[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of the company's governance structure, including board composition, committees, and fundamental corporate details [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Director Mr. Tu Zhiliang serves as Chairman[6](index=6&type=chunk)[8](index=8&type=chunk) - Mr. Gao Jian ceased to be a non-executive director effective June 20, 2025[6](index=6&type=chunk)[8](index=8&type=chunk) - Ms. Wang Lan was appointed as an independent non-executive director and Chairman of the Remuneration Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Ms. Jin Xu resigned as an independent non-executive director and member of the Remuneration/Nomination Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company is registered in the Cayman Islands, with its China headquarters in Guangzhou and principal place of business in Hong Kong - Registered office in the Cayman Islands, China headquarters in Nansha District, Guangzhou City, and principal place of business in Wan Chai, Queen's Road East, Hong Kong[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal bankers are Industrial and Commercial Bank of China and Shanghai Pudong Development Bank[13](index=13&type=chunk)[14](index=14&type=chunk) - Auditor is Ernst & Young, and Hong Kong legal counsel is Tian Yuan Law Firm[13](index=13&type=chunk)[14](index=14&type=chunk) - Stock code is 2273, and the company website is www.gstzy.cn[14](index=14&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 9.5% year-on-year to **RMB 1,494.9 million**, with net profit growing by 41.6% to **RMB 152.0 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,494,891 | 1,364,979 | 129,912 | 9.5% | | Gross Profit | 457,856 | 401,212 | 56,644 | 14.1% | | EBITDA | 265,003 | 193,047 | 71,956 | 37.3% | | Profit Before Tax | 179,992 | 125,085 | 54,907 | 43.9% | | Net Profit | 151,954 | 107,275 | 44,679 | 41.6% | | Adjusted Net Profit | 170,389 | 147,888 | 22,501 | 15.2% | | Basic Earnings Per Share (RMB) | 0.63 | 0.44 | 0.19 | 43.2% | | Diluted Earnings Per Share (RMB) | 0.62 | 0.43 | 0.19 | 44.2% | | Gross Profit Margin | 30.6% | 29.4% | N/A | 1.2% | | Net Profit Margin | 10.2% | 7.9% | N/A | 2.3% | | Adjusted Net Profit Margin | 11.4% | 10.8% | N/A | 0.6% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's operational performance, financial position, and future strategic outlook [BUSINESS REVIEW](index=7&type=section&id=BUSINESS%20REVIEW) The Group, a Chinese Traditional Chinese Medicine (TCM) healthcare service provider, offers comprehensive services and products through its online and offline network - The Group is committed to providing comprehensive TCM healthcare services and products through its offline medical institutions and online healthcare platform network, emphasizing basic medical care[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group combines TCM and Western medicine diagnostics to offer comprehensive healthcare solutions, focusing on chronic disease management and long-term follow-up and health management for customers[23](index=23&type=chunk)[25](index=25&type=chunk) [Digitalization & AI Empowerment](index=8&type=section&id=Digitalization%20%26%20AI%20Empowerment) The Group continuously strengthens operational standardization and digitalization, implementing various systems and launching AI-powered services to enhance efficiency and customer experience - Established a digital clerk system, presenting operational data in digital reports to enhance interaction between offline medical institutions and customers, increasing patient visits and return rates[27](index=27&type=chunk) - Developed a medical CRM system, integrating the development and management of medical professional teams, utilizing digital statistics for daily operations and management analysis to improve operational efficiency[27](index=27&type=chunk) - Built an intelligent prescription review and compliance platform, embedding national medical insurance reimbursement schemes and local medical insurance bureau regulations, utilizing information technology for compliance control[31](index=31&type=chunk) - Constructed a closed-loop ERP system for the entire business process, enhancing management efficiency through comprehensive system management of supply chain, sales, inventory, and accounting[31](index=31&type=chunk) - Launched the first "National TCM AI Avatar" in June 2025, followed by 10 major AI avatars by August, covering 8 core TCM specialties such as oncology and dermatology, and introduced an AI health assistant to empower TCM services with AI technology[31](index=31&type=chunk) [Policy Support & Industry Trends](index=9&type=section&id=Policy%20Support%20%26%20Industry%20Trends) The Chinese government continues to introduce favorable policies supporting the inheritance and innovative development of Traditional Chinese Medicine (TCM) - In February 2021, the Chinese government issued "Several Policy Measures on Accelerating the Characteristic Development of Traditional Chinese Medicine," encouraging social forces to establish chain-operated renowned TCM clinics to provide first-class TCM services[29](index=29&type=chunk)[30](index=30&type=chunk) - In December 2021, the National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine jointly issued "Guiding Opinions on Medical Insurance Support for the Inheritance and Innovative Development of Traditional Chinese Medicine," supporting the development of "Internet+" TCM and its inclusion in medical insurance, adjusting TCM medical service prices, and allowing TCM medical institutions to independently price their in-house preparations[33](index=33&type=chunk)[35](index=35&type=chunk) - In March 2022, the "Physicians Law of the People's Republic of China" came into effect, encouraging physicians to regularly provide services at medical and health institutions below the county level; in the same year, the "14th Five-Year Plan for the Improvement of Grassroots Traditional Chinese Medicine Service Capacity" was released, encouraging social forces to establish TCM medical institutions at the grassroots level[34](index=34&type=chunk)[36](index=36&type=chunk) - In February 2023, the General Office of the State Council issued the "Implementation Plan for Major Projects to Revitalize and Develop Traditional Chinese Medicine," focusing on enhancing TCM capabilities at grassroots medical institutions and cultivating high-quality TCM talents[37](index=37&type=chunk)[38](index=38&type=chunk) - In June 2024, the General Office of the State Council issued "Key Tasks for Deepening the Reform of the Medical and Health System in 2024," supporting pilot programs for advantageous TCM therapies, integrated medical group reforms, inheritance and innovative development of TCM, talent cultivation, and productization of in-house preparations[40](index=40&type=chunk)[42](index=42&type=chunk) - In July 2024, the National Administration of Traditional Chinese Medicine and the National Data Administration jointly issued "Several Opinions on Promoting the Development of Digital Traditional Chinese Medicine," planning to integrate big data, artificial intelligence, and other emerging digital technologies into the inheritance and innovation of TCM within the next three to five years, accelerating intelligent transformation[41](index=41&type=chunk)[43](index=43&type=chunk) - In March 2025, the General Office of the State Council issued "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry," aiming to comprehensively enhance the quality of TCM and promote its high-quality industrial development, bringing new opportunities for the Group[44](index=44&type=chunk)[46](index=46&type=chunk) [Revenue Sources & Network Expansion](index=13&type=section&id=Revenue%20Sources%20%26%20Network%20Expansion) During the reporting period, the Group's revenue primarily stemmed from providing healthcare solutions and selling healthcare products - During the reporting period, the Group's revenue primarily came from providing healthcare solutions and selling healthcare products[45](index=45&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, the Group owned and operated 83 medical institutions in 20 cities in China and 1 medical institution in Singapore, all operating under the "Gushengtang" brand[49](index=49&type=chunk)[51](index=51&type=chunk) - During the reporting period, the Group expanded its business footprint through strategic acquisitions and organic growth, including acquiring 90% equity in Wuhan Future TCM Hospital, 100% in Wuxi Tongkang TCM Hospital, 100% in Beijing Bohua Jingkang TCM Hospital, 100% in Changshu Guangren Hospital, and controlling stakes in Tianjin Pingan Comprehensive Clinic and Shenzhen Tianyuan TCM Anorectal Hospital[50](index=50&type=chunk)[52](index

