构筑技术壁垒赋能诊疗 大会核心亮点之一，是固生堂与四大顶尖科研团队达成中医药特色大模型及智能体战略合作，标志着中 医AI从技术探索迈向规模化应用新阶段。 距离国家出台《关于促进数字中医药发展的若干意见》过去不到一年半，科技与中医药两股新老力量的 交织，已经涌现出鲜明的活力。 12月5日，固生堂2025年度专家年终答谢会暨科技与创新发展大会在北京召开，这场以"科技""创新""中 医"为关键词的行业盛会，在中医药领域顶尖力量与人工智能（AI）领域权威专家的见证下，集中落地 了中医药大模型合作签约、临床科研一体化平台启动、国医AI中医大脑发布，以及多项重磅战略合 作。 作为中医连锁先行者，固生堂的转型逻辑非常明确，即从传统经验驱动，向科技、数据、市场、全球多 维度驱动转型，为中医药现代化、国际化注入强劲动能。公司此次在会上的新动作，则剑指行业资源不 均、循证不足、触达不畅、出海受限等痛点，力求为行业高质量发展树立新标杆。 固生堂董事长涂志亮表示，"推动中医药现代化与国际化，是响应国家政策号召的时代使命，也是固生 堂作为行业践行者的必然选择。我们持续投入AI大模型的研发与海外市场的开拓，不仅是技术创新与 商业布局，其 ...

2025年12月5日，在固生堂2025年度科技与创新发展大会上，固生堂宣布与四大顶尖科研团队——清华 大学孙茂松教授团队、北京中医药大学谷晓红教授团队、中国中医科学院刘保延教授团队、北京交通大 学周雪忠教授团队达成深度合作，共同研发中医AI大模型及智能体。合作聚焦模型联合训练、权威评 测、数据共享、高水平学术成果产出及智能体应用研发五大板块，旨在打造强大的中医AI大模型底座 及智能体应用平台，扩大优质中医服务供给，加速青年医师培养，让优质中医服务普惠更多民众。 本次大会正式发布了"国医AI分身"第二阶段核心产品——"中医大脑"，通过把专家 AI 分身赋能给青年 医生，为青年医生提供实时临床决策指导，实现了赋能医师的重大突破。 中国中医科学院首席研究员刘保延教授表示，固生堂推动的中医AI模型研发与落地应用，是解决中医 经验传承困境、推动中医药循证发展与国际化的一项关键实践，为行业探索了一条极具前瞻性的新路 径。 一、携手四大顶尖科研团队，构筑强大中医AI技术底座 此次合作的四大顶尖科研团队均是各自领域的权威代表，拥有高水平学术成就，涵盖人工智能、中医 学、医工交叉学科等关键领域，形成全方位技术支撑体系，确保了项 ...

Core Insights - The traditional Chinese medicine (TCM) artificial intelligence sector is experiencing rapid development, highlighted by the recent media event themed "AI Brain - Renewing the Art of Traditional Chinese Medicine" held in Beijing [1] - Shenzhen Wenzhi TCM Health Technology Co., Ltd. has officially submitted its prospectus to the Hong Kong Stock Exchange, indicating its growth and expansion plans [1][3] Company Developments - Wenzhi TCM has established 12 self-operated clinics across the country, with its first clinic in Beijing opening in August 2023 [1][3] - The company operates 4 self-owned herbal medicine preparation centers and employs over 100 full-time physicians, having served more than 100,000 patients cumulatively [1][3] Technological Advancements - The "TCM Brain" system has created the largest clinical knowledge graph in the global TCM field, accumulating billions of parameters and over 10,000 prescriptions, covering more than 3,000 types of diseases [2] - The system integrates multi-dimensional data, including patient profiles, clinical cases, and traditional Chinese medicine databases, providing precise and personalized diagnostic solutions for TCM practitioners [2] Industry Impact - The development and application of the "TCM Brain" system represent an innovative practice of integrating artificial intelligence with traditional Chinese medicine, supporting the modernization and intelligent development of TCM [2] - The system has been implemented in over 2,000 medical institutions nationwide and has passed clinical consistency studies and expert reviews [2]

