"Ya Mao" shows negative growth again. On the evening of October 24, Tongce Medical (600763) disclosed its third quarter report. The company achieved operating income of 821 million yuan in the third quarter, increased by 20.29% year-on-year; and achieved net profit of 220 million yuan, a year-on-year decrease of 18.47%.
Judging from the latest trends in institutional holdings , institutions have disagreements about Tongce Medical. Among them, star fund managers, China Europe Fund Gelan still supports Tongce Medical and continues to increase their holdings in the stock.
centralized procurement brought wait-and-see sentiment
In the first three quarters of 2022, Tongce Medical's net profit and non-operating net profit after deducting non-operating items were 515 million yuan and 497 million yuan, respectively, down 16.92% and 18.66% year-on-year respectively. The factors affecting negative growth in
and semi-annual report are roughly the same as those influencing negative growth in profits. Tongce Medical attributed the decline in performance in the third quarter to the establishment of Dandelion Hospital, the expansion period of the company, and the impact of the epidemic. It is worth mentioning that Tongce Medical also mentioned the impact of centralized procurement policies in its financial report.
Tongce Medical is the first listed company in China to take oral medical chain operation as its main business model. Since the news of dental implant procurement last year, as the industry leader, Tongce Medical's stock price has started a downward trend since the second half of last year. The stock climbed to 421.99 yuan per share in late June last year, with a market value of more than 130 billion yuan at that time. As of the latest closing date, Tongce Medical reported 126.53 yuan per share, which has fallen by more than 36% this year, and its current market value is more than 40 billion yuan.
On August 18 this year, the National Medical Insurance Administration issued the "Notice on Carrying out Special Governance on Fees and Consumables Prices for Oral Implant Medical Services (Draft for Comments)" to carry out special Governance on Fees and Consumables Prices for Oral Implant Medical Services. On September 8, dental procurement was officially launched. The notice stated that at present, the third-level public medical institutions have completed full-process planting, and the overall price of medical services is generally higher than 4,500 yuan/piece, targeted measures should be taken to introduce them to a new range of no more than 4,500 yuan/piece. As the pricing of implant medical services was better than market expectations, the next day, the dental concept stock rose across the board, and Tongce Medical even hit the daily limit by .
"The centralized procurement policy has carried out popular science work on dental implant services nationwide. Most consumers have learned about centralized procurement and dental implants, which has improved their oral awareness. The number of customers consulted has increased significantly, but few people place orders. The wait-and-see sentiment caused by centralized procurement is expected to increase in the volume in the future. For this reason, the company has made sufficient preparations in both the layout of Dandelion Branch and the reserve of medical and nursing talents." Tongce Medical said in its latest third quarter report.
's performance declined. Tongce Medical also emphasized that the company's strategy of expanding against the trend in 2022 is ready for the next step of development, especially for the post-main procurement era, expanding productivity, and actively reducing the stock to support the development of dandelion. The goal is to make Dandelion Hospital the first local dental hospital in the shortest time. In the first three quarters, the company's operating income was 2.139 billion yuan, a year-on-year increase of 0.14%, and the number of outpatients in the existing hospitals decreased by 1.7% year-on-year; Dandelion Branch contributed 298 million yuan in operating income, a year-on-year increase of 102%. It is currently in the period of construction or cultivation, and some are still in losses and productivity has not been fully released. Therefore, the net profit margin of the newly added Dandelion Branch is only 8.5%, which is the result of the company's active strategic choice.
In addition, in order to achieve counter-trend expansion, Tongce Medical is in a period of personnel expansion. The rise in labor cost expenditure is mainly reflected in the fact that Hangzhoukou Group reserves more than 1,000 medical talents and other medical and nursing talents in the newly built Chengxi General Campus, Zijinggang Hospital, Binjiang Future Hospital and the newly established Dandelion Branch. In the third quarter, it increased labor cost by nearly 40 million, reducing current profits.
Star fund managers continue to increase their holdings
Tongce Medical has always been a heavy target for institutional investors. However, judging from the list of shareholders in the third quarter report, there are differences in institutional holdings .
In the third quarter of this year, China Europe Fund Gelan continued to increase its holdings in Tongce Medical. Three of Gelan's funds are listed on the company's top ten shareholders. China Europe Fund has also become the public fund with the largest number of shares in Tongce Medical, with a total holding of 24.1625 million shares.
Among them, the China-Europe Medical Innovation stock fund and the China-Europe Medical Health Hybrid Fund adopted a differentiated portfolio adjustment of Tongce Medical with one increase and one decrease.The former increased its holdings by 717,400 shares from the end of the first half of the year, while the latter reduced its holdings by 27,700 shares from the semi-annual report. In addition, the new shareholder list of the China-Europe Alpha Mixed Fund under Gelan, the fund held 2.4413 million shares at the end of the third quarter.
Huabao CSI Medical ETF also increased its holdings in Tongce Medical in the third quarter. GF Healthcare Stock Fund and Gaoyi Qingrui No. 6 Ruixing Fund have conducted share reduction operations.
In terms of the number of shareholders, Tongce Medical returned to its growth trend. As of September 30, the number of shareholders of Tongce Medical was about 94,000, an increase of 10,300 from the end of the previous quarter (June 30), an increase of 12.25%.
Editor: Zhang Qianyao
Proofreading: Wang Wei
