ZZPZH(SH:600436) Ge Long Hui·2025-10-21 08:24Core Insights - The report from Zheshang Securities indicates that Pianzihuang achieved a net profit attributable to shareholders of 2.129 billion yuan in the first three quarters, representing a year-on-year decline of 20.74%. In the third quarter alone, the net profit was 688 million yuan, down 28.82% year-on-year [1] Financial Performance - The company's performance is under short-term pressure, particularly in liver disease medications, which are affected by channel and gross margin issues. However, growth in liver disease medications is expected to gradually improve starting from Q4 2025 [1] - The projected net profits for the company from 2025 to 2027 are estimated at 2.529 billion yuan, 2.679 billion yuan, and 2.881 billion yuan, reflecting year-on-year changes of -15.04%, +5.93%, and +7.53% respectively [1] Market Position and Outlook - The company is expected to see a significant increase in the number of experience centers and Guoyao Tang outlets by September 2025, alongside a continuous decline in the price of natural cow bile, which should alleviate revenue and gross margin pressures for liver disease medications starting from Q4 2025 [1] - Given the company's strong brand power and high barriers due to exclusive products, along with minimal impact from centralized procurement, the gross margin is anticipated to recover. The report maintains a "buy" rating for the stock [1]