China Healthcare: A-share 1H26 preview: United Imaging leading the sector; Pharmacy names see continuous recovery

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China Healthcare: A-share 1H26 preview: United Imaging leading the sector; Pharmacy names see continuous recovery

Equity Research

15 July 2026 | 5:01PM CST

China Healthcare: A-share 1H26 preview: United Imaging leading the

sector; Pharmacy names see continuous recovery

Companies likely to see higher revenue growth: Coupled with United Imaging’s Tianyi Yan

+86(21)2401-8609 |

consistently strong bidding data performance in China’s public hospitals (see our tianyi.yan@goldmansachs.cn

Goldman Sachs (China) Securities

tracker), we believe the company will achieve rapid growth in revenue and profit in Company Limited

1H26. Meanwhile, the latest PET-CT VBP policy is broadly consistent with previous Ziyi Chen

annotation with the reaffirming of province-level procurement without introducing a +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

nationwide VBP mechanism for PET-CT, and we believe this will not affect United Michael Zheng

Imaging’s leading position within this sector. Besides, we believe that the market +86(21)2401-8928michael.zheng@goldmansachs.cn|

share gain of 3rd generation insulin via the VBP renewal will benefit Tonghua GoldmanCompany SachsLimited(China) Securities

Dongbao. Therefore, we expect the company to achieve high growth in 1H26.

Furthermore, we have observed that the pharmacy industry has shown continuous

yoy SSSG improvement since 3Q25 (see previous note), and has sequentially reversed

the trend of store closures. Within the pharmacy sector, we anticipate Yifeng will

lead in revenue and net profit growth.

Companies likely to be under pressure: According to Pharmcube’s data (see

previous note), we note that the high-end Traditional Chinese Medicine (TCM)

industry remains sluggish, and therefore we expect Pien Tze Huang to maintain