Core Viewpoint - The article emphasizes the effectiveness and popularity of the traditional Chinese skincare brand "Pian Zai Huang," particularly its whitening and spot-removing products, which are well-regarded for their quality and results [10][12][30]. Group 1: Product Effectiveness - Pian Zai Huang has over 40 years of experience in traditional Chinese medicine skincare, combining advanced foreign technology with unique herbal formulas, making it a strong competitor against major brands [10]. - The upgraded essence product features high-purity niacinamide, coagulation acid, and peony extract, which work synergistically to enhance skin whitening and spot removal [20][46]. - The product has received numerous awards and is trusted by consumers, with many using it for decades due to its proven effectiveness [12][30]. Group 2: Safety and Certification - The essence holds special certifications for whitening and has undergone rigorous testing, ensuring its safety and efficacy for sensitive skin [23][24]. - The product's special certification process can take 3-5 years and requires real human trials to demonstrate effectiveness, highlighting its credibility [24]. Group 3: Pricing and Promotions - The promotional price for the new essence is set at 79 yuan per bottle, with additional discounts for purchasing multiple bottles, making it an attractive offer for consumers [21][41]. - The promotion includes a complimentary bottle of the popular "Pian Zai Huang Pearl Cream," which has sold over 2 billion bottles, indicating its widespread acceptance and popularity [31]. Group 4: Ingredients and Benefits - The essence includes ingredients known for their strong whitening properties, such as niacinamide, which prevents the transfer of melanin to the skin surface, and coagulation acid, which reduces excessive pigment accumulation [50][60]. - Peony root extract is highlighted for its antioxidant properties, helping to inhibit melanin synthesis and reduce pigmentation recurrence [71][73]. - The product also contains moisturizing ingredients like panthenol and trehalose, which enhance hydration and skin barrier function, addressing common skin issues related to dryness [78][86].

Core Viewpoint - The company reported a total revenue of 5.379 billion and a net profit attributable to shareholders of 1.442 billion for the first half of 2025, amidst challenges in the pharmaceutical industry due to policy adjustments and market contraction [1] Group 1: Financial Performance - The company achieved total revenue of 5.379 billion and net profit of 1.442 billion in the first half of 2025 [1] - The second quarter of 2025 presented a complex operating environment due to dual challenges from healthcare policy adjustments and a shrinking consumer market [1] Group 2: Strategic Initiatives - To address market changes, the company focused on its core business and implemented effective measures to ensure stable operations [1] - The company strategically increased sales expenses to maintain steady sales revenue for its product series, enhancing market penetration and core product market share [1] Group 3: Market Expansion - The company invested in a northern headquarters in Beijing by the end of 2024, which is now in the initial operational phase, aimed at breaking through market bottlenecks and enhancing brand influence [2] - Although the increase in management expenses may weaken short-term profit performance, it is expected to provide significant long-term strategic value [2] Group 4: Cost Management - The price of natural bezoar, a key raw material, has decreased from 1.65 million per kilogram to 1.5 million per kilogram, which is anticipated to relieve cost pressures on the company's core products [2] Group 5: Research and Development - The company advanced its R&D pipeline with two new drug projects and 18 ongoing research projects, including clinical approvals for several products [3] - The establishment of the "Fujian Provincial Academician Expert Workstation" and participation in government-driven industrial funds are expected to enhance the company's position in the traditional Chinese medicine sector [3] Group 6: Operational Efficiency - The company has implemented a systematic response plan to address income and profit pressures, including establishing a raw material price monitoring mechanism and optimizing strategic reserves [4] - Continuous tracking of industry policies and market dynamics, along with differentiated marketing strategies, aims to convert external challenges into competitive advantages [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating a challenging operating environment, but is actively pursuing diversification and international expansion strategies to enhance its market position and profitability [1][2][4]. Financial Performance - The company achieved approximately 5.379 billion yuan in revenue, a year-on-year decrease of 4.81% - The net profit attributable to shareholders was about 1.442 billion yuan, down 16.22% - Basic earnings per share stood at 2.39 yuan [1]. Strategic Initiatives - The company is focusing on core business areas while exploring new paths for diversification, including expanding its product matrix and deepening its involvement in the health industry [1][2]. - Increased sales expenses were strategically allocated to maintain the sales revenue of core products, resulting in a resilient sales volume despite market challenges [2]. Market Expansion - The company is enhancing its presence in the cardiovascular medication market, with the sales of its flagship product, Pizhonghuang An Gong Niu Huang Wan, showing significant growth [2]. - The company is also venturing into cosmetics, daily chemicals, and health food sectors, integrating traditional Chinese medicine with modern wellness and beauty cultures [2]. R&D and Innovation - The company is advancing its R&D efforts, with two new drug projects initiated and 18 ongoing research projects, including five traditional Chinese medicine products entering clinical research stages [3]. Internationalization Efforts - The company is committed to expanding its international footprint, participating in trade expos to promote traditional Chinese medicine and seeking global partnerships [5]. - It is leveraging the Belt and Road Initiative to deepen cooperation in Southeast Asia and establish overseas outlets to enhance brand recognition [5].

