Core Viewpoint - The completion of the acquisition of 100% equity in Singapore's Dazhongtang marks a significant step for the company towards large-scale overseas expansion, with plans to increase the number of clinics in Singapore and enter markets like Hong Kong and Malaysia [1][2]. Group 1: Acquisition and Expansion Plans - The company has acquired 14 traditional Chinese medicine clinics in Singapore, covering key business districts and residential areas [2]. - The revenue of Dazhongtang in 2024 was approximately 8 million Singapore dollars (around 50 million RMB), with a growth rate exceeding 5% in 2025 [2]. - The company aims to acquire an additional 10-20 clinics in Singapore and become the leading TCM service brand in the region by 2026 [2]. Group 2: Domestic Market and Policy Environment - The domestic policy environment is stabilizing, which is favorable for leading companies in the industry [2]. - In Wuxi, the company's store revenue increased by over 40% year-on-year in October 2025, with a profit margin of 26%, significantly above the company average [2]. - The optimization of traditional Chinese medicine decoction pieces procurement rules allows the company to enjoy favorable pricing without participating in collective procurement [2]. Group 3: Shareholder Returns and Financial Outlook - The company has repurchased shares worth 232 million HKD from July 1 to November 17, 2025, significantly exceeding the 85 million HKD repurchase in the first half of the year [3]. - The management has committed to maintaining a 50% dividend payout ratio, reflecting confidence in the company's growth [3]. - The adjusted revenue growth forecasts for 2025E, 2026E, and 2027E are 11.3%, 21.9%, and 24.0%, respectively, with adjusted net profit growth of 11.9%, 23.8%, and 26.3% [3].
固生堂(2273.HK)：开启海外规模化扩张 26年业绩加速增长