证券代码：600436 证券简称：片仔癀 公告编号：2024-050 漳州片仔癀药业股份有限公司 关于变更签字注册会计师的公告 项目签字会计师：施旭锋，2008 年开始从事上市公司审计， 2012 年开始在致同所执业，2015 年成为注册会计师，近三年签署的 上市公司审计报告 4 份。 2、独立性和诚信记录 一、本次变更签字注册会计师的情况说明 致同所作为公司聘请的 2024 年度财务报告审计和内部控制审计 机构，原委派项目合伙人为郑建彪先生，签字注册会计师为郑建彪 先生、闫磊先生。经致同所再次统筹安排，指派李恩成先生接替郑 建彪先生继续完成相关工作，同时增加一名签字注册会计师施旭锋 先生共同完成相关工作，以更好完成公司 2024 年度审计工作，提高 审计工作质量。 1 / 2 二、本次变更签字注册会计师的简历及独立性和诚信情况 1、基本信息 项目签字合伙人：李恩成，2005 年开始从事上市公司审计， 2006 年成为注册会计师，2019 年开始在致同所执业，近三年签署的 上市公司审计报告 4 份。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-051 漳州片仔癀药业股份有限公司关于收到《肠激安胶囊Ⅱb 期 临床试验总结报告》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 漳州片仔癀药业股份有限公司（以下简称"公司"）本次收到 《肠激安胶囊Ⅱb 期临床试验总结报告》对公司本年度的财务状况和 经营业绩无重大影响。 由于药品研发的特殊性，具有周期长、环节多、风险大、投入 高的特点，容易受到政策、技术、市场等多方面因素的影响，审评政 策及产品未来市场竞争形势等存在诸多不确定性风险。 公司将密切关注该药物研发事项的后续进展情况，及时履行信 息披露义务。敬请广大投资者谨慎决策，注意防范投资风险。 近日，公司收到《肠激安胶囊Ⅱb 期临床试验总结报告》。现将 相关内容公告如下： 一、药物的基本情况 药物名称：肠激安胶囊 剂型：胶囊剂 肠激安胶囊（公司内部研发项目代号：PZH1201）是广州中医药 大学第一附属医院（以下简称"广中医一附院"）于 2013 年取得的 《药物临床试验批件》。肠激安胶囊具 ...

2、公司的补充医疗保险系按照职工工资总额的 4%统一缴存到 公司补充医疗保险基金专户，且未分解到个人，因此不属于个人福 利性收入。 3、除上述人员外，其他在任董事、监事 2023 年度从本公司获 得的税前报酬金额与《公司 2023 年度报告》披露的一致。 证券代码：600436 证券简称：片仔癀 公告编号：2024-052 漳州片仔癀药业股份有限公司 关于董事、监事和高级管理人员薪酬的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 4 月 20 日，漳州片仔癀药业股份有限公司（以下简称 "公司"）在《公司 2023 年度报告》披露了公司董事、监事、高级 管理人员在报告期内从公司获得的税前报酬总额。经漳州市国资委 最终考核确认，现将在任的部分董事、监事及高级管理人员 2023 年 度薪酬进展情况披露如下： 备注： 1、上表披露薪酬为在任的部分董事、监事及高级管理人员 2023 年度全部应发税前薪酬。 1 / 2 姓名 2023 年度从本公司获得的税前报酬情况 在股东 单位或 其他关 联方领 取薪酬 （是/ ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-049 漳州片仔癀药业股份有限公司 关于投资参与设立片仔癀盈科基金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 / 2 《私募投资基金备案证明》。具体登记信息如下： 基金名称：福建片仔癀盈科健康产业投资合伙企业（有限合伙） 备案编码：SAPY07 管理人名称：盈科创新资产管理有限公司 托管人名称：中国农业银行股份有限公司 三、风险提示 一、对外投资概述 漳州片仔癀药业股份有限公司（以下简称"公司"）全资子公司 漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"）与盈科创 新资产管理有限公司（以下简称"基金管理人"）、上海闽山生命健 康科技合伙企业（有限合伙）、盈嘉科达投资有限公司、漳州高鑫发 展有限公司、三明市投资发展集团有限公司共同发起设立福建片仔癀 盈科健康产业投资合伙企业（有限合伙（以下简称"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29,000万元， 占片仔癀盈科基金的比例为29.00%。 本次投资设立片仔癀盈科 ...

