Core Viewpoint - The company achieved revenue and net profit figures for 2024 that were slightly below market expectations, primarily due to external environmental factors affecting patient demand release [1] Financial Performance - In 2024, the company reported revenue of 2.874 billion and net profit attributable to shareholders of 501 million, with a year-over-year growth of 1.0% and 0.2% respectively [1] - For Q1 2025, the company achieved revenue of 745 million and net profit of 184 million, showing a year-over-year growth of 5.1% and 6.2%, and a quarter-over-quarter growth of 16.2% and 5727.9% [1] - The company expects to see improved performance in 2025 as external conditions improve [1] Business Segments - **Implant Business**: Revenue for 2024 was 530 million, with a year-over-year growth of 10.6%. The company anticipates steady growth in this segment for 2025 due to increasing implant numbers and diverse options [1] - **Orthodontics**: Revenue for 2024 was 474 million, down 5.1% year-over-year. The company expects recovery in this segment as external conditions improve [1] - **Pediatric Dentistry**: Revenue for 2024 was 501 million, with a slight year-over-year increase of 0.3%. The company sees potential for growth in this segment due to rising demand and penetration rates [1] - **Restorative and Comprehensive Services**: Revenue for 2024 was 462 million and 765 million respectively, with year-over-year growth of 1.5% and 1.3%. The company is optimistic about continued growth in these areas [1] Hospital Network and Expansion - **Regional General Hospitals**: In 2024, revenue from Hangkou, Chengxi, and Ningkou hospitals was 548 million, 382 million, and 184 million respectively, with declines in Hangkou and Chengxi attributed to patient resource diversion to the Dandelion branches [2] - **Dandelion Branches**: The company anticipates strong growth in revenue from these branches in 2024 as they mature [2] - **Out-of-Zhejiang Hospitals**: The company is actively expanding its national footprint through a combination of self-built, acquired, and franchised models, with successful projects like the Hunan Loudi Dental Hospital [2] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025-2027 to 545 million, 587 million, and 631 million, reflecting a downward adjustment of 8% and 11% for 2025 and 2026 respectively [3] - The company is recognized as a leading profitable dental service provider in the industry, with strong technical capabilities and an expanding service network, leading to a target price adjustment to 54.80 yuan for 2025, corresponding to a 45x PE ratio [3]

内需美护板块推荐电话会议 20250428 • 预计登康口腔未来三年收入端复合增长率将超过 20%，利润端复合增长率 将超过 25%，在国产替代背景下，公司有望享受一定估值溢价。 • 中研股份和日丰股份是美护板块中值得关注的核心推荐企业，在母婴护理 领域具有较强竞争力，值得投资者密切跟踪。 20%。尤其是去年（2024 年）下半年至四季度，公司旗下卫生巾品牌奈斯公 主单月增速达到三倍以上，今年（2025 年）一季度这一趋势延续。 稳健医疗 公司的核心成长产品包括棉柔巾和卫生巾，这两类产品市占率提升空间大。在 渠道方面，电商增长拉动全面时代品牌发展，公司线上会员超过 1,400 万人， 为产品提供复购支持。此外，公司过去几年进行的消费者心智建设成效显著， 为未来增长奠定基础。 稳健医疗还收购了美国医疗耗材公司嘉里医疗，为海外 展业及关税优势打开空间。整体来看，公司通过双轮驱动模式实现增长：消费 品板块快速成长、医疗板块稳健发展。未来三年的利润复合增长预计超过 20%，体现出较大的收入端和利润率提升空间。这种高速成长对于如此大体量 的公司来说非常不易，因此估值也具有吸引力。 中港口腔公司的情况如何？ 对于中港口腔 ...

封面新闻记者 陈远扬 从具体项目来看，各领域重点项目纷纷落地开花。在制造业领域，正美齿科新建隐形矫治器生产基地开工建设，进一步完善了资阳的口腔产业链，推动口 腔产业朝着更高质量、更具规模的方向发展。而在科技创新领域，世界首个超导磁悬浮技术路线电磁发射验证平台在资阳商业航天发射技术研究院完成首 次试验，这一突破不仅彰显了资阳在航天技术研发方面的实力，更为后续相关产业的发展奠定了坚实基础。 与此同时，资阳全市固定资产投资呈现出迅猛增长的态势，同比增长29.6%，增速居全省第1位。工业投资表现同样突出，增长28.9%，高于全省10.8个百 分点，增速位列全省第6位，且工业投资占全市投资比重达到31.1%，同比提高8.7个百分点。其中，制造业投资增长势头更为强劲，高达111.5%，高于全 省98.2个百分点，居全省第2位。 上述数据充分表明，资阳的工业发展正处于快速上升期，制造业作为工业的核心支柱，正发挥着越来越重要的作用。 为保障项目顺利推进，资阳建立了"市级总库+行业专库+县区子库"的项目动态储备体系，并开辟审批"绿色通道"，促进ABC三类项目梯次转化。目前，当 地综合库内储备项目达1350个，达到初设概算深度的 ...

