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]

经济观察报作者许梦旖 4月26日，片仔癀（600436）(600436.SH)发布2024年年报。报告期内，片仔癀实现归母净利润29.77亿 元，增速回落至6.42%，接近2015年水平。 片仔癀在公告中表示，重要药材品种价格的波动对公司系列产品的成本产生了一定的影响；从长期看， 麝香、牛黄及蛇胆的价格呈上涨趋势，未来还将对公司系列产品成本产生压力。 4月27日，片仔癀董秘办工作人员向记者表示，公司将持续关注主要大品种或重要药材市场行情，提前 布局，适时加大战略性采购储备，以最大限度控制成本。 片仔癀系列产品涉及的药材主要包括麝香、牛黄、蛇胆、三七等。目前，天然牛黄等核心中药材原料的 价格仍在持续攀升。根据康美中药网的数据统计，2025年初，天然牛黄的市场价格为170万元/公斤，相 比2023年初的57万元/公斤已提升198.25%。 原料价格攀升 华鑫证券最新研报显示，天然牛黄作为牛科动物病理产物，通常在5岁以上老牛体内自然形成，发现概 率1%至2%，来源稀缺。对此，华鑫证券测算，国内天然牛黄产量在900公斤左右，而市场需求量为 5000至6000公斤，处于供不应求状态。 原料价格的攀升，也是相关中药材上市 ...