大幅下降！千亿“中药茅”财报出炉

Core Viewpoint - The company Pianzaihuang reported a significant decline in both growth and profitability for the third quarter of 2025, with net profit dropping nearly 30% compared to the previous year [2]. Financial Performance - For Q3 2025, Pianzaihuang's operating revenue, net profit, and net profit excluding non-recurring gains and losses were 2.064 billion yuan, 687 million yuan, and 438 million yuan, respectively, representing declines of 26.28%, 28.82%, and 54.6% year-on-year [2][3]. - For the first three quarters of 2025, the company's revenue, net profit, and net profit after excluding non-recurring gains and losses were 7.472 billion yuan, 2.129 billion yuan, and 1.891 billion yuan, showing year-on-year declines of 11.93%, 20.74%, and 30.38% [2][3]. - The net cash flow from operating activities decreased by 62.53% for the first three quarters of the year [3]. Reasons for Decline - The decline in net profit is primarily attributed to reduced sales in the pharmaceutical manufacturing industry and a decrease in gross profit margin [4]. - The drop in operating cash flow is mainly due to a decrease in cash received from the sale of goods and services [4]. Inventory and Market Position - As of the end of Q3 2025, the company's inventory has grown rapidly, exceeding 6 billion yuan, indicating a slowdown in sales [4]. - Pianzaihuang is recognized as a leading traditional Chinese medicine manufacturer, with its core product being a national-level protected traditional Chinese medicine [8]. Shareholder Activity - The major changes among the top shareholders include a significant reduction of nearly 9 million shares (45.43%) by Hong Kong Central Clearing, which represents northbound capital, while the controlling shareholder, Zhangzhou State-owned Assets, slightly reduced its holdings by 750,000 shares [6].