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Context. TOI-732 is an M dwarf hosting two transiting planets that are located on the two opposite sides of the radius valley. Inferring a reliable demographics for this type of systems is key to understanding their formation and evolution mechanisms. Aims. By doubling the number of available space-based observations and increasing the number of radial velocity (RV) measurements, we aim at refining the parameters of TOI-732 b and c. We also use the results to study the slope of the radius valley and the density valley for a well-characterised sample of M-dwarf exoplanets. Methods. We performed a global Markov chain Monte Carlo analysis by jointly modelling ground-based light curves and CHEOPS and TESS observations, along with RV time series both taken from the literature and obtained with the MAROON-X spectrograph. The slopes of the M-dwarf valleys were quantified via a support vector machine (SVM) procedure. Results. TOI-732b is an ultrashort-period planet (P= 0.76837931_-0.00000042^+0.0000039days) with a radiusR_b= 1.325_-0.058^+0.057R_⊕, a massM_b= 2.46 ± 0.19M_⊕, and thus a mean densityρ_b= 5.8_-0.8^+1.0g cm^-3, while the outer planet atP= 12.252284 ± 0.000013 days hasR_c= 2.39_-0.11^+0.10R_⊕,M_c= 8.04_-0.48^+0.50M_⊕, and thusρ_c= 3.24_-0.43^+0.55g cm^-3. Even with respect to the most recently reported values, this work yields uncertainties on the transit depths and on the RV semi-amplitudes that are smaller up to a factor of ~1.6 and ~2.4 for TOI-732 b and c, respectively. Our calculations for the interior structure and the location of the planets in the mass-radius diagram lead us to classify TOI-732 b as a super-Earth and TOI-732 c as a mini-Neptune. Following the SVM approach, we quantified d logR_p,valley/ d logP= -0.065_-0.013^+0.024, which is flatter than for Sun-like stars. In line with former analyses, we note that the radius valley for M-dwarf planets is more densely populated, and we further quantify the slope of the density valley as d log ρ^_valley/ d logP= -0.02_-0.04^+0.12. Conclusions. Compared to FGK stars, the weaker dependence of the position of the radius valley on the orbital period might indicate that the formation shapes the radius valley around M dwarfs more strongly than the evolution mechanisms.