Core Viewpoint - Guangshentang (300436) has successfully introduced a strategic investor, Zhangzhou Yuanshan Health Industry Investment Fund, which is affiliated with another well-known pharmaceutical company, Pianzihuang (600436) [1] Group 1: Share Transfer Details - Fujian Aohua Group, the controlling shareholder of Guangshentang, will transfer 800,000 shares (5.02% of total shares) to Yuanshan Fund at a price of 24.5 yuan per share, totaling 196 million yuan [2] - The share transfer price is set at 80% of the closing price on the trading day prior to the agreement [2] - Following this transfer, the shareholding of Aohua Group and its concerted parties will decrease from 49.41% to 40.89% [1][2] Group 2: Background of Yuanshan Fund - Yuanshan Fund was established on July 12, 2024, with contributions from various partners, including Pianzihuang Asset Management and Zhangzhou Investment [2][3] - Pianzihuang Asset Management holds a 30% stake, while Pianzihuang Investment holds 40% [2] - The fund aims to leverage professional investment resources to enhance the integration capabilities within the pharmaceutical industry [3] Group 3: Strategic Intentions - The introduction of Yuanshan Fund is intended to optimize Guangshentang's shareholder structure and attract long-term investors [4] - Both companies aim to enhance industrial collaboration and resource sharing, thereby strengthening their competitive edge in the pharmaceutical sector [3][4] - Guangshentang focuses on developing a range of liver health products and is expanding into cardiovascular and male health sectors [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The company has shown positive growth in both revenue and profit for the first three quarters of 2024, with revenue reaching 8.45 billion and net profit at 2.687 billion, reflecting year-on-year growth of 11.19% and 11.73% respectively [2][3]. - The gross margin stands at 45.44%, a decrease of 3.01 percentage points year-on-year, while the net margin increased by 0.15 percentage points to 31.79% [2]. - The company has effectively improved its channel construction, enhancing its sales network and online presence, which has contributed to its revenue growth [5][6]. Revenue and Profit Analysis - For the first three quarters of 2024, the pharmaceutical manufacturing segment generated revenue of 4.612 billion, up 19.71% year-on-year, while the pharmaceutical distribution segment saw revenue of 3.153 billion, a 3.08% increase [3]. - The cosmetics segment achieved revenue of 525 million, marking a 21.92% growth [3]. Product Performance - The liver disease medication segment generated revenue of 4.283 billion, reflecting a year-on-year increase of 20.24%, contributing 50.69% to total revenue [4]. - The cardiovascular medication segment achieved revenue of 268 million, up 11.66%, while other medications generated 60 million, growing by 21.16% [4]. - In Q3 2024, liver disease medications alone accounted for 58.68% of total revenue, with a revenue increase of 25.30% year-on-year [4]. Future Projections - The company expects revenues of 11.168 billion, 12.531 billion, and 13.848 billion for 2024, 2025, and 2026 respectively, with net profits projected at 3.092 billion, 3.685 billion, and 4.215 billion [6][7]. - Earnings per share (EPS) are forecasted to be 5.13, 6.11, and 6.99 for the same years [6].

Investment Rating - The report maintains a "Buy" rating for Pien Tze Huang (600436.SS) with a 12-month price target of Rmb280, indicating an upside potential of 21.5% from the current price of Rmb230.54 [2][8][7]. Core Insights - Pien Tze Huang reported 3Q24 earnings of Rmb965 million, reflecting a year-on-year increase of 12.0% and a 6.3% beat against Goldman Sachs estimates, attributed to better gross profit margins and lower-than-expected expenses [1][2]. - The revenue for 3Q24 was Rmb2,800 million, marking a 9.6% increase year-on-year and a 2.9% increase compared to Goldman Sachs estimates, driven by strong sales growth in hepatic disease medication, which saw a 25.3% year-on-year increase [2][6]. - The report anticipates a healthy compound annual growth rate (CAGR) in sales and earnings per share (EPS) between FY23 and FY26, supported by ongoing production growth and pricing hikes amid increasing demand [6][7]. Financial Estimates - Earnings estimates for Pien Tze Huang have been revised upwards by 2.8% for 2024E, with net profit expected to reach Rmb3,068 million, a 2.8% increase from previous estimates [4][5]. - Revenue projections for 2024E have been adjusted to Rmb11,135 million, reflecting a 2.3% increase from prior estimates, with EBIT expected to be Rmb3,613 million, a 2.9% increase [4][5]. - The report highlights a stable gross profit margin (GPM) of 46.9% for 3Q24, slightly improved from 46.6% in previous estimates, despite pressures from rising cow bezoar costs [1][2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's revenue for the first three quarters of 2024 reached 8.45 billion yuan, a year-on-year increase of 11.19%, with a net profit attributable to the parent company of 2.687 billion yuan, up 11.73% year-on-year [4] - The core product for liver disease treatment has shown rapid growth, with revenue of 4.283 billion yuan, a year-on-year increase of 20.24% [4] - The company is expanding its distribution