摩根士丹利发表研究报告指，预期中国中药股价将于未来30天内下跌，因公司日前发盈警，料2025年上半年净利润预计将按年下跌165至175%，主要原因包括其中药配方颗粒业务因集采降价及竞争加剧而持续萎缩，以及相关资产的商誉减值拨备增加。仅就第一项因素而言，净利润已将按年减少50%至60%，远低于市场共识。考虑到集采进程仅完成一半，该行认为相关压力将持续存在，令2026年数预测市盈率有进一步下行风险；目标价1.6港元，评级“减持”。
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