炎炎夏日，被蚊虫叮咬是常事，涂抹一点清凉油，便能迅速止痒消肿；咽喉肿痛时，含服一片西瓜霜含 片，冰凉的感觉会让嗓子舒服很多。在这些我们熟知的药物中，都有一个神秘的"功臣"——冰片。 冰片被誉为中药领域里的"清凉使者"，不仅能开窍醒神，还能消肿止痛，是传统中药里的珍贵之品。 从"龙脑香"到现代冰片 打开家庭药箱，含冰片的药品随处可见：缓解咽喉肿痛的西瓜霜含片、提神醒脑的风油精……这些药物 能清凉消肿止痛、快速起效，都离不开冰片的功劳。 在中成药领域，冰片更是"明星成分"：在安宫牛黄丸中，它能够开窍醒神，可用于中风昏迷患者的急 救；在复方丹参滴丸和速效救心丸中均含有冰片，可借助它来促进药物吸收，迅速缓解心绞痛症状；还 有一些外用药物如痔疮膏、滴眼液中也加入冰片，发挥清凉消肿止痛的功效。 但是，这并不意味着冰片就是能"包治百病"的神药。 警惕"万能药"陷阱 冰片的历史，最早可追溯到南北朝时期。当时东南亚的龙脑香树树脂传入中国，因其"状如云母，色如 冰雪"，古人称之为"神药"，将其命名为"龙脑"，也就是现在所说的冰片。当时，获取龙脑极其困难， 其产量也极低，因此只有贵族才能使用这味药材。 到了唐代，冰片更是受到了皇室 ...

Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [8]. Core Insights - The overall retail sales of traditional Chinese medicine (TCM) in pharmacies showed a year-on-year decline in Q1 2025, indicating pressure on the market [3][19]. - The report highlights stable rankings among major products in various therapeutic areas despite the overall sales decline [18]. Summary by Sections Overall Situation - The retail sales of TCM in pharmacies increased from 143.9 billion yuan in 2017 to 168 billion yuan in 2024, with a compound annual growth rate (CAGR) of 2.23%. However, Q1 2025 sales were 41.2 billion yuan, down 7.67% year-on-year, attributed to regulatory pressures and consumer downgrade [3][19]. Therapeutic Areas - **Cold and Heat Relief**: Sales decreased by 6.90% year-on-year in Q1 2025, with sales reaching 7.3 billion yuan, influenced by lower respiratory disease cases compared to the previous year [4][22]. - **Nutritional and Health Supplements**: Sales slightly declined by 1.01% year-on-year in Q1 2025, totaling 5.8 billion yuan, impacted by consumer downgrade and high sales in the previous year [5][25]. - **Cardiovascular Health**: Sales showed a slight decline of 2.98% year-on-year in Q1 2025, with sales at 10.4 billion yuan, reflecting stable market demand [6][28]. - **Musculoskeletal Health**: Sales increased by 0.68% year-on-year in Q1 2025, reaching 3.7 billion yuan, indicating long-term growth potential due to aging demographics [14][31]. - **Gastrointestinal Health**: Sales grew by 7.13% year-on-year in Q1 2025, totaling 16 billion yuan, reflecting a recovery in demand [34]. - **Cough and Phlegm Relief**: Sales dropped significantly by 26.80% year-on-year in Q1 2025, amounting to 4.8 billion yuan, primarily due to a high base effect from the previous year [15][37].

股票代码：600436 股票简称：片仔癀 漳州片仔癀药业股份有限公司 福建·漳州 二〇二五年六月二十日 漳州片仔癀药业股份有限公司 2024 年年度股东大会会议材料 漳州片仔癀药业股份有限公司 各位股东、股东代表： 根据中国证券监督管理委员会《上市公司股东会规则》和《漳州片仔 癀药业股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 公司 2024 年年度股东大会会议事项、投票表决等规定如下： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议 工作人员将对出席会议者的身份进行必要的核对，请被核对者给予配合。 二、股东及股东代表应于会议开始前入场；中途入场者，应经会议工作 人员的许可。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东 参加股东大会应认真履行其法定义务，不得侵犯公司和其他股东的合法权 益，不得扰乱股东大会的正常秩序。 四、要求发言的股东，应当按照会议的议程，经会议主持人许可方可发 言。有多名股东同时要求发言时，先举手者发言；不能确定先后时，由主 持人指定发言者。会议进行中只接受股东（含授权代表）发言或提问。股 东发言或提问应围绕本次会议议题进行，简明扼要，时间 ...

