固生堂 20250702 摘要 固生堂作为国内领先的中医连锁医疗服务机构，已形成完整的业务闭环， 涵盖线上线下服务，线下机构占比营收 91%，医疗健康解决方案占比 99%。 公司 2024 年经调整净利润为 4 亿元，同比增长 31.4%，剔除股权激励 影响后仍保持稳步增长。市场对中药饮片集采政策存在担忧，但固生堂 可通过业务结构调整和优质优价策略应对。 AI 名中医分身是固生堂的重要创新，解决了名医资源稀缺问题，有望推 动公司业务模式从重资产向轻资产转型，提升运营质量和利润率，并带 来估值空间的提升。 国内中医市场规模预计到 2031 年将达到 1.84 万亿元，复合增速高达 18.2%，受益于人口老龄化、亚健康人群增加、传统文化认同以及政策 支持等因素驱动。 民营中医服务市场高度分散，固生堂市占率仅 0.2%，行业整合机会巨 大。政策推动连锁化、高质量中医服务发展，中药集采是关键政策，连 锁机构具备资本优势。 Q&A 固生堂在中医诊疗领域的优势和发展前景如何？ 固生堂是国内中医连锁服务的龙头企业，经营稳健，深度绑定了名中医，因此 成长底色稳固，业务空间广阔。公司通过早期融资实现了线下机构扩张和线上 平台布 ...

Core Viewpoint - The company, Guoshengtang, demonstrates strong resilience in performance growth, with a projected revenue increase in the second quarter of 2025 surpassing that of the first quarter due to rapid store expansion and a stable policy environment [1][2]. Group 1: Performance and Growth - In Q1 2025, Guoshengtang's offline patient visits increased by 12.7% year-on-year, showing a month-on-month acceleration trend [1]. - The company plans to open 15-20 new stores in 2025, including self-built and acquired locations, and aims to enter 2-3 new cities [1]. - Guoshengtang's revenue growth in the second half of 2025 is expected to exceed that of the first half due to base effects [1]. Group 2: Technological Advancements - On June 7, 2025, Guoshengtang launched the first national AI digital twin of a traditional Chinese medicine (TCM) expert, Professor Li Hao, which utilizes deep learning from over 40 years of clinical experience [2]. - The company plans to release 20 AI digital twins of renowned doctors in 2025 to enhance overall diagnostic quality and address the shortage of quality TCM resources [2]. - A partnership with Huawei was established in May 2025 to promote AI technology applications in the TCM field [2]. Group 3: Financial Returns and Shareholder Value - In 2024, Guoshengtang returned a total of 420 million yuan to investors through dividends and buybacks, equivalent to 137% of the company's net profit for that year [3]. - As of June 25, 2025, the company has repurchased approximately 85 million HKD worth of shares, representing 1.1% of the total share capital at the beginning of the year [3]. - The company is expected to continue rewarding shareholders through dividends and buybacks due to strong profitability and cash flow [3].

6月7日，中华中医药学会中医与健康保险融合发展研究联合体成立大会暨AI驱动下的中医智慧传承与 创新学术研讨会在上海召开。此次会上，固生堂(02273.HK)发布了首个"国医AI分身"产品以及"AI健康 助理"产品，并对其在AI领域的布局和规划进行了详细介绍。 这之中，国医AI分身产品的重磅出炉，引发市场强烈反响，其被认为是AI技术在传统中医领域深度应 用的重要里程碑，有望重塑中医行业的服务模式与竞争格局。不妨就此来一探究竟。 1、十年饮冰，构建价值成长飞轮 此次，固生堂已上线的首个国医AI分身，即广东省名中医李浩主任国医AI分身，其作用是通过将名医 能力通过AI分身复制出来，结合其本人及工作室团队，能服务更多患者，大幅提升优质医疗供给能 力。 这背后的底层逻辑不难理解，实际上，像DeepSeek这类大模型，其深度思考模式与中医专家的辨证逻 辑有异曲同工之妙。 中医的辨证施治核心在于医生对患者整体状态的精准把握，通过望、闻、问、切四诊合参，结合个人经 验，为患者制定个性化的治疗方案。而像DeepSeek这样的大模型，其多维度数据分析及复杂逻辑推理 能力，能够模拟这一过程。 基于此，固生堂打造名医AI分身，可谓意 ...