Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is accelerating its overseas mergers and acquisitions, with a recent agreement to acquire 100% equity of Da Zhong Tang in Singapore, which operates 14 TCM clinics [1][2] - The company is also increasing its share buyback program, indicating strong confidence in future growth [1][3] - The acquisition of Da Zhong Tang will enhance the company's operational network in Singapore, supporting its international expansion strategy [2] - The company is leveraging AI technology to create "AI avatars" of renowned TCM doctors, which is expected to improve service delivery and expand capacity [3] - The company forecasts adjusted net profits of 493 million, 594 million, and 708 million HKD for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3] Summary by Sections Mergers and Acquisitions - The company is actively pursuing international expansion through acquisitions, with the recent purchase of Da Zhong Tang marking a significant step in its TCM overseas strategy [1][2] AI Development - The company is developing AI models based on extensive clinical data to replicate the diagnostic capabilities of top TCM experts, which is anticipated to enhance healthcare delivery [3] Financial Projections - The company projects substantial revenue growth, with expected revenues of 3,797 million, 4,735 million, and 5,902 million HKD for 2025, 2026, and 2027 respectively, alongside increasing net profits [8][9]
固生堂（02273）：——（2273.HK）事件点评：固生堂（02273）：出海并购加速，回购加码彰显发展信心