Dental implants have not been collected, and the net profit of "tooth" has fallen!It is said that it will cooperate with domestic implants

Zhongxin Jingwei, August 24th (Wang Yuling) Recently, "Yaomao" Tongmei Medical disclosed the 2022 semi -annual report. During the reporting period, the company's operating income was 1.318 billion yuan, a year -on -year increase of 0.05%. The profit was 296 million yuan, a year -on -year decrease of 15.73%.

On August 18, the National Medical Insurance Bureau issued a clear article that dental implants will be conducted and the dental implants consumables will be carried out. But the collection has not yet begun, why did Tongce Medical have a sharp decline in net profit? Can the company respond to the impact of collection?

Net profit has fallen sharply

"V View Finance Report" (WeChat ID: VG-View) noticed that during the reporting period, from the perspective of the composition of dental medical service income, Tongmei Medical still relies more on Zhejiang Province with operating income of 1.137 billion yuan, accounting for 91 91 %; Foreign operating income was 109 million yuan, accounting for 9%.

The composition of dental medical services in Zhejiang region was split, and Tongmei Medical disclosed that the revenue of stock hospitals was 971 million yuan, a year -on -year decrease of 7.1%. The revenue of Dandelion Branch was 167 million yuan, an increase of 100.2%year -on -year.

Regarding the decrease in operating income of stock hospitals, Tongmei Medical explained that the company's existing hospitals were affected by the epidemic situation. The number of outpatients fell by 5%year -on -year, and operating income decreased by 6.8%year -on -year.

Regarding the revenue and profit of the Dandelion Branch, Tongmei Medical said that the Dandelion Branch is currently in the preparation or cultivation period, with operating income of 171 million, an increase of 105%year -on -year, but the net profit margin is only 5.5%, which has lowered the overall profit.

In addition, the factors that affect the current profit also have risen labor costs. Tongce Medical said that during the reporting period, Hangzhou Group Group, the newly -built city west, Zijin Port Hospital, Binjiang Future Hospital and other large -scale hospitals, as well as new dandelion branches, reserved a total of more than 1,000 medical personnel, increasing more than 4,000 manpower costs 4,000 million Essence

The so -called Dandelion Branch, Tongmei Medical has explained that a large number of branches will be built in Zhejiang Province in the future, enabling the company's subordinate hospitals to spread throughout all areas of Zhejiang Province. "In December 2018, Tongce Medical and Hangzhou Stomatological Hospital Group launched the 'Dandelion Program' and proposed to deploy 100 branches in Zhejiang Province within three to five years. "Go to the grass -roots counties (cities, districts) in Zhejiang Province." Tongce Medical wrote in the 2018 annual report.

In the semi-annual report of 2022, Tongce Medical disclosed the latest progress of the dandelion plan. During the reporting period of 2022, there were 7 new dandelion branches. 4 newly opened in July, and it is expected to be delivered in 8-10 during the year. As a result, the operating costs of Tongce Medical during the reporting period reached 759 million yuan, an increase of 8.26%year -on -year; management costs reached 125 million yuan, an increase of 4.66%year -on -year; the net cash flow generated by operating activities was 260 million yuan, a year -on -year decrease of 21.68 %, Tongmei Medical Explanation stated that it was mainly due to the increase in human expenditure for investment and construction and reserves of the Dandelion Branch, increased accounts receivable, and increased taxes and fees in this period.

Regarding the future development of the Dandelion Branch, Tongce Medical said in an investor Q & A issued on August 22 that 26 dandelion branches opened in June 2022 have 17 profitables, and 7 dandelion Englishs opened in the first half of 2022 There are currently two profits in the branch, roughly calculated that each dandelion branch within 3-5 years can contribute at least 40 million yuan in revenue each year. There will be 8-10 dandelion branches in the second half of the year, and a total of 38-40 hospitals will be reached by the end of the year.

Will cooperate with national output value brand brand

On August 18, the State Medical Insurance Bureau officially issued the "Notice on the Price Governance of Medical Service Charges and Consumption Price (Solicitation Draft)". On the one hand, public and private medical institutions, including public and private medical institutions, should investigate and limited prices on oral planting medical services and consumables. On the other hand, the provincial and municipal alliances will promote the opening of consumables: the Sichuan Provincial Medical Insurance Bureau will lead the formation of dental implants consumables The provincial procurement alliance requires all provinces to participate.

From the perspective of business composition, the main businesses of Tongce Medical Stomatological Hospital include five categories, and the largest comprehensive revenue is the major synthesis, followed by pediatrics, orthodontics, planting and repair. In the first half of 2022, the operating income of dental implants was 223 million yuan, an increase of 6.5%year -on -year, accounting for 18%of operating income.

According to the annual report of Tongce Medical Medical in 2021, dental implants realized operating income of 441 million yuan in 2021, an increase of 38%year -on -year, accounting for 17%. However, Tong Ce Medical previously stated that the main contributor to the operating income of dental implants is high -end customers. In the investor Q & A issued in August 2021, Tongmei Medical said that among the guest groups, the number of high -end patients with a number of high -end patients with a low price is low, 5%of customers create 54%income, 10%of high -end patients Create over 70%income. These guests are relatively stable and less affected by the price.

At the same time, Tongce Medical is also laying a low -end dental implants market. In the investor Q & A issued in November 2019, Tongmei Medical stated that the average price of planting medical services for planting medical care is more than 10,000 yuan. Previously, it was abandoned for low -end planting. The company accounts for less than 1%of the number of dental implants in Zhejiang Province. The planting growth plan focuses on the demand for the mid -to -low -end planting market, and communicates with many implanted suppliers to strive for implant cost and price advantages. In the investor Q & A issued on August 22, Tongce Medical said that the company has always paid attention to the progress of dental implants, and the article released by the State Medical Insurance Administration is in line with expectations.

Tongmei Medical believes that first, dental implants will definitely continue to promote; second, collection is opportunities, and Tongmei Medical will respond to low -cost dental implants markets that are about to develop rapidly; third, in the future, there will still be High, middle and low layers, so we must deal with the low -priced oral market that will come soon, but also do the original high -end business.

"V View Finance Report" noticed that on the evening of the 23rd, Lu Jianming, chairman of Tongce Medical, said on Weibo: "The framework of our cooperation with domestic implants brand has also been built. Cooperate on the top to make inclusive medical treatment for a long time. "

(For more report clues, please contact Wang Yuling, the author of this article: [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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