转自：新华财经 2025年9月24日，法国巴黎东方中心内，欧洲先锋选品会拉开帷幕。作为2025中法品牌周核心活动，这场盛会吸引了中欧数百家品牌与采购商参与。漳州片 仔癀药业股份有限公司携经典国药、化妆品、保健食品等全品类产品亮相，以"传统智慧+现代科技"的组合，成为选品会焦点。 开展首日，展台便迎来人流高峰，专业采购商络绎不绝，合作咨询不断。许多采购商对片仔癀将中医智慧与现代消费需求结合的产品理念表现出浓厚兴趣， 现场互动体验区更是排起长队。 为打破文化壁垒，片仔癀采用学术研究与体验营销双管齐下的策略，从科学结论、实验数据等维度出发，以更直观的方式帮助消费者深入了解中医药对个人 健康的益处。同时，通过在选品会现场进行产品介绍和提供试用体验，让更多人接触并认识中医药文化。越来越多的海外消费者愿意体验尝试，始于文化的 吸引力，忠于科学的健康管理。 片仔癀展台成"流量担当" 片仔癀在欧洲先锋选品会的成功，证明中医药不仅是中国的，也是全球的。从塞纳河畔的展台到欧洲消费者的日常健康管理，这片来自漳州的"绿叶"，正通 过产品创新、文化融合与渠道深耕，成长为连接东西方健康理念的桥梁，从中国品牌迈向世界品牌。（张震） 片仔癀 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 275.64, indicating a potential upside of 37% from the current price of RMB 201.47 [1][16]. Core Insights - The company is experiencing short-term profit pressure, with a reported revenue of RMB 5.379 billion for 1H25, a year-on-year decline of 4.81%, and a net profit of RMB 1.442 billion, down 16.22% year-on-year. However, the core product, Pian Zai Huang, continues to show steady growth, supported by channel structure optimization [5][12]. - The report highlights that the company's core product for liver disease treatment achieved revenue of RMB 2.896 billion in 1H25, reflecting a year-on-year growth of 9.70%, despite a decline in gross margin due to rising raw material costs [6][10]. - The company is actively enhancing its channel structure and terminal sales, with a strategy to deepen its core position in the market, which is expected to support long-term performance recovery [7][10]. Financial Performance Summary - For 1H25, the company reported a revenue of RMB 5.379 billion, a decrease of 5% compared to 1H24, and a net profit of RMB 1.442 billion, down 16% year-on-year. The gross margin was reported at 40.46%, a decline of 4.3 percentage points [11][12]. - The company has adjusted its earnings forecasts for 2025E and 2026E, with expected revenues of RMB 10.550 billion and RMB 10.636 billion, respectively, reflecting a downward adjustment of 16% and 23% from previous estimates [14][16]. - The report projects that the sales revenue for liver disease medications will grow by 10% in 2025E and 11% in 2026E, driven by the strong performance of the core product [13][16]. Valuation - The report employs a two-stage DCF valuation method, resulting in an updated target price of RMB 275.64, which corresponds to a P/E ratio of approximately 54x for 2025, higher than the average of comparable companies [16][17]. - The valuation reflects the company's focus on optimizing its operations and enhancing profitability through strategic initiatives in production, inventory management, and sales [16][17].