It's like robbing Maotai! It's 590 yuan. It's sold out in 10 minutes! Who is hyping?

Some consumers call it "unable to rise".

Pian Zi Huang (404.230, - 0.76, - 0.19%) has always been known as "Maotai in medicine". Recently, some consumers have reported that nowadays, just like Maotai, people who buy Pianzihuang need to queue up in advance and each person is limited to 2 tablets when they buy offline, and they also need to work hard to see their luck when they buy online. What's going on?

Probe into offline stores of Pianzihuang

2 tablets per person, sold out in 10 minutes

On the morning of the 21st, Zhongxin Jingwei (wechat: jwveiw) came to the Beijing Galaxy SOHO store of Pianzihuang experience Museum. It's still a quarter of an hour before 9 o'clock, and several people have lined up at the door.

At this time, the shop assistant asked the customers queuing outside the store to scan their ID cards, residential addresses, mobile phone numbers and other information, and said that only one person could buy at a time. Seeing that the line at the door was getting longer and longer, the shop assistant began to "dissuade me": "today, I've only sent two pills, and only sold them to about 10th place."

Zhongxin Jingwei observed that ten minutes after opening the door, Pianzihuang was sold out, and the customers behind had to return empty handed.

It is understood that the current price of Pianzihuang offline stores is 590 yuan per tablet. Although the above stores do not need to make an appointment to buy, customers who buy 2 capsules on the same day will have the opportunity to buy again after 5 days, and those who buy 1 capsule can only buy again after 3 days.

When a customer asked where he could buy 10 gift boxes, the shop assistant replied, "now there are no goods everywhere. How to buy them depends on your ability.". Some customers told Zhongxin Jingwei that their friends can only get one pill in two weeks by internal channels.

In addition to being "limited to purchase" offline, on the e-commerce platform, it's hard to find a tablet worth 590 yuan. Many businesses sell tablets with a single price ranging from 900 yuan to 1600 yuan, and the highest price is more than two times higher than the store price. In addition, on social media such as microblog, some netizens reported that the local Pianzihuang was fried for 900 yuan to 3000 yuan.

The tmall flagship store of Pian Tze Huang, the flagship store of Pian Tze Huang pharmacy, had previously sold Pian Tze Huang, but now the product's webpage shows that it has been taken off the shelves. Part of the online store 3 boxes, 5 boxes, 10 boxes, 20 boxes have shown out of stock, can only buy standard, that is, 1 pack. A customer service of online stores said to Zhongxin Jingwei that recently, the manufacturers of Pianzihuang limited the shipment, and they were also out of stock.

Who is hyping Pianzihuang?

On the 21st, Zhongxin Jingwei contacted the Sales Department of Pian Zihuang headquarters, and the relevant person in charge responded that there was no purchase restriction policy. When receiving the telephone consultation from Zhongxin Jingwei, the staff of the Beijing Galaxy SOHO store of Pianzihuang experience museum also denied the existence of the purchase restriction policy. They said that the goods in the store will be available every day, just because there are a lot of buyers and the goods arrive less, so they have not been available for a long time.

Zhongxin Jingwei called the tea shop in Fuzhou City, Fujian Province, on the same issue. As for the phenomenon of "one drug is hard to get" in the current market, the clerk replied, "it's not that we restrict the purchase, but there is a lot of hype in the market, which leads to a high premium. In addition, the supply of goods is relatively tight, so we can't buy drugs at high prices. In order to ensure that the real consumers have the medicine available, we have come up with such a bad strategy. Setting up a rule in the store to buy one pill with the help of prescription and ID card has become what everyone calls "purchase restriction."

"One pill is not enough for consumers, is it?" For this problem, the shop assistant said, "it's OK to buy after eating. For real consumers, we can guarantee the availability of drugs. We're afraid that many speculators will buy the drugs and make the people who use the drugs unavailable." For whether the price will rise in the near future, the clerk replied that "the price will not rise.".

According to the package of Pianzihuang, the ingredients of Pianzihuang are bezoar, musk, Panax notoginseng and snake gall. According to the dosage of 0.6g for adults, they can be taken 5 times, 2 to 3 times a day. According to this calculation, the cost of taking each time is about 100 yuan.

