4月29日晚间，中药行业头部企业片仔癀（600436）(600436.SH)披露2025年一季度报告。回顾2024年， 在"提价红利"的推动下，去年一季度公司业绩曾实现了近27%的增速。至今年一季度，虽然"提价红 利"逐步消退、天然牛黄涨价，以及消费不振等不利因素为增长带来多重压力，但2025年一季度公司业 绩仍实现了2.59%的同比增速，归母净利润达到约10.00亿元。 业绩表现坚挺的背后，业务的守正创新功不可没。年初以来，片仔癀公司迎难而上，不仅在品牌营销上 举措频频，近年来坚定推动中药创新研发，成果也已陆续显现。 央视背书品牌价值，拥抱AI推动中药现代化 以新药研发为例，就在今年3月，公司在研中药1.1类新药养巢颗粒IND获批，主要用于卵巢储备功能减 退；今年4月公司公告，以收购的方式获得山东康众宏旗下1.1类新药温肺定喘颗粒的全部权益。时至今 日，公司中药新药在研管线已达12个，其中不乏已进入Ⅱ期临床甚至Ⅲ期的药品，未来有望在片仔癀系 列产品外，为公司构建起新的业绩支柱。 与此同时，围绕核心产品片仔癀的二次开发也正持续推进。据悉，3月5日由片仔癀公司在全国32家中心 开展的"片仔癀用于原发性肝癌根治性 ...

Core Viewpoint - Pianzaihuang's acquisition of "Wenfei Dingchuan Granules" marks its entry into the respiratory market, with potential for becoming the first approved proprietary traditional Chinese medicine (TCM) in this field, indicating a significant market opportunity [1][2] Group 1: Acquisition Details - Pianzaihuang acquired all rights to the TCM "Wenfei Dingchuan Granules" for 13.58 million yuan, aiming to expand into the treatment of chronic obstructive pulmonary disease (COPD) [1][2] - The granules are designed to treat lung and kidney qi deficiency and phlegm obstruction in stable COPD patients, with no similar TCM products currently approved in China [2] Group 2: Market Potential and Challenges - The global burden of COPD results in over 3 million deaths annually, with predictions indicating that by 2030, China will see 1.0554 million deaths from COPD due to aging, smoking, and air pollution [2] - Despite the promising market outlook, Pianzaihuang faces intense competition from chemical and biological drugs in the COPD treatment space, necessitating proof of differentiated value for its TCM innovation [2][3] Group 3: R&D Investment Concerns - Pianzaihuang's R&D investment has decreased, with a 19.59% year-on-year decline in the first three quarters of 2024, raising concerns about its ability to sustain long-term innovation [1][6] - The company’s R&D expenses for the first half of 2024 were 116 million yuan, a slight decrease from previous years, positioning it lower than peers like Baiyunshan and Yiling [6] Group 4: Industry Trends and Future Outlook - The TCM innovation sector has seen a rise in IND applications, with a compound annual growth rate of 62.66% from 2020 to 2024, indicating a growing interest in TCM new drug development [7] - Pianzaihuang has invested nearly 500 million yuan in various health funds since 2024, suggesting a strategic shift towards integrating its operations within the broader health industry [8][9] - The company is also exploring acquisitions to enhance its growth potential, although some transactions have faced scrutiny regarding their strategic value [10]