Core Insights - The high-priced traditional Chinese medicine (TCM) products, such as An Gong Niu Huang Wan and Pian Zai Huang, are experiencing a decline in both sales and prices, prompting investors to reconsider the consumption logic of these products [2][3][4]. Group 1: Sales and Price Trends - An Gong Niu Huang Wan and Pian Zai Huang have seen a significant drop in sales and prices, with Pian Zai Huang's revenue decreasing by 11.93% and net profit down by 20.74% in the first three quarters of the year [4]. - The retail price of Pian Zai Huang has fallen below the official guidance price of 760.00 yuan per piece, with online platforms offering prices as low as 588.60 yuan [4][5]. - An Gong Niu Huang Wan is also facing price declines, with sales figures indicating a broader trend affecting high-priced TCM products [5]. Group 2: Market Dynamics - The decline in high-priced TCM sales is attributed to a fundamental change in consumer behavior, shifting from luxury and gift-giving to a focus on genuine patient needs [5][10]. - Tightening medical insurance policies have also impacted sales, as certain high-priced products are not fully covered, affecting consumer purchasing decisions [5][10]. - Despite the decline in high-priced TCM, there is a growing demand for anti-aging and health supplement products, which are becoming key drivers of growth in the health market [9][10]. Group 3: Growth in Alternative Products - Products like Gui Ling Ji and Ba Zi Bu Shen capsules are witnessing steady price and sales increases, indicating a shift in consumer preference towards health and wellness products [1][10]. - The market for health supplements, particularly those targeting the aging population, is expanding, with significant growth reported in products like Ejiao, which saw a 16.48% increase in sales in 2024 [11][14]. - The aging population in China is projected to reach 310.31 million by the end of 2024, representing 22.0% of the total population, further driving demand for health-related products [10].