新加坡重磅并购落地，开启规模化海外扩张之路。固生堂在近期完成了对新加坡大中堂100%股权的收 购，获得14 家覆盖新加坡核心商圈和居民社区的线下中医门诊部。大中堂24 年收入约800 万新币（近 5,000 万元人民币），25 年至今增速超过5%。公司曾在24 年收购新加坡的宝中堂（目前单店月收入16- 17 万新币），并在25 年10 月与新加坡综合数字医疗平台1doc 达成战略合作。基于固生堂在中医内科诊 治的优势以及成熟的供应链体系，我们预计大中堂的收入和利润水平将有较大增长空间。公司计划未来 在新加坡额外收购10-20 家诊所，目标在26 年前成为当地市占率第一的中医服务品牌。此外，固生堂计 划于26 年进入香港（计划通过并购增加20 家门店）、马来西亚等市场，进一步扩张海外业务网络。基 于快速的海外扩张规划，我们预计公司26 年海外市场收入有望达到2-3 亿元，长期有更大的增长空间。 国内政策环境趋稳，利好龙头扩张。无锡市的医疗市场在经历严格医保审查后，固生堂凭借高标准的合 规能力扩大市场份额。25 年10 月，无锡门店收入同比增长超过40%，利润率达到26%，远超公司平均 水平。中药饮片集采规则进 ...

Industry Insights - The domestic demand for cranes in the Chinese engineering machinery industry continues to recover, with sales of truck-mounted cranes and crawler cranes increasing by 42% and 54% year-on-year in October, respectively, driven by energy projects and wind power installations [2] - Exports of various types of engineering machinery also performed strongly in October, except for aerial work platforms and truck-mounted cranes, confirming the previous view that non-earthmoving machinery demand is recovering and will act as a catalyst for the industry [2] - The report maintains a "Buy" rating for companies such as Zoomlion (1157 HK / 000157 CH), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH), while adopting a cautious stance on Zhejiang Dingli (603338 CH) due to the continued weakness in aerial work platform sales, which fell by 39% year-on-year in October [2] Company Insights - Pinduoduo (PDD US) reported a 9.0% year-on-year revenue growth in Q3 2025, reaching 108.3 billion RMB, slightly above Bloomberg consensus expectations, primarily driven by a 7% increase in transaction service fees [6] - Baidu (BIDU US) reported a core revenue of 24.7 billion RMB in Q3 2025, a 7.0% year-on-year decline, but slightly above market expectations, with non-GAAP operating profit showing a 67% year-on-year decline [7] - Trip.com Group (TCOM US) achieved a total revenue of 18.4 billion RMB in Q3 2025, a 15.5% year-on-year increase, exceeding both internal and market expectations, driven by strong operational leverage [8] - BOSS Zhipin (BZ US) reported a 13% year-on-year revenue growth to 2.16 billion RMB in Q3 2025, with non-GAAP net profit increasing by 34% to 999.2 million RMB, benefiting from effective control of sales and R&D expenses [10] - Xiaomi Group (1810 HK) saw a 22% year-on-year revenue growth in Q3 2025, driven by the rapidly growing smart electric vehicle business and resilient internet segment, despite pressures from rising memory costs [11] - Luckin Coffee (LKNCY US) anticipates continued revenue growth in FY26, driven by store expansion and new product strategies, despite a cautious outlook on same-store sales growth due to high base effects [12][13] - Guosheng Tang (2273 HK) is entering a phase of overseas expansion with the acquisition of a 100% stake in a Singapore-based TCM clinic, aiming for significant revenue growth in the overseas market by 2026 [17][18]

2025 年 11 月 19 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) 固生堂 (2273 HK) - 开启海外规模化扩张，26 年业绩加速增长 固生堂在近期完成了对新加坡大中堂 100%股权的收购，获得 14 家中医门诊部， 标志着公司进入规模化海外扩张之路。公司计划进一步增加新加坡门店数量，同 时计划进入香港和马来西亚等市场。我们预计 26 年海外市场收入可达 2-3 亿元， 将有效支撑公司整体业绩增长。同时，国内目前政策环境趋稳，预计将更加利好 龙头公司的发展。固生堂在年内的大规模回购和分红凸显管理层对业务发展的信 心。我们认为固生堂将在 26 年重回快速增长轨道，夯实中医服务的龙头地位。 | 财务资料 | | | | | | | --- | --- | --- | --- | --- | --- | | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | 销售收入 (百万人民币) | 2,323 | 3,022 | 3,363 | 4,099 | 5,081 | | 同比增长 (%) | 43.0 | ...

