中药巨头片仔癀（600436）将出现近11年来中报净利首降。8月23日，片仔癀发布2025年半年度业绩快 报显示，公司上半年营业收入53.79亿元，同比下降4.81%；归属净利润14.42亿元，同比下降16.22%。 从半年度业绩来看，片仔癀上一次出现净利下滑的情况出现在2014年，2015—2024年十年间，片仔癀中 报始终保持着营收、净利双增的态势。 多元化布局成效不佳 涨价再难提业绩 片仔癀在业绩快报中表示，尽管收入端保持稳定，但报告期内公司生产所需的关键原材料价格持续处于 历史高位运行，成本压力显著增大。受此影响，公司产品利润空间受到明显挤压，对报告期内的整体盈 利能力构成挑战。 资料显示，片仔癀医药制造业务分为肝病用药、心脑血管用药两大板块。其中，肝病用药产品涵盖片仔 癀锭剂、片仔癀胶囊剂及茵胆平肝胶囊；心脑血管用药产品主要为安宫牛黄丸。 根据康美中药网数据统计，天然牛黄在2023年1月的市场价格为65万元/公斤，今年1月市场价格达到165 万元/公斤。目前天然牛黄的最新市场价格出现小幅回落，为150万元/公斤，但仍处于相对高位。 此外，2023年5月，片仔癀发布公告称，鉴于片仔癀产品主要原料及人工 ...

Core Viewpoint - The article highlights the strategic initiatives of the company in promoting traditional Chinese medicine and health products, focusing on product development, international expansion, and investment in the health industry [4][5][6]. Group 1: Product Development and Market Strategy - The company is committed to enhancing its flagship product, Pianzaihuang, and expanding its product line with significant items such as the compound Pianzaihuang lozenge and Yindan Pinggan capsules, continuously enriching its "big product" matrix [5]. - The cosmetics subsidiary has implemented a long-term incentive mechanism based on excess profit sharing, successfully launching several products that have achieved over 100 million in sales [5]. Group 2: International Expansion - The company actively participates in national-level events to promote the internationalization of traditional Chinese medicine, including the "Belt and Road" conference and various international trade expos scheduled for 2025 [5]. - The company is involved in multiple international trade fairs, enhancing its global presence and market reach [5]. Group 3: Investment in Health Industry - Since 2024, the company has established three funds, each with a scale of 1 billion, focusing on investments in traditional Chinese medicine, biomedicine, medical devices, and health-related industries [5]. - The company's equity stake in these funds ranges from 20% to 30%, indicating a strong commitment to the health sector [5]. Group 4: Research and Development - In 2024, the company is advancing clinical research on 11 projects related to Pianzaihuang and other traditional Chinese medicine products, laying the groundwork for expanding clinical applications [6]. - The company has a robust pipeline with 14 ongoing new drug projects, including two new traditional Chinese medicine drugs entering clinical trials [6]. - Recent advancements include the completion of Phase I clinical research for a chemical drug and the initiation of Phase II trials for another, showcasing the company's commitment to innovation [6].

Core Viewpoint - The company, Pianzaihuang Pharmaceutical Co., Ltd., reported a solid performance in 2024, achieving a consolidated revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit attributable to shareholders of about 2.977 billion yuan, up 6.42% from the previous year [4][5][6]. Group 1: Meeting Procedures and Governance - The 2024 Annual General Meeting (AGM) will be held on June 20, 2025, at 09:00, at the Zhangzhou Xiangjiang Hotel [3]. - The meeting will include a verification of the identity of attendees, and shareholders will have the right to speak, inquire, and vote [2][3]. - Voting will be conducted by registered ballot, with each share representing one vote [2][3]. Group 2: Business Performance - The company achieved a consolidated revenue of approximately 10.788 billion yuan in 2024, representing a 7.25% increase year-on-year [4]. - The net profit attributable to shareholders was about 2.977 billion yuan, reflecting a 6.42% increase compared to the previous year [4]. - The company paid approximately 14 billion yuan in cash dividends, accounting for 50.04% of the net profit attributable to shareholders [9]. Group 3: Honors and Recognition - The company was recognized as one of the "Top 100 Enterprises in Comprehensive Competitiveness of Traditional Chinese Medicine Industry" and received multiple awards for its brand value and cultural heritage [5][6]. - The company ranked first in the market capitalization of the traditional Chinese medicine industry, with a market value exceeding 120 billion yuan [6]. - The company received various awards, including the "2023 Golden Bull Most Investment Value Award" and "2024 Top 20 ESG Competitiveness in Chinese Pharmaceutical Listed Companies" [6]. Group 4: Research and Development - The company is focusing on enhancing its independent innovation capabilities, with ongoing clinical research on 14 new drug projects [12][13]. - The company has established partnerships with over 10 academicians for collaborative projects, aiming to accelerate technological breakthroughs [13]. - The company is actively involved in national key research projects, enhancing its research capabilities in traditional Chinese medicine [13][14]. Group 5: Future Plans - The company plans to increase its new drug projects and clinical research initiatives, aiming to launch 2-3 new drug projects in the coming year [21]. - The company will focus on expanding its market presence in traditional medicine channels and new consumer markets [21]. - The company aims to enhance its brand visibility through new media and targeted marketing strategies [21].

Core Viewpoint - The company achieved revenue and profit growth in 2024 despite rising raw material costs and weak consumer demand, with total revenue of 10.788 billion yuan, a year-on-year increase of 7.25%, and net profit attributable to shareholders of 2.977 billion yuan, a year-on-year increase of 6.42% [1] Group 1: Channel and Brand Development - The company has strengthened its brand and channel construction through various measures, maintaining a gross profit margin of around 45% despite rising costs of natural raw materials [2][3] - The company has optimized its national terminal layout, focusing on filling gaps in the central and western regions, as well as overseas markets, adding 24 national medical clinics and 47 Pi Zai Huang national medicine halls in 2024 [2] - The company expanded its OTC terminal channels by cultivating large single pharmacies and deepening cooperation with major chain pharmacies, achieving coverage of over 100,000 terminal stores and conducting over 5,000 promotional activities [3] Group 2: Innovation and R&D - The company is actively pursuing innovation and modernization of traditional Chinese medicine, with significant research achievements recognized in international journals, enhancing the clinical value of its products [4][5] - The company is advancing new drug development in traditional Chinese medicine, with new drugs for treating anxiety disorders and irritable bowel syndrome entering clinical trials [6] - The company is also exploring potential acquisition targets and has established industry funds to expand its reach in the healthcare sector [6] Group 3: Future Outlook - The company aims to continue its development philosophy of "guarding integrity and innovating" to strengthen its century-old brand and enhance long-term value for shareholders [7]