Although Pianzihuang has always been known as Maotai in medicine, the unit price of Pianzihuang can't be compared with that of Maotai in the same amount: the original price of 1499 yuan of 53 degree Feitian Maotai is 500ml, with an average of 3 yuan per milliliter, while a 3G tablet of Pianzihuang can be sold to 590 yuan, with an average of 197 yuan per gram.

It is understood that Pianzihuang is mainly used for clearing away heat and toxin, cooling blood and removing stasis, detumescence and pain relief. It is used for acute and chronic viral hepatitis caused by heat toxin and blood stasis, carbuncle, gangrene and sores, nameless swelling toxin, traumatic injury and various inflammation.

A person in the industry told Zhongxin Jingwei that at present, the raw materials such as bezoar and musk used in Pianzihuang are in sufficient supply, and other pharmaceutical enterprises may not be able to maintain sufficient supply, but the raw materials of Pianzihuang are not a big problem. According to the Research Report of Southwest Securities (4.840, - 0.05, - 1.02%) on February 7, 2021, at present, Pianzihuang promotes artificial breeding of musk deer to make up for the shortage of scarce raw materials. Shaanxi breeding base raises more than 10000 musk deer. It is estimated that the annual output of Musk deer and bezoar is more than 100 kg, which can meet the three-year capacity expansion.

The above market participants also believe that there is speculation, "exclusive products are particularly easy to form a monopoly.". Pianzihuang can not be produced by any enterprise, and its stock is limited, which can easily lead to malicious speculation. "

Liu Chunsheng, associate professor of Central University of Finance and economics, told Zhongxin Jingwei that the reason why the price of Pianzihuang keeps rising is that some raw materials are really expensive, such as musk, which accounts for 55% of the total cost. On the other hand, Pianzihuang has a national top secret formula, which is very important in the traditional Chinese medicine industry.

Liu Chunsheng mentioned that with the consumption upgrading of the medical and health care industry, a tablet of 590 yuan actually acts as a "luxury" of medicine, which is in line with the current concept of consumption upgrading and paying attention to health“ At the same time, it is undeniable that there are also factors of speculation. When Pian Tze Huang, like Maotai, puts on the financial attribute of investment because of the shortage of supply, the higher the speculation, the higher the speculation, and the "herding effect" of investment will appear

Behind "one medicine is hard to find"

Pian Zihuang's share price quadrupled in 18 months

Pian Zihuang's "one medicine is hard to find" has also opened up the imagination of the capital market.

At the beginning of 2020, the share price of Pianzihuang was still above 100 yuan. On June 11, this year, its share price broke the record high, reaching 419.96 yuan / share. In just 18 months, its share price has quadrupled, and its market value has soared from more than 60 billion yuan. Together with Yunnan Baiyao (107.090, 0.15, 0.14%), Pianzihuang has become the only two 100 billion level listed companies of traditional Chinese medicine in China.

As of the afternoon close of June 21, the share price of Pianzihuang was 404.2 yuan / share, with a market value of 244 billion yuan, far exceeding the market value of Yunnan Baiyao of 136 billion yuan, and firmly sitting in the position of "brother of traditional Chinese medicine".

In addition, according to the financial report data of Pianzihuang in 2020, Pianzihuang achieved a revenue of 6.511 billion yuan, an increase of 13.78% over the same period last year; The net profit was 167200 yuan, a year-on-year increase of 21.62%.

Among them, from the first quarter to the fourth quarter of 2020, the gross profit rate of Pian Tze Huang was 47.98%, 44.44%, 49.20% and 37.45% respectively. Pian Tze Huang said that the main reason was that the sales proportion of the pharmaceutical manufacturing industry decreased, which made the sales gross profit rate decline compared with the previous three quarters.

It is worth mentioning that although the performance of Pianzihuang has increased in 2020, the growth rate has slowed down significantly.

According to the financial report data in recent years, Pian Zihuang's revenue growth was the fastest in 2017, reaching 60.85%, but then the revenue growth began to decline year by year, and it dropped to the lowest point in recent five years in 2020, only 13.78%.

According to wind data, Pianzihuang was established in December 1999 by the original Zhangzhou pharmaceutical factory. It is a time-honored enterprise in China. Its main business includes Chinese patent medicine manufacturing and medicine circulation. It was listed on the main board of Shanghai in 2003. Among them, the core products are Pianzihuang series, including Pianzihuang, Pianzihuang capsules, compound Pianzihuang buccal tablets and other Pianzihuang series products.