核心结论 分析师 【医药生物】固生堂（2273.HK）动态点评：出海加速，回购加码 投资建议：预计 2025-2027 年公司收入 34.31、43.14、51.80 亿元，同比 增长 13.52%、25.75%、20.07%；归母净利润 3.90、5.15、6.30 亿元，同 比增长 27.28%、31.77%、22.40%；维持"增持"评级。 【基础化工】阿拉丁（688179.SH）跟踪点评：收购佑科仪器丰富产品矩阵， 外延赋能公司成长 我们预计公司 2025/2026/2027 年 EPS 为 0.31/0.47/0.60 元。公司主业经营 稳健，持续推进外延并购丰富产品矩阵，维持"买入"评级。 | 周颖 S0800520080003 | | --- | 晨会纪要 证券研究报告 2025 年 11 月 27 日 zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 3,864.18 | -0.15 | | 深证成指 | 12,907.83 | 1.02 | | 沪深 300 ...

Investment Rating - The report assigns an "Outperform" rating to Gushengtang, expecting a relative return exceeding 10% over the next 12-18 months [16]. Core Insights - Gushengtang announced the acquisition of 100% equity in Singapore's Da Zhong Tang, which operates 14 TCM clinics, aiming to enhance its market share and expand its business network in Singapore [5][6]. - The acquisition is anticipated to positively impact the company's performance in 2026, leveraging Da Zhong Tang's established brand and operational presence in key commercial areas of Singapore [6][7]. - The company plans to continue its overseas expansion through a combination of mergers and acquisitions, partnerships, and self-established clinics, targeting the addition of 10-20 new stores in Singapore and around 20 clinics in Hong Kong by 2026 [7][8]. Summary by Sections Acquisition Details - Gushengtang's acquisition of Da Zhong Tang will consolidate its financial results into the group's statements, enhancing its operational scale in Singapore [5][6]. Market Expansion Strategy - The company aims to expand its presence in Singapore through a mix of M&A, partnerships, and new clinic establishments, with a goal of generating significant overseas revenue by 2026 [7]. Operational Enhancements - Gushengtang plans to utilize its domestic supply chain for Chinese herbal products to support its overseas clinics, while enhancing internal treatment capabilities through AI technology and expert training [8].

Core Viewpoint - Gushengtang Singapore is acquiring 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company, enhancing its presence in the Singapore market and expanding its offline medical network [1] Group 1 - The acquisition agreement was signed on November 16, 2025, between Gushengtang Singapore and the shareholders of DA ZHONG TANG [1] - Following the completion of the acquisition, DA ZHONG TANG will be included in the group's consolidated financial statements [1] - DA ZHONG TANG primarily provides traditional Chinese medicine services and retail pharmaceutical services in Singapore [1] Group 2 - The acquisition aligns with the company's strategy to expand its offline medical institution network through acquisitions [1] - The company anticipates that the acquisition will increase its market share in Singapore and create synergies between DA ZHONG TANG and the group's other offline medical institutions and online medical platforms [1]

Core Viewpoint - YaoXingTang (002727) focuses on retail pharmacy chains, supplemented by traditional Chinese medicine to meet diverse consumer medication needs [1] Company Summary - The company operates primarily in the retail pharmacy chain business [1] - It incorporates traditional Chinese medicine as a complementary service to enhance its retail offerings [1] - The strategy aims to satisfy the varied medication service demands of consumers [1]

Core Viewpoint - Dazhonglin has implemented a high dividend payout strategy, distributing a total of 7.02 billion yuan in cash dividends for the year, reflecting a strong commitment to shareholder returns and confidence in its operational strength amid market complexities [1][2]. Financial Performance - In 2024, Dazhonglin achieved a revenue of 26.497 billion yuan and a net profit attributable to shareholders of 915 million yuan [1]. - For the first quarter of 2025, the company reported a revenue of 6.956 billion yuan, representing a year-on-year growth of 3.02%, and a net profit of 460 million yuan, showing a year-on-year increase of 15.45% [1][2]. Dividend Policy - The company distributed a cash dividend of 3.1 yuan per 10 shares (including tax) to all shareholders, totaling 351 million yuan [1]. - Dazhonglin has maintained a high dividend payout ratio of 76.73%, with a dividend yield of 3.98%, ranking among the top in its sector [1][2]. - Since its listing in 2017, Dazhonglin has cumulatively distributed cash dividends amounting to 3.355 billion yuan, with a dividend payment ratio of 76.73% and a financing payout ratio of 98.84% [1]. Store Expansion and Market Position - As of March 2025, Dazhonglin operated a total of 16,622 stores, including 6,239 franchise stores and 10,383 direct stores, marking a net increase of 2,588 stores since the beginning of 2024 [2]. - The company aims to enhance its market share in already covered regions, leveraging its scale advantages to further solidify its position as a leading chain pharmacy in China [2]. Future Outlook - Dazhonglin is expected to strengthen its leadership in the pharmaceutical retail sector, driven by ongoing industry transformations and increasing consumer demand for quality and personalized health products [2].