Core Insights - The article highlights the modernization and standardization of the traditional Chinese medicine (TCM) industry, emphasizing the collaboration between Guoshengtang and Huawei to innovate in TCM services through AI and digital infrastructure [1][21] - Guoshengtang reported a revenue of 30.22 billion yuan for 2024, marking a 30.1% year-on-year increase, alongside a net profit growth of over 30% [1][4][21] Financial Performance - The company achieved a record revenue of 30.22 billion yuan in 2024, with a 30.1% increase compared to the previous year [4] - The medical health solutions segment accounted for 98.9% of total revenue, reaching 29.88 billion yuan, growing by 30.6% [4] - Adjusted net profit reached 4 billion yuan, a 31.4% increase year-on-year, with an adjusted net profit margin of 13.2% [5] Strategic Expansion - Guoshengtang is expanding its service network both nationally and internationally, adding 21 new stores through self-construction and acquisitions, bringing the total to 79 stores across 20 cities in China and Singapore [9][12] - The company plans to enter Southeast Asian markets, including Malaysia and Indonesia, within three years, leveraging its validated domestic model and digital capabilities [12][14] Innovation and Technology - The integration of AI technology is a key focus, with Guoshengtang developing AI-assisted decision-making systems to enhance operational efficiency and patient care [5][17] - The company has introduced new proprietary formulations, expanding its product library to 13, targeting high-demand areas such as oncology and pediatrics [11] Customer Engagement - The company reported a 25.9% increase in patient visits, totaling 5.41 million, with a customer retention rate of 67.1% [10] - Membership revenue grew by 32%, indicating strong customer loyalty and engagement [10] Ecosystem Development - Guoshengtang is enhancing its medical ecosystem by collaborating with public hospitals and TCM universities to improve resource allocation and service delivery [16] - The company is also focusing on building a digital TCM model, utilizing AI to improve treatment efficiency and patient outcomes [17][18]

中医+AI发挥的作用 根据国家卫生健康委发布《2023年我国卫生健康事业发展统计公报》显示，中医类诊所增至8.22万家， 增加将近1.2万，与2022年增加3000家相比数量翻了4倍。 中医诊所数量高速增长背后，得益于老百姓对中医的认可度在提高。 当归中医创始人李永明认为，中医诊所数量这种突击式增长只是一时的，中医诊所也面临医保控费和集 采的挑战，这在考验诊所经营。"诊所如果没有核心竞争力的话、服务无法得到认可的话，很有可能会 被市场所淘汰。" 对于中医诊所而言，核心的竞争力在于医生，但好的医生培养很难。 与会嘉宾们认为，AI在辅助培养中医生方面，可以发挥很大的作用。 "过去，一家诊所发展很慢，也受困于医生，好的医生，要复制非常难。"李永明说，有了AI后，培养一 名中等资质的医生就相对容易了。 随着大模型发展速度加快，如何利用AI赋能医疗服务行业，正受到前所未有关注度。作为古老医学， 中医+AI可以迸发出哪些火花，如何推动中医药服务的数智化转型？ 近日，在2025企业可持续发展大会"可持续出海重塑全球商业与健康格局"分论坛上，该问题受到讨论。 数据仍是掣肘 今年开年，DeepSeek的"破圈"效用引发了全民关 ...

报告摘要 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 AI 也是医生的得力"智能助手"，通过AI预问诊，生成电子病历，可以有效减轻医生的重复性工作，使他们 能够在单位时间内，为更多患者提供优质的医疗健康服务。诊后，AI助手随时为患者解答疑问，提供个性 化的健康指导，公司还将尝试借助 DeepSeek 为数十万的付费会员客户提供1对1、贯穿于患者健康管理全 过程的个性化健康服务。通过为患者提供更有针对性、全面系统且浅显易懂的健康指导，显著提升患者对 治疗方案的依从性与整体满意度。我们认为公司有望借助AI大模型对优质的数据进行挖掘和智能分析实现 更高效的运营和发展。 风险提示： 行业政策变化；并购标的或自建门店进展低于预期；医生流失；来自其他中医服务提供商的竞 争加剧。 发布日期： 2025-03 ...