Core Viewpoint - Gushengtang Singapore, a subsidiary of Gushengtang, is acquiring 100% equity of DA ZHONG TANG PTE.LTD. to expand its offline medical network and increase market share in Singapore, aiming for synergies with existing operations [1] Group 1 - The acquisition price is determined through fair negotiations and will be funded by net proceeds from placements, idle funds of the group, and Gushengtang Singapore's own funds [1] - After the acquisition, DA ZHONG TANG will become a subsidiary of Gushengtang, and its financial performance will be included in the group's consolidated financial statements [1]

Core Viewpoint - Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited has entered into a share transfer agreement to acquire 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company after the completion of the acquisition [1] Group 1 - The acquisition is set to be completed on November 16, 2025, marking a significant expansion for the company [1] - Following the acquisition, the financial performance of DA ZHONG TANG will be consolidated into the group's financial statements [1]

Core Viewpoint - Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited, a subsidiary of Gushengtang, has entered into a share transfer agreement to acquire 100% equity and related interests of DA ZHONG TANG PTE.LTD., which will become a subsidiary of the company upon completion of the acquisition [1] Group 1: Acquisition Details - The acquisition is part of the company's strategy to expand its offline medical institution network, aiming to increase market share in Singapore and create synergies with other offline medical institutions and online medical platforms [1] - The acquisition price was determined through fair negotiations between Gushengtang Singapore and the seller, taking into account DA ZHONG TANG's historical performance, qualifications, resources, and prospects [1] - The board believes the acquisition price represents a fair and reasonable valuation for DA ZHONG TANG [1] Group 2: Financial Implications - The acquisition cost will be funded through the net proceeds from the company's placement, idle funds of the group, and Gushengtang Singapore's own funds [1]

Core Viewpoint - Gushengtang Singapore is set to acquire 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company, enhancing its market presence in Singapore and creating synergies with existing healthcare platforms [1][2] Group 1 - The acquisition agreement was established on November 16, 2025, and will integrate DA ZHONG TANG's financial performance into Gushengtang's consolidated financial statements [1] - The acquisition aligns with the company's strategy to expand its offline medical institution network and increase market share in Singapore [1] - The financial terms of the acquisition were determined through fair negotiations, considering DA ZHONG TANG's historical performance, qualifications, resources, and prospects [2] Group 2 - The acquisition cost will be funded through net proceeds from a placement, idle funds of the group, and Gushengtang Singapore's own capital [2]

Core Viewpoint - Gushengtang Singapore is acquiring 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company, enhancing its presence in the Singapore market and expanding its offline medical network [1] Group 1 - The acquisition agreement was signed on November 16, 2025, between Gushengtang Singapore and the shareholders of DA ZHONG TANG [1] - Following the completion of the acquisition, DA ZHONG TANG will be included in the group's consolidated financial statements [1] - DA ZHONG TANG primarily provides traditional Chinese medicine services and retail pharmaceutical services in Singapore [1] Group 2 - The acquisition aligns with the company's strategy to expand its offline medical institution network through acquisitions [1] - The company anticipates that the acquisition will increase its market share in Singapore and create synergies between DA ZHONG TANG and the group's other offline medical institutions and online medical platforms [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 收購大中堂的股權 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年11月16日，本公司附 屬公司Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited （「Gushengtang Singapore」）與DA ZHONG TANG PTE. LTD.（「大中堂」）的 股 東 （「賣方」）訂立股權轉讓合同（「股權轉讓合同」），據此，Gushengtang Singapore同 意收購，而賣方同意出售大中堂100%股權及相關權益（「收購事項」）。 於收購事項完成後，大中堂將成為本公司的附屬公司，而大中堂的財務業績將 併入本集團的綜合財務報表。本公司將根據香港聯合交易所有限公司證券上 市規則（「上市規則」）於必要時另行作出公告，以提供有關收購事項的最新進展。 – 1 – 有關大中堂的資料 GUSHENGT ...

Core Viewpoint - The company is accelerating its domestic and international business expansion through strategic acquisitions and partnerships, demonstrating strong confidence in future growth [1][2]. Domestic Expansion - The company has added 4 new branches through acquisitions since July 2025, increasing the total number of branches to 87, enhancing regional service capabilities [1]. - Significant acquisitions include: - Acquiring Shenzhen Tianyuan Hospital, which facilitates access to medical insurance coordination, enhancing competitive advantage in the Shenzhen market [1]. - Acquiring Tianjin Ping An Clinic, entering the fourth largest traditional Chinese medicine market in China, which opens new revenue growth opportunities in the Beijing-Tianjin-Hebei region [1]. International Expansion - The company has formed a strategic partnership with Singapore's 1doc to establish a joint venture, with the company holding 70% ownership and responsible for operations [1]. - This collaboration leverages 1doc's existing network of clinics in Singapore to facilitate rapid scaling and effective patient conversion in the context of integrated Chinese and Western medicine [1]. Share Buyback - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 buyback transactions, totaling 8.14 million shares and approximately HKD 247 million in investment [2]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to HKD 600 million, the highest in the company's history [2]. Financial Outlook - The company expects strong earnings growth, with projected net profits of RMB 400 million, RMB 518 million, and RMB 664 million for 2025-2027, representing year-on-year increases of 30.5%, 29.4%, and 28.2% respectively [2]. - The current stock price corresponds to a PE ratio of 15.8, 12.2, and 9.5 for 2025-2027, with a target price of HKD 49.09 based on a 20x PE for 2026 [2].

