Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$67.35, indicating an expected upside from the current price of HK$33.25 [2][5]. Core Insights - The company achieved rapid revenue growth in 2024, with revenue reaching RMB 3.02 billion, a year-on-year increase of 30.1%. The net profit was RMB 310 million, reflecting a 21.4% increase, while the adjusted net profit was RMB 400 million, up 31.4% [3][10]. - The company is focusing on overseas expansion through mergers and acquisitions, particularly in regions with significant Chinese populations, such as Singapore, Hong Kong, Malaysia, and Indonesia [4][11]. - The integration of AI technology is expected to enhance operational efficiency and service quality, with plans to launch applications like "Famous Doctor Avatar" and "Health Assistant" in 2025 [12][13]. Financial Performance - Revenue projections for 2025 and 2026 are RMB 3.79 billion and RMB 4.63 billion, respectively, with year-on-year growth rates of 25.3% and 22.2% [5][13]. - The adjusted net profit for 2025 and 2026 is expected to be RMB 480 million and RMB 580 million, with growth rates of 20.6% and 21.0% [5][13]. - The gross profit margin is projected to remain stable at 30.1% over the forecast period [5][13]. Operational Expansion - By the end of 2024, the company operated 79 stores across 20 cities in China and Singapore, with a total of 21 new institutions added during the year [4][11]. - The average selling price (ASP) increased by 3.4% to RMB 559, while the number of patient visits rose by 25.9% to 5.41 million [4][11]. Management and Strategy - The company has developed a standardized operational model that supports its rapid expansion and enhances brand recognition [4][11]. - The management team is leveraging a large dataset of high-quality diagnostic information to develop AI applications, which is expected to replicate high-quality physician resources and improve service delivery [12][13].

公 华福证券 司 研 究 固生堂（02273.HK） 2024 年报点评：业绩增长强劲，整体符合预期 公 事件：公司公布 2024 年报，报告期内公司实现收入 30.2 亿元（+30.1%）， 归母净利润 3.07 亿元（+21.6%），经调净利润 4 亿元（+31.4%），整体符 合预期。 其中，24H2 实现收入 16.6 亿元（+24%），经调净利润 2.52 亿元（+24.4%）。 线下业务持续高速增长，业务量价齐升。 司 财 报 点 评 2024 年公司线下业务实现收入 27.4 亿元（+34.5%），我们认为主要系 新收购机构和现有机构业务增长贡献；线上实现收入 2.82 亿元（-1.5%）。 报告期内，公司实现就诊人次 541.1 万人次（+25.9%），实现客单价 559 元（+3.3%），客户回头率由 23 年的 65.2%提升至 24 年的 67.1%。 财务分析：盈利能力持续增强，费用率控制得当。 2024 年公司销售/管理/财务费用率分别为 12.2%/6.1%/0.6%，分别同比 变化+0.1/-0.6/-0.5pct，实现毛利率 30.1%，同比持平，实现归母净利率 10.2% （ ...

智通财经APP获悉，3月31日，固生堂(02273)正式发布2024年度业绩公告。报告显示，公司全年营业收 入突破30.2亿元，同比增长30.1%;经调整净利润达4.0亿元，同比增长31.4%。不考虑汇兑损益的经调整 利润为4.07亿元，较2023年的2.91亿元增长39.8%。 以广州为例，2024年会员人数近12万人，同比增长超25%，会员收入占比超65%(同比提升近5%)。在业 务结构上，自费护士治疗收入同比增长超50%，其中25岁以下用户贡献业绩占比近25%。年轻人悦己消 费高景气，为区域收入利润增长带来额外动能。 2024年末期拟新增每股派息0.41港元，此前中期分红派息每股0.13港元，全年累计分红预计1.19亿元人 民币。系列举措体现了公司对股东利益的高度重视。 医疗资源与创新驱动固壁垒 本土加密与海外破局双驱动 2024年，新增医联体合作单位8家(如黑龙江中医药大学、山东中医药大学、江阴市中医院等)，累计合 作单位达28家。合作医生数量达40,242人，新增3,018人;线下合作医生达6,052人，其中高级职称医生增 加502人，占比47%。 2024年，固生堂持续推进"同城加密+新城拓展+海 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue growth of 30.1% year-on-year to 3.02 billion RMB and an adjusted net profit growth of 31.4% to 400 million RMB, exceeding profit expectations by 3.1% [1][2]. - The company is expanding its offline store network, adding 21 new stores in 2024, significantly up from 9 in 2023, and now operates 78 stores across 20 cities in China and Singapore [1][7]. - The management expects a revenue growth of 25% year-on-year in 2025, with adjusted profit growth of no less than 20% [1][7]. Financial Performance - For FY23A, the company achieved a sales revenue of 2,323 million RMB, with a projected increase to 3,022 million RMB in FY24A [2]. - The adjusted net profit for FY23A was 305 million RMB, expected to rise to 400 million RMB in FY24A [2]. - The adjusted earnings per share (EPS) for FY24A is projected at 1.64 RMB, with a market average estimate of 1.93 RMB for FY25E [2]. Valuation - The target price is set at 52.38 HKD, representing a potential upside of 57.5% from the current price of 33.25 HKD [3][7]. - The report adjusts the DCF-based target price, reflecting a WACC of 10.2% and a perpetual growth rate of 3.0% [10][7]. Growth Strategy - The company is leveraging AI technology to enhance service efficiency and patient care, with plans to launch AI-powered services to improve the productivity of scarce medical resources [7][8]. - The management aims to increase overseas revenue to 150-200 million RMB by 2025, focusing on expanding in first-tier cities in China and entering new markets [7][8]. Shareholder Returns - The company returned 420 million RMB to shareholders in 2024 through dividends and buybacks, amounting to 137% of its net profit for the year [7][8]. - The management anticipates maintaining a dividend payout ratio of over 30% in the future [7].

