21世纪经济报道记者 韩利明 刚过去的9月20日，是第37个"全国爱牙日"，今年的宣传主题为"口腔健康 全身健康"。作为人体健康的 第一道屏障和生命质量的重要基石，在人口老龄化加剧、长寿时代来临的当下，口腔健康对民众整体健 康的影响愈发显著。 然而，当前我国居民的口腔健康状况不容乐观，缺牙问题在老年群体中尤为突出。第四次全国口腔健康 流行病学调查显示，65-74岁人群的平均存留牙数远低于健康标准，全口或半口缺牙比例显著。更值得 关注的是，口腔治疗，尤其以种植牙为主的缺失牙修复费用负担沉重。 事实上，在消费医疗领域，素有"金牙银眼铜骨"的说法，牙科凭借其高需求与发展潜力，长期被作 为"最吃香"的医疗科目之一。为破解种植牙"天价"难题，2023年，我国种植牙集采全面落地，进口植体 均价降幅超过50%，部分高端品牌降幅甚至超过70%。政策红利让曾经的"天价种牙"逐渐走向普惠。 如今，种植牙集采政策已实施近三载，行业格局迎来哪些变化？泰康口腔市场产品部总经理成昱虹向21 世纪经济报道记者表示，"集采初期由于患者对价格认知不足，容易被低价吸引，外部竞争压力明显加 大。但从长远看，这两年的混战状态已近尾声，整体正朝着更稳 ...

Group 1 - The pharmaceutical index has experienced adjustments across six sub-industries this week, indicating overall pressure on performance [1] - According to the report by Toubao Research Institute, the demand and scale of the dental implant industry in China have recently increased, with the number of implants expected to grow from 3.12 million in 2019 to 6.864 million by 2024, and projected to reach 28.149 million by 2030 [1] - The market size of the dental implant industry is expected to grow at a compound annual growth rate (CAGR) of 20.3%, reaching 30.86 billion yuan by 2030, driven by aging population, increased oral health awareness (with 240 million treatment visits in 2023), and centralized procurement policies [1] Group 2 - The competition in the dental implant market is currently dominated by imported brands, while domestic companies like Weigao Jielikang are emerging in centralized procurement, although there is a significant gap in market share [1] - The upstream supply of titanium materials is sufficient, the midstream prospects for zirconia are positive, and the downstream institutions are experiencing differentiated growth [1] - Companies with technological and cost advantages, as well as those aligned with policy directions, are expected to have greater investment value under the conditions of technological iteration and regulatory standards [1]

Core Viewpoint - The article emphasizes the importance of oral health as a crucial component of overall health, highlighting the necessity of regular dental check-ups and treatments such as teeth cleaning and orthodontics to maintain dental hygiene and prevent further complications [1][2][3]. Group 1: Importance of Regular Dental Care - Regular dental cleaning is essential to remove plaque and tartar, which can lead to various dental diseases if not addressed [2][3]. - Recommendations for cleaning frequency include every six months to a year for healthy individuals, and every three to six months for those with periodontal disease [2]. - The use of electric toothbrushes can enhance brushing efficiency, particularly for individuals with limited hand mobility [2]. Group 2: Orthodontic Treatment - Various dental issues warrant orthodontic treatment, including misaligned teeth, large gaps, deep bites, and other malocclusions [3][4]. - Preparation for orthodontic treatment involves a thorough examination by a professional orthodontist, including X-rays and dental scans [4]. - Two main types of orthodontic devices are discussed: removable and fixed braces, each with its own advantages and disadvantages [4][5]. Group 3: Dental Implants - Missing teeth can lead to significant functional and aesthetic issues, making dental implants a viable solution [7][8]. - Dental implants involve placing a titanium root in the jawbone, which integrates with the bone over time, providing a stable foundation for artificial teeth [7][8]. - Candidates for dental implants should be in good health and have adequate bone structure, while certain health conditions may require further evaluation before proceeding [8].

9月20日是第三十七个"全国爱牙日"，今年的宣传主题是"口腔健康 全身健康"。 口腔健康是全身健康的重要组成部分，不仅关系我们能否"咬得动、吃得香"，更直接影响生活质量和整 体健康。定期洗牙是否有必要？哪些牙齿问题需要及时矫正？缺牙有什么危害，什么情况下需要选择种 植牙？本报请口腔专家为大家答疑解惑，这份护齿指南请读者查收。 ——编 者 定期洗牙有无必要 本报记者 姚雪青 "洗牙的时候感觉头皮发麻、牙齿发酸，洗牙后又觉得牙缝变大、牙齿松动，洗了两次不敢再去了。"前 不久，南京溧水区市民夏先生找到江苏省人民医院口腔科副主任、主任医师张继生咨询："洗牙有没有 必要？" "洗牙很有必要。"张继生说，洗牙最重要的作用是清除牙菌斑和牙结石。食物残渣与口腔细菌产生化学 反应，就会形成附着在牙齿上的牙菌斑，牙菌斑是口腔疾病的始动因子，经过钙化就成了牙结石，无法 通过刷牙去除，时间一长会导致龋齿、牙龈炎、牙周炎、牙齿松动甚至掉落。牙结石要请专业人士使用 专业工具才能彻底去除。医生在洗牙时还能发现蛀牙、牙周疾病早期迹象。 张继生建议，健康人群半年到一年洗一次牙；牙周病患者3到6个月洗一次牙；抽烟人群、糖尿病患者以 及特殊人群应 ...

