Great Wisdom on November 4th｜The research report from Lyon pointed out that sh pharma's third-quarter performance was slightly below expectations, with revenue up 8.2% year-on-year to 70.216 billion yuan, and net profit down 6.3% year-on-year to 1.112 billion yuan, mainly due to fluctuations in the gross margin of the pharmaceutical distribution business. The bank views medical contract sales outsourcing (CSO), consumer health products, and equipment distribution business as the main growth drivers. The bank maintains its forecast for the company from this year to 2026 roughly unchanged, expecting positive impacts on the pharmaceutical distribution industry from macroeconomic improvements and possible debt substitution measures by local governments. The hong kong-listed stock target price has been raised from 13.3 Hong Kong dollars to 13.8 Hong Kong dollars, with a rating of "outperform the market".