凤凰WEEKLY . 以下文章来源于凤凰WEEKLY ，作者王动 有温度、有情感、有趣味 "药茅"神话破灭，神药金融化梦醒。 文 ｜ 王动 编辑 ｜ 章鱼 来源｜ 凤凰WEEKLY（ID:phoenixweekly) 封面来源 ｜ Pexels 又一个"理财产品"塌房了。 这次是有"中药茅台"之称的片仔癀。 曾经一粒难求、炒到1500元以上的片仔癀，如今只需600元。 两个多月前，片仔癀发布了一份史上最差的三季报：营收和净利润出现了近20年来首次"双降"，单季度扣非净利润同比下降54.6%，直接腰斩。 从财报发布到现在，片仔癀已经阴跌了15%。 曾几何时，片仔癀不仅是高价药，更是身份的勋章、流通的硬通货、财富神话的造梦机。 但进入2025年，这块金字招牌似乎生锈了。 片仔癀，跌落神坛 对于长期持有片仔癀的投资者来说，这点跌幅根本就不痛不痒。 因为他们早就麻了。 2021年，片仔癀的股价一度冲击500元，总市值逼近3000亿。被誉为中国"巴菲特"的投资人林园还曾经喊出口号： 片仔癀股价，可能超越茅台。 当茅台自己都跌跌不休的时候，影子茅台当然更跑不了。 片仔癀的确有点像茅台，连跌落的姿势也有点像。 如今距离20 ...

Investment Rating - The report indicates a cautious investment outlook for the Chinese traditional Chinese medicine (TCM) industry, highlighting short-term pressures and long-term quality improvement opportunities [2]. Core Insights - The TCM industry is experiencing stable demand due to an aging population, with the market size expected to exceed 700 billion yuan by 2024, reflecting a year-on-year growth of approximately 6.6% [4][11]. - The financial performance of TCM listed companies is under pressure, with high sales expenses eroding profits and increasing internal differentiation among companies [11][25]. - The competitive landscape is characterized by a high concentration of revenue and profits among the top tier of companies, which hold over half of the industry's income and profits due to proprietary formulas and brand advantages [20][22]. Industry Overview - The TCM industry has a well-established supply chain, with stable demand driven by an increasing elderly population, projected to reach 220 million by the end of 2024, a 1.36% increase from 2023 [4]. - The industry is facing significant price fluctuations due to inventory destocking, upstream capacity changes, and downstream procurement policies [4][5]. - The TCM manufacturing sector consists of approximately 5,000 companies, primarily located in regions such as Jilin, Guangdong, Anhui, and Henan [4]. Financial Performance of TCM Companies - As of 2024, there are 70 listed TCM manufacturing companies, with an average annual revenue of about 340 billion yuan and an average profit of around 34 billion yuan [11][13]. - The overall profit margin for TCM companies is below 20%, indicating a challenging financial environment [11]. - The sales gross margin for sample companies remains stable at around 55%, while the sales expense ratio is approximately 24% [14][18]. Competitive Landscape - The first tier of TCM companies, including Yunnan Baiyao and Tongrentang, dominate the market, accounting for over 52% of total revenue and profits [22][25]. - The second tier includes regional leaders with a more diverse product range, while the third tier consists of smaller companies with concentrated product lines [23][24]. - The financial data shows that the first tier companies have significantly higher equity scales, providing a solid foundation for market expansion and R&D [26]. Industry Policies - Recent policies emphasize innovation and quality improvement in the TCM sector, with initiatives aimed at enhancing regulatory frameworks and promoting high-quality development [27][28]. - The government has outlined plans to establish national laboratories and improve the quality of TCM products through stricter regulations [28][29]. TCM Procurement Situation - The gradual implementation of TCM procurement policies has led to significant price reductions, with the average price drop reaching 68% in recent rounds of procurement [31][34]. - The procurement process is designed to promote standardization and quality control, which may lead to increased market concentration among leading companies [31][40]. - The report notes that the procurement policies have created challenges for TCM companies, particularly regarding profitability due to cost pressures [40]. TCM Innovation Drug Development - The TCM sector has seen a surge in innovation, with a notable increase in clinical trial applications and new drug approvals, particularly in areas such as digestion and respiratory health [41][42]. - The number of IND applications for TCM has grown significantly, indicating a robust pipeline for future product development [42][43].