Investment Rating - The report indicates a positive investment outlook for the dental implant industry, projecting a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030, with the market size expected to reach 30.86 billion yuan by 2030 [13][14]. Core Insights - The dental implant market in China is experiencing significant growth driven by increased awareness of oral health, with the number of dental visits reaching 240 million in 2023 and expected to rise to 310 million by 2030 [5][18]. - The introduction of centralized procurement policies has led to a substantial reduction in implant prices, with average price drops of 55%, significantly lowering the financial burden on patients and stimulating demand [14][50]. - The market is characterized by high concentration, with leading foreign brands dominating the high-end segment, while Korean brands capture the mid-to-low end of the market [7][49]. Market Overview - The dental implant industry is projected to grow rapidly, with the market size expected to increase from 10.2 billion yuan in 2024 to 30.86 billion yuan by 2030, reflecting a CAGR of 20.3% [13][14]. - The demand for dental implants is anticipated to rise due to improved dental health awareness and advancements in implant technology, which have increased success rates to over 90% [14][21]. Demand Analysis - The increase in dental health awareness has led to a higher demand for implants, with a notable rise in the repair rate among different age groups, particularly among the elderly [5][18]. - The number of dental implants in China is expected to grow from 3.12 million in 2019 to 28.15 million by 2030, indicating a significant increase in market penetration [21][20]. Supply Analysis - The supply of dental professionals is increasing, with the number of dental practitioners expected to reach 861,000 by 2030, surpassing levels in developed markets [27][22]. - The number of dental medical institutions is also on the rise, with a 10% year-on-year growth expected through 2024 [24]. Industry Chain Analysis - The dental implant industry supply chain includes upstream suppliers of raw materials (bioceramics, metals, composites), midstream manufacturers of implants, and downstream dental service providers [29][30]. - Titanium is identified as the most critical raw material for implants, with a stable supply and increasing production levels [35][32]. Competitive Landscape - The competitive landscape is dominated by foreign brands such as Straumann, Nobel Biocare, and Dentsply, which hold a significant market share in the high-end segment, while Korean brands like Osstem and Dentium lead the mid-range market [49][48]. - The report highlights the importance of training and support provided by leading brands to maintain their competitive edge in the market [50][49].

Core Insights - The World Dental Federation (FDI) World Dental Congress 2025 was held in Shanghai, attracting over 35,000 global professionals, highlighting the importance of oral health for overall well-being and international cooperation in the field [1] Industry Growth - The Chinese dental industry has experienced unprecedented growth since 2006, with the market size reaching 144.6 billion yuan by 2023, and the number of institutions increasing from 65,000 in 2016 to an estimated 120,000-150,000 by 2025, particularly in the private sector [3] - The perception of oral health among the Chinese population has improved significantly, with more individuals seeking dental care, although a large portion still remains untreated [4] Market Dynamics - The private dental sector, once considered highly profitable, is facing challenges due to centralized procurement policies that have halved prices for key services like implants and orthodontics, leading to profit pressures and a wave of closures [6] - However, the impact of centralized procurement on the company, Reer Group, has been minimal due to its diversified service offerings, maintaining a stable share in both implant and orthodontic services [6][7] Strategic Positioning - Reer Group employs a dual-brand strategy, with Reer Dental positioned as a high-end service provider less affected by price wars, while Reer Dental's other brand focuses on more accessible services, including participation in insurance schemes [7] - The company emphasizes the importance of preserving natural teeth and advocates for foundational treatments over implants, which are seen as a last resort [6] Future Outlook - The Chinese dental market is projected to reach 420 billion yuan by 2030, with a focus on technological innovation, service upgrades, and inclusive healthcare [8] - Reer Group is adapting to industry challenges through strategic adjustments, including leveraging AI technology, focusing on existing customer bases, and enhancing operational efficiency [8] - The company plans to expand its reach through partnerships rather than direct acquisitions, utilizing AI to support franchisees and improve service delivery [8]