Core Viewpoint - Tongrentang reported a slight increase in revenue and net profit for Q1 2025, but concerns remain regarding the sustainability of this growth due to high inventory levels and declining sales of core products [2][3][4]. Financial Performance - In Q1 2025, Tongrentang achieved revenue of 5.276 billion yuan, a marginal increase of 0.16% compared to 5.267 billion yuan in Q1 2024 [3]. - The net profit attributable to shareholders was 582 million yuan, reflecting a year-on-year growth of 1.10% [3]. Inventory and Sales Concerns - The company faces significant inventory issues, with inventory turnover days increasing from 294.21 days in 2022 to 346.65 days in 2024 [6]. - Sales volumes for key product categories, such as cardiovascular and tonic products, decreased by 2.27% and 2.67% respectively [5][6]. Prepayment and Demand Weakness - Tongrentang's contract liabilities, particularly prepayments, halved year-on-year to 311 million yuan, indicating weak sales performance [8][9]. Cost Pressures - The company is experiencing substantial cost increases due to raw material price hikes, with natural cow bile prices rising nearly threefold from 430 yuan per gram in 2020 to 1700 yuan per gram in 2025 [10]. - The total inventory value increased from 9.316 billion yuan at the beginning of 2024 to 10.708 billion yuan by the end of the year, a growth of approximately 14.94% [10]. Profitability Challenges - The gross profit margin has declined by 3.34 percentage points in 2024, with retail and wholesale margins decreasing by 2.55 and 6.60 percentage points respectively [15]. - Despite price increases for products, the company’s ability to maintain profitability is under scrutiny as cost growth outpaces revenue growth [14][16].

投资者关系活动记录表 编号：20250520 | | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系 | □媒体采访业绩说明会 | | 活动类别 | □新闻发布会□路演活动 | | | □现场参观 □其他 | | 参与单位 | 参与公司 2024 年度暨 2025 年第一季度网上业绩说明会的投资 | | 及人员 | 者 | | 时间 | 2025 年 5 月 20 日 15:00—17:00 | | 地点及方式 | 全景网"投资者关系互动平台"（https://ir.p5w.net）网上交流 | | 公司接待 | 公司董事、总经理钱双喜先生，独立董事贾洪文先生，副总经 | | 人员姓名 | 理张英明先生，董事会秘书王军辉先生，财务总监岳金风女士。 | | | 公司在全景网"投资者关系互动平台"采用网络远程的方 | | | 式举行了 2024 年度暨 2025 年第一季度网上业绩说明会，公司 | | | 相关人员与参会投资者进行了充分的沟通交流，主要交流问题 | | | 及回复如下： | | | 1.公司在年报中强调了产品质量和品牌形象的重要性。请 | | | 问公司在 2024 ...

Core Viewpoint - Tongrentang is leveraging a multi-faceted strategic layout to enhance its performance in the health industry by extending its industrial chain, accelerating the transformation of scientific research results, and advancing digital transformation [1] Financial Performance - In Q1 2025, the company reported revenue of 5.276 billion yuan, a year-on-year increase of 0.16%, and a net profit attributable to shareholders of 582 million yuan, up 1.10% year-on-year [2] - The net cash flow from operating activities improved significantly from -252 million yuan in the same period last year to 833 million yuan, attributed to optimized raw material procurement and a more reasonable inventory structure [2] - Total assets reached 32.312 billion yuan, a 3.57% increase from the end of the previous year, while net assets attributable to shareholders grew by 4.38% [2] Product Development and Innovation - The company launched a new specification for the product "Angong Niuhuang Wan," focusing on both tradition and innovation to provide high-quality traditional Chinese medicine products [3] - Research efforts led to the completion of 11 quality standard studies and 4 efficacy studies on various traditional Chinese medicine products [2] Digital Transformation and Supply Chain Management - The year 2025 marks the beginning of the "Pharmaceutical Industry Digital Transformation Implementation Plan," which aims to enhance production efficiency and quality control through digital means [4] - Tongrentang is accelerating its digital transformation, focusing on supply chain management, production efficiency, and consumer services, with a commitment to transparency throughout the production and sales processes [4] - The company has implemented a traceability management system for traditional Chinese medicine, ensuring comprehensive supervision and openness across the entire industry chain [4] Technological Advancements - The upgraded Traditional Chinese Medicine Knowledge Graph System 3.0, integrated with the DeepSeek model, enhances the intelligent integration and interaction of TCM knowledge, significantly improving service capabilities [5] Policy Alignment and Long-term Growth - Tongrentang's long-term strategy aligns with national policies, particularly the ongoing "Healthy China" initiative and the revitalization of traditional Chinese medicine [6] - The company aims to achieve a control rate of 70% for key processes in the TCM industry by 2030, focusing on smart manufacturing and big data analysis [6] - The company demonstrates resilience and vitality as a time-honored TCM enterprise, with expectations for enhanced core competitiveness amid the digital transformation wave [7]

