Core Viewpoint - The company has adjusted its profit forecast based on business operations, expecting revenue and net profit growth from 2025 to 2027, maintaining a "Buy" rating [1] Financial Performance - In the first half of 2025, the company achieved revenue of 1.495 billion yuan, a year-on-year increase of 9.52%, and a net profit of 152 million yuan, up 41.90% year-on-year [2] - The overall gross margin for the first half of 2025 was 30.63%, an increase of 1.23 percentage points year-on-year, while the net profit margin was 10.14%, up 2.32 percentage points year-on-year [2] - The company declared an interim dividend of 0.35 HKD per share, totaling approximately 76 million yuan, which accounts for 49.96% of the net profit for the first half of 2025 [2] Business Expansion - As of June 30, 2025, the company operates 83 medical institutions, with an addition of 5 new institutions compared to December 31, 2024 [1] - In the first half of 2025, the company gained 453,000 new customers, a year-on-year increase of 7.77%, with total patient visits reaching 2.747 million, up 15.27% year-on-year [1] AI and Technology Integration - The company launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 AI avatars covering 8 core traditional Chinese medicine specialties by August [3] - The integration of AI technology aims to enhance the supply of quality traditional Chinese medicine services and improve patient diagnosis and treatment experiences [3] International Strategy - In the first half of 2025, the company's revenue from Singapore reached 2.143 million yuan, a significant year-on-year growth of 121.16% [4] - The company plans to continue its internationalization strategy by expanding its offline service network overseas, leveraging digital and AI technologies to address the shortage of quality traditional Chinese medicine resources [4]
兴证国际：维持固生堂“买入”评级 AI出海稳定推进