GYBYS(SH:600332) 第一财经·2025-10-10 10:16Core Viewpoint - The trademark dispute between Jia Duo Bao and Wang Lao Ji has intensified, with both parties claiming ownership of the overseas trademark rights for "Wang Lao Ji" [3][5]. Trademark Ownership Claims - Jia Duo Bao claims to have acquired the overseas trademark rights in the 2000s and has registered the trademark in 60 countries [3]. - Wang Lao Ji Da Jian Kang Company asserts that the trademark belongs to Guangzhou Baiyunshan Pharmaceutical Holdings Company and has registered the trademark in over 100 countries [5]. Legal Actions and Market Impact - Both companies are engaged in legal battles, with Jia Duo Bao claiming victories in multiple lawsuits, while Wang Lao Ji Da Jian Kang has initiated actions in 21 countries against Jia Duo Bao's alleged malicious registrations [5][6]. - The ongoing trademark conflict is seen as a strategic move to gain dominance in the overseas market, which is crucial for growth amid intense domestic competition [6]. Financial Performance - In the first half of 2025, Wang Lao Ji Da Jian Kang reported revenues of 6.5 billion yuan, an 8.4% increase year-on-year, with a net profit of approximately 1.3 billion yuan, up 15.8% [7]. - The overseas market for Wang Lao Ji has grown 6.5 times over the past decade, with a compound annual growth rate exceeding 25% [7]. Market Dynamics - The competition between Jia Duo Bao and Wang Lao Ji is expected to continue, with Jia Duo Bao having an early advantage in overseas markets, while Wang Lao Ji maintains significant brand influence [7].