星标 ★ IPO日报 精彩文章第一时间推送 8月22日晚间， 通策医疗投资股份有限公司 （600763.SH，下称"通策医疗"）发布公告，宣布通过两家全资子公司以4600万元总价收购上海存济 口腔门诊部有限公司100%股权。 AI制图 值得一提的是，此次收购是通策医疗2025年第二次重要并购。 4月26日，公司刚以5541.36万元完成收购杭州海胤科创有限公司100%股权，显示其正通过资本扩张加速业务整合。 就交易细节来看，本次收购，通策医疗通过全资子公司通策口腔投资收购99%股权，杭州通盛医疗投资管理有限公司收购1%股权，交易总金额为 4600万元，资金全部来源于通策医疗自有资金。 长期以来，通策医疗以浙江省为"大本营"，通过"区域总院+分院"模式深耕本地市场。其"蒲公英计划"已在浙江省内开设44家分院，覆盖全部11个 地级市。 对比之下，公司省外扩张始终是短板。 2024年起，公司调整省外策略，从自建转向"并购+轻资产加盟"双轮驱动，此次收购上海门诊部，正是其突破区域限制、进军高端市场的重要落 子。 就被收购方上海存济口腔来看，其定位中高端会员制服务，具有三大特色方向： 1. 儿童口腔专科：建设"三叶儿童 ...

通策医疗 20250823 摘要 2025 年上半年，通策医疗营收 14.48 亿元，同比增长 2.68%；归母净 利润 3.21 亿元，同比增长 3.67%；经营活动现金流 3.55 亿元，同比 增长 9.7%。 正畸业务增长 7.75%，受益于 AI 技术和新材料的应用，以及消费信贷 政策支持。预计到 2030 年，正畸市场规模将达到或超过 1,000 亿元。 种植牙数量同比增长 1.1%至 3.2 万颗，集采占比 78%，但二季度非集 采比例略有上升，客单价小幅上涨，下半年市场潜力大。 蒲公英分院营收 3.93 亿元，同比增长 21%，净利润 0.54 亿元，同比 增长 36%，全年预计增速 25%，目标营收 9 亿元。 紫金港总院一期试运营，启用 42 张牙椅，首月门诊人次近 4,000，收 入 350 万元，未来将集中资源打造为杭州区域最大总院区。 公司放缓新医院投建，重点完善现有项目，提升内部盈利能力，并计划 完善信息系统，实现统一 ID 管理，以适应大规模扩张。 口腔行业潜力巨大，市场集中度较低，公司致力于成为行业整合者，应 对挑战并推动行业整合，七八月份客流量增长态势好于上半年。 通策医疗将继 ...

通策医疗表示，本次交易标志着公司在上海这一关键市场的战略性进驻，不仅有望提升品牌在高端市场 的辐射力与知名度，还将进一步优化公司业务区域布局和产品服务结构。该举措有助于扩大收入来源、 增强盈利能力，并对公司未来财务状况及经营成果带来积极影响。 北京商报讯（记者 丁宁）8月22日晚间，通策医疗（600763）发布公告称，公司全资子公司浙江通策口 腔医院投资管理集团有限公司收购上海存济口腔门诊部有限公司（以下简称"上海存济口腔"）99%股 权，全资子公司杭州通盛医疗投资管理有限公司收购上海存济口腔1%股权，交易总金额为4600万元。 ...

通策医疗8月22日公告，公司全资子公司浙江通策口腔医院投资管理集团有限公司收购上海存济口腔门 诊部有限公司99%股权，全资子公司杭州通盛医疗投资管理有限公司收购标的公司1%股权，交易总金 额为4600万元。标的公司为上海通策口腔医院有限公司全资子公司，上海通策口腔医院有限公司法人代 表吕建明为公司实际控制人，本次交易构成关联交易。 ...

Core Viewpoint - The company, Dazhong Oral (02651.HK), announced a board meeting scheduled for August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting will take place on August 29, 2025 [1] - The meeting will focus on the approval of the company's interim results for the six months ending June 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [1]

