Core Viewpoint - The financial performance of Pizhou Pharmaceutical (片仔癀) is deteriorating, with significant declines in revenue and net profit in the first three quarters of the year, raising concerns about its profitability and operational efficiency [1][2][4]. Financial Performance - For the first three quarters, Pizhou Pharmaceutical reported revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74% [1]. - In Q3 alone, revenue and net profit fell by 26.28% and 28.82%, respectively [1]. - The core pharmaceutical manufacturing segment's gross margin decreased by approximately 7.5 percentage points compared to the same period last year [1][6]. Revenue Breakdown - The pharmaceutical manufacturing segment generated revenue of 4.016 billion yuan, down 12.93%, with a gross margin of 59.38%, a decline of 7.51 percentage points [2]. - The pharmaceutical distribution segment's revenue was 2.887 billion yuan, down 8.45%, with a gross margin of 8.64%, a decrease of 4.19 percentage points [2]. - The cosmetics segment reported revenue of 400 million yuan, down 23.82%, with a gross margin of 61.79%, a decline of 1.28 percentage points [2]. Inventory and Cash Flow - As of September 2025, Pizhou Pharmaceutical's inventory balance was 6.16 billion yuan, an increase of 24.02% from the beginning of the year, while accounts receivable rose by 23.05% to 967 million yuan [6]. - The company's operating cash flow net amount decreased by 62.53% year-on-year, amounting to only 487 million yuan, indicating a significant cash flow strain [6]. Cost Pressures - Rising raw material prices, particularly for key ingredients like musk and cow bile, are compressing profit margins [7]. - The company has implemented strategies such as strategic reserves and artificial breeding of musk to secure raw material supply, but high costs continue to impact gross margins [7]. Strategic Investments - Pizhou Pharmaceutical has been actively participating in multiple industry funds to seek strategic opportunities, having invested in five health-related equity investment funds since 2023 [10][12]. - Each fund has a target size of 1 billion yuan, with Pizhou committing 200 million yuan to each, representing 20% of the fund size [10]. - The funds focus on the health sector, including traditional Chinese medicine, biopharmaceuticals, and medical devices, with a preference for projects related to Pizhou's industry chain [10]. Market Reaction - The market response to Pizhou's fund investments has been lukewarm, with a greater emphasis on restoring core business performance and gross margin recovery [14].

Core Viewpoint - The seminar on "Maximizing the Utilization of Traditional Chinese Medicine Resources" highlighted the need for a more precise and dynamic management model for the shelf life of certain stable and uniquely processed traditional Chinese medicines, aiming to enhance resource utilization in the industry [2][3]. Group 1: Industry Context - The Chinese government has been promoting the inheritance and innovative development of traditional Chinese medicine (TCM), with the "14th Five-Year Plan for TCM Development" emphasizing the protection and utilization of TCM resources as a key support for high-quality industry development [2]. - The current labeling of shelf life for domestic traditional Chinese medicine products typically does not exceed 5 years, which may lead to resource waste due to mismatches with the unique properties of certain formulations [2][3]. Group 2: Expert Opinions - Experts suggest that the shelf life of certain traditional Chinese medicines, such as Pizhou Huang, which has a unique preparation process and is less affected by environmental factors, should be explored for dynamic management [2][3]. - The Vice President of Guangyuyuan Traditional Chinese Medicine Co., Ltd. noted that the typical shelf life of traditional Chinese medicine in practice is 3 to 5 years, contrasting with longer shelf lives approved abroad, indicating a need for scientific research to support potential extensions [2][3]. - The Director of the R&D Innovation Center at Dong'e Ejiao Co., Ltd. emphasized the importance of regulatory policies reflecting the traditional characteristics and scientific basis of TCM, advocating for the exploration of extending shelf life based on sufficient research [3][5]. Group 3: Scientific Management Approaches - Industry insiders advocate for a comprehensive assessment of the shelf life of TCM formulations, combining traditional knowledge with modern scientific methods, and applying flexible management strategies to reduce resource waste [5][6]. - The Director of the Drug Quality Control Center at Beijing TCM Administration highlighted that data from long-term monitoring of samples could support extending shelf life, while also suggesting categorizing TCM based on their properties for effective management [5][6]. - The use of molecular markers to model the relationship between storage duration and the quality of medicinal materials is proposed to optimize inventory management and reduce waste [6].

