Core Viewpoint - The company, established in 1996, has built a comprehensive information product portfolio targeting practicing physicians, becoming a leading professional physician platform that covers 88% of practicing doctors in China. It provides services such as medication guidelines and reference literature, balancing professionalism with commercialization, and relies on precise marketing as its core monetization strategy. The main business benefits from the trends of medical anti-corruption and innovative drugs, indicating a broad growth outlook [1]. Group 1 - The company is optimistic about AI empowering platform operations and commercialization. It has a deep understanding of cutting-edge professional medical knowledge and the profiles of most practicing physicians in China, accumulating high-quality vertical data assets. The AI applications developed are expected to enhance internal medical information content production, improve service for professional physicians, and provide more value-added services for physicians and pharmaceutical companies, leading to diversified monetization [1]. - The digital medical precision marketing market is vast. In 2024, the total sales expenses of 496 listed pharmaceutical companies in A-shares are expected to reach 226.93 billion yuan, accounting for 28.47% of the same period's operating income. The penetration rate of digital medical marketing has been steadily increasing since 2018 but remains low, with only about 2.3% in 2020 compared to Japan's 9.5% [2]. - The deepening of medical anti-corruption in 2023 has catalyzed the demand for online precision marketing among pharmaceutical companies. Compared to traditional offline promotion by medical representatives, digital precision marketing shows significant advantages in compliance, cost-effectiveness, and time efficiency. The company's performance in the first half of 2023-2025 has already reflected this trend, and it is expected to continue benefiting from the normalization of medical anti-corruption [2]. - The company's core service products are those that are marketed after approval and before centralized procurement. The trend of innovative drugs is expected to increase the number of such products, and the increase in BD funding for innovative drug companies is likely to boost investment in digital marketing, enhancing market potential [2]. Group 2 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 322 million, 364 million, and 426 million yuan, representing year-on-year growth of 2.3%, 13.0%, and 17.0% respectively. After excluding interest income and other revenues, the year-on-year growth rates are projected to be 55.8%, 39.9%, and 31.1%. The corresponding PE ratios are 28.9, 25.6, and 21.9 [2]. - The company is assigned a 35x PE for 2025, corresponding to a market value of 11.28 billion yuan and a target price of 15.4 yuan (16.8 HKD), with an initial coverage rating of "Buy" [3].