医药产业运行数据专题：院内外承压，局部恢复

Summary of Key Points from the Conference Call Industry Overview - The healthcare sector in China is experiencing increased government support, with national fiscal health expenditure reaching 1.2 trillion yuan in the first seven months of 2025, a year-on-year increase of 5.3% [1][3][4] - The pharmaceutical industry is showing signs of recovery, with the added value of the pharmaceutical manufacturing industry growing by 2.4% in July 2025, although this is below the national industrial average growth of 5.7% [1][5] Key Insights and Arguments - Healthcare Expenditure: The growth in healthcare expenditure indicates a strong government commitment to the sector, with a 13.9% increase compared to the same period in 2019 [1][4] - Retail Market Pressure: The retail market for Chinese and Western medicines is under pressure, with a growth rate of only 1.2%, significantly lower than the overall retail growth of 4.8% [1][6] - Inpatient Treatment Decline: There is a noticeable decline in inpatient treatment volumes, with various cities reporting decreases in hospitalization rates [1][7] - Medical Device Exports: Medical device exports have performed well, particularly for endoscopes and MRI equipment, with growth rates of 31.8% and 8.7% respectively [1][8] Additional Important Content - Insurance Fund Trends: The insurance fund's income has shown steady growth at 6.9% year-on-year, but expenditures have decreased by 1% in the same period, marking the first negative growth this year [2] - CRO and BioTech Performance: The BioTech and CRO sectors are performing relatively well, with some companies achieving over 40% growth due to domestic commercialization [11][12] - Impact of Tariffs: Tariffs imposed on medical devices have significantly affected exports, particularly for gloves, which saw an 18% decline [10] - Capital Expenditure Trends: The overall capital expenditure (CAPEX) of listed companies has been declining for three consecutive years, with the retail pharmacy sector experiencing the most significant drop [18] - Risks in Innovation: The innovative pharmaceutical sector faces risks from domestic procurement policies and geopolitical factors, which could impact industry dynamics [22] This summary encapsulates the critical insights and trends discussed in the conference call, highlighting the current state and future outlook of the healthcare and pharmaceutical industries in China.