ZZPZH(SH:600436) Mei Ri Jing Ji Xin Wen·2025-10-25 07:27Core Viewpoint - The company Pianzaihuang has reported its worst quarterly results, with both revenue and net profit declining in the first three quarters of the year, alongside a significant drop in the price of its once-scarce product, Pianzaihuang pills [2][9]. Group 1: Financial Performance - In the first three quarters of 2025, Pianzaihuang's revenue was 7.442 billion yuan, a year-on-year decrease of 11.93%, and 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 nearly a decade [9]. - In Q3 alone, the company achieved revenue of 2.064 billion yuan, a decline of 26.28%, and net profit of 687 million yuan, down 28.82% [9]. - The decline in net profit is attributed to reduced sales in the pharmaceutical manufacturing sector and a decrease in gross margin [9]. Group 2: Product Pricing and Market Dynamics - The price of Pianzaihuang pills has significantly dropped, with online platforms showing prices as low as 593.75 yuan per pill, which is more than 21% lower than the official guide price of 760 yuan [2][7]. - Previously, the pills were sold at inflated prices, reaching as high as 1,600 yuan per pill in 2021, reflecting a stark contrast to the current pricing situation [3][6]. - The market demand for Pianzaihuang pills has decreased, with reports indicating that sales in physical stores are low, and prices have fallen below the original price [6][9]. - The company had previously raised prices multiple times, with the most recent increase in May 2023 marking the largest hike in nearly two decades [3].