieved a revenue of 1.448 billion yuan in the first half of 2025, representing a year-on-year increase of 2.68%, and a net profit attributable to the parent company of 321 million yuan, up 3.67% year-on-year [13]. - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.20, 1.29, and 1.41 yuan, respectively, and sets a target price of 48.48 yuan based on a price-to-earnings (PE) ratio of 40.5X for 2025 [13]. Financial Summary - Total revenue is projected to grow from 2.847 billion yuan in 2023 to 3.363 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.2% [4][14]. - Net profit attributable to the parent company is expected to increase from 500 million yuan in 2023 to 629 million yuan in 2027, reflecting a CAGR of about 8.8% [4][14]. - The company operates 89 medical institutions with 4,452 professional medical personnel and over 3100 dental treatment units, serving 1.7322 million outpatient visits in the first half of 2025 [13]. Business Performance - The revenue from the company's various business segments in the first half of 2025 includes: dental implants (255 million yuan), orthodontics (229 million yuan), pediatrics (236 million yuan), restoration (230 million yuan), and comprehensive services (394 million yuan), with year-on-year growth rates of 0.02%, 7.75%, -1.48%, 3.59%, and 2.44%, respectively [13]. - The company has established five regional groups in Zhejiang Province, enhancing its penetration and service capabilities through a "regional general hospital + branch" structure [13]. Technology and Innovation - The company utilizes AI technology through its self-developed MindHub platform, which supports clinical diagnosis, patient services, and operational management, enhancing efficiency and aiding in further expansion [13].

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Core Viewpoint - Tongce Medical (600763) shows a mixed performance in terms of stock price and fund flow, with a slight increase in stock price but significant net outflow of main funds on August 29, 2025 [1][2]. Fund Flow Summary - On August 29, 2025, the stock closed at 47.14 yuan, up 1.77%, with a turnover rate of 4.04% and a trading volume of 180,600 lots, amounting to a total transaction value of 854 million yuan [1]. - The fund flow data indicates a net outflow of main funds amounting to 35.41 million yuan, accounting for 4.15% of the total transaction value, while retail investors saw a net inflow of 18.27 million yuan, representing 2.14% of the total [1][2]. Recent Fund Flow Overview - The recent five-day fund flow shows a trend of net outflows from main funds, with the most significant outflow occurring on August 27, 2025, at 95.11 million yuan, while retail investors consistently showed net inflows [2]. Company Performance Metrics - As of the latest report, Tongce Medical has a total market value of 21.085 billion yuan, with a net asset value of 4.467 billion yuan and a net profit of 321 million yuan [3]. - The company reported a year-on-year increase in main revenue of 2.68% to 1.448 billion yuan and a net profit increase of 3.67% to 321 million yuan for the first half of 2025 [3]. - The second quarter of 2025 showed a slight increase in main revenue to 704 million yuan, with a net profit of 137 million yuan, reflecting a year-on-year increase of 0.44% [3]. Industry Comparison - Tongce Medical's price-to-earnings ratio (P/E) stands at 32.83, significantly lower than the industry average of 84.92, indicating a favorable valuation compared to peers [3]. - The company's gross margin is 40.75%, higher than the industry average of 35.7%, and its net margin of 26.26% is substantially above the industry average of 3.53% [3]. Analyst Ratings - Over the past 90 days, six institutions have rated the stock, with four buy ratings and two hold ratings, and the average target price set at 50.19 yuan [4].

Group 1 - The core viewpoint of the report is that Tongce Medical (600763.SH) is rated as a "buy" due to expected stable growth in performance and improved profitability in the first half of 2025 [1] - The orthodontics business is showing signs of recovery, with the number of dental chairs exceeding 3,100 [1] - The company is implementing a "three-three system" model to drive development, although the business of the three major hospitals has seen a decline [1]

Investment Rating - The investment rating for Tongce Medical (600763.SH) is "Buy" (maintained) [1] Core Views - In the first half of 2025, the company achieved steady revenue growth with a total revenue of 1.448 billion yuan, representing a year-on-year increase of 2.68%. The net profit attributable to the parent company was 321 million yuan, up 3.67% year-on-year [4][5] - The orthodontic business showed signs of recovery, generating revenue of 229 million yuan, an increase of 7.75% year-on-year. The company has a total of over 3,100 dental chairs across its medical institutions [5][6] - The company has adjusted its earnings forecast for 2025-2026 due to the impact of new hospital depreciation, now expecting net profits of 559 million yuan and 610 million yuan for 2025 and 2026, respectively [4][5] Financial Summary - For the first half of 2025, the company reported a gross margin of 40.75% and a net margin of 26.26%, with outpatient visits reaching 1.7322 million, a 1.21% increase year-on-year [4][5] - The company operates 89 medical institutions and employs 4,452 medical professionals, with a medical space exceeding 260,000 square meters [5] - The three major hospitals under the company experienced a revenue decline of 8.67% to 497 million yuan in the first half of 2025 [6] Earnings Forecast - The earnings forecast for 2025-2027 is as follows: net profit attributable to the parent company is expected to be 559 million yuan in 2025, 610 million yuan in 2026, and 702 million yuan in 2027, with corresponding P/E ratios of 37.4, 34.2, and 29.7 times [4][7]

Group 1 - The company announced the acquisition of 100% equity of Shanghai Cunj Medical Clinic Co., Ltd. for a total consideration of RMB 46 million, which includes a cash payment of RMB 15 million and the assumption of debts amounting to RMB 31 million [3][4] - The acquisition is part of the company's strategy to enter the Shanghai market, leveraging its established operational system and professional team in Zhejiang province, thus avoiding potential competition with existing operations [2][3] - The Shanghai Cunj Medical Clinic has not commenced substantial operations since its establishment, ensuring no competition with the listed company, and will be integrated into the company's unified management system post-acquisition [2][3] Group 2 - The project is currently in the fire safety acceptance application stage, and the company plans to expedite the application for the medical institution practice license to initiate trial operations as soon as possible [4] - The total investment for the project includes expenditures for renovation of RMB 37.09 million, project preparation costs of RMB 590,000, and equipment purchases of RMB 8.32 million [3]