“药中茅台”卖不动，片仔癀业绩持续下滑

Core Viewpoint - The price of Pianzaihuang pills, known as the "Maotai of medicine," has fallen below the official retail price, indicating a decline in sales and overall performance for the company Pianzaihuang (600436.SH) [1][5]. Group 1: Sales Performance - In the first three quarters of this year, Pianzaihuang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 2.129 billion yuan, down 20.74% year-on-year [2]. - The decline in net profit has accelerated, with a drop of 20.74% in the first three quarters compared to a 16.22% decline in the first half of the year [2]. - The pharmaceutical manufacturing sector, which includes Pianzaihuang pills, saw a revenue of 4.016 billion yuan, down 12.93% year-on-year [2]. Group 2: Product Pricing and Market Dynamics - The retail price of Pianzaihuang pills has been observed to be as low as 570 yuan on various e-commerce platforms, significantly below the official price of 760 yuan [1][5]. - The factory price for Pianzaihuang pills is reported to be below 600 yuan, affecting the pricing strategy in the market [5]. - The gross margin for the liver disease medication segment, which includes Pianzaihuang pills, has decreased from over 81% before 2022 to 61.11% in the first three quarters of this year, a drop of 9.68 percentage points [6]. Group 3: Market Challenges - The sales of Pianzaihuang pills are closely linked to the company's overall performance, with a significant drop in sales leading to a decline in net profit [3]. - The company has faced challenges in expanding its market presence, particularly in lower-tier markets, and has not effectively collaborated with major pharmacy chains [6]. - The unclear positioning of Pianzaihuang pills in the market, combined with a decline in the sales of related products like liquor, has contributed to the overall sales decline [7]. Group 4: Inventory Concerns - The company's inventory has increased significantly, reaching 6.16 billion yuan by the end of the third quarter, up 34.9% from 4.566 billion yuan in the same period last year [7].