2025 年 9 月 1 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) 固生堂 (2273 HK) - | 目标价 | 48.28 港元 | | --- | --- | | (此前目标价 | 52.75 港元) | | 潜在升幅 | 48.6% | | 当前股价 | 32.50 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 客单价企稳，业绩有望回到加速通道 固生堂发布 1H25 业绩报告，收入同比增长 9.5%至 14.9 亿元，净利润同比增长 41.6%至 1.5 亿元，经调整净利润同比增长 15.2%至 1.7 亿元。1H25 收入占我们 此前全年预测的 39.1%，稍低于历史区间 (42%-45%)，经调整净利润占我们此前 全年预测的 35.4%，处在历史区间的高位 (30%-35%)。固生堂业绩增长持续由稳 健的线下需求驱动，1H25 线下收入同比增长 11.1%，其中老店收入同比增长 8.2%，门诊人次同比增长 15.3%。公司主 ...

业绩稳健增长，盈利能力持续优化。2025 年上半年，公司收入稳步增长至14.95 亿元，同时盈利能力显 著提升，净利润同比增长41.6%至1.52 亿元，主要得益于毛利率的提升及费用的有效管控。2025 年上半 年，公司毛利率同比提升1.2 个百分点至30.6%；销售费用率为11.8%，同比保持稳定；管理费用率同比 降低1.8 个百分点至6.3%。运营指标方面，2025 年上半年，客户就诊人次增长至274.7 万人次，就诊次 均消费保持稳定，会员客户回头率保持在85%，粘性较强。公司持续推进全国化和国际化布局，新设7 家分院，截至2025 年6月底，全球线下诊疗机构数量达到83 家，为业绩增长提供坚实基础。 打造名医"AI 分身"，助力中医医疗新变革。依托海量、高质量的独家临床数据，固生堂正加速打造名 医的"AI 分身"。公司已合计发布10 大"国医AI 分身"，覆盖肿瘤、皮肤、消化等8 大核心专科。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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a total revenue of 1.495 billion yuan for the first half of 2025, representing a year-on-year growth of 9.5%, and a net profit of 152 million yuan, which is a 41.6% increase year-on-year [1][2] - The operating cash flow reached 300 million yuan, showing a significant increase of 111% year-on-year [1] - The company is focusing on the development of "AI avatars" for renowned doctors, which aims to enhance the quality of traditional Chinese medicine services and improve operational efficiency [3] Summary by Sections Financial Performance - In the first half of 2025, the company's revenue grew to 1.495 billion yuan, with a net profit of 152 million yuan, driven by improved gross margins and effective cost control [2] - The gross margin increased by 1.2 percentage points to 30.6%, while the management expense ratio decreased by 1.8 percentage points to 6.3% [2] - The number of patient visits increased to 2.747 million, with a stable average spending per visit and a member retention rate of 85% [2] Strategic Initiatives - The company is accelerating its national and international expansion, having established 7 new clinics, bringing the total number of global offline medical institutions to 83 by the end of June 2025 [2] - The development of "AI avatars" is expected to alleviate the supply bottleneck of quality traditional Chinese medicine resources and enhance the company's capacity for revenue growth [3] Profit Forecast and Valuation - The adjusted net profit forecasts for 2025, 2026, and 2027 are 493 million yuan, 594 million yuan, and 708 million yuan respectively [3] - The company is expected to benefit significantly from the aging population and supportive policies in the traditional Chinese medicine sector, alongside the advantages brought by AI [3]

另一方面，公司聚焦核心业务与高潜力区域，将资源集中于优势领域，减少或暂停对小型低效门店的投 入。此举有效降低成本，避免资源浪费，让资金、人力等核心资源得以精准投放到能够产生更高回报的 业务板块，实现资源的高效配置，为盈利增长提供坚实支撑。 在盈利高增的同时，公司收入持续增长。2025H1实现收入14.9亿元(+9.5%)，增长动力主要来自两个方 面：一是"同城加密+新城拓展"战略下，新增分院逐步进入盈利周期，贡献稳定收入增量；二是存量分 院通过精细化运营工具和AI健康助理赋能，患者复购人数同比提高14.8%，推动整体业绩增长。 受益于规模性增长带来的费用和成本占比的下降，公司的盈利能力进一步提升，综合毛利率提升至 30.6%。一方面，高毛利的自主定价产品收入同比增长209.1%，中医理疗、治未病等自费项目收入亦显 著增长，拉动整体毛利水平；另一方面，行政、销售费用率下降，推动EBITDA同步实现37.3%的高增 长，公司盈利能力进一步提升。 固生堂(02273)2025年上半年财报释放亮眼信号：净利润达1.5亿元，同比大幅增长41.6%；EBITDA(息税 折旧摊销前利润)2.7亿元，同比增长37.3%，两大 ...

