看着茅台酒开放限购每人每天12瓶的信息，我一度陷入了恍惚，难道茅台不是需要抢的吗？ 曾记得22年"i茅台"刚上线的时候，抢茅台的在线人数一度给系统干到崩溃。身边的很多同事也加入了抢茅台 的大军，每抢到一瓶茅台增加几百块的溢价可以快速脱手。 抢茅台成了很多打工族工作之余增加收入的一个途径，每天朋友圈里都会有人晒茅台订单，能抢到在当时是 被看做运气好的表现。 最近确实发朋友圈炫耀自己抢到茅台的人少了，没想到三四年的时间，这个抢购小游戏也玩不下去了。 表面是开放限购是为了更多的人能买到，为了方便用户。但是在商言商，商家每一步操作背后的算盘都打的 噼啪作响，核心还是为了赚钱。 开放限购的更合理解释是销售压力大，是真卖不动了。 茅台酒只是晴雨表，如果你仔细盘点会惊奇的发现，是几乎所有的老登资产都卖不动了。 何谓老登资产，顾名思义就是老登喜欢的资产。是因为中老年人的偏好，被作为投资品的资产。名烟、名 酒、名表、古玩、字画便是非常典型的老登资产。 中年人相对于年轻人已经完成了原始财富的积累，因此手里有闲钱来购买能够体现雄厚财力、增加情绪价值 的东西。 老登资产非生活必需品，拥有与否并不能让人的实际生活有改善。他的主要价值是 ...

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].

今年9月，片仔癀在法国巴黎举行的2025中法品牌周暨第十一届中法品牌高峰论坛上入选"值得向世界推 荐的中国品牌"项目。 今年7月，一篇论文在业界引起关注——香港中文大学于君教授团队此前发表的研究论文，深入探讨片 仔癀在预防和治疗非酒精性脂肪性肝炎中的作用。近年来，片仔癀公司与多所高校合作共建研发平台， 开展中医药领域的原始性创新和集成创新研究。 2024年12月，片仔癀公司在北京市大兴区设立创新研发基地，规划设立"两馆四中心"，打造集中医药产 品体验、文化宣传、名老中医问诊、中医药知识宣传等于一体的片仔癀文化与产品展示中心，加快在全 国市场、国际交流、研发创新、人才招引等方面的产业布局。 2025年6月，片仔癀亮相2025（中国）亚欧商品贸易博览会；9月，片仔癀形象出现在美国纽约时代广场 的巨幕上，传递中华老字号的独特魅力；11月，2025鼓岭论坛在美国纽约举行，片仔癀主题片与片仔癀 大健康产品亮相论坛现场，受到与会嘉宾关注。 历史上，片仔癀伴随华人"下南洋"，广受欢迎。近年来，片仔癀公司除维护原有产品境外注册批文外， 又在老挝、莫桑比克等国家和地区取得包括片仔癀、片仔癀胶囊等多个中成药注册批文，扩大中医药国 ...

Core Insights - The price of Moutai has significantly decreased, with the wholesale price for the 53-degree 500ml bottle dropping to 1515 RMB, down over 31% from the beginning of the year [1] - Similar to Moutai, the price of Pizhou has also plummeted, with its stock price falling over 60% from its historical high, leading to a market capitalization reduction of 188.9 billion RMB [4] - The decline in prices for both Moutai and Pizhou signals a shift in consumer preferences, particularly among the younger generation, who favor health and experience over traditional luxury goods [5] Moutai Analysis - Moutai's price drop marks the first significant decline below the official guidance price since around 2013, indicating a strong market signal despite differing circumstances [2] - The company still maintains a reasonable profit margin, with an ex-factory price of 1169 RMB per bottle, allowing for profitability even at lower retail prices [8] - Moutai's financial performance remains robust, with a 13.2% year-on-year revenue growth and a 15.6% increase in net profit for the first three quarters of 2024 [10] Pizhou Analysis - Pizhou's stock has seen a drastic decline, but its core product maintains a gross margin of over 85%, indicating strong financial health [11] - Despite the stock price drop, notable investors express confidence in Pizhou's long-term value, suggesting that the brand remains a valuable asset [8] Market Dynamics - The decline in prices for both Moutai and Pizhou reflects a broader market correction, moving away from speculative pricing and returning to fundamental values [12] - The regulatory environment has also shifted, with increased scrutiny on price manipulation, impacting the market dynamics for both brands [5]

