Core Viewpoint - The company is accelerating its domestic and international business expansion through strategic acquisitions and partnerships, demonstrating strong confidence in future growth [1][2]. Domestic Expansion - The company has added 4 new branches through acquisitions since July 2025, increasing the total number of branches to 87, enhancing regional service capabilities [1]. - Significant acquisitions include: - Acquiring Shenzhen Tianyuan Hospital, which facilitates access to medical insurance coordination, enhancing competitive advantage in the Shenzhen market [1]. - Acquiring Tianjin Ping An Clinic, entering the fourth largest traditional Chinese medicine market in China, which opens new revenue growth opportunities in the Beijing-Tianjin-Hebei region [1]. International Expansion - The company has formed a strategic partnership with Singapore's 1doc to establish a joint venture, with the company holding 70% ownership and responsible for operations [1]. - This collaboration leverages 1doc's existing network of clinics in Singapore to facilitate rapid scaling and effective patient conversion in the context of integrated Chinese and Western medicine [1]. Share Buyback - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 buyback transactions, totaling 8.14 million shares and approximately HKD 247 million in investment [2]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to HKD 600 million, the highest in the company's history [2]. Financial Outlook - The company expects strong earnings growth, with projected net profits of RMB 400 million, RMB 518 million, and RMB 664 million for 2025-2027, representing year-on-year increases of 30.5%, 29.4%, and 28.2% respectively [2]. - The current stock price corresponds to a PE ratio of 15.8, 12.2, and 9.5 for 2025-2027, with a target price of HKD 49.09 based on a 20x PE for 2026 [2].
固生堂(02273.HK)重大事项点评：全球业务扩张加速 回购加码彰显信心