1200亿“药茅”，频繁设立基金

Core Viewpoint - Pianzaihuang has invested 200 million yuan to establish an investment fund, marking its continued collaboration with related parties in the health industry [2][4][6]. Investment Activities - Pianzaihuang's wholly-owned subsidiary, Pianzaihuang Investment, plans to invest in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership, contributing 200 million yuan, which represents 20% of the fund's target size [2]. - This is not the first time Pianzaihuang has partnered with related parties to set up funds; in September 2024, it announced a similar investment in the Zhangzhou Yuanshan Health Industry Investment Fund, also contributing 200 million yuan for a 20% stake [4]. - In November of the same year, Pianzaihuang Investment participated in the establishment of the "Pianzaihuang Yingke Fund," investing 290 million yuan for a 29% share [6]. - In March of this year, Pianzaihuang announced another investment of 200 million yuan in the Zhaoying Fund, which has a planned scale of 1 billion yuan, focusing on biomedicine and medical services [8]. Strategic Goals - The company aims to leverage fund investments to enhance its integration capabilities across the industry chain, promote resource sharing, and stimulate innovation, all while ensuring the stability of its core business [8]. - Pianzaihuang's major shareholder, Jiulongjiang Group, has been a key contributor in the funds established by Pianzaihuang, indicating a strong alignment in strategic interests [10][12]. Financial Performance - In the first quarter of this year, Pianzaihuang reported revenue of 3.142 billion yuan, a year-on-year decline of 0.92%, marking its first quarterly negative growth in nearly a decade [15]. - The company's net profit attributable to shareholders was 1 billion yuan, reflecting a year-on-year increase of 2.59% [15]. - The gross margin has been under pressure, particularly in the liver disease medication segment, which saw a decrease of 12.39 percentage points [15][16]. Raw Material Costs - The increase in raw material costs has significantly impacted profit margins, with the price of natural cow bile remaining high at 1.6 million yuan per kilogram [17]. - Pianzaihuang plans to closely monitor changes in raw material prices and industry policies to improve risk management and enhance profitability [17].