国投证券医药产业链数据库之：中成药零售端销售，2025Q1整体承压，胃肠领域增长稳健

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [8]. Core Insights - The overall retail sales of traditional Chinese medicine (TCM) in pharmacies showed a year-on-year decline in Q1 2025, indicating pressure on the market [3][19]. - The report highlights stable rankings among major products in various therapeutic areas despite the overall sales decline [18]. Summary by Sections Overall Situation - The retail sales of TCM in pharmacies increased from 143.9 billion yuan in 2017 to 168 billion yuan in 2024, with a compound annual growth rate (CAGR) of 2.23%. However, Q1 2025 sales were 41.2 billion yuan, down 7.67% year-on-year, attributed to regulatory pressures and consumer downgrade [3][19]. Therapeutic Areas - Cold and Heat Relief: Sales decreased by 6.90% year-on-year in Q1 2025, with sales reaching 7.3 billion yuan, influenced by lower respiratory disease cases compared to the previous year [4][22]. - Nutritional and Health Supplements: Sales slightly declined by 1.01% year-on-year in Q1 2025, totaling 5.8 billion yuan, impacted by consumer downgrade and high sales in the previous year [5][25]. - Cardiovascular Health: Sales showed a slight decline of 2.98% year-on-year in Q1 2025, with sales at 10.4 billion yuan, reflecting stable market demand [6][28]. - Musculoskeletal Health: Sales increased by 0.68% year-on-year in Q1 2025, reaching 3.7 billion yuan, indicating long-term growth potential due to aging demographics [14][31]. - Gastrointestinal Health: Sales grew by 7.13% year-on-year in Q1 2025, totaling 16 billion yuan, reflecting a recovery in demand [34]. - Cough and Phlegm Relief: Sales dropped significantly by 26.80% year-on-year in Q1 2025, amounting to 4.8 billion yuan, primarily due to a high base effect from the previous year [15][37].