研究员：杨松/张雪 机构：天风证券 事件： 国内市场发展稳健，海外市场增速亮眼 2025 年H1 中国大陆地区营业收入达8968.20 万美元，同比增长1.25%，海外收入达7167.20 万美元，同 比增长124.51%。在国内市场，公司前瞻性布局早期矫治与下沉市场，培育其成为业务稳定增长的驱动 力。在海外市场，公司凭借高质量的医学设计支持、稳定的交付，结合由关键意见领袖主导的持续性教 育培训以及为重要战略客户简单病例定制的矫治器等方式，扩大了海外市场覆盖范围。 海外案例数保持高速增长，主营业务稳步提升 2025 年H1，公司隐形矫治案例总数达22.58 万例，同比增长47.7%。国内隐形矫正案例总数约10.86 万 例，同比增长14.0%。海外隐形矫治案例总数约11.72 万例，同比增长103.5%。分业务看，公司的隐形 矫治解决方案收入8623.40 万美元，同比增长2.22%，主要原因系公司为应对中国内地市场的激烈竞争 而进行的策略性价格调整，促使达成的案例有所增加，但是该增长带来的效益部分已被产品的平均售价 下降所抵消；销售隐形矫治器收入7099.10 万美元，同比增长122.3%，主要原因系公司的 ...

港股公司报告 | 公司点评 时代天使（06699） 证券研究报告 全球业务增长强劲，产品创新提升诊疗效能 事件： 8 月 25 日，公司发布 2025 年中报。2025 年 H1 公司实现收入 1.61 亿美元， 同比增长 33.1%，归母净利润为 1464.30 万美元，同比增长 364.25%。经营 性现金流为 1753.50 万美元，同比增长 196.72%。 点评： 国内市场发展稳健，海外市场增速亮眼 2025 年 H1 中国大陆地区营业收入达 8968.20 万美元，同比增长 1.25%，海 外收入达 7167.20 万美元，同比增长 124.51%。在国内市场，公司前瞻性布 局早期矫治与下沉市场，培育其成为业务稳定增长的驱动力。在海外市场， 公司凭借高质量的医学设计支持、稳定的交付，结合由关键意见领袖主导 的持续性教育培训以及为重要战略客户简单病例定制的矫治器等方式，扩 大了海外市场覆盖范围。 海外案例数保持高速增长，主营业务稳步提升 2025 年 H1，公司隐形矫治案例总数达 22.58 万例，同比增长 47.7%。国内 隐形矫正案例总数约 10.86 万例，同比增长 14.0%。海外隐形矫治案 ...

【瑞尔集团成立口腔种植中心与老年特色专科，瞄准老年口腔医疗市场潜力】日前，瑞尔集团华北大区 口腔种植中心&北京瑞泰老年特色专科正式成立。这是瑞泰口腔深化专业学科建设、践行"以客户为中 心"服务理念的战略举措，标志其专科建设与服务能力迈入新阶段。 随着人口老龄化加深，老年口腔医 疗市场爆发性增长，服务缺口巨大。9月19日，无锡市发布报告显示，超60%老年人存在缺牙问题，治 疗普及率和知晓率低于实际需求。65 - 74岁人群人均缺牙7.5颗，有缺牙老人修复比例仅63.2%。 地域 上，华东、华南地区口腔种植需求合计超全国一半，反映出老年口腔健康资源分配不均衡。瑞尔集团副 总裁表示，成立专科可整合优势，满足客户需求，为老年群体提供优质口腔医疗服务。 老年口腔健康 面临多重挑战，如牙周疾病年轻化、健康意识不足、疾病与慢性病交织等。瑞尔集团期望通过成立相关 科室，构建"多元化、老年友好"诊疗环境。 弗若斯特沙利文数据显示，2024年中国口腔医疗服务市场 规模达1472亿元，预计2024 - 2029年复合年增长率6.4%，2029年将突破2004亿元。 服务机构针对老年 人口腔特点创新服务模式。全国老龄办原巡视员认为， ...