Core Viewpoint - The article highlights the declining sales and profitability of Pianzaihuang (片仔癀), particularly its flagship product, Pianzaihuang pill, which has seen a significant drop in retail prices and sales performance amid a cooling market [3][4][12]. Financial Performance - In the first three quarters of this year, Pianzaihuang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 2.129 billion yuan, down 20.74% [6][7]. - The decline in net profit in the third quarter exceeded the 16.22% drop observed in the first half of the year [7]. - The pharmaceutical manufacturing segment generated a revenue of 4.016 billion yuan, down 12.93% year-on-year [7]. Product Performance - The liver disease medication segment, which includes Pianzaihuang pills, generated 3.88 billion yuan in revenue, a decrease of 9.41% year-on-year [8]. - The gross margin for the liver disease medication segment has dropped from over 81% before 2023 to 61.11% in the first three quarters of this year, a decline of 9.68 percentage points [13]. Market Dynamics - The retail price of Pianzaihuang pills has fallen below the official price of 760 yuan, with some online platforms offering prices around 570 yuan [3][13]. - The company’s pricing strategy and market conditions have contributed to the weak sales performance, with a noted lack of resource allocation to expand into lower-tier markets [14]. Inventory Concerns - The inventory amount for Pianzaihuang has increased to 6.16 billion yuan, up 34.9% from 4.566 billion yuan in the same period last year [16].

Core Viewpoint - The price of Pianzaihuang pills, known as "the Maotai of medicine," has decreased, with retail prices on e-commerce platforms falling below the official price of 760 yuan per pill, even dropping to around 600 yuan [2][9]. Financial Performance - In the first three quarters of this year, Pianzaihuang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 2.129 billion yuan, down 20.74% year-on-year [4]. - The decline in net profit in the first three quarters exceeded the 16.22% drop observed in the first half of the year [4]. - The main reason for the performance decline is attributed to reduced sales in the pharmaceutical manufacturing sector and a decrease in gross profit margin [4]. Product Performance - The pharmaceutical manufacturing segment generated a revenue of 4.016 billion yuan, down 12.93% year-on-year, with the liver disease medication segment, which includes Pianzaihuang pills, contributing 3.88 billion yuan, a decrease of 9.41% [4]. - The gross profit margin for the liver disease medication segment has dropped from over 81% before 2023 to 61.11% in the first three quarters of this year, a decrease of 9.68 percentage points [9]. Market Dynamics - The sales of Pianzaihuang pills are closely linked to the company's overall performance, and the current market conditions have led to a cooling in sales [4][10]. - The company has faced challenges in expanding its market presence beyond its traditional stronghold in Fujian, with insufficient investment in nationwide distribution channels [10]. - The timing of the price increase in May 2023 was not ideal, as the market was already showing signs of cooling, which negatively impacted sales [10]. Inventory Concerns - The company's inventory has increased, with the total amount reaching 6.16 billion yuan by the end of the third quarter, up 34.9% from 4.566 billion yuan in the same period last year [11].