查看完整报告 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。 报告摘要 事件： 1）近期，公司公告附属公司Gushengtang Singapore于2025年11月16日与大中堂（DA ZHONG TANG PTE. LTD.）股东订立股权转协议，拟收购大中堂100%股权及全部相关权益。2）近期，公司董事会再次决议行使回 购授权，拟新增最多不超过3亿港元的回购额度。 点评： 出海并购步伐加快，业务扩张加速 点击注册小程序 此次对大中堂的收购是继今年10月与新加坡数字医疗平台1doc达成战略合作后，固生堂在海外市场实现的又一 重要战略部署，标志着固生堂中医出海战略进入加速落地阶段。大中堂品牌在新加坡运营14家中医门诊部，覆 盖多个核心商圈及居民社区，拥有成熟的本地化服务能力与高度信赖的用户基础。今年以来，固生堂持 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 收購大中堂的股權 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年11月16日，本公司附 屬公司Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited （「Gushengtang Singapore」）與DA ZHONG TANG PTE. LTD.（「大中堂」）的 股 東 （「賣方」）訂立股權轉讓合同（「股權轉讓合同」），據此，Gushengtang Singapore同 意收購，而賣方同意出售大中堂100%股權及相關權益（「收購事項」）。 於收購事項完成後，大中堂將成為本公司的附屬公司，而大中堂的財務業績將 併入本集團的綜合財務報表。本公司將根據香港聯合交易所有限公司證券上 市規則（「上市規則」）於必要時另行作出公告，以提供有關收購事項的最新進展。 – 1 – 有關大中堂的資料 GUSHENGT ...

Core Viewpoint - Company maintains net profit forecasts for 2025-2026 at RMB 4.05 billion and RMB 5.21 billion, with current stock price corresponding to P/E ratios of 14.8 and 11.3 for 2025-2026, respectively, and a target price of HKD 45.8, indicating a potential upside of 62.5% [1] Group 1: Financial Performance - In Q3 2025, the number of patients treated reached approximately 1.607 million, representing a year-on-year growth of 8.2% [2] - The company expects the average selling price (ASP) to stabilize, despite minor impacts from recent healthcare policy changes, with profit margins anticipated to continue improving due to cost optimization efforts [2] Group 2: Strategic Initiatives - The company has partnered with a digital healthcare platform in Singapore to integrate traditional Chinese medicine (TCM) services into Western medical clinics, aiming for a 70% control in the TCM treatment area [3] - The "National Medicine AI Avatar" platform was launched in Singapore, providing a learning platform for TCM practitioners and laying the groundwork for global resource sharing [3] Group 3: Shareholder Returns - From Q1 to Q3 2025, the company repurchased shares worth RMB 141 million and declared a mid-term dividend of RMB 76 million, resulting in a total shareholder return of approximately RMB 217 million, equating to a return rate of 3.2% [4] - With the recent share buyback announcement, the expected shareholder return rate could rise to 5.2%, with a potential annual return rate of around 7% if the dividend distribution remains consistent [4]

Core Viewpoint - Company maintains net profit forecasts for 2025-2026 at RMB 4.05 billion and RMB 5.21 billion, with current stock price corresponding to P/E ratios of 14.8 and 11.3 for those years, respectively. The target price is set at HKD 45.8, indicating a potential upside of 62.5% from the current level [1] Group 1: Financial Performance - In Q3 2025, the number of patients treated reached approximately 1.607 million, reflecting a year-on-year growth of 8.2% [2] - The company expects the average selling price (ASP) to stabilize, despite minor impacts from recent healthcare policy changes. The profit margin is anticipated to continue improving due to cost optimization efforts [2] Group 2: Strategic Initiatives - The company has partnered with a digital healthcare platform in Singapore to integrate traditional Chinese medicine (TCM) services into Western medical clinics, aiming for a 70% control in the TCM treatment area [3] - The "National Medicine AI Avatar" platform was launched in Singapore, providing a learning platform for TCM practitioners and laying the groundwork for global resource sharing [3] Group 3: Shareholder Returns - From Q1 to Q3 2025, the company repurchased shares worth RMB 141 million and declared a mid-term dividend of RMB 76 million, resulting in a total shareholder return of approximately RMB 217 million, equating to a return rate of 3.2% [4] - With the recent share buyback announcement, the expected shareholder return rate could rise to 5.2%, with a potential annual return rate of around 7% if the dividend distribution remains consistent [4]

