Goldman Sachs, September 4 | Goldman Sachs published a report saying that Kangzhe Pharmaceutical's sales in the first half of the year were 4.6 billion yuan, up 3.6% year on year, slightly lower than the company's expectations. Under the seventh phase of volume procurement, a moderate increase in the antidepressant Deanxit (Deanxit) was already expected, while the eighth phase of volume procurement was implemented earlier than expected. Therefore, Ursofalk (Ursofalk), which treats cholesterol stones, removed inventory from sales channels in June, all affecting sales. According to the report, anti-corruption in pharmaceuticals may cause short-term pressure, but management maintains guidelines and expects a positive increase in sales throughout the year. After the impact of volume procurement wanes and the entry into a new product cycle, it will return to double-digit growth in the second half of next year or 2025. The bank maintained the company's “neutral” rating and raised the target price from HK$16.1 to HK$16.86.