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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].

Core Viewpoint - The overall performance of the physical pharmacy industry is under pressure in the first half of 2025 due to declining consumer purchasing power, intensified competition, stricter management of personal medical insurance accounts, and the impact of drug procurement policies [1][2] Group 1: Stock Performance - From the beginning of the year 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 industries [1] - Most sub-sectors within the pharmaceutical sector experienced positive growth, with the physical pharmacy index rising by 4.86%, although stock performance among listed companies in the physical pharmacy sector showed significant divergence [1] Group 2: Financial Performance - In the first half of 2025, the overall revenue of the physical pharmacy sector grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%, indicating a slowdown in growth due to various pressures [1] Group 3: Investment Recommendations - Future competitiveness in the pharmacy market will hinge on store optimization and cost reduction, as the outpatient prescription market in China has significant growth potential compared to Japan and the US [2] - The aging population trend is expected to continue expanding the outpatient market, with large chain pharmacies enhancing their capabilities to capture prescription outflows [2] - The industry is currently undergoing a supply-side clearing phase, leading to the closure of inefficient stores and an increase in market share for leading pharmacies, indicating a trend towards higher industry concentration [2] - Emphasis is placed on the importance of compliance, refined management, product selection, and service capabilities for large chain pharmacies in a more regulated and transparent pricing environment [2]