Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Group 1 - The core point of the article is that Tongce Medical has disclosed the total number of shareholders as of February 10, 2026, which stands at 88,461 households [1] - The company emphasizes the importance of ensuring that all investors have fair access to information [1] - Future updates regarding the number of shareholders will be based on the company's formal periodic reports [1]

Core Viewpoint - Tongce Medical (600763) experienced a slight decline in stock price, closing at 49.06 yuan, down 1.33% as of February 9, 2026, with a trading volume of 128,800 hands and a total transaction amount of 633 million yuan [1] Financial Performance - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, an increase of 2.56% year-on-year; net profit attributable to shareholders was 514 million yuan, up 3.16% year-on-year; and net profit excluding non-recurring items was 509 million yuan, rising 3.09% year-on-year [3] - In the third quarter of 2025, the company achieved a single-quarter main revenue of 842 million yuan, a year-on-year increase of 2.34%; net profit attributable to shareholders for the quarter was 192 million yuan, up 2.31% year-on-year; and net profit excluding non-recurring items was also 192 million yuan, increasing by 1.85% year-on-year [3] - The company's debt ratio stands at 25.1%, with investment income of 41.22 million yuan and financial expenses of 31.93 million yuan, while the gross profit margin is 41.69% [3] Market Activity - On February 9, 2026, the net outflow of main funds was 24.39 million yuan, accounting for 3.85% of the total transaction amount, while retail investors saw a net inflow of 12.62 million yuan, representing 2.0% of the total transaction amount [1] - The financing data indicates that on the same day, financing purchases amounted to 50.86 million yuan, while financing repayments totaled 62.15 million yuan, resulting in a net repayment of 11.29 million yuan [2] - The stock has received three buy ratings from institutions in the last 90 days [4]

Core Viewpoint - The company has announced a change in the quality control reviewer for its 2025 annual audit, appointing Xu Juping in place of Wang Qichao due to internal adjustments at the auditing firm Zhonghui [1][4]. Group 1: Change in Quality Control Reviewer - The company held its 10th Board of Directors' ninth meeting on April 25, 2025, and the 2024 annual shareholders' meeting on June 5, 2025, where it approved the appointment of Zhonghui Certified Public Accountants as the auditing firm for the 2025 fiscal year [1]. - The original quality control reviewer Wang Qichao has been replaced by Xu Juping for the 2025 audit services due to internal adjustments at Zhonghui [1]. Group 2: Reviewer Background - The new quality control reviewer Xu Juping has no criminal penalties or administrative sanctions from regulatory bodies in the past three years [2]. - There are no circumstances that could affect the independence of the new quality control reviewer [3]. Group 3: Impact of Change - The transition of responsibilities during this change will be orderly, and it will not affect the financial statement audit and internal control audit for the 2025 fiscal year [4].

Core Viewpoint - Tongce Medical announced a change in the quality control reviewer for its 2025 audit services, appointing Xu Juping to replace Wang Qichao due to internal adjustments at Zhonghui [1] Group 1 - The company has appointed Xu Juping as the quality control reviewer for the 2025 audit services [1] - The previous reviewer, Wang Qichao, has been replaced due to internal work adjustments at Zhonghui [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 通策股份有限公司（以下简称公司）于 2025 年 4 月 25 日召开第十届董事会第九 次会议、于 2025 年 6 月 5 日召开 2024 年年度股东会审议通过《通策医疗股份有限公 司关于续聘会计师事务所的议案》，同意聘任中汇会计师事务所（特殊普通合伙）（以 下简称"中汇"）担任公司 2025 年度财务和内部控制审计机构。具体内容详见公司 分别于 2025 年 4 月 26 日、2025 年 6 月 6 日已披露的相关公告内容。近日，公司收到 中汇会计师事务所（特殊普通合伙）发来的《关于变更质量控制复核人的告知函》， 现就具体情况公告如下： 证券简称：通策医疗 证券代码：600763 编号：临 2026-001 通策医疗股份有限公司 关于审计机构变更项目质量控制复核人的公告 一、本次质量控制复核人变更情况 中汇原委派王其超为质量控制复核人为公司提供 2025 年度审计服务。因中汇内 部工作调整，现委派许菊萍为质量控制复核人，为公司提供 2025 年度审计服务。变 更后， ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for investment opportunities in this sector [10][64]. Core Insights - The medical services sector has shown resilience, with a recent increase in the sector's PE ratio to 34.43X and PB ratio to 3.49X, indicating a positive trend in valuation metrics [4][29]. - The approval of internet medical first diagnosis trials in Beijing marks a significant regulatory breakthrough, potentially accelerating the online medical service process and providing new market opportunities for private medical institutions [5][62][63]. - The report highlights the importance of digital regulation and standardization in enhancing service capabilities for private medical institutions, particularly in consumer healthcare sectors like pediatrics and dermatology [5][62]. Summary by Sections Industry Performance - The pharmaceutical and biological sector increased by 0.14%, ranking 15th among 31 primary industries, outperforming the Shanghai Composite Index by 1.47 percentage points [2][12]. - The medical services sub-sector reported a 1.31% increase, closing at 6827.17 points, with a year-to-date performance of 41.41% [24][27]. Company Performance - Top-performing companies in the medical services sector include Meidisi (+18.0%), Tongce Medical (+8.1%), and Nuosige (+5.7%), while underperformers include Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.56X from the previous week, while the PB ratio has risen by 0.06X, indicating a strengthening in market confidence [4][29]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. - It also recommends monitoring private medical service providers with compliance experience, such as Aier Eye Hospital, as they are expected to benefit from the evolving regulatory landscape [5][64].

