ZZPZH(SH:600436) Mei Ri Jing Ji Xin Wen·2025-10-25 07:16Core Viewpoint - The company Pianzaihuang, known as "Chinese Medicine Mao," has reported its worst third-quarter results, with both revenue and net profit declining in the first three quarters of the year [1]. Revenue and Profit Decline - In the first three quarters, Pianzaihuang's revenue was 7.442 billion yuan, a year-on-year decrease of 11.93%, while net profit was 2.129 billion yuan, down 20.74% [9]. - This marks the first negative growth in revenue and net profit for Pianzaihuang in the past decade [10]. Price Trends of Pianzaihuang Pills - The price of Pianzaihuang pills, once highly sought after, has significantly dropped, with online platforms showing prices as low as 593 yuan per pill, which is over 21% lower than the official guide price of 760 yuan [2][7]. - The price of Pianzaihuang pills had previously surged to as high as 1,600 yuan per pill in 2021, reflecting a stark contrast to the current pricing situation [3]. Market Demand and Sales Performance - The market demand for Pianzaihuang pills has sharply declined, with reports indicating that sales are not optimistic, and prices have decreased from last year's levels [6]. - A chain pharmacy reported that the sales volume of Pianzaihuang pills has dropped significantly, with some months selling only a few pills [6]. Impact on Core Products - The core product, a liver disease medication (Pianzaihuang), has seen a revenue decline of 9.41%, while costs have increased by 20.64%, leading to a reduced profit margin of 61.11% [10]. - The pharmaceutical manufacturing segment, which accounts for a significant portion of total revenue, also experienced a revenue decline of 12.93% [10]. Stock Market Performance - Pianzaihuang's market capitalization has decreased significantly, from a peak of 290 billion yuan in 2021 to approximately 109 billion yuan as of October 24, 2025, representing a loss of about 180 billion yuan in market value [10].