【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周 年 。 在 这 一 重 要 历 史 节 点 ， 联 合 国 全 球 契 约 组 织 与 中 国 外 文 局 亚 太 传 播 中 心 、 第 一 财 经 联 合 推 出"ESG+20可持续发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企 业的实践成果，探讨中国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 中医之道，根植于天人合一的整体观，讲究阴阳平衡，顺应自然。扎根于中国文化的传统医药企业正在与时俱 进，通过与现代科技相结合，推动构建人类卫生健康共同体。 当前，随着脑科学研究的深入，脑机接口技术也步入临床试验的"元年"。对于现代技术发展所带来的影响，梁 冬表示，一直以来，传统中医强调人的意识对于身体状况的影响，现代科技的介入可以量化意识的作用 力。"比如，国内外企业都在做的脑机接口，就是把神经线接入到神经元附近，然后通过这样的方式，观察你 的起心动念，你的意识是怎么控制身体的，是怎么决定全身内分泌系统发挥作用等等。"梁冬表示。 推动中医药的现代化、可持续发展， ...

跨越几千公里，从江苏常州到新疆尼勒克，常州市武进区中医陈古一（见图右二，塔玛夏·也门别尔根 摄）像候鸟一样飞越天山，每年如约而至，坐诊、带教，走村入户开展义诊。6年过去，第六次踏上这 片土地，他不再是"外面来的专家"，乡亲们见了都笑着喊："陈院长来啦！"一声称呼，透着亲切，也含 着信任。 治病救人，带徒传艺，一点一滴，润物无声。这是一年又一年的坚持，也是写在泥土里的温情。 中医救治，用心用情 清晨，尼勒克县的山间还罩着薄雾。乌拉斯台镇的德玛西缓缓活动着手掌——那双曾僵硬如树根、连筷 子都握不住的手，如今已能灵巧地伸展。她仔细包好一面锦旗，准备赶往70多公里外的县中医院，当面 感谢帮她治好病的援疆医生陈古一。 尼勒克县位于新疆西北部，四面环山，山顶终年积雪。因昼夜温差大，寒热交替频繁，这里风湿寒湿类 疾病高发，许多患者长期饱受病痛之苦。 陈古一去新疆，起因很简单。 2020年，武进区援疆工作组找到他："边疆缺医生，能不能去支援一下？" 当时，像陈古一这样的民营中医诊所的负责人参加援疆，并不多见。他家里四代行医，从小跟着父亲上 山采药认药，学习把脉。从成都中医药大学毕业后，他在家乡四川干过，后来到江苏行医，自己开 ...

Core Insights - Gushengtang Singapore, a subsidiary of Gushengtang, signed a share transfer agreement to acquire 100% equity of Dazhong Tang PTE. LTD., marking a significant step in the company's overseas expansion strategy in traditional Chinese medicine [1][2] - Dazhong Tang is a major player in Singapore's traditional Chinese medicine sector, operating 14 clinics and possessing a strong local service capability and user trust [1] - The acquisition will enhance Gushengtang's overall revenue by consolidating Dazhong Tang's financial performance into its financial statements [1] Strategic Developments - Gushengtang is accelerating its international expansion in traditional Chinese medicine through a "merger + cooperation + self-built" strategy, particularly focusing on the Singapore market [2] - The recent strategic partnership with 1doc, a digital healthcare platform, involves establishing a joint venture where Gushengtang holds a 70% stake, allowing for the integration of traditional Chinese medicine services within 1doc's existing clinic network [2] - Following the acquisition of Dazhong Tang, Gushengtang will add 14 new clinics, enhancing its operational scale and market coverage in Singapore [2] Long-term Growth Potential - Gushengtang's multi-faceted approach to overseas expansion demonstrates a clear strategic plan and execution capability, aiming to integrate traditional Chinese medicine services internationally while adapting to local markets [2] - The company's dual strategy of deepening domestic operations while accelerating international growth is expected to create new growth opportunities and strengthen its leading position in the global traditional Chinese medicine sector [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 49.09, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][24]. Core Insights - The company is accelerating its global business expansion, having added four new branches through strategic acquisitions domestically and formed a partnership with Singapore's digital healthcare platform 1doc for overseas growth [2]. - The management's confidence in the company's future is demonstrated through a significant share buyback program, which has seen a total repurchase of 8.14 million shares for approximately HKD 247 million [2][8]. Financial Performance Summary - Total revenue is projected to grow from HKD 3,022 million in 2024 to HKD 4,845 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [4]. - Net profit attributable to shareholders is expected to increase from HKD 307 million in 2024 to HKD 664 million in 2027, with a notable growth rate of 30.5% in 2025 [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.26 in 2024 to HKD 2.87 in 2027, indicating strong profitability growth [4]. Strategic Developments - The company has successfully entered key cities such as Tianjin, Chengdu, and Shantou, enhancing its regional service capabilities through strategic acquisitions [8]. - The partnership with 1doc aims to leverage existing healthcare networks in Singapore, facilitating the company's international expansion and patient conversion in integrated Chinese and Western medicine settings [8]. Share Buyback Program - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 repurchase transactions, with a total buyback volume of 8.14 million shares and a total investment of approximately HKD 247 million [8]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to a record HKD 600 million since the company's listing [8].

