固生堂 20250702 摘要 固生堂作为国内领先的中医连锁医疗服务机构，已形成完整的业务闭环， 涵盖线上线下服务，线下机构占比营收 91%，医疗健康解决方案占比 99%。 公司 2024 年经调整净利润为 4 亿元，同比增长 31.4%，剔除股权激励 影响后仍保持稳步增长。市场对中药饮片集采政策存在担忧，但固生堂 可通过业务结构调整和优质优价策略应对。 AI 名中医分身是固生堂的重要创新，解决了名医资源稀缺问题，有望推 动公司业务模式从重资产向轻资产转型，提升运营质量和利润率，并带 来估值空间的提升。 国内中医市场规模预计到 2031 年将达到 1.84 万亿元，复合增速高达 18.2%，受益于人口老龄化、亚健康人群增加、传统文化认同以及政策 支持等因素驱动。 民营中医服务市场高度分散，固生堂市占率仅 0.2%，行业整合机会巨 大。政策推动连锁化、高质量中医服务发展，中药集采是关键政策，连 锁机构具备资本优势。 Q&A 固生堂在中医诊疗领域的优势和发展前景如何？ 固生堂是国内中医连锁服务的龙头企业，经营稳健，深度绑定了名中医，因此 成长底色稳固，业务空间广阔。公司通过早期融资实现了线下机构扩张和线上 平台布 ...

据悉，宁夏先后开展枸杞基因组学、功效物质提取、栽培机理等基础研究，构建了枸杞高密度遗传连锁 图谱，建立了枸杞化合物数据库。为确保新品种培育取得新成效，宁夏创建了保存2000余份种质材料的 枸杞种质资源库，构建了枸杞资源圃、种子低温库和标本库"三位一体"保存体系。目前，"宁杞"系列枸 杞良种覆盖中国所有枸杞产区，占全国枸杞主栽品种的90%以上。 在关键领域，宁夏开展了枸杞种质资源收集与精准评价、枸杞重大害虫生态调控关键技术研究与示范、 枸杞原浆标准体系构建及功能性产品开发、养眼抗衰枸杞产品创制、枸杞根腐病菌拮抗菌及相关微生物 群落研究、枸杞蚜虫寄生性天敌昆虫资源挖掘与利用等系列研究。 研究中，筛选出杀虫作用明显的微生物菌株3个，研发植物源新制剂2个，枸杞害虫综合防治效果达 85.59%，化学农药减量30.92%。同时，科研工作中还筛选发现了以枸杞子为主要原料用于防治年龄相 关性黄斑变性的有效组方杞菊方，突破了枸杞汁发酵护肝等功能产品加工技术，开发出一批机理明确、 功能定向、活性成分提取工艺成熟的抗抑郁、抗疲劳、增强免疫力等枸杞新功能产品。 与此同时，依托东西部科技合作机制，宁夏先后引进集聚南京中医药大学、南京理 ...

推动生物医药产业创新发展。聚焦产业在创新发展中遇到的堵点问题，持续提升临床研究水平、加 大中药研发创新的支持力度等4项工作措施，从制度设计上鼓励激发创新。力争到2027年底推动15个以 上院内制剂开展注册或备案。依托热带植物资源优势，推动海南特色化妆品新原料开发，助力化妆品产 业异军突起。 推动监管创新和扩大对外开放。聚焦真研等监管创新推动产品参与国际竞争，打造真实世界研究应 用高地、积极试点分段生产模式、推动产品进口便利化、支持国产产品扬帆出海、提升流通新业态监管 质效等5项工作措施，促进境外消费回流。其中，进一步拓展"乐城研用+海口/琼海生产"模式，推动更 多创新药械实现本地化生产。 海南出台药品医疗器械化妆品监管改革实施方案，提出20条改革举措 力争每年引进特许药械60种以上 海南日报海口4月29日讯(海南日报全媒体记者 王洪旭)4月29日，海南日报全媒体记者从"海南自贸 港政策解读"系列主题新闻发布会(第三十六场)上获悉，《海南省全面深化药品医疗器械化妆品监管改 革促进医药产业高质量发展实施方案》(以下简称《实施方案》)出台，提出5个方面20条改革举措，全 面深化药品医疗器械化妆品监管改革，建设与自贸 ...

