新华财经南昌12月12日电（记者张新新崔璐）近两年来，我国中药材市场价格经历了一轮暴涨暴跌，走 势犹如"过山车"。记者在甘肃、安徽、江西等多地调研发现，虽然中药材价格正常波动属于市场常态， 但部分品种在短期内出现极端涨跌，已超出合理范围，不仅扰乱产业链稳定运行，也最终损害了药农、 企业和患者的利益。相关人士建议，应加强价格监测与市场监管，并通过科学规划种植、提升产业组织 化水平等措施，推动中药材行业迈向稳健发展。 价格骤变留下"产业伤痕" "今年猫爪草的价格波动相当夸张。"江西省樟树市的药材商熊伏明告诉记者，平时每公斤70至80元， 2023年初开始涨，今年3月一度冲到1100元，现在却只剩46元。这种外形似猫爪、用于化痰散结的药 材，在三年内上演了"过山车"行情。 在甘肃等主产区，黄芪、党参、当归、甘草等大宗药材价格也普遍下行。甘肃成源堂药业负责人周江辉 表示，当地主流药材价格同比平均下跌约40%，例如党参从每公斤120元跌至50元左右，黄芪鲜货价格 也从每公斤7元多降至4.5元上下。 康美·中国中药材价格总指数显示，自2024年7月以来，中药材价格持续走低。而在本轮下跌前，中药材 价格曾保持较长时间高位运 ...

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

Core Viewpoint - The report highlights the financial performance of Pizhou Huang (片仔癀) in 2024, indicating a net profit of 2.977 billion yuan, with a growth rate of 6.42%, which is close to the level seen in 2015. The company faces challenges due to rising prices of key medicinal materials, particularly musk, cow bile, and snake gall, which are expected to exert cost pressure on its product line in the future [1][2]. Group 1: Financial Performance - Pizhou Huang achieved a net profit of 2.977 billion yuan in 2024, reflecting a growth rate of 6.42% [1]. - The company has implemented price increases for its products to offset rising raw material costs, with the price of its pill form rising from 590 yuan to 760 yuan per unit in 2023 [2]. Group 2: Raw Material Costs - The prices of key raw materials, such as natural cow bile, have seen significant increases, with the price rising from 570,000 yuan per kilogram at the beginning of 2023 to 1.7 million yuan per kilogram by early 2025, marking a 198.25% increase [1]. - The supply of natural cow bile is under pressure due to high demand and limited domestic production, with an estimated annual demand of 5,000 to 6,000 kilograms against a domestic production of only about 900 kilograms [3]. Group 3: Market Dynamics - The recent policy changes allowing the import of cow bile are expected to alleviate some supply constraints, with a pilot program set to begin in April 2025, allowing imports from countries free of mad cow disease [4][5]. - The pilot program aims to balance the market prices of medicinal materials and ease the pressure on pharmaceutical manufacturers facing raw material shortages [5]. Group 4: Strategic Responses - Pizhou Huang plans to strategically procure and reserve key raw materials to manage costs effectively, as the company anticipates continued high prices for cow bile despite the new import policies [6].