Investment Rating - The report maintains a "Recommended" rating for the company [1][8] Core Views - The orthodontic business has stabilized and is showing renewed growth momentum, with a revenue of 2.29 billion yuan in H1 2025, representing a year-on-year increase of 7.75% [4][8] - The company reported a total revenue of 14.48 billion yuan in H1 2025, a 2.68% increase year-on-year, and a net profit of 3.21 billion yuan, up 3.67% year-on-year [4][8] - The overall business is recovering, with key financial indicators showing a trend of recovery growth [8] Financial Summary - For 2025, the company expects net profits of 5.26 billion yuan, 5.92 billion yuan, and 6.65 billion yuan for the years 2025, 2026, and 2027 respectively [8] - The company's gross margin for H1 2025 was 40.75%, while the net margin was 26.26%, indicating an improvement in profitability [8] - The company has a total market capitalization of 211 billion yuan and a total asset value of 6,182 million yuan [7][10] - The projected revenue for 2025 is 3.18 billion yuan, with a year-on-year growth rate of 10.8% [6][11] - The company’s earnings per share (EPS) for 2025 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 40.1 [6][11]

Group 1 - The core point of the announcement is the acquisition of 100% equity of Shanghai Cunjing Dental Clinic by Tongce Medical, which aims to enhance its operational capabilities in the dental healthcare sector [1][2]. - The acquisition price totals RMB 46 million, which includes RMB 15 million for the equity transfer and RMB 31 million for the assumption of the original shareholders' debt [2][3]. - 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 after obtaining the acceptance document [3]. Group 2 - The acquisition is part of the company's strategic move to enter the Shanghai market, leveraging its established dental medical operation system and professional team in Zhejiang Province [2]. - The Shanghai Cunjing Dental Clinic has not engaged in substantial operations since its establishment, thus avoiding any competition with the listed company [2]. - The total investment of RMB 46 million includes expenditures for renovation, project preparation, and equipment purchases, with significant allocations for property renovation and decoration [3].

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]

Summary of Topchoice Medical (600763.SS) Earnings Review Company Overview - **Company**: Topchoice Medical (600763.SS) - **Industry**: Healthcare Services in China - **Current Price**: Rmb46.74 - **Target Price**: Rmb49.00 - **Market Cap**: Rmb20.9 billion / $2.9 billion - **Enterprise Value**: Rmb21.2 billion / $3.0 billion Key Financial Highlights - **2Q25 Revenue**: Rmb704 million, a slight increase of 0.2% year-over-year, but 4% below expectations of Rmb733 million [1] - **Net Profit**: Rmb137 million, up 0.5% year-over-year, 2% below expectations of Rmb140 million [1] - **Net Margin**: 19.5%, compared to the expected 19.1% [1] - **Operating Cash Flow**: Increased by 9.7% year-over-year, reaching Rmb356 million [1] Segment Performance - **Dental Implant Segment**: Revenue decreased by 4.4% year-over-year, with a volume decline of 8% year-over-year [1][2] - **Orthodontics Revenue**: Remained flat year-over-year, with clear aligners holding a ~20% market share [2] - **Dandelion Clinics**: Revenue of Rmb393 million (+21% year-over-year), with 66% of clinics profitable [17] Management Outlook - **3Q25 Expectations**: Management anticipates stable demand and pricing, with patient traffic growth in July and August tracking ahead of 1H levels (+1.2% year-over-year) [1] - **Policy Support**: Potential government interest subsidies announced in early August may boost demand for higher-priced services [1] - **Expansion Strategy**: Management remains cautious on expansion, focusing on operational efficiency and profitability [1] Valuation and Risks - **Revised Profit Forecasts**: FY25-27 net profit estimates adjusted downwards by -1.6%/-2.9%/-4.3% due to slower recovery in dental implants [18] - **Price Target**: Updated to Rmb49.0 based on DCF analysis with a discount rate of 8.6% and terminal growth of 3% [18] - **Upside Risks**: Include stronger-than-expected dental implant volume growth and faster ramp-up of new clinics [19] - **Downside Risks**: Include pricing pressure from weak macro consumption trends and potential regulatory headwinds [19] Financial Projections - **Revenue Growth**: Projected to grow from Rmb2,873.8 million in 2024 to Rmb3,320.3 million by 2027 [4] - **EPS Growth**: Expected to increase from Rmb1.12 in 2024 to Rmb1.42 in 2027 [4] - **EBITDA Margin**: Expected to improve from 27.2% in 2024 to 30.4% in 2027 [11] Conclusion Topchoice Medical is navigating a challenging environment with mixed performance across its segments. While there are signs of recovery in certain areas, the company faces headwinds in dental implants and must carefully manage its expansion strategy amidst a cautious consumer backdrop. The revised financial outlook reflects these challenges, but potential policy support and operational improvements could provide a pathway for future growth.

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 ...