文 | 时代周报 近日，中药老字号企业片仔癀频现新药研发动态，相继发布了1.1类中药创新药温胆片和化学药品1类创 新药PZH2108片的研发进展情况。这家以片仔癀产品为核心的老牌中药企业，也在化药创新药研发领域 取得进展。 据片仔癀公告介绍，PZH2108片IIa期临床试验采用多中心、随机、双盲、安慰剂对照设计，以"治疗期 不良事件及安全性评估异常的发生及严重程度"作为主要终点。该临床试验方案已获得牵头单位河南省 肿瘤医院医学伦理委员会审核同意，并于2025年11月14日完成首例受试者入组。截至公告日11月21日， 该药物项目的研发投入(未经审计)累计约6100万元。 对于同类产品情况，片仔癀公告介绍，根据全球疾病负担研究数据，2021年，癌症患者中约44.5%会经 历不同程度的癌症疼痛，约有797万癌痛患者。根据2016-2021年癌症病例的发展趋势及癌痛患病率，预 计到2033年，癌痛患者数量将会突破1200万人。阿片类药物为目前癌痛的常规治疗药物。经查询药智网 数据库，2024年，中国医院销售端的镇痛阿片碱类药物销售规模达104.78亿元。 11月21日，片仔癀（600436.SH）发布公告称，近日，公 ...

温胆片是根据经典名方温胆汤化裁而来的经验方，具有理气化痰、清心解郁等功效，其属于1 类中药创 新药中的1.1 类中药复方制剂。根据公告，该临床针对进一步确证温胆片治疗轻、中度广泛性焦虑障碍 （痰热内扰证）的有效性和安全性。药智网数据库显示，2024 年我国医院端抗焦虑药物销售规模达 24.44 亿元。 中药二次开发成果较多。截至2025 年10 月，公司完成片仔癀用于原发性肝癌根治性切除术后患者减少 复发等三个项目100%病例入组，完成复方片仔癀含片抗流感等4 项研究，发表学术论文12 篇。我们认 为公司未来有望进一步加强适应症开拓。 盈利预测与估值 公司动态 公司近况 11 月20 日，公司公告PZH2108 片Ⅱa期临床试验完成首例受试者入组。此外，10 月17 日公司公告温胆 片Ⅲ期临床试验完成首例受试者。 评论 积极布局新药。截至2025 年10 月，公司积极推进2 个新药立项及18 个在研新药研究，含5 个中药1.1 类、1 个中药1.2 类、4个化药1 类的临床研究。其中，中药1.1 类PZH1219 获临床许可，PZH1215 完成 Ⅱa期受试者出组；化药1 类PZH2111 完成I期受试者入组 ...

西部证券研报指出，片仔癀2025Q1-Q3归母净利润21.29亿元/-20.74%，Q3归母净利润6.87亿 元/-28.82%。收入和毛利率短期承压，随天然牛黄降价，毛利率有望迎来改善。公司以"片仔癀"为主产 品，拥有锭剂及胶囊剂两种剂型，具有相同的成分及功能主治。持续做大做强茵胆平肝胶囊、复方片仔 癀含片、川贝清肺糖浆、复方片仔癀软膏等系列产品。此外，公司拓展美妆赛道表现亮眼，明星产品皇 后牌珍珠膏25H1销售额同比+60%。在新品研发上，今年10月公司1.1类中药创新药温胆片III期临床完成 首例受试者入组，适应症为轻、中度广泛性焦虑障碍。持续发力渠道建设，与益丰等多家头部知名连锁 药房建立了全品类战略合作伙伴关系，实现终端门店覆盖超过10万家。公司核心产品片仔癀系列具备稀 缺属性，维持"增持"评级。 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company experienced a revenue decline of 11.93% year-on-year in Q1-Q3 2025, with a total revenue of 74.42 billion yuan and a net profit attributable to shareholders of 21.29 billion yuan, down 20.74% [1][4] - The decline in revenue and gross margin is expected to improve due to the decrease in the price of natural cow bile, which has dropped from 1.7 million yuan/kg to 1.4 million yuan/kg since June [1] - The company is focusing on its core product "Pianzaihuang" while expanding its product line and enhancing its research and development pipeline [2] Financial Performance Summary - For 2025, the company is projected to have an EPS of 4.04 yuan, with expected revenues of 9.764 billion yuan, a decrease of 9.5% from the previous year [3] - The gross margin for the pharmaceutical manufacturing segment is currently at 61.11%, down 9.68 percentage points [1] - The company has established strategic partnerships with major chain pharmacies, achieving coverage of over 100,000 stores [2]

