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 ...

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].