Group 1 - The latest shareholder equity disclosures for four companies, including 开拓药业-B, 深圳高速公路股份, 固生堂, and 药师帮, were made on November 20, 2025 [1] - 开拓药业-B saw an increase in holdings by Tong Youzhi from 51.50 million shares to 52.20 million shares, representing an increase in ownership percentage from 11.00% to 11.15% [2] - 深圳高速公路股份 experienced a rise in holdings by 江苏云杉资本管理 from 74.75 million shares to 82.23 million shares, with ownership percentage increasing from 10.00% to 11.00% [2] Group 2 - 固生堂's Action Thrive Group Limited increased its holdings from 30.03 million shares to 30.13 million shares, with a slight increase in ownership percentage from 12.97% to 13.01% [2] - 药师帮's 陈飞 raised his holdings from 8.60 million shares to 8.80 million shares, with ownership percentage increasing from 1.26% to 1.29% [2] - 固生堂's 涂志亮 increased his holdings from 81.37 million shares to 81.48 million shares, with ownership percentage slightly rising from 35.14% to 35.19% [2]

Group 1 - The company announced the acquisition of 100% equity and related rights of Da Zhong Tang PTE. LTD. by its subsidiary Gushengtang Singapore, marking a significant step in its overseas expansion strategy [1] - The acquisition follows a strategic partnership with a digital healthcare platform in Singapore, indicating an accelerated implementation of the company's traditional Chinese medicine (TCM) internationalization strategy [1] - Da Zhong Tang operates 14 TCM clinics in Singapore, providing a well-established local service capability and a trusted user base, which will enhance the company's market coverage and operational synergy upon completion of the acquisition [1] Group 2 - The company is leveraging vast, high-quality clinical data to accelerate the development of AI replicas of renowned doctors, aiming to transform TCM medical practices [2] - The AI system, based on deep learning algorithms, can replicate the diagnostic capabilities of top experts, facilitating the transfer of knowledge and improving the efficiency of medical resource supply [2] - The company maintains a positive outlook on its financial performance, projecting adjusted net profits of 493 million, 594 million, and 708 million for the years 2025 to 2027, supported by ongoing share buybacks and favorable industry conditions [2]

Core Viewpoint - The completion of the acquisition of 100% equity in Singapore's Dazhongtang marks a significant step for the company towards large-scale overseas expansion, with plans to increase the number of clinics in Singapore and enter markets like Hong Kong and Malaysia [1][2]. Group 1: Acquisition and Expansion Plans - The company has acquired 14 traditional Chinese medicine clinics in Singapore, covering key business districts and residential areas [2]. - The revenue of Dazhongtang in 2024 was approximately 8 million Singapore dollars (around 50 million RMB), with a growth rate exceeding 5% in 2025 [2]. - The company aims to acquire an additional 10-20 clinics in Singapore and become the leading TCM service brand in the region by 2026 [2]. Group 2: Domestic Market and Policy Environment - The domestic policy environment is stabilizing, which is favorable for leading companies in the industry [2]. - In Wuxi, the company's store revenue increased by over 40% year-on-year in October 2025, with a profit margin of 26%, significantly above the company average [2]. - The optimization of traditional Chinese medicine decoction pieces procurement rules allows the company to enjoy favorable pricing without participating in collective procurement [2]. Group 3: Shareholder Returns and Financial Outlook - The company has repurchased shares worth 232 million HKD from July 1 to November 17, 2025, significantly exceeding the 85 million HKD repurchase in the first half of the year [3]. - The management has committed to maintaining a 50% dividend payout ratio, reflecting confidence in the company's growth [3]. - The adjusted revenue growth forecasts for 2025E, 2026E, and 2027E are 11.3%, 21.9%, and 24.0%, respectively, with adjusted net profit growth of 11.9%, 23.8%, and 26.3% [3].

