1200亿“药茅”，频繁设立基金

Core Viewpoint - Pianzaihuang has invested 200 million RMB to establish an investment fund, collaborating with related parties to enhance its presence in the health industry [2][5][12]. Investment Activities - Pianzaihuang's subsidiary, Pianzaihuang Investment, is investing 200 million RMB in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership, accounting for 20% of the fund's target size [2]. - This is not the first time Pianzaihuang has partnered with related parties to set up funds; previous investments include the Zhangzhou Yuanshan Health Industry Investment Fund and the Pianzaihuang Yingke Fund, both with similar investment amounts and ownership percentages [5][7]. - In March 2023, Pianzaihuang Investment also committed 200 million RMB to the Zhaoying Fund, which has a planned scale of 1 billion RMB, focusing on biomedicine and medical services [9]. Shareholder Involvement - The controlling shareholder of Pianzaihuang is Jiulongjiang Group, which has consistently participated as a core investor in the funds established by Pianzaihuang [13][15]. - In the Yuanshan Fund, Jiulongjiang Group's subsidiary contributed 150 million RMB, while another subsidiary contributed 30 million RMB [15]. Financial Performance - In Q1 2023, Pianzaihuang reported revenue of 3.142 billion RMB, a year-on-year decline of 0.92%, marking the first quarterly negative growth in nearly a decade [18]. - The net profit attributable to shareholders was 1 billion RMB, an increase of 2.59% year-on-year, but the gross margin faced significant pressure, particularly in the liver disease medication segment, which saw a decrease of 12.39 percentage points [18][20]. Cost Pressures - The decline in gross margin is attributed to rising costs of key raw materials, with the price of natural cow bile remaining high at 1.6 million RMB per kilogram [20]. - Pianzaihuang plans to closely monitor changes in raw material prices and industry policies to improve risk management and enhance profit levels [20].