Core Viewpoint - Guangyuyuan's subsidiary, Shanxi Guangyuyuan, has received a registration certificate for the non-prescription traditional Chinese medicine, An Gong Niu Huang Wan, from the Macao SAR government's drug regulatory authority, which will aid in expanding its overseas market presence [1] Group 1 - The registration application for An Gong Niu Huang Wan was submitted on May 7, 2025 [1] - The medicine is indicated for clearing heat and detoxifying, and its traditional production technique has been recognized as a national intangible cultural heritage [1] - The projected sales revenue for this product in the relevant market for 2024 is approximately 498.242 million yuan [1] Group 2 - The approval of An Gong Niu Huang Wan is expected to assist the company in expanding its international market reach [1] - The impact of this approval on the company's current performance is not expected to be significant [1]

编者按： 这里是民生调查局，见人所未见，调查民生之变。关注你想关注的、你没关注的，调查你想看的、未看 到的。 中新网北京12月23日电(记者左宇坤)你买到的"同仁堂"，真的是"同仁堂"吗？ 你手中的那瓶蜂蜜、那罐补品，或那包养生茶，虽然印着熟悉的圆形徽标，但它的产地，可能是某个从 未听说过的工厂；它的配方，可能与货架上其他同类品牌毫无差异。唯一的区别，或许只是最后贴标时 那个名字所带来的品牌溢价。 当一个与生命健康绑定的国货品牌，将其名字授权给众多非核心的代工产品时，是开拓了一个庞大的新 市场，还是打开了一个吞噬自身信誉的潘多拉魔盒？ 标称"北京同仁堂99%高纯南极磷虾油"的产品，宣称磷脂含量43%，实测结果却为0。三个差距悬殊的 数字，将这家356年老字号在品牌授权与扩张道路上的深层矛盾暴露出来。 风波中的涉事主体北京同仁堂(四川)健康药业股权穿透显示，其由北京同仁堂健康药业持股51%，是中 国北京同仁堂(集团)有限责任公司的孙公司。 产品质量问题指向了贴牌代工的商业模式。上述"南极磷虾油"由安徽哈博药业有限公司代工生产，贴牌 后由北京同仁堂(四川)健康药业有限公司销售。 同仁堂负责人虽在对媒体的回应中强调 ...

编者按： 这里是民生调查局，见人所未见，调查民生之变。关注你想关注的、你没关注的，调查你想 看的、未看到的。 中新网北京12月23日电(记者 左宇坤)你买到的"同仁堂"，真的是"同仁堂"吗？ 你手中的那瓶蜂蜜、那罐补品，或那包养生茶，虽然印着熟悉的圆形徽标，但它的产地，可能是某个从 未听说过的工厂；它的配方，可能与货架上其他同类品牌毫无差异。唯一的区别，或许只是最后贴标时 那个名字所带来的品牌溢价。 当一个与生命健康绑定的国货品牌，将其名字授权给众多非核心的代工产品时，是开拓了一个庞大的新 市场，还是打开了一个吞噬自身信誉的潘多拉魔盒？ 从"一个同仁堂"到"千百个同仁堂" 12月20日，中国北京同仁堂(集团)有限责任公司发布声明，就"南极磷虾油"产品事件向广大消费者和社 会各界致以最诚恳的歉意。集团表示"高度重视、深感痛心"，并立即开展零容忍品牌严管专项行动。 标称"北京同仁堂99%高纯南极磷虾油"的产品，宣称磷脂含量43%，实测结果却为0。三个差距悬殊的 数字，将这家356年老字号在品牌授权与扩张道路上的深层矛盾暴露出来。 风波中的涉事主体北京同仁堂(四川)健康药业股权穿透显示，其由北京同仁堂健康药业持股5 ...

你买到的"同仁堂"，真的是"同仁堂"吗？ 你手中的那瓶蜂蜜、那罐补品，或那包养生茶，虽然印着熟悉的圆形徽标，但它的产地，可能是某个从 未听说过的工厂；它的配方，可能与货架上其他同类品牌毫无差异。唯一的区别，或许只是最后贴标时 那个名字所带来的品牌溢价。 当一个与生命健康绑定的国货品牌，将其名字授权给众多非核心的代工产品时，是开拓了一个庞大的新 市场，还是打开了一个吞噬自身信誉的潘多拉魔盒？ 同仁堂大栅栏店。图片来源：中国北京同仁堂官微 01 从"一个同仁堂"到"千百个同仁堂" 12月20日，中国北京同仁堂（集团）有限责任公司发布声明，就"南极磷虾油"产品事件向广大消费者和 社会各界致以最诚恳的歉意。集团表示"高度重视、深感痛心"，并立即开展零容忍品牌严管专项行动。 电商平台相关产品截图。 02 "同仁堂"不再意味着"同仁堂的药" 标称"北京同仁堂99%高纯南极磷虾油"的产品，宣称磷脂含量43%，实测结果却为0。三个差距悬殊的 数字，将这家356年老字号在品牌授权与扩张道路上的深层矛盾暴露出来。 风波中的涉事主体北京同仁堂（四川）健康药业股权穿透显示，其由北京同仁堂健康药业持股51%，是 中国北京同仁堂（集团） ...