Core Viewpoint - The article highlights the significant rise of listed companies in Fujian Province following the 20th Central Committee's emphasis on promoting national reunification, indicating strong market interest and confidence in the region's economic prospects [2][5]. Group 1: Company Performance - Fujian listed companies collectively experienced a strong market performance, with nearly 20 stocks reaching or approaching a 20% limit-up, including notable companies like Zhaobidang Co. (301136), which saw a 20% increase, raising its market value to 4.2 billion yuan [2]. - Zhongneng Electric (300062), specializing in power technology and smart distribution equipment, also performed well, reflecting investor confidence in its diverse business areas [2]. - Haixia Innovation (300300), focusing on smart city services, achieved a limit-up, with a market value of 8.6 billion yuan, showcasing the growing interest in technology-driven companies [2]. Group 2: Industry Leaders - Pingtan Development (000592), a leading forestry company in Fujian, has a significant operational footprint with nearly 900,000 acres of forest and an annual production capacity exceeding 500,000 cubic meters of fiberboard [3]. - Xiamen Construction Machinery (600815), a major state-owned enterprise, is recognized as one of China's largest engineering machinery manufacturing bases, contributing to national defense and international peacekeeping efforts [4]. - Pian Zai Huang (600436), a leading traditional Chinese medicine company, is expanding its market presence and enhancing competitiveness through brand marketing and innovation, supported by initiatives like the "Yuan Mountain Plan" aimed at integrating traditional medicine across the Taiwan Strait [4]. Group 3: Market Sentiment - The collective rise of Fujian listed companies reflects not only market confidence in the province's economic development but also positive investor expectations for the future growth of Fujian enterprises [5].

Core Insights - The consumer market in 2025 is experiencing a significant downturn, with previously popular products like Pian Zai Huang and Moutai facing severe declines in both sales and market perception [1][10] - The decline of these products reflects a broader shift in consumer behavior, particularly among younger generations who are less interested in traditional high-priced items [10][15] Company Performance - Pian Zai Huang reported a revenue of 7.442 billion yuan, a year-on-year decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74% [3] - The stock price of Pian Zai Huang plummeted from a peak of 473 yuan in 2021 to 181 yuan, representing a decline of over 60% and a market capitalization loss of nearly 200 billion yuan [3] - Moutai's wholesale price for its 53-degree Flying Moutai has dropped to below 1,700 yuan, nearly halving from its peak of 3,000 yuan [7] Market Dynamics - The market for Pian Zai Huang has seen a drastic reduction in resale value, with prices dropping from 1,600 yuan to 500 yuan, indicating a significant loss of consumer interest [3][5] - The white liquor industry, including Moutai, is facing an oversupply issue, with 400 million tons of inventory and a drastic reduction in production from 2016 to the present [7][10] - Young consumers are shifting their spending away from traditional products like Moutai and Pian Zai Huang towards modern alternatives such as trendy beverages and gaming [10][12] Innovation and Adaptation - Both Pian Zai Huang and Moutai have shown a lack of innovation, with Pian Zai Huang's R&D expenditure below 3%, and Moutai relying heavily on its brand without introducing new products [13][15] - The failure to adapt to changing consumer preferences has led to a decline in market relevance for both companies, as younger consumers reject the traditional marketing tactics that once worked [10][15] Conclusion - The decline of Pian Zai Huang and Moutai is indicative of a larger trend where traditional high-value products are losing their appeal in a rapidly changing market [15] - The shift in consumer behavior, particularly among younger generations, suggests that companies must innovate and align with modern consumer values to survive [10][15]

