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 | ...

Core Insights - The company "Pian Zai Huang" (片仔癀) has reported a decline in both revenue and net profit for the first three quarters of 2025, marking the first such occurrence since 2006 [2][6][5] - The total revenue for the period was approximately 7.44 billion yuan, a year-on-year decrease of about 12%, while the net profit attributable to shareholders was around 2.13 billion yuan, down approximately 20% [2][5] - The decline in revenue and profit is attributed to decreases across all three main business segments: pharmaceutical manufacturing, pharmaceutical distribution, and cosmetics [7][8] Revenue and Profit Analysis - The pharmaceutical manufacturing segment, which accounts for over 55% of total revenue, saw a revenue decline of over 10% and a gross margin drop of 7.51 percentage points [7][8] - The revenue from the pharmaceutical manufacturing business was 4.02 billion yuan, while the pharmaceutical distribution and cosmetics segments reported revenues of 2.89 billion yuan and 400 million yuan, respectively, with declines of 12.93%, 8.45%, and 23.82% year-on-year [7][8] - The net profit for the first three quarters was 2.13 billion yuan, with a significant drop in the non-recurring net profit, which fell by 30.38% to 1.89 billion yuan [5][6] Cash Flow and Inventory Concerns - The company's operating cash flow has significantly decreased, with a net cash flow of 487 million yuan, down 62.53% from the previous year [4][10] - Inventory levels have increased to 6.16 billion yuan, a rise of 34.91% year-on-year, indicating potential issues with product sales [10] Market Performance - Since July 2021, the company's stock price has dropped approximately 60%, resulting in a market capitalization loss of nearly 180 billion yuan [4][15] - The stock price has seen a decline from a peak of 491.88 yuan per share to 196.34 yuan, reflecting a significant downturn in market confidence [15] Strategic Developments - The company has been actively seeking new growth avenues through investments in health-related subsidiaries and establishing funds with various partners [10][11] - Despite these efforts, the cosmetics business has not yet proven to be a viable second growth driver, as indicated by the revenue performance in the first three quarters of 2025 [13]

Core Viewpoint - The financial performance of the company, Pizhou Huang, has shown a significant decline in the first half of 2025, marking the end of a decade-long growth period, with both revenue and net profit experiencing their first half-year drop since the company's listing [2][5]. Financial Performance - In the first half of 2025, the company reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81% [2][5]. - The net profit attributable to shareholders was 1.442 billion yuan, down 16.22% year-on-year [2][5]. - The net profit after deducting non-recurring items was 1.453 billion yuan, reflecting a 17.04% decline compared to the previous year [2][5]. - The net cash flow from operating activities was 376 million yuan, a slight decrease of 1.56% year-on-year [2][5]. Cash Flow and Inventory Issues - The company's net cash flow to net profit ratio was only 0.26, indicating that over 70% of profits were tied up in accounts receivable and inventory, highlighting weakened cash return capabilities [2][3]. - As of June 30, 2025, the company's inventory reached 5.724 billion yuan, exceeding total revenue for the first half of the year and increasing by 117.8% compared to the end of 2022 [2][3]. Raw Material Price Impact - The company has been stockpiling strategic materials like natural musk and cow bile to hedge against raw material price fluctuations, which has led to significant capital being tied up in inventory [3][4]. - The price of natural cow bile surged to 1.7 million yuan per kilogram in the first half of 2025, a 371% increase from the baseline price of 350,000 yuan per kilogram in 2019 [3]. Pricing Strategy Challenges - The effectiveness of the company's price increase strategy is diminishing, with discrepancies between official pricing and market prices leading to a pricing dilemma [4]. - The official retail price of the main product has reached approximately 760 yuan per unit, while other market prices range from 600 to 700 yuan [4]. Product Dependency and Market Risks - The company remains heavily reliant on liver disease medications, which generated 2.896 billion yuan in revenue, a 9.7% increase, but with a significant cost increase of 52.98%, resulting in a gross margin decline to 61.50% [5][6]. - Other product lines, including cardiovascular medications and cosmetics, have seen substantial revenue declines, with cardiovascular medication revenue dropping 71.04% year-on-year [5][6]. Research and Development Challenges - The company is currently advancing two new drug projects and has 18 ongoing research projects, but the efficiency and quality of innovation remain to be validated [6]. - The R&D expenditure for the first half of 2025 was only 120 million yuan, accounting for just 2.23% of total revenue, which is significantly lower than industry leaders [6].