TC Medical(SH:600763) IPO日报·2025-08-25 09:24Core 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].