原料涨价与库存联合夹击，片仔癀盈利失速

Core Viewpoint - The financial performance of Pizhou Pharmaceutical (片仔癀) is deteriorating, with significant declines in revenue and net profit in the first three quarters of the year, raising concerns about its profitability and operational efficiency [1][2][4]. Financial Performance - For the first three quarters, Pizhou Pharmaceutical reported revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74% [1]. - In Q3 alone, revenue and net profit fell by 26.28% and 28.82%, respectively [1]. - The core pharmaceutical manufacturing segment's gross margin decreased by approximately 7.5 percentage points compared to the same period last year [1][6]. Revenue Breakdown - The pharmaceutical manufacturing segment generated revenue of 4.016 billion yuan, down 12.93%, with a gross margin of 59.38%, a decline of 7.51 percentage points [2]. - The pharmaceutical distribution segment's revenue was 2.887 billion yuan, down 8.45%, with a gross margin of 8.64%, a decrease of 4.19 percentage points [2]. - The cosmetics segment reported revenue of 400 million yuan, down 23.82%, with a gross margin of 61.79%, a decline of 1.28 percentage points [2]. Inventory and Cash Flow - As of September 2025, Pizhou Pharmaceutical's inventory balance was 6.16 billion yuan, an increase of 24.02% from the beginning of the year, while accounts receivable rose by 23.05% to 967 million yuan [6]. - The company's operating cash flow net amount decreased by 62.53% year-on-year, amounting to only 487 million yuan, indicating a significant cash flow strain [6]. Cost Pressures - Rising raw material prices, particularly for key ingredients like musk and cow bile, are compressing profit margins [7]. - The company has implemented strategies such as strategic reserves and artificial breeding of musk to secure raw material supply, but high costs continue to impact gross margins [7]. Strategic Investments - Pizhou Pharmaceutical has been actively participating in multiple industry funds to seek strategic opportunities, having invested in five health-related equity investment funds since 2023 [10][12]. - Each fund has a target size of 1 billion yuan, with Pizhou committing 200 million yuan to each, representing 20% of the fund size [10]. - The funds focus on the health sector, including traditional Chinese medicine, biopharmaceuticals, and medical devices, with a preference for projects related to Pizhou's industry chain [10]. Market Reaction - The market response to Pizhou's fund investments has been lukewarm, with a greater emphasis on restoring core business performance and gross margin recovery [14].