财联社12月30日电，片仔癀公告，公司收到《肠激安胶囊Ⅱ b期临床试验总结报告》。 Ⅱ b期临床试验结果显示，肠激安胶囊治疗腹泻型肠易激综合征的临床疗效确切，且安全性较好，具有 明显的临床开发价值和前景。 公司将密切关注该药物研发事项的后续进展情况，及时履行信息披露义务。 肠激安胶囊具有健脾疏肝、清热祛湿、止痛止泻的功效，主要用于腹泻型肠易激综合征、腹痛腹泻，肠 功能紊乱等。 目前国内市场上治疗肠易激综合征的药物主要有复方谷氨酰胺肠溶胶囊、奥替溴铵片等。 该药物是公司于2013年取得的转让临床批件，研发投入累计约5000万元。 ...

「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 根据公开信息统计：截至周五下午，本周（11月30日-12月6日）LP动态共39起。 LP 5 0亿，云南大佬杀入LP圈 投资界-解码LP获悉，云南白药日前发布公告称，拟与专业投资机构中银国际投资共同投资 设立云南省中医药大健康创新基金，规模7 0亿元。其中，云南白药作为有限合伙人拟以自 有资金认缴出资人民币5 0亿元。 换言之，云南白药也做起了LP，成为投资机构们的"金主"。放眼望去，更多产业巨头出现 在创投圈，成为募资寒冬下不可多得的一股市场化活水。 LP 复旦母基金正式来了 1 2月3日，复旦科创母基金宣布超额完成5亿元首关目标，宣告正式成立；明年将完成二关 目标，实现首期总规模1 0亿元。 与此同时，旗下直投子基金——复旦科创投资基金正式启动，基金计划规模1 0亿元，将聚 焦生命健康、集成电路、人工智能、新材料/新能源及未来产业，重点投资孵化国家"卡脖 子"技术突破和科技前沿领域转化项目，优先支持复旦科技成果产业化项目和校友创新创业 项目。 LP 国资创投有变化了 近日，国务院国资委、国家发展改革委联 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-049 漳州片仔癀药业股份有限公司 关于投资参与设立片仔癀盈科基金的进展公告 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。 1 / 2 《私募投资基金备案证明》。具体登记信息如下： 基金名称：福建片仔癀盈科健康产业投资合伙企业（有限合伙） 备案编码：SAPY07 管理人名称：盈科创新资产管理有限公司 托管人名称：中国农业银行股份有限公司 三、风险提示 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"）与盈科创 新资产管理有限公司（以下简称"基金管理人"）、上海闽山生命健 康科技合伙企业（有限合伙）、盈嘉科达投资有限公司、漳州高鑫发 展有限公司、三明市投资发展集团有限公司共同发起设立福建片仔癀 盈科健康产业投资合伙企业（有限合伙（以下简称"片仔癀盈科基金"）。 其中，片仔癀投资作为有限合伙人以自有资金认缴出资29,000万元， 占片仔癀盈科基金的比例为29.00%。 本次投资设立片仔癀盈科 ...

Core Viewpoint - Guangshentang (300436) has successfully introduced a strategic investor, Zhangzhou Yuanshan Health Industry Investment Fund, which is affiliated with another well-known pharmaceutical company, Pianzihuang (600436) [1] Group 1: Share Transfer Details - Fujian Aohua Group, the controlling shareholder of Guangshentang, will transfer 800,000 shares (5.02% of total shares) to Yuanshan Fund at a price of 24.5 yuan per share, totaling 196 million yuan [2] - The share transfer price is set at 80% of the closing price on the trading day prior to the agreement [2] - Following this transfer, the shareholding of Aohua Group and its concerted parties will decrease from 49.41% to 40.89% [1][2] Group 2: Background of Yuanshan Fund - Yuanshan Fund was established on July 12, 2024, with contributions from various partners, including Pianzihuang Asset Management and Zhangzhou Investment [2][3] - Pianzihuang Asset Management holds a 30% stake, while Pianzihuang Investment holds 40% [2] - The fund aims to leverage professional investment resources to enhance the integration capabilities within the pharmaceutical industry [3] Group 3: Strategic Intentions - The introduction of Yuanshan Fund is intended to optimize Guangshentang's shareholder structure and attract long-term investors [4] - Both companies aim to enhance industrial collaboration and resource sharing, thereby strengthening their competitive edge in the pharmaceutical sector [3][4] - Guangshentang focuses on developing a range of liver health products and is expanding into cardiovascular and male health sectors [3]