Core Viewpoint - The strategic partnership between Guoshengtang and Singapore's 1doc aims to integrate Traditional Chinese Medicine (TCM) into the mainstream medical system in Singapore, marking a significant milestone for the internationalization of TCM [1][4]. Group 1: Partnership Details - Guoshengtang and 1doc will systematically introduce TCM services in Western medical family clinics in Singapore, providing a collaborative healthcare experience that covers clinical diagnosis, daily health care, and community health [1][3]. - The partnership will involve a shareholding structure where Guoshengtang holds 70% and 1doc holds 30%, ensuring deep integration and professional operation of TCM services within Western medical settings [3][4]. - Patients will benefit from a comprehensive healthcare management approach that includes prevention, diagnosis, and rehabilitation, facilitated by TCM practitioners who can prescribe necessary tests to enhance diagnostic accuracy [3][4]. Group 2: Policy and Market Context - The Singapore government has been actively promoting the integration of TCM and Western medicine, exemplified by the "TCM Integration Sandbox Program" set to launch in 2025, which will test and evaluate TCM treatment plans in public healthcare institutions [4][5]. - 1doc, a subsidiary of IHG, operates a network of clinics in Singapore and has served over 79,000 patients, providing a strong local medical network and digital technology support for the implementation of TCM [4][5]. - Guoshengtang, as China's first publicly listed TCM chain, has established over 80 medical institutions in China and Singapore, serving more than 20 million customers and accumulating extensive clinical data to support the efficacy and safety of TCM [4][5]. Group 3: Future Prospects - The collaboration aims to create a "New TCM" service model in Singapore, exploring more partnership models to build a new ecosystem of collaborative diagnosis and treatment [5]. - The innovative policies and market openness in Singapore provide a high-standard international testing ground for Guoshengtang, with potential for replicating successful models in Southeast Asia and globally [5].

Core Viewpoint - The strategic partnership between Guoshengtang and Singapore's 1doc marks a significant milestone in integrating Traditional Chinese Medicine (TCM) into Singapore's mainstream healthcare system, promoting the internationalization of TCM [1][4]. Group 1: Partnership Details - Guoshengtang and 1doc will systematically introduce TCM services in Western medical family clinics in Singapore, providing a collaborative healthcare experience that covers clinical diagnosis, daily health care, and community health [1][3]. - The partnership structure involves Guoshengtang holding 70% and 1doc holding 30% of the TCM operations, ensuring deep integration and professional management of TCM services within Western medical settings [3][4]. - Patients will benefit from a comprehensive health management approach that includes prevention, diagnosis, and rehabilitation, facilitated by TCM practitioners who can prescribe necessary tests to enhance diagnostic accuracy [3][4]. Group 2: Policy and Market Context - The Singapore government has been actively promoting the integration of TCM and Western medicine, exemplified by the "TCM Integration Sandbox Program" set to launch in 2025, which will test and evaluate TCM treatment plans in public healthcare institutions [4][5]. - 1doc, a subsidiary of IHG, operates a robust network of clinics in Singapore, leveraging advanced technologies to support personalized and preventive healthcare, which will aid in the implementation of TCM services [4][5]. - Guoshengtang, as China's first publicly listed TCM chain, has established over 80 medical institutions in China and Singapore, serving more than 20 million patients, and has accumulated extensive clinical data to support the efficacy and safety of TCM [4][5]. Group 3: Future Prospects - The collaboration aims to create a "New TCM" service model in Singapore, exploring more partnership models to build a new ecosystem of collaborative diagnosis and treatment [5]. - Singapore's innovative policies and market openness provide a high-standard international testing ground for Guoshengtang, with potential for replicating successful models in Southeast Asia and globally [5].

Core Viewpoint - The article highlights the importance of community hospitals in providing elder care services, emphasizing the need for improved facilities and services to enhance the quality of care for the elderly population in the context of an accelerating tiered medical system [1][4]. Group 1: Elderly Care Services - Community hospitals are increasingly focusing on elder-friendly services, including hardware improvements like accessible facilities and soft services such as traditional Chinese medicine (TCM) consultations and home visits [1][4]. - There is a growing demand among the elderly for TCM services at community hospitals, but the availability of qualified practitioners varies significantly across different facilities [4][6]. - The disparity in TCM resources is evident, with some community hospitals having a robust team of specialists while others struggle with limited staff and infrequent expert visits [4][6]. Group 2: Medication Supply Challenges - Many community hospitals face challenges in meeting the medication needs of elderly patients due to limited pharmacy resources, typically offering around 600 types of medications compared to over a thousand at tertiary hospitals [6][9]. - The "medication shortage registration" service has been implemented to address personalized medication needs, allowing patients to register their requirements and receive timely responses from community hospitals [7][9]. - This service not only helps meet individual medication needs but also allows hospitals to adjust their inventory based on demand trends [9]. Group 3: Home Care Services - Home care services are crucial for elderly individuals with mobility issues, with community hospitals offering various services such as home visits for medical care and health guidance [10][11]. - The sustainability of these home care services is challenged by limited medical staff and the high costs associated with providing free services [10][11]. - A "centralized home service" model is being adopted to improve efficiency, allowing medical staff to serve multiple patients in a scheduled manner while also generating revenue through service fees [11]. Group 4: Future Development Strategies - Recommendations for enhancing elder care services include improving the recruitment and training of community health personnel and leveraging technology to create integrated service platforms [12][13]. - The establishment of specialized "pharmacy service clinics" is suggested to provide tailored medication management for elderly patients, ensuring safer and more effective treatment [13]. - The "medical alliance" model is proposed to facilitate regular visits from specialists to community hospitals, thereby improving the quality of care and training for local medical staff [13].

