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工银医疗保健股票:2025年第二季度利润2.09亿元 净值增长率5.88%
Sou Hu Cai Jing· 2025-07-21 03:57
该基金属于标准股票型基金,长期投资于医药医疗股票。截至7月18日,单位净值为2.875元。基金经理是赵蓓和丁洋。 基金管理人在二季报中表示,组合在2025年二季度相对基准有一定超额收益,主要是因为超配了创新药板块。长期来看,我们仍然看好屈光手术技术迭代, 近视防控渗透率提升,种植牙放量和医美等中长期行业趋势。医疗设备板块相关公司2024年业绩普遍较差,从2024年四季度开始招投标数据拐点已经出现, 但2025年上半年医疗设备公司仍然普遍存在渠道去库存的压力,我们预计2025年下半年开始医疗设备公司可能迎来拐点。 截至7月18日,工银医疗保健股票近三个月复权单位净值增长率为17.16%,位于同类可比基金45/54;近半年复权单位净值增长率为28.87%,位于同类可比基 金38/54;近一年复权单位净值增长率为26.93%,位于同类可比基金41/53;近三年复权单位净值增长率为-9.65%,位于同类可比基金26/46。 AI基金工银医疗保健股票(000831)披露2025年二季报,第二季度基金利润2.09亿元,加权平均基金份额本期利润0.1826元。报告期内,基金净值增长率为 5.88%,截至二季度末,基金规模为 ...
“牙茅”通策医疗2024:种植业务“以量补价”,正畸连年下滑,千亿市值缩水九成
Xin Lang Zheng Quan· 2025-05-14 04:59
Core Viewpoint - Tongce Medical, a leading player in the dental medical service sector in A-shares, reported a nearly stagnant growth in total revenue and net profit for 2024, facing challenges from both the impact of dental implant centralized procurement policies and weak consumer demand, resulting in a significant decline in market valuation from its peak [1][2]. Financial Performance - In 2024, Tongce Medical achieved total revenue of 2.874 billion yuan, a slight increase of 0.96% year-on-year; net profit attributable to shareholders was 501 million yuan, with a minimal growth of 0.20% [2]. - The company's gross margin and net margin decreased to 39% and 19.91%, respectively, down from 46% and 28.27% in 2021, indicating a substantial reduction in profitability [2]. Business Segments - The dental implant business saw revenue of 530 million yuan, a year-on-year increase of 10.60%, benefiting from a strategy of "increasing volume to compensate for price" despite ongoing concerns about profit margin compression [3]. - The orthodontics segment experienced a revenue decline of 5.05% to 474 million yuan, marking three consecutive years of negative growth, attributed to consumer downgrade and intensified industry competition [3]. - Other business segments contributed 28.01% of total revenue, but growth slowed significantly from 8.34% in 2023 to just 1.27% in 2024, with pediatric and restoration services also showing insufficient growth [3]. Market Expansion Strategy - Tongce Medical has historically relied on the Zhejiang provincial market, which accounts for nearly 90% of its revenue, but performance in core hospitals has been weak, with notable declines in revenue and net profit in several key locations [4]. - The company has shifted its expansion strategy from aggressive growth to a model focused on "mergers and acquisitions + light asset franchising," with a recent example being the acquisition of a 56.28% stake in a dental hospital in Hunan, although the hospital's net profit fell short of expectations [4]. Conclusion - The year 2024 represents a period of struggle in the existing market while exploring new growth avenues for Tongce Medical. Although the implant business is currently driving growth, the profit ceiling under centralized procurement is evident, and the orthodontics segment continues to decline. The effectiveness of the new expansion model remains to be seen, and how the company reconstructs its growth logic in this new cycle will be crucial for regaining favor in the capital market [5].