Core Viewpoint - Tongce Medical (600763) experienced a decline of 2.16% on February 6, 2026, closing at 49.72 yuan, with significant fluctuations in capital flow and financing activities [1][2]. Group 1: Stock Performance and Capital Flow - On February 6, 2026, the stock had a turnover rate of 3.12%, with a trading volume of 139,700 hands and a total transaction amount of 701 million yuan [1]. - The net outflow of main funds was 21.2 million yuan, accounting for 3.02% of the total transaction amount, while retail investors saw a net outflow of 201.46 thousand yuan, representing 0.29% [1]. - Over the past five days, the stock's performance showed fluctuations, with a peak increase of 4.05% on February 5, 2026, followed by a decline on February 6, 2026 [1][2]. Group 2: Financing and Margin Trading - On February 6, 2026, the financing buy amounted to 76.85 million yuan, while financing repayment was 58.29 million yuan, resulting in a net financing purchase of 18.56 million yuan [1]. - The margin trading balance stood at 792 million yuan, with a margin balance of 10.36 million yuan and a remaining short selling volume of 20,840 shares [1][2]. Group 3: Company Financials and Industry Comparison - As of the latest report, Tongce Medical's total market value is 22.239 billion yuan, with a net asset of 4.703 billion yuan and a net profit of 514 million yuan [4]. - The company has a price-to-earnings ratio of 32.48 and a price-to-book ratio of 5.12, with a gross margin of 41.69% and a net margin of 26.91% [4]. - In the first three quarters of 2025, the company's main revenue reached 2.29 billion yuan, reflecting a year-on-year increase of 2.56%, while the net profit increased by 3.16% to 514 million yuan [4].

Group 1 - The core stock price of Tongce Medical (600763) closed at 50.82 yuan on February 5, 2026, with an increase of 4.05% and a turnover rate of 5.56% [1] - The total trading volume was 248,500 hands, with a transaction amount of 1.263 billion yuan [1] - The net inflow of main funds was 56.9739 million yuan, accounting for 4.51% of the total transaction amount, while retail investors had a net outflow of 80.8599 million yuan, accounting for 6.4% [1] Group 2 - In the financing and securities lending data, the financing buy amounted to 85.6864 million yuan, while the financing repayment was 122 million yuan, resulting in a net repayment of 36.5689 million yuan [2] - The securities lending sell was 4,700 shares, with a repayment of 3,900 shares, leaving a remaining amount of 212,100 shares and a balance of 10.7779 million yuan [2] - The total financing and securities lending balance was 774 million yuan [2] Group 3 - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, a year-on-year increase of 2.56%, and a net profit attributable to shareholders of 514 million yuan, up 3.16% year-on-year [3] - The gross profit margin was 41.69%, with a debt ratio of 25.1% and investment income of 41.2243 million yuan [3] - In the latest 90 days, four institutions provided ratings for the stock, with three buy ratings and one hold rating, and the average target price was 51.1 yuan [3]

Group 1 - The core viewpoint of the article is that Tongce Medical (600763) is committed to a national expansion strategy while maintaining a steady pace, focusing on strengthening its leading position in Zhejiang province [1] - The company plans to gradually build a nationwide dental service network through a combination of mergers, acquisitions, and partnerships [1]