8月22日晚间，片仔癀（600436）(600436.SH)披露2025年上半年业绩快报。报告期内，公司营业总收入 及归母净利润分别实现53.79亿元及14.42亿元。公告指出，2025年二季度，医药行业面临医保政策调整 与消费市场收缩的双重挑战，经营环境复杂严峻。 为应对市场变化，公司管理层聚焦主业，主动作为，采取了一系列有效措施，全力保障公司经营稳健。 在市场环境不利的背景下，一方面通过战略性投入铺垫长期增长，另一方面多措并举强化研发，积极参 与产业投资，时至今日成效初显，为后续业务经营及业绩的回暖做足铺垫。 具体而言，在市场拓展方面，为保障片仔癀系列产品销售收入的稳健态势，公司战略性增加了销售费用 的投入，通过强化精准市场投入以及对重要市场与销售终端渠道的拓展，巩固了核心产品市场份额。 其中，为突破北方市场发展瓶颈，提升品牌全国性影响力，片仔癀公司于2024年底在北京投资建设北方 总部，现已进入初期运营阶段。短期内虽增加了管理费用支出，但为公司带来了显著的长期战略价值： 一是有效提升了在北方市场的品牌辐射能力与产品营销效率；二是通过引进高端研发及营销人才，强化 了人才梯队建设；三是实现了与北方区域优势资 ...

转自：新华财经 8月22日晚，漳州片仔癀药业股份有限公司发布2025年半年度业绩快报，报告期实现营业收入约53.79亿 元，同比下降4.81%；归母净利润约14.42亿元，同比下降16.22%；基本每股收益2.39元。 研发创新方面，片仔癀药业持续强化研发布局，进一步完善研发管线。报告期内，积极推进2个新药立 项，推动18个在研新药及经典名方的研发项目，包括5个中药1.1类、1个中药1.2类以及4个化药1类进入 临床研究阶段。其中，中药1.1类PZH1219（养巢颗粒）获临床许可，PZH1215（芪术糖肾颗粒）完成 Ⅱa期受试者出组；化药1类PZH2111片（实体肿瘤）完成I期受试者入组。 加快"走出去"步伐 勾勒"出海"破局路线图 报告显示，下一步，片仔癀药业将在保障产品市场供给稳定的基础上，不断夯实盈利能力，推动公司经 营质量和综合竞争力迈向新台阶。包括建立原材料价格监测预警机制，优化战略储备体系，平抑成本波 动带来的冲击，增强采购端的抗风险能力；持续跟踪行业政策与市场动态，通过制定差异化的营销策 略，将外部挑战转化为巩固竞争优势、开拓新市场的战略机遇；在生产、运营、管理等各环节深入挖 潜，降本增效，着力 ...

北京盛世康来中药营销策划公司董事长、中国医药健康发展促进专家委员会主任委员申勇对《证券日 报》记者表示，近几年，随着国家政策扶持，中医药类的中华老字号品牌在市场竞争中所产生的影响力 越来越大，老百姓的认可度也越来越高。 1月31日午间，片仔癀公告称，预计2024年第一季度可实现归母净利润同比增长不低于25%。这一增速 引发业内外关注。1月30日晚间，片仔癀公告了2023年业绩快报。数据显示，2023年片仔癀实现营业总 收入100.35亿元，同比增长15.42%；归母净利润27.84亿元，同比增长12.59%。 记者注意到，2023年，片仔癀年营收额首次突破百亿元大关；2024年一季度不低于25%的归母净利润同 比增速，也是公司自2019年以来，历年一季度归母净利润的最大增幅。 片仔癀在相关公告中表示，2023年业绩增长主要系公司核心产品片仔癀系列产品、片仔癀牌安宫牛黄丸 的销售增加；2024年开年以来，公司产品销售势头向好，市场呈现旺销态势，顺利实现了"开门红"。 这样的经营业绩让人眼前一亮，但也有不少投资者对于片仔癀能否实现可持续增长持审慎态度。"片仔 癀属于高端消费，消费者的付费意愿可能较前几年有所降低， ...

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].

