洞见 （DJ00123987） ——不一样的观点，不一样的故事，2000万人订阅的微信大号。点击标题下蓝字"洞见"关注，我们将为您提供有价值、有意 思的延伸阅读。 年末好货来袭！玩的、用的全都有 预约直播，抢新年好礼 最近《一路繁花2》热播， 让张柏Z的风评好到爆，一颦一笑间不见疲态，状态好到根本看不出来姐今年已经45岁了。 网友直呼： " 45美成20岁，太嫩了！""震撼！果然明星就是一秒回春……" 作为骨相颜值代表，张柏Z的面部状态一直都不错。 唯独眼周，30+就逐渐出现 眼窝凹陷、眼尾下垂、泪沟、眼周皱纹 等衰老 症状 ， 看起来 又老又疲惫。 但凡 秋冬没做好护肤， 细纹 & 干纹立马蹬鼻子上眼， 遮瑕 + 粉底都盖不住 ，憔悴感溢出了屏幕。 更别说，长期带娃的宝妈，三班倒的姐妹 ，鱼尾纹、眉间纹…… 早就在眼周组团安了家。 姐妹们， 眼周的保养越早做越好！ 如果你已经出现了细纹等眼部问题 ， 那就更要开始保养起来。 再强调一遍，眼霜不是智商税！ 如果你觉得眼霜的效果总是差强人意，那可能是产品选错啦~ 某些中档牌子的眼霜小小一瓶， 价格可能比贵妇面霜还要高。 我自己都记不清，用过多少不同品牌的眼霜产品 ...

Core Points - The 2025 Kaohsiung Winter Travel Expo showcases traditional crafts, particularly lacquer art, attracting significant public interest [1][2] - Huang Shoukang, a lacquer artist and representative inheritor of Fujian's intangible cultural heritage, demonstrates the lacquer fan-making process, which captivates attendees [1] - The event features a collaboration between the Cross-Strait Tourism Exchange Association and the Fujian Provincial Department of Culture and Tourism, promoting Fujian's cultural heritage [1] Summary by Categories Event Overview - The travel expo opened on November 28 and is held at the Kaohsiung Exhibition Center, focusing on tourism and cultural exchange between Taiwan and Fujian [1] Cultural Promotion - Huang Shoukang, originally from Taiwan and now based in Fuzhou, showcases various lacquer art items, including lacquer fans, umbrellas, and cups, to educate visitors about the craft [1] - The expo also highlights other Fujian specialties such as Pizaihuang pearl cream and agarwood incense, which attract many visitors [2] Visitor Engagement - Attendees express fascination with the lacquer art demonstrations, with some considering future travel to Fuzhou to explore local art and culture [2] - Local snacks and beverages from Fujian, such as Fuzhou olives and Wuyi rock tea, gain popularity among visitors, with requests for direct purchases [2]

Core Insights - Fujian province is experiencing a robust economic growth with a GDP increase of 5.7% year-on-year in the first half of the year, and a retail sales total of 1.256 trillion yuan, reflecting a 6% increase, which is accelerating consumer-driven economic growth [1] Group 1: Supply and Demand Dynamics - The region is focusing on high-quality supply to stimulate demand, showcasing a diverse range of industries from traditional crafts to modern technology [1] - The integration of traditional techniques with modern technology is evident in companies like Dehua Shunmei Ceramics, which combines cultural creativity with ceramic products, attracting over 200,000 visitors annually [3] Group 2: Technological Advancements - Companies like Jianjiang Panpan Food are leveraging AI, 5G, and IoT technologies to enhance food processing, achieving precision and automation in production [2] - The introduction of innovative health-focused products, such as low GI baked goods and new Chinese-style health drinks, is part of a broader trend towards health-conscious consumerism [2] Group 3: Cultural and Experiential Offerings - The tourism sector in places like Xunpu Village is thriving, with over 4.26 million visitors in the first seven months of the year, generating over 860 million yuan in tourism consumption through immersive cultural experiences [4] - The establishment of community-centric services in Xiamen, including a variety of shops and upgraded electrical infrastructure, enhances residents' quality of life and supports local businesses [4] Group 4: Market Trends and Future Outlook - The emphasis on high-quality supply is seen as a key driver for market demand and economic development, indicating a vibrant and promising future for the Fujian economy [5]

