鲁智深｜记者手记：鸡蛋从内部打破是新生

Core Insights - The incident involving "boiled donkey hide" in 2018 led to a significant downturn for the leading company in the donkey-hide gelatin industry, Dong'e Ejiao, which faced losses the following year [1] - After the acquisition by China Resources, Dong'e Ejiao shifted its business strategy, successfully reversing its losses and gradually returning to a growth trajectory [1] - The past price increase model for donkey-hide gelatin was unsustainable, and the company has since experienced a rebirth following this crisis [1] Industry Overview - The pharmaceutical industry is considered a valuable sector for deep exploration, with leading companies in the three major A-share pharmaceutical segments (traditional Chinese medicine, chemical pharmaceuticals, and biological products) achieving gross margins exceeding 70%, with some even surpassing 90% [1] - Dong'e Ejiao reported a gross margin of 73.13% in the first half of this year, indicating that the donkey-hide gelatin industry remains a promising sector, which is a key reason why northbound funds have become the third-largest shareholder of Dong'e Ejiao [1] Strategic Reflections - The past reliance on price increases allowed Dong'e Ejiao to achieve "value recovery," benefiting the entire industry chain for over a decade; however, the sustainability of such a model is questionable [1] - The company must innovate internally to adapt to changing market conditions, as failure to do so may lead to external disruptions that are not unexpected [1]