Pien Tze Huang reported a net profit of 738 million yuan in the third quarter, which was a rare single-quarter profit decline.

1010.21day, Pien Tze Huang released the third quarterly report. Pien Tze Huang achieved a net profit attributable to shareholders of listed companies of 738 million yuan in the third quarter of this year, a year-on-year decrease of 65,438+07.64%; The net profit attributable to shareholders of listed companies in the first three quarters was 2.05 billion yuan, a year-on-year increase of 2.04%.

The reporter of China Business Daily noticed that the decline of Pien Tze Huang's single-quarter net profit is rare, and the last single-quarter net profit decline still needs to be traced back to 20 16.

In the first three quarters of this year, compared with the same period of last year, the gross profit of Pien Tze Huang's liver medicine, cosmetics and daily chemical industries all declined. The decline in sales expenses and management expenses is an important factor in the positive growth of the net profit of homecoming.

In addition, in the third quarter, two funds reduced their holdings of Pien Tze Huang, and the threshold of the top ten shareholders of Pien Tze Huang was also lowered.

There are few cases where profits decline in a single quarter.

Pien Tze Huang has always been called "Mao Mao". This title is more or less related to the high gross profit margin of Pien Tze Huang's core products and the strong pursuit of consumers.

However, in the third quarter of this year, Pien Tze Huang's net profit declined. Pien Tze Huang's quarterly financial data shows that it is rare for the net profit of returning to the mother to decline in a single quarter. The last time this happened, it still dates back to the fourth quarter of 20 16.

In fact, since the beginning of this year, Pien Tze Huang's performance growth has been weak. In the first three quarters of this year, Pien Tze Huang achieved an operating income of about 6.6 billion yuan, an increase of 8.25% year-on-year; The net profit attributable to shareholders of listed companies was about 2.05 billion yuan, a year-on-year increase of 2.04%.

Specifically, the troika contributed by Pien Tze Huang's gross profit, that is, drugs for liver diseases, pharmaceutical circulation and cosmetics and daily chemical industries, only the pharmaceutical circulation sector achieved positive growth in operating income in the first three quarters of this year. In the first three quarters of this year, Pien Tze Huang achieved an operating income of about 2.972 billion yuan, down 0.7% year-on-year. The operating income of pharmaceutical circulation was about 2.862 billion yuan, a year-on-year increase of 20.98%; The operating income of cosmetics and daily chemical industry was about 46 1 100 million yuan, down 17.54% year-on-year.

The analysis of Pien Tze Huang's income statement in the first three quarters of this year shows that the reduction of expenses has played an important role in the positive growth of profits. In the first three quarters of this year, Pien Tze Huang's operating income increased by about 500 million yuan. The total operating cost increased by about 470 million yuan, of which the operating cost increased by about 590 million yuan. In other words, in the first three quarters, the growth rate of Pien Tze Huang's operating costs far exceeded the growth rate of operating income.

The reason why the total operating cost growth of Pien Tze Huang is lower than that of the operating cost growth is that the related expenses of Pien Tze Huang have decreased compared with the same period of last year. Pien Tze Huang's sales expenses, management expenses, R&D expenses and financial expenses in the first three quarters of this year decreased by about1.1.70 billion yuan compared with the same period of last year. Among them, sales expenses and management expenses constitute the main components of the decline, which are about 654.38 billion yuan and 57 million yuan respectively.

Liver disease drugs, cosmetics and daily chemicals drag down gross profit.

The growth rate of operating costs exceeded the growth rate of operating income, which also led to the decline of Pien Tze Huang's gross profit margin. According to statistics, Pien Tze Huang's gross sales margin in the first three quarters of this year was 47.65%, compared with 52.97% in the same period last year.

Compared with the data of the same period last year, it can be found that Pien Tze Huang's liver disease drugs and cosmetics daily chemical industry dragged down the gross profit growth. In the first three quarters of this year, the gross profit of Pien Tze Huang's drugs for liver diseases was about 2.388 billion yuan, a decrease of 64 million yuan compared with the same period last year; The gross profit of pharmaceutical circulation is about 3.865438 billion yuan, an increase of 77 million yuan over the same period of last year; The gross profit of cosmetics and daily chemical industry was about 284 million yuan, a decrease of1.1.300 million yuan compared with the same period of last year.

While the performance growth is weak, Pien Tze Huang's share price has also fallen sharply this year. From June 4th, 65438 to October 20th, 65438/kloc-0, the share price of Pien Tze Huang fell by 40.23%.

Compared with the end of the third quarter and the end of the second quarter, the threshold of the top ten shareholders of Pien Tze Huang has also dropped from about 43 1 10,000 shares to about 3.02 million shares. In the third quarter of this year, among the top ten shareholders of Pien Tze Huang, China Industrial and Commercial Bank Co., Ltd.-China-Europe Medicine and Health Hybrid Securities Investment Fund and China Construction Bank Co., Ltd.-Yin Hua Fuyu Theme Hybrid Securities Investment Fund reduced their holdings.

It is worth mentioning that the latest seller research report is still optimistic about Pien Tze Huang. Western Securities released research reports in June 10 and10.21that Pien Tze Huang's weak performance is mainly due to the pressure on its growth rate at a high base, and it is optimistic about its long-term steady growth.

Western Securities said in the research report that the company's core products have no risk of centralized procurement and price reduction, and the varieties and brands are strong, with the strength of continuous volume and price increase. In the first three quarters of 2022, the gross profit margin of drugs for liver diseases was 80.34%, down 1.58 percentage points year-on-year. With the blessing of online channels, it still shows a downward trend, mainly affected by the rising cost of raw materials. It has been three years since the last price increase in 2023, and there is the possibility of price increase, which is expected to continue to drive the volume and price to rise together.