Financial Performance Summary - The company reported a total operating revenue of 537,853.71 million RMB for the first half of 2025, a decrease of 4.81% compared to 565,058.76 million RMB in the same period last year [1] - Operating profit fell to 171,153.89 million RMB, down 17.07% from 206,390.07 million RMB year-on-year [1] - Total profit decreased by 17.29%, amounting to 170,575.93 million RMB compared to 206,224.76 million RMB in the previous year [1] - Net profit attributable to shareholders decreased by 17.04% to 145,287.30 million RMB from 175,124.32 million RMB [1] - Basic earnings per share dropped by 16.14% to 2.39 RMB from 2.85 RMB [1] Operational Challenges and Strategies - The company faced a complex and severe operating environment, prompting management to focus on core business and implement effective measures to ensure stable operations [3] - Increased sales expenses were strategically invested to strengthen market penetration and maintain market share despite adverse conditions [3] - Rising prices of key raw materials significantly pressured profit margins, posing challenges to overall profitability [3] Research and Development Initiatives - The company is advancing two new drug projects and has 18 ongoing research projects, including five traditional Chinese medicine (TCM) class 1.1 drugs and four chemical drugs class 1 entering clinical research [4] - The approval of the clinical trial for TCM class 1.1 drug PZH1219 and the completion of the IIa phase for PZH1215 demonstrate progress in R&D efforts [4] Strategic Investments and Future Outlook - The establishment of a northern headquarters in Beijing aims to enhance brand presence and marketing efficiency in northern markets, despite short-term increases in management costs [5] - The company is actively participating in the establishment of several funds with a total target scale of 6 billion RMB, focusing on innovative drugs and health projects to strengthen the industry chain [5] - A systematic response plan has been implemented to address market fluctuations, enhance procurement risk resilience, and improve overall operational efficiency [6]

本次公司主体评级：AAA；评级展望：稳定。 漳州片仔癀药业股份有限公司（以下简称"公司"）委托信用评 级机构联合资信评估股份有限公司对公司主体信用进行了评级。 证券代码：600436 证券简称：片仔癀 公告编号：2025-027 漳州片仔癀药业股份有限公司 关于公司主体信用评级上调的公告 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： ? 本次评级结果发生上调。 ? 前次公司主体评级：AA； 评级展望：稳定； 公司前次跟踪评级时间为 2016 年 5 月 13 日，前次公司主体信用 评级结果为"AA"、前次评级展望为"稳定"，评级机构为中诚信证 券评估有限公司。 本次评级机构联合资信评估股份有限公司在对公司的行业、 管理、 经营及财务等情况进行综合分析与评估的基础上，于 2025 年 8 月 22 日出具了《漳州片仔癀药业股份有限公司主体长期信用评级报告》。 本次主体信用评级结果为"AAA"；本次评级展望维持"稳定"，有效 期自 2025 年 8 月 22 日至 2026 年 8 月 21 日。本次信用评级报告 ...

