GUSHENGTANG

Gushengtang surged on heavy volume today, rallying 8.9% in the morning session to close at HKD 30.46, near the session high of HKD 30.58 after opening at HKD 28.20 Buying was driven by a series of at least seven HKEX-disclosed share buybacks since late June at average prices around HKD 26.2, plus news of its full acquisition of Singapore's Sante Clinics and Sante TCM to expand overseas. Q4 2025 revenue of HKD 975 million was up 10.6% YoY, net profit rose 5.2% to HKD 112 million, and EPS grew 10.7% to HKD 0.4632. However, the stock remains 20.5% below its 52-week high of HKD 38.3, with a YTD gain of 5.0% only recently clearing the MA20 (HKD 27.03) and MA60 (HKD 27.8), leaving room for further valuation recovery.

固生堂今日低开高走，上午盘从 25.6 港元开盘后快速拉升，盘中最高触及 28.08 港元，最终收报 27.92 港元，全日上涨 8.3%，成交额约 6455 万港元。股价大幅反弹主要受近期持续回购与海外并购消息的提振，公司此前完成新加坡 Sante Clinics 及 Sante TCM 全部股权收购，加速国际化布局。基本面上，Q4 2025 营收达 9.75 亿港元同比增长 10.6%，净利润 1.12 亿港元同比增长 5.2%，营业利润同比增长 13%，盈利改善明显。不过当前股价 27.92 港元仍较 52 周高点 38.3 港元下跌 27.1%，并低于 60 日均线 27.74 港元附近，YTD 跌幅约 3.72%，估值修复仍有空间。