泰和泰(北京)律师事务所 关于漳州片仔擴药业股份有限公司 2024 年年度股东大会 法律意见书 泰和泰证字[2025]PZH-01 号 泰和泰（北京）律师事务所 北京市朝阳区东四环中路 56 号远洋国际中心 A 座 12 层 电话: （010）85865151 传真: （010）85861922 邮政编码: 100025 泰和泰（北京）律师事务所关于漳州片仔擴药业股份有限公司 2024 年年度股东大会法律意见书 泰和泰（北京）律师事务所 关于漳州片仔癫药业股份有限公司 2024 年年度股东大会法律意见书 泰和泰证字[2025]PZH-01 号 致:漳州片仔赛药业股份有限公司 泰和泰（北京）律师事务所（以下简称"本所"）接受漳州片仔擴药业股份 有限公司（以下简称"公司"）的委托,指派许军利律师、殷庆莉律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行见证,并依据《中华 人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称"《股东会规则》"）、《上海证券交易所上市 公司自律监管指引第 1 号——规范运作（2025 年 5 月修订 》（以下简称"《 ...

Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].

Core Viewpoint - The 16th Tianma Award ceremony, themed "Sailing Forward with New Quality Leadership," recognized Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. for its significant shareholder return performance, awarding it the "Shareholder Return Award" in investor relations management [1][3]. Group 1: Award Significance - The Tianma Award is one of the earliest evaluations focusing on investor relations management in China's capital market, aiming to enhance the management level of listed companies and showcase their investment value [3]. - This year's award emphasizes investor protection and industry-finance collaboration, aiming to establish benchmark examples that empower listed companies to demonstrate their investment value [3]. Group 2: Company Performance - Pien Tze Huang has maintained a prudent profit distribution policy, actively returning profits to shareholders, which has garnered widespread market acclaim and long-term trust from investors [3]. - The company places a high priority on investor relations management, establishing multi-level and multi-dimensional communication channels to engage with investors proactively and professionally, thereby enhancing market transparency and investor confidence [3]. Group 3: Future Plans - The company plans to continue maintaining the continuity and stability of its profit distribution policy while balancing business development and shareholder returns, aiming to enhance its ability to return value to investors [5]. - Pien Tze Huang is committed to strengthening interactions with investors and sharing the company's development achievements with its shareholders [5].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 无所乐誉 来源：雪球 继续复习投资理念 ， 继续强化思想 ， 买入那些护城河很深的股票 ， 片仔癀 、 同仁堂 、 达仁 堂 、 泸州老窖 、 陕西煤业和海洋石油 ， 这几家公司都是我的持仓 ， 我认为这几家公司都有 很深的护城河 ， 所以今天继续识别护城河 。 在投资中 ， 许多人容易将短期优势误认为长期壁垒 。 根据巴菲特的观察 ， 最常见的四个认知 误区是 ： 优质产品 、 高市场份额 、 有效执行和卓越管理 。 我认为这些误区之所以危险 ， 在 于它们往往掩盖了企业真正的核心竞争力 。 要判断企业能否长期盈利 ， 需要关注两点 ： 一是所处行业是否稳定或处于上升期 ， 二是企业 自身是否具备难以复制的竞争优势 。 行业趋势相对容易判断 ， 比如科技领域的持续增长或传统 行业的萎缩 。 真正的难点在于 ， 如何穿透表象 ， 识别出那些能抵御竞争侵蚀的护城河 。 我认为真正的护城河大致可分为六类 ： 品牌溢价 、 网络效应 、 规模成本优势 、 用户高转换 成本 、 核心技术壁垒 以及 资源独占性 。 例如 ， ...

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

Core Viewpoint - The company has released promising results from recent studies on the efficacy of its traditional Chinese medicine, Pian Zai Huang, in treating COVID-19 and herpes simplex virus (HSV) infections, indicating significant survival rates and clinical benefits [1][2][3][4]. Group 1: COVID-19 Research - In animal experiments, the low-dose group of Pian Zai Huang showed an 83% survival rate among hamsters infected with COVID-19, compared to a 0% survival rate in the control group [2]. - The study demonstrated that hamsters treated with Pian Zai Huang had significantly reduced lung hemorrhage and lesions compared to untreated hamsters [2]. - Previous clinical observations published in the journal "Frontiers in Medicine" also support the efficacy of Pian Zai Huang in COVID-19 recovery [2]. Group 2: Herpes Virus Research - Animal studies indicated that medium-dose Pian Zai Huang could extend the survival of mice infected with HSV-1, with some mice achieving full recovery [2]. - A clinical study led by Guangdong Provincial Hospital showed that Pian Zai Huang significantly alleviated pain intensity and improved immune function in patients with shingles, particularly in older adults [3]. Group 3: Broader Clinical Applications - The company is actively exploring the clinical value of Pian Zai Huang beyond liver diseases, with recent studies indicating its potential in treating chronic hepatitis B and improving liver fibrosis [4]. - A prospective randomized controlled trial involving 144 chronic hepatitis B patients showed that Pian Zai Huang combined with entecavir significantly improved liver fibrosis stages [4]. - The company plans to advance 11 clinical research projects and 23 pharmacological studies in 2024, further expanding the applications of Pian Zai Huang [5].