Core Insights - The pilot program will cover approximately 15 provincial-level administrative regions or cities, with a focus on establishing a list of traditional Chinese medicine (TCM) diseases suitable for new payment methods [3] - A scientific and reasonable settlement pricing system is crucial for the reform, with a requirement for each selected TCM disease to have a unified medical insurance payment amount based on historical medical cost data [3] - The payment levels after the reform must not be lower than those before the reform to encourage participation from TCM medical institutions [3] Group 1 - The selection of diseases for the pilot program must meet three core criteria: significant advantages of TCM in treatment, clear clinical diagnosis and treatment processes, and clinically verified treatment effects [3] - The reform aims to incentivize TCM medical institutions by establishing a dynamic adjustment mechanism for payment standards based on historical data and corresponding Western medicine treatment costs [3] Group 2 - Support measures include incorporating TCM day wards and rehabilitation wards into the payment system, encouraging grassroots medical institutions to expand outpatient TCM services [4] - The pilot regions will explore reforms over a period of 2 to 3 years, with a focus on creating replicable and promotable experience models [4] - The payment by disease method is expected to enhance the efficiency of medical insurance fund usage by incentivizing medical institutions to optimize treatment plans and control costs [4]

Group 1 - The forum "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities [1] Group 2 - The chairman of Guangzhou Xiangxue Pharmaceutical Co., Ltd., Wang Yonghui, emphasized the revolutionary opportunities that artificial intelligence (AI) and big data technologies bring to the development of traditional Chinese medicine (TCM), promoting its scientific and international progress [3] - Wang pointed out that TCM is fundamentally a data science, but the traditional reliance on individual experiences of renowned doctors has limitations such as insufficient data volume and unstable effects, making it difficult to undergo scientific validation [3] - He noted that the long-standing transmission of TCM has been constrained by human contact, lifespan, and experience, with the current era of big data and AI capable of addressing these shortcomings [3] - Wang believes that TCM is an ideal application scenario for AI, as technological innovations provide strong support for the personalized diagnosis and treatment advantages of TCM [4] - He explained that large models align well with the dialectical logic of TCM, processing knowledge from vast data to holistic models, allowing for reasoning that captures non-linear associations [3] - The output from these models is dynamic and personalized, resulting in "fuzzy correctness" rather than purely logical data relationships [3] Group 3 - Through AI empowerment, TCM is breaking through the limitations of experiential "black box" phenomena, achieving precision and intelligence in diagnosis and treatment, ultimately leading to significant improvements in therapeutic effects and continuous evolution [4] - Wang expressed confidence that as therapeutic effects continue to improve, TCM will gain widespread recognition globally and shine in the field of human health [4]

Core Insights - The company has successfully established a matrix-style traffic ecosystem platform, driving strong growth in its diagnostic and treatment services [1] Group 1: Traffic Growth and Performance - In July 2025, the company achieved over 40,000 customer orders, a month-on-month increase of 13,000 orders, representing a 40% growth [1] - Compared to July 2024, the orders increased by nearly 20,000, marking a 75% year-on-year growth [1] - The Meituan platform alone accounted for over 30,000 customer orders in July, with a month-on-month growth of 35% [1] Group 2: Cost Reduction through Traffic Matrix - The company has built a diverse platform traffic matrix by collaborating with major platforms like Meituan, Xiaohongshu, Douyin, and Gaode Map, effectively reducing customer acquisition costs [2] - The strategic partnership with Meituan, established in September 2024, has allowed the company to leverage Meituan's extensive local service traffic [2] - The multi-platform cooperation model has not only expanded customer acquisition channels but also significantly lowered acquisition costs compared to industry averages [2] Group 3: Efficient Traffic Conversion - The matrix-style traffic ecosystem operates on a "multi-channel reach + multi-scenario conversion" model, enhancing operational efficiency [3] - The company collaborates with registration platforms and local health committee systems to diversify registration entry points and accurately reach users [3] - By streamlining the conversion process and leveraging platform-specific characteristics, the company has improved traffic conversion efficiency [3] Group 4: Professional Operations and Growth Assurance - The company has assembled a professional operations team of over 200 members in cities like Guangzhou and Shenzhen, focusing on refined operations across platforms [4] - The team has successfully created numerous expert IPs, enhancing both individual expert visibility and overall traffic for the company [4] - The company is also exploring high-net-worth user channels, integrating public and private resources to maximize traffic value [4]