“中药茅”片仔癀业绩失速

Core Viewpoint - Pizhouhuang (片仔癀) has experienced its first half-year decline in both revenue and net profit since its listing, with revenue down 4.81% to approximately 5.379 billion yuan and net profit down 16.22% to approximately 1.442 billion yuan in the first half of 2025 [3][7]. Group 1: Financial Performance - The company's revenue and net profit have both declined for the first time in its history, with revenue showing a negative growth rate and net profit declining by more than 10% [7]. - The pharmaceutical manufacturing segment saw a revenue increase of 3.15%, but the overall revenue decline was driven by significant drops in the pharmaceutical distribution and cosmetics segments, which fell by double digits [3][10]. - The gross margin for the core product, Pizhouhuang tablets, decreased by 10.89%, reflecting increased cost pressures from raw materials [3][8]. Group 2: Sales and Inventory - The sales of liver disease medications decreased by 7.63%, with a total of 4.1886 million boxes sold, indicating reduced enthusiasm from distributors [9]. - As of June 30, 2025, the company's inventory was approximately 5.743 billion yuan, with raw materials accounting for about 3.896 billion yuan [10]. - The company reported a significant decrease in contract liabilities, down 38.57% from the beginning of the year, primarily due to a reduction in prepayments received [9]. Group 3: Accounts Receivable - Accounts receivable increased by approximately 25% compared to the end of 2024, reaching a record high of 1.016 billion yuan, which is about 20% of the current revenue [11]. - The aging of accounts receivable indicates a growing trend since 2021, with the increase in accounts receivable outpacing revenue growth [11]. Group 4: Research and Development - The company is continuing to invest in research and development, with R&D expenses increasing by 3.65% to approximately 120 million yuan, despite only accounting for about 2% of revenue [12]. - Pizhouhuang is focusing on the "Round Mountain Plan" to promote the integration of traditional Chinese medicine and has opened 66 new medical centers [12]. Group 5: Future Investments - The company is involved in several major non-equity investments, including a new technology building with a total investment of approximately 1 billion yuan and a health and beauty park with an estimated investment of 1.68 billion yuan [12][13]. - As of the first half of 2025, the cumulative investment in the technology building and health beauty park was 37.42% and 9.45% of the budget, respectively [13].