国金证券研报表示，AI医疗已进入商业化加速期，持续看好兼具技术壁垒、落地应用能力以及明确商 业化路径的公司，其有望在跨越技术与市场成熟的临界点后，实现规模的快速扩张和盈利能力的本质提 升。 "华为数据存储"发布消息，2025年12月7日，华为面向医疗领域正式发布华为AI数据平台。 AI数据平台基于OceanStor A800存储构建，涵盖知识生成与检索、记忆萃取与召回、UCM推理加速三 大核心技术，助力华西医院"睿宾2"医疗智能体突破医疗领域长期面临的成本、质量与可及性之间的"三 角制约"瓶颈，加速智能化落地。 蚂蚁旗下C端AI医疗应用"AQ"更名"蚂蚁阿福"，完成品牌战略升级。 2025年11月8日，在2025年世界互联网大会乌镇峰会期间，四川大学华西医院与蚂蚁集团正式签署战略 合作协议。双方将围绕呼吸系统疾病等慢性病，共同推进科学研究、服务体系建设与"AI+医疗"的融合 创新，赋能基层医疗服务能力提升。 中信证券研报认为，蚂蚁阿福APP具备结构化多模态精准问诊能力，长周期健康数据积累提升用户黏 性，以及阿里系生态互联商业化前景可观三大亮点；看好互联网大厂凭借AI产品力、成熟生态以及投 流资金规模优势，率先 ...

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 ...

智通财经APP获悉，2025年12月5日，固生堂(02273)2025年度专家年终答谢会暨科技与创新发展大会在北京隆重召开。本次大会汇聚了众多中 医药领域顶尖力量与人工智能领域权威专家，共同见证固生堂多项重磅合作及成果发布：固生堂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，同期，固生堂与高德地图达成战略合作、收购新加坡中国中医100%股权，系列合作覆盖AI大模型研发应用、 临床科研、流量矩阵构建及海外布局四大板块，展现了固生堂在推动中医药现代化发展上的全面规划，为中医药发展注入强劲动力。 四大顶尖科研团队均是各自领域的权威代表，涵盖AI、中医学、医工交叉学科、中医临床疗效评价等关键领域，形成跨学科、全方位技术支 撑体系，从技术根源上提升中医AI大模型的临床实用性与可靠性。 据了解，此次合作内容主要有五个方面：第一，构建更加贴合中医诊疗特点的AI大模型底座，从技术根源上提升中医AI大模型及智能体的临 床实用性与可靠性。第二，联合中国信通院等权威机构，建立科学严谨的中医AI评测体系，构建行业专业榜单评测，确保模型性能的公正评 估与持续优化。第三，构建"国医AI分身"辅助诊疗系统与患者健康 ...

Core Viewpoint - The company is accelerating its overseas expansion through acquisitions, with a recent agreement to acquire 100% of Da Zhong Tang in Singapore, marking a significant step in its strategy to internationalize traditional Chinese medicine [4][5]. Group 1: Acquisition and Expansion - The company announced the acquisition of Da Zhong Tang, which operates 14 traditional Chinese medicine clinics in Singapore, enhancing its local service capabilities and user trust [4][5]. - This acquisition follows a strategic partnership with a digital healthcare platform, indicating a robust approach to expanding its market presence in Singapore through a combination of acquisitions, partnerships, and self-built initiatives [5]. Group 2: AI Development in Traditional Medicine - The company is developing AI representations of renowned doctors, leveraging extensive clinical data to replicate expert diagnostic capabilities and enhance patient care [6]. - The AI system, based on deep learning algorithms, aims to facilitate knowledge transfer from top experts to junior doctors, thereby improving the efficiency of medical resource allocation and accelerating revenue growth [6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is accelerating its overseas mergers and acquisitions, with a recent agreement to acquire 100% equity of Da Zhong Tang in Singapore, which operates 14 TCM clinics [1][2] - The company is also increasing its share buyback program, indicating strong confidence in future growth [1][3] - The acquisition of Da Zhong Tang will enhance the company's operational network in Singapore, supporting its international expansion strategy [2] - The company is leveraging AI technology to create "AI avatars" of renowned TCM doctors, which is expected to improve service delivery and expand capacity [3] - The company forecasts adjusted net profits of 493 million, 594 million, and 708 million HKD for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3] Summary by Sections Mergers and Acquisitions - The company is actively pursuing international expansion through acquisitions, with the recent purchase of Da Zhong Tang marking a significant step in its TCM overseas strategy [1][2] AI Development - The company is developing AI models based on extensive clinical data to replicate the diagnostic capabilities of top TCM experts, which is anticipated to enhance healthcare delivery [3] Financial Projections - The company projects substantial revenue growth, with expected revenues of 3,797 million, 4,735 million, and 5,902 million HKD for 2025, 2026, and 2027 respectively, alongside increasing net profits [8][9]

Core Viewpoint - Company maintains net profit forecasts for 2025-2026 at RMB 4.05 billion and RMB 5.21 billion, with current stock price corresponding to P/E ratios of 14.8 and 11.3 for 2025-2026, respectively, and a target price of HKD 45.8, indicating a potential upside of 62.5% [1] Group 1: Financial Performance - In Q3 2025, the number of patients treated reached approximately 1.607 million, representing a year-on-year growth of 8.2% [2] - The company expects the average selling price (ASP) to stabilize, despite minor impacts from recent healthcare policy changes, with profit margins anticipated to continue improving due to cost optimization efforts [2] Group 2: Strategic Initiatives - The company has partnered with a digital healthcare platform in Singapore to integrate traditional Chinese medicine (TCM) services into Western medical clinics, aiming for a 70% control in the TCM treatment area [3] - The "National Medicine AI Avatar" platform was launched in Singapore, providing a learning platform for TCM practitioners and laying the groundwork for global resource sharing [3] Group 3: Shareholder Returns - From Q1 to Q3 2025, the company repurchased shares worth RMB 141 million and declared a mid-term dividend of RMB 76 million, resulting in a total shareholder return of approximately RMB 217 million, equating to a return rate of 3.2% [4] - With the recent share buyback announcement, the expected shareholder return rate could rise to 5.2%, with a potential annual return rate of around 7% if the dividend distribution remains consistent [4]

