“药中茅台”卖不动，片仔癀业绩持续下滑

Core Viewpoint - The article highlights the declining sales and profitability of Pianzaihuang (片仔癀), particularly its flagship product, Pianzaihuang pill, which has seen a significant drop in retail prices and sales performance amid a cooling market [3][4][12]. Financial Performance - In the first three quarters of this year, Pianzaihuang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 2.129 billion yuan, down 20.74% [6][7]. - The decline in net profit in the third quarter exceeded the 16.22% drop observed in the first half of the year [7]. - The pharmaceutical manufacturing segment generated a revenue of 4.016 billion yuan, down 12.93% year-on-year [7]. Product Performance - The liver disease medication segment, which includes Pianzaihuang pills, generated 3.88 billion yuan in revenue, a decrease of 9.41% year-on-year [8]. - The gross margin for the liver disease medication segment has dropped from over 81% before 2023 to 61.11% in the first three quarters of this year, a decline of 9.68 percentage points [13]. Market Dynamics - The retail price of Pianzaihuang pills has fallen below the official price of 760 yuan, with some online platforms offering prices around 570 yuan [3][13]. - The company’s pricing strategy and market conditions have contributed to the weak sales performance, with a noted lack of resource allocation to expand into lower-tier markets [14]. Inventory Concerns - The inventory amount for Pianzaihuang has increased to 6.16 billion yuan, up 34.9% from 4.566 billion yuan in the same period last year [16].