Five days evaporate nearly 8 billion!Under the influence of collection, will the huge myth of "Yaomao" end?

The house leak was in the rain, and the medical treatment that had been continuously used before, and once again encountered the "Black Swan".

According to a number of media reports, the State Medical Insurance Bureau recently issued a notice entitled "Notice on the Registration of Oral Planting Charges and Medical Service Price Surveys", which also indicates that the "dental implants collection", which has long been rumored in the market before, , Maybe it is really going to land.

Affected by the news, after the opening on August 15th, Tongmei Medical's stock price also fell straight. The market was approaching the limit of a time, and finally closed down by 9.03%. On the recent trading days, Tongmei Medical's stock price continued to fall. However, in just 5 days, Tongce Medical's stock price fell 16.27%, and the market value evaporated nearly 8 billion within 5 days.

As the "oral first share" of A shares, Tongmei Medical was previously called "Yaomao". With a stable growth performance and ultra -high gross profit margin, many funds were sought after. Li rose more than 12 times, and the market value in the peak period was as high as 135.29 billion. However, with the frequent emergence of the recent two years, the latest stock price of Tongmei Medical has fallen by more than 70 %, and the market value has evaporated more than 95 billion.

Nowadays, the collection of "Daeyongsong", known as the pharmaceutical enterprise, shows signs of the upcoming introduction. Will Tongmei Medical, which has been sharply adjusted before, will the next step? More importantly, will "Yaomao" have ended because of this profiteering myth?

Turning from the housing company to dental leader

As the so -called "Golden Eye and Silver Copper Bone", in the A -share market, dentistry has always been regarded by investors as the golden track of slopes.

However, although the dental track "slope is long and thick", in the A -share market, the company's company only has Tongcic Medical, which is also because of this. The pursuit of investors is regarded as "Yaomao".

Regarding the history of Tongmei Medical, the earliest traces of tracing back to 1995 27 years ago. At that time, Lu Jianming founded Tongce Real Estate Development Co., Ltd., mainly in the main business of real estate development. With the real estate of Zhengheju, Hao Hongyuan, Tongce Plaza, Qianjiang Times and other real estate, Lu Jianming successfully won the first bucket of gold. Tongce gradually restructured from the beginning of the real estate company to a comprehensive investment company.

In 2006, the then Hangzhou Stomatological Hospital was restructured. The hospital established in 1987 was the largest dental specialist hospital in Zhejiang. It was well -known in Zhejiang and even the country. At this time, Lu Jianming, who had already had financial freedom, heard the news, did not hesitate to spend 1 million yuan successfully photographed all the equity of the hospital, and injected all the equity of the hospital into the previous year. Among the "shell resources" in the "shell resource", the A -share "Oral No. 1 Stock" Tongshu Medical is also born.

Of course, listing is just the first step in Tongmei Medical Display. With the support of funds, Tongmei Medical has begun to replicate and expand through the "Regional General Institute+Branch" model. The so -called "Regional General Hospital+Branch" is to build each regional general hospital as a local -scale and average hospital. It will support the medical service skills and academic status of the doctor's medical service and academic status by the regional general hospital platform, and form a brand in the region Influence, the branch as the "moat" of the general center can quickly push the brand's influence, realize the optimization of medical resources and the convenience of customers.

At that time, Tongce Medical had three heads of Hangzhou Stomatological Hospital, the Pinghai Hospital District of Hangzhou Stomatoscopy, the Chengxi Hospital District, and the Ningbo Stomatological Hospital. In the end, rapid expansion was achieved. According to the data, Tongce Medical has achieved rapid expansion. As of the end of last year, more than 50 hospitals owned by Tongce Medical.

With the expansion of scale, the revenue of Tongmei Medical has also continued to grow. According to the latest financial report data, as of the end of 2021, Tongmei Medical achieved revenue of 2.781 billion yuan. Compared with the revenue of less than 100 million when it was listed in 2007, it has been nearly 30 times. The year of 10 million yuan increased to 703 million in 2021, which was nearly 70 times.

Can the collection of "Yaomao" continue?

In fact, the reason why Tongzhe Medical is called "Yaomao", in addition to the above reasons, but also because of its super strong ability to make money.

According to the latest financial report data, as of the first quarter of 2022, the gross profit margin of Tongmei Medical was 46.75%and a net interest rate of 29.07%. Although it is still difficult to compare with Guizhou Moutai, this data is already extremely high in the pharmaceutical industry in the pharmaceutical industry s level.

So why can Tongcate Medical maintain such a high gross profit margin? Behind this, it is actually related to the "sky -high" treatment cost of the dental implants industry.

