初秋八月，爱顿口腔迎来19周年庆典。从2006年创立至今，爱顿口腔始终坚守 "爱D口腔" 核心理念， 践行 "从爱一颗牙，到爱一家人" 的服务宗旨。值此庆典之际，爱顿口腔以真诚之心，为广大客户带来 多项口腔创新成果，通过服务升级，重新诠释高品质口腔关怀新体验。 为让客户朋友提升就医体验，爱顿口腔创新建立口腔科普馆，不仅系统展示种植牙、正畸医学的发展历 程、器械演变与前沿技术，更集中呈现全球多种品牌的种植体、矫治器及修复材料。 ▍学术沙龙启幕，技术赋能客户健康 19年，从一颗牙的健康，到一家人的幸福，爱顿口腔始终用专业与爱心守护每位客户朋友的口腔健康。 与往年不同，此次周年庆的启幕，是以专注客户体验与健康关怀的学术沙龙形式开场，其中尤为瞩目的 是"RW不拔牙矫正专利沙龙"。 活动现场，副主任医师、爱顿口腔创始人张耀院长亲临讲解。他通过丰富的临床案例与通俗易懂的知识 讲解，深入解析了气道、面型、关节、牙周等十大维度对正畸的影响，重点传递了RW正畸和不拔牙矫 正的先进理念。 RW正畸，这项由美国正畸大师Roth与Williams共同提出的正畸理念，对爱顿口腔的发展产生了深远影 响。在这个理念的指引下，爱顿口腔创新性 ...

Core Insights - The company reported a revenue of 2.87 billion in 2024, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 500 million, a year-on-year increase of 0.2% [1] - In Q1 2025, the company achieved a revenue of 740 million, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 180 million, a year-on-year increase of 6.2% [1] Revenue Breakdown - The revenue from planting reached 530 million, accounting for 19.4% of total revenue, with a year-on-year increase of 10.6% [1] - Orthodontics generated revenue of 470 million, accounting for 17.3% of total revenue, with a year-on-year decrease of 5.1% [1] - Pediatric services generated revenue of 500 million, accounting for 18.3% of total revenue, with a year-on-year increase of 0.3% [1] - Restoration services generated revenue of 460 million, accounting for 16.9% of total revenue, with a year-on-year increase of 1.5% [1] - Comprehensive services generated revenue of 760 million, accounting for 28.0% of total revenue, with a year-on-year increase of 1.3% [1] Profitability Metrics - The overall gross margin for medical services in 2024 was 39.3%, reflecting a decline of 0.09 percentage points compared to 2023 due to factors such as centralized procurement of dental implants and consumer downgrade [1] Expense Management - The company maintained good control over expense ratios, with a 2024 expense ratio of 15.8%, an increase of 0.2 percentage points year-on-year [2] - In Q1 2025, the expense ratio was 13.5%, with a sales expense ratio of 0.9%, management expense ratio of 9.8%, R&D expense ratio of 1.6%, and financial expense ratio of 1.2% [2] - The company has implemented various digital operations and AI technologies to enhance overall operational efficiency [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 1.13, 1.20, and 1.28 respectively [3]

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].