1、问：公司本期盈利水平如何？ 回答：您好。公司已于2025年4月26日披露了2025年第一季度报告，一季度公司实现营业收入21,612.47 万元，同比下降21.22%；实现归属于上市公司股东的净利润1,938.16万元，同比上升5.41%；经营活动 现金流净额为811.04万元，同比增长150.46%。 2025年05月20日，佛慈制药2024年度暨2025年第一季度网上业绩说明会在全景网顺利举行。出席本次业 绩说明会的人员有董事、总经理钱双喜、独立董事贾洪文、副总经理张英明、董事会秘书王军辉、财务 总监岳金风。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问21 个，公司嘉宾共回答问题21个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 2、问：公司在年报中强调了产品质量和品牌形象的重要性。请问公司在2024年采取了哪些措施来提升 品牌知名度和市场占有率？未来在市场拓展方面有哪些具体的战略规划？【征集问题】 回答：感谢您的提问。 2024年，公司采取了以下措施提升品牌知名度和市场占有率：一是以庆祝新中 国成立75周年和 ...

郭君仪 潍坊同致堂医药有限公司董事长 企业简介 潍坊同致堂医药有限公司（片仔癀体验馆潍坊店），位于奎文区文化路日报社周边，是隶属于福建漳州片仔癀药业股份有限公司的体验馆，也是漳州片仔 癀药业股份有限公司在潍坊地区惟一的合作伙伴，主营片仔癀品牌旗下所有产品，包含片仔癀、片仔癀胶囊、安宫牛黄丸、各类普药、燕窝、各类保健食 品、护肤品、洗化用品等。 片仔癀的主要成分是牛黄、麝香、三七、蛇胆等。功效为：清热解毒、凉血化瘀，消肿止痛之功效。用于热毒血瘀所致急慢性病毒性肝炎，痈疽疔疮，无 名肿毒，跌打损伤及各种炎症。 片仔癀胶囊的功效同上，公司为方便出差人群，不方便携带片仔癀锭剂的人群，直接将片仔癀用研磨机研末装胶囊壳，绝无任何添加。 安宫牛黄丸的功效是清热解毒，镇惊开窍。用于热病，邪入心包，高热惊厥，神昏谵语；中风昏迷及脑炎、脑膜炎、中毒性脑病、脑出血、败血症等。 作为防病养生之用时，简单来说以下人群都可以常备安宫牛黄丸，可以在惊蛰、夏至、霜降、冬至节气的时候用之防治未病： 1. 工作压力大，过度疲劳的中老年人群； 2. 抽烟、酗酒、熬夜等不规律生活方式的中老年人群； 3. 肥胖、高血压、癌症等疾病人群，或体检提示需要 ...

山东科源制药股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度业绩说明会的全体投资者 | | 时间 | 2025年04月30日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长、总经理 高春坡 | | | 副总经理、董事会秘书、财务负责人 李春桦 | | 上市公司接待人员姓名 | 独立董事 李文明 | | | 保荐代表人 王辉 | | | 1.对于25年的业绩增长有什么预期 答:尊敬的投资者您好：公司将继续专注于化学原料药及 | | 投资者关系活动主要内容 | 其制剂产品的研发、生产和销售。化学原料药方面，加大对现 | | 介绍 | 有主要品种二甲双胍、格列齐特、罗哌卡因及单硝酸异山梨酯 | | | 等原料药的销售，同时注重研发投 ...