构筑技术壁垒赋能诊疗 大会核心亮点之一，是固生堂与四大顶尖科研团队达成中医药特色大模型及智能体战略合作，标志着中 医AI从技术探索迈向规模化应用新阶段。 距离国家出台《关于促进数字中医药发展的若干意见》过去不到一年半，科技与中医药两股新老力量的 交织，已经涌现出鲜明的活力。 12月5日，固生堂2025年度专家年终答谢会暨科技与创新发展大会在北京召开，这场以"科技""创新""中 医"为关键词的行业盛会，在中医药领域顶尖力量与人工智能（AI）领域权威专家的见证下，集中落地 了中医药大模型合作签约、临床科研一体化平台启动、国医AI中医大脑发布，以及多项重磅战略合 作。 作为中医连锁先行者，固生堂的转型逻辑非常明确，即从传统经验驱动，向科技、数据、市场、全球多 维度驱动转型，为中医药现代化、国际化注入强劲动能。公司此次在会上的新动作，则剑指行业资源不 均、循证不足、触达不畅、出海受限等痛点，力求为行业高质量发展树立新标杆。 固生堂董事长涂志亮表示，"推动中医药现代化与国际化，是响应国家政策号召的时代使命，也是固生 堂作为行业践行者的必然选择。我们持续投入AI大模型的研发与海外市场的开拓，不仅是技术创新与 商业布局，其 ...

2025年12月5日，在固生堂2025年度科技与创新发展大会上，固生堂宣布与四大顶尖科研团队——清华 大学孙茂松教授团队、北京中医药大学谷晓红教授团队、中国中医科学院刘保延教授团队、北京交通大 学周雪忠教授团队达成深度合作，共同研发中医AI大模型及智能体。合作聚焦模型联合训练、权威评 测、数据共享、高水平学术成果产出及智能体应用研发五大板块，旨在打造强大的中医AI大模型底座 及智能体应用平台，扩大优质中医服务供给，加速青年医师培养，让优质中医服务普惠更多民众。 本次大会正式发布了"国医AI分身"第二阶段核心产品——"中医大脑"，通过把专家 AI 分身赋能给青年 医生，为青年医生提供实时临床决策指导，实现了赋能医师的重大突破。 中国中医科学院首席研究员刘保延教授表示，固生堂推动的中医AI模型研发与落地应用，是解决中医 经验传承困境、推动中医药循证发展与国际化的一项关键实践，为行业探索了一条极具前瞻性的新路 径。 一、携手四大顶尖科研团队，构筑强大中医AI技术底座 此次合作的四大顶尖科研团队均是各自领域的权威代表，拥有高水平学术成就，涵盖人工智能、中医 学、医工交叉学科等关键领域，形成全方位技术支撑体系，确保了项 ...

固生堂(02273.HK)12月9日耗资959.7万港元回购34万股 中医AI与出海齐头并进！固生堂"科技+全球 化"释放增长新动能 格隆汇12月9日丨固生堂(02273.HK)公告，12月9日耗资959.7万港元回购34万股。 相关事件 ...

固生堂中医集团创始人、董事长涂志亮在大会致辞中表示："推动中医药现代化与国际化，是响应国家 政策号召的时代使命，也是固生堂作为行业践行者的必然选择。我们持续投入AI大模型的研发与海外 市场的开拓，不仅是技术创新与商业布局，其根本目的在于扩大优质中医资源的供给与服务能力。"他 描绘了清晰的国际化蓝图：计划在2026年将业务拓展至香港和马来西亚市场，并在此后进军欧美市场。 2025年12月5日，固生堂2025年度专家年终答谢会暨科技与创新发展大会在北京隆重召开。本次大会汇 聚了众多中医药领域顶尖力量与人工智能领域权威专家，共同见证固生堂多项重磅合作及成果发布：固 生堂中医药大模型合作签约、临床科研一体化平台启动、国医AI中医大脑发布，同期，固生堂与高德 地图达成战略合作、收购新加坡中国中医100%股权，系列合作覆盖AI大模型研发应用、临床科研、流 量矩阵构建及海外布局四大板块，展现了固生堂在推动中医药现代化发展上的全面规划，为中医药发展 注入强劲动力。 国医大师王庆国，欧洲科学院院士、清华大学人工智能研究院常务副院长孙茂松，中国中医科学院首席 研究员、世界针灸学会联合会主席刘保延，固生堂中医集团创始人、董事长涂志 ...

智通财经APP获悉，2025年12月5日，固生堂(02273)2025年度专家年终答谢会暨科技与创新发展大会在北京隆重召开。本次大会汇聚了众多中 医药领域顶尖力量与人工智能领域权威专家，共同见证固生堂多项重磅合作及成果发布：固生堂中医药大模型合作签约、临床科研一体化平 台启动、国医AI中医大脑发布，同期，固生堂与高德地图达成战略合作、收购新加坡中国中医100%股权，系列合作覆盖AI大模型研发应用、 临床科研、流量矩阵构建及海外布局四大板块，展现了固生堂在推动中医药现代化发展上的全面规划，为中医药发展注入强劲动力。 四大顶尖科研团队均是各自领域的权威代表，涵盖AI、中医学、医工交叉学科、中医临床疗效评价等关键领域，形成跨学科、全方位技术支 撑体系，从技术根源上提升中医AI大模型的临床实用性与可靠性。 据了解，此次合作内容主要有五个方面：第一，构建更加贴合中医诊疗特点的AI大模型底座，从技术根源上提升中医AI大模型及智能体的临 床实用性与可靠性。第二，联合中国信通院等权威机构，建立科学严谨的中医AI评测体系，构建行业专业榜单评测，确保模型性能的公正评 估与持续优化。第三，构建"国医AI分身"辅助诊疗系统与患者健康 ...