Core Viewpoint - Shenzhen Wenzhi Traditional Chinese Medicine Technology Co., Ltd. (Wenzhi TCM) has submitted its application for a mainboard listing on the Hong Kong Stock Exchange for the second time this year, indicating its ambition to capitalize on the AI-assisted TCM market despite previous setbacks [1] Financial Performance - Wenzhi TCM's revenue has grown significantly from 62.169 million RMB in 2022 to 236 million RMB in 2024, reflecting a substantial compound annual growth rate [2] - The company's main revenue source is TCM medical services, which accounted for over 80% of total revenue in the past three years, projected to reach 89.6% in 2024 [2] - The patient revisit rate has improved from 61.2% in 2022 to 71.9% in 2024, indicating strong patient retention compared to the industry average of 30%-40% [2] Losses and Financial Health - Despite revenue growth, Wenzhi TCM has faced significant losses, with net losses of 154 million RMB in 2022, 194 million RMB in 2023, and 45.367 million RMB in 2024, with losses increasing to 43.841 million RMB in the first five months of 2025 [3] - The company's asset-liability ratio was extremely high, reaching 390% in 2022 and 2023, and 268.93% in May 2025, indicating financial pressure [4] Marketing vs. R&D - Wenzhi TCM has shown a trend of prioritizing marketing over research and development, with R&D expense ratio declining from 8.7% in 2022 to 3.8% in the first five months of 2025, despite absolute R&D spending increasing [3][4] - The sales expense ratio has remained above 12%, reaching 16.6% in early 2025, with a significant portion of expenses directed towards advertising [4] Quality and Governance Concerns - The "AI Brain" service, a key selling point for Wenzhi TCM, has seen a slowdown in revenue growth, with a 23.24% decline in the first five months of 2025 compared to the previous year [5][6] - Complaints regarding treatment quality and safety have been reported, raising concerns about the company's ability to manage medical risks effectively [6] - Notably, the co-founders have significantly reduced their stakes in the company prior to the IPO, which may signal a lack of confidence in the company's future prospects [7] Market Potential - The integration of AI and TCM aligns with current technological investment trends and government policies promoting TCM innovation, suggesting potential growth opportunities in the sector [7]

Core Viewpoint - The recent surge in AI healthcare projects has led to a wave of IPOs in Hong Kong, creating various "first stock" myths, particularly in the field of traditional Chinese medicine (TCM) [1][2]. Group 1: Company Overview - Wenzhi TCM, which recently submitted its IPO application to the Hong Kong Stock Exchange, focuses on providing consultation and prescription services through its self-developed "TCM Brain" AI-assisted diagnostic system [4]. - The revenue of Wenzhi TCM is projected to grow from 62 million yuan in 2022 to 236 million yuan in 2024, while net losses are expected to decrease from 154 million yuan to 45 million yuan during the same period [4]. Group 2: Business Model and Services - Wenzhi TCM's core business is TCM medical services, contributing over 80% of its revenue, with online services accounting for nearly 90% of its TCM medical service revenue in 2024 [7][9]. - The company has opened 11 offline clinics, but most services are provided online, which differs significantly from traditional TCM practices that rely on direct patient interaction [8][9]. Group 3: Financial Performance - The average consultation fees for cancer and difficult disease patients are 1,422 yuan and 1,118 yuan, respectively, indicating a high-value service offering [10]. - However, revenue from cancer and difficult disease patients is projected to decline, with expected revenues of 58 million yuan and 67 million yuan in 2024, down 5.26% and 5.95% year-on-year [12]. Group 4: Technology and Compliance Challenges - The "TCM Brain" system, developed under the guidance of controversial figures, has not yet received approval from the drug regulatory authority, raising questions about its efficacy and compliance [17][15]. - Despite being the first TCM AI-assisted diagnostic system to pass clinical consistency research, it lacks the necessary medical device certification, which poses a significant compliance challenge for the company [17][18]. Group 5: Future Prospects and Expansion Plans - Wenzhi TCM aims to leverage the "TCM Brain" to reduce reliance on renowned doctors and facilitate low-cost clinic operations, with plans to establish 16 new offline clinics in mainland China by 2031 [20][23]. - The company has also initiated a franchise model through the "Wenzhi TCM AI Alliance," although the subscription revenue from this service remains low, indicating challenges in scaling this aspect of the business [21][22].

Core Viewpoint - The company, Wanzhi Traditional Chinese Medicine, is attempting to leverage AI technology in traditional Chinese medicine, but faces challenges related to efficacy, significant financial losses, and concerns over the qualifications of its young medical staff [2][10]. Company Overview - Wanzhi Traditional Chinese Medicine was established in 2018 and focuses on AI-assisted traditional Chinese medical diagnosis and treatment [2]. - The company claims to be the largest provider of AI-assisted traditional Chinese medical services in mainland China, with market shares of 1.5% and 1.3% for 2023 and 2024, respectively [2]. - Wanzhi operates eleven physical clinics and four herbal medicine preparation centers across various cities in China [2]. Financial Performance - The company reported revenues of RMB 62.169 million, RMB 189 million, RMB 236 million, and RMB 100 million for the years 2022 to 2025, with nearly 90% of revenue coming from online services [3]. - Cumulative losses exceeded RMB 400 million over the reporting period, with losses of RMB 154 million, RMB 194 million, RMB 45.367 million, and RMB 43.841 million for the respective years [3]. Medical Staff and AI System - The average age of the medical staff is 30, with all 93 full-time physicians utilizing the proprietary AI-assisted diagnostic system known as "Traditional Chinese Medicine Brain" [4][9]. - The AI system is claimed to be the first and only one in mainland China to have undergone clinical consistency studies and expert reviews [4]. Patient Concerns and Complaints - There are significant patient complaints regarding the effectiveness of treatments, with issues such as ineffective medication and excessive medical procedures being reported [10][12]. - Complaints on platforms indicate dissatisfaction with treatment outcomes and concerns about the transparency and integrity of the company's practices [10][12].

