“药茅”片仔癀十年增长神话终结多元化战略步履维艰

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, marking the end of its growth narrative, primarily due to rising raw material costs and a heavy reliance on a single product line [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 5.379 billion yuan, a year-on-year decrease of 4.81% [1]. - The net profit attributable to shareholders was 1.442 billion yuan, down 16.22% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 1.453 billion yuan, a decline of 17.04% compared to the previous year [1]. - The net cash flow from operating activities was 376 million yuan, with a net cash ratio of 0.26, indicating over 70% of profits were tied up in accounts receivable and inventory [1]. Raw Material Challenges - The company has been stockpiling strategic materials like natural musk and cow bile to hedge against raw material price fluctuations, leading to significant capital being tied up in inventory [1]. - The price of natural cow bile reached 1.7 million yuan per kilogram in the first half of 2025, with a continuous supply-demand gap [2]. Pricing Strategy - The company has raised prices over 20 times since its listing in 2003, but the effectiveness of this strategy is diminishing, with price discrepancies observed between official and market prices [2]. Product Dependency - The company remains heavily reliant on liver disease medications, which generated 2.896 billion yuan in revenue, a 9.70% increase, but with a significant cost increase of 52.98% [2]. - Other product revenues, including cardiovascular medications and cosmetics, saw substantial declines, with cardiovascular drug revenue dropping 71.04% to 601 million yuan [2]. R&D and Innovation - The company is advancing two new drug projects and has 18 ongoing research projects, but its R&D expenditure of 120 million yuan represents only 2.23% of its revenue, which is low compared to industry leaders [3]. - The company invested nearly 1 billion yuan in a new technology building, raising questions about the rationality of resource allocation [3].