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].

Group 1 - The 56th Zhangshu National Medicinal Materials and Pharmaceuticals Trade Fair will be held from October 16 to October 18, 2025, showcasing the cultural heritage and innovative product matrix of Pianzaihuang Company, a leading brand in the traditional Chinese medicine industry [1][2] - The trade fair serves as an important platform for the Chinese medicine industry, featuring various specialized exhibition areas and professional activities such as industry forums and academic discussions [2][7] - Pianzaihuang Company's exhibition design combines traditional elements with modern aesthetics, presenting a diverse product matrix that includes classic medicines and innovative health products, enhancing the brand's image [7][9] Group 2 - Pianzaihuang's exhibition area attracted numerous professional visitors and industry experts, highlighting the strong market appeal of this "Chinese Time-honored Brand" in the new era [9][11] - The company's participation in the trade fair reflects its commitment to innovation and development, aiming to drive growth through quality and cultural promotion in traditional Chinese medicine [11]

Core Insights - The company Pianzaihuang reported a significant decline in both revenue and net profit for the third quarter of 2025, with net profit dropping by nearly 30% [2][3] - The overall performance for the first three quarters of 2025 also showed a downward trend, with revenue and net profit decreasing by 11.93% and 20.74% respectively [2][3] Financial Performance - For Q3 2025, Pianzaihuang's operating revenue was 2.064 billion yuan, a decrease of 26.28% year-on-year, while net profit was 687 million yuan, down 28.82% [3] - The net profit after deducting non-recurring gains and losses fell by 54.6% to 438 million yuan [3] - For the first three quarters of 2025, total revenue reached 7.472 billion yuan, with net profit at 2.129 billion yuan, reflecting declines of 11.93% and 20.74% respectively [3] Cash Flow and Inventory - The net cash flow from operating activities decreased by 62.53% year-to-date, primarily due to reduced cash receipts from sales [3] - The company's inventory has been growing rapidly, exceeding 6 billion yuan as of the end of Q3 2025 [3] Industry Overview - The pharmaceutical manufacturing sector experienced a decline in sales and gross margin, with the gross margin for the industry dropping by 7.51 percentage points [4] - The overall pharmaceutical industry reported a decrease in revenue growth rate of 11.11% and a slight decline in cost growth rate of 0.17% [4] Shareholder Activity - Notable changes in major shareholders include a significant reduction in holdings by Hong Kong Central Clearing, which sold nearly 9 million shares, a decrease of 45.43% [4] - The controlling shareholder, Zhangzhou State-owned Assets Supervision and Administration Commission, also slightly reduced its stake by 75,000 shares [4] Company Background - Pianzaihuang, established in 1956 and listed in 2003, is a well-known traditional Chinese medicine manufacturer, recognized for its flagship product Pianzaihuang, which is a national-level protected traditional Chinese medicine [5] - The company has a strong export presence and is considered a symbol of Chinese traditional medicine on the "Maritime Silk Road" [5] Market Capitalization - As of October 17, 2025, Pianzaihuang's market capitalization stood at 118.5 billion yuan, indicating a significant gap from its peak valuation [6]

Core Insights - The 2025 China-France Brand Week and the 11th China-France Brand Summit were held in Paris, showcasing the importance of international collaboration and brand promotion [1] - Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. was recognized as a representative of the Chinese traditional medicine industry and selected for the "Chinese Brands Worth Recommending to the World" project [1][6] - The summit aimed to explore new paths and opportunities for the internationalization of Chinese brands, gathering high-level representatives from both countries [1] Group 1 - Pien Tze Huang has established itself as a significant symbol of Chinese culture along the Maritime Silk Road, promoting traditional Chinese medicine internationally [3] - The company is actively exploring cross-border e-commerce and localized marketing strategies while obtaining market access in regions like ASEAN and Africa [3] - Pien Tze Huang aims to integrate traditional Chinese medicine with modern health needs through a "medicine + health" model, creating overseas consumption scenarios that combine cultural experience and health services [3] Group 2 - The company has consistently ranked among the top exporters of Chinese patent medicines, with ongoing efforts to establish Pien Tze Huang specialty stores and national medicine halls abroad [4] - As of now, Pien Tze Huang has set up one national medicine hall in Macau and 23 specialty stores in Hong Kong, Macau, and Thailand, with plans for expansion in the US, Canada, Armenia, Singapore, and Malaysia [4] - The company is also collaborating with JD Health and Tongrentang Group to explore overseas sales markets and has obtained multiple registration approvals for its products in Laos, Mozambique, and Hong Kong [4] Group 3 - With the ongoing promotion of projects like "Chinese Brands Worth Recommending to the World," Pien Tze Huang aims to transition from a Chinese brand to a global brand, showcasing the quality of Chinese manufacturing and cultural charm to global consumers [6]

