Group 1 - The company expects to achieve revenue of approximately RMB 1.474 billion to RMB 1.529 billion in the first half of 2025, representing an increase of about 8% to 12% compared to RMB 1.365 billion in the first half of 2024 [1] - The anticipated net profit for the first half of 2025 is projected to be around RMB 149 million to RMB 155 million, which is an increase of approximately 39% to 44% from RMB 107 million in the first half of 2024 [1] - The adjusted net profit for the first half of 2025 is expected to be between RMB 167 million and RMB 175 million, reflecting an increase of about 13% to 18% compared to RMB 148 million in the first half of 2024 [1] Group 2 - The increase in revenue, net profit, and adjusted net profit is primarily attributed to a rise in patient visits at medical institutions, driven by the company's efforts to provide comprehensive and high-quality traditional Chinese medical services, enhancing the recognition of the "Gushengtang" brand [2] - Business expansion, including an increase in the number of physicians and the growth in the number and geographical coverage of medical institutions, has also contributed to the positive financial outlook [2]

Core Viewpoint - The company, Guoshentang (02273.HK), anticipates significant revenue and profit growth for the first half of 2025 compared to the same period in 2024, driven by increased patient visits and business expansion efforts [1][2] Financial Projections - The company expects to achieve revenue between RMB 1,474 million and RMB 1,529 million in the first half of 2025, representing an increase of approximately 8% to 12% compared to RMB 1,365 million for the first half of 2024 [1] - The projected net profit for the first half of 2025 is estimated to be between RMB 149 million and RMB 155 million, reflecting a growth of approximately 39% to 44% from RMB 107.3 million in the first half of 2024 [1] - Adjusted net profit is expected to be between RMB 167 million and RMB 175 million, which is an increase of approximately 13% to 18% compared to RMB 147.9 million in the first half of 2024 [1] Business Drivers - The increase in revenue, net profit, and adjusted net profit is primarily attributed to a rise in patient visits at the company's medical institutions, which is a result of the company's ongoing efforts to provide comprehensive and high-quality traditional Chinese medical health services, enhancing the recognition of the "Guoshentang" brand [2] - The company's business expansion, including an increase in the number of physicians and the growth of medical institutions and geographical coverage, has also contributed to the positive financial outlook [2]

本公告乃由固生堂控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體 統稱為「本集團」）根據香港法例第571章證券及期貨條例第XIVA部項下內幕消 息條文（定義見香港聯合交易所有限公司證券上市規則（「上市規則」））及上市 規則第13.09(2)(a)條而刊發。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及本公司潛 在投資者，根據目前可獲得的資料及對本集團截至2025年6月30日止六個月 （「2025年上半年」）未經審核綜合管理賬目的初步審閱，預期本集團將(a)於2025 年上半年錄得收入約人民幣1,474百萬元至人民幣1,529百萬元，相比截至2024 年6月30日止六個月（「2024年上半年」）的收入人民幣1,365.0百萬元增加約8%至 12%；(b)於2025年上半年錄得溢利淨額約人民幣149百萬元至人民幣155百萬元， 相 比2024年上半年的溢利淨額人民幣107.3百萬元增加約39%至44%； 及(c)於 2025年上半年錄得經調整溢利淨額人民幣167百萬元至人民幣175百萬元，相比 2024年上半年的經調整溢利淨額人民幣147.9百萬元增加約13%至18%。 – 1 – ...

Core Viewpoint - UBS initiates coverage on Guosheng Tang (02273) with a "Buy" rating and a target price of HKD 48.30, corresponding to 20x/17x projected P/E ratios for 2025/2026 and a PEG of 0.9 for 2026 [1] Company Summary - Guosheng Tang is positioned as a leading player in the healthcare services sector due to its strong growth prospects and low valuation [1] - The company has established a sustainable and rewarding career development platform for traditional Chinese medicine practitioners, presenting significant opportunities for increasing practitioner coverage and productivity [1] - Guosheng Tang is expanding its self-paid value-added services to mitigate policy risks, leveraging its advantages in the Chinese medicine supply chain, talent resources, and technology [1] Industry Summary - The report highlights potential catalysts for Guosheng Tang, including sustained strong profit growth, rapid clinic expansion, and advancements in in-hospital formulations, artificial intelligence technology, and overseas expansion [1] - The company is well-positioned to benefit from the long-term opportunities arising from the reform of payment methods such as DRG/DIP, which may incentivize higher-tier public hospitals to refer chronic disease patients downwards [1] - Guosheng Tang is expected to maintain a 20% adjusted profit CAGR from 2024 to 2027, with strong visibility in growth, compared to the Visible Alpha consensus expectation of 19% [1]

