固生堂(02273) - 2025 - 中期财报

Corporate Information This section provides an overview of the company's governance structure, including board composition, committees, and fundamental corporate details Directors and Committees The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Director Mr. Tu Zhiliang serves as Chairman[6][8] - Mr. Gao Jian ceased to be a non-executive director effective June 20, 2025[6][8] - Ms. Wang Lan was appointed as an independent non-executive director and Chairman of the Remuneration Committee effective March 31, 2025[6][7][8] - Ms. Jin Xu resigned as an independent non-executive director and member of the Remuneration/Nomination Committee effective March 31, 2025[6][7][8] Company Details The company is registered in the Cayman Islands, with its China headquarters in Guangzhou and principal place of business in Hong Kong - Registered office in the Cayman Islands, China headquarters in Nansha District, Guangzhou City, and principal place of business in Wan Chai, Queen's Road East, Hong Kong[10][11] - Principal bankers are Industrial and Commercial Bank of China and Shanghai Pudong Development Bank[13][14] - Auditor is Ernst & Young, and Hong Kong legal counsel is Tian Yuan Law Firm[13][14] - Stock code is 2273, and the company website is www.gstzy.cn[14](index=14&type=chunk) Financial Highlights For the six months ended June 30, 2025, the Group's revenue increased by 9.5% year-on-year to RMB 1,494.9 million, with net profit growing by 41.6% to RMB 152.0 million Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,494,891 | 1,364,979 | 129,912 | 9.5% | | Gross Profit | 457,856 | 401,212 | 56,644 | 14.1% | | EBITDA | 265,003 | 193,047 | 71,956 | 37.3% | | Profit Before Tax | 179,992 | 125,085 | 54,907 | 43.9% | | Net Profit | 151,954 | 107,275 | 44,679 | 41.6% | | Adjusted Net Profit | 170,389 | 147,888 | 22,501 | 15.2% | | Basic Earnings Per Share (RMB) | 0.63 | 0.44 | 0.19 | 43.2% | | Diluted Earnings Per Share (RMB) | 0.62 | 0.43 | 0.19 | 44.2% | | Gross Profit Margin | 30.6% | 29.4% | N/A | 1.2% | | Net Profit Margin | 10.2% | 7.9% | N/A | 2.3% | | Adjusted Net Profit Margin | 11.4% | 10.8% | N/A | 0.6% | Management Discussion and Analysis This section provides an in-depth analysis of the Group's operational performance, financial position, and future strategic outlook BUSINESS REVIEW The Group, a Chinese Traditional Chinese Medicine (TCM) healthcare service provider, offers comprehensive services and products through its online and offline network - The Group is committed to providing comprehensive TCM healthcare services and products through its offline medical institutions and online healthcare platform network, emphasizing basic medical care[17][20] - The Group combines TCM and Western medicine diagnostics to offer comprehensive healthcare solutions, focusing on chronic disease management and long-term follow-up and health management for customers[23][25] Digitalization & AI Empowerment The Group continuously strengthens operational standardization and digitalization, implementing various systems and launching AI-powered services to enhance efficiency and customer experience - Established a digital clerk system, presenting operational data in digital reports to enhance interaction between offline medical institutions and customers, increasing patient visits and return rates[27] - Developed a medical CRM system, integrating the development and management of medical professional teams, utilizing digital statistics for daily operations and management analysis to improve operational efficiency[27] - Built an intelligent prescription review and compliance platform, embedding national medical insurance reimbursement schemes and local medical insurance bureau regulations, utilizing information technology for compliance control[31] - Constructed a closed-loop ERP system for the entire business process, enhancing management efficiency through comprehensive system management of supply chain, sales, inventory, and accounting[31] - Launched the first "National TCM AI Avatar" in June 2025, followed by 10 major AI avatars by August, covering 8 core TCM specialties such as oncology and dermatology, and introduced an AI health assistant to empower TCM services with AI technology[31] Policy Support & Industry Trends The Chinese government continues to introduce favorable policies supporting the inheritance and innovative development of Traditional Chinese Medicine (TCM) - In February 2021, the Chinese government issued "Several Policy Measures on Accelerating the Characteristic Development of Traditional Chinese Medicine," encouraging social forces to establish chain-operated renowned TCM clinics to provide first-class TCM services[29][30] - In December 2021, the National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine jointly issued "Guiding Opinions on Medical Insurance Support for the Inheritance and Innovative Development of Traditional Chinese Medicine," supporting the development of "Internet+" TCM and its inclusion in medical insurance, adjusting TCM medical service prices, and allowing TCM medical institutions to independently price their in-house preparations[33][35] - In March 2022, the "Physicians Law of the People's Republic of China" came into effect, encouraging physicians to regularly provide services at medical and health institutions below the county level; in the same year, the "14th Five-Year Plan for the Improvement of Grassroots Traditional Chinese Medicine Service Capacity" was released, encouraging social forces to establish TCM medical institutions at the grassroots level[34][36] - In February 2023, the General Office of the State Council issued the "Implementation Plan for Major Projects to Revitalize and Develop Traditional Chinese Medicine," focusing on enhancing TCM capabilities at grassroots medical institutions and cultivating high-quality TCM talents[37][38] - In June 2024, the General Office of the State Council issued "Key Tasks for Deepening the Reform of the Medical and Health System in 2024," supporting pilot programs for advantageous TCM therapies, integrated medical group reforms, inheritance and innovative development of TCM, talent cultivation, and productization of in-house preparations[40][42] - In July 2024, the National Administration of Traditional Chinese Medicine and the National Data Administration jointly issued "Several Opinions on Promoting the Development of Digital Traditional Chinese Medicine," planning to integrate big data, artificial intelligence, and other emerging digital technologies into the inheritance and innovation of TCM within the next three to five years, accelerating intelligent transformation[41][43] - In March 2025, the General Office of the State Council issued "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry," aiming to comprehensively enhance the quality of TCM and promote its high-quality industrial development, bringing new opportunities for the Group[44][46] Revenue Sources & Network Expansion During the reporting period, the Group's revenue primarily stemmed from providing healthcare solutions and selling healthcare products - During the reporting period, the Group's revenue primarily came from providing healthcare solutions and selling healthcare products[45][47] - As of June 30, 2025, the Group owned and operated 83 medical institutions in 20 cities in China and 1 medical institution in Singapore, all operating under the "Gushengtang" brand[49][51] - During the reporting period, the Group expanded its business footprint through strategic acquisitions and organic growth, including acquiring 90% equity in Wuhan Future TCM Hospital, 100% in Wuxi Tongkang TCM Hospital, 100% in Beijing Bohua Jingkang TCM Hospital, 100% in Changshu Guangren Hospital, and controlling stakes in Tianjin Pingan Comprehensive Clinic and Shenzhen Tianyuan TCM Anorectal Hospital[50][52](index