直面行业变革，头部公司有望率先企稳 自2024年以来，医药零售市场经历了一场深刻的结构性调整。以医保"同药比价"政策为代表的外部力 量，推动了终端价格的透明化与理性回归，其影响迅速传导至产业链上游。与此同时，行业内的头部企 业，尤其是品牌OTC领域的领军者，纷纷启动了主动的营销变革与渠道库存优化。 周期之底已现 过去一年多的时间里，中成药及OTC行业普遍感受到了一股寒意。政策是变革的起点，2024年起，线 上"同药比价"系统与线下药店"价格预警"机制，将零售终端的药品价格拉回到一个更加透明和理性的区 间，也对生产企业的利润构成了直接挑战。 面对外部变化，企业内部革新同步展开。许多品牌药企，包括葵花药业，主动调整营销策略，大幅压缩 传统广告，着力消化渠道库存。这一系列"刮骨疗毒"式的动作，叠加前期的原材料与产成品库存，导致 了企业财报上的短期阵痛。费用前置与出货量控制，使得行业整体业绩承压。 资本市场上，多家A股中成药企业出现首亏、续亏或业绩大幅预减，即便是华润三九、白云山等行业龙 头，其业绩亦面临压力，这无疑是行业进入周期底部的明确信号。 另一款则是针对儿童药优势领域，葵花药业正式推出小葵花将将®布洛芬混悬液 ...

（文章来源：每日经济新闻） 国金证券8月22日发布研报称，给予健帆生物（300529.SZ，最新价：23.46元）买入评级。评级理由主 要包括：1）加强渠道管理，业绩增速短期承压；2）新系列产品拓展迅速，有望带动长期盈利能力提 升。风险提示：医保控费政策风险；在研项目推进不达预期风险；产品推广不达预期风险；院内需求及 产品使用频率不及预期风险。 ...

Core Viewpoint - Yanghe, once a leading player in the Chinese liquor industry, is facing significant challenges, including declining revenue and profit, necessitating a strategic shift under new leadership to survive in a competitive market [4][6][50]. Group 1: Leadership Changes - Yanghe's former chairman, Zhang Liandong, resigned unexpectedly in July 2024, just a week after promoting a new product [4][6]. - Gu Yu, a 47-year-old local government official with no prior experience in liquor sales, was appointed as the new chairman [6][7][8]. Group 2: Financial Performance - In 2024, Yanghe's revenue fell by 12.83% to 28.876 billion yuan, and net profit dropped by 33.37% to 6.673 billion yuan [12][18]. - The company's market position deteriorated from third to fifth in the industry, with significant competition from Shanxi Fenjiu and Luzhou Laojiao [12][13]. Group 3: Market Challenges - Yanghe is grappling with high inventory levels, unclear brand positioning, and a breakdown of trust within its distribution channels [9][10]. - The average inventory turnover days surged to 898 days in 2024, indicating severe inventory management issues [9]. Group 4: Brand and Product Strategy - Yanghe's high-end product, "Dream Blue," has seen declining sales, with significant price drops observed in the market [21][26]. - The company has shifted focus to lower-priced products, launching a 59 yuan light bottle wine in collaboration with JD.com, which quickly gained popularity [27][30]. Group 5: Distribution and Channel Issues - Yanghe's distribution network is characterized by a high turnover rate of over 15%, indicating instability and a lack of strong relationships with distributors [38][40]. - The company has lost market share in its home province of Jiangsu, with revenue declining by 11.43% in 2024 [43][45]. Group 6: Strategic Missteps - Yanghe's failure to adapt to market changes and consumer preferences has led to a decline in its competitive edge [49]. - The company's past strategic decisions, such as underutilizing the acquired brand "Shuangou," have hindered its growth potential [49].

Core Viewpoint - Jiangsu Yanghe, once a leading player in the Chinese liquor industry, is facing significant challenges following a leadership change and declining financial performance, prompting a strategic pivot towards lower-priced products to regain market share [2][4][22]. Group 1: Leadership Change - Yanghe's former chairman, Zhang Liandong, resigned unexpectedly in July 2024, just a week after promoting a new product that received mixed reviews [2][4]. - Gu Yu, a 47-year-old local official with no prior experience in liquor sales, was appointed as the new chairman, marking a significant shift in leadership [4][5]. Group 2: Financial Performance - In 2024, Yanghe's revenue fell by 12.83% to 28.876 billion yuan, and net profit dropped by 33.37% to 6.673 billion yuan, resulting in a decline in industry ranking from third to fifth [4][9][11]. - The first quarter of 2025 saw further declines, with net profit plummeting by 40% [4][15]. Group 3: Market Challenges - Yanghe is grappling with high inventory levels, unclear brand positioning, and a loss of trust among distributors, with inventory turnover days soaring to 898 days in 2024 [7][17]. - The company's core products, particularly the high-end "Dream Blue," are struggling to sell, and competition from brands like Jinshiyuan and Shanxi Fenjiu is intensifying [4][33]. Group 4: Strategic Shift - Yanghe has launched a new low-cost product, a 59 yuan light bottle liquor, in collaboration with JD.com, which quickly sold out, indicating a potential shift towards the mass market [22][24]. - The company aims to leverage its existing inventory of 700,000 tons of aged base liquor to support this new product line and reduce inventory pressure [7][24]. Group 5: Industry Context - The liquor industry is undergoing a significant transformation, with high-end liquor demand weakening and a shift towards value-driven products as consumers become more price-sensitive [25][26]. - Yanghe's challenges reflect broader industry trends, including increased competition and changing consumer preferences, necessitating a reevaluation of its market strategy [26][37].

