本报（chinatimes.net.cn）记者赵文娟 于娜 北京报道 10月20日，片仔癀的13万名投资者遭遇了沉重一击。这家素有"中药茅"之称的上市公司股价收跌 4.71%，报收187.09元，市值缩水至1129亿元。市场的悲观情绪并未消散，截至发稿，其股价仍"跌跌不 休"。 片仔癀卖不动了？ 业绩持续承压，片仔癀正面临近年来少见的增长困局。最新财报显示，公司第三季度营业收入为20.64 亿元，同比下降26.28%；归母净利润6.87亿元，同比下降28.82%。这已是公司连续三个季度营收负增 长，净利润也连续两个季度出现下滑，创下近二十年来首次前三季度营收与净利润"双双下降"的局面。 | | | 本报告期比 | | 年初至报告 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 期末比上年 | | | | 减变动幅度 | | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 2, 063, 828, 974, 40 | -26.28 | 7, 442, 366, 108, 35 | -11.93 | ...

二、资金加减仓方向 具体到细分板块，宽基&策略板块ETF中，净流入前三大板块依次为：策略-红利、科创200、科创50；净流出前三大板块依次为：中证A500、创业板、中证 500。 行业&主题板块ETF中，净流入前五大板块依次为：非银金融、银行、半导体芯片、稀土、有色金属；净流出前五大板块依次为：通信、化工、泛医药、消 费电子、金融科技。 | | | 当周净流入前五及后五的行业&主题板块 | | | | | --- | --- | --- | --- | --- | --- | | 板块 | | 本周流入资金 本周规模变动 | 本年流入资金 | 本年规模变动 | 其余规模 | | 非银金融 | 88.33 | 30.97 | 1.034.44 | 1,099.74 | 2.031.07 | | 银行 | 83.58 | 99.89 | 206.58 | 221.89 | 395.50 | | 未合体芯片 | 68.92 | -44.57 | 6.87 | 436.24 | 1.550.33 | | 稀土 | 49.88 | 44.64 | 115.79 | 148.61 | 179.18 | | 有色金属 | ...

Core Viewpoint - The company has announced the completion of the first subject enrollment in the Phase III clinical trial of its innovative traditional Chinese medicine, Wen Dan Pian, which aims to treat mild to moderate generalized anxiety disorder. This development is not expected to have a significant impact on the company's financial status and operating performance for the current year [9][12]. Financial Data - The company has reported that the cumulative research and development investment for Wen Dan Pian is approximately 55 million yuan [11]. - The financial data for the first three quarters of 2025 has been disclosed, but specific figures are not provided in the available documents [15]. Clinical Trial Information - Wen Dan Pian is classified as a Class 1 innovative traditional Chinese medicine and is designed to treat mild to moderate generalized anxiety disorder [9][10]. - The Phase III clinical trial is a multi-center, randomized, double-blind, placebo-controlled study, with the primary efficacy indicator being the reduction in HAMA score from baseline at week 12 [10]. Market Context - The global prevalence of anxiety disorders is reported to be 4.4%, with a lifetime prevalence of 7.6% and an annual prevalence of 5.0% in China [12]. - The sales scale of anti-anxiety medications in Chinese hospitals reached 2.444 billion yuan in 2024 [12].

