Group 1: Industry Overview - In October, the total sales of pharmaceutical products in mainland China decreased by 3% year-on-year, a significant drop from the 6.8% growth in September [1] - Hospital channel sales fell by 3.3% year-on-year, compared to a 7.1% increase in the previous month [1] - Retail channel sales remained flat year-on-year, a slowdown from the 2.4% growth in September [1] Group 2: Company Performance - Hansoh Pharmaceutical (03692) recorded the highest year-on-year growth among peers in October at 8.6%, with most key products showing double-digit month-on-month growth, except for PEG-loxenatide [1] - The report maintains a "Buy" rating for Hansoh Pharmaceutical with a target price of HKD 45 [1] - Hengrui Medicine (01276) faced pressure on multiple key products, with total sample sales growing by only 2% year-on-year in October, and specific products like butorphanol, ioversol, and sevoflurane seeing declines of 49.1%, 0.5%, and 10.8% respectively [1] - Hengrui's A-share target price is set at RMB 57.7, with a "Underperform" rating [1] Group 3: Additional Company Insights - China Biologic Products (01177) showed a mixed performance in October, with core products anlotinib and glycyrrhizic acid growing by 6.5% and 4.4% year-on-year, while budesonide and esomeprazole saw declines of 28.5% and 39.4% respectively [2] - The revenue forecasts for 2026 and 2027 were lowered by 0.2% and 0.4% respectively due to the sales performance, with the target price adjusted from HKD 9.4 to HKD 8.3, while maintaining a "Buy" rating based on pipeline potential [2] - CSPC Pharmaceutical Group (01093) continued to experience low sales for several key drugs, maintaining an "Underperform" rating with a target price of HKD 7.2 [2]