8月29日，国内中医连锁服务龙头—固生堂（02273）发布亮眼的2025年中期业绩。期内，公司实现营业 收入14.9亿元（单位：人民币，下同），同比增长9.5%；净利润1.5亿元，同比增长41.6%；EBITDA （息税折旧摊销前利润）约为2.7亿元，同比增长37.3%。 | | 附註 | 2025年 | 2024年 | | --- | --- | --- | --- | | | | 人民幣千元 | 人民幣千元 | | | | (未經審核) | (未經審核) | | 收入 | 4 | 1,494,891 | 1.364.979 | | 銷售成本 | | (1,037,035) | (963.767) | | 毛利 | | 457,856 | 401,212 | | 其他收入及收益 | રે | 17,112 | 17.786 | | 銷售及分銷開支 | | (177,122) | (160,104) | | 行政開支 | | (94,249) | (110,416) | | 其他開支 | | (10,515) | (15.378) | | 融資成本 | | (12,269) | (8.572) | | 應佔聯 ...

8月29日，国内中医连锁服务龙头—固生堂(02273)发布亮眼的2025年中期业绩。期内，公司实现营业收 入14.9亿元(单位：人民币，下同)，同比增长9.5%；净利润1.5亿元，同比增长41.6%；EBITDA(息税折 旧摊销前利润)约为2.7亿元，同比增长37.3%。 | | 時 註 | 2025年 | 2024年 | | --- | --- | --- | --- | | | | 人民幣千元 | 人民幣千元 | | | | (未經審核) | (未經審核) | | 收入 | 4 | 1,494,891 | 1.364.979 | | 銷售成本 | | (1,037,035) | (963.767) | | 毛利 | | 457,856 | 401,212 | | 其他收入及收益 | 5 | 17,112 | 17.786 | | 銷售及分銷開支 | | (177,122) | (160,104) | | 行政開支 | | (94,249) | (110,416) | | 其他開支 | | (10.515) | (15,378) | | 融資成本 | | (12,269) | (8,572) | | 應佔聯 ...

"服务+产品"双轮驱动出海，国医AI分身进一步拓展 截至1H25末，公司在国内及海外共有83家线下门店，上半年新增7家门店，在行业环境变化下保持谨慎 稳健扩张。出海方面，公司在新加坡通过自建旗舰店/小店+共建/并购诊所的模式，实现高速增长， 1H25在新加坡实现收入214.3万元，同比增长121.2%;同时，今年8月新药护发益发颗粒通过新加坡卫生 科学局认证，实现"服务+产品"双轮驱动出海;公司亦预计2H25将会继续开拓其他海外市场。AI方面， 公司于25年8月正式发布十大"国医AI分身"，覆盖八大中医核心专科领域，复制稀缺专家资源，提升用 户粘性。目前已实现每周数百名用户复诊，拉升用户回头率;公司预计2025年全年AI平台收入将实现高 速增长。 盈利能力持续向好，现金流保持健康，切实回报股东 1H25公司毛利率约30.6%(同比+1.2ppt)，销售费用率11.8%(同比+0.1ppt)，管理费用率6.3%(同 比-1.8ppt)，经调整净利率10.1%(同比+2.3ppt)，盈利能力持续优化。该行认为随着公司现有门店业绩持 续增长、自建/收购新店不断爬坡，利润率有望实现进一步提升。1H25公司经营性现金流 ...

