中华老字号片仔癀不仅以其"一片即可退癀"的疗效守护着数代人的健康，更在时代浪潮中不断焕发新的 生机。如今，这一承载着中医药智慧的老字号，正以守正创新的姿态书写着新的发展篇章，其背后的传 承故事、科研突破与产业布局，也成为当下中医药文化传承与现代化发展进程中备受关注的焦点。 古老药方焕生机 片仔癀的故事始于明朝末年。当时一位宫廷御医携秘方来到漳州，隐居璞山岩寺削发为僧。这位御医出 身的寺僧，依据宫廷秘方，用上等麝香、牛黄、三七、蛇胆等名贵中药材，炼制成药锭，专治热毒肿 痛。 "当时附近百姓患疾者甚众，寺僧广为施治，宫廷秘方就此落地生根。"片仔癀博物馆讲解员向记者介绍 道，"因为切片分服，每次一片即可退癀，民间就俗称其为'片仔癀'。" 时光荏苒，片仔癀的秘方和制作工艺在寺庙内代代传承。直至20世纪初，寺僧释延候还俗，与漳州"馨 苑茶庄"庄主李珠结为夫妻，继续制售片仔癀。1956年，以馨苑茶庄、同善堂为基础，联合天益寿、致 和堂等九户，组建了"公私合营同善堂联合制药厂"，这就是片仔癀药业的前身。 1999年12月，漳州片仔癀药业股份有限公司正式改制创立；2003年6月，公司在上海证券交易所上市， 开启了老字号的新征 ...

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].