Author: Wu Yi
Source: Tiandi Yuntu Traditional Chinese Medicine Industry Big Data
Zhangzhou Pianzihuang Pharmaceutical Co., Ltd. (Pianzihuang, 600436) released on October 24, showing that in the first three quarters of this year, Pianzihuang achieved operating income of 6.616 billion yuan, and increased by 8.25% year-on-year; net profit was 2.052 billion yuan, a year-on-year increase of 2.04%. In the third quarter of this year, Pianzihuang's operating income reached 2.193 billion yuan, a year-on-year decrease of 3.08%; net profit was 738 million yuan, a year-on-year decrease of 17.64%.
Figure 1: 2015-2021 Pianzihuang core business indicators
1. Create a new growth pole of Pianzihuang brand Angong Niuhuang Pills
At the beginning of 2021, due to the impact of the epidemic, the natural musk and other medicinal materials in Pianzihuang formula fell into the crisis of insufficient supply and excessive demand in cut off supply. In addition to the scalper hype, Pianzihuang lozenges have risen and sales have become popular. Since September 2021, the price of Pianzihuang Lozeng has gradually fallen, and it has repeatedly fallen below pricing in the second-hand market.
There is a market view that Pianzihuang's performance in the first three quarters of 2022 is under pressure, which is not unrelated to the hype of magical medicines and the emergence of real consumer demand. The revenue and gross profit margin of Pianzihuang's core product, both of which were used for liver disease drugs, declined. According to the financial report, in the first three quarters of 2022, Pianzihuang's liver disease drug revenue reached 2.972 billion yuan, a year-on-year decrease of 0.70%; gross profit margin was 80.34%, a year-on-year decrease of 1.58%.
From the company's semi-annual report statement, we can see that while the company continues to consolidate and deepen its core position in Pianzihuang, it is focusing on creating a new growth pole of Pianzihuang brand Angong Niuhuang Wan. Pianzihuang brand Angong Niuhuang Pills also use natural musk and natural beef yellow as raw materials. Both varieties are controlled varieties and need to be purchased in accordance with relevant national regulations.
In this issue, Tiandiyuntu Chinese medicine industry big data platform briefly evaluates the cost pressure of Chinese medicine raw materials from the perspective of Angong Niuhuang Wan involving raw materials.
2. Angong Niuhuang Pill core raw materials
Table 1: Angong Niuhuang Pill core raw materials
Angong Niuhuang Pill has cleared heat and detoxified, and relieved shock and opened the orifices. It is used for fever , evil enters the pericardial, high fever convulsions, coma, delirium; stroke coma, encephalitis , meningitis, toxic encephalopathy , cerebral hemorrhage , and sepsis.
3. The rise and fall of core raw materials of Angong Niuhuang Pills
Table 2: The price of core raw materials of Angong Niuhuang Pills (unit: yuan/kg)
Angong Niuhuang Pills During the period from January 2021 to October 2022, the prices of 7 raw materials increased, accounting for 64%, the prices of 3 raw materials fell, accounting for 28%, and the prices of 1 raw materials flattened, accounting for 8%.
4. Angong Niuhuang Pills Raw Materials Market Review
Niuhuang , precious Chinese medicinal materials, weak market inventory, and most of the supply is concentrated in the hands of a few holders. Merchants are reluctant to sell the goods in their hands, and the market is running firmly. The current market price of natural beef is between 570,000 and 580,000 yuan (kg price, the same below). Due to the increase in demand, the market is expected to continue to rise in the future.
Buffalo horn . There will be many merchants looking for goods in the early stage, and the market continues to rise. After the high price rises, small batches have moved normally recently, and the market remains firm. At present, the price of buffalo horn silk in the market ranges from 30-35 yuan; the supply of the stock is still relatively small, and the quotation is around 45 yuan. The market inventory is tight and there is still a possibility of changes in the market.
Musk , has not come much recently, the market inventory is weak, and merchants are still paying high attention. The owners are reluctant to sell, the supply of goods moves smoothly in small batches, and the price is running firmly. The market is about 450,000 yuan for natural musk, and the price of artificial musk is around 60,000 yuan.
cinnabar , the market inventory is not large, the goods are purchased and sold normally recently, and the market remains stable with the previous period. The current market water-fly with sufficient content is 500 yuan, the natural cinnabar price is 620 yuan, the synthetic goods price is 480 yuan, and the chensha price is 480 yuan. The market demand for this variety is stable and prices are expected to run firmly.
realgar . The market supply source is quite different due to different quality, and the prices have remained stable recently. The current realgar synthetic goods price is around 40 yuan, the natural goods price is 80 yuan, and the Ming realgar price is 100 yuan.Due to limited demand, the overall attention of merchants is not high.
Coptis chinensis , new products are on the market one after another. Affected by the rising prices of the place of origin, the market is popular and the market is firm. Currently, the continuous price of chicken feet in the market is around 185 yuan, and the continuous price of a single branch is around 195 yuan. This variety is very popular and there is still a possibility of changes in the future market.
5. Comprehensive evaluation
1, buffalo horn and other varieties have a high procurement cost pressure Raw material pressure test shows that the current supply pressure of Angong Niuhuang Pills is mainly from buffalo horn, tulip , gardenia, beef yellow, etc.; and from the perspective of quality pressure, it mainly comes from beef yellow, musk, etc.
2. Buffalo horns mainly focus on the import volume In recent years, traditional agriculture in my country is rapidly moving towards modern agriculture, and the degree of mechanization of agriculture is getting higher and higher, and the amount of buffalo breeding has gradually decreased, which has affected the normal supply of buffalo horns.
In this context, in the short term, buffalo horn has basically completed the band-oriented upward process in recent years, and the market will fluctuate and sort out for a period of time; but in the medium and long term, factors such as shrinking resources and increasing demand will once again push the price of buffalo horn to a new level. Currently, buffalo horns are mainly imported, and the amount of goods coming from the port in the future will determine the price trend.
In addition, the company hopes to copy the Pianzihuang miracle on Angong Niuhuang Pills, which is probably not a small difficulty, because this variety is not an exclusive variety, and Pianzihuang will face many competitors such as Tongrentang Group and Hu Qingyutang .
