ZZPZH(SH:600436) Sou Hu Cai Jing·2025-10-31 10:47Core Viewpoint - The company Pianzaihuang, known as "the king of traditional Chinese medicine," is currently facing significant challenges, including declining sales and profits, despite previous price increases [2][3]. Sales and Pricing - Pianzaihuang's retail price for its pill has increased from 325 yuan to 760 yuan between 2004 and 2023, marking the largest price hike in nearly two decades [2]. - Sales have decreased significantly, with reports indicating that the product is now being sold at discounts below the official price of 760 yuan on some e-commerce platforms [2]. Financial Performance - For the first three quarters of 2025, Pianzaihuang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74% [2]. - The third quarter of 2025 was particularly poor, with revenue dropping to 2.064 billion yuan, a decline of 26.28%, and net profit falling to 687 million yuan, down 28.82% [3]. - The company's non-recurring net profit saw a dramatic decline of 54.6%, indicating a significant drop in its core business profitability [3]. Market Capitalization and Stock Performance - Pianzaihuang's stock price has plummeted from a peak of 491.88 yuan per share in July 2021 to 187.09 yuan per share as of October 20, 2025, resulting in a market capitalization loss of nearly 180 billion yuan [3]. - As of September 30, 2025, 52 funds held shares in Pianzaihuang, primarily ETFs and index funds, with limited representation from actively managed funds [3]. Fund Management Performance - The fund managed by Fan Jie, which has a significant holding in Pianzaihuang, has shown negative returns over various time frames, indicating underperformance relative to peers [7][9]. - Fan Jie has been managing the fund for over six years, but recent performance metrics suggest a decline in investment capability, contrasting with her position as a vice president at the fund [10].