中国 证券研究 2025 年 4 月 21 日 通策医疗 - A 中国口腔医疗巨头脆弱微笑背后潜藏的不确定性：首 次覆盖，给予"减持"评级 我们首次覆盖通策医疗，给予"减持"评级和截至 2025 年 12 月的目标价 34 元。通策医疗是中国领先的口腔医疗连锁机构之一，截至 2024 年 3 季 度，公司经营有 84 家医疗机构，开设牙椅约 3100 台。我们认为口腔医 疗服务行业面临短期及长期挑战，导致盈利承压。我们的 2025/26 年每 股收益预测值分别比市场一致预期低 8%/10%。盈利增长前景弱于预期 以及对浙江省的地域依赖（收入九成来自省内）使我们很难合理化当前 估值倍数，我们认为该股股价此后将趋缓。 资料来源：风格敞口数据源自摩根大通量化与衍生品策略团队；其他所有图表中的数据均为公司数据或摩根大通估算 分析师声明及重要披露，包括非美国分析师披露，见第 30 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 首次覆盖 减持 6007 ...

携手上千家齿科诊所，一场围绕儿童口腔健康的"专业下沉"正在全国展开。近日，国内儿童口腔护理品 牌兔头妈妈通过深度合作上千家齿科诊所，构建起"前端预防-中端干预-后端追踪"的全场景服务体系， 将儿童日常专业护齿理念输送至社区与家庭，为儿童龋齿防治提供创新范本。 据悉，兔头妈妈专注儿童防龋领域，其在2021年为国内首次引进进口奥拉氟，为国内儿童防蛀市场带来 变革，到2023年启动自研创新，目前取得多项相关科研成果，覆盖奥拉氟成分的制备、检测、及衍生物 的合成。2025年1月推出新一代高纯奥拉氟牙膏产品，将成果实现产品落地。 今年，兔头妈妈以"深度协同"为战略支点，与雅贝康、赛德阳光、极橙儿童齿科等全国头部连锁机构达 成合作，覆盖3000余家专业诊所，构建起"研发-验证-服务"一体化生态。这一布局不仅打通了产品从实 验室到终端的价值链路，更以技术壁垒重构行业竞争格局，为国货品牌突破国际巨头垄断提供了新范 式。 根据公开信息，兔头妈妈和齿科深度合作两年已久，齿科基本围绕社区展开，辐射周边社区，人群渗透 心智强。通过这一社区服务的优势，兔头妈妈协助齿科完成小小牙医、口腔义诊、育儿健康小课堂等 等，直接同用户沟通，加强健 ...

Core Insights - The oral health industry in China faces a significant challenge with a high prevalence of dental caries among the 35-44 age group, reaching nearly 90%, while the treatment rate remains below 20% [1] - The contradiction of high disease rates and low intervention rates highlights key issues in the oral healthcare system, including a lack of preventive measures, concentration of quality resources, and fragmented customer service [1] - The company is exploring a dental insurance model that integrates with its healthcare services to address these industry challenges [1][3] Group 1 - The company emphasizes the importance of comprehensive dental care, noting that over 90% of patients require various treatments, indicating a shift towards a focus on general dental care [2] - The company has been actively transforming its approach to general dental care, ensuring that treatment plans are holistic and address overall oral health [2] - The integration of dental insurance with healthcare services has been a strategic focus since 2018, allowing for seamless connections between dental services and insurance payments [3] Group 2 - The company has launched over 30 dental insurance products since 2019, promoting a preventive approach to oral health management [3] - A new long-term dental insurance product was introduced in 2023, providing coverage for up to 8 years, which includes preventive and basic treatments [3] - The company operates over 130 dental service locations across nearly 50 cities, serving more than 2 million patients annually, and aims to provide comprehensive lifecycle oral health management [3][4]

公司代码：600763 公司简称：通策医疗 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、中汇会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 登录新浪财经APP 搜索【信披】查看更多考评等级 公司拟向全体股东每10股派发现金红利4.5（含税）。截至2024年12月31日，公司总股本447,289,117.00 股，以此计算合计拟派发现金红利201,280,102.65元（含税），占本年度归属于上市公司股东的净利润 的40.14%。如在本公告披露之日起至实施权益分派股权登记日期间，公司总股本发生变动的，拟维持 每股分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 第二节 公司基本情况 1、公司简 ...