Core Viewpoint - The company, Wenzhi Traditional Chinese Medicine, has experienced rapid revenue growth from 62.17 million RMB in 2022 to 236.41 million RMB in 2024, with a compound annual growth rate of 32% over three years. However, it has faced significant losses, accumulating nearly 400 million RMB in losses by 2024, indicating a stark contrast between revenue growth and profitability [1][2]. Financial Performance - Revenue increased from 62.17 million RMB in 2022 to 236.41 million RMB in 2024, with a projected revenue of 100.39 million RMB for the five months ending May 31, 2025 [2]. - The cost of sales rose from 27.19 million RMB in 2022 to 96.29 million RMB in 2024, leading to a gross profit increase from 34.98 million RMB to 140.12 million RMB during the same period [2]. - The company reported a pre-tax loss of 37.89 million RMB in 2024, a significant reduction from the previous year's loss of 183.54 million RMB, but still indicative of ongoing financial challenges [2]. Cash Flow and Debt Situation - As of May 2025, the company has accumulated losses of 437 million RMB, a staggering 17-fold increase compared to the same period last year, with net current liabilities reaching approximately 538 million RMB and cash reserves of only 11.5 million RMB, indicating high short-term debt repayment risks [3]. - The company faces pressure from a redemption agreement that requires it to redeem preferred shares and pay 8% interest if it fails to go public by January 2027, exacerbating its cash flow issues [5]. Cost Structure and Profitability - The company has a high cost structure, with sales expenses consistently exceeding research and development (R&D) expenditures. In 2024, R&D spending was only 10.48 million RMB, accounting for just 4.9% of revenue, while marketing expenses were over double that amount at 28.87 million RMB [4]. - The reliance on AI technology has not translated into substantial contributions to the core medical services, raising concerns about the sustainability of its business model [5]. Trust and Team Composition - The company is facing a trust crisis due to complaints regarding false advertising and exaggerated efficacy of its services, which could undermine its market position [5]. - The average age of the company's 93 full-time physicians is 32, raising concerns about the experience and capability of younger doctors in handling complex medical cases, particularly in oncology [6].

Core Viewpoint - The company, Wenzhi Traditional Chinese Medicine, is combining AI technology with traditional Chinese medicine to create a unique business model that aims to enhance profitability while addressing the high costs associated with quality medical services [1][16]. Group 1: Company Background - Wenzhi Traditional Chinese Medicine was founded by three talented individuals who studied in the U.S., with a focus on integrating AI into traditional Chinese medicine [2]. - The founder, Cui Xiangrui, has a background in venture capital and private equity, which influences the company's approach to scaling and innovation [5]. - The company has received multiple rounds of funding since its establishment in 2018, indicating a strong interest from investors [6][7]. Group 2: Business Model and Revenue - Wenzhi's primary revenue sources include online medical services, traditional Chinese medicine products, and subscriptions to their AI system, with online consultations accounting for nearly 90% of medical service revenue [8][10]. - The company reported a revenue growth of 281% from 2022 to 2024, driven by its innovative approach and community engagement through the establishment of Jingyi Academy [12]. - The gross margin of Wenzhi is around 60%, which is higher than traditional chain hospitals, suggesting a potentially sustainable business model [14][15]. Group 3: AI Integration and Challenges - The AI system, known as "Traditional Chinese Medicine Brain," assists in diagnosis and treatment by analyzing patient symptoms and providing treatment suggestions [10][18]. - Despite the advantages of AI, the company faces challenges in maintaining the personalized nature of traditional Chinese medicine, which relies heavily on the practitioner's experience and intuition [17][18]. - The high patient revisit rate of 67.2% indicates a level of patient loyalty, but it also raises questions about the effectiveness of treatments, particularly for chronic conditions [18][19]. Group 4: Market Position and Future Outlook - Wenzhi aims to leverage the growing interest in AI and traditional Chinese medicine to expand its market presence, but it must navigate the complexities of integrating advanced technology with traditional practices [21]. - The company has established itself as a leader in the AI-assisted traditional Chinese medicine space, but it must continue to prove the efficacy and sustainability of its model to maintain investor confidence and patient trust [21].