Core Viewpoint - Pianzaihuang, a traditional Chinese medicine brand, is revitalizing its heritage through innovation and modernization, focusing on research breakthroughs and industry expansion to adapt to contemporary consumer needs [1][3]. Historical Background - The origins of Pianzaihuang date back to the late Ming Dynasty when a court physician created a secret formula for treating ailments, which later became widely used by the local population [2]. - The brand evolved into a company in 1999 and was listed on the Shanghai Stock Exchange in 2003, marking the beginning of its modern journey [2]. Research and Development - Pianzaihuang is recognized as a national high-tech enterprise and has established multiple research platforms, focusing on developing new drugs for chronic and difficult diseases [3]. - The company has 18 ongoing research projects and aims to validate traditional medicine through modern scientific methods, with significant achievements in 2024 recognized by awards [3]. Marketing and Consumer Engagement - The company is actively engaging younger consumers through social media platforms like Douyin and Xiaohongshu, using creative content to share the brand's story and benefits [3]. - A Douyin challenge in 2025 garnered significant attention, with 180 million views and nearly 10,000 participants, showcasing the brand's successful outreach [4]. Business Expansion - Pianzaihuang is diversifying its business into cosmetics, daily chemicals, and health foods, creating a comprehensive health industry ecosystem [5]. - The cosmetics line, particularly the Pearl Cream and Pearl Paste, has become a household name in Fujian, with a strategic focus on positioning and branding [5][6]. Product Development - The company has successfully launched several high-revenue products, including the Pearl Cream and various skincare lines, contributing to the growth of domestic cosmetics consumption [6]. - Pianzaihuang is expanding its daily chemical products, initially focusing on oral care, with the Pianzaihuang Toothpaste becoming a popular choice among consumers [6]. Health Food Initiatives - The health food segment includes a variety of product lines, such as tea and dietary supplements, with collaborations to enhance the health benefits of tea [7]. - New herbal drinks and instant products are being introduced to cater to modern consumer preferences, emphasizing the concept of "food as medicine" [7]. Industry Trends - The traditional medicine sector in Zhangzhou is experiencing a renaissance, with Pianzaihuang leading initiatives to modernize and attract younger consumers [8][9]. - The company has opened numerous clinics and health centers, significantly increasing patient visits and enhancing local healthcare access [8]. Financial Performance - In 2024, the combined revenue of 30 traditional brands in Zhangzhou exceeded 10.4 billion, reflecting an overall growth of 11.22% [10].

Core Viewpoint - The article compares the financial performance and business strategies of two leading companies in the traditional Chinese medicine sector: Pian Zai Huang and Yunnan Baiyao, highlighting their strengths and weaknesses in profitability, business structure, cash flow, and shareholder returns [2][7]. Profitability - Pian Zai Huang reported a revenue of 3.142 billion yuan in Q1, a slight decrease of 0.92% year-on-year, but net profit increased by 2.59% to 1 billion yuan. The gross margin decreased from 47% to 45%, while sales expenses were cut by 38%, resulting in a net profit of 32 yuan per 100 yuan sold, an increase of 0.8 yuan from the previous year [2][5]. - Yunnan Baiyao achieved a revenue of 10.841 billion yuan, a minor increase of 0.62%, with net profit soaring by 13.67% to 1.935 billion yuan. The industrial gross margin reached 68.34%, with industrial revenue up by 7.63%. The company also reduced sales expenses by 13.23% and management expenses by 3.12%, while R&D expenses rose by 4.96% [2][4]. Business Structure - Pian Zai Huang's core business focuses on liver disease medication, facing significant cost pressures with the price of raw materials increasing by 154%. The company raised the price of its key product to 760 yuan per unit and expanded its distribution network, resulting in a 21% increase in hospital sales. Additionally, its cosmetics line generated 100 million yuan in revenue, a 41% increase year-on-year [3][4]. - Yunnan Baiyao's industrial segment generated 4.470 billion yuan in revenue, a 7.63% increase, while its commercial segment brought in 6.371 billion yuan but with a low gross margin of 6.21%. The company is also integrating AI technology into its operations for marketing and R&D [4][5]. Cash Flow and Risks - Pian Zai Huang reported a net cash inflow from operating activities of 916 million yuan, a 72.33% increase, attributed to strong cash collection and extended supplier payment terms. The company has sufficient inventory to last until 2030 [5]. - Yunnan Baiyao's operating cash flow was 714 million yuan, a 35.39% increase, but it faced high accounts receivable of 10.924 billion yuan, a 10.08% increase, indicating potential cash collection challenges [5]. Dividends and Valuation - Pian Zai Huang's diluted earnings per share were 1.66 yuan, with a dividend yield of less than 1%, indicating a conservative approach to shareholder returns [6]. - Yunnan Baiyao reported earnings per share of 1.08 yuan, with a dividend yield of around 4% and a high payout ratio of 90.09%, reflecting a more generous distribution to shareholders [6]. Conclusion - Pian Zai Huang relies on scarce raw materials, brand premium, and diversification into cosmetics to maintain its market value, but faces long-term innovation challenges due to low R&D spending [7]. - Yunnan Baiyao leverages its toothpaste and daily chemical products along with AI transformation to solidify its market leadership, but contends with low margins in its commercial segment and high accounts receivable [7].