Core Insights - The company reported a revenue of 1.448 billion yuan for the first half of 2025, representing a year-on-year increase of 2.68%, with a net profit attributable to shareholders of 321 million yuan, up 3.66% year-on-year, and a non-recurring net profit of 317 million yuan, up 3.85% year-on-year, which aligns with expectations [1] Development Trends - The outpatient volume continues to grow steadily, with the company reinforcing its clinic layout in Zhejiang Province. As of August 2025, the company operates 89 medical institutions and has 3,100 dental chairs. In the first half of 2025, the dental outpatient volume reached 1.7322 million visits, an increase of 1.21% year-on-year [2] - The company employs a "regional general hospital + branch" structure to standardize parts of the diagnosis and treatment process, which is expected to reduce the marginal customer acquisition costs for expanding the branch network. The "Dandelion Plan" aims to deepen penetration within the province, establishing a scalable growth engine [2] - The gross profit margin for the first half of 2025 was 40.75%, and the net profit margin was 26.26%, remaining stable overall. Each business line showed positive growth, with implant revenue at 255 million yuan (up 0.02%), orthodontics at 229 million yuan (up 7.75%), restoration at 230 million yuan (up 3.59%), and comprehensive services at 394 million yuan (up 2.44%) [2] - The company sees significant potential in pediatric dental services, which may become a new growth engine in the future [2] AI Technology and Service Innovation - The company is leveraging its self-developed MindHub AI platform to provide intelligent support across various scenarios, including clinical diagnosis, patient services, and operational management. This positions the company to build structural competitive barriers through top-tier medical resource aggregation, platform scale effects, and technology-driven innovation [3] - In 2025, the company will deepen its "medical + technology" dual-wheel strategy, accelerating penetration in both high-end markets and lower-tier markets to maintain its industry leadership [3] - The company plans to acquire 100% of Shanghai Cunjing Dental Clinic, which is expected to enhance its brand presence and recognition in the high-end market [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 549 million yuan and 580 million yuan, reflecting year-on-year growth of 9.6% and 5.6%, respectively. The current stock price corresponds to a price-to-earnings ratio of 38.4 times for 2025 and 36.3 times for 2026 [4] - The company maintains an outperform rating and a target price of 53.2 yuan based on discounted cash flow (DCF) analysis, which corresponds to a price-to-earnings ratio of 43.3 times for 2025 and 41.0 times for 2026, indicating a potential upside of 12.9% from the current stock price [4]

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 Viewpoint - Tongce Medical is accelerating its business integration through capital expansion, as evidenced by its recent acquisitions, including the purchase of Shanghai Cunjing Dental Clinic for 46 million yuan, marking its second significant acquisition in 2025 [1][3]. Company Summary - The acquisition involves Tongce Medical's wholly-owned subsidiary acquiring 99% of the target company, with the total transaction amounting to 46 million yuan, fully funded by Tongce Medical's own capital [3]. - Tongce Medical has established 44 branches in Zhejiang Province under its "Dandelion Plan," covering all 11 prefecture-level cities, indicating a strong local market presence [3]. - The company is shifting its strategy for expansion outside Zhejiang Province from self-built facilities to a dual approach of "mergers and acquisitions + light asset franchising," with the recent acquisition in Shanghai being a strategic move into the high-end market [4]. Target Company Summary - Shanghai Cunjing Dental Clinic focuses on mid-to-high-end membership services, featuring three main specialties: 1. Pediatric dentistry with a premium membership price exceeding 50,000 yuan targeting high-net-worth families [5]. 2. Implant and comprehensive departments that enhance technical barriers by introducing international expert teams [5]. 3. A strategic location in the Lujiazui financial district, effectively reaching high-income demographics [5]. - This acquisition is expected to enhance Tongce Medical's brand presence in the high-end market and optimize its regional business layout and service structure [5]. Industry Summary - The dental industry is currently undergoing a significant adjustment, with the implementation of a dental implant procurement policy in 2023 leading to a price drop of over 50% for single implants, which has stimulated demand [6]. - The market concentration in the dental industry remains low, with the top five private dental groups holding only 9.6% market share, indicating substantial room for consolidation [7]. - As a leading enterprise, Tongce Medical holds approximately 2% market share in 2024, making acquisitions of regional quality targets a necessary strategy for growth [8].

Group 1 - Company announced the acquisition of 100% equity in Shanghai Cunjie Dental Clinic for a total price of 46 million yuan through two wholly-owned subsidiaries [1][4] - This acquisition marks the second significant merger for the company in 2025, following the acquisition of Hangzhou Haiyin Kechuang Co., Ltd. for 55.4136 million yuan [3][4] - The funding for the acquisition is entirely sourced from the company's own funds, indicating a strong financial position [4] Group 2 - The company has historically focused on the Zhejiang province, operating under a "regional general hospital + branch" model, with 44 branches established under the "Dandelion Plan" [4] - The company is shifting its strategy for expansion outside the province from self-built facilities to a "merger + light asset franchise" model, with this acquisition being a key move into the high-end market [5] - Shanghai Cunjie Dental Clinic targets high-net-worth families with a membership-based service model, featuring specialized children's dental care and a strategic location in the Lujiazui financial district [6] Group 3 - The dental industry is currently undergoing a significant adjustment, with the price of single dental implants dropping over 50% due to the implementation of a centralized procurement policy in 2023, leading to a projected 24% increase in the company's dental implant cases in 2024 [6] - The market concentration in the dental industry remains low, with the top five private dental groups holding only 9.6% market share, indicating substantial room for consolidation [7] - As a leading enterprise, the company holds approximately 2% market share in 2024, making acquisitions of regional quality targets a necessary strategy for growth [7]