热门评论我要评论 微信扫码 果然财经 | 投资大佬力挺片仔癀：未来要卖到两瓶茅台的价格 据智通财经12月9日报道，知名投资人林园今日现身片仔癀2025年第一次临时股东大会，当被问及是否 还坚持片仔癀股票一股不卖？林园回应称："我卖它干什么？"他还表示："我觉得（片仔癀）这是好东 西，找不到。"公开资料显示，林园从2005年便开始介入持有片仔癀。他还公开表示，"片仔癀是独门生 意，他们最终要卖到至2瓶茅台的价格"。 果然财经 | 投资大佬力挺片仔癀：未来要卖到两瓶茅台的价格 大众报业·齐鲁壹点18:24 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

Core Viewpoint - The launch of Xihuang Pill by Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd. marks a significant step in the company's strategic layout in the field of tumor auxiliary treatment, enriching its product matrix centered around Pianzaihuang and Angong Niuhuang Pill [1][2] Group 1: Product Development - Xihuang Pill is based on traditional Chinese medicine and aims to inhibit tumor growth, regulate immune function, alleviate related symptoms, and reduce adverse reactions from chemotherapy and radiotherapy [1] - The product is developed using modern pharmaceutical technology while adhering to traditional preparation methods, ensuring quality upgrades [1] Group 2: Strategic Positioning - The launch of Xihuang Pill is part of Pianzaihuang's strategy to deepen its "one core, multiple products" layout, addressing unmet clinical needs through the development of advantageous varieties and new drug research [2] - The company has established a comprehensive traditional Chinese medicine product system covering various fields, including liver disease, cardiovascular health, anti-inflammation, and swelling reduction [2] Group 3: Market Promotion - Pianzaihuang has leveraged its channel network advantages, with Xihuang Pill already available in over 300 Pianzaihuang National Medicine Halls across the country [2] - The National Medicine Hall serves as a health service platform that combines traditional Chinese medicine culture dissemination, professional services, and product experience, facilitating convenient access to medications and promoting the rational use of Xihuang Pill [2] Group 4: Innovation and Tradition - The relaunch of Xihuang Pill represents a blend of traditional wisdom and modern technology, showcasing the company's commitment to innovation while honoring traditional Chinese medicine [2] - The company aims to continue driving high-quality development through innovation and meticulous manufacturing, revitalizing traditional Chinese medicine in the new era [2]

