Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative price increase of over 15% in the next six months [5][10][16]. Core Insights - The company's total revenue for 2024 is projected to be 10.788 billion yuan, representing a growth of 7.25%, while the net profit attributable to shareholders is expected to reach 2.977 billion yuan, up by 6.42% [1][5]. - The core product, the Pianzaihuang series, is experiencing steady growth, with significant sales increases in liver disease medications [3][10]. - The introduction of imported cow bile is anticipated to alleviate the current shortage of raw materials, potentially enhancing profit margins [4][10]. Revenue Breakdown - The pharmaceutical industry revenue for 2024 and Q1 2025 is projected at 5.663 billion yuan (+17.94%) and 1.874 billion yuan (+13.31%) respectively [2]. - The pharmaceutical distribution sector is expected to see revenues of 4.084 billion yuan (-2.87%) in 2024 and 1.014 billion yuan (-19.11%) in Q1 2025, impacted by changes in medical insurance policies and a shrinking consumer market [2]. - Cosmetic revenue is forecasted at 0.752 billion yuan (+6.41%) for 2024 and 0.197 billion yuan (-1.17%) for Q1 2025 [2]. Product Performance - The liver disease medication segment is projected to generate revenues of 5.310 billion yuan (+18.98%) in 2024 and 1.833 billion yuan (+21.83%) in Q1 2025 [3]. - The cardiovascular medication segment is expected to see revenues of 0.284 billion yuan (+7.03%) in 2024, but a significant drop to 0.022 billion yuan (-81.36%) in Q1 2025 [3]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 3.280 billion yuan, 3.807 billion yuan, and 4.248 billion yuan respectively, with corresponding EPS of 5.44 yuan, 6.31 yuan, and 7.04 yuan [5][10]. - The projected PE ratios for 2025, 2026, and 2027 are 37.77, 32.54, and 29.16 respectively [5][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported strong product sales, with a notable increase in revenue from its core liver disease medication, which achieved a revenue of 1.833 billion yuan in Q1 2025, representing a year-on-year growth of 21.83% [6] - The gross margin is under short-term pressure, decreasing to 63.36% in Q1 2025, down 12.39 percentage points year-on-year, primarily due to a significant increase in the price of natural bezoar [6] - The company is actively expanding its distribution channels, with 49 new experience centers and traditional Chinese medicine halls opened in Q1 2025, bringing the total to 484 [6] - The company expects to see a recovery in gross margins in the medium term, supported by the potential import of lower-cost bezoar and possible price adjustments for its products [6] Financial Summary - Revenue projections for the company are as follows: - 2024: 10.788 billion yuan - 2025E: 11.855 billion yuan - 2026E: 13.062 billion yuan - 2027E: 14.270 billion yuan - Corresponding growth rates are 7.25%, 9.89%, 10.18%, and 9.25% respectively [3][7] - Net profit projections are: - 2024: 2.977 billion yuan - 2025E: 3.295 billion yuan - 2026E: 3.779 billion yuan - 2027E: 4.349 billion yuan - Corresponding growth rates are 6.42%, 10.67%, 14.70%, and 15.08% respectively [3][7] - Earnings per share (EPS) projections are: - 2024: 4.93 yuan - 2025E: 5.46 yuan - 2026E: 6.26 yuan - 2027E: 7.21 yuan [3][7] Market Position - The company has a total market capitalization of approximately 123.56 billion yuan and a closing price of 204.80 yuan [3]

Focus Events - Four companies, including *ST Xulan and *ST Jiayu, will officially delist from A-shares on April 30, 2025, following announcements from the Shenzhen Stock Exchange regarding their termination of listing decisions [1][1][1] Banking Sector - Seven major banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, announced plans to abolish their supervisory boards, pending approval from their respective shareholder meetings [2][2][2] Macro News - The People's Bank of China held a meeting to implement the overall statistical system for the "Five Major Articles" in finance, emphasizing the importance of statistical work and establishing a comprehensive "1+N" statistical system [3][3][3] Industry Dynamics - The Ministry of Industry