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].

报告摘要 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 AI 也是医生的得力"智能助手"，通过AI预问诊，生成电子病历，可以有效减轻医生的重复性工作，使他们 能够在单位时间内，为更多患者提供优质的医疗健康服务。诊后，AI助手随时为患者解答疑问，提供个性 化的健康指导，公司还将尝试借助 DeepSeek 为数十万的付费会员客户提供1对1、贯穿于患者健康管理全 过程的个性化健康服务。通过为患者提供更有针对性、全面系统且浅显易懂的健康指导，显著提升患者对 治疗方案的依从性与整体满意度。我们认为公司有望借助AI大模型对优质的数据进行挖掘和智能分析实现 更高效的运营和发展。 风险提示： 行业政策变化；并购标的或自建门店进展低于预期；医生流失；来自其他中医服务提供商的竞 争加剧。 发布日期： 2025-03 ...