Core Viewpoint - The company Pizhou Pharmaceutical Co., Ltd. has been awarded the "2024 Golden Bull Most Investment Value Award," highlighting its strong comprehensive strength and sustained investment value in the competitive market [1][2]. Group 1: Award Recognition - The "Golden Bull Most Investment Value Award" is recognized as one of the most credible awards in the capital market, evaluated based on 18 key indicators across six dimensions, including enterprise scale and profitability [2]. - Pizhou has consistently received Golden Bull awards for several years, reflecting the high recognition of its comprehensive strength and long-term investment value by the judging panel [2]. Group 2: Investor Returns - The company emphasizes investor returns with a stable cash dividend policy, distributing a cash dividend of 2.97 yuan per share (including tax) for 2024, totaling 1.79 billion yuan, which is a historical high and accounts for 60% of net profit [3]. - This marks the 21st consecutive year of cash dividends since the company went public in 2003, with cumulative cash dividends nearing 8.5 billion yuan [3]. Group 3: Brand Value - As a time-honored brand, Pizhou has achieved a brand value of 42.289 billion yuan in 2024, ranking second among "Chinese Time-Honored Brands," with its brand value increasing year by year [4]. - The company has topped the "Hurun Brand List for Chinese Medical Health Brand Value" for four consecutive years and led the "Hurun China's Most Historical Cultural Heritage Brand List" for three times in 2024, showcasing its cultural depth and market influence [4][5]. Group 4: Innovation and Development - Pizhou adheres to innovation-driven development, with R&D investment reaching 270 million yuan in 2024, a year-on-year increase of 16.38% [6]. - The company is focusing on secondary development research of its advantageous products and accelerating the R&D of innovative traditional Chinese medicine and chemical drugs [6][7]. Group 5: ESG Performance - In terms of ESG (Environmental, Social, and Governance), Pizhou's performance has been recognized internationally, with its ESG rating upgraded from "BBB" to "A" by MSCI in 2024, indicating its management level is among the global industry leaders [7]. - The company has received multiple ESG-related awards, including "2024 Top 20 ESG Competitiveness of Chinese Pharmaceutical Listed Companies" and "ESG Value Transmission Award," reflecting the market's high recognition of its sustainable development capabilities [7][8]. Group 6: Future Outlook - Pizhou aims to use this award as a new starting point to continue its development philosophy of "Upholding Integrity and Innovation, Steady Progress," focusing on business expansion, R&D innovation, and brand building [8]. - The company plans to strengthen its core product advantages and expand its market presence in cosmetics, daily chemicals, and health food sectors, contributing to the health industry and creating greater value for investors [8][9].

Core Viewpoint - Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd. (stock code: 600436.SH) has been awarded the "Golden Bull Most Investment Value Award" for 2024, recognizing its comprehensive strength and continuous improvement in investment value [1][2] Group 1: Awards and Recognition - The "Golden Bull Most Investment Value Award" is one of the most authoritative awards in the capital market, evaluating companies based on 18 key indicators across six dimensions: scale, profitability, solvency, asset management, growth, and innovation [1] - Pianzaihuang has received the Golden Bull series awards for several consecutive years, highlighting its consistent performance [1] Group 2: Financial Performance and Dividends - For the 2024 fiscal year, the company will distribute a cash dividend of 2.97 yuan per share (before tax), totaling 1.79 billion yuan, marking a historical high and representing 60% of its net profit [1] - Since its listing in 2003, the company has implemented cash dividends for 21 consecutive years, with cumulative cash dividends amounting to nearly 8.5 billion yuan [1] Group 3: Brand Value and R&D - As a time-honored brand, Pianzaihuang ranks second in brand value among "Chinese Time-Honored Brands" with a value of 42.289 billion yuan, showing a year-on-year increase [2] - The company has topped the "Hurun Brand List for Chinese Medical Health Brand Value" for four consecutive years [2] - In 2024, R&D investment reached 270 million yuan, a year-on-year increase of 16.38%, focusing on secondary development research of its advantageous products [2] Group 4: Future Development Strategy - Pianzaihuang aims to leverage this award as a new starting point to continue its development philosophy of "Upholding Integrity and Innovation, Steady and Far-reaching" [2] - The company plans to strengthen its core product advantages and expand its market presence in cosmetics, daily chemicals, and health food sectors, contributing to the broader health industry [2]

Group 1 - The stock price of Pianzaihuang (600436.SH), once reaching 473 yuan and a market capitalization close to 300 billion yuan, has significantly declined to 170 yuan, marking a new low since July 2020, with a market cap now at 102.5 billion yuan, representing a loss of over 60% from its peak [1] - Pianzaihuang, previously dubbed the "Moutai of medicine," has seen its product price drop from a peak of 1600 yuan per unit to 760 yuan on e-commerce platforms, indicating a complete collapse of its price bubble and a sharp decline in market interest [1] - In the third quarter of this year, Pianzaihuang reported revenue, net profit, and net profit excluding non-recurring items of 2.064 billion yuan, 687 million yuan, and 438 million yuan, respectively, reflecting year-on-year declines of 26.28%, 28.82%, and 54.6% [1]