陌恒既很恐惧，又很愤怒。这一次，在许久岁月之后，他发出了自己的声音，而空气中似有东西破碎的 声音。可是出他意料的是，他的信息非但没有发出去，反而收到了一条鲜红，不是！是血红、血淋淋的 警告：警告！警告！该言语不符合该形象，请撤销，否则会引起对方误解，造成模型冲突！在那一刻， 陌恒确确实实地感受到了一股寒意：周围似乎真的有什么尖锐如甲壳的东西在缠紧他，他好像要不能呼 吸了，他想开口呼叫，但感觉脸像是被面具封上了，无法言语。 恍惚间，一切又消失了，他好像看到一个戴着面具的人，封闭面具碎了一块，露出一双害怕的眼睛，像 是在呼救。但当视线定格之时，一切只剩下眼前的手机。手机再次发来一条信息：你在依赖AI分身 吧？你不知道这会使你有很大可能患上自我认知障碍等疾病吗？这很危险的，会出人命的。 陌恒并不相信这些话，可手机每一条信息都与他符合，他不禁想到那三年前的伊始——"AI分身，你值 得信赖的得力助手"。最终手机发来了最后一条信息——谨记，面具戴久了后你还真的是你吗？陌恒循 着网友的指引，开始了长达一周的自检，结果令人不寒而栗——AI分身的综合相似度与他几乎为0，但 在他的人脉中AI分身的信念度几乎为满，也就是他好像已经 ...

Core Viewpoint - The report from Dongfang Securities indicates an upward revision of the gross profit margin forecast for Guoshengtang (02273) and adjustments to the earnings per share for 2025-2027, reflecting a positive outlook for the company's financial performance [1] Financial Performance - In the first half of 2025, the company achieved revenue of 1.49 billion yuan, a year-on-year increase of 9.5%, with a net profit attributable to shareholders of 150 million yuan, up 41.9%. Operating cash flow reached 300 million yuan, a 111% increase, and free cash flow was 210 million yuan, up 466% [1] Business Segmentation - Revenue from healthcare solutions in the first half of 2025 was 1.48 billion yuan, a year-on-year increase of 10.4%, while revenue from health products was 10 million yuan. Offline institutional revenue was 1.37 billion yuan, up 11.1%, with same-store sales accounting for 97.3% of total revenue, indicating growth driven by existing store operations [2] Strategic Expansion - The company added 7 new stores in the first half of 2025 (4 self-built and 3 through acquisition) and entered 2 new cities, demonstrating a strategy focused on stable growth from existing stores while expanding cautiously [2] Product Development - Revenue from in-hospital formulations and other self-priced products surged by 209% year-on-year in the first half of 2025. The company launched 2 new in-hospital formulations, bringing the total to 14, with one product successfully certified and launched in Singapore [3] International Growth - Revenue from Singapore reached 2.143 million yuan, a year-on-year increase of 121%, indicating rapid growth in overseas business. The dual model of "service + product" is beginning to take shape, potentially opening a second growth curve for the company [3] Ecosystem Development - The company has established deep collaborations with major platforms such as Xiaohongshu, Meituan, Douyin, and Gaode Map, with new users from these platforms accounting for 7.6% of the total new users, while customer acquisition costs remain below the industry average [4] AI Integration - As of late August, the AI prescription payment rate reached 76.7%, with expert prescription acceptance exceeding 80%. The company possesses over 20 million consultation records, 18 million cases, and 100,000 high-quality expert data, indicating a strong data foundation for future AI applications [4]