and Information Technology issued a notice to accelerate the cultivation of pilot testing platforms in manufacturing, focusing on optimizing the layout and upgrading key platforms [5][5][5] - The Ministry of Agriculture and Rural Affairs announced a plan to continuously adjust and optimize pig production capacity, implementing a monitoring and early warning system for production [7][7][7] Company Focus - Guotai Junan Securities reported a 391.78% increase in net profit for Q1 2025, reaching 12.24 billion yuan, with total assets nearing 1.69 trillion yuan [10][10][10] - Xinhua Insurance plans to establish a 20 billion yuan fund in collaboration with China Life, targeting A+H shares of large listed companies [11][11][11] - Tianqi Lithium achieved a net profit of 104 million yuan in Q1 2025, recovering from a loss of 389.7 million yuan in the same period last year [12][12][12] - Ganfeng Lithium reported a net loss of 356 million yuan in Q1 2025, with a 25.43% decline in revenue [12][12][12] - Longi Green Energy posted a net loss of 8.618 billion yuan for 2024, with a 36.23% decrease in revenue [13][13][13] - Air China reported a net loss of 2.044 billion yuan in Q1 2025, with a slight revenue decline of 0.11% [14][14][14] - Industrial and Commercial Bank of China recorded a revenue of 212.77 billion yuan in Q1 2025, down 3.22% year-on-year [15][15][15] - Saisir reported a 240.6% increase in net profit for Q1 2025, despite a 27.91% decrease in total revenue [16][17] - Kweichow Moutai's net profit grew by 11.56% in Q1 2025, with revenue increasing by 10.54% [18][18][18] - Northern Rare Earth achieved a net profit increase of 727% in Q1 2025, with revenue up 61.19% [19][19][19] - China Life reported a 39.5% increase in net profit for Q1 2025, with total premiums reaching 354.4 billion yuan [20][20][20] - Pianzaihuang's net profit increased by 2.59% in Q1 2025, despite a slight revenue decline [21][21][21] - CITIC Securities reported a 32% increase in net profit for Q1 2025, with revenue up 29.13% [22][22][22] - Zhengzhou Bank's total assets surpassed 700 billion yuan for the first time, with a 4.98% increase in net profit for Q1 2025 [23][23][23]

清华教授马少平表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和假期。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 曹操出行 36氪获悉，据港交所，曹操出行在港交所提交IPO申请。 活力集团 活力集团控股有限公司于2024年10月29日递交的港股招股书满6个月，于2025年4月29日失效，递表时招商证券（香港）有限公司、民银资本有限公司为 其联席保荐人。（界面新闻） 清华教授表示将来有望每周上三休四 4月28日，清华教授马少平 在选择与回响眼界沙龙中表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和 假期。未来有望一周只上三天班，有四天休息游玩时间。所以不要畏惧技术的发展，AI的发展一定会让人们更加轻松。（腾讯新闻） 永辉超市回应标价7.96元实收8元 奈雪的茶门店通知能喝奶茶就不要喝水 近日，刘先生在重庆永辉超市金源时代店购买标价为7.96元的淡虾米，支付100元现金后找零92元。按实际金额计算应支付7.96元，但超市采用分位"四舍 五入"规则，实际收取8元。刘先 ...

Core Viewpoint - The company has released its first quarter report for 2025, highlighting key financial data and operational performance, while ensuring the accuracy and completeness of the information disclosed [3][15]. Financial Data - The financial statements for the first quarter of 2025 are unaudited, with the company confirming the authenticity of the financial information provided [5][6]. - The company reported a year-on-year revenue growth of 11.11% after excluding the impact of the declining pharmaceutical distribution industry [17]. Operational Performance - The company has strengthened its market planning and expanded sales channels, resulting in increased sales of its core product, the Pianzaihuang series [17]. - As of the end of the first quarter of 2025, the company signed contracts with 15 new renowned doctors and opened 32 new medical halls [17]. Market Conditions - The pharmaceutical distribution industry has faced revenue declines due to changes in medical insurance policies and a shrinking consumer market [17]. - Rising costs of key raw materials, particularly natural cow bile, have compressed profit margins, with prices reaching 1.6 million yuan per kilogram [17]. Investor Engagement - The company will participate in an online investor meeting on May 14, 2025, to discuss its 2024 annual and 2025 first-quarter performance [10][11]. - Investors can engage in the meeting through the "Panorama Roadshow" website and other platforms [11].

