一直以来，新加坡政府积极推进中西医融合发展。2025年，新加坡卫生部推出"中医整合沙盒计划"，基于循证医学和成本效益，在公立医疗机构中开展中医 治疗方案测试与评估。这一政策举措充分体现了"中西结合、优势互补"的导向，为固生堂与1doc的合作提供了有力的政策支持。 1doc是新加坡健康领域龙头企业IHG(IAPPS Health Group)的子公司，在新加坡运营9家自有诊所和 21家附属诊所。凭借1doc CIS(诊所信息系统)及数字孪生等 技术平台，推动个性化、预测性与预防性的"3P医学"模式落地。目前，1doc已服务超7.9万名患者，支持了300多家企业客户，并为超2.5万名员工提供职场健 康服务，强大的本地化医疗网络和数字化技术，为中医药在新加坡的落地提供了有力支撑。 固生堂作为中国首家上市的中医连锁服务机构，在中国及新加坡开设超80家线下医疗机构，累计服务客户超2000万人次。成立15年来，固生堂积累了海量高 质量临床数据，累计病历数据超1800万份、临床处方量突破4000万张，为验证中医临床疗效、保障患者安全、评估成本效益奠定了坚实的循证基础。 此次合作以控股经营为路径，在新加坡打造"新中医"服务模 ...

固生堂作为中国首家上市的中医连锁服务机构，在中国及新加坡开设超80家线下医疗机构，累计服务客户超2000万人次。成立15年来，固生堂积累了海量高 质量临床数据，累计病历数据超1800万份、临床处方量突破4000万张，为验证中医临床疗效、保障患者安全、评估成本效益奠定了坚实的循证基础。 签约仪式上，新加坡前卫生与交通部高级政务部长、IHG董事长蓝彬明博士，IHG创始人兼首席执行官许丽莲，固生堂创始人、董事长涂志亮，固生堂副总 裁林小燕、副总裁郑项等双方代表出席见证。 根据合作框架，1doc将在其现有诊所网络内划分独立的中医诊疗区域，由固生堂持股70%并全面负责运营管理，1doc持股30%，共同开展中医业务。这一股 权结构确保了中医服务在西医场景中的深度嵌入与专业化运作。通过该合作模式，患者可在同一医疗生态内获得中西医结合的诊疗方案，体验从预防、诊断 到康复的全周期健康管理。 在诊疗过程中，固生堂中医师可为患者开具必要的检验检查，提升诊断的客观性与准确性，并以清晰的量化指标增强患者对诊疗方案的理解与信任，提升患 者依从性。 一直以来，新加坡政府积极推进中西医融合发展。2025年，新加坡卫生部推出"中医整合沙盒计划 ...

Core Viewpoint - The internationalization of traditional Chinese medicine (TCM) has become a national strategy, with policies supporting its global expansion, creating a golden opportunity for the industry [1] Group 1: Successful Entry into Singapore - The first overseas market for the company, Singapore, has shown exceptional commercial results, validating the feasibility of its internationalization model [2] - By July 2025, revenue from Singapore stores increased by 119% year-on-year, demonstrating rapid growth in overseas performance [2] - The high customer retention rate indicates that the company's operational system is well-received in the overseas market, providing a replicable model for future global expansion [2] Group 2: Strategic Expansion Plans - Following the successful validation in Singapore, the company has outlined a strategic path focusing on "technology + products + store expansion" for international growth [3] - The company plans to focus on the Hong Kong market in 2025 and aims to expand its Singapore clinics to over 20 by the end of 2026 [3] Group 3: Technological Innovations - The company is addressing the shortage of TCM practitioners overseas by launching AI technology that encapsulates the clinical experience of top TCM experts [4] - The AI system has achieved over 86% consistency with expert simulations, enhancing the diagnostic capabilities of overseas TCM practitioners [4] - The establishment of a TCM heritage studio in Singapore aims to train and send skilled practitioners abroad, further improving service quality [4] Group 4: Product Development and Market Penetration - The successful certification and launch of the hair care product in Singapore marks a significant milestone in the company's product internationalization efforts [5] - The company has accumulated over 22 million patient records and 18 million structured medical records, enhancing the precision and safety of its product development [5] - The certification of the hair care product provides a reusable template for future product launches overseas [6] Group 5: Store Expansion Strategies - The company plans to adopt a mixed strategy for store expansion, combining self-built flagship stores, strategic partnerships, and acquisitions to enhance market penetration [6] - Self-built flagship stores will establish brand recognition and serve as a model for regional expansion [6] - Collaborations with local medical institutions will leverage existing customer bases, while acquisitions of quality clinics will create a differentiated competitive advantage [6] Group 6: Future Outlook - The company is moving towards becoming a global brand in TCM, with a closed-loop strategy of service expansion, cost reduction through technology, and profitability through product offerings [6] - The ongoing expansion into the Hong Kong market and the establishment of 20 clinics in Singapore are expected to solidify the company's position in the global TCM sector [6]

Group 1 - The report highlights the ongoing "anti-involution" market phase, driven by high-level policies and clean industry chips, which are expected to support a rebound in certain sectors [8][10][11] - The chemical industry, particularly polyester filament, is identified as a leader in the "anti-involution" movement, with production capacity expansion reaching its peak and profit margins expected to improve [12][14] - The organic silicon industry is also noted for its recovery potential due to improved supply-demand dynamics and industry self-discipline, with limited new capacity expected in the near future [18][21] Group 2 - The report discusses Google's cloud services, which exceeded revenue expectations, indicating strong growth driven by AI investments, and an increase in capital expenditure for 2025 [24][25] - The food and beverage sector is experiencing a decline in fund allocation, with a significant reduction in holdings in traditional sectors like liquor, suggesting a cautious market outlook [29][30] - The medical sector, particularly the Chinese medicine chain Solidarity Hall, is positioned for growth due to favorable policies and increasing demand, with projected profit growth in the coming years [36][38] Group 3 - The home appliance sector, represented by companies like TCL and Zhao Chi, is expected to see profit improvements driven by high-value Mini LED products and production efficiency enhancements in Vietnam [40][46] - The non-ferrous metals industry, particularly Zhongfu Industrial, is anticipated to benefit from cost optimization and increased production capacity, leading to improved profitability [42][43] - The overseas market, particularly for Quan Feng Holdings, is showing resilience with expected profit growth due to strategic production relocation and favorable market conditions [51][52]