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]