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西部证券:维持固生堂“增持”评级 AI系统赋能中医特色发展
Zhi Tong Cai Jing·2025-09-25 07:43

Group 1 - The core viewpoint of the report indicates that Guoshengtang (02273) achieved a revenue of 1.495 billion yuan in H1 2025, representing a year-on-year growth of 9.52%, with a net profit attributable to shareholders of 152 million yuan, up 41.90% [1] - The company is expected to generate revenues of 3.513 billion, 4.274 billion, and 5.149 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.24%, 21.64%, and 20.47% respectively [1] - The net profit attributable to shareholders is projected to be 409 million, 542 million, and 687 million yuan for the same period, with growth rates of 33.19%, 32.60%, and 26.80% respectively [1] Group 2 - In H1 2025, the revenue from providing healthcare solutions was 1.48486 billion yuan, a year-on-year increase of 10.4%, accounting for 99.33% of total revenue, primarily due to growth in offline medical institutions [2] - Revenue from the sale of healthcare products decreased by 50.9% to 10 million yuan, as the company strategically focused on providing healthcare solutions [2] - The company launched its first "National Medicine AI Avatar" in June 2025, and by August, it had released 10 AI avatars covering eight core specialties in traditional Chinese medicine, enhancing the supply of quality medical services [2]