Market Overview - The A-share market saw all three major indices rise on Tuesday, with the Shanghai Composite Index up 1.13%, the Shenzhen Component Index up 1.84%, and the ChiNext Index up 1.97%. The total trading volume in the Shanghai and Shenzhen markets reached 13,359.84 billion yuan [2][6] - In the Shenwan industry sector, computer, communication, and comprehensive industries led the gains, while the banking sector lagged behind. Concept sectors such as controllable nuclear fusion, rare earth permanent magnets, and Huawei Pangu saw significant increases, while sectors like recombinant protein and super brands lagged [2][6] Important News - The State Council Information Office held a press conference on May 7, 2025, to discuss a "package of financial policies to support market stability and expectations" [3][6] - In the first quarter of 2025, A-share listed companies reported strong performance, with 4,068 out of 5,391 companies disclosing profits, representing a profitability rate of 75.46%. This indicates enhanced market vitality and reflects strong economic momentum in China [3][6] Industry Insights - In the consumer goods manufacturing sector, profits have improved across several sub-industries. In March 2025, the total profit of industrial enterprises above designated size reached 15,093.6 billion yuan, a year-on-year increase of 0.8% [7][8] - The agricultural and sideline food processing industry saw a profit increase of 40.3% year-on-year, while other sectors like furniture and paper experienced significant declines [8][9] - The advanced packaging sector is expected to enhance profitability, with revenue exceeding 100 billion yuan in Q4 2024, indicating a positive outlook for the industry [9][19] Company-Specific Analysis - For the company Palin Bio, total revenue for 2024 was 2.655 billion yuan, a 14% increase, while Q1 2025 revenue was 375 million yuan, a 14% decrease due to production capacity expansion [11][12] - Tian Tan Bio reported a total revenue of 6.032 billion yuan in 2024, a 16.44% increase, but a 22.90% decrease in Q1 2025 due to price declines [15][16] - Long Electric Technology achieved a total revenue of 35.962 billion yuan in 2024, a 21.24% increase, with Q1 2025 revenue reaching 9.335 billion yuan, a 36.44% increase [18][21] - China Resources Sanjiu reported total revenue of 27.617 billion yuan in 2024, an 11.63% increase, but a 6.04% decrease in Q1 2025 [26][27] - Pianzaihuang's total revenue for 2024 was 10.788 billion yuan, a 7.25% increase, with Q1 2025 revenue at 3.142 billion yuan, a 0.92% decrease [30][31]

Core Insights - The company reported a total operating revenue of 10.788 billion yuan (+7.25%) and a net profit attributable to shareholders of 2.977 billion yuan (+6.42%) for the year 2024 [1] - For Q1 2025, the company achieved total operating revenue of 3.142 billion yuan (-0.92%) and a net profit attributable to shareholders of 1.000 billion yuan (+2.59%) [1] Revenue Breakdown - In the pharmaceutical industry, the company reported revenues of 5.663 billion yuan (+17.94%) for 2024 and 1.874 billion yuan (+13.31%) for Q1 2025 [2] - The pharmaceutical distribution sector saw revenues of 4.084 billion yuan (-2.87%) for 2024 and 1.014 billion yuan (-19.11%) for Q1 2025, impacted by changes in medical insurance policies and a shrinking consumer market [2] - Cosmetics revenue was 0.752 billion yuan (+6.41%) for 2024 and 0.197 billion yuan (-1.17%) for Q1 2025 [2] Core Product Performance - The core product, the Pian Zai Huang series, experienced steady growth, with revenues of 5.310 billion yuan (+18.98%) for 2024 and 1.833 billion yuan (+21.83%) for Q1 2025 [3] - The company is focusing on expanding its market presence through partnerships with key regional players and has signed 15 new doctors and opened 32 new clinics [3] Specific Drug Performance - Revenue from cardiovascular drugs was 0.284 billion yuan (+7.03%) for 2024 but dropped significantly to 0.022 billion yuan (-81.36%) for Q1 2025 [4] Raw Material Cost Impact - Rising raw material prices are compressing profit margins, with natural cow bile prices remaining high at 1.6 million yuan per kilogram [5] - A recent announcement from the National Medical Products Administration allows for the import of cow bile for traditional Chinese medicine production, which may alleviate raw material shortages and improve profit levels [5] Profit Forecast - The company has adjusted its profit forecast, expecting net profits of 3.280 billion yuan, 3.807 billion yuan, and 4.248 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 5.44 yuan, 6.31 yuan, and 7.04 yuan per share [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [5][10][16]. Core Insights - The company's total revenue for 2024 is projected to be 10.788 billion yuan, with a growth rate of 7.25%, and a net profit of 2.977 billion yuan, reflecting a growth of 6.42% [1][5]. - The core product, the Pianzaihuang series, is experiencing steady growth, with revenue from liver disease medications reaching 5.310 billion yuan in 2024, up 18.98% [3][4]. - The introduction of imported cow bile is expected to alleviate the current shortage of raw materials, potentially enhancing profit margins [4][10]. Revenue Breakdown - Pharmaceutical Industry Revenue: 2024 revenue is 5.663 billion yuan (+17.94%), while Q1 2025 revenue is 1.874 billion yuan (+13.31%) [2]. - Pharmaceutical Distribution Revenue: 2024 revenue is 4.084 billion yuan (-2.87%), and Q1 2025 revenue is 1.014 billion yuan (-19.11%) due to policy changes and market contraction [2]. - Cosmetics Revenue: 2024 revenue is 0.752 billion yuan (+6.41%), and Q1 2025 revenue is 0.197 billion yuan (-1.17%) [2]. Profitability Forecast - The forecast for net profit is adjusted to 3.280 billion yuan for 2025, 3.807 billion yuan for 2026, and 4.248 billion yuan for 2027, with corresponding EPS of 5.44 yuan, 6.31 yuan, and 7.04 yuan [5][10][13]. - The projected PE ratios are 37.77 for 2025, 32.54 for 2026, and 29.16 for 2027, indicating a decreasing trend in valuation multiples [5][10][13]. Market Strategy - The company is focusing on expanding its market presence through strategic partnerships and enhancing sales channels, particularly in second-tier cities and economically strong counties [3][4]. - As of Q1 2025, the company has signed 15 new renowned doctors and opened 32 new clinics, indicating a proactive approach to market penetration [3].

