证券代码：600436 证券简称：片仔癀 公告编号：2024-040 漳州片仔癀药业股份有限公司关于关联交易事项 监管工作函的部分回复及关联交易暂缓执行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 标的资产漳州市明源香料有限公司（以下简称"明源香料"） 除持有的漳州水仙药业股份有限公司（以下简称"水仙药业"）少数 股权外，未开展其他业务，无实质经营。明源香料未以《企业会计准 则》进行会计核算，前期公告的2024年第一季度财务数据为会计差错， 经更正后的实际净利润为正，未出现亏损。根据《企业会计准则》， 水仙药业2024年第一季度净利润为1,549.26万元，明源香料应补计提 投资收益464.78万元，经追溯调整后的2024年第一季度净利润为 464.71万元。 漳州片仔癀药业股份有限公司（以下简称"公司"）高度 重视与投资者的双向沟通，广泛听取投资者的意见与建议，始终重视 保护股东尤其是中小投资者的合法权益。经公司经营管理层审慎研究 讨论认为，当前交易价格可能存在磋商空间，交易方案还需进一步优 化调整 ...

第七届监事会第十七次会议决议公告 漳州片仔癀药业股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届监事 会第十七次会议于 2024 年 8 月 23 日（星期五）下午 16：00 在公司 片仔癀大厦 21 楼会议室以通讯会议方式召开。会议通知和议案以专 人送达、电子邮件方式发出。本次会议应参加表决的监事 5 名，实际 表决的监事 5 名。会议召开符合《公司法》和《漳州片仔癀药业股份 有限公司章程》（以下简称"《公司章程》"）的有关规定，合法、 有效。本次会议由监事会主席许式彬先生主持，议案经与会监事审议， 做出如下决议： 一、审议通过《公司 2024 年中期利润分配预案》； 参加表决的监事 5 票同意,0 票反对，0 票弃权。 监事会认为：公司董事会制定的《公司 2024 年中期利润分配预 案》，综合考虑了公司实际经营业绩情况、现金流状况及资金需求等 各项因素，符合公司未来经营计划的实施和全体股东的长远利益。该 决策过程符合相关法律、法规规定，不存在损害公司股东尤 ...

证券研究报告·公司点评报告·中药Ⅱ 片仔癀（600436） 2024 半年报点评：短期业绩有所承压，建强 线上线下双渠道，打造销售增长新引擎 2024 年 08 月 19 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8694 | 10058 | 11296 | 12672 | 14095 | | 同比（%） | 8.38 | 15.69 | 12.30 | 12.19 | 11.23 | | 归母净利润（百万元） | 2472 | 2797 | 3168 | 3699 | 4299 | | 同比（%） | 1.66 | 13.15 | 13.24 | 16.79 | 16.20 | | EPS-最新摊薄（元/股） | 4.10 | 4.64 | 5.25 | 6.1 ...

[Table_RightTitle] 证券研究报告|中药Ⅱ [Table_Title] 核心产品增长稳健，毛利率承压 [Table_StockName] ——片仔癀（600436）点评报告 [Table_ReportDate] 2024 年 08 月 19 日 [Table_Summary] 报告关键要素: 2024 年 8 月 16 日公司发布 2024 年半年度报告。2024 年上半年，公司 实现营业总收入 56.51 亿元，同比增加 6.05 亿元，增长 12.00%；实现 利润总额 20.62 亿元，同比增加 2.01 亿元，增长 10.80%；实现净利润 17.48 亿元，同比增加 1.61 亿元，增长 10.17%。 投资要点: ⚫ 核心单品和化妆品双位数增长 ⚫ 分行业和产品看，公司 2024 年上半年肝病用药和化妆品营业收入分别 实现同比 17.29%和 41.26%的双位数增长，心脑血管用药营业收入实现 5.98%的增长。公司做精做优"大单品"，不断丰富片仔癀系列"大单品" 矩阵。渠道布局方面，在覆盖全国近 400 家片仔癀国药堂的基础上，助 力实施"名医入漳"项目工程，科学布局名医馆（国医 ...

