来源：滚动播报 （来源：经济参考报） 日前，以线上中医诊疗平台甘草医生为核心的杭州甘之草科技股份有限公司（简称"甘草医生"）向港交 所递交上市申请，中信建投国际和申万宏源香港担任联席保荐人。 业绩方面，2023年、2024年和2025年前三季度，甘草医生营业收入分别为6亿元、6.9亿元和5.5亿元；同 期净利润在2024年达到0.1亿元后，2025年前三季度由盈转亏。对此，甘草医生在招股书中坦言，经营 业绩直接受到销售成本的影响，采购价格的波动、供应链中断及中医药材供应的季节性变化可能会让公 司的单位成本出现波动。 平台对此解释说，其主要面向复诊患者。患者在线下初诊关注医师的平台账号后，可通过线上图文问诊 反馈病情，医师在线开出药方并选择药房。但记者实测发现，问诊过程中，即便不添加实体医疗机构病 历或检查单，也能够正常向平台上的医师问诊抓药，这意味着平台无法确认患者是否为首诊。在向平台 内的一位医师咨询毛囊炎疾病后，该医师仅向记者发送了5句话，便开出一份价格283元、内含6剂的药 方。 记者在进一步测试面向注册医师"甘草医生医生端"App的过程中发现，其对于业务的监管措施和合规成 色同样存疑。记者在"甘草医生 ...

Core Insights - Gushengtang has made significant advancements in the AI sector, launching its first "National Medicine AI Avatar" on June 7 and subsequently releasing 10 additional avatars on August 1, covering eight core specialties in traditional Chinese medicine (TCM) [1][3] - The expansion of the "National Medicine AI Avatar" is a crucial step in Gushengtang's ongoing "TCM + AI" strategy, establishing a solid foundation for the commercialization of TCM AI [1][4] AI Avatar Development - The 10 newly released "National Medicine AI Avatars" are based on the clinical experiences of ten renowned doctors, ensuring that the system aligns closely with expert decision-making processes [3][9] - The application of the AI avatars enhances efficiency by assisting experts with routine diagnostic tasks, allowing them to focus on critical decision-making, and also aids junior doctors in mastering expert diagnostic thinking [3][4] Commercialization Strategy - Gushengtang has integrated commercialization logic into the development of the AI avatars, targeting the "online follow-up" service to address the scarcity of quality TCM resources and the high demand for expert consultations [4][10] - The "online follow-up" service has shown promising commercial prospects, with significant user acceptance and efficiency improvements reported by both patients and doctors [7][10] Technical Innovation - Gushengtang has established a replicable path for creating expert digital avatars, utilizing a comprehensive data processing chain to efficiently leverage diverse data sources [8][9] - The company has developed a robust technical framework that supports the AI avatars in assisting doctors throughout the entire TCM diagnostic process, creating a closed-loop system for AI-assisted diagnosis [8][9] Future Growth Potential - Gushengtang aims to expand its expert roster and enhance its AI avatar offerings, creating a collaborative AI internet ecosystem in TCM to provide quality services to more patients [7][10] - The company plans to drive growth through continuous technological innovation and business model enhancements, focusing on improving patient experience and optimizing treatment outcomes [10]

Core Viewpoint - The company, Gushengtang, has made significant advancements in the AI field this year, particularly with the launch of its "National Medicine AI Avatar" initiative, which aims to integrate traditional Chinese medicine with AI technology to enhance healthcare delivery and efficiency [1][3]. Group 1: AI Development and Implementation - Gushengtang released 10 new "National Medicine AI Avatars" on August 1, covering eight core specialties in traditional Chinese medicine, marking a major step in its "Traditional Medicine + AI" strategy [1][2]. - The AI avatars are built on the clinical experiences of ten renowned doctors, ensuring that the system aligns closely with expert decision-making processes [2][12]. - The application of the AI avatars is twofold: assisting experts in routine tasks to focus on critical decisions and aiding young doctors in mastering diagnostic thinking, thereby shortening their learning curve [2][3]. Group 2: Commercialization and Market Impact - The "National Medicine AI Avatar" has successfully addressed the commercialization challenges faced by medical AI by introducing an "online follow-up" service, which alleviates the scarcity of quality traditional Chinese medicine resources [3][9]. - Initial data indicates that the AI avatar service has been well-received, with significant patient engagement within two weeks of launch, demonstrating its potential to enhance expert productivity by over five times [9][10]. - Gushengtang plans to expand its roster of expert avatars and create a collaborative AI ecosystem in traditional Chinese medicine, aiming to make quality healthcare more accessible [9][13]. Group 3: Technological Innovation and Infrastructure - The company has established a replicable path for creating expert digital avatars, utilizing a comprehensive data processing chain to efficiently leverage diverse data sources [10][11]. - Gushengtang's AI model foundation and multi-agent intelligent systems create a robust technical barrier in the industry, enabling a complete closed-loop process for traditional Chinese medicine AI diagnosis [11][12]. - Collaborations with leading AI firms and research institutions, such as Huawei and Tsinghua University, have strengthened Gushengtang's AI capabilities and ecosystem [12][13]. Group 4: Future Growth and Strategy - Gushengtang is focused on addressing the distribution of quality medical resources in traditional Chinese medicine through its innovative AI solutions [13]. - The company aims to continuously expand its business boundaries by activating top-tier expert resources and enhancing patient experience through technological and service innovations [13].