On November 7th, Dongwu Securities' research report pointed out that pharmaceutical CSO empowering the business leads to rapid growth, with Sh Pharma (601607.SH) third-quarter performance meeting our expectations. In the first three quarters, the company introduced a total of 13 imported general agent varieties, and the pharmaceutical CSO contract promotion business achieved sales revenue of approximately 6.1 billion yuan, a year-on-year increase of 176.3%. In terms of traditional Chinese medicine, the company continues to promote the strategy of cultivating major varieties, with the evidence-based medical research on six major traditional Chinese medicines including Yangxinshi tablets, stasis capsule, coronary heart tablets, babao dan, Weifu Chun, and ginkgo biloba lactone progressing steadily, with an increasing number of cases included in the study. Considering the strong growth momentum of the company's CSO, the business sector is expected to maintain double-digit growth, and the industrial sector is expected to see results in 2025-2026, with the company's net income attributable to the parent expected to be 5.015/5.632/6.349 billion yuan for 2024-2026, initial coverage, and a "buy" rating given.