Core Viewpoint - The popularity of Pian Zai Huang, known as the "Moutai of medicine," is declining, as evidenced by its poor performance in the latest quarterly report, with both revenue and net profit experiencing significant declines [1][10]. Company Performance - For the first three quarters of 2025, Pian Zai Huang reported revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and net profit of 2.129 billion yuan, down 20.74% [10]. - This marks the first negative growth in revenue and net profit for the company in the past decade [10]. - In Q3 alone, the company achieved revenue of 2.064 billion yuan, a decline of 26.28%, and net profit of 687 million yuan, down 28.82% [11]. - The decline in net profit is attributed to reduced sales in the pharmaceutical manufacturing sector and a decrease in gross margin [11]. Product Pricing and Market Dynamics - The price of Pian Zai Huang pills has seen a dramatic drop, with previous prices reaching as high as 1,600 yuan per pill, now selling for as low as 593.75 yuan on platforms like JD [3][8]. - The market has experienced a saturation of supply, leading to a significant decrease in second-hand recovery prices for the product [5]. - As of October 23, 2025, the retail price of Pian Zai Huang pills in physical stores has fallen below the original price, with some stores offering discounts [7]. - Online platforms show a price discrepancy, with prices on Meituan at 629 yuan and on Tmall at 760 yuan, indicating a price inversion [7][8]. Market Sentiment - The overall market sentiment towards Pian Zai Huang has cooled significantly, with reports of low sales volumes and a general lack of consumer interest [7]. - The company’s core product, liver disease medication (Pian Zai Huang), has particularly underperformed, with revenue down 9.41% while costs have risen by 20.64%, leading to a reduced profit margin of 61.11% [11]. - The company's market capitalization has decreased from a peak of 290 billion yuan to approximately 109 billion yuan, reflecting a loss of 180 billion yuan in value [11].

Core Viewpoint - The company Pianzaihuang has reported its worst quarterly results, with both revenue and net profit declining in the first three quarters of the year, alongside a significant drop in the price of its once-scarce product, Pianzaihuang pills [2][9]. Group 1: Financial Performance - In the first three quarters of 2025, Pianzaihuang's revenue was 7.442 billion yuan, a year-on-year decrease of 11.93%, and net profit was 2.129 billion yuan, down 20.74% [9]. - This marks the first negative growth in revenue and net profit for Pianzaihuang in nearly a decade [9]. - In Q3 alone, the company achieved revenue of 2.064 billion yuan, a decline of 26.28%, and net profit of 687 million yuan, down 28.82% [9]. - The decline in net profit is attributed to reduced sales in the pharmaceutical manufacturing sector and a decrease in gross margin [9]. Group 2: Product Pricing and Market Dynamics - The price of Pianzaihuang pills has significantly dropped, with online platforms showing prices as low as 593.75 yuan per pill, which is more than 21% lower than the official guide price of 760 yuan [2][7]. - Previously, the pills were sold at inflated prices, reaching as high as 1,600 yuan per pill in 2021, reflecting a stark contrast to the current pricing situation [3][6]. - The market demand for Pianzaihuang pills has decreased, with reports indicating that sales in physical stores are low, and prices have fallen below the original price [6][9]. - The company had previously raised prices multiple times, with the most recent increase in May 2023 marking the largest hike in nearly two decades [3].

