Core Viewpoint - Company achieved impressive mid-year results for 2025, with significant growth in revenue and net profit, indicating strong operational efficiency and profitability improvement [1][2][3] Financial Performance - Revenue reached 1.49 billion RMB, a year-on-year increase of 9.5% [2] - Net profit was 151.95 million RMB, up 41.6% year-on-year [2] - EBITDA was approximately 270 million RMB, reflecting a 37.3% increase [1][2] - Operating cash flow surged to 300 million RMB, a remarkable growth of 111% [3] - Free cash flow increased by 466% to 210 million RMB, showcasing enhanced capital allocation efficiency [3] Strategic Growth Drivers - Company is transitioning into a global TCM resource integration platform, supported by three strategic pillars: user trust and doctor resources, strong offline business growth, and global expansion [4][8] - User engagement increased with outpatient visits exceeding 2.747 million, a 15.3% rise, and follow-up patient visits growing by 14.8% [5] - Membership revenue contributed 620 million RMB, with a retention rate of 85.8%, indicating strong customer loyalty [6] Offline Business Performance - Offline revenue reached 1.37 billion RMB, a year-on-year growth of 11.1% [7] - Same-store sales accounted for 97.3% of total revenue, highlighting operational optimization rather than mere store expansion [7] - Company expanded its store network to 83 locations across 20 cities and Singapore, with plans for further growth [7] International Expansion and Product Development - Company accelerated its international strategy, with Singapore as the first overseas market, achieving significant operational success [11] - The proprietary product "Hair Nourishing Granules" received certification from Singapore's health authority, marking a milestone in international product development [11][12] - Self-priced product revenue surged by 209.1%, becoming a core growth driver for the company [11][12] AI Integration and Innovation - Company has established a comprehensive AI service platform, enhancing diagnostic capabilities and operational efficiency [9][10] - AI applications are expected to generate significant revenue, with a focus on improving patient experience and reducing healthcare workload [9][10] - The integration of AI technology supports international expansion and enhances the value of self-priced products [13]
固生堂（02273）：强劲内生增长夯实基底 AI与全球化驱动估值重构