2025.10. 21 本文字数：2123，阅读时长大约4分钟 作者 | 第一财经 林志吟 不只是飞天茅台酒零售价下跌，被称为"药中茅台"片仔癀锭剂的价格，也不那么坚挺了。 当前恰逢"双十一"大促，在一些电商平台上，片仔癀锭剂每粒零售价与官方设定的760元零售价出现倒挂，甚至有的报价低于 600元。 片仔癀锭剂是片仔癀（600436.SH）的王牌产品，价格曾被炒至每粒上千元。 从厂家片仔癀自身的业绩看也难言乐观。该公司近期发布的业绩报显示，今年前三季度的营业收入与归属于上市公司股东的净 利润双双出现两位数下滑。 今年业绩持续下滑 今年前三季度，片仔癀实现营业收入74.42亿元，同比下降11.93%；归属于上市公司股东的净利润21.29亿元，同比下降 20.74%。 2021年，片仔癀归属于上市公司股东的净利润同比大增45.46%，远高于2019年、2020年两成多的净利润增速。 2022年，片仔癀归属于上市公司股东的净利润增速不足2%。 2023年5月，片仔癀对片仔癀锭剂进行了提价，其中片仔癀锭剂国内市场零售价格从590元/粒上调到760元/粒，供应价格相应 上调约170元/粒；海外市场供应价格相应上调约35 ...

片仔癀锭剂零售价低于官方设定的价格。 不只是飞天茅台酒零售价下跌，被称为"药中茅台"片仔癀锭剂的价格，也不那么坚挺了。 当前恰逢"双十一"大促，在一些电商平台上，片仔癀锭剂每粒零售价与官方设定的760元零售价出现倒 挂，甚至有的报价低于600元。 片仔癀锭剂是片仔癀（600436.SH）的王牌产品，价格曾被炒至每粒上千元。 从厂家片仔癀自身的业绩看也难言乐观。该公司近期发布的业绩报显示，今年前三季度的营业收入与归 属于上市公司股东的净利润双双出现两位数下滑。 今年业绩持续下滑 今年前三季度，片仔癀实现营业收入74.42亿元，同比下降11.93%；归属于上市公司股东的净利润21.29 亿元，同比下降20.74%。 前三季度的净利润同比降幅，超过了今年上半年16.22%的同比降幅。 片仔癀在三季报中解释称，业绩下滑的主要原因是医药制造业销售减少、毛利率下降。今年前三季度， 片仔癀的医药制造业板块实现收入40.16亿元，同比下降12.93%。 在片仔癀的医药制造业板块中，肝病用药产品是主要收入来源。今年前三季度，片仔癀锭剂所在的肝病 用药板块实现收入38.8亿元，同比下降9.41%。 其中，锭剂作为片仔癀的传统剂型 ...

Core Insights - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025, with revenue down by 11.93% and net profit down by 20.74% [1] Financial Performance - For the first three quarters, the company's revenue was 7.442 billion yuan, a year-on-year decrease of 11.93% [1] - The net profit for the same period was 2.129 billion yuan, reflecting a year-on-year decline of 20.74% [1] - The company's non-recurring net profit was 1.891 billion yuan, which represents a year-on-year decrease of 30.38% [1] Quarterly Results - In the third quarter, the company achieved revenue of 2.064 billion yuan, marking a year-on-year decline of 26.28% [1] - The net profit for the third quarter was 687 million yuan, down 28.82% compared to the same period last year [1]

Core Points - The Medical Health R Index (480016) closed at 7852.45 points, up 1.04%, with a trading volume of 22.052 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 40 stocks rose while 9 fell, with WuXi AppTec leading the gainers at 4.27% and Pian Zai Huang leading the decliners at 0.91% [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (603259) with a weight of 14.37%, latest price at 102.04, and a market cap of 304.463 billion yuan [1] - Hengrui Medicine (600276) with a weight of 11.45%, latest price at 66.00, and a market cap of 438.055 billion yuan [1] - Mindray Medical (300760) with a weight of 8.07%, latest price at 223.57, and a market cap of 271.066 billion yuan [1] - United Imaging Healthcare (688271) with a weight of 4.32%, latest price at 143.03, and a market cap of 117.879 billion yuan [1] - Pian Zai Huang (600436) with a weight of 3.59%, latest price at 185.38, and a market cap of 111.843 billion yuan [1] - Aier Eye Hospital (300015) with a weight of 3.21%, latest price at 12.33, and a market cap of 114.982 billion yuan [1] - Kelun Pharmaceutical (002422) with a weight of 2.54%, latest price at 36.05, and a market cap of 57.610 billion yuan [1] - Changchun High & New Technology (000661) with a weight of 2.35%, latest price at 120.28, and a market cap of 49.067 billion yuan [1] - Fosun Pharma (600196) with a weight of 2.28%, latest price at 29.28, and a market cap of 78.190 billion yuan [1] - Sinopharm (002001) with a weight of 2.22%, latest price at 23.27, and a market cap of 71.519 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the Medical Health R Index constituents totaled 634 million yuan, while retail funds saw a net outflow of 105 million yuan [1] - Detailed capital flow for key stocks includes: - WuXi AppTec with a net inflow of 353.9 million yuan from main funds [2] - Sinopharm with a net inflow of 90.036 million yuan from main funds [2] - Hengrui Medicine with a net inflow of 76.418 million yuan from main funds [2] - Other stocks like Changchun High & New Technology and Fosun Pharma also experienced varying levels of net inflow and outflow [2]

