EQUITY RESEARCH | 28 July 2025 | 4:22PM CST China Healthcare The Rise of the Silver Yuan While key debates have recently centered around the impact from volume based procurement (VBP) on overall healthcare (HC) spending, we highlight an increasingly important demographic — the 'silver' population (aged 50 and above) with strong 'Yuan' spending power (>Rmb3mn net worth). With this report, we introduce standalone TAM estimates for this '50+ >Rmb3mn NW' cohort, growing from Rmb221bn (US$31bn) to Rmb963bn (US$1 ...