4年跌去1800亿，“药茅”片仔癀跌落神坛？

Core Viewpoint - The myth surrounding the "medicine Maotai" is gradually collapsing, as evidenced by the significant decline in the prices and performance of Pizhouhuang, a well-known traditional Chinese medicine [1][2]. Group 1: Price and Performance Decline - Pizhouhuang's price has dropped from a peak of 1600 yuan per piece to around 600 yuan, even below the official guidance price of 760 yuan [2][10]. - Since its historical high in July 2021, Pizhouhuang's stock price has decreased by 60%, with its market capitalization shrinking from nearly 300 billion yuan to approximately 105.9 billion yuan, resulting in a loss of over 180 billion yuan [3][12]. - The company reported its worst performance ever in Q3 2025, with revenue down 11.93% and net profit down 20.74% year-on-year [12][16]. Group 2: Cost and Margin Pressures - The gross margin of Pizhouhuang has fallen below 40% for the first time in a decade, with the gross margin of its core product series dropping nearly 10 percentage points [17][18]. - The price of key raw materials, such as natural bezoar, has surged over 400% since 2019, while the price of natural musk has also increased by over 200% in recent years [19][20]. Group 3: Market Dynamics and Sales Challenges - The decline in sales volume has led to a price inversion in the retail market, where high prices have resulted in lower sales, creating a vicious cycle [20][22]. - The market's enthusiasm for Pizhouhuang has waned following the end of speculative trading, contributing to the company's struggles [23][28]. Group 4: Strategic Challenges and Future Outlook - Pizhouhuang's efforts to diversify its product line have not yet yielded significant results, with its cosmetics business revenue declining by 23.82% in Q3 2025 [31][35]. - The company has made several acquisitions and investments to seek new growth avenues, but these initiatives have not produced notable outcomes so far [39][41]. - Despite the challenges, Pizhouhuang retains its status as a leading player in the liver disease treatment market, with its unique formula and brand still providing a competitive edge [45][46].