Core Viewpoint - The company, Pianzaihuang, has demonstrated resilience in its financial performance despite challenges, achieving a 2.59% year-on-year growth in net profit for Q1 2025, amounting to approximately 1 billion yuan, supported by innovation and brand marketing efforts [1] Financial Performance - In Q1 2024, the company experienced a nearly 27% growth due to price increases, but this growth has slowed as the price increase benefits diminish [1] - The net profit for Q1 2025 reached about 1 billion yuan, reflecting a 2.59% increase year-on-year [1] Brand and Marketing Strategy - The company showcased its brand value through a feature on CCTV-1, highlighting its historical significance and modern scientific backing [2] - The integration of traditional Chinese medicine with modern medical practices is a strategic focus, utilizing evidence-based medicine and modern technologies [2] AI Integration - The company plans to advance its AI strategy across four dimensions: strategic partnerships for a large model platform, interdisciplinary talent development, AI health robot deployment, and quality assurance through AI in production processes [3] - In Q1 2025, the company expanded its sales channels by signing 15 new doctors and opening 32 new traditional medicine centers [3] Research and Development - The company is committed to innovation, focusing on the development of new drugs and enhancing existing products, with 12 new drug candidates currently in the pipeline [4] - Recent approvals include a new drug for ovarian reserve function reduction and the acquisition of rights to another new drug [4] - Clinical studies are ongoing to evaluate the effectiveness of Pianzaihuang in treating primary liver cancer and chronic hepatitis B-related liver fibrosis [5]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,141,529,110.84, a decrease of 0.92% compared to CNY 3,170,691,528.78 in the same period last year[5]. - Net profit attributable to shareholders was CNY 999,783,695.43, representing an increase of 2.59% from CNY 974,507,153.85 year-on-year[5]. - The net profit excluding non-recurring gains and losses was CNY 1,005,041,799.22, up by 1.69% from CNY 988,351,605.90 in the previous year[5]. - Total revenue for Q1 2025 was CNY 3,141,529,110.84, a decrease of 0.9% compared to CNY 3,170,691,528.78 in Q1 2024[18]. - Net profit for Q1 2025 reached CNY 1,013,495,595.96, an increase of 1.6% from CNY 998,779,254.49 in Q1 2024[18]. - The total comprehensive income for Q1 2025 was ¥904,581,623.18, down from ¥917,860,284.99 in Q1 2024, reflecting a decrease of 1.4%[30]. Cash Flow and Liquidity - Cash flow from operating activities increased significantly by 72.33%, reaching CNY 915,914,616.89 compared to CNY 531,482,744.16 in the same period last year[5][8]. - The net cash flow from operating activities for Q1 2025 is CNY 915.91 million, significantly up from CNY 531.48 million in Q1 2024, indicating a year-over-year increase of approximately 72.3%[22]. - Cash and cash equivalents decreased to CNY 1,394,171,106.08 as of March 31, 2025, from CNY 1,487,988,163.71 as of December 31, 2024[15]. - The company's cash and cash equivalents at the end of Q1 2025 were ¥789,115,762.37, a decrease from ¥1,511,141,443.46 at the end of Q1 2024[33]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,484,586,937.84, reflecting a growth of 5.39% from CNY 17,539,661,657.50 at the end of the previous year[5]. - Total current assets increased to CNY 12,178,589,003.65 as of March 31, 2025, compared to CNY 11,328,819,511.46 as of December 31, 2024[15]. - Total liabilities decreased slightly to CNY 2,642,158,652.25 as of March 31, 2025, from CNY 2,700,924,667.75 as of December 31, 2024[16]. - The total assets as of March 31, 2025, amount to CNY 14.72 billion, an increase from CNY 13.90 billion as of December 31, 2024, reflecting a growth of approximately 5.9%[26]. - The total liabilities as of March 31, 2025, are CNY 623.15 million, down from CNY 709.57 million at the end of 2024, indicating a decrease of about 12.2%[27]. Shareholder Information - Shareholders' equity attributable to the parent company increased by 6.95% to CNY 15,262,924,786.68 from CNY 14,271,727,825.79 at the end of the last year[5]. - The total number of ordinary shareholders at the end of the reporting period was 123,519[10]. Earnings and Expenses - Basic and diluted earnings per share were both CNY 1.66, an increase of 2.47% compared to CNY 1.62 in the same period last year[5]. - The weighted average return on equity decreased by 0.26 percentage points to 6.77% from 7.03% year-on-year[5]. - Research and development expenses for Q1 2025 were CNY 70,820,916.31, down from CNY 88,809,419.52 in Q1 2024, indicating a potential shift in R&D focus[18]. - The company reported a decrease in sales expenses to ¥12,436,129.59 in Q1 2025 from ¥59,409,438.48 in Q1 2024, a reduction of 79.0%[29]. - The company reported a non-recurring loss of CNY 5,258,103.79, primarily due to asset disposal losses and other non-operating expenses[6][7]. Investment and Financial Activities - The company reported a net cash outflow from investing activities of CNY 939.85 million in Q1 2025, compared to a net inflow of CNY 592.18 million in Q1 2024[23]. - The company experienced a decrease in financial expenses, reporting a net financial income of -¥1,689,693.27 in Q1 2025, compared to -¥5,585,458.44 in Q1 2024[29]. - The investment income for Q1 2025 was ¥41,143,657.55, an increase of 21.0% compared to ¥33,970,778.43 in Q1 2024[29]. Inventory and Other Assets - The company’s inventory as of March 31, 2025, is CNY 3.82 billion, slightly down from CNY 3.85 billion at the end of 2024, indicating a decrease of about 0.4%[26]. - The company has reported a significant increase in other current assets, which rose to CNY 3.32 billion from CNY 2.52 billion, marking an increase of approximately 31.5%[26].