Core Viewpoint - Hainan Province aims to enhance support for traditional Chinese medicine (TCM) research and innovation, targeting the registration or filing of over 15 hospital preparations by the end of 2027 [1] Group 1: Support for TCM Research and Development - The initiative encourages the secondary development of hospital-based TCM preparations, including the transformation of decoctions into granules and powders into pills, while simplifying the filing process and documentation requirements [1] - There is a focus on promoting the application of key TCM preparations, with plans to reduce the filing documentation period for prescriptions from 5 years to 3 years for certain renowned TCM practitioners' formulas [1] Group 2: Funding and Institutional Support - Medical institutions will receive financial support for the research and development of hospital preparations, with a goal of facilitating the registration or filing of more than 15 hospital preparations by the end of 2027 [1]

吴以环强调，深圳的中医药发展优势在于创新，要立足大湾区，继续发挥对周边地区、周边国家（如东 南亚各国）的影响力。 "中医药+AI" 在深圳，"中医药+AI"这对传统与创新的组合已碰撞出新火花。 3月，深圳市中医院宣布完成DeepSeek的本地化部署，率先推进中医领域AI融合诊疗。 南方财经全媒体记者雷若馨深圳报道 今年3月，国务院办公厅印发《关于提升中药质量促进中医药产业高质量发展的意见》，指出以提升中 药质量为基础，以科技创新为支撑，以体制机制改革为保障，加快构建现代化产业体系。 4月27日，深圳市政协围绕"完善中医药传承创新发展机制"展开专题调研，并在深圳市中医药光明院区 举行深聊会。深圳市中医药学会、深圳市中药协会、华润三九医药研发中心相关代表参与了会议。 深圳市政协副主席吴以环表示，深圳市在发展中医药传承创新发展建设方面有机制、有制度、有成效。 深圳不仅拥有以深圳市中医院为代表的中医医疗机构，还有以华润三九为代表的中医药企业。在中医药 服务模式创新上，如AI问诊、医院中设置养生园以传承中医药文化、全生命周期管理等已经在深圳部 分医院推动实施。 据悉，医院计划依托DeepSeek开发脉象识别、舌象分析等 ...

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a healthcare company, specifically in the traditional Chinese medicine sector, for the year 2024. The company has faced challenges but has achieved significant growth in revenue and adjusted profits despite the environment [1][2]. Key Financial Highlights - Revenue growth exceeded 30%, with adjusted profits surpassing 400 million RMB, marking a 31.4% increase [2][5]. - The return on equity (ROE) was highlighted, although specific figures were not provided [2]. - The company maintained a gross margin of 30.8%, slightly up from 30.6% in the previous year, indicating stable profitability [5]. - Free cash flow reached 236 million RMB, a 64% year-over-year increase, reflecting strong operational cash generation [7]. Business Expansion and Partnerships - The company established partnerships with 8 new medical institutions, bringing the total to 28 [3]. - A total of 21 new stores were opened, exceeding the planned target of 3 cities, including the first international location in Singapore [3]. - The company has invested over 400 million RMB in shareholder returns, including stock buybacks and dividends [4][8]. User and Membership Growth - User metrics showed rapid growth, with membership revenue increasing significantly, accounting for 41% of total revenue in 2023 and rising in 2024 [10][11]. - The company reported a stable increase in customer retention and spending per visit, indicating strong brand loyalty [10]. Doctor and Staff Development - The number of doctors increased by 25%, with a notable rise in senior-level physicians [15]. - The company is focusing on training and retaining talent, with a structured pathway for career advancement for new graduates [43][44]. AI and Technological Integration - The company is leveraging AI to enhance its service delivery, with plans to develop a proprietary AI model for traditional Chinese medicine [31][55]. - AI applications are expected to improve diagnostic accuracy and operational efficiency, with a focus on integrating AI into patient care [34][55]. ESG Contributions - The company has made significant contributions in the ESG space, including community health initiatives and cultural events promoting traditional Chinese medicine [19]. Future Outlook and Strategic Direction - The company plans to continue expanding internationally, particularly in Singapore and Hong Kong, while also focusing on AI development [24][26]. - Revenue growth is projected to be around 25% for the upcoming year, with ongoing investments in AI and technology [56][59]. Additional Insights - The company is adapting to regulatory changes in the healthcare sector, positioning itself as a leader in compliance and operational excellence [21]. - There is a strong emphasis on maintaining high-quality service standards and enhancing the patient experience through innovative solutions [39][46]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, growth strategies, and future outlook in the healthcare industry.