Group 1: Company Development Strategy - The company focuses on deepening existing markets and expanding new ones through the "1+8+N" model, enhancing core hospitals' leading roles to integrate regional medical resources [1] - Organizational changes are initiated to boost efficiency and talent development, aiming for high-quality growth in the next decade [1] - Emphasis on patient-centered care by optimizing processes to improve patient experience and satisfaction [1] Group 2: Expansion of Services - The company aims to establish a "star-and-moon" structure in regional markets, integrating hospitals and outpatient departments for better service delivery [2] - New services are developed to address changing eye health needs, including elderly eye disease diagnosis and treatment, in response to an aging population [2] - Transitioning from "single service" to "lifecycle service" to provide comprehensive eye health management [2] Group 3: International Business Growth - International operations are seen as a key growth area, with strategies focusing on careful expansion and local operations [3] - In Europe, a combination of acquisitions and new establishments has led to significant growth, with further potential for expansion [3] - The company retains local brands and management teams in overseas markets to ensure smooth integration and cultural alignment [4] Group 4: Technological Advancements - Continuous investment in eye care technology is crucial, with advancements in diagnostic and treatment methods driving industry progress [5] - The company covers a wide range of services, including refractive surgery and cataract treatment, forming a comprehensive eye care system [5] - Focus on integrating AI and digital health solutions to enhance service delivery and clinical research [5] Group 5: Response to Policy Changes and Competition - The company recognizes the impact of aging populations on healthcare funding and aims to expand its patient base through improved management and service quality [6] - Emphasis on developing non-insured services to create a differentiated competitive advantage [6] - The domestic market remains competitive, with the company leveraging its technological and service strengths to increase market share [6] Group 6: Talent Development and Incentives - A multi-layered incentive system is established to motivate staff and align their interests with the institution's performance [7] - Collaboration with educational institutions to cultivate high-level professionals and enhance existing team capabilities [7] - Focus on integrating clinical practice, education, and research to foster talent growth [7] Group 7: Strategies Against Industry Challenges - The company advocates for healthy competition in the medical field, emphasizing patient safety over cost-cutting [9] - Cost reduction strategies include process optimization and digital tools, while maintaining service quality [9] - Continuous technological innovation is essential to avoid price wars and enhance patient satisfaction [9]

Core Viewpoint - Tongce Medical reported a net profit of RMB 501.43 million for 2024, reflecting a year-on-year increase of 0.2%, with total operating revenue reaching RMB 2.874 billion, up 0.96% from the previous year [14][33]. Company Overview - Tongce Medical is a leading enterprise in China's dental medical service sector, focusing on a "clinical, research, and teaching" integrated strategy to strengthen its market position [8]. - The company plans to accelerate its national expansion through a combination of self-built facilities, acquisitions, and franchising [8]. Industry Market Analysis - The dental industry market size is expected to exceed RMB 260 billion in 2024, driven by factors such as aging population, consumption upgrades, and technological advancements [5]. - Over 90% of dental institutions are privately owned, with a concentration in first-tier cities and coastal regions, while third- and fourth-tier cities are emerging as new growth points due to rising incomes and health awareness [5]. Industry Development Trends - Rapid chain expansion is observed, with leading companies like Tongce Medical adopting a "regional general hospital + branch" model to penetrate lower-tier markets [6]. - The adoption of digital diagnosis and treatment technologies, such as 3D printing and AI-assisted diagnostic systems, is increasing, enhancing accuracy and reducing labor costs [6]. - There is a growing demand for high-end services, such as teeth whitening and invisible orthodontics, contributing to increased customer spending [7]. - The industry is witnessing a shift towards integrated services covering prevention, treatment, and maintenance, particularly in pediatric and geriatric dental care [7]. Financial Performance - In 2024, the company achieved a total outpatient volume of 3.5334 million, with a net profit margin of 40.14% based on the proposed cash dividend distribution of RMB 4.5 per 10 shares [14][34]. - The company’s total share capital as of December 31, 2024, was 447,289,117 shares, with a proposed total cash dividend of RMB 201.28 million [34]. Operational Model - The company employs a "regional general hospital + branch" operational model, establishing a multi-tiered medical network to enhance resource utilization and patient accessibility [8]. - A "medical smart platform" is being developed to improve procurement efficiency and standardize management processes [9]. Supply Chain and Sales Model - The company is implementing intelligent procurement and standardized processes to enhance supply chain efficiency [9]. - A digital-driven customer lifetime value management approach is being adopted to improve patient retention and service personalization [10]. Profit Distribution Plan - The proposed profit distribution plan includes a cash dividend of RMB 4.5 per 10 shares, subject to approval at the annual shareholders' meeting [34][36].