Group 1 - The third National Postdoctoral Innovation and Entrepreneurship Competition was held in Quanzhou, Fujian, attracting 46 teams and 8,006 postdoctoral projects [1] - The competition focused on major national strategies and key technological advancements, featuring four categories: innovation, entrepreneurship, overseas (Belt and Road), and challenge-based competitions [1] - A total of 63 gold, 133 silver, and 198 bronze awards were given, with 21 gold awards in the overseas category [1] Group 2 - Pianzaihuang Pharmaceutical Company emphasizes talent development, having established a postdoctoral research station in 2002 and collaborated with several prestigious universities [2] - The company has invested nearly 600 million yuan in R&D over the past three years, providing substantial funding for postdoctoral research [2] - Pianzaihuang's innovative research has received recognition, with multiple awards at the provincial and national levels [2]

Core Insights - The meeting between Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. and Kweichow Moutai Co., Ltd. focused on the inheritance of time-honored brand culture, brand innovation, and the integration of the health industry [1][2] - Both companies are recognized as leading enterprises in their respective industries and share a rich historical and cultural heritage, with their main production techniques listed as national intangible cultural heritage [1] Company Overview - Pien Tze Huang has a history dating back to the Ming Dynasty and is a national-level protected variety of traditional Chinese medicine [1] - Moutai is known as the ancestor of the strong aroma type of Chinese liquor, with brewing techniques that have been passed down for over a thousand years [1] Strategic Goals - Pien Tze Huang aims to collaborate with Moutai to explore cultural commonalities and create a modern Chinese brand that reflects contemporary characteristics [1] - Both companies expressed a commitment to promoting the modernization and internationalization of time-honored brands [1] Industry Impact - The meeting signifies the role of state-owned enterprises in adapting to the new era and fostering open collaboration [2] - The foundation laid by this high-level discussion is expected to enhance the international competitiveness of Chinese brands and provide valuable insights for the innovative transformation of time-honored enterprises [2]

Core Viewpoint - The meeting between Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. and Kweichow Moutai Co., Ltd. highlights the collaboration between two renowned Chinese time-honored brands, focusing on cultural exchange and innovation in the context of national heritage [1] Group 1: Company Overview - Pien Tze Huang has a history rooted in a secret formula from the Ming Dynasty and is recognized as a national-level protected traditional Chinese medicine [1] - Kweichow Moutai is also a prestigious brand, known for its high-quality liquor, and both companies are listed as national intangible cultural heritage [1] Group 2: Strategic Intent - Pien Tze Huang aims to uphold the philosophy of "inheritance of essence and innovation" while actively promoting the "Healthy China" strategy [1] - The leadership of both companies expressed a desire to explore cultural commonalities and create a modern representation of Chinese heritage [1] Group 3: Industry Implications - The meeting signifies the responsibility of state-owned enterprises to foster cultural confidence and adapt to contemporary needs [1] - Industry experts view this collaboration as a demonstration of the proactive and cooperative spirit of leading enterprises in the current era [1]

Core Viewpoint - The meeting between Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. and Kweichow Moutai Co., Ltd. emphasizes the importance of cultural heritage, brand innovation, and the integration of the health industry, aiming to promote the creative transformation and innovative development of traditional Chinese culture [1][2]. Group 1: Company Background - Pien Tze Huang and Moutai are both renowned Chinese time-honored brands, with their main production techniques listed as national intangible cultural heritage [1]. - Pien Tze Huang has a history dating back to the Ming Dynasty and is a national-level protected traditional Chinese medicine variety, while Moutai is recognized as the origin of the strong aroma type of Chinese liquor with a brewing technique that has been passed down for a millennium [1]. Group 2: Strategic Goals - Pien Tze Huang adheres to the philosophy of "inheriting the essence and innovating with integrity," actively implementing the "Healthy China" strategy and seeking to modernize and internationalize time-honored brands [1]. - Moutai's leadership believes that both companies can deepen exchanges in cultural dissemination and channel co-construction, which is essential for corporate development and a responsibility for state-owned enterprises to promote cultural confidence [1][2]. Group 3: Industry Impact - The meeting reflects the commitment of state-owned enterprises to adapt and collaborate in the new era, enhancing the international competitiveness of Chinese brands and providing valuable insights for the innovative transformation of time-honored enterprises [2].