Group 1 - The company, Guoshengtang (02273), announced a share buyback plan [1] - The total amount allocated for the buyback is HKD 3.064 million [1] - The company plans to repurchase 100,000 shares at a price range of HKD 30.50 to HKD 30.88 per share [1]

Core Viewpoint - The company, Guoshengtang (02273), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - Guoshengtang plans to repurchase 100,000 shares at a total cost of HKD 3.064 million [1] - The buyback price ranges from HKD 30.50 to HKD 30.88 per share [1]

Group 1 - Company announced a share buyback of 100,000 shares at a cost of HKD 3.064 million on September 26 [1]

FF305 第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份 (擬註銷但尚未註銷) | | 100,000 | 0.0424 % | HKD | 33.5652 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月1日 | | | | | | 2). | 購回股份（擬註銷但尚未註銷） | | 140,900 | 0.0597 % | HKD | 33.0529 | | | 變動日期 | 2025年9月2日 | | | | | | 3). | 購回股份（擬註銷但尚未註銷） | | 51,400 | 0.0218 % | HKD | 32.9654 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份（擬註銷但尚未註銷） | | 80,200 | 0.0340 % | HKD | 33.5761 | | | 變動日期 | 2025年9月10日 | | | | | | 5). | 購回股份（擬註銷但尚未註銷） | | 74,400 | 0.0315 % | HKD | 33.2982 | ...

