Core Viewpoint - The company achieved revenue of 1.49 billion yuan in H1 2025, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 150 million yuan, up 41.9% year-on-year, with operating cash flow of 300 million yuan, an increase of 111% year-on-year, and free cash flow of 210 million yuan, up 466% year-on-year [1] Group 1: Financial Performance - The company's revenue from healthcare solutions reached 1.48 billion yuan in H1 2025, a year-on-year increase of 10.4% [1] - Revenue from the sales of health products was 10 million yuan, a decrease of 50.9% year-on-year, primarily due to a reduction in low-margin product sales [1] - Offline institutional revenue was 1.37 billion yuan, a year-on-year increase of 11.1%, with same-store sales accounting for 97.3% of this revenue, indicating growth driven by existing store operations [1] Group 2: Strategic Developments - The company added 7 new stores in H1 2025 (4 self-built and 3 acquired) and entered 2 new cities, indicating a strategy of "steady growth from existing stores and orderly expansion of new stores" [1] - The company reported a 209% year-on-year increase in revenue from in-hospital preparations and other self-priced products, marking explosive growth [2] - The company has established deep collaborations with major platforms like Xiaohongshu, Meituan, Douyin, and Gaode Map, with new users from these platforms accounting for 7.6% of the group's offline new user count [2] Group 3: Future Outlook - The company aims to enhance its AI capabilities, with the AI prescription payment rate reaching 76.7%, showing a month-on-month improvement [2] - The company has accumulated over 20 million consultation data, 18 million cases, and 100,000 high-quality expert data, indicating a strong data foundation for future AI applications [2] - The company plans to open AI-related functions to young doctors in October, further expanding its AI product offerings [2] Group 4: Earnings Forecast - Based on the mid-year report for 2025, the company adjusted its revenue downwards but raised its gross margin forecast, with projected earnings per share for 2025-2027 being 1.54, 1.88, and 2.30 yuan respectively [3] - The company is assigned a target price of 45.54 HKD based on a 27 times price-to-earnings ratio for 2025, maintaining a "buy" rating [3]

25H1，公司院内制剂等自主定价产品收入同比+209%，迎来爆发式增长。同期新增2款院内制剂，累计 完成备案的院内制剂达14款，其中，护发益发颗粒成功通过新加坡卫生科学局认证并上市。25H1新加 坡收入214.3万元，同比+121%，海外业绩快速增长。叠加护发益发颗粒在新加坡上市，标志着"服务 +产品"双轮出海商业模式初步成型，有望开启第二增长曲线。 构建流量生态平台，推进AI分身迭代 目前，公司已与小红书、美团、抖音、高德地图等主流平台达成深度合作，通过多个流量平台获得的新 用户占集团线下新增用户数的7.6%，且获客成本低于行业均值，流量生态布局形成规模化效应。此 外，从8月底最新周度数据看，AI分身处方支付率达76.7%，环比提升，专家审核处方采纳已经超过 80%。从数据看，公司已拥有超2000万就诊数据、1800万病例及10万份专家高质量数据。未来公司将推 进AI分身相关功能及商业应用场景的迭代，预计将于10月份向青年医生开放AI国医分身产品相关功 能。 结构优化内生增长，盈利持续向好 按业务划分，25H1医疗健康解决方案收入14.8亿元，同比+10.4%，销售医养健康产品收入0.1亿元。按 渠道划分， ...