2）向外谋增长：网格化营销变革，飞入寻常百姓家 。公司正在稳步构建覆盖约3000万消费者 的市场网格化体系，覆盖了接近50%的省内人口。我们预计，随着种植与正畸业务推出面向下 沉市场的中低端产品，两大核心业务的增长动能有望全面释放。同时，伴随客群规模扩张与业务 协同效应形成良性循环，修复、大综合及儿科业务也有望受益。 根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本 资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 前言：沉舟侧畔千帆过，口腔医疗服务龙头再起航 。 2021年年中以来，通策医疗的股价经历了 一段长达四年的单边下行。这一轮深度回调，不仅是受市场流动性收紧导致的估值中枢下移影 响，其背后更反映了市场在政策不确定与宏观消费环境波动等因素冲击下，对口腔医疗行业原有 成长逻辑的质疑。站在当前时点，公司已在前所未有的压力测试后完成蜕变，正从过往高客单 价、高毛利的消费升级模式，向高效率、规模化和普惠性的品质医疗范式进行 ...

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].