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative price increase of over 15% in the next six months [5][10][16]. Core Insights - The company's total revenue for 2024 is projected to be 10.788 billion yuan, representing a growth of 7.25%, while the net profit attributable to shareholders is expected to reach 2.977 billion yuan, up by 6.42% [1][5]. - The core product, the Pianzaihuang series, is experiencing steady growth, with significant sales increases in liver disease medications [3][10]. - The introduction of imported cow bile is anticipated to alleviate the current shortage of raw materials, potentially enhancing profit margins [4][10]. Revenue Breakdown - The pharmaceutical industry revenue for 2024 and Q1 2025 is projected at 5.663 billion yuan (+17.94%) and 1.874 billion yuan (+13.31%) respectively [2]. - The pharmaceutical distribution sector is expected to see revenues of 4.084 billion yuan (-2.87%) in 2024 and 1.014 billion yuan (-19.11%) in Q1 2025, impacted by changes in medical insurance policies and a shrinking consumer market [2]. - Cosmetic revenue is forecasted at 0.752 billion yuan (+6.41%) for 2024 and 0.197 billion yuan (-1.17%) for Q1 2025 [2]. Product Performance - The liver disease medication segment is projected to generate revenues of 5.310 billion yuan (+18.98%) in 2024 and 1.833 billion yuan (+21.83%) in Q1 2025 [3]. - The cardiovascular medication segment is expected to see revenues of 0.284 billion yuan (+7.03%) in 2024, but a significant drop to 0.022 billion yuan (-81.36%) in Q1 2025 [3]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 3.280 billion yuan, 3.807 billion yuan, and 4.248 billion yuan respectively, with corresponding EPS of 5.44 yuan, 6.31 yuan, and 7.04 yuan [5][10]. - The projected PE ratios for 2025, 2026, and 2027 are 37.77, 32.54, and 29.16 respectively [5][10].

Core Viewpoint - The company has released its first quarter report for 2025, highlighting key financial data and operational performance, while ensuring the accuracy and completeness of the information disclosed [3][15]. Financial Data - The financial statements for the first quarter of 2025 are unaudited, with the company confirming the authenticity of the financial information provided [5][6]. - The company reported a year-on-year revenue growth of 11.11% after excluding the impact of the declining pharmaceutical distribution industry [17]. Operational Performance - The company has strengthened its market planning and expanded sales channels, resulting in increased sales of its core product, the Pianzaihuang series [17]. - As of the end of the first quarter of 2025, the company signed contracts with 15 new renowned doctors and opened 32 new medical halls [17]. Market Conditions - The pharmaceutical distribution industry has faced revenue declines due to changes in medical insurance policies and a shrinking consumer market [17]. - Rising costs of key raw materials, particularly natural cow bile, have compressed profit margins, with prices reaching 1.6 million yuan per kilogram [17]. Investor Engagement - The company will participate in an online investor meeting on May 14, 2025, to discuss its 2024 annual and 2025 first-quarter performance [10][11]. - Investors can engage in the meeting through the "Panorama Roadshow" website and other platforms [11].

证券代码：600436 证券简称：片仔癀 公告编号：2025-014 漳州片仔癀药业股份有限公司 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披 露》（2022年修订）《上市公司行业信息披露指引第六号——医药制造》 （2022年修订）等相关法律法规，漳州片仔癀药业股份有限公司（以下简 称"公司"）现将2025年第一季度主要经营数据披露如下： 一、 公司 2025 年第一季度主营业务分行业情况 1 / 4 单位：万元 人民币 行业 主营业务 收入 主营业务 成本 毛利率 （%） 主营业务 收入增长 率（%） 主营业务 成本增长 率（%） 毛利率增 减情况 医药 制造业 187,387.69 70,765.30 62.24 13.31 44.95 减少8.24 个百分点 医药 流通业 101,395.09 90,529.53 10.72 -19.11 -15.38 减少3.93 个百分点 医药行 业小计 288,782.78 161,294.83 44.15 -0.67 3.52 减少2.26 个百分点 化妆品业 19,724.96 6,440.66 67.35 -1.17 1.68 减少0.91 ...