近11年首度出现中报净利下滑，片仔癀业绩预警

Core Viewpoint - The traditional Chinese medicine giant Pianzaihuang (600436) is experiencing its first decline in net profit in nearly 11 years, with a significant drop in both revenue and net profit for the first half of 2025 compared to the previous year [1][4]. Financial Performance - For the first half of 2025, Pianzaihuang reported operating revenue of 5.379 billion yuan, a year-on-year decrease of 4.81% [1]. - The net profit attributable to shareholders was 1.442 billion yuan, reflecting a year-on-year decline of 16.22% [1]. Cost Pressures - The company indicated that while revenue remained stable, the prices of key raw materials have been at historically high levels, significantly increasing cost pressures [4]. - The price of natural cow bile, a critical raw material, rose from 650,000 yuan per kilogram in January 2023 to 1.65 million yuan per kilogram, before slightly decreasing to 1.5 million yuan per kilogram [4]. Pricing Adjustments - In response to rising raw material and labor costs, Pianzaihuang announced a price increase for its main product, Pianzaihuang tablets, from 590 yuan per piece to 760 yuan per piece, with corresponding increases in supply prices [4]. Market Challenges - The pharmaceutical industry is facing dual challenges from adjustments in medical insurance policies and a contraction in the consumer market, leading to a complex and severe operating environment [4]. - To address these challenges, the company has focused on its core business and implemented a series of effective measures to ensure stable operations [4]. Strategic Initiatives - Pianzaihuang has strategically increased sales expenses to maintain sales revenue, reinforcing market presence and maintaining sales volume despite adverse conditions [5]. - The company has established a raw material price monitoring mechanism and optimized its strategic reserve system to mitigate cost fluctuations [5]. - Pianzaihuang is actively investing in industry funds to explore new business growth points and reduce reliance on traditional products [5].