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1200亿“药茅”,频繁设立基金
中国基金报· 2025-08-07 01:52
【导读】片仔癀斥资 2 亿元参与设立投资基金,已与关联方多次联手 中国基金报记者 赵刚 千亿元市值 " 药茅 " 片仔癀又出手,再与关联方设立基金。 近一年多次进行基金布局 8 月 6 日晚间,片仔癀公告,其全资子公司片仔癀投资拟投资漳州高鑫润信大健康产业投资 合伙企业(有限合伙),投资金额为 2 亿元,占高鑫润信基金目标募集规模的 20% 。 公告显示,该基金投向覆盖药品、医疗器械、合成生物等大健康领域,医疗健康以外的投资 不超过 10% 。此次投资与关联方漳州片仔癀资产经营有限公司、漳州旅投共同进行。 同年 11 月,片仔癀投资参与发起设立 " 片仔癀盈科基金 " 。其中,片仔癀投资作为有限合 伙人以自有资金认缴出资 2.9 亿元,占该基金的比例为 29% 。 这不是片仔癀第一次与关联方联手设立基金。 2024 年 9 月,片仔癀宣布,全资子公司片仔癀投资与多方合作,共同投资设立漳州圆山大 健康产业投资基金合伙企业(以下简称圆山基金)。片仔癀投资以自有资金认缴出资人民币 2 亿元,占圆山基金比例为 20% 。 彼时,该公司表示,在保证主营业务稳健发展的前提下,以基金投资为抓手,充分借助专业 投资机构的资源 ...
片仔癀(600436):片仔(600436):产品销售强劲,毛利率短期承压
ZHESHANG SECURITIES· 2025-04-30 04:31
Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported strong product sales, with a notable increase in revenue from its core liver disease medication, which achieved a revenue of 1.833 billion yuan in Q1 2025, representing a year-on-year growth of 21.83% [6] - The gross margin is under short-term pressure, decreasing to 63.36% in Q1 2025, down 12.39 percentage points year-on-year, primarily due to a significant increase in the price of natural bezoar [6] - The company is actively expanding its distribution channels, with 49 new experience centers and traditional Chinese medicine halls opened in Q1 2025, bringing the total to 484 [6] - The company expects to see a recovery in gross margins in the medium term, supported by the potential import of lower-cost bezoar and possible price adjustments for its products [6] Financial Summary - Revenue projections for the company are as follows: - 2024: 10.788 billion yuan - 2025E: 11.855 billion yuan - 2026E: 13.062 billion yuan - 2027E: 14.270 billion yuan - Corresponding growth rates are 7.25%, 9.89%, 10.18%, and 9.25% respectively [3][7] - Net profit projections are: - 2024: 2.977 billion yuan - 2025E: 3.295 billion yuan - 2026E: 3.779 billion yuan - 2027E: 4.349 billion yuan - Corresponding growth rates are 6.42%, 10.67%, 14.70%, and 15.08% respectively [3][7] - Earnings per share (EPS) projections are: - 2024: 4.93 yuan - 2025E: 5.46 yuan - 2026E: 6.26 yuan - 2027E: 7.21 yuan [3][7] Market Position - The company has a total market capitalization of approximately 123.56 billion yuan and a closing price of 204.80 yuan [3]