Our reporter Zhang Min

　　On February 10, Lv Jianming, chairman of Tongce Medical, "Yamao", made a hot search on Weibo by burning incense and praying for blessings in Jingshan Temple, violating local epidemic prevention policies.

　　The "Securities Daily" reporter noticed that on February 7, Lv Jianming's edited Weibo said: "Because of the epidemic, Jingshan Temple has not been open to the public recently, and the main gate has not been opened, but the side gate of the parking lot has not been closed. Everyone can go in and out. When you enter the temple, it is sparsely populated, and there are several young people in Hanfu posing for photos. I went into the main hall and burned three incense sticks.”

　　According to the original version, Lv Jianming said, "Due to the epidemic, Jingshan Temple has been closed to the public recently. Friends contacted the monks and were able to enter the hall and burn three incense sticks."

　　In addition to the news of the chairman praying to Buddha, there have been many things that have worried Tongce Medical and its investors recently: the total market value has shrunk significantly, the controlling shareholder has supplemented the pledge, and the dental implant business is facing centralized procurement.

　　Supplementary pledge while increasing holdings

　　As the leading target of A-share stomatology, Tongce Medical's total market value in June 2020 was less than 50 billion yuan, but since then, the company's stock price has started to open the listing mode: it will take a year, that is, in June 2021, the company's stock price will continue to rise, The total market value once climbed by more than 130 billion yuan.

However, in less than a year, the total market value of Tongce Medical has returned to the starting point. As of February 10, 2022, the total market value of Tongce Medical is about 48.9 billion yuan, falling below the 50 billion yuan mark, and the market value has shrunk by more than 80 billion yuan .

　　Just two days after Lv Jianming's worship of Buddha and burning incense attracted the market's attention, that is, on the evening of February 9, Tongce Medical issued an announcement showing that Lv Jianming increased his holdings of the company's shares by a total of 35,000 shares through the Shanghai Stock Exchange's securities trading system. , accounting for 0.01% of the company's total share capital.

　　Tongce Medical introduced that on January 8, 2022, the company disclosed the "Announcement on the Increase of the Company's Shares by the Actual Controller". Within 6 months from the date of disclosure of the report, the actual controller and chairman of the company, Lv Jianming The increase in the company's unrestricted circulating A shares shall not be less than 100,000 shares.

　　Tongce Medical said that after this increase in holdings, Lv Jianming directly held 1.189 million shares of the company, accounting for 0.37% of the total share capital. At the same time, Hangzhou Baoqun Industrial Group Co., Ltd. controlled by Lv Jianming held a total of 108.232 million shares of the company. 33.75% of the total share capital.

　　In this regard, the staff of Tongce Medical's board secretary office told the "Securities Daily" reporter that the increase in holdings was because he was optimistic about the company's development.

　　It is worth noting that before Lv Jianming increased his holdings, Hangzhou Baoqun Industrial Group (hereinafter referred to as "Baoqun Industrial"), the controlling shareholder of Tongce Medical, had repeatedly pledged the shares of listed companies.

On January 12 and January 29, Tongce Medical released the "Announcement on Partial Pledge of Shares by Controlling Shareholders" respectively.

　　Among them, the announcement on January 29 showed that Baoqun Industry held a total of 108.232 million shares of Tongce Medical, accounting for 33.75% of the total share capital; the number of pledged shares this time was 3.85 million shares, accounting for the company held by Baoqun Industry. 3.56% of the total number of shares of the company, accounting for 1.2% of the total number of shares of the company; after this supplementary pledge, the total number of pledged shares of Baoqun Industrial is 44.98 million shares, accounting for 41.56% of the company's shares held by Baoqun Industrial, accounting for 44.98 million shares of the company. 14.03% of the company's total shares; Baoqun Industrial's pledged shares accounted for 41.12% of the company's shares held by Baoqun Industrial and its concerted parties, accounting for 14.03% of the company's total shares.

　　In this regard, the staff of the above-mentioned board secretary office of Tongce Medical said that the supplementary pledge was because the pledge line was reached (the stock price was adjusted to).

　　On February 10, Tongce Medical's closing price was 152.8 yuan per share, a slight increase of 0.1%.

　　Does the centralized collection of dental implants affect the geometry?

　　The centralized procurement of dental implants may be the main fuse for the continuous adjustment of Tongce Medical's stock price.

　　Last year, the National Medical Insurance Bureau pointed out that qualified places should formulate reasonable payment standards according to their own economic development level and fund bearing capacity; give full play to the role of commercial insurance, and study and explore feasible paths for incorporating dental projects into the scope of commercial insurance payment.

　　According to Tongce Medical's third-quarter 2021 performance disclosure information, the dental implant business accounted for 16.47% of the entire operating income.

In the face of policy changes, Tongce Medical previously told this reporter that the centralized procurement of dental implants has little impact on the company's current business.

"The company is not a dental implant manufacturer, and centralized procurement reduces the company's costs to a certain extent." In the past, the company's dental implant business was mainly aimed at mid-to-high-end customers. With the announcement of the "Oral Implant Brand Catalog" in Ningbo, the company has also launched medium and low End-to-end dental implant business.

"Comparatively speaking, dental implants are still dominated by imported brands."

　　In response to investors' questions about the company's continued decline in the company's stock price, Tongce Medical said that the company's hospitals are operating normally, and the stock price in the secondary market is affected by various factors, but the market demand and space for oral medical services have not changed.

　　The centralized procurement of dental implants is a medical insurance payment for local hooking up the net or pushing high-priced consumables such as dental implants into some areas with strong payment ability, thereby increasing the penetration rate and benefiting the development of leading brand enterprises.

Li Yifeng, chief researcher of the pharmaceutical industry of Guangzhou Round Stone Investment, told the "Securities Daily" reporter, "Short-term centralized procurement has a certain impact on the profitability of dental chain institutions. By restricting the independent pricing items and fee scale of public hospitals, it will indirectly suppress the price of private institutions. The structural adjustment in exchange for price needs to be verified by the market. Therefore, there is uncertainty in the company's performance, and there will be a process of returning to rationality in valuation." (Securities Daily)