机构：长城证券 研究员：刘鹏/蔡航 事件：近期，固生堂发布公告：1）2025Q3，公司客户就诊人次总数为160.7万，同比增长约8.2%；2） 固生堂附属公司Gushengtang Singapore（新加坡固生堂）与DA ZHONG TANG PTE. LTD.（大中堂）的 股东签署股权转让合同，拟收购大中堂100%股权。 客户就诊人次总数保持稳健增长。根据公司公告，2025 年Q1、Q2、Q3，公司客户就诊人次总数分别为 121.0 万、153.7 万、160.7 万，分别同比增长12.7%、17.4%、8.2%。 持续回购注销公司股份，彰显公司长期发展信心，重视股东回报。根据iFind，2025 年初至今，公司累 计回购股份数量达1105.26 万股，回购金额共计约3.39 亿港元，回购均价约30.66 港元。根据固生堂投资 者关系，2025 年10月，公司持续股份回购，10 月合计回购约421.76 万股，回购金额达1.27 亿港元。同 时，公司已于近期完成注销444.61 万股。根据公司公告，2025 年8 月29 日，公司董事会决议行使回购 授权，拟于公开市场回购价值最多3 亿港元的股份。2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][3][8] Core Views - The company has completed the acquisition of 100% of the shares of a Singapore-based TCM clinic, marking the beginning of its overseas expansion [7][8] - The company plans to increase its store count in Singapore and expand into markets such as Hong Kong and Malaysia, with expected overseas revenue of 200-300 million RMB by 2026 [7][8] - The domestic policy environment is stabilizing, which is expected to benefit leading companies in the sector [7][8] - The management's confidence is reflected in significant share buybacks and a commitment to maintain a 50% dividend payout ratio [7][8] Financial Summary - Sales revenue is projected to grow from 3,022 million RMB in FY24 to 4,099 million RMB in FY26, representing a growth rate of 30.1% and 21.9% respectively [2][12] - Adjusted net profit is expected to increase from 400 million RMB in FY24 to 555 million RMB in FY26, with growth rates of 31.4% and 23.8% respectively [2][12] - The adjusted earnings per share (EPS) is forecasted to rise from 1.64 RMB in FY24 to 2.40 RMB in FY26 [2][12] Valuation - The target price is set at 44.95 HKD, with a potential upside of 50.3% from the current price of 29.90 HKD [3][7] - The adjusted price-to-earnings (PE) ratio for FY26 is estimated at 11.5x [7][10] Shareholder Structure - The largest shareholder holds 35.1% of the company, indicating a concentrated ownership structure [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is accelerating its overseas mergers and acquisitions, with a recent agreement to acquire 100% equity of Da Zhong Tang in Singapore, which operates 14 TCM clinics [1][2] - The company is also increasing its share buyback program, indicating strong confidence in future growth [1][3] - The acquisition of Da Zhong Tang will enhance the company's operational network in Singapore, supporting its international expansion strategy [2] - The company is leveraging AI technology to create "AI avatars" of renowned TCM doctors, which is expected to improve service delivery and expand capacity [3] - The company forecasts adjusted net profits of 493 million, 594 million, and 708 million HKD for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3] Summary by Sections Mergers and Acquisitions - The company is actively pursuing international expansion through acquisitions, with the recent purchase of Da Zhong Tang marking a significant step in its TCM overseas strategy [1][2] AI Development - The company is developing AI models based on extensive clinical data to replicate the diagnostic capabilities of top TCM experts, which is anticipated to enhance healthcare delivery [3] Financial Projections - The company projects substantial revenue growth, with expected revenues of 3,797 million, 4,735 million, and 5,902 million HKD for 2025, 2026, and 2027 respectively, alongside increasing net profits [8][9]

固生堂 2024 年收入约 800 万新币，2025 年至今保持超 100%增长， 通过并购、合作、自建积极扩展海外市场，控股 OneDox 实现中西医结 合，收购大中堂增强市场控制力，新加坡首店月收入达 16-17 万新币， 回头率超 40%。 固生堂董事长持续增持公司股份，看好公司未来发展。国内市场方面， 2024 年以利润为主导，2025 年上半年利润增长显著。无锡地区在医保 政策严格管控下收入增长超 40%，区域利润率约 26%，显示出盈利能 力。 固生堂计划 2026 年进入香港和马来西亚市场，香港通过并购增加约 20 家诊所。公司人才策略是将中国优秀人才派驻海外担任总经理，构建本 地化运营团队，力争三年内成为当地中医领域头部企业。 新加坡中医支付主要依赖自费，但正推动中医药沙盒计划，未来可能纳 入医保体系。香港医疗券可用于中医诊所，商业保险也覆盖部分。公司 预计 2026 年海外收入规模将达数亿元人民币。 Q&A 固生堂 20251117 摘要 固生堂在新加坡的并购进展和战略布局是怎样的？ 固生堂于 2025 年 10 月与新加坡数字医疗平台 OneDox 达成战略合作，并在 2025 年 11 ...

