中药及医药商业2025H1复盘：短期承压，静待花开

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pharmaceutical and biotechnology sector is experiencing a transitional phase, with a focus on innovation and market consolidation. The report highlights the potential for recovery in performance as the industry adapts to regulatory changes and market dynamics [4][5][6] Summary by Sections Traditional Chinese Medicine and Pharmaceutical Commerce - The Traditional Chinese Medicine (TCM) sector is facing short-term pressure, with weak OTC demand and the impact of prescription drug procurement affecting performance. However, companies like Fangsheng Pharmaceutical and Yiling Pharmaceutical are showing signs of recovery due to stable sales and improved profit margins [4][13] - The overall performance of TCM companies in the first half of 2025 has been slightly under pressure, with various factors influencing individual company results [4][13] Retail Pharmacies - The retail pharmacy sector is entering a consolidation phase, with small chain and independent pharmacies facing significant operational pressures. The number of retail pharmacies has decreased, indicating a market correction that may benefit larger, compliant chain pharmacies [5][15] - The report notes that the performance of retail pharmacies is expected to stabilize as regulatory compliance improves and operational efficiencies are realized [5][16] Pharmaceutical Distribution - The pharmaceutical distribution market is recovering, with an expected increase in industry concentration. Leading companies are likely to benefit from streamlined operations and the adoption of new technologies such as AI [6][23] - The report emphasizes the importance of operational quality among leading firms as they navigate the evolving market landscape [6][24]