Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit showing significant growth, indicating a robust business model and effective cost management [1][2]. Financial Performance - The company achieved revenue of 1.495 billion yuan, an increase of 9.52% year-on-year, and a net profit attributable to shareholders of 152 million yuan, up 41.9% [1]. - Adjusted net profit reached 170 million yuan, reflecting a growth of 15.2% [1]. - The company's gross profit margin was 30.6%, an increase of 1.2 percentage points, and the net profit margin was 10.1%, up 2.3 percentage points [1]. Business Growth - Offline medical institutions generated revenue of 1.37 billion yuan, growing by 11.1%, driven by new acquisitions and existing business growth [1]. - Online medical institutions saw a revenue decline of 5.2% to 127 million yuan, primarily due to a strategic focus on offline business growth [1]. - The total number of patient visits reached 2.747 million, an increase of 15.3%, with an average revenue per visit of 544 yuan, down 5.1% [1]. Expansion and Innovation - As of June 30, 2025, the company operated 83 medical institutions across 20 cities in China, with an additional facility in Singapore, marking an increase of 5 institutions since the end of 2024 [2]. - The company is actively investing in AI for traditional Chinese medicine, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core specialties by August [2]. - The introduction of AI technology aims to enhance the supply of quality traditional Chinese medical services and improve patient experiences [2]. Market Outlook - The traditional Chinese medicine service industry is expected to experience rapid growth due to strong demand and supportive policies [2]. - The company is positioned as a leading chain in the traditional Chinese medicine sector, with excellent cross-regional operational capabilities and significant long-term growth potential [2]. - Profit forecasts for the company have been adjusted to 398 million yuan, 492 million yuan, and 588 million yuan for 2025, 2026, and 2027, respectively, maintaining a "buy" rating despite short-term fluctuations in average revenue per visit [2].
固生堂(02273.HK)：业绩符合预期 AI分身如期落地