从上千元一粒骤降至六七百元，片仔癀为何“卖不动”了

Core Insights - The company Pizhou Huang has reported its first decline in both revenue and net profit in nearly a decade for Q3 2025, indicating a significant downturn in performance [5][7] - The price of Pizhou Huang's product has dropped significantly from a peak of 1600 yuan per unit to below the official retail price of 760 yuan, leading to poor sales performance [1][4] Financial Performance - For the first three quarters of 2025, the company'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% [5] - In Q3 2025 alone, revenue fell to 2.064 billion yuan, a decline of 26.28%, with net profit at 688 million yuan, down 28.82% [7] - The company's inventory has increased to 6.16 billion yuan, up 24.02% from the beginning of the year and 34.9% year-on-year [7] Market Dynamics - The product's sales have significantly decreased, with many pharmacies reporting monthly sales of only two to five units, despite the product's historical popularity [1][3][4] - The price of the product has been stable around 720-760 yuan in various pharmacies, with some online platforms offering even lower prices [4][8] Industry Trends - The company is facing a structural adjustment from a marketing-driven approach to a value-driven one, as consumer behavior shifts towards more rational purchasing decisions [8][9] - Rising raw material costs, particularly for key ingredients like natural musk and cow bile, have pressured profit margins, contributing to the decline in sales [8][9]