医药生物医药行业宏观月度运行数据跟踪（2025年9月）：9月单月数据边际好转-20251109

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The macro monthly operation data for the pharmaceutical industry shows marginal improvement in September 2025 [2] - Cumulative fiscal expenditure on health and wellness by the state reached 1,571.2 billion yuan from January to September 2025, reflecting a year-on-year growth of 4.7%, which exceeds the overall growth rate of general public budget expenditure [4][7] - Cumulative revenue and profit for the pharmaceutical manufacturing industry from January to September 2025 were 1,821.14 billion yuan and 253.48 billion yuan respectively, showing a year-on-year decline of 2.0% and 0.7%, with the profit decline narrowing compared to the previous month [10][8] - The cumulative value added of the pharmaceutical manufacturing industry increased by 2.1% year-on-year from January to September 2025, with a monthly increase of 5.4% in September [15][11] - Retail sales of Chinese and Western medicines showed a cumulative year-on-year growth of 1.3% from January to September 2025, with a monthly growth of 1.9% in September [16][16] Summary by Sections Health and Wellness Fiscal Expenditure - Cumulative fiscal expenditure on health and wellness reached 1,571.2 billion yuan from January to September 2025, with a year-on-year growth of 4.7% [4][7] Pharmaceutical Manufacturing Revenue and Profit - Cumulative revenue for the pharmaceutical manufacturing industry was 1,821.14 billion yuan, with a year-on-year decline of 2.0% [10] - Cumulative profit was 253.48 billion yuan, reflecting a year-on-year decline of 0.7% [8] Value Added in Pharmaceutical Manufacturing - The cumulative value added of the pharmaceutical manufacturing industry increased by 2.1% year-on-year, with a monthly increase of 5.4% in September [15][11] Retail Sales of Medicines - Cumulative retail sales of Chinese and Western medicines reached 535.1 billion yuan, with a year-on-year growth of 1.3% from January to September 2025 [16] - Monthly retail sales in September were 63.7 billion yuan, showing a growth of 1.9% [16]