智通财经APP获悉，中金发布研报称，维持固生堂(02273)25-26年经调净利润预测4.81/6.02亿元，当前 股价对应25-26年16.7/12.7x P/E(基于经调净利润，下同)。维持"跑赢行业"评级及目标价52.8港币，对应 25-26年26.3/21.0x P/E，较当前有62.5%上行空间。固生堂公布1H25业绩，收入14.95亿元，同比增长 9.5%;经调整净利润1.70亿元，同比增长24.4%;经调整净利率11.4%，同比+0.6ppt，业绩基本符合该行预 期。 1H25公司毛利率约30.6%(同比+1.2ppt)，销售费用率11.8%(同比+0.1ppt)，管理费用率6.3%(同 比-1.8ppt)，经调整净利率10.1%(同比+2.3ppt)，盈利能力持续优化。该行认为随着公司现有门店业绩持 续增长、自建/收购新店不断爬坡，利润率有望实现进一步提升。1H25公司经营性现金流达3亿元，同比 增长111%，明显快于收入及利润增长。目前现金储备充裕(截至1H25末为13.7亿元)，上半年斥资8468万 港元回购股份，并宣布未来计划于公开市场回购最多3亿港元股份;此外宣布派发中期分红7576. ...

固生堂(02273)发布公告，该公司于2025年9月1日斥资335.65万港元回购10万股股份，每股回购价格为 33.48-33.64港元。 ...

智通财经APP讯，固生堂(02273)发布公告，该公司于2025年9月1日斥资335.65万港元回购10万股股份， 每股回购价格为33.48-33.64港元。 ...

格隆汇9月1日丨固生堂(02273.HK)公告，9月1日耗资336万港元回购10万股。 ...

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1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 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 1.495 billion RMB in the first half of 2025, representing a year-on-year increase of 9.5%, and an adjusted net profit of 170 million RMB, up 15.2% year-on-year [2]. - The company is expanding its operations steadily, with offline medical institution revenue growing by 11.1% to 1.367 billion RMB, and total patient visits increasing by 15.3% to 2.747 million in the same period [2]. - The company has established a strong doctor resource barrier, with a total of 41,743 doctors, including 648 new offline practicing doctors, marking a 23.5% year-on-year increase [3]. - The company's in-house formulations business is experiencing rapid growth, with a revenue increase of 209% year-on-year, enhancing the revenue structure and reducing policy risk [3]. Summary by Sections Performance Review - In the first half of 2025, the company reported a revenue of 1.495 billion RMB, a 9.5% increase year-on-year, and a net profit attributable to shareholders of 152 million RMB, reflecting a 41.9% year-on-year growth [2]. Operational Analysis - The company is expanding its network, operating 84 medical institutions globally, with 83 in mainland China and 1 in Singapore, and has added 5 new self-built medical institutions in the first half of 2025 [2]. - Customer retention remains high, with a repeat visit rate of 69.3% [2]. - The company has formed partnerships with 37 medical alliance units, enhancing the supply of quality medical resources [2]. AI Application and Growth - The company has made significant progress in AI applications, launching its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering 8 core specialties by August [3]. - The introduction of the "AI Health Assistant" aims to improve patient experience and address the bottleneck in quality medical resource supply [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 410 million RMB, 524 million RMB, and 669 million RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 34%, 28%, and 28% [4]. - The earnings per share (EPS) are expected to be 1.74 RMB, 2.22 RMB, and 2.84 RMB for the same years, with corresponding price-to-earnings (PE) ratios of 19, 15, and 12 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.495 billion yuan (+9.52%) and net profit attributable to shareholders of 152 million yuan (+41.9%) [3][9] - The offline business showed steady growth, with a revenue increase of 11.1% to 1.37 billion yuan, driven by new acquisitions and existing business growth [5] - The company is actively embracing AI technology, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core traditional Chinese medicine specialties by August [8][9] Financial Performance - The company achieved a gross profit margin of 30.6% (+1.2 percentage points) and a net profit margin of 10.1% (+2.3 percentage points) in the first half of 2025 [6] - The company has expanded its network to 83 medical institutions across 20 cities in China, with one institution in Singapore as of June 30, 2025 [7] - The adjusted net profit for 2025 is forecasted at 398 million yuan, with subsequent years projected at 492 million yuan in 2026 and 588 million yuan in 2027 [9][10] Market Outlook - The demand for traditional Chinese medicine services is strong, supported by favorable policies, indicating a period of rapid growth for the industry [9] - The company is positioned as a leading chain in the traditional Chinese medicine service sector, with significant long-term growth potential due to its brand, talent, and resource advantages [9]