医药商业行业跟踪报告：2025H1：实体药店整体业绩承压，出清和降本增效效果初显

Investment Rating - The industry is rated as "stronger than the market," indicating an expected index increase of over 10% relative to the broader market in the next six months [28]. Core Insights - In the first half of 2025, the overall performance of the physical pharmacy industry is under pressure due to declining consumer purchasing power, intensified competition, stricter management of personal medical insurance accounts, and the impact of drug procurement policies. However, the industry is experiencing a cleansing and cost-reduction effect, leading to improved development quality [1][2]. Summary by Sections 1. Market Performance - From the beginning of 2025 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 sectors. Most sub-sectors within the pharmaceutical sector showed positive growth, with the physical pharmacy index rising by 4.86% [2][8][10]. 2. Performance Review - In the first half of 2025, the physical pharmacy sector's overall revenue grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%. The growth rate has slowed due to various factors, including declining consumer purchasing power and increased competition [20][22]. 3. Investment Recommendations - The report suggests that optimizing store operations and reducing costs are key to enhancing market competitiveness for pharmacies. The outpatient market for prescription drugs in China has significant growth potential compared to Japan and the U.S. The aging population is expected to further expand this market. Large chain pharmacies are positioned to benefit from regulatory changes and increased operational efficiency through digitalization and smart technologies. The report recommends focusing on leading companies that excel in store optimization, cost reduction, supply chain optimization, and product structure optimization [2][26].