Core Viewpoint - The company Pianzaihuang, known as "Chinese Medicine Mao," has reported its worst third-quarter results, with both revenue and net profit declining in the first three quarters of the year [1]. Revenue and Profit Decline - In the first three quarters, Pianzaihuang's revenue was 7.442 billion yuan, a year-on-year decrease of 11.93%, while net profit was 2.129 billion yuan, down 20.74% [9]. - This marks the first negative growth in revenue and net profit for Pianzaihuang in the past decade [10]. Price Trends of Pianzaihuang Pills - The price of Pianzaihuang pills, once highly sought after, has significantly dropped, with online platforms showing prices as low as 593 yuan per pill, which is over 21% lower than the official guide price of 760 yuan [2][7]. - The price of Pianzaihuang pills had previously surged to as high as 1,600 yuan per pill in 2021, reflecting a stark contrast to the current pricing situation [3]. Market Demand and Sales Performance - The market demand for Pianzaihuang pills has sharply declined, with reports indicating that sales are not optimistic, and prices have decreased from last year's levels [6]. - A chain pharmacy reported that the sales volume of Pianzaihuang pills has dropped significantly, with some months selling only a few pills [6]. Impact on Core Products - The core product, a liver disease medication (Pianzaihuang), has seen a revenue decline of 9.41%, while costs have increased by 20.64%, leading to a reduced profit margin of 61.11% [10]. - The pharmaceutical manufacturing segment, which accounts for a significant portion of total revenue, also experienced a revenue decline of 12.93% [10]. Stock Market Performance - Pianzaihuang's market capitalization has decreased significantly, from a peak of 290 billion yuan in 2021 to approximately 109 billion yuan as of October 24, 2025, representing a loss of about 180 billion yuan in market value [10].

Core Viewpoint - The article highlights the recent developments in the LP (Limited Partner) market, focusing on new fund registrations, investments from pharmaceutical companies, and the establishment of various industry funds across China, indicating a growing trend of capital influx into the healthcare and technology sectors [6][7][12]. Fund Registration and Investment Activities - The Zhangzhou Gaoxin Runxin Health Industry Investment Partnership has completed registration with a total fund size of 1 billion RMB, with notable LPs including the pharmaceutical company Pian Zai Huang, which committed 200 million RMB [6][11]. - Pian Zai Huang has participated in three private equity funds this year, indicating a strategic move to diversify its investment portfolio [7]. - Multiple biopharmaceutical companies, such as Jiuzhoutong Pharmaceutical and Hengrui Medicine, are increasingly becoming significant players in the primary market, contributing to the health sector's funding [7]. Fundraising Dynamics - Yinxian Capital has successfully raised its first private equity fund focused on new materials and renewable energy, with a total size of 500 million RMB, supported by various institutional investors [9]. - The Shenzhen AIC mother fund has been established with a scale of 7 billion RMB, aiming to attract bank capital for strategic emerging industry investments [12]. - A 5 billion RMB industry investment fund has been set up in Wuhan, targeting key sectors like integrated circuits and new display technologies [13]. New Fund Establishments - The Shanghai Xinju Ciyuan Fund has been established with a size of 450 million RMB, focusing on high-end manufacturing and biotechnology [14]. - The Fujian Cultural Tourism Fund has launched with a total size of 3 billion RMB, aimed at supporting the cultural tourism industry in the region [15]. - A new venture capital fund in Yunnan has been established with an investment of approximately 480 million RMB, focusing on agricultural biotechnology [17]. GP Recruitment Initiatives - The Chibi City Investment Guidance Fund is seeking to recruit GP (General Partner) institutions to manage its first batch of sub-funds, focusing on health, technology, and clean energy sectors [23]. - The Sichuan Province is publicly selecting GP institutions for its third batch of sub-funds under the results transformation investment guidance fund, with a total scale of 5 billion RMB [24]. - The Sichuan Resource Energy Equity Investment Guidance Fund is also looking for GP institutions to establish an oil and gas resource sub-fund, with a planned scale of 1 billion RMB [25].

Group 1 - The company, through its wholly-owned subsidiary, is participating in the establishment of the Gao Xin Run Xin Fund, contributing 200 million yuan, which represents 20% of the fund [2] - The investment aims to strategically enhance the company's core competitiveness by leveraging professional investment resources and management [2] - The Gao Xin Run Xin Fund has completed the necessary registration and obtained the private investment fund registration certificate from the China Securities Investment Fund Industry Association [3] Group 2 - The fund is managed by CITIC Jin Investment Management Co., Ltd., with Bank of China as the custodian [3] - The investment is part of the company's forward-looking layout to strengthen integration capabilities along the pharmaceutical industry chain [2] - The company will closely monitor the fund's management and investment performance to mitigate risks and protect shareholder interests [3]