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Anta Sports, conducted share buybacks on September 25, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1]. Company Buyback Details - Tencent Holdings (00700) repurchased 844,000 shares for a total of 550 million, with a year-to-date total of 63.29 million shares, representing 0.689% of its total share capital [2]. - Anta Sports (02020) repurchased 1.065 million shares for 99.82 million, with a year-to-date total of 7.31 million shares, accounting for 0.260% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 8.1 million shares for 32.97 million, with a year-to-date total of 92.44 million shares, representing 0.080% of its total share capital [2]. - China Hongqiao Group (01378) repurchased 1 million shares for 24.87 million, with a year-to-date total of 153 million shares, accounting for 1.630% of its total share capital [2]. - CIMC (02039) repurchased 3.04 million shares for 23.37 million, with a year-to-date total of 24.78 million shares, representing 0.800% of its total share capital [2]. - Hang Seng Bank (00011) repurchased 200,000 shares for 23.13 million, with a year-to-date total of 7.93 million shares, accounting for 0.421% of its total share capital [2]. - MGM China (02282) repurchased 1 million shares for 15.75 million, with a year-to-date total of 2.58 million shares, representing 0.680% of its total share capital [2]. - Haier Smart Home (06690) repurchased 600,000 shares for 15.17 million, with a year-to-date total of 1.65 million shares, accounting for 0.058% of its total share capital [2]. - Other companies such as Coolpad Group (02369) and Xinyi International (00732) also engaged in buybacks, with Coolpad repurchasing 1.088 million shares for 1.38 million, representing 7.166% of its total share capital [2].

Core Viewpoint - The company achieved revenue of 1.49 billion yuan in H1 2025, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 150 million yuan, up 41.9% year-on-year, with operating cash flow of 300 million yuan, an increase of 111% year-on-year, and free cash flow of 210 million yuan, up 466% year-on-year [1] Group 1: Financial Performance - The company's revenue from healthcare solutions reached 1.48 billion yuan in H1 2025, a year-on-year increase of 10.4% [1] - Revenue from the sales of health products was 10 million yuan, a decrease of 50.9% year-on-year, primarily due to a reduction in low-margin product sales [1] - Offline institutional revenue was 1.37 billion yuan, a year-on-year increase of 11.1%, with same-store sales accounting for 97.3% of this revenue, indicating growth driven by existing store operations [1] Group 2: Strategic Developments - The company added 7 new stores in H1 2025 (4 self-built and 3 acquired) and entered 2 new cities, indicating a strategy of "steady growth from existing stores and orderly expansion of new stores" [1] - The company reported a 209% year-on-year increase in revenue from in-hospital preparations and other self-priced products, marking explosive growth [2] - The company has established deep collaborations with major platforms like Xiaohongshu, Meituan, Douyin, and Gaode Map, with new users from these platforms accounting for 7.6% of the group's offline new user count [2] Group 3: Future Outlook - The company aims to enhance its AI capabilities, with the AI prescription payment rate reaching 76.7%, showing a month-on-month improvement [2] - The company has accumulated over 20 million consultation data, 18 million cases, and 100,000 high-quality expert data, indicating a strong data foundation for future AI applications [2] - The company plans to open AI-related functions to young doctors in October, further expanding its AI product offerings [2] Group 4: Earnings Forecast - Based on the mid-year report for 2025, the company adjusted its revenue downwards but raised its gross margin forecast, with projected earnings per share for 2025-2027 being 1.54, 1.88, and 2.30 yuan respectively [3] - The company is assigned a target price of 45.54 HKD based on a 27 times price-to-earnings ratio for 2025, maintaining a "buy" rating [3]

Core Viewpoint - The company Guoshengtang has been actively repurchasing its shares, indicating a strategy to support its stock price amid a recent decline in share value [2]. Summary by Category Share Buyback Activity - On September 25, Guoshengtang repurchased 140,000 shares at a price range of HKD 31.140 to HKD 31.520, totaling HKD 4.3815 million [2]. - Since September 10, the company has conducted share buybacks for 12 consecutive days, acquiring a total of 1.3272 million shares for a cumulative amount of HKD 43.1872 million [2]. - The stock has experienced a cumulative decline of 6.52% during the buyback period [2]. - Year-to-date, the company has executed 35 buybacks, totaling 4.2818 million shares and an aggregate amount of HKD 138 million [2]. Detailed Buyback Data - The buyback details include various dates, number of shares repurchased, highest and lowest prices, and total amounts spent, showcasing a consistent effort to stabilize the stock price [3]. - For instance, on September 24, 15,000 shares were repurchased at a maximum price of HKD 31.620, amounting to HKD 4.7004 million [3]. - The highest recorded buyback price was HKD 37.950 on June 5, with a total expenditure of HKD 1.1385 million for 3,000 shares [3].

智通财经APP讯，固生堂(02273)发布公告，于2025年9月25日，该公司斥资438.15万港元回购14万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 固生堂控股有限公司 呈交日期： 2025年9月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02273 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事 ...