Core Insights - Company achieved a revenue of 1.495 billion yuan in H1 2025, representing a year-on-year growth of 9.5% and a net profit of 152 million yuan, up 41.6% [1] - The company is expanding its network through self-built and acquired stores, enhancing its physician resources and medical network [2] - The company is accelerating the transformation of in-hospital preparations into innovative traditional Chinese medicine, promoting productization and standardization of healthcare solutions [3] - The launch of ten AI avatars in traditional Chinese medicine aims to enhance service quality and address the shortage of quality medical resources [4] - The company is positioned as a leading player in the traditional Chinese medicine healthcare service sector, with optimistic revenue and profit projections for 2025-2027 [5] Financial Performance - In H1 2025, the company reported a revenue of 1.495 billion yuan, a 9.5% increase year-on-year, with offline medical institution revenue at 1.367 billion yuan, up 11.1% [1] - The adjusted net profit reached 170 million yuan, reflecting a 15.2% increase, while the gross margin improved to 30.6%, up 1.2 percentage points [1] - Operating cash flow was 300 million yuan, a significant increase of 111%, and free cash flow reached 210 million yuan, up 466% [1] Business Expansion - The company added 7 new stores in H1 2025, including 4 self-built and 3 acquired, expanding into 2 new cities [2] - As of H1 2025, the total number of offline stores reached 83, with a growing network in Singapore [2] - The company has established partnerships with 37 medical alliance units, enhancing its collaborative healthcare network [2] Customer Engagement - New customer acquisition reached approximately 453,000, a growth of 7.77%, with total patient visits at 2.747 million, up 15.27% [2] - Membership visit numbers increased to 1.08 million, reflecting a 15.14% growth, while membership revenue reached 620 million yuan, up 6.3% [2] Innovation and Technology - The company reported a 209% increase in revenue from self-priced products, including in-hospital preparations [3] - The successful certification of a hair care product in Singapore marks a significant achievement in the company's product transformation capabilities [3] - The introduction of AI avatars aims to enhance the efficiency and quality of traditional Chinese medicine services, achieving over 86% consistency in expert simulations [4] Future Outlook - The company is expected to achieve revenues of 3.405 billion yuan, 4.014 billion yuan, and 4.826 billion yuan from 2025 to 2027, with net profits projected at 406 million yuan, 533 million yuan, and 677 million yuan respectively [5] - The current PE multiples for 2025 are projected at 17.8X, with a "buy" rating maintained based on growth prospects [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company has demonstrated steady revenue growth, with a projected increase in operating income from 2,323 million in 2023 to 4,826 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.2% [1][11]. - The net profit attributable to shareholders is expected to rise from 252.2 million in 2023 to 677.4 million in 2027, with a notable growth rate of 32.5% in 2025 [1][11]. - The company is focusing on expanding its offline medical institutions and enhancing its AI capabilities in traditional Chinese medicine, which are anticipated to drive future growth [10][11]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 1,495 million, a year-on-year increase of 9.5%, with offline medical institution revenue growing by 11.1% [2][3]. - The adjusted net profit for the same period was 170 million, reflecting a 15.2% increase year-on-year, while the gross margin improved to 30.6% [2][3]. - The company has achieved significant growth in cash flow, with operating cash flow reaching 300 million, up 111% year-on-year, and free cash flow increasing by 466% to 210 million [2]. Business Expansion and Strategy - The company has continued to expand its network, adding 7 new stores in the first half of 2025, including 4 self-built and 3 acquired, bringing the total to 83 stores across China and Singapore [3]. - The company has established partnerships with 37 medical alliance units, enhancing its resource base and service capabilities [3]. - The introduction of 10 AI models in traditional Chinese medicine aims to improve service delivery and patient experience, addressing the shortage of quality medical resources [10]. Future Projections - The company is expected to achieve operating revenues of 3,405 million, 4,014 million, and 4,826 million from 2025 to 2027, with corresponding net profits of 406 million, 533 million, and 677 million [1][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 17.8 in 2025 to 10.7 by 2027, indicating potential undervaluation as earnings grow [1][11].

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]

Core Viewpoint - The company, Wanzhi Traditional Chinese Medicine, is attempting to leverage AI technology in traditional Chinese medicine, but faces challenges related to efficacy, significant financial losses, and concerns over the qualifications of its young medical staff [2][10]. Company Overview - Wanzhi Traditional Chinese Medicine was established in 2018 and focuses on AI-assisted traditional Chinese medical diagnosis and treatment [2]. - The company claims to be the largest provider of AI-assisted traditional Chinese medical services in mainland China, with market shares of 1.5% and 1.3% for 2023 and 2024, respectively [2]. - Wanzhi operates eleven physical clinics and four herbal medicine preparation centers across various cities in China [2]. Financial Performance - The company reported revenues of RMB 62.169 million, RMB 189 million, RMB 236 million, and RMB 100 million for the years 2022 to 2025, with nearly 90% of revenue coming from online services [3]. - Cumulative losses exceeded RMB 400 million over the reporting period, with losses of RMB 154 million, RMB 194 million, RMB 45.367 million, and RMB 43.841 million for the respective years [3]. Medical Staff and AI System - The average age of the medical staff is 30, with all 93 full-time physicians utilizing the proprietary AI-assisted diagnostic system known as "Traditional Chinese Medicine Brain" [4][9]. - The AI system is claimed to be the first and only one in mainland China to have undergone clinical consistency studies and expert reviews [4]. Patient Concerns and Complaints - There are significant patient complaints regarding the effectiveness of treatments, with issues such as ineffective medication and excessive medical procedures being reported [10][12]. - Complaints on platforms indicate dissatisfaction with treatment outcomes and concerns about the transparency and integrity of the company's practices [10][12].