证券研究报告 | 2025年04月02日 固生堂（02273.HK） 优于大市 2024 年业绩维持高增速，AI 赋能有望拓展全新增长空间 2024 年公司收入维持高增速，AI 赋能有望带来业务能力提升。2024 年公司 实现营收 30.22 亿元（+30.1%），溢利净额 3.07 亿元（+21.6%），经调整 溢利净额 4.00 亿元（+31.4%）。2024 年公司旗下医疗机构延续 2023 年高 速增长的态势，彰显了公司业务的发展韧性；公司保持外延迅速扩张的节奏， 拓展国内的覆盖范围及市场份额，同时于上半年进军新加坡市场，迈出国际 化第一步。凭借内生增长和外延并购的双轮驱动，以及线下医疗机构和线上 健康平台相结合的业务模式，公司民营中医连锁服务机构龙头地位日渐稳 固。此外，叠加公司将推出的名医"AI 分身"为公司的诊疗质量和水平带来 的提升，公司未来增长势头依然强劲。 客户群持续增长，诊疗量与会员人数同比提升。按营收拆分来看，医疗健康 解决方案 2024 年实现收入 29.88 亿元（+30.6%），占总收入的 98.9%。2024 年全年，公司新增客户 88.9 万人，总就诊人次达到 541.1 万 ...

2025 年 4 月 2 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) AI 赋能中医服务龙头 资料来源：公司资料、彭博及招银国际环球市场预测 | 目标价 | 52.38 港元 | | --- | --- | | (此前目标价 | 56.50 港元) | | 潜在升幅 | 57.5% | | 当前股价 | 33.25 港元 | 中国医药 武 煜, CFA (852) 3900 0842 jillwu@cmbi.com.hk 黄本晨, CFA huangbenchen@cmbi.com.hk 公司数据 固生堂发布 24 年度业绩，收入同比增长 30.1%至 30.2 亿元，经调整净利润同比 增长 31.4%至 4.0 亿元。公司的收入符合我们的预期，但利润端比我们的预测高 3.1%。公司业绩在医保监管趋严的情况下保持了高速的增长，体现出固生堂作为 龙头企业的合规性以及强劲发展势头。受益于强劲增长的客户需求，公司线下收 入同比增长 35%，其中老店收入同比增长 28%，门诊人次同比增长 25.9%，客单 价同比增长 3.3%。公司持续推进医联体合作，全年新增 8 家医联体合作单位。 ...