Core Viewpoint - The company Pianzaihuang has ended its decade-long growth story, reporting significant declines in revenue and net profit for the first three quarters of 2025, indicating challenges to its previously successful growth model based on scarcity and price increases [1][2][3] Financial Performance - For the first three quarters of 2025, Pianzaihuang 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][2] - In Q3 2025, revenue was 2.064 billion yuan, down 26.28% year-on-year, with net profit at 687 million yuan, a decline of 28.82% [1][2] - The company's core business, pharmaceutical manufacturing, saw revenue of 4.016 billion yuan, accounting for 54.09% of total revenue, but experienced a 12.93% decline in revenue and a 7.51 percentage point drop in gross margin to 59.38% [2][3] Product Performance - The core product, Pianzaihuang liver disease medication, generated revenue of 3.880 billion yuan, down 9.41% year-on-year, with a gross margin decrease of 9.68 percentage points to 61.11% [3] - The newly acquired product, Angong Niuhuang Wan, faced a significant decline, with revenue of 93.44 million yuan, down 65.20% year-on-year [3] Market Sentiment - Following the release of the Q3 report, Pianzaihuang's stock price fell by 5.78% on the first trading day, closing down 4.71% at 187.09 yuan per share [4] - The company's inventory has risen to over 6.16 billion yuan, up from 4.97 billion yuan at the end of the previous year, indicating weak sales [4] Historical Context - Pianzaihuang was once celebrated as the "Moutai of medicine," with a market capitalization that peaked above 290 billion yuan, but has since lost nearly 180 billion yuan in value [1][2] - The company had previously enjoyed a high price-to-earnings ratio of 160 times and a market cap nearing 300 billion yuan during its peak [3] Supply Chain and Cost Issues - The cost structure of Pianzaihuang is heavily reliant on rare raw materials, which account for over 90% of total costs, making it vulnerable to price fluctuations [7][8] - The price of natural cow bile, a key ingredient, has surged from approximately 350,000 yuan per kilogram in 2019 to around 1.7 million yuan per kilogram in 2025, significantly impacting profit margins [7][8] Strategic Shifts - The company plans to explore new market channels, including traditional medicine, medical aesthetics, and high-end elderly care, in an attempt to revitalize demand [12]

证券代码：600436 证券简称：片仔癀 公告编号：2025-037 漳州片仔癀药业股份有限公司 关于投资参与高鑫润信基金的进展公告 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。 一、对外投资概述 本次投资参与高鑫润信基金，经公司第七届董事会第三十一次会 议以及第七届监事会第二十二次会议审议通过（详见公告2025-022、 023号）。 二、对外投资进展 近日，公司收到基金管理人通知，高鑫润信基金已根据《证券投 1 / 2 资基金法》和《私募投资基金监督管理暂行办法》等法律法规的要求， 在中国证券投资基金业协会完成私募投资基金备案手续，并取得《私 募投资基金备案证明》。具体登记信息如下： 基金名称：漳州高鑫润信大健康产业投资合伙企业（有限合伙） 备案编码：SBGS90 管理人名称：中信建投资本管理有限公司 漳州片仔癀药业股份有限公司（以下简称"公司"）全资子公司 漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"）与中信建 投资本管理有限公司（以下简称"基金管理人"）、漳州片仔癀资产 经营有限公司、漳州市产业股权投资有限公司 ...

Core Viewpoint - The company announced the establishment of a health industry investment partnership, indicating a strategic move to expand its investment portfolio in the health sector [1] Group 1: Investment Details - The company’s wholly-owned subsidiary, Zhangzhou Pianzaihuang Investment Management Co., Ltd., is collaborating with several partners to set up the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership [1] - The company is contributing 200 million yuan as a limited partner, which represents 20% of the total fund [1] - The investment was approved by the company's 31st meeting of the 7th Board of Directors and the 22nd meeting of the 7th Supervisory Board [1]