Core Viewpoint - The article discusses the investigation and actions taken against Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., Ltd. regarding the "Antarctic Krill Oil Gel Candy" incident, emphasizing the company's commitment to consumer rights and brand protection [2][4]. Group 1: Investigation and Actions - The Chengdu New District Market Supervision Administration has established a joint investigation team to look into the "Antarctic Krill Oil" issue and has filed a case against the involved company [2]. - Beijing Tongrentang Group has issued an apology and initiated a zero-tolerance brand management action, including a comprehensive investigation of the involved products [4][5]. - The company has ordered the immediate removal of the implicated products from the market and is ensuring compensation for consumers as per regulatory requirements [5][6]. Group 2: Brand Protection Measures - The company is conducting a thorough review of brand usage across its subsidiaries to identify any illegal or non-compliant practices [7]. - A brand cleanup initiative is underway to eliminate improper use of the "Tongrentang" name and trademark, reinforcing brand management standards [8]. - The company is also standardizing the branding of authorized e-commerce platforms to help consumers accurately identify legitimate purchasing channels [9]. Group 3: Company Background and Product Assurance - Beijing Tongrentang has clarified that the implicated company, Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., Ltd., is a subsidiary of its controlling shareholder and is not directly under its management [11]. - The company focuses on the production and sale of traditional Chinese medicine, with over 400 product specifications covering various medical fields [11].

Core Viewpoint - The company is taking immediate and strict actions to protect its brand and consumer rights in response to allegations of false advertising related to a product marketed under its name. Group 1: Brand Protection Measures - The company has initiated a zero-tolerance brand management action, which includes legal accountability for trademark infringement against Sichuan Health, Habo Pharmaceutical, and related e-commerce platforms for misleading consumers [1] - A comprehensive investigation into brand usage violations across all subsidiaries is being conducted to ensure compliance with brand management standards [1] - The company is enforcing strict regulations on e-commerce platform store identifiers to ensure accurate representation of its brand and products [1] Group 2: Response to Allegations - Following allegations of false labeling of a product claiming to contain high levels of phospholipids, the company clarified that the involved entity, Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., is not a subsidiary of the company [4] - The company has dispatched a special task force to Sichuan to conduct a thorough investigation into the product in question and has mandated the immediate removal of the product from shelves [5] - The company emphasizes that it focuses on the production and sale of its own pharmaceutical products, with no outsourcing to third parties, ensuring the integrity of its offerings [9]

Core Viewpoint - Beijing Tongrentang Group issued an apology regarding the Antarctic krill oil incident, emphasizing a zero-tolerance policy towards brand management and consumer protection [1][2]. Group 1: Company Actions - The company has initiated a special task force to conduct a thorough investigation of the involved products in Sichuan, ensuring a comprehensive inquiry [2]. - The company has ordered the immediate removal of the implicated products from the market and is supervising compliance with regulatory requirements for consumer compensation [2]. - Legal actions will be pursued against Sichuan Health, Habao Pharmaceutical, and related e-commerce platforms for trademark infringement and misleading consumers [2][3]. Group 2: Brand Protection Measures - The company is conducting a comprehensive review of brand usage to identify any illegal or non-compliant practices across its subsidiaries [2]. - A brand cleanup initiative is underway to eliminate improper use of the "Tongrentang" name and ensure strict adherence to brand management standards [2]. - The company is standardizing e-commerce platform store identifiers to ensure the correct use of the "Tongrentang" double-dragon logo, guiding consumers to recognize legitimate purchasing channels [3]. Group 3: Incident Background - A product labeled as "Beijing Tongrentang 99% High Purity Antarctic Krill Oil" was found to falsely claim high phospholipid content, with testing revealing a phospholipid content of 0% [3]. - The implicated product was produced by Anhui Habao Pharmaceutical Co., Ltd., and distributed by Sichuan Tongrentang Health Pharmaceutical Co., Ltd., which is a subsidiary of Beijing Tongrentang Group [3][7]. - The company clarified that Sichuan Tongrentang Health Pharmaceutical is not a direct subsidiary of Beijing Tongrentang but is under the control of its parent company [7].

Core Viewpoint - Beijing Tongrentang Group issued an apology regarding the Antarctic krill oil incident, emphasizing a zero-tolerance policy towards brand management and consumer protection [2][3]. Group 1: Actions Taken by the Company - A special task force has been dispatched to Sichuan to conduct a thorough investigation of the involved products [3]. - The company has ordered the immediate removal of the implicated products from the market and will ensure compensation to consumers as per regulatory requirements [4]. - Legal actions will be pursued against Sichuan Health, Habao Pharmaceutical, and related e-commerce platforms for trademark infringement and misleading consumers [4]. - Accountability measures will be implemented for Sichuan Health and its parent company regarding operational and management issues [4]. Group 2: Brand Protection Initiatives - A comprehensive review of brand usage violations across all subsidiaries will be conducted [5]. - A brand cleanup initiative will be launched to eliminate improper use of the "Tongrentang" name and ensure compliance with brand management standards [6]. - E-commerce platform stores will be required to strictly use the "Tongrentang" double-dragon logo to help consumers identify legitimate purchasing channels [7]. Group 3: Incident Background - A product labeled as "Beijing Tongrentang 99% High Purity Antarctic Krill Oil" was found to falsely claim high phospholipid content, with actual testing revealing a phospholipid content of 0% [7]. - The implicated product was produced by Anhui Habao Pharmaceutical and distributed by Sichuan Tongrentang Health, which is not a direct subsidiary of Beijing Tongrentang [7][10]. - The company clarified that it focuses on the production and sale of traditional Chinese medicine, with over 400 product specifications, and does not outsource production to third parties [10].