截至2025年4月1日 09:34，恒生医疗保健指数(HSHCI)强势上涨2.09%，成分股固生堂(02273)上涨8.36%，海吉亚医疗(06078)上涨7.74%，药明生物(02269)上 涨4.99%，三生制药(01530)，药明合联(02268)等个股跟涨。恒生医疗ETF(513060)高开高走上涨2.53%，最新价报0.49元，盘中成交额已达1.28亿元，暂居可 比ETF1/3，换手率0.97%。 规模方面，恒生医疗ETF近1年规模增长26.48亿元，实现显著增长，新增规模位居可比基金1/3。 跟踪精度方面，截至2025年3月31日，恒生医疗ETF近3月跟踪误差为0.032%，在可比基金中跟踪精度最高。 从估值层面来看，恒生医疗ETF跟踪的恒生医疗保健指数最新市盈率（PE-TTM）仅25.11倍，处于近1年2.17%的分位，即估值低于近1年97.83%以上的时 间，处于历史低位。 近日，国家药监局发布《2024年度药品审评报告》。报告显示，2024年我国全年批准1类创新药48个，涵盖肿瘤、神经系统疾病、内分泌系统疾病和抗感染 等近20个治疗领域。 长城国瑞证券指出，近期医药行业多重政策及研发进展释放 ...

Financial Performance - The group's revenue increased by 30.1% from RMB 2,323.4 million for the year ended December 31, 2023, to RMB 3,022.4 million for the year ended December 31, 2024[3]. - Gross profit rose by 29.9% from RMB 700.0 million in 2023 to RMB 909.3 million in 2024[3]. - Adjusted net profit increased by 31.4% from RMB 304.7 million for the year ended December 31, 2023, to RMB 400.4 million for the year ended December 31, 2024[3]. - The total comprehensive income for the year was RMB 319.5 million, compared to RMB 258.0 million in the previous year, reflecting a growth of 23.7%[5]. - Basic earnings per share increased from RMB 1.06 in 2023 to RMB 1.26 in 2024, representing an increase of 18.9%[6]. - The group's profit before tax for 2024 was RMB 306,780,000, an increase from RMB 252,202,000 in 2023, representing a growth of approximately 21.6%[44]. - The company's net profit increased by 21.4% from RMB 252.9 million for the year ended December 31, 2023, to RMB 307.2 million for the year ended December 31, 2024[88]. - The total tax expense for the year was RMB 56,101,000, compared to RMB 31,232,000 in 2023, indicating an increase of about 79.8%[40]. Assets and Liabilities - Non-current assets grew from RMB 1,541.7 million in 2023 to RMB 1,843.5 million in 2024, an increase of 19.6%[7]. - Cash and cash equivalents decreased from RMB 1,301.3 million in 2023 to RMB 1,116.4 million in 2024, a decline of 14.2%[8]. - Trade receivables increased from RMB 179.9 million in 2023 to RMB 269.4 million in 2024, a rise of 49.7%[7]. - The company reported a significant increase in goodwill from RMB 984.7 million in 2023 to RMB 1,132.5 million in 2024, an increase of 15.0%[8]. - The group's total assets at the end of 2024 were RMB 1,132,508,000, up from RMB 984,688,000 in 2023, reflecting an increase of approximately 15.0%[45]. - Trade payables increased to RMB 268,764 thousand in 2024 from RMB 247,145 thousand in 2023, representing an increase of 8.2%[49]. - The total trade payables and notes payable reached RMB 307,673 thousand in 2024, up from RMB 286,619 thousand in 2023, marking a growth of 7.3%[49]. Revenue Breakdown - Revenue from healthcare solutions amounted to RMB 2,987,656 thousand in 2024, up from RMB 2,287,100 thousand in 2023, reflecting a growth of 30.7%[28]. - Revenue from the sale of healthcare products was RMB 34,721 thousand in 2024, slightly down from RMB 36,251 thousand in 2023[28]. - Revenue from offline medical institutions increased by 34.5% from RMB 2,037.1 million for the year ended December 31, 2023, to RMB 2,740.5 million for the year ending December 31, 2024[72]. - Revenue from offline medical institutions accounted for 90.7% of total revenue in 2024, increasing from 87.7% in 2023, with a growth of 34.5%[71]. - The group's revenue from customer contracts for 2024 reached RMB 3,022,377 thousand, a significant increase of 30.1% compared to RMB 2,323,351 thousand in 2023[27]. Operational Developments - The company has integrated offline medical institutions with an online health platform, enhancing customer reach and service efficiency[50]. - The company aims to provide comprehensive healthcare solutions, particularly focusing on chronic disease management, through a combination of traditional Chinese medicine and Western medical practices[52]. - The establishment of a digital staff system has improved customer interaction and increased patient visits and retention rates at offline medical institutions[53]. - The company has implemented a full-process ERP system to enhance digital operations and management, improving efficiency across supply chain, sales, inventory, and accounting[54]. - The company collaborates with public hospitals and establishes expert committees to enhance its service capabilities and align with national policies for talent development in traditional Chinese medicine[56]. - As of December 31, 2024, the company operates 78 medical institutions across major cities in China and has expanded its services to Singapore, enhancing its international presence[59]. Customer Engagement - The company reported a total of 889,070 new customers in 2024, up from 803,973 in 2023, indicating a growth rate of approximately 10.6%[61]. - Cumulative customers reached 4,425,867 by the end of 2024, compared to 3,536,797 in 2023, reflecting a year-over-year increase of about 25.1%[61]. - The average spending per visit increased to RMB 559 in 2024 from RMB 541 in 2023, showing a growth of approximately 3.3%[61]. - Customer retention rate improved to 67.1% in 2024 from 65.2% in 2023, indicating enhanced customer loyalty[61]. - The number of members who consumed services in the medical network increased to 459,522 in 2024 from 364,482 in 2023, representing a growth of 26.1%[63]. - Member visits increased to 2,131,000 in 2024 from 1,568,000 in 2023, a rise of 35.8%[63]. Future Plans and Investments - The company plans to propose a dividend of RMB 89.96 million for the year ended December 31, 2024[8]. - The company plans to maintain a dividend of HKD 0.41 per share for the final dividend, pending shareholder approval[42]. - The company aims to increase R&D investment for the productization and standardization of healthcare solutions, having already obtained licenses for several traditional Chinese medicine formulations[66]. - The company plans to integrate big data and AI technologies into traditional Chinese medicine over the next three to five years, aiming to accelerate the digital transformation of its services[58]. - The company has established a governance framework to ensure compliance with corporate governance codes, although it deviates from the code regarding the separation of the roles of Chairman and CEO[109]. Compliance and Governance - The group has adopted revised Hong Kong Financial Reporting Standards for the first time in the current financial statements[14]. - The group plans to apply new and revised HKFRS that have been issued but are not yet effective, including HKFRS 18 and HKFRS 19, when they come into effect[18]. - The company has established an audit committee to assist the board in reviewing compliance, accounting policies, and financial reporting procedures[118]. - The company has maintained a public float of at least 25% of its total issued shares during the reporting period[117]. - No significant litigation or arbitration involving the company or its subsidiaries has been reported as of the announcement date[115].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is leveraging AI technology to create "AI avatars" of top traditional Chinese medicine (TCM) doctors, which is expected to enhance the efficiency and accessibility of TCM services [2][3]. - The integration of AI is anticipated to significantly improve patient experience by providing personalized health management and reducing the workload of doctors [3]. - The company is projected to release several AI avatars of leading experts by July 2025, which could help alleviate the supply bottleneck of quality TCM resources and accelerate revenue growth [2]. Financial Projections - The adjusted net profit forecasts for 2024, 2025, and 2026 are 409 million, 548 million, and 691 million CNY respectively, with corresponding EPS of 1.68, 2.28, and 2.88 CNY [3][4]. - Revenue is expected to grow from 3,042 million CNY in 2024 to 5,006 million CNY in 2026, reflecting a growth rate of 30.95% in 2024 and 27.80% in 2026 [4][9]. - The company is expected to benefit from the aging population and supportive policies in the TCM sector, enhancing its growth potential [3].