Core Viewpoint - The company reported a slight decline in performance for the first three quarters of 2025, with operating revenue and net profit attributable to shareholders reaching 7.442 billion yuan and 2.129 billion yuan respectively, due to adverse factors such as a temporary contraction in the consumer market and high raw material costs [1] Group 1: Financial Performance - The company's operating revenue for the first three quarters of 2025 was 7.442 billion yuan, while the net profit attributable to shareholders was 2.129 billion yuan [1] - The management is actively investing in brand, channel, research and development, and external investments to support future business recovery [1] Group 2: Raw Material Costs - The price of natural bull gall has been decreasing, dropping from 1.65 million yuan per kilogram at the beginning of the year to 1.45 million yuan, which is expected to further improve cost conditions [1] Group 3: R&D and Clinical Trials - The company announced the completion of the first subject enrollment in the Phase III clinical trial for the innovative traditional Chinese medicine, Wen Dan Pian, which targets mild to moderate generalized anxiety disorder [1][2] - Wen Dan Pian is based on the classic formula Wen Dan Tang and has been used clinically since 2007, classified as a 1.1 category innovative traditional Chinese medicine [2] - The Phase III clinical trial aims to confirm the efficacy and safety of Wen Dan Pian in treating mild to moderate generalized anxiety disorder, with 606 subjects expected to be recruited [4] Group 4: Market Demand and Opportunities - The patient base for generalized anxiety disorder (GAD) is large, with a lifetime prevalence of 7.6% among Chinese adults and an annual prevalence of 5.0% [3] - The market for anti-anxiety medications in hospitals in China is projected to reach 2.444 billion yuan in 2024 [3] - There is a significant unmet clinical need for traditional Chinese medicine treatments for GAD, particularly for the phlegm-heat disturbance type, which the company's product aims to address [3][4] Group 5: Industry Trends - The Chinese government has emphasized the importance of innovation in traditional Chinese medicine, encouraging the development of new drugs and children's medications [4] - The company has been actively promoting the research and development of innovative drugs, with 18 new drug research projects underway in the first half of 2025 [4]

Core Viewpoint - The company Pianzaihuang has announced the initiation of Phase III clinical trials for its innovative traditional Chinese medicine, Wen Dan Pian, aimed at treating mild to moderate generalized anxiety disorder [1] Group 1: Clinical Development - Wen Dan Pian has completed the enrollment of the first subject in a multi-center, randomized, double-blind, placebo-controlled Phase III clinical trial [1] - The trial evaluates the efficacy and safety of Wen Dan Pian in treating generalized anxiety disorder characterized by phlegm-heat disturbance [1] Group 2: Product Background - Wen Dan Pian is derived from the classic formula Wen Dan Tang, known for its effects in regulating qi, resolving phlegm, and calming the mind [1] - The product has been used clinically as a hospital preparation since 2007 [1]

Core Viewpoint - The company Pianzaihuang (600436.SH) has announced the initiation of Phase III clinical trials for its innovative traditional Chinese medicine, Wen Dan Pian, aimed at treating mild to moderate generalized anxiety disorder [1] Group 1: Clinical Trial Details - The Phase III clinical trial for Wen Dan Pian has successfully enrolled its first participant, marking the official start of the trial [1] - The trial is designed as a multicenter, randomized, double-blind, placebo-controlled study, focusing on the efficacy and safety of Wen Dan Pian [1] - The primary efficacy indicator for the trial is the change in HAMA score from baseline after 12 weeks of treatment [1] Group 2: Product Background - Wen Dan Pian is derived from the classic formula Wen Dan Tang, known for its effects in regulating qi, resolving phlegm, and calming the mind [1] - The product targets the specific syndrome of phlegm-heat disturbance, which is associated with anxiety disorders [1]

片仔癀公告，公司研发的1.1类中药创新药温胆片完成"评价温胆片治疗轻、中度广泛性焦虑障碍（痰热 内扰证）有效性和安全性的多中心、随机、双盲、安慰剂平行对照Ⅲ期临床试验"首例受试者入组，正 式进入Ⅲ期临床试验。温胆片具有理气化痰、清心解郁等功效，2007年作为医院制剂在临床使用。 ...

每经AI快讯，10月17日，片仔癀（600436）(600436.SH)公告称，公司研发的1.1类中药创新药温胆片已 完成Ⅲ期临床试验首例受试者入组，正式进入Ⅲ期临床试验。温胆片适应症为轻、中度广泛性焦虑障碍 (痰热内扰证)。 ...