智通财经APP获悉，瑞银发布研报称，首次覆盖固生堂(02273)给予买入评级和目标价48.30港元，对应 20倍/17倍2025 年/2026年预测市盈率/经调整盈利，以及0.9倍2026年预测市盈增长比率 (PEG)。考虑到 其强劲的增长前景和较低的估值，固生堂是该行在医疗健康服务领域的首选标的。潜在的催化剂包括： 持续强劲的盈利增长、诊所快速扩张，以及在院内制剂、人工智能技术和海外扩张方面的进展。 报告指，固生堂为中医师建立了一个可持续且回报丰厚的职业发展平台，在增加医师覆盖率和提升其生 产力方面存在显著机遇。除了在中医药供应链、人才资源和技术方面的优势，固生堂还在拓展其自费增 值业务以应对政策风险。长期来看，该行认为在 DRG/DIP 等支付方式改革后，高层级公立医院可能被 激励将慢性病患者向下转诊。固生堂凭借其专注于慢性病、贴近城市社区以及差异化和高质量的产品/ 服务，定位良好，有望从中受益，在承接公立医院慢性病患者方面的长期机遇。该行预测固生堂在 2024-2027 年期间能够维持20%的经调整盈利复合年增长率 (CAGR)(Visible Alpha 共识预期为 19%)，增 长可见性强。 ...

Core Viewpoint - UBS has initiated a "Buy" rating for Guoshengtang with a target price of HKD 48.3, forecasting a compound annual growth rate (CAGR) of 20% for adjusted earnings from 2024 to 2027 [1] Summary by Relevant Categories Company Growth Potential - UBS believes that investors may underestimate Guoshengtang's advantages in attracting doctors, managing policy risks, and serving chronic disease patients from public hospitals [1] - The company's sustainable growth is supported by its expertise in traditional Chinese medicine and value-added services [1] Market Opportunities - There are favorable opportunities for Guoshengtang to enhance doctor coverage and productivity [1] - The company is expanding its self-paid value-added services by leveraging its strengths in the traditional Chinese medicine supply chain, talent, and technology to mitigate policy risks [1]

瑞银认为，长期来看，固生堂具备承接公立医院患者流量的优势。在支付改革之后，高级别公立医院可 能会倾向于向下转诊慢性病患者，这是一个长期趋势。固生堂凭借其对慢性病的关注、靠近城市社区的 优势以及差异化和优质的产品/服务，有望从中受益。 研报指，中医人才和增值服务驱动固生堂的可持续增长。固生堂为中医构建了一个可持续且回报丰厚的 职业发展平台，瑞银看好公司在提升医生覆盖率和生产力方面的重大机遇。此外，固生堂凭借其在中医 药供应链、人才资源和技术方面的优势，正在积极拓展自付费用增值业务，以应对政策风险。 瑞银发布研报，首次覆盖固生堂(2273.HK)，给予"买入"评级，目标价48.3港元，对应17倍2026年预期市 盈率。 瑞银预测，固生堂2024年至2027年调整后盈利的复合年增长率将维持在20%(市场平均预期为19%)，且 具有很强的可见性。该行认为，投资者可能忽视了固生堂在吸引和留住医生方面的优势、其应对政策风 险的能力以及从公立医院接诊慢性病患者的长期机会。鉴于其强劲的增长前景、不高的估值、有限的政 策风险以及潜在的催化剂，瑞银将固生堂列为医疗服务领域的首选。 ...

2025开年以来港股市场表现活跃，主要指数涨势喜人。公募机构对港股的关注度显著提升，不仅主 动权益类基金、QDII基金积极布局港股，一些"固收+"基金也大举配置港股，向港股市场要收益。数据 显示，多只"固收+"基金对港股的持仓接近了合同规定的港股投资比例上限，得益于"纯债资产打底""港 股红利防御"和"科技龙头增厚"的三重配置优势，这些"固收+"基金近期普遍取得了不错的业绩。 "固收+"产品含"港"量提升 2025开年以来，港股市场表现亮眼。Wind数据显示，截至3月20日，恒生指数和恒生科技指数年内 涨幅分别超过20%和30%。 港股市场的潜在上行空间吸引了主动权益类基金和QDII基金的关注，截至去年底，在港交所挂牌 的腾讯控股成为公募基金第二大重仓股，小米集团、中芯国际等港股标的也成为公募基金增持较多的品 种；QDII基金也日益展现出配置重点转向港股的趋势。 "固收+"基金同样也在投资范围内积极配置港股。数据显示，截至去年底，全市场二级债基合计持 有的港股市值达到54.2亿元。从基金管理人来看，二级债基港股持仓市值最高的是广发基金，旗下相关 产品合计持有港股市值达7.89亿元。 从单只基金来看，7只二级债 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 公司名稱: 固生堂控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02273 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | 本月底法定/註冊股本總額： USD 26,443.03 ...

国金证券研报指出，固生堂于2025年8月1日正式发布了10个"国医AI分身"，涵盖肿瘤科、皮肤科、消化 内科等8个中医专科领域。 "国医AI分身"的应用价值在于：协助专家处理常规诊疗事务，提高顶尖专家的诊疗效率，理论上可将专 家生产力提升5倍以上；通过智能辅助，帮助青年医生掌握名医诊疗思维，缩短其成长周期。AI分身基 于30年以上诊疗经验的名中医海量高质量数据生成，专家模拟一致性达86%以上，辨证准确性和用药合 理性获得专家高度评价。 国金证券预测固生堂2025—2027年归母净利润分别为4.27/5.50/7.04亿元，同比增长39%/29%/28%，EPS 分别为1.81/2.33/2.98元，对应PE为20/15/12倍，维持"买入"评级。 ...