2024 年 8 月 19 日 公司研究 成本上涨业绩承压，持续拓展大单品矩阵 ——片仔癀（600436.SH）2024 年半年报点评 要点 事件：公司发布 2024 年半年报：实现营业收入、归母净利润、扣非归母净利润 分别为 56.51/17.22/17.51 亿元，同比+12.00%/11.73%/11.03%；经营性净现 金流 3.81 亿元，同比-72.13%；基本 EPS2.85 元。业绩符合市场预期。经营性 净现金流大幅下降与公司购买原材料支付的现金增加有关。 点评： 24Q2 医药工业营收增速放缓，毛利率承压，费用管控加大。24Q1-Q2，公司营 收分别为 31.71/24.80 亿元，同比+20.58%/+2.66%；归母净利润 9.75/7.47 亿 元，同比+26.61%/-3.13%。24Q1-Q2 医药工业营收分别为 16.54/ 12.40 亿元， 同比+25.94%/+6.46%，单二季度增速放缓与 2023 年 5 月片仔癀锭剂提价高基 数有关。24H1 公司归母净利润增速略慢于收入，与毛利率下降有关。受原材料 成本上升影响，24H1 公司毛利率同比-2.33pp 至 44.74 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -34% -27% -20% -13% -6% 1% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 片仔癀 上证指数 [Table_Report] 相关报告 降本增效，符合预期 片仔癀(600436) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|----------| | [Table_Invest] 评级： | | 谨慎增持 | | | 上次评级: | 谨慎增持 | | [Table_Target] 目标价格： | | 235.21 | | | 上次预测: | 235.21 | | [当前价格： Table_CurPrice] | | 207.50 | [ ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 230.85 CNY for the next six months, which corresponds to a dynamic PE ratio of 45 times for 2024 [4][9]. Core Views - The company achieved stable growth across various business segments, with a 12% year-on-year increase in revenue to 5.651 billion CNY and an 11.73% increase in net profit to 1.722 billion CNY in the first half of 2024 [1][2]. - The report highlights the potential for imported natural cow bile to alleviate cost pressures, as its price has stabilized at 1.4 million CNY/kg since 2024 [3][8]. - The company is focusing on enhancing its product offerings and expanding its marketing reach, aiming to boost sales of key products and increase market penetration through both traditional and online channels [8]. Summary by Sections Financial Performance - In H1 2024, the pharmaceutical manufacturing segment generated 2.893 billion CNY in revenue, up 16.78% year-on-year, with liver disease medications contributing 2.640 billion CNY, a 17.29% increase [2]. - The gross profit margin for the company's main business was 44.83%, down 2.25 percentage points from H1 2023, primarily due to rising raw material costs [2]. - The company reported a significant increase in cash payments for goods and services, totaling 4.279 billion CNY, an 86.29% increase year-on-year [2]. Market and Product Strategy - The company plans to focus on key products, aiming to enhance the performance of major items such as "An Gong Niu Huang Wan" and "Hepatoprotective Capsules" [8]. - The marketing strategy includes expanding coverage through partnerships with major pharmacy chains and increasing online sales presence on platforms like JD and Alibaba [8]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 11.195 billion CNY, 12.466 billion CNY, and 13.838 billion CNY, respectively, with net profits expected to reach 3.094 billion CNY, 3.514 billion CNY, and 3.961 billion CNY [9][10].

