机构：长城证券 研究员：刘鹏/蔡航 事件：固生堂发布2025 年中报，2025H1，公司实现营业收入14.95 亿元，同比增长9.5%；归母净利润 1.52 亿元，同比增长41.6%；经调整净利润1.70亿元，同比增长15.2%。 公司业绩稳健增长，盈利能力大幅提升。根据公司2025 年中报、固生堂投资者关系公众号、公司推介 材料，2025H1，公司实现营收14.95 亿元，同比增长9.5%；其中，线下医疗机构收入13.67 亿元，同比 增长11.1%，同店内生稳健增长，主要源自同店同比增长8.3%（注：同店为2024 年6 月前运营的门 店）；线上医疗健康平台收入1.27 亿元，同比下降5.2%，主要系公司更策略性地专注于线下医疗机构 业务增长所致；实现归母净利润1.52 亿元，同比增长41.6%；实现经调整净利润（剔除以权益结算以股 份为基础的付款）1.70 亿元，同比增长15.2%；毛利率达30.6%，同比增长1.2pct；经营性现金流达3 亿 元，同比增长111%；自由现金流达2.1 亿元，同比增长466%。 自建+并购门店持续推进，医联体版图持续扩张，医师资源不断壮大。根据公司推介材料、固生堂投资 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 固生堂（02273.HK） 业绩稳健增长，"国医 AI 分身+院内制剂"有望打造成长新动能 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2323 | 3022 | 3405 | 4014 | 4826 | | 增长率 yoy（%） | 43.0 | 30.1 | 12.7 | 17.9 | 20.2 | | 归母净利润（百万元） | 252.2 | 306.8 | 406.4 | 532.8 | 677.4 | | 增长率 yoy（%） | 37.6 | 21.6 | 32.5 | 31.1 | 27.1 | | 经调整净利润（百万元） | 304.7 | 400.4 | 451.39 | 567.81 | 702.45 | | 增长率 yoy（%） | 53.6 | 31.4 | 12.73 | 25.79 | 23.71 | | ROE（%） | 10.9 | 12.9 | 14.6 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit showing significant growth, indicating a robust business model and effective cost management [1][2]. Financial Performance - The company achieved revenue of 1.495 billion yuan, an increase of 9.52% year-on-year, and a net profit attributable to shareholders of 152 million yuan, up 41.9% [1]. - Adjusted net profit reached 170 million yuan, reflecting a growth of 15.2% [1]. - The company's gross profit margin was 30.6%, an increase of 1.2 percentage points, and the net profit margin was 10.1%, up 2.3 percentage points [1]. Business Growth - Offline medical institutions generated revenue of 1.37 billion yuan, growing by 11.1%, driven by new acquisitions and existing business growth [1]. - Online medical institutions saw a revenue decline of 5.2% to 127 million yuan, primarily due to a strategic focus on offline business growth [1]. - The total number of patient visits reached 2.747 million, an increase of 15.3%, with an average revenue per visit of 544 yuan, down 5.1% [1]. Expansion and Innovation - As of June 30, 2025, the company operated 83 medical institutions across 20 cities in China, with an additional facility in Singapore, marking an increase of 5 institutions since the end of 2024 [2]. - The company is actively investing in AI for traditional Chinese medicine, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core specialties by August [2]. - The introduction of AI technology aims to enhance the supply of quality traditional Chinese medical services and improve patient experiences [2]. Market Outlook - The traditional Chinese medicine service industry is expected to experience rapid growth due to strong demand and supportive policies [2]. - The company is positioned as a leading chain in the traditional Chinese medicine sector, with excellent cross-regional operational capabilities and significant long-term growth potential [2]. - Profit forecasts for the company have been adjusted to 398 million yuan, 492 million yuan, and 588 million yuan for 2025, 2026, and 2027, respectively, maintaining a "buy" rating despite short-term fluctuations in average revenue per visit [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.495 billion yuan (+9.52%) and net profit attributable to shareholders of 152 million yuan (+41.9%) [3][9] - The offline business showed steady growth, with a revenue increase of 11.1% to 1.37 billion yuan, driven by new acquisitions and existing business growth [5] - The company is actively embracing AI technology, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core traditional Chinese medicine specialties by August [8][9] Financial Performance - The company achieved a gross profit margin of 30.6% (+1.2 percentage points) and a net profit margin of 10.1% (+2.3 percentage points) in the first half of 2025 [6] - The company has expanded its network to 83 medical institutions across 20 cities in China, with one institution in Singapore as of June 30, 2025 [7] - The adjusted net profit for 2025 is forecasted at 398 million yuan, with subsequent years projected at 492 million yuan in 2026 and 588 million yuan in 2027 [9][10] Market Outlook - The demand for traditional Chinese medicine services is strong, supported by favorable policies, indicating a period of rapid growth for the industry [9] - The company is positioned as a leading chain in the traditional Chinese medicine service sector, with significant long-term growth potential due to its brand, talent, and resource advantages [9]

