证券代码：600436 证券简称：片仔癀 公告编号：2025-017 本次投资招盈慧康基金，经公司第七届董事会第二十七次会议以 及第七届监事会第十九次会议审议通过（详见公告2025-005、006号）。 二、对外投资进展 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 ...

Core Viewpoint - The company, Pianzaihuang Pharmaceutical Co., Ltd., reported a solid performance in 2024, achieving a consolidated revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit attributable to shareholders of about 2.977 billion yuan, up 6.42% from the previous year [4][5][6]. Group 1: Meeting Procedures and Governance - The 2024 Annual General Meeting (AGM) will be held on June 20, 2025, at 09:00, at the Zhangzhou Xiangjiang Hotel [3]. - The meeting will include a verification of the identity of attendees, and shareholders will have the right to speak, inquire, and vote [2][3]. - Voting will be conducted by registered ballot, with each share representing one vote [2][3]. Group 2: Business Performance - The company achieved a consolidated revenue of approximately 10.788 billion yuan in 2024, representing a 7.25% increase year-on-year [4]. - The net profit attributable to shareholders was about 2.977 billion yuan, reflecting a 6.42% increase compared to the previous year [4]. - The company paid approximately 14 billion yuan in cash dividends, accounting for 50.04% of the net profit attributable to shareholders [9]. Group 3: Honors and Recognition - The company was recognized as one of the "Top 100 Enterprises in Comprehensive Competitiveness of Traditional Chinese Medicine Industry" and received multiple awards for its brand value and cultural heritage [5][6]. - The company ranked first in the market capitalization of the traditional Chinese medicine industry, with a market value exceeding 120 billion yuan [6]. - The company received various awards, including the "2023 Golden Bull Most Investment Value Award" and "2024 Top 20 ESG Competitiveness in Chinese Pharmaceutical Listed Companies" [6]. Group 4: Research and Development - The company is focusing on enhancing its independent innovation capabilities, with ongoing clinical research on 14 new drug projects [12][13]. - The company has established partnerships with over 10 academicians for collaborative projects, aiming to accelerate technological breakthroughs [13]. - The company is actively involved in national key research projects, enhancing its research capabilities in traditional Chinese medicine [13][14]. Group 5: Future Plans - The company plans to increase its new drug projects and clinical research initiatives, aiming to launch 2-3 new drug projects in the coming year [21]. - The company will focus on expanding its market presence in traditional medicine channels and new consumer markets [21]. - The company aims to enhance its brand visibility through new media and targeted marketing strategies [21].

证券代码：600436 证券简称：片仔癀 公告编号：2025-016 漳州片仔癀药业股份有限公司 关于召开2024年年度股东大会的通知 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： 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段， 即 9:15-9:25,9:30-11:30， 无。 非累积投票议案 《公司关于聘任会计师事务所及确定其报酬事项 的议案》 《公司 2024 年度财务决算及 2025 年度财务预算 报告》 《公司 2025 年度董事、监事、高级管理人员薪酬 额度的议案》 本次股东大会还将分别听取各位独立董事《公司 2024 年度独立 董事述职报告》 。 上述议案已经公司第七届董事会第二十八次会议和第七届监事 会第二十次会议审议通过，相关决议公告及文件已按照规定和要求在 上海证券交易所网站（www.sse.com.cn）及公司选定的中国证监会指 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | | | 投票股 ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-016 漳州片仔癀药业股份有限公司 关于召开2024年年度股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 20 日 09 点 00 分 召开地点：漳州市芗城区漳州芗江酒店二楼芝山厅 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日 的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者 ...

股票代码：600436 股票简称：片仔癀 漳州片仔癀药业股份有限公司 2024 年年度股东大会会议材料 福建·漳州 二〇二五年六月二十日 0 漳州片仔癀药业股份有限公司 2024 年年度股东大会会议材料 漳州片仔癀药业股份有限公司 2024 年年度股东大会事项、表决方法说明 各位股东、股东代表： 根据中国证券监督管理委员会《上市公司股东会规则》和《漳州片仔 癀药业股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 公司 2024 年年度股东大会会议事项、投票表决等规定如下： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议 工作人员将对出席会议者的身份进行必要的核对，请被核对者给予配合。 二、股东及股东代表应于会议开始前入场；中途入场者，应经会议工作 人员的许可。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东 参加股东大会应认真履行其法定义务，不得侵犯公司和其他股东的合法权 益，不得扰乱股东大会的正常秩序。 四、要求发言的股东，应当按照会议的议程，经会议主持人许可方可发 言。有多名股东同时要求发言时，先举手者发言；不能确定先后时，由主 持人指定发言者。会议进行中只接受股 ...

