ZZPZH(SH:600436) Xin Lang Cai Jing·2025-05-06 06:28Core Insights - The company reported a total operating revenue of 10.788 billion yuan (+7.25%) and a net profit attributable to shareholders of 2.977 billion yuan (+6.42%) for the year 2024 [1] - For Q1 2025, the company achieved total operating revenue of 3.142 billion yuan (-0.92%) and a net profit attributable to shareholders of 1.000 billion yuan (+2.59%) [1] Revenue Breakdown - In the pharmaceutical industry, the company reported revenues of 5.663 billion yuan (+17.94%) for 2024 and 1.874 billion yuan (+13.31%) for Q1 2025 [2] - The pharmaceutical distribution sector saw revenues of 4.084 billion yuan (-2.87%) for 2024 and 1.014 billion yuan (-19.11%) for Q1 2025, impacted by changes in medical insurance policies and a shrinking consumer market [2] - Cosmetics revenue was 0.752 billion yuan (+6.41%) for 2024 and 0.197 billion yuan (-1.17%) for Q1 2025 [2] Core Product Performance - The core product, the Pian Zai Huang series, experienced steady growth, with revenues of 5.310 billion yuan (+18.98%) for 2024 and 1.833 billion yuan (+21.83%) for Q1 2025 [3] - The company is focusing on expanding its market presence through partnerships with key regional players and has signed 15 new doctors and opened 32 new clinics [3] Specific Drug Performance - Revenue from cardiovascular drugs was 0.284 billion yuan (+7.03%) for 2024 but dropped significantly to 0.022 billion yuan (-81.36%) for Q1 2025 [4] Raw Material Cost Impact - Rising raw material prices are compressing profit margins, with natural cow bile prices remaining high at 1.6 million yuan per kilogram [5] - A recent announcement from the National Medical Products Administration allows for the import of cow bile for traditional Chinese medicine production, which may alleviate raw material shortages and improve profit levels [5] Profit Forecast - The company has adjusted its profit forecast, expecting net profits of 3.280 billion yuan, 3.807 billion yuan, and 4.248 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 5.44 yuan, 6.31 yuan, and 7.04 yuan per share [5]