channels, with over 100,000 terminal stores covered through strategic partnerships with major chain pharmacies [4] - Profit forecasts for 2024-2026 indicate net profits of 3.148 billion yuan, 3.627 billion yuan, and 4.182 billion yuan, representing year-on-year growth rates of 12.5%, 15.2%, and 15.3% respectively [4] Financial Performance - The company achieved a revenue of 10.058 billion yuan in 2023, with a projected revenue of 11.346 billion yuan in 2024, reflecting a year-on-year growth of 12.8% [5][8] - The gross profit margin is expected to improve from 46.8% in 2023 to 50.0% by 2026 [8] - The net profit margin is projected to be 27.7% in 2024, increasing to 29.8% by 2026 [8] Market Position and Valuation - The company is expected to maintain a price-to-earnings (P/E) ratio of 45-50x for 2024, with a reasonable value range of 234.90 to 261.00 yuan per share [4] - The company’s core product, Pian Zai Huang, is characterized by strong consumer demand and scarcity, contributing to its valuation premium [4] Revenue Breakdown - The pharmaceutical manufacturing segment generated 4.612 billion yuan in revenue, a year-on-year increase of 19.71%, while the pharmaceutical distribution segment saw revenue of 3.153 billion yuan, up 3.08% [4][6] - The cosmetics segment reported revenue of 525 million yuan, reflecting a year-on-year growth of 21.92% [4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a total revenue of 8.45 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.2%. The net profit attributable to the parent company was 2.69 billion yuan, up 11.7% year-on-year [2]. - The company is actively expanding its sales channels and enhancing its product matrix, with significant growth in liver disease medications and cosmetics [2]. - The rise in the price of natural cow bile has pressured gross margins, but potential easing of cost pressures is anticipated due to policy changes allowing imports of cow bile [2]. - The company is investing in innovative research and development, with several new drug projects entering critical research phases [2]. - Profit forecasts for 2024-2026 predict net profits of 3.15 billion yuan, 3.70 billion yuan, and 4.43 billion yuan, with corresponding PE ratios of 46, 39, and 33 times [2]. Summary by Sections Financial Performance - Total revenue for the first three quarters of 2024 was 8.45 billion yuan, a 11.2% increase year-on-year. The net profit attributable to the parent company was 2.69 billion yuan, reflecting an 11.7% increase [2]. - The gross margin for the first three quarters was 45.4%, down 3 percentage points year-on-year, with the pharmaceutical manufacturing gross margin at 66.9%, down 8.4 percentage points [2]. Sales and Market Expansion - The company has upgraded all "Pian Zai Huang Experience Halls" to "Pian Zai Huang National Medicine Halls" to enhance brand image and has partnered with major pharmacy chains, achieving coverage of over 100,000 stores [2]. - Revenue from liver disease medications reached 4.28 billion yuan, up 20.2% year-on-year, while cardiovascular medications generated 270 million yuan, up 11.7% [2]. - The cosmetics segment achieved revenue of 530 million yuan, a 21.9% increase, driven by the development of popular products [2]. Research and Development - The company has received clinical approval for a new drug for lymphoma treatment and is advancing multiple new drug projects in various therapeutic areas [2]. - Ongoing research includes over 30 studies on the efficacy of Pian Zai Huang in treating viral infections and clinical studies for liver cancer [2]. Profit Forecasts - Expected net profits for 2024, 2025, and 2026 are 3.15 billion yuan, 3.70 billion yuan, and 4.43 billion yuan, with PE ratios of 46, 39, and 33 respectively [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The company has shown a recovery in profit growth in Q3 2024, with a year-on-year increase in revenue of 11.19% to 8.45 billion yuan and a net profit increase of 11.73% to 2.687 billion yuan [3][4]. - The gross margin for the liver disease medication remained stable at 68.23%, while the overall gross margin decreased by 4.32% year-on-year to 46.87% [4]. - The establishment of an academic workstation led by a renowned expert signifies a commitment to innovation and collaboration in traditional Chinese medicine [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 8.45 billion yuan (yoy +11.19%) - Net profit: 2.687 billion yuan (yoy +11.73%) - Non-recurring net profit: 2.715 billion yuan (yoy +11.25%) [3][4]. - In Q3 2024 alone: - Revenue: 2.8 billion yuan (yoy +9.60%) - Net profit: 965 million yuan (yoy +11.73%) - Non-recurring net profit: 964 million yuan (yoy +11.66%) [3][4]. Market Performance - The company's stock performance over different time frames: - 1 Month: +20.4% - 3 Months: +4.7% - 12 Months: +2.2% - Compared to the CSI 300 index, which had returns of +22.9% (1M), +11.2% (3M), and +12.1% (12M) [4]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 11.206 billion yuan, 12.478 billion yuan, and 13.931 billion yuan, respectively, with corresponding net profits of 3.071 billion yuan, 3.557 billion yuan, and 4.125 billion yuan [7][8]. - The report anticipates a steady growth rate of approximately 11% for revenue and 10-16% for net profit over the next few years [8].