CITIC Securities: Maintains a "stronger than the market" rating for the chain pharmacy industry.

The research report of CITIC Securities pointed out that the industry scale remains stable, supply significantly optimized, and the status of drugstores has been enhanced under the new policy framework. The summary of listed chain companies - the scale expansion is slowing down, focusing on improving quality and efficiency. New categories + new opportunities, offline pharmacies have great potential. Currently, the valuation cost-effectiveness of leading chain pharmacies is outstanding, maintaining a rating of "stronger than the market" for the chain pharmacy industry.