Core Viewpoint - The company, Guoshengtang (02273), is expected to have strong earnings growth, with projected net profits for 2025-2027 of 400 million, 518 million, and 664 million yuan, representing year-on-year increases of 30.5%, 29.4%, and 28.2% respectively. The current stock price corresponds to PE ratios of 15.8, 12.2, and 9.5 for 2025-2027. A target PE of 20 times for 2026 suggests a target stock price of 49.09 HKD, maintaining a "strong buy" rating [1]. Group 1: Business Expansion - Since July 2025, the company has added 4 new branches through acquisitions, increasing the total number of branches to 87, enhancing regional service capabilities [2]. - The acquisition of Shenzhen Tianyuan Hospital is significant for integrating medical insurance, as it allows the company to access insurance coordination in Shenzhen, improving its competitive edge in the market [2]. - The acquisition of Tianjin Ping An Clinic marks the company's entry into the fourth largest traditional Chinese medicine market in China, opening new revenue opportunities in the Beijing-Tianjin-Hebei region [2]. Group 2: International Collaboration - On October 22, the company entered a strategic partnership with Singapore's 1doc to establish a joint venture, with the company holding a 70% stake and managing operations. This collaboration aims to leverage 1doc's established clinic network in Singapore for rapid scaling and efficient patient conversion [2]. Group 3: Share Buyback Program - The company has actively engaged in share buybacks, reflecting management's confidence in long-term value. Since September 1, 2025, it has conducted 42 buyback transactions totaling 8.14 million shares, with an investment of approximately 247 million HKD [3]. - On November 6, 2025, the board approved an additional buyback authorization of up to 300 million HKD, bringing the total buyback plan to a record high of 600 million HKD since the company's listing [3].

Core Viewpoint - The company, Guoshengtang (02273), shows strong certainty in profit growth, with projected net profits for 2025-2027 expected to increase by 30.5%, 29.4%, and 28.2% respectively, leading to a target stock price of HKD 49.09 based on a 20x PE ratio for 2026 [1][2] Group 1: Financial Projections - The projected net profits for Guoshengtang are estimated at 400 million, 518 million, and 664 million yuan for 2025, 2026, and 2027 respectively [1] - The corresponding PE ratios for 2025-2027 are 15.8, 12.2, and 9.5 times [1] Group 2: Strategic Acquisitions - Guoshengtang has acquired four new branches since July 2025, increasing the total to 87 branches, enhancing regional service capabilities [2] - The acquisition of Shenzhen Tianyuan Hospital is significant for integrating with medical insurance, enhancing competitive advantage in the Shenzhen market [2] - The acquisition of Tianjin Ping An Clinic allows entry into the fourth largest traditional Chinese medicine market in China, expanding growth opportunities in the Beijing-Tianjin-Hebei region [2] Group 3: International Expansion - A strategic partnership with Singapore's 1doc will establish a joint venture, with Guoshengtang holding 70% ownership, facilitating rapid scaling and patient conversion in Singapore [2] Group 4: Share Buyback Program - The company has actively engaged in share buybacks, with 42 buyback instances totaling 8.14 million shares and an investment of approximately 247 million HKD since September 1, 2025 [3] - The board has approved an additional buyback authorization of up to 300 million HKD, bringing the total buyback plan to a record 600 million HKD [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 49.09, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][24]. Core Insights - The company is accelerating its global business expansion, having added four new branches through strategic acquisitions domestically and formed a partnership with Singapore's digital healthcare platform 1doc for overseas growth [2]. - The management's confidence in the company's future is demonstrated through a significant share buyback program, which has seen a total repurchase of 8.14 million shares for approximately HKD 247 million [2][8]. Financial Performance Summary - Total revenue is projected to grow from HKD 3,022 million in 2024 to HKD 4,845 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [4]. - Net profit attributable to shareholders is expected to increase from HKD 307 million in 2024 to HKD 664 million in 2027, with a notable growth rate of 30.5% in 2025 [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.26 in 2024 to HKD 2.87 in 2027, indicating strong profitability growth [4]. Strategic Developments - The company has successfully entered key cities such as Tianjin, Chengdu, and Shantou, enhancing its regional service capabilities through strategic acquisitions [8]. - The partnership with 1doc aims to leverage existing healthcare networks in Singapore, facilitating the company's international expansion and patient conversion in integrated Chinese and Western medicine settings [8]. Share Buyback Program - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 repurchase transactions, with a total buyback volume of 8.14 million shares and a total investment of approximately HKD 247 million [8]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to a record HKD 600 million since the company's listing [8].