ZZPZH(SH:600436) Huan Qiu Wang·2025-10-25 10:23Core Viewpoint - The popularity of Pian Zai Huang, known as the "Moutai of medicine," is declining, as evidenced by its poor performance in the latest quarterly report, with both revenue and net profit experiencing significant declines [1][10]. Company Performance - For the first three quarters of 2025, Pian Zai Huang reported revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and net profit of 2.129 billion yuan, down 20.74% [10]. - This marks the first negative growth in revenue and net profit for the company in the past decade [10]. - 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% [11]. - The decline in net profit is attributed to reduced sales in the pharmaceutical manufacturing sector and a decrease in gross margin [11]. Product Pricing and Market Dynamics - The price of Pian Zai Huang pills has seen a dramatic drop, with previous prices reaching as high as 1,600 yuan per pill, now selling for as low as 593.75 yuan on platforms like JD [3][8]. - The market has experienced a saturation of supply, leading to a significant decrease in second-hand recovery prices for the product [5]. - As of October 23, 2025, the retail price of Pian Zai Huang pills in physical stores has fallen below the original price, with some stores offering discounts [7]. - Online platforms show a price discrepancy, with prices on Meituan at 629 yuan and on Tmall at 760 yuan, indicating a price inversion [7][8]. Market Sentiment - The overall market sentiment towards Pian Zai Huang has cooled significantly, with reports of low sales volumes and a general lack of consumer interest [7]. - The company’s core product, liver disease medication (Pian Zai Huang), has particularly underperformed, with revenue down 9.41% while costs have risen by 20.64%, leading to a reduced profit margin of 61.11% [11]. - The company's market capitalization has decreased from a peak of 290 billion yuan to approximately 109 billion yuan, reflecting a loss of 180 billion yuan in value [11].