曾被民间股神林园多次力荐、一度缔造 " 千元一粒仍难求 " 市场奇观的片仔癀，在 2025 年三季报出炉之后，终止了其持续十年的高速增长神话。 10 月 17 日晚披露的 2025 年三季报显示，前三季度，片仔癀营收 74.42 亿元，同比下降 11.93% ，净利润 21.29 亿元，同比下降 20.74% 。其 中，三季度，片仔癀实现营收 20.64 亿元，同比下降 26.28% ，实现净利润 6.87 亿元，同比下降 28.82% 。 营收、净利双降的局面，不仅是片仔癀近十年来交出的最差成绩单，更意味着其长期依赖的 " 稀缺性 + 提价 " 的增长模式遭遇严峻挑战。 在 A 股市场 " 万物皆可茅 " 的时代享有 " 药中茅台 " 美誉的片仔癀，市值曾一度突破 2900 亿元，而如今，其 1118 亿的总市值，已较高点蒸发 近 1800 亿元。 对于这曾被黄牛爆炒、克价超黄金的 " 神药 " ，商务届和中产都已不买账了。当人们开始捂紧钱袋，片仔癀和它曾经的 " 黄金搭档 " 茅台一样，正 品尝着非刚性消费遇冷的滋味。 01 "药中茅台"业绩双降 " 药中茅台 " 片仔癀在 2025 年第三季度交出了一份 ...

21世纪经济报道记者 唐唯珂 报道 2025年10月17日，曾被民间股神林园多次力荐、一度缔造千元一粒仍难求市场奇观的片仔癀，正式揭开业绩神话 破灭的序幕。 作为拥有国家级绝密中药配方、传承数百年的老字号药企，片仔癀此前凭借核心产品的稀缺性与品牌影响力，自 2015年起连续十年保持高速增长，市值曾一度跻身A股中药企业前列，成为资本市场与消费市场眼中的"中药龙头 标杆"。 然而，公司当日披露的三季度业绩报告，却以营收、净利双降的表现，终结了这一持续十年的增长态势，也让市 场对其核心业务韧性与未来发展路径产生深度质疑。 业绩双降 三季报数据勾勒出片仔癀近年来最严峻的经营图景。 整体来看，公司前三季度实现营业收入74.42亿元，同比下降11.93%；归母净利润21.29亿元，同比下降20.74%， 净利润降幅显著大于营收降幅，盈利能力持续承压。 聚焦单季度表现，通过季度数据推算，今年第三季度营业收入20.63亿元，同比下降26.12%；归母净利润6.87亿 元，同比下降28.83%，两项核心指标同比降幅均扩大至25%以上，业务端压力不断加剧。 从业务结构看，作为公司压舱石的医药制造板块成为业绩下滑主因。 财报数据显 ...

Core Viewpoint - The collaboration between Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. and JD Health marks a significant step in the internationalization of traditional Chinese medicine, enhancing the brand's global presence and recognition [1][2]. Group 1: International Expansion - Pien Tze Huang has been actively expanding its international footprint, recently participating in events like the "2025 (China) Eurasian Commodity Trade Expo" and the "Fourth China-Africa Economic and Trade Expo" to showcase Chinese medicine culture [1][2]. - The company has established a strong reputation in the overseas Chinese community and ranks among the top exporters of traditional Chinese medicine products [1]. Group 2: Product and Market Development - Pien Tze Huang is focusing on integrating traditional Chinese medicine with modern health concepts to attract the Z generation consumer group [2]. - The company is diversifying its product lines into cosmetics, daily chemicals, and health foods, aiming to combine traditional Chinese medicine culture with modern wellness and beauty trends [2]. Group 3: Research and Development - The company is enhancing its research and development capabilities, with plans to advance two new drug projects and 18 ongoing research initiatives in the first half of the year [2]. - Pien Tze Huang aims to modernize and internationalize the traditional Chinese medicine industry, leveraging innovative development strategies to upgrade its brand value [2].

Core Points - The China Listed Companies Association has officially released the 2025 cash dividend ranking, with Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. making the list due to its long-standing commitment to sharing development results with investors [1][4] - Pien Tze Huang has maintained a consistent cash dividend policy since its A-share market debut in 2003, with a total dividend payout exceeding 7.7 billion yuan over 22 years [4] - For 2024, the company plans to distribute a total cash dividend of 1.792 billion yuan, representing 60.19% of the annual net profit attributable to shareholders, reflecting a strong financial foundation and operational stability [4] Company Performance - In 2024, despite a complex market environment, Pien Tze Huang achieved steady growth, with increasing revenue and an expanded market share for its core Pien Tze Huang product series [4] - The company has been optimizing its industrial layout by increasing investments in traditional Chinese medicine research and smart manufacturing, significantly enhancing its overall competitiveness [4] Future Outlook - Pien Tze Huang aims to continue its long-term win-win philosophy with investors, adhering to regulatory requirements for cash dividends and enhancing the stability, sustainability, and predictability of its dividend planning [4]