Prior to this, there were media reports that the price of oral treatment was very expensive, and it cost thousands or even tens of thousands of costs.

For dental implants, the cost of treatment is higher. According to media reports, the average dental implanted treatment costs ranging from about 6,000-200,000 yuan. If you plant full-mouth teeth, it is equivalent to buying a suit in the county. Because the price is too expensive, there have been rumors in the market, and dental implants will be pushed to "collection".

And recently, there is more clear news about the "collection" of dental implants. According to media reports, the "Notice on the Investigation and Registration of Price and Registration of Medical Services and Medical Services" issued by the Office of the State Medical Insurance Bureau not long ago, in order to implement the requirements of the relevant documents of the nine ministries and commissions, cooperate with the oral plant medical services and consumables charges. Special governance lays a solid foundation for subsequent implementation of implant centralized band procurement, standardized oral planting medical service price projects and charges, and decided to carry out comprehensive investigation and registration of oral planting charges and medical services.

From the past, as long as the relevant drugs enter the "collection" project, the price of the price will not be avoided. For example Profit has fallen sharply. Because of this, once the dental implants that used to be "profit" were "collective", the price decreased significantly, and the high -gross interest rate of Tongmei Medical will also be difficult to continue.

Of course, from the current point of view, we do not know what impact of Jicai on Tongcate Medical, and Tongce Medical also responded that "dental implants will not affect the company's product sales and profits." In terms of stock prices, consumers have great concerns about "collection".

After the news of the "dental implants collection" came out, the market opened on August 15th, the stock price of Tongmei Medical also fell straight, and the market was approaching the limit of a time, and the closing closed down 9.03%. In the recent trading days, The stock price of Tongce Medical continued to decline, but in just 5 days, Tongce Medical's stock price fell 16.27%, and the market value evaporated by nearly 8 billion in two days.

Obviously, dental implants are not as "impact" as the expectations of Tongmei Medical expectations. Once the dental implants are landed, Tongmei Medical's former huge profits myth may disappear at any time.

"Yaomao" is difficult to break the game

In addition to the litter of "dental implants", the weak growth is another problem of "tooth".

In fact, as early as the "dental implants" appeared, Tongmei Medical had a sharp decline in the weak performance growth.

According to the latest data, as of the first quarter of this year, Tongmei Medical achieved revenue of 654.6 billion, and revenue increased by only 3.74%year -on -year; net profit attributable to 166.5 million, a year -on -year increase of only 1.25%. The growth rate of the two data. They all set a new low in recent quarters.

Affected by the performance, its stock price has also been obviously retracted. As of the close of August 16, Tongmei Medical's stock price was only 132.15 yuan. Compared with the peak period, Tongmei Medical's stock price has fallen nearly seven to seven. With a market value, the market value has evaporated more than 90 billion.

The reason why the reason why it is difficult to grow in medical care is that "trapped in Zhejiang" is an important reason.

According to the financial report data, as of the fourth quarter of last year, Tongmei Medical's revenue in Zhejiang Province was 2.482 billion, accounting for 89.27%of revenue; revenue outside Zhejiang Province was 276.1 million, and the income ratio was only 9.93%. Obviously, most of the revenue of Tongce Medical still comes from Zhejiang.

Judging from the distribution of Tongce Medical Institutions, as of the fourth quarter of last year, of the 60 oral institutions opened in Tongce Medical, 43 in the province, and the remaining 17 oral medical institutions were distributed in Hubei, Hunan, Yunnan and Yunnan and Yunnan. Jiangsu Province, Zhejiang Province obviously occupies a big head.

In fact, as early as Tongce Medical Decision to implement the "Regional General Institute+Branch" model, this situation is already doomed now. After all, Tongce Medical's powerful and well -known general hospitals are still concentrated in Zhejiang Province. Once they come out, they have stepped out. In Zhejiang Province, the reputation of Tongce Medical will greatly decrease.

Regarding the slow expansion of the company, Lu Jianmin also previously explained that "the expansion of the hospital cannot be quickly starred as the fast -moving industry, and said that if Tongmei medical income is scattered across the country, it will increase huge management costs. Other people's opponents. "In other words, the status quo of Tongmei Medical may be difficult to solve in the short term.

From the current point of view, on the one hand, the "dental implants collection" hanging in the air and not really landing, on the other hand, is the current status of decline in revenue growth and weak growth. "Tooth" has now fallen into the altar. If the price of dental implants really decreased significantly due to the collection of dental implants, Tongmei Medical is likely to be the next step.

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