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China's largest dental hospital chain operator, providing dental care mainly through hospitals in Zhejiang and beyond.
China's largest dental hospital chain operator, providing dental care mainly through hospitals in Zhejiang and beyond.
Patients pay per procedure largely out of pocket, mostly for implants, orthodontics and children's care, and dentist time is the scarce resource. Regulated price cuts on dental implants from 2023 have weighed on its pricing. It runs flagship hospitals in Zhejiang that feed smaller clinics.
In one line: China's largest dental-clinic chain, akin to a scaled Aspen Dental.
Moat: narrow (brand, scale, regulatory licence). Leading dental-chain brand and scale advantage in acquiring hospital licences and dentists.
Headquarters: Hangzhou, China · Employees: 6,224
Size Topchoice Medical (600763.SS) is a China Health Care company (Hospital/Nursing Management) with a market value of $2.51B, the 1029th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.62 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against +2.2% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +6.5%); the operating margin is 26.1% (peer median 8.8%).
Valuation It trades at 26.7× forward earnings against a peer median of 36.5× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points above its cost of capital (9.9% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.12B | CN¥2.91B | CN¥2.87B | CN¥2.85B | CN¥2.72B |
| Revenue growth | — | +1% | +1% | +5% | — |
| Gross profit | CN¥1.42B | CN¥1.07B | CN¥1.06B | CN¥1.05B | CN¥1.08B |
| EBITDA | n/a | CN¥955M | CN¥960M | CN¥937M | CN¥953M |
| Net income | CN¥658M | CN¥502M | CN¥501M | CN¥500M | CN¥548M |
| Free cash flow | CN¥725M | CN¥570M | CN¥436M | CN¥358M | CN¥289M |
| Capital expenditure | CN¥205M | CN¥246M | CN¥332M | CN¥509M | CN¥422M |
| Total debt | CN¥1.23B | CN¥1.11B | CN¥1.44B | CN¥1.46B | CN¥1.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Topchoice Medical 600763.SS | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% |
| Huaxia Eye Hospital 301267.SZ | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600763.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | +2.4% | 4th highest of 21 |
| 6-month return | -10.8% | +2.2% | 6th lowest of 21 |
| Distance from 52-week high | -28.0% | -15.8% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.6% | +6.5% | 11th highest of 21 |
| Operating margin | 26.1% | 8.8% | highest of 20 |
| Forward P/E | 26.7× | 36.5× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 13.6% | 13.6% | 8th least demanding of 17 |
| Growth delivered (Del g) | +6.9% | +9.9% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | +6.6 pp | +2.1 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | +3.4 pp | -2.3 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 28.3× | 30.5% | +10.2% |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |