中国药品连锁_2025 年第三季度总结_短期承压，运营效率持续提升-China Healthcare Services_ Drug Chains_ 3Q25 Wrap-Up_ Short-term under pressure, while operating efficiency continues to improve

3 November 2025 | 9:50AM CST Equity Research China Healthcare Services: Drug Chains: 3Q25 Wrap-Up: Short-term under pressure, while operating efficiency continues to improve Overall, 3Q25 results, industry data and channel checks suggest the retail pharmacy industry continues to face short-term challenges from weak consumer demand, policy pressures (such as tighter reimbursement catalogs and traceability code regulations), and intensifying competition which have been weighing on margins. At present, the cor ...