“牙茅”通策医疗：千亿市值梦碎，扩张路径能否扭转颓势？

Core Viewpoint - Tongce Medical, a leading dental service provider in A-shares, reported modest financial results for 2024, with total revenue of 2.874 billion yuan, a year-on-year increase of 0.96%, and a net profit of 501 million yuan, up 0.20% [1] Financial Performance - The company achieved a gross margin of 39% and a net margin of 19.91% in 2024, both lower than the previous two years [1] - Revenue from the comprehensive business segment was 765 million yuan, accounting for 28.01% of total revenue, but its growth rate slowed to 1.27% compared to 8.34% in 2023 [4] - The implant business generated 530 million yuan in revenue, a year-on-year increase of 10.60%, while the orthodontics segment saw a decline in revenue to 474 million yuan, down 5.05% [5][6] Business Structure - Tongce Medical's business is divided into five main segments: implants, orthodontics, pediatrics, restoration, and comprehensive services [3] - The pediatric segment contributed 501 million yuan, with a growth of 0.29%, while the restoration segment generated 462 million yuan, up 1.53% [6] Market Expansion and Strategy - The company has focused on a "regional general hospital + branch" model, with nearly 90% of revenue coming from Zhejiang province [8] - In 2024, the company opened three new branches under its "Dandelion Plan," bringing the total to 44, but the expansion rate has slowed compared to previous years [9] - Tongce Medical shifted its strategy for expansion outside Zhejiang from self-built facilities to a combination of acquisitions and light asset franchises [10] Leadership Changes - In 2024, the company underwent a board restructuring, with Wang Yi appointed as the new chairman and Lu Zixuan, the daughter of the controlling shareholder, becoming a non-independent director [11] - The company reported a revenue of 745 million yuan in the first quarter of 2025, reflecting a year-on-year growth of 5.11% [11]