2018年，一场"水煮驴皮"的舆论风波，让一路高涨的阿胶来了一个"急刹车"。作为阿胶行业的龙头企业，东阿阿胶首当其冲，次年的亏损也让一直 屡试不爽的提价囤货模式就此作罢。华润系入主后，东阿阿胶改变经营策略，扭转了亏损局面，业绩也逐步回到增长正轨。 （大众新闻记者 都亚男） 事件已经过去很多年，我们回头看可以说，这既是东阿阿胶的劫难，也是东阿阿胶的救赎。阿胶不断涨价的模式注定不可持续，短暂的失控后，东 阿阿胶也由此迎来新生。 单从企业经营来讲，医药产业是非常值得深耕的赛道，A股三大医药板块（中药、化学制药、生物制品）里的龙头企业，毛利率超70%以上的大有 人在，甚至部分企业能超90%。作为阿胶龙头企业，东阿阿胶今年上半年毛利率为73.13%，阿胶行业也不失为一条好赛道，这也是被视为"聪明 钱"的北上资金会成为东阿阿胶第三大股东的一大原因。 好行业，好企业，需要有好的经营策略。这一事件过后，有一点值得反思：过去屡屡涨价确实让阿胶实现了"价值回归"，产业链上下游也由此过了 十余年的富足日子，但一个模式很难一直沿用下去，在该转变的临界点如若未能从内部革新，那么外部的打破也不必在意料之外。 ...

Core Viewpoint - The article discusses the current state of the liquor industry, particularly the challenges faced by second and third-tier liquor companies, suggesting that the industry is entering a phase of performance decline, which may lead to significant price drops and a reevaluation of price-to-earnings (PE) ratios [2][3]. Group 1: Industry Performance - The liquor industry is experiencing a significant downturn, with many companies reporting poor mid-year results, leading to speculation about further declines in performance and valuation [2]. - Historical examples indicate that the anticipated phases of "killing performance" and "killing logic" may not occur as expected, as past performance declines have often already reflected negative market sentiment before official poor results are announced [3]. - The article highlights that the market often reacts prematurely to negative news, as seen in the cases of Yili and Dong'e Ejiao, where stock prices did not follow the predicted patterns of further declines after performance issues were revealed [3]. Group 2: Market Perception and Misconceptions - There is a tendency among investors to apply lessons from the real estate sector to the liquor industry, leading to an overly pessimistic outlook on liquor stocks [5]. - The liquor industry operates on a low-leverage model, contrasting with the high-leverage nature of real estate, which can lead to more severe consequences during downturns [5]. - The financial characteristics of real estate differ significantly from those of consumer stocks, as demand for liquor does not vanish in the same way that demand for real estate can during economic downturns [5][6]. Group 3: Supply and Demand Dynamics - The article posits that the liquor market will eventually reach a balance between supply and demand, as poor sales will force smaller producers out of the market, leading to a reduction in supply and a potential recovery in prices [6]. - In contrast, the real estate market faces challenges in reducing supply due to the nature of ownership and the presence of a large number of second-hand properties, complicating the recovery process [6].

Industry Overview - Ejiao is a solid glue made from the dried skin or fresh skin of donkeys, known for its health benefits such as blood replenishment and immune enhancement [1][4] - The industry is currently in a growth phase, with over 200 manufacturers in China, and the market is expected to expand due to rising health awareness and disposable income [6][16] Product Classification - Ejiao products can be classified into three categories: medicinal products, health supplements, and food products, with specific regulatory approvals required for each [2] Industry Chain Analysis - The ejiao industry chain consists of donkey breeding (upstream), ejiao production and processing (midstream), and sales channels including hospitals, retail pharmacies, and e-commerce platforms (downstream) [4][5] Market Size and Growth - The ejiao market size in China is projected to reach approximately 29.1 billion yuan by 2024, with a significant increase in production from 7,460 tons in 2019 to 13,768.84 tons in 2024 [13][16] Competitive Landscape - The ejiao market is characterized by a duopoly, with Dong'e Ejiao and Fupai Ejiao dominating the market, holding 70% and 10% market shares respectively [20][21] - The top brands in the ejiao industry include Dong'e Ejiao, Fupai Ejiao, and Tongrentang, with Dong'e Ejiao leading in brand recognition [18][19] Regional Development - Shandong province is a key player in the ejiao industry, with 203 production enterprises and significant government support for industry development [21][23] - The consumption of ejiao is particularly strong in East China, where traditional practices drive demand [24] Industry Trends - The ejiao industry is expected to see a shift towards high-end and differentiated products, with increasing competition as new players enter the market [28] - The market is projected to grow to nearly 40 billion yuan by 2030, with a compound annual growth rate of 5.3% [29]

Group 1 - The core industry of Dong'a County is the production of Ejiao, with 106 companies and an annual production capacity of 10,000 tons, generating a total output value of 7.15 billion yuan and employing over 20,000 people [1][2] - The local government is actively supervising the Ejiao industry to ensure a fair business environment, having initiated 21 cases related to misconduct in law enforcement, resulting in 21 disciplinary actions and 2 detentions [1][2] - The county's disciplinary committee has established a comprehensive oversight platform that includes 68 items across 17 departments to enhance service and regulatory efficiency for Ejiao enterprises [2] Group 2 - The local government aims to reduce excessive law enforcement actions and improve the operational environment for Ejiao companies by promoting joint law enforcement actions and lowering inspection frequency [2] - The initiative is part of a broader strategy to optimize the business environment and support the healthy development of the Ejiao industry, reinforcing its reputation as a premium product [2]