备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 智通财经APP获悉，陆氏集团(越南)(00366)、超人智能(08176)、天洁环境(01527)、固生堂(02273)于 2025年11月18日进行了最新股东权益披露。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 陆氏集团(越南) | 陆诗韵 | 好仓 | 2.74 亿股 | 2.74 亿股 | 54.62%(最新) | | (00366) | | | | | 54.60%(前次) | | 超人智能(08176) | Tai Dong Holding | 好仓 | 0股 | 6250.00 万股 | 8.74%(最新) | | | Limited | | | | 0%(前次) | | 天洁环境(01527) | 诸暨市科源企业 | 好仓 | 4050.03 万股 | 4320.03 万股 | 43.20%(最新) | | | 管理有限公司 | | | | 40.50%(前次) | | 天洁环境(01527) ...

Core Insights - Gushengtang Singapore, a subsidiary of Gushengtang, signed a share transfer agreement to acquire 100% equity of Dazhong Tang PTE. LTD., marking a significant step in the company's overseas expansion strategy in traditional Chinese medicine [1][2] - Dazhong Tang is a major player in Singapore's traditional Chinese medicine sector, operating 14 clinics and possessing a strong local service capability and user trust [1] - The acquisition will enhance Gushengtang's overall revenue by consolidating Dazhong Tang's financial performance into its financial statements [1] Strategic Developments - Gushengtang is accelerating its international expansion in traditional Chinese medicine through a "merger + cooperation + self-built" strategy, particularly focusing on the Singapore market [2] - The recent strategic partnership with 1doc, a digital healthcare platform, involves establishing a joint venture where Gushengtang holds a 70% stake, allowing for the integration of traditional Chinese medicine services within 1doc's existing clinic network [2] - Following the acquisition of Dazhong Tang, Gushengtang will add 14 new clinics, enhancing its operational scale and market coverage in Singapore [2] Long-term Growth Potential - Gushengtang's multi-faceted approach to overseas expansion demonstrates a clear strategic plan and execution capability, aiming to integrate traditional Chinese medicine services internationally while adapting to local markets [2] - The company's dual strategy of deepening domestic operations while accelerating international growth is expected to create new growth opportunities and strengthen its leading position in the global traditional Chinese medicine sector [2]

Group 1 - The recent tensions between China and Japan may impact foreign investment sentiment, as the Chinese government has advised citizens to avoid traveling to Japan and is prepared for substantial countermeasures [1] - The U.S. government has resumed operations, with the non-farm payroll report set to be released on November 20, which could influence market expectations regarding interest rate cuts by the Federal Reserve [1] - The European Union has agreed to eliminate the tax exemption on small packages, primarily targeting the influx of inexpensive Chinese goods [1] Group 2 - The company Guosheng Tang (02273) plans to acquire 100% of Dazhong Tang, expanding its network of Traditional Chinese Medicine clinics in Singapore, which is expected to enhance its overseas market presence [3] - Guosheng Tang has also announced a share buyback plan totaling up to 600 million HKD, aimed at increasing shareholder value [3] - The company has expanded its domestic operations by adding four new branches in cities such as Tianjin and Chengdu, bringing the total number of branches to 87 [3] Group 3 - The innovative drug sector has seen a rebound after two months of decline, with companies like BeiGene and Innovent Biologics reporting positive financial results, indicating a potential for sustained market momentum [4][5] - BeiGene reported a profit of 125 million USD for the first three quarters, with projections of 795 million USD profit by 2026, while Innovent Biologics anticipates reaching breakeven by 2025 [4] - Upcoming academic conferences in December are expected to showcase domestic innovative drugs, further boosting investor interest in the sector [5] Group 4 - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index at 26,572 points, amid concerns over excessive investment in AI and reduced expectations for interest rate cuts [6] - The liquidity in the Hong Kong market is closely tied to U.S. dollar liquidity, with expectations of a shift from quantitative tightening to quantitative easing [8]