片仔癀十年首度出现中报净利下滑

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 in the first half of 2025 compared to the previous year [1][3]. Financial Performance - In the first half of 2025, Pianzaihuang reported revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit attributable to shareholders of 1.442 billion yuan, down 16.22% [1]. - The last time the company saw a decline in net profit was in 2014, with consistent growth in revenue and profit from 2015 to 2024 [1]. Cost Pressures - Despite stable revenue, the company faces significant cost pressures due to historically high prices of key raw materials, which have squeezed profit margins [3]. - 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 [3]. Price Adjustments - In response to rising costs, Pianzaihuang announced a price increase for its main product, Pianzaihuang tablets, from 590 yuan to 760 yuan per piece, effective from May 2023 [3]. - The price adjustment had some positive impact on revenue but did not lead to significant profit growth [4]. Diversification Efforts - Pianzaihuang is actively seeking a "second growth curve" through diversification into cardiovascular drugs, cosmetics, and daily chemical products, but these new ventures have not yet contributed significantly to profits [5]. - The company's diversification strategy, initiated in 2014, includes a focus on pharmaceutical manufacturing as the core, with health products and cosmetics as supplementary areas [5]. Performance of New Ventures - Revenue from the cosmetics and daily chemical segments has been declining, with 2021 revenues of 840 million yuan down 7.05% year-on-year, and further declines in subsequent years [6]. - The company is facing challenges from both healthcare policy adjustments and a contracting consumer market, prompting a focus on core business operations [6]. Investment Strategies - Pianzaihuang has made several investments in industry funds within the past year, aiming to discover and cultivate new business growth points [6]. - The company’s investment management subsidiary plans to invest in health-related industries to reduce reliance on traditional products [6].