Core Viewpoint - The company demonstrates strong confidence in its development and investment value through continuous dividends and share buybacks, as highlighted in its mid-term performance report for 2025 [1] Group 1: Share Buybacks and Shareholder Value - In the first half of 2025, the company spent HKD 84.689 million on 20 share buyback operations, repurchasing a total of 2.662 million shares and canceling 7.299 million shares, which directly enhances earnings per share and shareholder return rates [2] - Since initiating a regular buyback plan in August 2023, the company has invested over HKD 406 million in share repurchases, canceling a total of 10.18 million shares, creating a positive cycle of "buyback - cancellation - enhanced earnings" [2] Group 2: Dividend Distribution - The company declared a mid-term dividend of HKD 0.35 per ordinary share, totaling RMB 75.766 million, which represents 50% of its mid-term net profit, allowing both institutional and retail investors to share in the growth dividends [3] - Since its listing in 2021, the company has distributed a total of HKD 227 million in dividends, fulfilling its commitment to return 30%-50% of annual net profits through dividends or buybacks [3] Group 3: Financial Health and Cash Flow - The company reported operating cash flow of RMB 300 million, a year-on-year increase of 111%, and free cash flow surged by 466% to RMB 210 million, indicating strong financial health [4] - The company has a cash reserve of RMB 1.37 billion, providing a solid foundation for strategic implementation and shareholder returns, with free cash flow growth outpacing other financial metrics [4]

Core Viewpoint - The internationalization of traditional Chinese medicine (TCM) has become a national strategy, with policies supporting its global expansion, creating a golden opportunity for the industry [1] Group 1: Successful Entry into Singapore - The first overseas market for the company, Singapore, has shown exceptional commercial results, validating the feasibility of its internationalization model [2] - By July 2025, revenue from Singapore stores increased by 119% year-on-year, demonstrating rapid growth in overseas performance [2] - The high customer retention rate indicates that the company's operational system is well-received in the overseas market, providing a replicable model for future global expansion [2] Group 2: Strategic Expansion Plans - Following the successful validation in Singapore, the company has outlined a strategic path focusing on "technology + products + store expansion" for international growth [3] - The company plans to focus on the Hong Kong market in 2025 and aims to expand its Singapore clinics to over 20 by the end of 2026 [3] Group 3: Technological Innovations - The company is addressing the shortage of TCM practitioners overseas by launching AI technology that encapsulates the clinical experience of top TCM experts [4] - The AI system has achieved over 86% consistency with expert simulations, enhancing the diagnostic capabilities of overseas TCM practitioners [4] - The establishment of a TCM heritage studio in Singapore aims to train and send skilled practitioners abroad, further improving service quality [4] Group 4: Product Development and Market Penetration - The successful certification and launch of the hair care product in Singapore marks a significant milestone in the company's product internationalization efforts [5] - The company has accumulated over 22 million patient records and 18 million structured medical records, enhancing the precision and safety of its product development [5] - The certification of the hair care product provides a reusable template for future product launches overseas [6] Group 5: Store Expansion Strategies - The company plans to adopt a mixed strategy for store expansion, combining self-built flagship stores, strategic partnerships, and acquisitions to enhance market penetration [6] - Self-built flagship stores will establish brand recognition and serve as a model for regional expansion [6] - Collaborations with local medical institutions will leverage existing customer bases, while acquisitions of quality clinics will create a differentiated competitive advantage [6] Group 6: Future Outlook - The company is moving towards becoming a global brand in TCM, with a closed-loop strategy of service expansion, cost reduction through technology, and profitability through product offerings [6] - The ongoing expansion into the Hong Kong market and the establishment of 20 clinics in Singapore are expected to solidify the company's position in the global TCM sector [6]

