Goldman Sachs published a Research Report indicating that 2025 will be a year when China's Medical Care industry becomes more normalized. Pharmaceutical companies are expected to gradually adapt to the new normal, but the industry is not expected to recover quickly or achieve a V-shaped rebound from recent impacts such as anti-corruption measures, national medical insurance, and disease diagnosis reform policies. Furthermore, Goldman Sachs believes that while generative AI has become a hot Topic in the pharmaceutical industry, it is still too early for AI applications to have a significant impact on the industry in the short term.

The firm anticipates that there will be more disruptive Technology applications in the future, reshaping the research and development processes and commercial ROI of the pharmaceutical industry. Based on recent industry development trends, including increased policy support for Innovative Drugs, the impact of volume-based procurement on biosimilars, as well as trends in the demand and pricing of Active Pharmaceutical Ingredients, the Target Prices for covered Chinese Medical Care companies have been adjusted downwards by 8% to upwards by 13%.

Goldman Sachs currently holds a "Buy" rating for HANSOH PHARMA (03692.HK), CHINA NATIONAL PHARMACEUTICAL GROUP (01177.HK), and CSPC PHARMA (01093.HK), a "Neutral" rating for FOSUN PHARMA (02196.HK), LIVZON PHARMA (01513.HK), 3SBIO (01530.HK), UNITED LAB (03933.HK), SINOPHARM (01099.HK), and CHINARES PHARMA (03320.HK), and a "Sell" rating for HEPALINK (09989.HK) and SH PHARMA (02607.HK).