Core Viewpoint - The company has demonstrated strong financial performance in the first half of 2024, with significant growth in revenue, net profit, and EBITDA, indicating a robust operational capacity and market demand. Financial Performance - Revenue reached 1.37 billion RMB, reflecting a year-on-year growth of 9.5% [5][4] - Net profit amounted to 110 million RMB, showing a substantial year-on-year increase of 41.6% [8][7] - EBITDA was reported at 190 million RMB, with a year-on-year growth of 37.3% [10] Cash Flow and Reserves - Operating cash flow stood at 300 million RMB [12] - Free cash flow was recorded at 200 million RMB [13] - Cash reserves totaled 1.37 billion RMB, marking a significant increase of 465.9% [14] Shareholder Returns - The company has actively engaged in share buybacks, with 846,840 shares repurchased, totaling 3.0% of the total share capital [17] - A mid-term dividend proposal has been put forward, reflecting the company's commitment to returning value to shareholders [18] Operational Highlights - The company experienced a 11.1% increase in offline store revenue [22] - Membership revenue reached 620 million RMB, with member clinic visits totaling 1.08 million and a retention rate of 85% [29][30] - The company has established deep collaborations with platforms like Xiaohongshu and Meituan to enhance its traffic ecosystem [36] Expansion and Development - The company has expanded its doctor network, with a total of 39,018 doctors, including 5,425 online doctors [39] - New clinics have been opened in various locations, contributing to the overall growth strategy [48][51] - The company plans to launch additional traditional Chinese medicine products and has set ambitious goals for product registration [57][63]
一图看懂固生堂(02273.HK)2025年中期业绩报告