Core Viewpoint - The overall performance of the physical pharmacy industry is under pressure in the first half of 2025 due to declining consumer purchasing power, intensified competition, stricter management of personal medical insurance accounts, and the impact of drug procurement policies [1][2] Group 1: Stock Performance - From the beginning of the year to August 31, 2025, the pharmaceutical and biological sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 industries [1] - Most sub-sectors within the pharmaceutical sector experienced positive growth, with the physical pharmacy index rising by 4.86%, although stock performance among listed companies in the physical pharmacy sector showed significant divergence [1] Group 2: Financial Performance - In the first half of 2025, the overall revenue of the physical pharmacy sector grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%, indicating a slowdown in growth due to various pressures [1] Group 3: Investment Recommendations - Future competitiveness in the pharmacy market will hinge on store optimization and cost reduction, as the outpatient prescription market in China has significant growth potential compared to Japan and the US [2] - The aging population trend is expected to continue expanding the outpatient market, with large chain pharmacies enhancing their capabilities to capture prescription outflows [2] - The industry is currently undergoing a supply-side clearing phase, leading to the closure of inefficient stores and an increase in market share for leading pharmacies, indicating a trend towards higher industry concentration [2] - Emphasis is placed on the importance of compliance, refined management, product selection, and service capabilities for large chain pharmacies in a more regulated and transparent pricing environment [2]
万联证券：25H1实体药店整体业绩承压 出清和降本增效效果初显
智通财经网·2025-09-02 08:49