ZZPZH(SH:600436) Zheng Quan Zhi Xing·2025-08-22 11:14Company Overview - Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd. was established in 1999, with a registered capital of 603 million yuan as of March 2025. The controlling shareholder is Zhangzhou Jiulongjiang Group Co., Ltd., holding 51.30% of the shares [3][11] - The company specializes in pharmaceutical manufacturing, distribution, and cosmetics, classified under the pharmaceutical and health products manufacturing sector [3][12] Credit Rating - The company received a long-term credit rating of AAA with a stable outlook from LHRatings, effective from August 22, 2025, to August 21, 2026 [1][3] - The rating reflects the company's strong brand recognition, industry position, and product layout, with a competitive advantage in its main product, Pianzaihuang, which is a state-secret variety [3][5] Financial Performance - From 2022 to 2024, the company reported continuous growth in total revenue and profit, with revenues of 86.94 billion yuan, 100.58 billion yuan, and 107.88 billion yuan, and profit totals of 29.78 billion yuan, 33.69 billion yuan, and 35.39 billion yuan respectively [8][12] - As of March 2025, the total assets reached 184.85 billion yuan, with a debt-to-asset ratio of 6.65%, indicating a low debt burden [6][10] Market Position - The company holds a significant market share in the liver disease medication sector, with a 49.61% market share in retail pharmacies as of 2024, ranking first in this category [5][18] - Pianzaihuang has been recognized as a national-level secret traditional Chinese medicine, with exclusive production rights since 1994 [5][17] Research and Development - The company is actively engaged in the secondary development of traditional Chinese medicine, focusing on its advantageous products, which includes ongoing clinical and pharmacological studies [19][20] - As of 2024, the company has completed 11 clinical studies and 23 pharmacological studies related to Pianzaihuang [19] Supply Chain and Raw Materials - The company has established breeding bases for natural musk in Sichuan and Shaanxi to ensure a stable supply of raw materials, which are critical for its products [19][20] - Strategic reserves of natural cow bile are planned to alleviate future supply shortages, with recent regulations allowing imports of cow bile from certain countries [20] Management and Governance - The company has a structured governance framework, including a board of directors and supervisory board, ensuring compliance with corporate governance standards [21][24] - The management team possesses strong backgrounds and experience relevant to the pharmaceutical industry [22][23]