Core Viewpoint - The launch of the Huangqin Peptide hair care series by Pianzaihuang marks a strategic upgrade in the brand's daily chemical sector, focusing on modern consumer needs for scalp health and hair repair through innovative technology [1][15]. Group 1: Product Launch and Innovation - The Huangqin Peptide series combines traditional Huangqin essence with modern active peptide technology, aiming to redefine hair care standards [1]. - This new product line addresses multiple consumer needs, including soothing scalp irritation, oil control, hair breakage prevention, dandruff relief, and nourishment [7]. Group 2: Company Background and Development - Pianzaihuang, a time-honored brand with a 500-year cultural heritage, integrates traditional Chinese culture into modern life, driving market growth and brand value through continuous innovation [4]. - The company has over 40 years of experience in the daily chemical sector, supported by a comprehensive research system that combines production, education, research, medicine, and testing [4]. Group 3: Quality Assurance and Standards - The Pianzaihuang cosmetics testing center has been accredited by the China National Accreditation Service for Conformity Assessment (CNAS) since August 2021, ensuring high-quality standards [6]. - The company has established over 30 industry standards and completed more than 100 research reports on the efficacy of traditional Chinese ingredients [6]. Group 4: Marketing Strategy and Future Outlook - The marketing strategy for the new product line includes a combination of online and offline efforts, utilizing platforms like Douyin, Xiaohongshu, Tmall, and JD to enhance brand visibility [10]. - The company plans to invest in product promotion, new product development, and market support to ensure sustainable and healthy growth in the competitive hair care market [13][15].

Core Viewpoint - The article discusses the significant decline in the performance of Pian Zai Huang, a well-known Chinese medicine, highlighting the end of its decade-long growth story as it faces challenges in both revenue and profit due to changing consumer behavior and rising costs [4][5][6]. Group 1: Financial Performance - In the first three quarters of 2025, Pian Zai Huang 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% [4][5]. - The third quarter alone saw revenue drop to 2.064 billion yuan, a decline of 26.28%, with net profit falling to 687 million yuan, down 28.82% [4][5]. - This marks the worst performance for the company in nearly a decade, breaking a trend of continuous growth from 2015 to 2024 [5][6]. Group 2: Core Business Challenges - The pharmaceutical manufacturing segment, which is crucial for the company, generated revenue of 4.016 billion yuan, accounting for 54.09% of total revenue, but experienced a year-on-year decline of 12.93% [6][7]. - The gross margin for the pharmaceutical manufacturing sector decreased by 7.51 percentage points to 59.38% [6][7]. - Other segments, including pharmaceutical distribution and cosmetics, also faced revenue declines of 8.45% and 23.82%, respectively, indicating widespread challenges across the company's main business areas [6][7]. Group 3: Market Dynamics and Consumer Behavior - The demand for Pian Zai Huang has weakened as consumers tighten their spending, particularly in non-essential categories, mirroring trends seen with other luxury products like Moutai [5][6]. - The company's core products, including the liver disease medication series, saw revenue drop by 9.41%, while the much-anticipated An Gong Niu Huang Wan experienced a staggering 65.20% decline in revenue [8][9]. - The stock price of Pian Zai Huang fell by 4.71% on the first trading day following the release of the disappointing quarterly report, reflecting a loss of market confidence [10]. Group 4: Cost Pressures - The rising costs of raw materials, particularly natural ingredients like cow bile and musk, have significantly impacted the company's profit margins, with cow bile prices soaring from approximately 350,000 yuan per kilogram in 2019 to around 1.7 million yuan per kilogram in 2025 [15][17]. - The company has historically relied on price increases to maintain profitability, having raised prices over 20 times since its listing in 2003, but this strategy is now showing signs of fatigue [15][17]. - Despite maintaining a retail price of 760 yuan per piece, the actual market price has fallen below 500 yuan, indicating a disconnect between pricing and consumer demand [17][18]. Group 5: Future Outlook - Pian Zai Huang is exploring new market channels, including traditional medicine, aesthetic medicine, and high-end elder care, in an attempt to revitalize demand [18]. - However, the effectiveness of these strategies remains uncertain as the company grapples with the challenges of a declining growth model based on scarcity and price increases [18].