Company Overview - Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd. was established in 1999, with a registered capital of 603 million yuan as of March 2025. The controlling shareholder is Zhangzhou Jiulongjiang Group Co., Ltd., holding 51.30% of the shares [3][11] - The company specializes in pharmaceutical manufacturing, distribution, and cosmetics, classified under the pharmaceutical and health products manufacturing sector [3][12] Credit Rating - The company received a long-term credit rating of AAA with a stable outlook from LHRatings, effective from August 22, 2025, to August 21, 2026 [1][3] - The rating reflects the company's strong brand recognition, industry position, and product layout, with a competitive advantage in its main product, Pianzaihuang, which is a state-secret variety [3][5] Financial Performance - From 2022 to 2024, the company reported continuous growth in total revenue and profit, with revenues of 86.94 billion yuan, 100.58 billion yuan, and 107.88 billion yuan, and profit totals of 29.78 billion yuan, 33.69 billion yuan, and 35.39 billion yuan respectively [8][12] - As of March 2025, the total assets reached 184.85 billion yuan, with a debt-to-asset ratio of 6.65%, indicating a low debt burden [6][10] Market Position - The company holds a significant market share in the liver disease medication sector, with a 49.61% market share in retail pharmacies as of 2024, ranking first in this category [5][18] - Pianzaihuang has been recognized as a national-level secret traditional Chinese medicine, with exclusive production rights since 1994 [5][17] Research and Development - The company is actively engaged in the secondary development of traditional Chinese medicine, focusing on its advantageous products, which includes ongoing clinical and pharmacological studies [19][20] - As of 2024, the company has completed 11 clinical studies and 23 pharmacological studies related to Pianzaihuang [19] Supply Chain and Raw Materials - The company has established breeding bases for natural musk in Sichuan and Shaanxi to ensure a stable supply of raw materials, which are critical for its products [19][20] - Strategic reserves of natural cow bile are planned to alleviate future supply shortages, with recent regulations allowing imports of cow bile from certain countries [20] Management and Governance - The company has a structured governance framework, including a board of directors and supervisory board, ensuring compliance with corporate governance standards [21][24] - The management team possesses strong backgrounds and experience relevant to the pharmaceutical industry [22][23]

证券代码：600436 证券简称：片仔癀 公告编号：2025-027 漳州片仔癀药业股份有限公司 关于公司主体信用评级上调的公告 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。 公司前次跟踪评级时间为 2016 年 5 月 13 日，前次公司主体信用 评级结果为"AA"、前次评级展望为"稳定"，评级机构为中诚信证 券评估有限公司。 重要内容提示： 本次评级机构联合资信评估股份有限公司在对公司的行业、管理、 经营及财务等情况进行综合分析与评估的基础上，于 2025 年 8 月 22 日出具了《漳州片仔癀药业股份有限公司主体长期信用评级报告》。 本次主体信用评级结果为"AAA"；本次评级展望维持"稳定"，有效 期自 2025 年 8 月 22 日至 2026 年 8 月 21 日。本次信用评级报告详见 公司同日在上海证券交易所网站披露的公告。 漳州片仔癀药业股份有限公司（以下简称"公司"）委托信用评 级机构联合资信评估股份有限公司对公司主体信用进行了评级。 特此公告。 漳州片仔癀药业股份有限公司 董 事 会 2025 年 8 月 ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-026 漳州片仔癀药业股份有限公司 关于2025年半年度业绩快报的公告 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： 一、2025年半年度的主要财务数据和指标 | 单位：人民币万元 | | --- | | 项 目 | 本报告期 | 上年同期 | 增减变动 | | --- | --- | --- | --- | | | | | 幅度（％） | | 营业总收入 | 537,853.71 | 565,058.76 | -4.81 | | 营业利润 | 171,153.89 | 206,390.07 | -17.07 | | 利润总额 | 170,575.93 | 206,224.76 | -17.29 | | 归属于上市公司 股东的净利润 | 144,230.93 | 172,153.96 | -16.22 | | 归属于上市公司股东 的扣除非经常性损益 的净利润 | 145,287.30 | 175,124.32 | -17.04 | 1 / 4 注： ...

漳州片仔癀药业股份有限公司 主体长期信用评级报告 | | | www.lhratings.com 1 联合〔2025〕6294 号 联合资信评估股份有限公司通过对漳州片仔癀药业股份有限公 司的信用状况进行综合分析和评估，确定漳州片仔癀药业股份有限 公司主体长期信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 二〇二五年八月二十二日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受漳州片仔癀药业股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客 观、公正的关联关系。 三、本报告引用的资料主要由该公司或第 ...

Group 1 - The establishment of the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership (Limited Partnership) with a capital contribution of 1 billion yuan [1] - The operational scope includes investment activities using self-owned funds and venture capital limited to investing in unlisted companies [1] - The partnership is co-funded by the wholly-owned subsidiary of Pianzaihuang, Zhangzhou Pianzaihuang Investment Management Co., Ltd. [1]