Core Viewpoint - The company "Wenzhi Traditional Chinese Medicine" is aiming to become the first publicly listed company in the AI TCM sector, having submitted its prospectus for the second time and updated its operational data for the first five months of 2025 [1][12]. Business Overview - Wenzhi's main business includes online and offline TCM medical services, TCM popular science training, AI subscription services, and health food products [1]. - The core revenue source is TCM medical services, utilizing an AI-assisted diagnostic system called "TCM Brain" alongside full-time physicians [1][6]. - As of now, the company operates 11 offline clinics [1]. Financial Performance - Revenue from 2022 to May 2025 is as follows: 62.169 million RMB, 189 million RMB, 236 million RMB, 89.848 million RMB, and 100 million RMB, with net losses of 154 million RMB, 194 million RMB, 45.367 million RMB, 2.386 million RMB, and 43.841 million RMB respectively [1][10]. - The company has faced continuous losses primarily due to costs associated with health food product production, clinic operations, physician employment, and AI research and development [1]. Team and Management - The founder, Cui Xiangrui, is a seasoned private equity investor with no direct expertise in TCM, raising concerns about the management team's qualifications [3][8]. - The founding team includes two doctors with backgrounds in acupuncture and Eastern medicine, who have experience in internet-related fields [3]. - The average experience of full-time physicians is about 5 years, with approximately one-third having over 5 years of TCM practice experience [6]. Market Potential - The market for AI-assisted TCM treatment is projected to reach approximately 16 billion RMB in 2024, with a compound annual growth rate of 113.7% from 2020 to 2024 [9]. - The "TCM Brain" aims to address industry pain points such as reliance on scarce senior TCM practitioners and slow training processes [9]. Investment and Valuation - The company has raised a total of approximately 21.718 million USD (around 160 million RMB) through five financing rounds, with a valuation of 256 million USD (approximately 1.838 billion RMB) [11]. - Notable investors include BlueRun Ventures and ZhenFund, which have made multiple investments in the company [11]. Industry Context - The AI medical industry is experiencing rapid growth, with the market size increasing from 2.7 billion RMB in 2019 to 8.8 billion RMB in 2023, and projected to reach 315.7 billion RMB by 2033 [12]. - Despite the growth, many leading AI medical service providers have yet to achieve profitability, often incurring annual losses exceeding 100 million RMB [12].

Core Viewpoint - The integration of AI into traditional Chinese medicine (TCM) is attracting significant investment, with a total of 1.2 billion yuan raised in 85 financing events in 2024, highlighting AI TCM as a key investment target in the primary market [6][15]. Group 1: AI TCM Development - Various academic and corporate entities are actively developing AI TCM models, with notable projects including the "Sunsimiao" model from East China University of Science and Technology, which is based on 100,000 high-quality TCM data [11]. - The "Zhongsi" model from Sun Yat-sen University boasts 34 billion parameters and incorporates over 3.8 million medical instruction data, combining the strengths of historical TCM figures [11]. - The "Shuzhi Qihuang" model developed by East China Normal University includes over 80,000 TCM prescriptions and 1,000 ancient texts, serving over 10,000 users [11]. Group 2: Investment Landscape - Notable investments in the AI TCM sector include a Series A2 round led by BlueRun Ventures and ZhenFund for Wenzhi TCM Technology, which aims to become the first AI TCM stock listed in Hong Kong [13]. - Other companies like Guiyuantang Bio and Wuzheng Intelligent have also secured millions in funding for their AI TCM projects, indicating a growing interest in this niche [14]. Group 3: Market Potential - The market size for AI TCM is projected to grow from 2 billion yuan in 2020 to 15 billion yuan by 2025, and is expected to exceed 140 billion yuan by 2027, showcasing its lucrative potential [15]. - Major tech companies like Huawei, Alibaba, Tencent, and Baidu are also exploring AI applications in TCM, indicating a broader industry trend [16]. Group 4: Challenges and Limitations - Current AI algorithms struggle to translate the intangible aspects of TCM, such as "qi" and "yin-yang," into replicable models, suggesting a need for a human-AI collaborative approach [26]. - The high costs associated with developing large AI models pose a significant barrier, with many companies hesitant to invest heavily in TCM AI due to the relatively small market size [30]. - For instance, Wenzhi TCM, despite being a leading company in the AI TCM sector, has only allocated a small portion of its revenue to R&D, raising concerns about its long-term sustainability [29].