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7798.06 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.26% in the past month, 2.71% in the past three months, and 4.75% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.23%), WuXi AppTec (16.45%), Pian Zai Huang (6.51%), Yunnan Baiyao (5.3%), Kelun Pharmaceutical (5.04%), East China Pharmaceutical (3.91%), New Horizon (3.59%), Changchun High-tech (3.57%), Shanghai Raist (3.34%), and Fosun Pharmaceutical (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.57% from the Shanghai Stock Exchange and 36.43% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: Chemical drugs (43.24%), Pharmaceutical and Biotechnology services (21.56%), Traditional Chinese medicine (18.83%), and Biological drugs (16.37%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the CSI 300 industry index samples [2]

Company Overview - Weifang Tongzhitang Pharmaceutical Co., Ltd. operates a Pi Zai Huang experience center in Weifang, affiliated with Fujian Zhangzhou Pi Zai Huang Pharmaceutical Co., Ltd. It is the sole partner in the Weifang region, offering a range of products under the Pi Zai Huang brand, including Pi Zai Huang, Pi Zai Huang capsules, and various health and skincare products [3][4]. Product Offerings - The main ingredients of Pi Zai Huang include Niu Huang, She Xiang, San Qi, and She Dan, which are known for their effects in clearing heat and detoxifying, cooling blood and resolving stasis, and alleviating pain. It is used for conditions such as viral hepatitis, abscesses, and various inflammations [6]. - Pi Zai Huang capsules serve the same purpose as the traditional tablets, designed for convenience for travelers who may find it difficult to carry the original form [6]. - An Gong Niu Huang Wan is effective in clearing heat and detoxifying, used for high fever, convulsions, and various severe conditions. It is recommended for middle-aged individuals under stress, those with unhealthy lifestyles, and those with a family history of cardiovascular diseases [8]. - The company offers two main types of bird's nest products: Bai Yan Zhan and ready-to-eat bird's nest, sourced from Indonesia and Malaysia, ensuring purity and quality through advanced production techniques [10]. - Skincare products are categorized into anti-aging, whitening, hydration, and acne treatment, adhering to pharmaceutical-grade standards and available in both individual and gift sets [12].

Core Insights - The company Pianzaihuang has been recognized as the "No. 1 in national sales of pearl cream" and "No. 1 brand of pearl cream" by iiMedia Research, a leading third-party data mining and analysis agency [1][2] - The Chinese cosmetics industry is projected to reach a market size of 545.8 billion yuan in 2024, with a year-on-year growth of 5.6%, and is expected to grow to 579.1 billion yuan in 2025 [1] - The rise of domestic beauty brands, rooted in traditional culture and combined with modern technology, has become a significant highlight in the Chinese cosmetics market [1] Company Overview - Pianzaihuang has a rich cultural heritage and product quality, making it a representative of Chinese skincare aesthetics [2] - The brand has sold nearly 30 million bottles of its flagship product, the Pianzaihuang Pearl Cream, in 2024, with cumulative sales exceeding 100 million bottles [2] - The company has established a comprehensive research and development system, including five research centers and three ingredient co-construction bases, focusing on traditional Chinese herbal culture and modern skincare technology [4] Market Position and Strategy - Pianzaihuang has implemented the "Oriental New National Makeup" strategy, enhancing its marketing layout and focusing on core products [7] - The brand is addressing industry challenges such as insufficient technological innovation and severe homogenization by building differentiated competitive barriers through innovative research on Chinese ingredients [7] - The company aims to promote the wisdom of Eastern skincare and create a healthy quality of life, continuously deepening its presence in the domestic beauty sector [7]

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

5月14日，片仔癀参与2025年福建辖区上市公司投资者网上集体接待日。在与投资者交流中，管理层介绍，目前公司 养麝基地共有两处，分别位于四川省和陕西省，林麝基地的运行和管理严格按照公司法和公司章程等相关规定进行。 有投资者询问，片仔癀是否还是国家一级中药保护品种，保护期是否已过。管理层回复，国家中药品种保护审评委员 会已受理片仔癀延长国家一级中药保护品种保护期限的申请，公司未来仍将稳步推进相关工作。 还有投资者询问，上一轮提价对销量的影响是否已经全部被市场消化。对此，管理层回复，天然牛黄价格自2021年以 来逐年攀升，2024年至2025年的每公斤采购价格为2021年的3倍多，极大地提高了片仔癀的生产成本，2023年5月公司 对于片仔癀的价格进行了调整。同时，公司也加大了促销力度，实际提价远低于成本的上涨幅度，这也是践行公司以 药弘德的初心。 此外，管理层也披露，2024年，公司积极践行"名医入漳"战略，助力"圆山计划"五大工程建设，通过多渠道、多层次 引进名医来漳坐诊、授业，科学布局名医馆（国医馆）、片仔癀国药堂。至2024年底，在覆盖全国近400家片仔癀国 药堂的基础上，加大片仔癀国药堂、国医馆的设立；2 ...