Group 1: Fund Performance and Trends - The report analyzes the evolution and current status of performance benchmarks for public funds in China and the US, highlighting the divergence in performance of active equity funds from their benchmarks and potential causes [1][7][10] - It notes that the number of active equity funds in both markets is primarily based on broad indices, with a trend towards diversification observed in the last two years. Approximately 7.24% (239 funds) of China's active equity funds have benchmarks not included in the benchmark library, which may face adjustment pressures [10][11] - The report concludes that the deviation of active equity funds in China is significantly higher than in the US, attributing this to differences in fund sales models and the diversity of ETF products [10][11] Group 2: Securities Industry Insights - The report discusses the merger of CICC with Dongxing Securities and Xinda Securities, indicating a continuation of supply-side reforms in the securities industry. This merger is expected to optimize the industry structure and enhance CICC's competitive position [12][13] - Following the merger, CICC's total asset scale is projected to reach 1 trillion yuan, elevating its ranking among listed securities firms. The merger is anticipated to improve CICC's brokerage and asset management capabilities significantly [14] - The report highlights a mismatch between the profitability and valuation of the securities sector, suggesting substantial room for valuation recovery, with recommendations for investing in large, undervalued securities firms [15] Group 3: Pharmaceutical Sector Analysis - The report tracks the performance of Pizhou Pharmaceutical, noting a revenue decline of 11.93% year-on-year for the first three quarters of 2025, with a significant drop in net profit. However, it anticipates a potential improvement in gross margin due to falling raw material prices [17][18] - Pizhou's product strategy focuses on core products while expanding into cosmetics, with notable sales growth in its flagship beauty product. The company is also advancing its R&D pipeline with new drug developments [18][19] - The investment recommendation suggests an EPS forecast of 4.04, 4.40, and 4.82 yuan for 2025, 2026, and 2027, respectively, maintaining a "buy" rating due to the unique attributes of its core products [18][19] Group 4: Express Delivery Sector Overview - The report reviews Shentong Express's operational data for October 2025, indicating a year-on-year revenue increase of 11.84% and a positive growth trend in express delivery volume [20][21] - The average service price per delivery has risen, contributing to the overall revenue growth, with expectations for continued strong performance in 2025 [20][21] - The forecast for Shentong's EPS for 2025-2027 is set at 0.89, 1.22, and 1.48 yuan, respectively, with a "buy" rating based on the anticipated growth trajectory [21]

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。 ...

产品端聚焦核心赛道+多元布局，研发管线持续推进。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。截至 2025 年 6 月，在覆盖全国近 400 家片仔癀国药堂 的基础上，公司增加片仔癀国药堂、国医馆的设立；加强自营线上线下平台 的精细化服务，聚焦拓展主流连锁渠道；通过全资子公司福建片仔癀健康科 技有限公司，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。 投资建议：我们预计公司 2025/2026/2027 年 EPS 分别为 4.04/4.40/4.82 元。公司核心产品片仔癀系列具备稀缺属性，维持 "增持"评级。 风险提示：消费复苏不及预期风险，原材料成本波动的风险。 公司点评 | 片仔癀 业绩短期承压，期待毛利率 ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 190.55 CNY, compared to the current stock price of 181.40 CNY as of October 22, 2025 [4]. Core Views - The company is experiencing short-term pressure on performance, with a significant decline in revenue and net profit for the first three quarters of 2025. Revenue decreased by 11.93% year-on-year to 74.42 billion CNY, and net profit fell by 20.74% to 21.29 billion CNY [1][2]. - The decline in revenue is attributed to various business segments facing pressure, particularly in the pharmaceutical manufacturing sector, which saw a revenue drop of 12.93% [2]. - There is an expectation of gradual relief from cost pressures due to a decrease in the price of natural cow bile, a key raw material for the company's products [3]. Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 20.64 billion CNY, down 26.28% year-on-year, and a net profit of 6.87 billion CNY, down 28.82% [1]. - The gross margin for the main business was 39.05%, a decrease of 6.49 percentage points year-on-year, primarily due to high raw material costs [2]. Business Segments - The pharmaceutical manufacturing segment generated 40.16 billion CNY in revenue, a decline of 12.93%, with liver disease medications accounting for 38.80 billion CNY, down 9.41% [2]. - The pharmaceutical distribution segment's revenue was 28.87 billion CNY, down 8.45%, while the cosmetics segment saw a revenue drop of 23.82% to 4.00 billion CNY [2]. Cost and Supply Chain - The price of natural cow bile has decreased from 170,000 CNY/kg to 140,000 CNY/kg since August 2025, which is expected to alleviate cost pressures as high-priced raw materials are consumed [3]. - The company is also benefiting from a pilot program allowing the import of cow bile for traditional Chinese medicine production, which may improve supply dynamics [3]. Product Strategy and Marketing - The company is focusing on its strategic product, the Pizhonghuang pill, while expanding its product line to include health foods and cosmetics, with notable sales growth in its flagship beauty product [4][8]. - Marketing efforts have increased, with the establishment of 525 national medicine halls and partnerships with major pharmacy chains, enhancing market coverage [8]. Future Outlook - Revenue growth is projected to be -11.7% in 2025, followed by 10.5% in 2026 and 7.3% in 2027. Net profit growth is expected to be -19.6% in 2025, with a recovery to 6.7% in 2026 and 12.2% in 2027 [9].

Core Insights - The event "European Pioneer Selection Conference" held in Paris showcased various brands, including Zhangzhou Pien Tze Huang Pharmaceutical Co., which highlighted its products combining traditional wisdom and modern technology [1] Group 1: Event Overview - The selection conference attracted hundreds of brands and buyers from China and Europe, marking a key activity of the 2025 China-France Brand Week [1] - Pien Tze Huang's booth featured a blend of French romantic style and technological design, displaying both traditional medicines and beauty products [3] Group 2: Product Offerings - Pien Tze Huang's product range included pharmaceuticals, cosmetics, and health foods, addressing European consumers' needs for convenient medication and natural ingredients [4] - The company introduced a "Night Recovery Set" targeting the "sub-health" issues of European professionals, which includes popular products like lozenges and goji berry essence [4] Group 3: Marketing Strategy - The company employed a dual strategy of academic research and experiential marketing to bridge cultural gaps, using scientific conclusions and experimental data to educate consumers about the benefits of traditional Chinese medicine [5] - The success at the selection conference demonstrated that traditional Chinese medicine can appeal to global consumers, positioning Pien Tze Huang as a bridge between Eastern and Western health philosophies [5]

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].