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 ...

Core Viewpoint - The price of Pianzaihuang pills, known as the "Maotai of medicine," has fallen below the official retail price, indicating a decline in sales and overall performance for the company Pianzaihuang (600436.SH) [1][5]. Group 1: Sales 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 [2]. - The decline in net profit has accelerated, with a drop of 20.74% in the first three quarters compared to a 16.22% decline in the first half of the year [2]. - The pharmaceutical manufacturing sector, which includes Pianzaihuang pills, saw a revenue of 4.016 billion yuan, down 12.93% year-on-year [2]. Group 2: Product Pricing and Market Dynamics - The retail price of Pianzaihuang pills has been observed to be as low as 570 yuan on various e-commerce platforms, significantly below the official price of 760 yuan [1][5]. - The factory price for Pianzaihuang pills is reported to be below 600 yuan, affecting the pricing strategy in the market [5]. - The gross margin for the liver disease medication segment, which includes Pianzaihuang pills, has decreased from over 81% before 2022 to 61.11% in the first three quarters of this year, a drop of 9.68 percentage points [6]. Group 3: Market Challenges - The sales of Pianzaihuang pills are closely linked to the company's overall performance, with a significant drop in sales leading to a decline in net profit [3]. - The company has faced challenges in expanding its market presence, particularly in lower-tier markets, and has not effectively collaborated with major pharmacy chains [6]. - The unclear positioning of Pianzaihuang pills in the market, combined with a decline in the sales of related products like liquor, has contributed to the overall sales decline [7]. Group 4: Inventory Concerns - The company's inventory has increased significantly, 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 [7].

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]

Core Insights - The article highlights the increasing trend of A-share listed companies in China engaging in physical rewards for shareholders, enhancing investor relations and creating a unique investment-consumption ecosystem [1][4]. Group 1: Company Activities - Over 30 listed companies have participated in shareholder reward activities since 2025, offering products, discount coupons, and tourism rights to investors [1][4]. - Companies like Tianyu Bio, Huasheng Co., and Beiqing Song have announced various forms of physical rewards, aiming to deepen shareholder experience with core products and strengthen their value recognition [2][3]. - The second "Listed Company Shareholder Festival" organized by Tonghuashun attracted nearly 100 companies, providing a wide range of gifts including electronics, food, and cosmetics to shareholders [3]. Group 2: Policy and Market Trends - The trend of physical rewards aligns with the China Securities Regulatory Commission's policy to enhance investor protection and improve returns for shareholders [4]. - The increasing participation of companies in physical reward activities indicates a shift from individual cases to a systematic approach in investor relations management [4]. - The practice of physical rewards is expected to become a significant indicator of corporate governance and market competitiveness in the future [4].

Core Insights - The company Pianzaihuang has been awarded the "Most Investment Value Listed Company" at the 2025 Global Business Report Economic Forum, highlighting its long-term development potential recognized by the capital market [1] Group 1: Company Performance - Pianzaihuang has demonstrated excellence in corporate governance, value creation, strategic foresight, and social responsibility, which contributed to its recognition as a leading investment value company [1] - The company has a strong core product, Pianzaihuang, which has won the "West Pharmaceutical Gold Award" for liver and gallbladder medications, proving its effectiveness in preventing and treating acute and chronic liver damage [2] - Pianzaihuang's brand value has reached 43.739 billion yuan, ranking first in the "Hurun Brand List" for healthcare brands and leading the Chinese time-honored brand list [2] Group 2: Market Position and Strategy - The company has consistently ranked at the top of various industry lists, including the top 50 Chinese medicine companies and the top 100 pharmaceutical companies by main business income [2] - Pianzaihuang maintains a commitment to transparent operations and investor relations, having previously won the "Investor Relations Management Shareholder Return Award" [3] - The company aims to deepen the integration of production, education, and research, while exploring global market opportunities to enhance shareholder value and contribute to the modernization and internationalization of traditional Chinese medicine [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance is under short-term pressure, but there is an expectation for a gradual improvement starting from Q4 2025 [1] - The revenue for the first three quarters of 2025 was 7.442 billion yuan, a year-on-year decrease of 11.93%, with a net profit attributable to the parent company of 2.129 billion yuan, down 20.74% year-on-year [5] - The growth of liver disease medication is expected to improve slowly from Q4 2025 due to an increase in the number of retail outlets and a decrease in the price of key raw materials [5] Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 10,787.86 million yuan, 9,810.49 million yuan, 10,618.65 million yuan, and 11,311.31 million yuan respectively, with a year-on-year growth rate of 7.25%, -9.06%, 8.24%, and 6.52% [5] - The net profit attributable to the parent company is projected to be 2,977 million yuan, 2,529.36 million yuan, 2,679.25 million yuan, and 2,880.96 million yuan for the same years, reflecting a year-on-year change of 6.42%, -15.04%, 5.93%, and 7.53% [5] - The earnings per share (EPS) for the years 2024, 2025E, 2026E, and 2027E are estimated at 4.93 yuan, 4.19 yuan, 4.44 yuan, and 4.78 yuan respectively [5] Market Position and Outlook - The company has a strong brand and unique product offerings, which provide high barriers to entry and less impact from centralized procurement [5] - The number of retail outlets for the company's products increased significantly in September 2025, which is expected to drive sales in Q4 2025 [5] - The gross margin for liver disease medication is anticipated to improve as the price of natural raw materials decreases [5]