Core Viewpoint - The Chinese medicine sector is experiencing a positive trend, with the Chinese Medicine ETF (560080) showing a slight increase and significant trading volume, indicating strong investor interest [1][2]. Market Performance - The Chinese Medicine ETF (560080) rose by 0.09% with a trading volume exceeding 1.38 billion yuan, a 45% increase from the previous day [1]. - The ETF has seen a net inflow of over 350 million yuan over the past 14 days, with a total fund size exceeding 2.7 billion yuan, leading its peers [1]. Valuation Insights - The TTM price-to-earnings (PE) ratio of the ETF's underlying index is 25.17, placing it in the 23rd percentile over the past decade, indicating it is cheaper than 77% of the time in the last 10 years [2]. - The current TTM PE is just 0.43 away from the calculated opportunity value, suggesting a higher valuation attractiveness [2]. Stock Performance - The underlying index of the Chinese Medicine ETF shows mixed performance among its constituent stocks, with notable gains from Yiling Pharmaceutical (up over 2%) and slight increases from Tongrentang, Dong'e Ejiao, and others, while Darentang and Yunnan Baiyao experienced declines [3][4]. Yearly Index Performance - The Chinese Medicine index has a negative return of -2.4% year-to-date, with a decline of 8.13% in 2024 and a slight increase of 0.27% in 2023, indicating a challenging performance trend [4]. Investment Themes - High dividend yields in the Chinese medicine sector are highlighted as a defensive strategy amid market volatility, with companies showing strong cash flow and low debt levels [7]. - The upcoming pilot program for disease-based payment in traditional Chinese medicine is expected to enhance the revenue of institutions with strong TCM capabilities [8]. - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies that can leverage competitive advantages and innovation [9][10][11].

Core Insights - The report from Zheshang Securities indicates that Pianzihuang achieved a net profit attributable to shareholders of 2.129 billion yuan in the first three quarters, representing a year-on-year decline of 20.74%. In the third quarter alone, the net profit was 688 million yuan, down 28.82% year-on-year [1] Financial Performance - The company's performance is under short-term pressure, particularly in liver disease medications, which are affected by channel and gross margin issues. However, growth in liver disease medications is expected to gradually improve starting from Q4 2025 [1] - The projected net profits for the company from 2025 to 2027 are estimated at 2.529 billion yuan, 2.679 billion yuan, and 2.881 billion yuan, reflecting year-on-year changes of -15.04%, +5.93%, and +7.53% respectively [1] Market Position and Outlook - The company is expected to see a significant increase in the number of experience centers and Guoyao Tang outlets by September 2025, alongside a continuous decline in the price of natural cow bile, which should alleviate revenue and gross margin pressures for liver disease medications starting from Q4 2025 [1] - Given the company's strong brand power and high barriers due to exclusive products, along with minimal impact from centralized procurement, the gross margin is anticipated to recover. The report maintains a "buy" rating for the stock [1]