另一方面，公司聚焦核心业务与高潜力区域，将资源集中于优势领域，减少或暂停对小型低效门店的投 入。此举有效降低成本，避免资源浪费，让资金、人力等核心资源得以精准投放到能够产生更高回报的 业务板块，实现资源的高效配置，为盈利增长提供坚实支撑。 在盈利高增的同时，公司收入持续增长。2025H1实现收入14.9亿元(+9.5%)，增长动力主要来自两个方 面：一是"同城加密+新城拓展"战略下，新增分院逐步进入盈利周期，贡献稳定收入增量；二是存量分 院通过精细化运营工具和AI健康助理赋能，患者复购人数同比提高14.8%，推动整体业绩增长。 受益于规模性增长带来的费用和成本占比的下降，公司的盈利能力进一步提升，综合毛利率提升至 30.6%。一方面，高毛利的自主定价产品收入同比增长209.1%，中医理疗、治未病等自费项目收入亦显 著增长，拉动整体毛利水平；另一方面，行政、销售费用率下降，推动EBITDA同步实现37.3%的高增 长，公司盈利能力进一步提升。 固生堂(02273)2025年上半年财报释放亮眼信号：净利润达1.5亿元，同比大幅增长41.6%；EBITDA(息税 折旧摊销前利润)2.7亿元，同比增长37.3%，两大 ...

Core Insights - The company reported a significant increase in net profit, reaching 150 million yuan, a year-on-year growth of 41.6% [1] - EBITDA also saw a substantial rise to 270 million yuan, up 37.3% year-on-year, indicating strong operational efficiency and cost control [1] Financial Performance - Revenue for the first half of 2025 was 1.49 billion yuan, reflecting a growth of 9.5% [2] - The growth was driven by the "same city expansion + new city development" strategy, with new branches entering profitability and contributing stable revenue [2] - The number of repeat patients increased by 14.8% due to refined operational tools and AI health assistants, further boosting overall performance [2] Cost Management and Efficiency - The company achieved improved profitability through deep optimization of operational processes and effective cost reduction strategies [1] - The gross profit margin increased to 30.6%, supported by a 209.1% rise in revenue from high-margin self-priced products [2] - Administrative and sales expense ratios decreased, contributing to the high growth in EBITDA [2] Strategic Focus - The company is concentrating resources on core business areas and high-potential regions, reducing investment in smaller, less efficient stores [1] - This strategic focus allows for better allocation of resources, enhancing overall profitability and supporting sustainable growth [2] Future Outlook - With the national push for the development of traditional Chinese medicine, the company is expected to continue its dual-driven approach of high profit growth and quality optimization, creating sustainable value for investors [2]

Group 1 - The event on June 24 involved over 70 party members participating in a thematic party day activity focused on "Strict Work Style and Strong Party Character," integrating various educational and community service elements [1] - The activity included visits to historical sites and educational bases, emphasizing the importance of discipline and learning from historical figures, such as the first Communist Party member in Zhenjiang [1] - The transformation of the historical cultural street into a popular landmark with over 100,000 visitors annually was highlighted as a successful example of government and business collaboration [1] Group 2 - A micro party class featuring a photography exhibition titled "Memories of the Republic in Cheng Mo's Lens" was held, showcasing valuable historical images from wartime and post-war periods [2] - The event included over 20 public service projects, such as health consultations and cultural experiences, aimed at addressing community needs and promoting integrity [2] - The community's leadership emphasized the importance of integrating party education with practical community service to enhance grassroots governance and mobilize red resources [2]

Core Viewpoint - The Chinese government is implementing a series of measures to enhance services for the elderly and children, focusing on improving quality and supply in the "one old, one young" service sector, which is crucial for the well-being of families and society as a whole [1][3]. Group 1: Service Development for the Elderly - The "embedded services" model is being promoted to address the challenges faced by the elderly, such as mobility issues and lack of family support, by providing convenient meal options and comprehensive services [2][3]. - The Meiyi Yannian Comprehensive Service Center in Beijing offers affordable meals and a variety of services tailored to the elderly, with a daily menu that includes 15 main dishes and over 20 side dishes, all for under 20 yuan per meal [2]. - The center also provides additional services like traditional Chinese medicine therapy, equipment rental, and educational programs for seniors, creating a community environment that benefits both the elderly and children [2]. Group 2: Integrated Care Models - The "old-young co-care" model is being tested in communities, where elderly individuals and children engage in joint activities, fostering intergenerational connections and mutual support [4]. - This model is seen as a beneficial exploration for creating age-friendly communities, addressing the dual challenges of an aging population and low birth rates [4]. Group 3: Market Opportunities and Trends - By the end of 2024, the elderly population in China is projected to reach 310 million, accounting for 22% of the total population, which presents significant opportunities for the silver economy [7]. - The silver economy is expected to grow substantially, with a projected scale of 45.35 trillion yuan by 2035, driven by increasing consumption among elderly residents [7]. - The demand for quality elder care services is rising, with a shift in consumption patterns towards healthier food options, home modifications for accessibility, and increased interest in health care and wellness services [8]. Group 4: Childcare and Family Dynamics - There is a growing demand for childcare services, with over 30% of families with children under three years old seeking daycare options, highlighting the need for improved supply and quality in this sector [5]. - The integration of childcare and elder care services is seen as a way to address the needs of families, creating a supportive environment for both age groups [6][9]. - The market for baby and toddler products is vibrant, reflecting changing family consumption patterns and the potential for cross-generational consumption models [9].