ZZPZH(SH:600436) Xin Lang Cai Jing·2025-12-09 23:16Core Viewpoint - The investment sentiment around Pian Zai Huang remains strong despite recent poor financial performance, as notable investor Lin Yuan continues to hold his shares, indicating confidence in the company's long-term value [1][7]. Financial Performance - For the first three quarters of 2025, Pian Zai Huang reported revenue of 7.442 billion yuan, a year-on-year decline of 11.93% [1][7]. - The net profit attributable to shareholders for the same period was 2.129 billion yuan, down 20.74% year-on-year [1][7]. - The third quarter alone saw revenue drop to 2.064 billion yuan, a decrease of 26.28%, with net profit falling to 687 million yuan, down 28.82% [2][8]. Inventory and Cash Flow - As of the latest report, inventory increased to 6.16 billion yuan, reflecting a growth of 24.02% since the beginning of the year [1][7]. - The cash flow from operating activities showed a significant decline, with a drop of 62.53% year-on-year [9]. Market Valuation - The market capitalization of Pian Zai Huang peaked at over 290 billion yuan in 2021 but has since fallen to approximately 101.1 billion yuan, representing a loss of about 188.9 billion yuan [9][11]. - The stock price has decreased by over 60% from its peak, currently standing at 167.53 yuan per share [9][11]. Product Pricing - The price of Pian Zai Huang's medicinal products has significantly decreased, with the price of a 3g pill dropping to between 614 yuan and 760 yuan, reflecting a reduction of over 15% from the official retail price [5][11].