Core Viewpoint - The article emphasizes the importance of understanding one's own strengths and past successes before attempting to adopt Huawei's channel management strategies, rather than simply replicating them [1]. Group 1: Learning from Huawei - Companies should first recognize their own successful practices and understand what Huawei did right to achieve its competitive edge [1]. - Effective communication with stakeholders is crucial to identify which aspects of Huawei's approach can be adapted and how to implement them [1]. - A top-level redesign of the benefit distribution and responsibility mechanisms is necessary based on the company's actual situation [1]. Group 2: Case Studies of Companies - Company O made the mistake of hastily appointing Huawei executives, leading to cultural dilution and a chaotic environment, resulting in the longest adjustment period [2]. - Company V avoided large-scale executive appointments but failed to recognize its past successful experiences, leading to a focus on key accounts while neglecting smaller channels, although it quickly corrected its course [2]. - Company M had a solid foundation but struggled with the distribution of benefits and responsibilities, aiming to bind channel partners without offering equivalent incentives, a challenge that persists in its smartphone business but has been addressed in its automotive sector [2][3]. Group 3: Adjustment Period - Companies generally experience a 3-5 year adjustment period to align their channel structures with their inherent capabilities [3]. - Company Ideal has made all the aforementioned mistakes, indicating that there are no shortcuts; the focus should be on doing the right things first and then executing them correctly [3].

Summary of Conference Call Notes Company Overview - Company: Anjii Food - Industry: Frozen Food Industry Key Financial Metrics - In 2024, Anjii Food achieved revenue of 15.1 billion, a year-on-year increase of 7.17% [1] - Net profit attributable to shareholders was 1.485 billion, up 0.46% [1] - Net cash flow from operating activities reached 2.104 billion, a growth of 7.85% [1] - For Q1 2025, revenue was 3.6 billion, a decline of approximately 4% year-on-year, with net profit of 395 million, down 10% [1] - Despite short-term fluctuations, the company demonstrated resilience through cost structure optimization and product strategy adjustments [1] Business Segment Performance Prepared Foods - Revenue for the prepared foods segment in 2024 was 7.839 billion, with a growth of 15.4 billion, representing a growth rate of 18%-19% [2] - The "Fresh Lock" series became a core growth driver, generating over 1.5 billion in revenue, increasing its share from 9% in 2022 to 10.5% in 2024 [2] - The upcoming launch of "Fresh Lock 6.0" in H2 2025 is expected to strengthen the company's competitive advantage in the consumer market [2] Frozen Dishes - The frozen dishes segment generated revenue of 4.35 billion in 2024, a year-on-year increase of 4.7% [3] - Key products like "Small Crispy Meat" achieved revenue of 300 million, up 50% [3] - Shrimp products maintained stable growth, while some items faced price fluctuations, with certain products seeing a price drop of over 6% despite increased sales [3] Frozen Noodles and Rice - Revenue for the frozen noodles and rice segment was nearly 2.5 billion, a decline of 3.14% year-on-year due to intensified industry competition and price drops [4] - The company plans to focus on major product strategies to enhance brand influence and customer loyalty [4] - Overall gross margin for 2024 was 23.3%, a slight increase of 0.09 percentage points [4] Strategic Adjustments and Market Positioning - In 2025, the company will adjust its product strategy: - For B-end, focus on cost-effective products and introduce high-quality mid-priced items [5] - For C-end, emphasize product upgrades and series of popular items [5] - Revenue from distributor channels reached 12.3 billion, a growth of 9% [5] - Direct sales channels saw a decline of 4%, while e-commerce channels also experienced a slight drop of 2% due to reduced sales of certain products and the closure of unprofitable e-commerce operations [5] Future Outlook - The company aims to strengthen its market share through a focus on high-end, youthful product lines and customized products for major supermarkets [6] - The competitive pressure in the industry peaked in Q4 2024, but is expected to ease in Q1 2025 as the consumer market gradually recovers [6] - Raw material costs are projected to rise, but the company is implementing measures to control cost increases effectively [7] - The dividend payout ratio increased from 30% to 70%, with a cash dividend ratio of 65%, reflecting strong profitability and financial stability [7] - The company submitted an A1 application to the Hong Kong Stock Exchange, with plans to complete the listing process by the end of June 2025 [7]