Investment Rating - Maintain OUTPERFORM rating with a target price of HK$67.35, current price at HK$32.76 [2][5] Core Insights - Revenue and profit showed steady growth in 25H1, driven by increased outpatient visits, with revenue reaching RMB 1.49 billion (+9.5%) and outpatient visits at 2.75 million (+15.3%) [3][11] - The company is focusing on the launch of AI avatars for doctors and overseas expansion, with expectations for significant commercial realization of AI products in 2025 [4][13] Financial Performance - Revenue breakdown for 25H1: offline revenue at RMB 1.37 billion (+11.1%) and online revenue at RMB 0.13 billion (-5.2%), indicating a stronger focus on offline medical institutions [3][11] - Gross margin improved to 30.6% (+1.2 pp), with net profit reaching RMB 150 million (+41.6%) and adjusted net profit at RMB 170 million (+15.2%) [4][12] - Forecasted revenue for 2025 and 2026 is RMB 3.40 billion and RMB 4.03 billion, respectively, with net profit projected at RMB 410 million and RMB 490 million [5][14] Operational Developments - The company added seven TCM clinics in 25H1, including three acquisitions and four self-built, and entered two new cities (Chengdu and Shantou) [3][11] - AI technology is being deployed to enhance service quality, with ten "National Physician AI Avatars" launched across various medical fields [4][13]
固生堂（02273）：25H1收入和利润稳健增长，关注名医AI分身上线及海外扩张