片仔癀去年营收逾107亿元 成本压力犹存

Core Insights - Pianzaihuang achieved a revenue of 10.788 billion yuan in 2024, a year-on-year increase of 7.25%, and a net profit attributable to shareholders of 2.977 billion yuan, up 6.42% year-on-year, despite high raw material costs and industry pressures [1][2] - The company plans to distribute a cash dividend of 18.2 yuan for every 10 shares [1] - The rising prices of key raw materials, particularly natural cow bile, have significantly impacted profit margins, with cow bile prices soaring from 650,000 yuan per kilogram at the beginning of 2023 to 1.65 million yuan by early 2025 [2] Financial Performance - Revenue for 2024 reached 10.788 billion yuan, reflecting a 7.25% increase compared to the previous year [1] - Net profit attributable to shareholders was 2.977 billion yuan, marking a 6.42% growth year-on-year, which is close to levels seen in 2015 [2] - The company has implemented price increases for its products, with the price of its pill rising from 590 yuan to 760 yuan per unit [2] Cost Management Strategies - The company is facing challenges due to high raw material costs, which constitute a significant portion of production expenses [2] - To mitigate these costs, Pianzaihuang plans to enhance strategic procurement and maintain a close watch on market trends for key raw materials [2] - The recent announcement by the National Medical Products Administration allows for the import of cow bile from certain regions, potentially easing raw material shortages and stabilizing prices [3] Industry Context - The traditional Chinese medicine industry is under pressure from centralized procurement and healthcare cost controls [4] - Pianzaihuang's unique product offerings help it avoid the impacts of centralized procurement, as its products primarily target the out-of-pocket market with strong consumer loyalty [4] - The company aims to leverage its brand value and resources across various sectors, including traditional Chinese medicine, chemical drugs, and health products, while also focusing on technological innovation [4]