Core Viewpoint - Company achieved impressive mid-year results for 2025, with significant growth in revenue and net profit, indicating strong operational efficiency and profitability improvement [1][2][3] Financial Performance - Revenue reached 1.49 billion RMB, a year-on-year increase of 9.5% [2] - Net profit was 151.95 million RMB, up 41.6% year-on-year [2] - EBITDA was approximately 270 million RMB, reflecting a 37.3% increase [1][2] - Operating cash flow surged to 300 million RMB, a remarkable growth of 111% [3] - Free cash flow increased by 466% to 210 million RMB, showcasing enhanced capital allocation efficiency [3] Strategic Growth Drivers - Company is transitioning into a global TCM resource integration platform, supported by three strategic pillars: user trust and doctor resources, strong offline business growth, and global expansion [4][8] - User engagement increased with outpatient visits exceeding 2.747 million, a 15.3% rise, and follow-up patient visits growing by 14.8% [5] - Membership revenue contributed 620 million RMB, with a retention rate of 85.8%, indicating strong customer loyalty [6] Offline Business Performance - Offline revenue reached 1.37 billion RMB, a year-on-year growth of 11.1% [7] - Same-store sales accounted for 97.3% of total revenue, highlighting operational optimization rather than mere store expansion [7] - Company expanded its store network to 83 locations across 20 cities and Singapore, with plans for further growth [7] International Expansion and Product Development - Company accelerated its international strategy, with Singapore as the first overseas market, achieving significant operational success [11] - The proprietary product "Hair Nourishing Granules" received certification from Singapore's health authority, marking a milestone in international product development [11][12] - Self-priced product revenue surged by 209.1%, becoming a core growth driver for the company [11][12] AI Integration and Innovation - Company has established a comprehensive AI service platform, enhancing diagnostic capabilities and operational efficiency [9][10] - AI applications are expected to generate significant revenue, with a focus on improving patient experience and reducing healthcare workload [9][10] - The integration of AI technology supports international expansion and enhances the value of self-priced products [13]

Core Viewpoint - The company, Gu Shengtang, reported strong mid-year results for 2025, showcasing significant growth in revenue and net profit, indicating improved operational efficiency and profitability [1][2][3]. Financial Performance - The company achieved a revenue of 1.49 billion RMB, a year-on-year increase of 9.5% [2]. - Net profit reached 151.95 million RMB, reflecting a substantial growth of 41.6% [2]. - EBITDA was approximately 270 million RMB, up 37.3% year-on-year [1][2]. - Operating cash flow surged to 300 million RMB, marking a 111% increase [3]. - Free cash flow increased dramatically by 466% to 210 million RMB [3]. - Cash reserves at the end of the period stood at 1.37 billion RMB, providing a solid foundation for strategic expansion [3]. Strategic Growth Drivers - The company is focusing on three strategic pillars: user trust and doctor resources, strong offline business growth, and global expansion [4]. - The user base and loyalty have increased, with outpatient visits exceeding 2.747 million, a 15.3% rise [5]. - Membership revenue contributed 620 million RMB, with a high retention rate of 85.8% [6]. - The offline business showed robust performance, with revenue from offline stores reaching 1.37 billion RMB, an 11.1% increase [7]. International Expansion and Innovation - The company is transitioning into a global TCM resource integration platform, with significant progress in internationalization, particularly in Singapore [8][11]. - The successful certification of its proprietary product "Hu Fa Yi Fa Granules" in Singapore marks a milestone in its international strategy [11][12]. - The AI application in TCM has been scaled, with ten specialized areas covered, enhancing the accessibility and efficiency of medical resources [9][10]. Product Development and Market Position - The company has increased its product pipeline, with 14 registered TCM formulations and plans for 10 more by the end of 2025 [12]. - The self-priced product segment saw a remarkable growth of 209.1%, becoming a core driver of revenue [11][12]. - The synergy between AI technology, international expansion, and proprietary products is creating a robust ecosystem, enhancing the company's valuation potential [13].

Core Viewpoint - The company Wen Zhi Traditional Chinese Medicine submitted a listing application to the Hong Kong Stock Exchange on July 29, with Haitong International as the sole sponsor. This follows a previous application submitted on January 9, 2025 [1]. Group 1 - Wen Zhi Traditional Chinese Medicine has officially applied for a listing on the Hong Kong Stock Exchange [1]. - Haitong International is acting as the sole sponsor for the listing application [1]. - The company had previously submitted a listing application on January 9, 2025 [1].