高盛：中国医疗服务：药店2025年三季报总结报告（英文版）

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 core of competition in the industry is shifting from store count to operational efficiency, professional services, and digital capability. In the long run, as ind