2025 年 3 月 13 日 公司研究 智能赋能中医诊疗，名医"AI 分身"值得期待 ——固生堂（2273.HK）事件点评报告 要点 事件：近期，固生堂中医集团宣布重磅合作——欧洲科学院外籍院士、清华大 学人工智能研究院常务副院长孙茂松受聘出任集团人工智能高级顾问。此前， 公司宣布正式接入 DeepSeek，成为行业发展的又一里程碑，公司正积极为"中 医+AI"探索智能化诊疗、个性化服务与高效化管理做出新尝试。 点评： 打造名医的"AI 分身"，助力中医医疗新变革。基于真实、庞大的数据源，固生 堂正在打造名医的"AI 分身"。AI 可以基于专家共识通过深度学习算法，对专 家专属数据进行反复训练，能够复制头部专家的诊疗能力，模拟专家思维方式， 更好地服务广大患者。DeepSeek 深度学习算法构建的能力可以方便基层医生 和青年医生迅速掌握名医的诊疗思路，实现名医经验的传承与创新发展，大幅 缩短临床经验积累周期，提升优质医疗资源供给能力。公司预计有望在 25 年 7 月发布数名头部专家的"AI 分身"接入线上线下的诊疗场景，我们认为积极打 造名医的"AI 分身"有望推动中医诊疗突破优质中医资源的供给瓶颈，助力公 ...