出品｜搜狐财经 作者｜刘相君 不用号脉，网上就能看中医？ 近日，问止中医科技（以下简称"问止中医"）向港交所递交了招股书，这是继今年1月9日首次递表失效后的第 二次申请，海通国际担任独家保荐人。 AI辅助、线上问诊，靠谱吗？ 问止中医成立于2018年，是一家专注于人工智能辅助中医诊疗的企业。根据灼识咨询报告，就人工智能辅助的 收入而言，问止中医是2023年和2024年中国内地最大的人工智能辅助的中医医疗服务提供商，市场份额分别为 1.5%和1.3%。 问止中医通过微信公众号上的在线入口及微信小程序以及线下诊所整合在线及线下服务渠道，两者相辅相成。 目前，公司于深圳、广州、厦门、成都、郑州、长沙、济南、西安、咸阳及杭州运营十一家线下实体诊所（包 括一个门诊部），并于深圳、成都、济南及亳州运营四家煎药中心。 从商业模式来看，线上渠道成为贡献营收的绝对主力。 数据显示，2022年-2025年5月31日（报告期），问止中医分别实现营收6216.9万元、1.89亿元、2.36亿元、1亿 元，其中近九成的收益来自于线上中医医疗服务；期间亏损分别为1.54亿元、1.94亿元、4536.7万元、4384.1万 元，三年多累计 ...

2022年至2024年，问止中医的营业收入快速增长，从0.62亿元涨至2.36亿元，三年复合增长率高达32%。但利润持续亏损，与营收形成强烈反 差：截至2024年，公司累计亏损近4亿元，流动负债净额近5亿元。 | | | 截至12月31日止年度 | | 截至5月31日止五個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 人民幣于元 | 人民幣千元 | 人民幣十元 | 人民幣下元 | 人民幣下元 | | | | | | (未經審核) | | | 收益 | 62,169 | 188,998 | 236,414 | 89,848 | 100,392 | | 销售成本 | (27,190) | (76,035) | (96,291) | (37,373) | (38,249) | | 毛利 | 34,979 | 112,963 | 140,123 | 52,475 | 62,143 | | 其他收入及收益 | 1.501 | 2,286 | 4.456 | 1.480 | 2,547 ...

Core Viewpoint - Shenzhen Wenzhi Traditional Chinese Medicine Health Technology Co., Ltd. has submitted an updated prospectus to the Hong Kong Stock Exchange, marking a significant step towards becoming the "first AI stock in traditional Chinese medicine" [1] Financial Performance - The company reported revenues for the fiscal years 2022, 2023, and 2024, as well as for the five months ending May 31, 2024, and 2025, amounting to approximately 62.169 million, 189 million, 236 million, 89.848 million, and 100 million respectively [1] Business Overview - Founded in June 2018 and headquartered in Shenzhen, the company is an AI-enabled provider of traditional Chinese medicine services, focusing on online internet hospitals, offline TCM clinics, TCM lifestyle products, and the "Traditional Chinese Medicine Brain" subscription service [1] - The company has developed an AI-assisted diagnostic system called "Traditional Chinese Medicine Brain," which utilizes deep learning from over one million clinical cases to create a knowledge graph of over 3,000 diseases, aiming to enhance diagnostic efficiency and accuracy [1] Revenue Structure - The company operates three main business segments: TCM medical services, TCM lifestyle products, and the TCM Brain subscription service, with TCM medical services accounting for 90% of total revenue, making it the core revenue driver [1] Service Model - The company provides a one-stop service through its self-operated internet hospital, offering video consultations, intelligent diagnostics, and herbal medicine delivery [2] - 90% of the company's diagnostic revenue is generated from online channels, supported by 12 self-operated clinics and 4 regional herbal medicine preparation centers, creating a nationwide TCM service network [2] Market Expansion - In the consumer sector, the company is expanding into TCM lifestyle products through its e-commerce platform, catering to daily TCM health needs [2] - In the B2B market, the "Traditional Chinese Medicine Brain" subscription service is gradually opening up new growth opportunities by providing intelligent diagnostic capabilities to TCM medical institutions on a subscription basis [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [20]. Core Insights - The company reported a strong performance in its 2024 annual report, achieving revenue of 3.02 billion RMB (+30.1%) and a net profit attributable to shareholders of 307 million RMB (+21.6%), which aligns with expectations [2][8]. - The offline business continues to grow rapidly, with revenue reaching 2.74 billion RMB (+34.5%), driven by contributions from newly acquired institutions and growth in existing operations [4][3]. - The company has expanded its network significantly, operating 79 medical institutions by the end of 2024, an increase of 21 from the previous year, covering 20 cities [6]. Financial Performance - The company achieved a gross margin of 30.1%, maintaining year-on-year stability, while the net profit margin was 10.2% (-0.7 percentage points) [5]. - The adjusted net profit for the year was 400 million RMB (+31.4%), reflecting effective cost control with sales, management, and financial expense ratios at 12.2%, 6.1%, and 0.6%, respectively [5]. Business Expansion and Innovation - The company is actively investing in AI technology to enhance its traditional Chinese medicine services, aiming to improve diagnostic capabilities and customer service [7]. - The forecast for revenue growth is optimistic, with projections of 3.81 billion RMB, 4.84 billion RMB, and 6.09 billion RMB for 2025, 2026, and 2027, respectively [8]. Market Position - The company is positioned as a leading player in the traditional Chinese medicine service industry, benefiting from strong demand and supportive policies, with significant long-term growth potential [8].