TOPCHOICE MEDICAL CORPORATION Plans No Dividend for 2025: Net Profit of 502 Million Yuan Retained, Betting on Optometry and Dandelion Expansion.

Source: Topchoice Medical 2025 Annual General Meeting Materials

DentalGoodNews | On June 26, 2026, TOPCHOICE MEDICAL CORPORATION (hereinafter referred to as "TOPCHOICE MEDICAL") will hold its 2025 Annual General Meeting of Shareholders. According to the meeting materials disclosed by the company, TOPCHOICE MEDICAL achieved operating revenue of RMB 2.913 billion in 2025, a year-on-year increase of 1.37%; net profit attributable to shareholders of the listed company reached RMB 502 million, up 0.19% year-on-year.

According to previous reports by DENTALGOODNEWS (Leading Dental Industry Media, DGN), TOPCHOICE MEDICAL's revenue growth in 2025 was primarily driven by an increase in medical service income, though revenue from Dental Implant and pediatric services saw a slight decline. During the reporting period, the company's annual outpatient visits reached 3.5736 million, up 1.14% year-on-year; as of the end of 2025, the company operated 89 medical institutions, deployed 3,180 dental chairs, and employed 4,452 professional medical staff.

In terms of profit distribution, the Board of Directors of TOPCHOICE MEDICAL proposed no cash dividends for 2025, nor any conversion of capital reserves into share capital or other forms of distribution. The company stated that, considering the capital needs for acquisitions and new construction, renovation, and expansion projects, the cumulative External Investment expenditure planned for 2026 will exceed 30% of the most recently audited net assets and surpass RMB 50 million, with total External Investment for related projects reaching RMB 1.28 billion.

The specific investment breakdown shows that TOPCHOICE MEDICAL plans to pay RMB 600 million in 2026 to acquire 100% equity in four companies—Hangzhou Cunji Glasses Co., Ltd., Ningbo Guangji Ophthalmology Optometry Technology Co., Ltd., Hangzhou Guangji Ophthalmology Optometry Technology Co., Ltd., and Xinchang Guangji Glasses Co., Ltd.—to expand its ophthalmology and optometry business layout. Additionally, the construction of the Hangzhou Stomatology Hospital City West Headquarters and the company's headquarters project is expected to cost approximately RMB 120 million; the Hangzhou Stomatology Future Science City General Hospital project is expected to incur construction expenses of about RMB 150 million; the Ningbo regional headquarters plot project is expected to invest RMB 100 million; and the Fugao Chujing (2021) No. 3 plot construction project is expected to invest RMB 100 million.

Regarding the "Dandelion Plan" within Zhejiang Province, TOPCHOICE MEDICAL disclosed that related construction and renovation/expansion projects for existing hospitals in 2026 are expected to invest approximately RMB 100 million. Among these, Dandelion hospitals in Shengzhou and Qujiang will gradually enter the construction phase, while campuses such as Yuehu, Huzhou, and Beilun will undergo renovation and expansion. The remaining funds will be allocated to the decoration, equipment procurement, and rent payments for the Central Zhejiang Oral General Hospital (approximately RMB 50 million), as well as equipment renewal expenditures for existing hospitals (approximately RMB 60 million).

Source: Topchoice Medical 2025 Annual General Meeting Materials

In terms of operational efficiency, based on a rough calculation of disclosed data, TOPCHOICE MEDICAL's per-capita efficiency (total revenue divided by number of professional medical staff) in 2025 was approximately RMB 654,300 per person, and per-chair efficiency (total revenue divided by number of dental chairs deployed) was approximately RMB 916,000 per chair. To further unlock productivity, the company plans to fully implement a "Major Department System" reform in 2026, establishing a vertical management system featuring "unique doctor ID, AI task assignment, and province-wide mobility," and building a One-ID digital foundation to drive process intelligence.

Source: Topchoice Medical 2025 Annual General Meeting Materials

In terms of capital operations, TOPCHOICE MEDICAL previously disclosed plans to repurchase shares through centralized bidding using RMB 50 million to RMB 100 million of its own funds or self-raised funds, and subsequently cancel them. Meeting materials indicate that the repurchase plan is intended to reduce registered capital, with the upper limit of the repurchase price set at RMB 60.12 per share. Meanwhile, the company disclosed that directors and senior management had engaged in share increases within the six months prior to the Board's resolution on the share repurchase.

As of the end of 2025, TOPCHOICE MEDICAL's total assets stood at RMB 6.042 billion, down 2.99% year-on-year; net assets attributable to shareholders of the listed company were RMB 4.234 billion, up 5.12% year-on-year. The company stated that in 2026, it will address market changes brought by the VBP for Dental Implant through a tiered pricing system, driving customers from single implant treatments toward comprehensive Oral life-cycle management.