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 5,650,587,551.82, representing a 12.00% increase compared to CNY 5,045,275,709.94 in the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was CNY 1,721,539,641.37, an increase of 11.73% from CNY 1,540,837,053.29 in the previous year[11]. - Basic earnings per share for the first half of 2024 were CNY 2.85, reflecting an increase of 11.76% from CNY 2.55 in the same period last year[12]. - The total profit for the first half of 2024 was CNY 2,062,247,619.70, up 10.8% from CNY 1,861,157,111.49 in the same period last year[106]. - The company reported a net profit of CNY 1,748,357,713.90, an increase of 10.2% compared to CNY 1,586,984,667.36 in the first half of 2023[106]. Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 72.13%, amounting to CNY 381,494,673.18 compared to CNY 1,368,609,738.45 in the same period last year[11]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥892,122.72 million, representing 52.33% of total assets, an increase of 669.90% compared to the previous year[44]. - The cash flow from financing activities showed a net outflow of ¥1,394,043,863.96, compared to a smaller outflow of ¥97,622,886.26 in the first half of 2023[109]. - The total cash inflow from operating activities was CNY 2,977,844,865.05, an increase of 30.6% compared to CNY 2,280,492,801.51 in the first half of 2023[110]. Assets and Liabilities - The total assets as of June 30, 2024, were CNY 17,047,043,335.26, a slight decrease of 0.20% from CNY 17,080,413,435.81 at the end of the previous year[11]. - The total liabilities decreased to CNY 2,802,201,558.54 from CNY 3,159,915,910.54, indicating a reduction in financial obligations[103]. - Cash and cash equivalents increased significantly to CNY 8,921,227,231.11 from CNY 1,158,746,213.24, reflecting improved liquidity[102]. - Inventory rose to CNY 4,539,496,980.54 compared to CNY 3,378,660,864.48, suggesting increased stock levels[102]. Research and Development - Research and development expenses remained stable at approximately 116.11 million RMB, showing a negligible decrease of 0.06% year-on-year[37]. - The company is focusing on the research and development of innovative drugs for chronic and difficult-to-treat diseases, but faces risks including technical, financial, and policy-related challenges[60]. - The company is focusing on the development of over 30 efficacy mechanism studies related to Pizhouhuang for treating viral infections and over 10 clinical studies for primary liver cancer[29]. Market Position and Recognition - The company has a market capitalization of approximately RMB 120 billion, with a return on assets (ROA) that ranks among the top in the pharmaceutical industry[22]. - The company’s stock is included in major indices such as MSCI, FTSE Russell, and S&P Emerging BMI, indicating strong recognition in the capital market[22]. - The brand value of Pizhouhuang reached 42.289 billion yuan, ranking second in the 2024 China Time-honored Brand List[26]. Environmental and Social Responsibility - The company emphasizes environmental protection, ensuring that pollutant emissions meet national standards and managing waste responsibly[80]. - The company has been recognized as an "environmental integrity enterprise" by higher ecological environment authorities[78]. - The company continues to support rural revitalization efforts, providing technical support and funding to local farmers in the deer farming industry[82]. - The company actively promotes low-carbon initiatives and has implemented energy management systems to reduce carbon emissions and resource waste[81]. Corporate Governance - The company held two shareholder meetings in 2024, with all proposals approved and no objections raised[61][62]. - The company appointed new members to its board and supervisory committee, including Xu Shibin as the chairman of the supervisory committee and Zhang Zexiu as the deputy general manager[63][64]. - The company has not reported any significant litigation or arbitration matters during the reporting period[84]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 113,536[95]. - The largest shareholder, Zhangzhou Jiulongjiang Group Co., Ltd., holds 51.30% of the shares, totaling 309,522,643 shares[95]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest four shareholders accounting for over 60% of the total[95]. Risk Management - There are no significant risks that could materially affect the company's production and operations during the reporting period[2]. - The company faces risks related to policy changes in the pharmaceutical industry, which could impact its business model and market competition[57]. - The company is committed to quality and safety, implementing a three-tier inspection mechanism and proactive risk management strategies[32].

漳州片仔癀药业股份有限公司董事、监事和高级管理人员 关于公司 2024 年半年度报告的确认意见 董事、监事和高级管理人员 2024 年 8 月 15 日 1、 公司严格按照股份制公司的财务制度规范运作，公司 2024 年半 年度报告的编制符合法律、行政法规、《漳州片仔癀药业股份 有限公司章程》及公司内部管理制度的各项规定，2024 年半年 度报告公允、真实、全面地反映了公司 2024 年半年度报告的财 务状况和经营成果。 2、 公司第七届董事会第二十三次会议、第七届监事会第十六次会 议审议通过《公司 2024 年半年度报告及摘要》的议案。 3、 公司全体董事、监事和高级管理人员保证《公司 2024 年半年度 报告及摘要》所披露的信息真实、准确、完整，承诺其中不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 根据《中华人民共和国证券法（2019 年修订）》《公开发行证券的公 司信息披露内容与格式准则第 3 号——半年度报告的内容与格式》（2021 年修订）》和《上海证券交易所股票上市规则（2024 年修订）》等相关规 定和要求，作为漳州片仔癀药业股份有限公司的董事 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-038 漳州片仔癀药业股份有限公司 第七届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、审议通过《公司 2024 年半年度报告及摘要》； 出席会议的董事 9 票同意，0 票反对，0 票弃权。 该议案已经公司董事会审计委员会 2024 年第七次会议审议通 过，同意相关内容并同意提交至公司董事会审议。 1 / 2 报告内容详见公司同日在上海证券交易所网站披露的公告。 该议案无需提交至公司股东大会审议。 特此公告。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届董事 会第二十三次会议于 2024 年 8 月 15 日（星期四）上午 9：00 在公司 片仔癀大厦 24 楼会议室以通讯方式召开。会议通知和议案以专人送 达、电子邮件方式发出。本次会议应参加表决董事 9 人，实际表决的 董事 9 人。会议召开符合《公司法》与《漳州片仔癀药业股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，合法、有效，会议 由董事长林志辉先生主持 ...