Core Viewpoint - 瑞尔集团 has successfully navigated the challenges of the dental industry, achieving significant revenue growth and profitability despite a turbulent market environment caused by policy changes and the pandemic [2][4][8]. Financial Performance - For the fiscal year ending March 31, 2025, 瑞尔集团 reported a revenue of 1.688 billion yuan, with operating profit increasing by 39% to 36.23 million yuan and net profit rising by 20.5% to 16.17 million yuan [2]. - The company has seen a loyal customer base, with a 48% re-examination rate among existing clients and 21% of new patients coming from referrals [4][5]. Industry Challenges - In 2022, the dental industry faced a severe downturn, with 20%-30% of dental clinics (approximately 20,000-30,000) forced to close due to the pandemic and changes in dental implant pricing policies [3][4]. - The introduction of centralized procurement for dental implants led to significant price reductions, with costs for single implants dropping from 30,000-50,000 yuan to as low as 10,000 yuan in some regions [4][6]. Strategic Response - 瑞尔集团 adapted its strategy by focusing on existing customers and enhancing customer loyalty, which proved crucial during the industry's downturn [4][5]. - The company implemented an innovative partner mechanism, granting decision-making power to dentists, which has led to increased revenue for clinics managed by these partners [5]. Technological Integration - The integration of artificial intelligence (AI) into dental practices has become a core component of 瑞尔集团's strategy, improving diagnostic accuracy and operational efficiency [6][8]. - The company has accumulated over 10 million case records, leveraging this data for AI applications in various aspects of dental care [6]. Market Positioning - 瑞尔集团 employs a dual-brand strategy with 瑞尔齿科 targeting the mid-to-high-end market and 瑞泰口腔 catering to the general public, allowing for flexibility in response to market changes [7][8]. - As of March 31, 2025, 瑞尔集团 operated 107 clinics and 11 hospitals, with 瑞泰口腔 contributing 953 million yuan in revenue, surpassing 瑞尔齿科's 735 million yuan [7]. Future Outlook - The company plans to continue enhancing AI capabilities, deepen the partner mechanism, and strengthen medical training as key strategies for future growth [9].

Core Viewpoint - The dental clinics are experiencing a surge in patient visits during the summer, particularly among younger children seeking orthodontic treatment, with some clinics reporting a two to threefold increase in patient volume [1] Group 1: Orthodontic Treatment Timing - The optimal time for most children to undergo orthodontic treatment is around the age of 12, after the replacement of primary teeth with permanent ones, as this period allows for faster tooth movement and fewer complications [2][4] - Early intervention is necessary for specific conditions such as crossbites or dental crowding, which may require treatment as early as 8 to 10 years old [4] Group 2: Types of Orthodontic Appliances - The two main types of orthodontic appliances for children are fixed braces (steel or ceramic) and removable clear aligners [5] - Clear aligners offer comfort and aesthetics but require consistent wear to be effective, while fixed braces ensure consistent force application but can be less convenient for oral hygiene [6][8] Group 3: Common Misconceptions - There are several misconceptions regarding children's dental health, such as the belief that primary teeth do not need treatment since they will eventually fall out, which can lead to long-term dental issues [11] - Another misconception is that using dental floss will widen the gaps between teeth, whereas it is actually beneficial for maintaining oral hygiene, especially in children with closely spaced teeth [12]

Core Viewpoint - Meihao Group (01947.HK) expects a net loss of approximately RMB 8.0 million to RMB 12.0 million for the six months ending June 30, 2025, compared to a net loss of RMB 15.1 million for the same period ending June 30, 2024 [1] Group Summary - The anticipated loss is primarily attributed to intense competition in the local dental market, leading to increased customer acquisition costs and unstable conversion rates [1] - Economic recovery is slow, resulting in consumers preferring to save rather than spend on non-essential medical services, with patients opting for public hospitals or lower-cost private clinics [1] - The company is increasing advertising expenditures for online platforms and in-hospital promotional materials to enhance brand awareness and attract new customers through various sales strategies [1] - Despite the current challenges, the company maintains a strong financial position with ample cash reserves [1] - The board will continue to assess the impact of the challenging economic environment on operations and financial performance while exploring new business and profit directions [1] - The board believes that the short-term financial performance is merely transitional and is committed to expanding the business scale in the coming months [1]

Group 1 - The company expects to incur a net loss of approximately RMB 8 million to RMB 12 million in the first half of 2025, compared to a net loss of RMB 15.1 million in the first half of 2024 [1] - The anticipated loss is primarily attributed to intense competition in the local dental market, leading to increased customer acquisition costs and unstable conversion rates [1] - Economic recovery is slow, resulting in consumers preferring to save rather than spend on non-essential medical services, with patients opting for public hospitals or lower-cost private clinics [1] Group 2 - The company plans to increase advertising expenditures on online platforms and in-hospital promotional materials to enhance brand awareness and attract new customers [1] - Various sales strategies will be implemented to draw in new clientele amid the competitive landscape [1]

Core Points - The company announced the termination of the 2017 share option plan, which was adopted on November 15, 2017, and is set to expire on November 14, 2027 [1] - The termination is in response to the amendments made to the GEM Listing Rules Chapter 23, effective from January 1, 2023 [1] - The company proposes to adopt a new share option plan in light of the updated GEM Listing Rules [1]