Core Viewpoint - The company is transitioning from a "small oral care" focus to a "large oral health" strategy, expanding its product and service offerings in the oral health sector, including smart oral care, oral beauty, and oral medical services [2][4]. Company Strategy and Product Development - The company is implementing a multi-brand and multi-category development strategy, with core brands including "Dengkang" and "Cold Acid Spirit," and plans to expand into four major business segments: oral care, oral medical, oral beauty, and oral capital management [3][4]. - In 2024, the company's revenue from oral medical and beauty care products increased by 35.45%, laying a solid foundation for entering the oral health industry [2]. Financial Performance - In 2024, the company achieved a revenue of 1.56 billion yuan, a year-on-year increase of 13.40%, and a net profit of 161 million yuan, up 14.07% [10]. - The company's gross profit margin for 2024 was 32%, an increase of 25 percentage points year-on-year, driven by product structure optimization, rapid online channel expansion, and improved production efficiency through smart factories [6]. Market Trends and Consumer Behavior - The oral care industry is experiencing a shift towards high-end and professional products, driven by increased consumer awareness of oral health and changing demographics [5]. - The rise of e-commerce and content-driven retail is reshaping consumer shopping habits, with traditional retail channels undergoing significant transformation [5]. Shareholder Returns and Corporate Governance - The company plans to distribute a cash dividend of 5 yuan per 10 shares for 2024, with a cash dividend rate of approximately 80%, reflecting its commitment to shareholder returns [9][10]. - The company emphasizes the protection of minority shareholders' rights and aims to enhance information disclosure and investor relations management [14]. Innovation and Technology - The company has developed unique dual sensitivity technology and bio-glass ceramic materials, which have been clinically validated to effectively address tooth sensitivity issues [15].

Group 1: Company Strategy and Market Position - The company aims to transition from "small oral care" to "large oral health" by expanding into smart oral care, oral beauty, and oral medical services, with a revenue growth of 35.45% in oral medical and beauty care products in 2024 [2][3] - The company employs a multi-brand strategy with core brands including "Dengkang" and "Cold Acid Spirit," targeting various consumer segments with a diverse product matrix [3] - The focus is on becoming a world-leading oral health expert, enhancing market share and competitiveness through a dedicated strategy in the oral health sector [3] Group 2: Industry Trends and Consumer Behavior - Rising awareness of oral health among consumers is driving demand for high-end and professional oral care products, with a shift towards rational and experiential consumption [4] - E-commerce channels are growing rapidly, while traditional retail is undergoing significant transformation, leading to increased competition in the market [4] Group 3: Financial Performance and Projections - The company reported a gross profit margin of 49.32% in 2024, an increase of 5.25 percentage points, driven by an optimized product mix and expansion in online sales [5] - The net profit growth of 27.07% in 2024 is attributed to increased sales scale and product upgrades [5] - Operating cash flow increased by 20.09% year-on-year, reflecting sustained growth in sales and net profit [5][8] Group 4: Shareholder Returns and Corporate Governance - The 2024 dividend plan proposes a payout of 7.5 CNY per 10 shares, with a cash dividend rate of approximately 80%, aligning with regulatory encouragement for higher investor returns [6] - The company emphasizes the protection of minority shareholders' rights and has consistently improved its dividend policy since listing [11] Group 5: Inventory and Supply Chain Management - Inventory increased by 15.64% in line with sales growth, indicating a healthy inventory turnover rate [8]

来源：第一财经 近日，小鹿妈妈公司一系列严苛规定引发热议。无固定午休时间、桌面禁止放置任何私人物品、外卖也必须在工位吃……员工控诉上班像"坐牢"。 一名在职员工说，公司工作时间为早上9点到下午6点。她曾在午休期间佩戴耳机用手机刷短视频，被负责人告知违反公司规定。由于无法看手机，她只能 用智能手表偷偷与家人联系。 其他员工还透露了小鹿妈妈更多"细节性"管控措施，例如会议室椅子必须完全推入桌底，否则就会被开罚单，需要打扫卫生作为处罚；卫生间使用时间受 限，人事部门定期巡查工位在岗情况。 小鹿妈妈品牌媒体部工作人员解释称，公司休息没有固定的时间，不是说没有午休，比如客服部门，如果客服一起休息，就没人回消息。对于桌面不能放 私人物品，只是说工作的桌面不能太乱。 公开资料显示，小鹿妈妈为安徽鹿妈妈生物科技有限公司旗下的口腔护理品牌，成立于2016年，创始人为夏泉。公司主要产品为"牙线"等口腔护理产品。 官网显示，2023年小鹿妈妈签约了国民演员朱亚文为代言人。 据极目新闻报道，2024年6月，小鹿妈妈牙线发布公告，公司年营业额已超十亿。 公开数据显示，小鹿妈妈关联公司安徽鹿妈妈生物科技有限公司成立于2016年5月，法定 ...