一代“神药”，也卖不动了

Core Viewpoint - The article discusses the significant decline in the performance of Pizhou Huang, a company once celebrated for its rapid growth and high market valuation, highlighting its recent financial struggles and the challenges it faces in maintaining its previous growth model [5][9][24]. Financial Performance - In the third quarter of 2025, Pizhou Huang reported a revenue of 20.64 billion yuan, a year-on-year decrease of 26.28%, and a net profit of 6.87 billion yuan, down 28.82% [5][10]. - For the first three quarters of 2025, total revenue was 74.42 billion yuan, representing an 11.93% decline, while net profit fell by 20.74% to 21.29 billion yuan [5][10]. - The company's core pharmaceutical manufacturing segment saw a revenue drop of 12.93%, with a gross margin decrease of 7.51 percentage points to 59.38% [10][11]. Market Dynamics - Pizhou Huang's market value has decreased significantly, from a peak of 290 billion yuan to 111.8 billion yuan, losing nearly 180 billion yuan in market capitalization [5][9]. - The company is experiencing a shift in consumer behavior, with reduced demand for its products as middle-class consumers tighten their spending [7][24]. Product Performance - The core product, a liver disease medication, generated 38.80 billion yuan in revenue, down 9.41% year-on-year, while another key product, the Angong Niuhuang Wan, saw a dramatic revenue drop of 65.20% to 934.36 million yuan [13][24]. - The company has faced challenges in maintaining its pricing strategy, with actual market prices for its products falling below official retail prices, indicating a disconnect between supply and demand [24][25]. Cost Structure - The rising costs of raw materials, particularly natural ingredients like cow bile and musk, have significantly impacted profit margins, with cow bile prices soaring from approximately 350,000 yuan per kilogram in 2019 to around 1.7 million yuan per kilogram in 2025 [22][23]. - The company has historically relied on price increases to offset rising costs, having raised prices over 20 times since its listing in 2003, but this strategy has begun to falter [23][24]. Strategic Response - In response to declining sales, Pizhou Huang plans to explore new market channels, including traditional medicine, aesthetic medicine, and high-end elderly care, to create new consumption scenarios [25].