ZZPZH(SH:600436) 36氪·2026-01-07 00:33Core Viewpoint - The article discusses the decline of the pharmaceutical company Pian Zai Huang, once dubbed the "Moutai of medicine," highlighting its significant drop in stock price and market value, as well as the fading allure of its products in the market [4][5][10]. Group 1: Company Performance - Pian Zai Huang's stock price has plummeted by two-thirds from its peak in 2021, with its market capitalization shrinking from 300 billion to 100 billion [21][22]. - The company reported its worst quarterly results in nearly 20 years, with revenue and net profit both declining for the first time, and a 54.6% year-on-year drop in non-recurring net profit [7][8]. - The price of Pian Zai Huang's product has dropped from over 1500 yuan to around 600 yuan, indicating a severe price inversion compared to its official price [6][27]. Group 2: Market Dynamics - The once high demand for Pian Zai Huang has diminished, with the product no longer being a sought-after commodity among resellers, leading to a significant decrease in its market value [30][29]. - The company attempted to diversify its product offerings, including entering the market with An Gong Niu Huang Wan, but faced stiff competition from established brands [36][38]. - Efforts to expand into beauty and daily chemical sectors have not compensated for the decline in its core pharmaceutical business, resulting in the largest revenue drop in these segments [43][42]. Group 3: Historical Context and Brand Perception - Pian Zai Huang's price has increased significantly since its listing in 2003, with a sixfold increase from 125 yuan to 760 yuan by 2023, outperforming inflation and other investment vehicles [49][50]. - The product was once considered a "hard currency" in the market, but the perception has shifted as consumers realize that holding the product no longer guarantees appreciation in value [30][31]. - The brand's mystique was built on its secret formula and the rarity of its natural ingredients, but the over-reliance on a single product has left the company vulnerable during market downturns [95][96][46].