Core Insights - The company reported a significant increase in net profit, reaching 150 million yuan, a year-on-year growth of 41.6% [1] - EBITDA also saw a substantial rise to 270 million yuan, up 37.3% year-on-year, indicating strong operational efficiency and cost control [1] Financial Performance - Revenue for the first half of 2025 was 1.49 billion yuan, reflecting a growth of 9.5% [2] - The growth was driven by the "same city expansion + new city development" strategy, with new branches entering profitability and contributing stable revenue [2] - The number of repeat patients increased by 14.8% due to refined operational tools and AI health assistants, further boosting overall performance [2] Cost Management and Efficiency - The company achieved improved profitability through deep optimization of operational processes and effective cost reduction strategies [1] - The gross profit margin increased to 30.6%, supported by a 209.1% rise in revenue from high-margin self-priced products [2] - Administrative and sales expense ratios decreased, contributing to the high growth in EBITDA [2] Strategic Focus - The company is concentrating resources on core business areas and high-potential regions, reducing investment in smaller, less efficient stores [1] - This strategic focus allows for better allocation of resources, enhancing overall profitability and supporting sustainable growth [2] Future Outlook - With the national push for the development of traditional Chinese medicine, the company is expected to continue its dual-driven approach of high profit growth and quality optimization, creating sustainable value for investors [2]

近日，固生堂发布2025年度中期业绩报告。报告显示，固生堂已初步完成矩阵式流量生态平台的搭建， 有效驱动诊疗服务业务的强劲增长。 在渠道端，固生堂与挂号平台、属地卫健委挂号系统以及美团、小红书等社交流量平台合作，实现多元 化挂号入口布局，多维度展示专家资源，精准触达各平台用户。 在转化端，固生堂打通了平台间技术与数据链接，支持刚需用户一键转化，极大地简化了用户从了解到 就诊的流程。同时依托各平台特性差异化运营—— 美团聚焦本地生活服务转化，抖音侧重短视频科 普，高德地图强化线下门店触达，形成"需求-入口-服务"无缝衔接体验，极大地提高了流量转化效率。 凭借医生专业的诊疗和优质的服务，固生堂不断提升患者的复诊率与品牌信任度，进一步巩固自身在市 场中的地位。 三、专业运营团队+医生IP孵化，闭环运营强化增长确定性 目前，固生堂已在广州、深圳等地组建了一支超 200 人的专业运营团队，专门负责美团、抖音等平台的 精细化运营。这支团队拥有丰富的医生IP运营经验，通过新媒体手段成功打造了数十名专家 IP。这些 专家在各自领域积累了大量粉丝，不仅有利于进一步提升专家个人的知名度，也为固生堂带来了更多的 流量与用户资源。? ...

此外，固生堂宣布，董事会决议行使购回授权，适时于公开市场购回股份，总价最多3亿港元，公司将 利用其内部资源拨付。公司其后将注销或以库存方式持有购回的股份。根据购回授权，董事可购回最多 2369.65万股公司股份，占截至2025年6月20日已发行股份总数的10%。 消息面上，固生堂午间发布2025年中期业绩，收入14.95亿元(人民币，下同)，同比增加9.52%； EBITDA（息税折旧摊销前利润）约为2.7亿元，同比增长37.3%；股东应占溢利1.52亿元，同比增加 41.9%；拟派发中期股息每股0.35港元，上年同期派0.13港元。公告称，收入增加乃主要由于提供医疗 健康解决方案产生的收入增加所致。 智通财经APP获悉，固生堂(02273)涨近4%，截至发稿，涨3.73%，报32.22港元，成交额4301.89万港 元。 ...

此外，固生堂宣布，董事会决议行使购回授权，适时于公开市场购回股份，总价最多3亿港元，公司将 利用其内部资源拨付。公司其后将注销或以库存方式持有购回的股份。根据购回授权，董事可购回最多 2369.65万股公司股份，占截至2025年6月20日已发行股份总数的10%。 固生堂(02273)涨近4%，截至发稿，涨3.73%，报32.22港元，成交额4301.89万港元。 消息面上，固生堂午间发布2025年中期业绩，收入14.95亿元(人民币，下同)，同比增加9.52%； EBITDA(息税折旧摊销前利润)约为2.7亿元，同比增长37.3%；股东应占溢利1.52亿元，同比增加 41.9%；拟派发中期股息每股0.35港元，上年同期派0.13港元。公告称，收入增加乃主要由于提供医疗 健康解决方案产生的收入增加所致。 ...