曾被炒到1600元/粒，如今价格大跌！公司市值较高点蒸发1800亿元

Core Viewpoint - The company Pianzaihuang, known as "Chinese Medicine Mao," has reported its worst quarterly results, with both revenue and net profit declining in the first three quarters of the year [1][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 the third quarter 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]. Group 2: Product Pricing and Market Dynamics - The price of Pianzaihuang's pill 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 [1][7]. - The pill's price had previously surged to as high as 1,600 yuan per pill in 2021, reflecting a drastic change in market demand and pricing dynamics [2][6]. - The company had raised the retail price from 590 yuan to 760 yuan in May 2023, marking the largest increase in nearly two decades, but the market's enthusiasm has since waned [2][6]. Group 3: Market Sentiment and Sales - Sales of Pianzaihuang's pills have declined, with reports indicating that some pharmacies are struggling to sell even a few pills per month due to high prices [6]. - The company’s core product, a liver disease medication, has seen a revenue decline of 9.41%, while costs have risen by 20.64%, leading to a significant contraction in profit margins [9]. - The overall market sentiment has shifted, with price inversions becoming common, indicating a lack of demand compared to previous years [6][7]. Group 4: Stock Market Impact - The company's stock price has been adversely affected, with its market capitalization dropping from a peak of 290 billion yuan in 2021 to 109 billion yuan as of October 24, 2025, representing a loss of 180 billion yuan in value [10].