证券代码：600436 证券简称：片仔癀 公告编号：2025-015 漳州片仔癀药业股份有限公司关于参加 2025 年福建 辖区上市公司投资者网上集体接待日活动暨 2024 年 度及 2025 年第一季度业绩说明会的公告 重要内容提示： 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。 1 / 3 会议召开时间：2025 年 5 月 14 日（星期三）15:30-17:00 会议召开地点： "全景路演"网站（http://rs.p5w.net/） 会议召开方式：网络互动方式 一、说明会类型 本次业绩说明会以网络互动形式召开。届时，公司高级管理人员 将在线就 2024 年度及 2025 年第一季度业绩、公司治理和经营状况等 投资者关心的问题，与投资者进行沟通与交流。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 14 日（星期三）15:30-17:00 会议召开地点： "全景路演"网站（http://rs.p5w.net/） 会议召开方式：网络互动方式 会议问题征集：本次集体活动将采用网络远程的方式举行，投 ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-014 漳州片仔癀药业股份有限公司 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披 露》（2022年修订）《上市公司行业信息披露指引第六号——医药制造》 （2022年修订）等相关法律法规，漳州片仔癀药业股份有限公司（以下简 称"公司"）现将2025年第一季度主要经营数据披露如下： 一、 公司 2025 年第一季度主营业务分行业情况 1 / 4 单位：万元 人民币 行业 主营业务 收入 主营业务 成本 毛利率 （%） 主营业务 收入增长 率（%） 主营业务 成本增长 率（%） 毛利率增 减情况 医药 制造业 187,387.69 70,765.30 62.24 13.31 44.95 减少8.24 个百分点 医药 流通业 101,395.09 90,529.53 10.72 -19.11 -15.38 减少3.93 个百分点 医药行 业小计 288,782.78 161,294.83 44.15 -0.67 3.52 减少2.26 个百分点 化妆品业 19,724.96 6,440.66 67.35 -1.17 1.68 减少0.91 ...

漳州片仔癀药业股份有限公司董事、监事和高级管理人员 2025 年 4 月 28 日 1.公司严格按照股份制公司的财务制度规范运作，《公司 2025 年第 一季度报告》的编制符合法律、行政法规、《公司章程》及公司内部管理 制度的各项规定，《公司 2025 年第一季度报告》公允、真实、全面地反 映了公司 2025 年第一季度的财务状况和经营成果。 2.公司第七届董事会第二十九次会议、第七届监事会第二十一次会议 审议通过《公司 2025 年第一季度报告》的议案。 3.公司全体董事、监事和高级管理人员保证《公司 2025 年第一季度 报告》所披露的信息真实、准确、完整，承诺其中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。 漳州片仔癀药业股份有限公司 董事、监事和高级管理人员 关于公司 2025 年第一季度报告的确认意见 根据《中华人民共和国证券法（2019 年修订）》《上海证券交易所股 票上市规则（2024 年修订）》和《上海证券交易所上市公司自律监管指南 第 1 号——公告格式》（2024 年修订）》等相关法律法规，作为漳州片仔 癀药业股份有限公司（以下简称"公司 ...