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7971.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 5.53% in the past month, 7.39% in the past three months, and 7.09% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings of the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.29%), WuXi AppTec (16.43%), Pian Zai Huang (6.37%), Yunnan Baiyao (5.21%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (4.06%), Xinhecheng (3.51%), Changchun High-tech (3.48%), Fosun Pharma (3.34%), and Shanghai Raas (3.27%) [1] - The market segments of the CSI 300 Pharmaceutical and Biotechnology Index show that the Shanghai Stock Exchange accounts for 63.65% and the Shenzhen Stock Exchange accounts for 36.35% [2] - The industry composition of the CSI 300 Pharmaceutical and Biotechnology Index includes: chemical drugs (43.80%), pharmaceutical and biotechnology services (21.66%), traditional Chinese medicine (18.52%), and biological drugs (16.02%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted along with the periodic sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index samples [2]

Group 1 - The company, Pianzaihuang, has announced its investment in the Zhaoying Huikang Fund, contributing 200 million yuan, which represents 20% of the fund [1] - The investment is part of the company's strategic development plan, aimed at enhancing its competitiveness in the pharmaceutical industry by leveraging professional investment resources [1] - The fund will primarily invest in sectors such as biomedicine, traditional Chinese medicine, medical devices, consumer healthcare, and medical services [1] Group 2 - The Zhaoying Huikang Fund is a component of the "Yuanshan Plan," initiated by Zhangzhou to promote the development of the traditional Chinese medicine industry and facilitate cross-strait integration in healthcare [2] - Pianzaihuang is identified as a key enterprise in the implementation of the "Yuanshan Plan," which includes the establishment of six funds totaling 6 billion yuan [2] - The successful registration of the Zhaoying Huikang Fund marks it as the third fund to complete the process under the Yuanshan medical health fund initiative, with additional funds in progress [2]

证券代码：600436 证券简称：片仔癀 公告编号：2025-017 漳州片仔癀药业股份有限公司 关于投资参与招盈慧康基金的进展公告 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 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"）与招商致 远资本投资有限公司（以下简称"基金管理人"）、漳州市产业股权 投资有限公司、漳州片仔癀资产经营有限公司、漳州市旅游投资集团 有限公司、漳州台商投资区资产运营集团有限公司共同发起设立漳州 台商投资区招盈慧康股权投资合伙企业（有限合伙）（以下简称"招 盈慧康基金"）。其中，片仔癀投资作为有限合伙人以自有资金认缴 出资20,000万元，占招盈慧康基金的比例为20.00%。 本次投资招盈慧康基金，为公司战略发展的前瞻性布局。在保证 公司主营业务稳健发展的前提下，以基金投资为抓手，充分借助专业 投资机构的资源、管理及平台优势，加速医药产业聚集，加强公司在 产业链上下游的整合能力，实现资源共享、优势互补，进一步激发创 新活力 ...

雷达财经 文|杨洋 编|李亦辉 在业绩方面，公司2022年至2024年营业收入分别为86.94亿元、100.58亿元和107.88亿元，同比分别增长8.38%、15.69%和7.25%。归母净利润分别为24.72亿 元、27.97亿元和29.77亿元，归母净利润同比增长分别为1.66%、13.15%和6.42%。同期，公司资产负债率分别为19.04%、18.50%和15.40%。 在风险方面，天眼查信息显示，公司自身天眼风险108条，周边天眼风险273条，历史天眼风险4条，预警提醒天眼风险423条。 天眼查资料显示，片仔癀成立于1999年12月28日，注册资本60331.721万人民币，法定代表人林志辉，注册地址为福建省漳州市芗城区琥珀路1号。主营业务 为医药制造业、医药流通业及化妆品业等。 目前，公司董事长为林志辉，董秘为施艺雄，员工人数为2839人，实际控制人为漳州市人民政府国有资产监督管理委员会。 公司参股公司55家，包括福建片仔癀电子商务有限公司、漳州片仔癀投资管理有限公司、福建片仔癀健康科技有限公司、片仔癀电商国际贸易（香港）有限 公司、漳州片仔癀国药堂医药连锁有限公司等。 5月30日，漳州片公告， ...