Core Insights - The "2025 Hong Kong International Traditional Chinese Medicine Conference" was held in Hong Kong, focusing on promoting high-quality TCM globally, attracting nearly 500 experts and representatives from various regions [1] - The conference received strong support from the National Administration of Traditional Chinese Medicine and the Hong Kong government, aiming to build a high-end platform for collaboration and cultural exchange in the TCM industry [2] - Pianzaihuang Company showcased its core products at the conference, highlighting its efforts in modernizing and internationalizing traditional Chinese medicine [1][5] Group 1: Industry Development - The conference emphasized the importance of collaboration in the TCM industry, launching the "High-Quality Development of the Traditional Chinese Medicine Industry Chain" initiative, with Pianzaihuang Company as a key signatory [2] - Pianzaihuang is recognized as a leading brand in the TCM sector, consistently ranking among the top exporters of Chinese patent medicines [3] Group 2: Product Showcase - Pianzaihuang's exhibition featured a range of traditional Chinese medicines and health products, attracting significant attention from industry experts and media, enhancing its brand recognition in the Greater Bay Area and international markets [4] - The company received positive feedback for its commitment to preserving traditional techniques while promoting technological innovation in its products [4] Group 3: Strategic Goals - The participation in the conference is part of Pianzaihuang's strategy to accelerate the internationalization of TCM and expand its global influence [5] - The company aims to leverage Hong Kong's unique position as a cultural bridge to enhance its international partnerships and explore overseas opportunities [5]

Core Viewpoint - The company has officially launched a real-world study involving its exclusive product, Yindan Pinggan capsules, aimed at liver and gallbladder diseases, marking a significant milestone in the development of traditional Chinese medicine [1][2] Group 1: Research Overview - The real-world study is a large-scale research project involving 3,000 participants, focusing on modern diseases such as metabolic-associated fatty liver disease and alcoholic liver disease [2] - The study aims to collect clinical efficacy data in real-world treatment settings, specifically evaluating the capsules' effectiveness in reducing liver fat content, alleviating chronic cholecystitis pain, and improving liver function [2] Group 2: Strategic Implications - The successful initiation and participant enrollment in the study highlight the company's commitment to advancing traditional Chinese medicine through scientific innovation and secondary development [2] - The company plans to continue promoting evidence-based research in traditional Chinese medicine, aiming to enhance the brand strength of liver and gallbladder medications and provide new treatment strategies for liver diseases [2]

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) was held in Xiamen, focusing on global investment opportunities and cooperation development [1] - Pizhou Pharmaceutical, as a leading enterprise in the traditional Chinese medicine health industry in Zhangzhou, showcased its industry advantages and development vitality at the fair [1][3] - The theme of the fair was "Join Hands with China, Invest in the Future," highlighting investment hotspots and opportunities [1] Group 2 - Pizhou Pharmaceutical presented a diverse range of high-quality health products, including traditional medicines and health foods, emphasizing its product matrix [3] - The company highlighted its core business in traditional Chinese medicine while expanding into biomedicine, cosmetics, and health food sectors [5] - Pizhou Pharmaceutical is actively implementing the "Healthy China" strategy and aligning with local government initiatives to promote the integration of traditional Chinese medicine [5]

Core Viewpoint - Pianzaihuang, a traditional Chinese medicine brand, is revitalizing its heritage through innovation and modernization, focusing on research breakthroughs and industry expansion to adapt to contemporary consumer needs [1][3]. Historical Background - The origins of Pianzaihuang date back to the late Ming Dynasty when a court physician created a secret formula for treating ailments, which later became widely used by the local population [2]. - The brand evolved into a company in 1999 and was listed on the Shanghai Stock Exchange in 2003, marking the beginning of its modern journey [2]. Research and Development - Pianzaihuang is recognized as a national high-tech enterprise and has established multiple research platforms, focusing on developing new drugs for chronic and difficult diseases [3]. - The company has 18 ongoing research projects and aims to validate traditional medicine through modern scientific methods, with significant achievements in 2024 recognized by awards [3]. Marketing and Consumer Engagement - The company is actively engaging younger consumers through social media platforms like Douyin and Xiaohongshu, using creative content to share the brand's story and benefits [3]. - A Douyin challenge in 2025 garnered significant attention, with 180 million views and nearly 10,000 participants, showcasing the brand's successful outreach [4]. Business Expansion - Pianzaihuang is diversifying its business into cosmetics, daily chemicals, and health foods, creating a comprehensive health industry ecosystem [5]. - The cosmetics line, particularly the Pearl Cream and Pearl Paste, has become a household name in Fujian, with a strategic focus on positioning and branding [5][6]. Product Development - The company has successfully launched several high-revenue products, including the Pearl Cream and various skincare lines, contributing to the growth of domestic cosmetics consumption [6]. - Pianzaihuang is expanding its daily chemical products, initially focusing on oral care, with the Pianzaihuang Toothpaste becoming a popular choice among consumers [6]. Health Food Initiatives - The health food segment includes a variety of product lines, such as tea and dietary supplements, with collaborations to enhance the health benefits of tea [7]. - New herbal drinks and instant products are being introduced to cater to modern consumer preferences, emphasizing the concept of "food as medicine" [7]. Industry Trends - The traditional medicine sector in Zhangzhou is experiencing a renaissance, with Pianzaihuang leading initiatives to modernize and attract younger consumers [8][9]. - The company has opened numerous clinics and health centers, significantly increasing patient visits and enhancing local healthcare access [8]. Financial Performance - In 2024, the combined revenue of 30 traditional brands in Zhangzhou exceeded 10.4 billion, reflecting an overall growth of 11.22% [10].