Core Viewpoint - Company maintains net profit forecasts for 2025-2026 at RMB 4.05 billion and RMB 5.21 billion, with current stock price corresponding to P/E ratios of 14.8 and 11.3 for those years, respectively. The target price is set at HKD 45.8, indicating a potential upside of 62.5% from the current level [1] Group 1: Financial Performance - In Q3 2025, the number of patients treated reached approximately 1.607 million, reflecting a year-on-year growth of 8.2% [2] - The company expects the average selling price (ASP) to stabilize, despite minor impacts from recent healthcare policy changes. The profit margin is anticipated to continue improving due to cost optimization efforts [2] Group 2: Strategic Initiatives - The company has partnered with a digital healthcare platform in Singapore to integrate traditional Chinese medicine (TCM) services into Western medical clinics, aiming for a 70% control in the TCM treatment area [3] - The "National Medicine AI Avatar" platform was launched in Singapore, providing a learning platform for TCM practitioners and laying the groundwork for global resource sharing [3] Group 3: Shareholder Returns - From Q1 to Q3 2025, the company repurchased shares worth RMB 141 million and declared a mid-term dividend of RMB 76 million, resulting in a total shareholder return of approximately RMB 217 million, equating to a return rate of 3.2% [4] - With the recent share buyback announcement, the expected shareholder return rate could rise to 5.2%, with a potential annual return rate of around 7% if the dividend distribution remains consistent [4]

Core Insights - The recent strategic moves by Gu Sheng Tang, a leading Chinese traditional medicine chain, include a partnership with 1doc in Singapore, the launch of "National Medicine AI Avatar," and collaboration with financial institution AGP, marking a significant shift from product export to service system export in traditional Chinese medicine (TCM) internationalization [2][3][4]. Group 1: Strategic Partnerships - Gu Sheng Tang's collaboration with 1doc involves a shareholding structure where Gu Sheng Tang holds 70% and is responsible for operations, allowing for deep integration of TCM services within the existing Western medical framework [3][4]. - This partnership enables patients to receive integrated TCM and Western medical treatment within the same healthcare ecosystem, enhancing the overall healthcare management experience [4]. Group 2: Policy Alignment and Market Opportunities - The partnership aligns with Singapore's government policy promoting the integration of TCM and Western medicine, particularly the "Traditional Chinese Medicine Integration Sandbox" plan set to launch in 2025 [4][5]. - Singapore's open market and innovative policies provide a high-standard international testing ground for Gu Sheng Tang's TCM practices, which could be replicated in Southeast Asia and globally [5][9]. Group 3: Technological Advancements - The launch of the "National Medicine AI Avatar" aims to standardize and replicate TCM practices, providing an intelligent learning platform for overseas TCM practitioners [7][8]. - This AI system is designed to alleviate the shortage of qualified TCM practitioners abroad and assist in developing precise treatment plans, thereby establishing high-quality TCM service standards in international markets [7][8]. Group 4: Capital Support - Gu Sheng Tang's strategic partnership with AGP will provide direct investment to support its internationalization strategy and AI technology development, enhancing its global healthcare footprint [8]. - The investment from AGP, a spin-off from Singapore's state strategic fund, not only offers financial backing but also access to a network of healthcare resources and insights into international market regulations [8]. Group 5: Industry Implications - The developments signify a paradigm shift in TCM internationalization from isolated cultural exports to a systematic and integrated approach within local healthcare ecosystems [9]. - Singapore serves as an ideal testing ground for this new model, which, if successful, could lead to rapid replication in other international markets [9].

Core Insights - The recent strategic moves by Guoshengtang, including partnerships with 1doc and AGP, signify a pivotal shift in the internationalization of traditional Chinese medicine (TCM) from merely exporting products to establishing a comprehensive service system [1][4][5] Group 1: Strategic Partnerships - Guoshengtang has completed a significant equity partnership with Singapore's 1doc, where Guoshengtang holds a 70% stake, ensuring deep integration of TCM services within the existing Western medical framework [5][6] - The collaboration with 1doc allows for a comprehensive health management approach, offering patients a combination of TCM and Western medicine within the same healthcare ecosystem [5][6] - The partnership aligns with Singapore's government initiatives promoting the integration of TCM into mainstream healthcare, particularly through the upcoming "Traditional Chinese Medicine Integration Sandbox" plan [5][6] Group 2: Technological Innovations - The launch of the "National Medicine AI Avatar" aims to standardize and replicate TCM practices, providing a platform for overseas practitioners to enhance their clinical skills [6][9] - This AI system is designed to assist local TCM practitioners in formulating precise treatment plans, thereby establishing high-quality TCM service standards in international markets [9][10] - The integration of AI technology in TCM practices has garnered recognition from Singapore's government, indicating strong support for innovative approaches in traditional medicine [9][10] Group 3: Capital Support - Guoshengtang's strategic partnership with AGP will provide direct investment to support its internationalization strategy and AI technology development [7][10] - AGP's investment not only offers financial backing but also access to a network of healthcare resources and insights into international market regulations [10] - The capital infusion reflects confidence in Guoshengtang's ability to address core challenges in TCM's international expansion through a systematic approach combining AI and operational integration [10]