一代“神药”，也卖不动了！

Core Viewpoint - The company Pianzaihuang has ended its decade-long growth story, reporting significant declines in revenue and net profit for the first three quarters of 2025, indicating challenges to its previously successful growth model based on scarcity and price increases [1][2][3] Financial Performance - For the first three quarters of 2025, Pianzaihuang 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][2] - In Q3 2025, revenue was 2.064 billion yuan, down 26.28% year-on-year, with net profit at 687 million yuan, a decline of 28.82% [1][2] - The company's core business, pharmaceutical manufacturing, saw revenue of 4.016 billion yuan, accounting for 54.09% of total revenue, but experienced a 12.93% decline in revenue and a 7.51 percentage point drop in gross margin to 59.38% [2][3] Product Performance - The core product, Pianzaihuang liver disease medication, generated revenue of 3.880 billion yuan, down 9.41% year-on-year, with a gross margin decrease of 9.68 percentage points to 61.11% [3] - The newly acquired product, Angong Niuhuang Wan, faced a significant decline, with revenue of 93.44 million yuan, down 65.20% year-on-year [3] Market Sentiment - Following the release of the Q3 report, Pianzaihuang's stock price fell by 5.78% on the first trading day, closing down 4.71% at 187.09 yuan per share [4] - The company's inventory has risen to over 6.16 billion yuan, up from 4.97 billion yuan at the end of the previous year, indicating weak sales [4] Historical Context - Pianzaihuang was once celebrated as the "Moutai of medicine," with a market capitalization that peaked above 290 billion yuan, but has since lost nearly 180 billion yuan in value [1][2] - The company had previously enjoyed a high price-to-earnings ratio of 160 times and a market cap nearing 300 billion yuan during its peak [3] Supply Chain and Cost Issues - The cost structure of Pianzaihuang is heavily reliant on rare raw materials, which account for over 90% of total costs, making it vulnerable to price fluctuations [7][8] - The price of natural cow bile, a key ingredient, has surged from approximately 350,000 yuan per kilogram in 2019 to around 1.7 million yuan per kilogram in 2025, significantly impacting profit margins [7][8] Strategic Shifts - The company plans to explore new market channels, including traditional medicine, medical aesthetics, and high-end elderly care, in an attempt to revitalize demand [12]