财联社11月15日讯（记者 何凡） 片仔癀（600436.SH）参股基金出手广生堂（300436.SZ），今日广生 堂公告称，圆山基金拟以近2亿元转让款对价成为公司持股5%以上股东，而圆山基金合伙人由国有全资 公司、片仔癀全资子公司等构成，其中片仔癀投资是该基金出资比例最大的有限合伙人。 今日晚间，广生堂公告称，公司控股股东奥华集团拟将其持有的公司800万股（占公司总股本的 5.02%）以协议转让的方式转让给圆山基金。本次股份协议转让的价格为24.50元/股（不低于本次股份 转让协议签署日前一个交易日收盘价格的80%），股份转让总价款共计1.96亿元。双方将共同推动广生 堂与漳州大健康产业链的产业合作共建，增强产业协同发展、优势互补。 公告显示，2021年7月9日至2024年11月14日，因广生堂股票期权行权被动稀释以及股份减持、本次拟进 行的协议转让等因素共同导致，控股股东及其一致行动人合计持股比例由49.41%下降至40.89%；圆山 基金将因本次协议转让持有公司5.02%股份，成为公司持股5%以上股东。 圆山基金于今年7月12日成立，该基金目标规模为10亿元，其中首期规模为5亿元，主要投资方向为中医 药 ...

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Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The company has shown positive growth in both revenue and profit for the first three quarters of 2024, with revenue reaching 8.45 billion and net profit at 2.687 billion, reflecting year-on-year growth of 11.19% and 11.73% respectively [2][3]. - The gross margin stands at 45.44%, a decrease of 3.01 percentage points year-on-year, while the net margin increased by 0.15 percentage points to 31.79% [2]. - The company has effectively improved its channel construction, enhancing its sales network and online presence, which has contributed to its revenue growth [5][6]. Revenue and Profit Analysis - For the first three quarters of 2024, the pharmaceutical manufacturing segment generated revenue of 4.612 billion, up 19.71% year-on-year, while the pharmaceutical distribution segment saw revenue of 3.153 billion, a 3.08% increase [3]. - The cosmetics segment achieved revenue of 525 million, marking a 21.92% growth [3]. Product Performance - The liver disease medication segment generated revenue of 4.283 billion, reflecting a year-on-year increase of 20.24%, contributing 50.69% to total revenue [4]. - The cardiovascular medication segment achieved revenue of 268 million, up 11.66%, while other medications generated 60 million, growing by 21.16% [4]. - In Q3 2024, liver disease medications alone accounted for 58.68% of total revenue, with a revenue increase of 25.30% year-on-year [4]. Future Projections - The company expects revenues of 11.168 billion, 12.531 billion, and 13.848 billion for 2024, 2025, and 2026 respectively, with net profits projected at 3.092 billion, 3.685 billion, and 4.215 billion [6][7]. - Earnings per share (EPS) are forecasted to be 5.13, 6.11, and 6.99 for the same years [6].

Investment Rating - The report maintains a "Buy" rating for Pien Tze Huang (600436.SS) with a 12-month price target of Rmb280, indicating an upside potential of 21.5% from the current price of Rmb230.54 [2][8][7]. Core Insights - Pien Tze Huang reported 3Q24 earnings of Rmb965 million, reflecting a year-on-year increase of 12.0% and a 6.3% beat against Goldman Sachs estimates, attributed to better gross profit margins and lower-than-expected expenses [1][2]. - The revenue for 3Q24 was Rmb2,800 million, marking a 9.6% increase year-on-year and a 2.9% increase compared to Goldman Sachs estimates, driven by strong sales growth in hepatic disease medication, which saw a 25.3% year-on-year increase [2][6]. - The report anticipates a healthy compound annual growth rate (CAGR) in sales and earnings per share (EPS) between FY23 and FY26, supported by ongoing production growth and pricing hikes amid increasing demand [6][7]. Financial Estimates - Earnings estimates for Pien Tze Huang have been revised upwards by 2.8% for 2024E, with net profit expected to reach Rmb3,068 million, a 2.8% increase from previous estimates [4][5]. - Revenue projections for 2024E have been adjusted to Rmb11,135 million, reflecting a 2.3% increase from prior estimates, with EBIT expected to be Rmb3,613 million, a 2.9% increase [4][5]. - The report highlights a stable gross profit margin (GPM) of 46.9% for 3Q24, slightly improved from 46.6% in previous estimates, despite pressures from rising cow bezoar costs [1][2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's revenue for the first three quarters of 2024 reached 8.45 billion yuan, a year-on-year increase of 11.19%, with a net profit attributable to the parent company of 2.687 billion yuan, up 11.73% year-on-year [4] - The core product for liver disease treatment has shown rapid growth, with revenue of 4.283 billion yuan, a year-on-year increase of 20.24% [4] - The company is expanding its distribution channels, with over 100,000 terminal stores covered through strategic partnerships with major chain pharmacies [4] - Profit forecasts for 2024-2026 indicate net profits of 3.148 billion yuan, 3.627 billion yuan, and 4.182 billion yuan, representing year-on-year growth rates of 12.5%, 15.2%, and 15.3% respectively [4] Financial Performance - The company achieved a revenue of 10.058 billion yuan in 2023, with a projected revenue of 11.346 billion yuan in 2024, reflecting a year-on-year growth of 12.8% [5][8] - The gross profit margin is expected to improve from 46.8% in 2023 to 50.0% by 2026 [8] - The net profit margin is projected to be 27.7% in 2024, increasing to 29.8% by 2026 [8] Market Position and Valuation - The company is expected to maintain a price-to-earnings (P/E) ratio of 45-50x for 2024, with a reasonable value range of 234.90 to 261.00 yuan per share [4] - The company’s core product, Pian Zai Huang, is characterized by strong consumer demand and scarcity, contributing to its valuation premium [4] Revenue Breakdown - The pharmaceutical manufacturing segment generated 4.612 billion yuan in revenue, a year-on-year increase of 19.71%, while the pharmaceutical distribution segment saw revenue of 3.153 billion yuan, up 3.08% [4][6] - The cosmetics segment reported revenue of 525 million yuan, reflecting a year-on-year growth of 21.92% [4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a total revenue of 8.45 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.2%. The net profit attributable to the parent company was 2.69 billion yuan, up 11.7% year-on-year [2]. - The company is actively expanding its sales channels and enhancing its product matrix, with significant growth in liver disease medications and cosmetics [2]. - The rise in the price of natural cow bile has pressured gross margins, but potential easing of cost pressures is anticipated due to policy changes allowing imports of cow bile [2]. - The company is investing in innovative research and development, with several new drug projects entering critical research phases [2]. - Profit forecasts for 2024-2026 predict net profits of 3.15 billion yuan, 3.70 billion yuan, and 4.43 billion yuan, with corresponding PE ratios of 46, 39, and 33 times [2]. Summary by Sections Financial Performance - Total revenue for the first three quarters of 2024 was 8.45 billion yuan, a 11.2% increase year-on-year. The net profit attributable to the parent company was 2.69 billion yuan, reflecting an 11.7% increase [2]. - The gross margin for the first three quarters was 45.4%, down 3 percentage points year-on-year, with the pharmaceutical manufacturing gross margin at 66.9%, down 8.4 percentage points [2]. Sales and Market Expansion - The company has upgraded all "Pian Zai Huang Experience Halls" to "Pian Zai Huang National Medicine Halls" to enhance brand image and has partnered with major pharmacy chains, achieving coverage of over 100,000 stores [2]. - Revenue from liver disease medications reached 4.28 billion yuan, up 20.2% year-on-year, while cardiovascular medications generated 270 million yuan, up 11.7% [2]. - The cosmetics segment achieved revenue of 530 million yuan, a 21.9% increase, driven by the development of popular products [2]. Research and Development - The company has received clinical approval for a new drug for lymphoma treatment and is advancing multiple new drug projects in various therapeutic areas [2]. - Ongoing research includes over 30 studies on the efficacy of Pian Zai Huang in treating viral infections and clinical studies for liver cancer [2]. Profit Forecasts - Expected net profits for 2024, 2025, and 2026 are 3.15 billion yuan, 3.70 billion yuan, and 4.43 billion yuan, with PE ratios of 46, 39, and 33 respectively [3].