文 | 灵感加 值此辞旧迎新之际，我想结合过去十年的观察与未来十年的展望，对品牌营销的趋势做一次总结与前 瞻，并在AI营销巨变来临之际，先一步 发起一场共识。 未来十年，人类将面对史上变化最快的时期。AI技术的发展、科技载体的质变让"变化"成为常态， 而"不变"将成稀缺。 什么是新共识？—— 在变化中寻找不变 AI算法千人千面的碎片化切割，让用户的兴趣与需求越来越分散和小众，品牌满足定制化、个性化的 需求和情绪价值变成必然。 在算法碎片化时代，品牌找到"自己是谁"，比别人看到"品牌是什么"甚至更重要。 品牌之所以成为品牌，是因为传递的品牌内核一直是一致的，品牌有自己的生命和成长轨迹，映射着每 一代在其身上倾注心血的人类性格，并以吸引力法则，将同类人群 同类型消费者聚起来。 一个强大的品牌可以做到，哪怕只是一种气质，熟悉ta的消费者可以一眼识别，并且产生"熟悉感"，从 而产生好感和消费倾向。这种好感和倾向可以帮助品牌 无论是在哪个渠道货架，线上或线下，在消费 者的下一眼接触时，都拥有"优先选择权"，且长期复利。 然而"人类是世上最复杂的"，每个人的思想受到基因、年龄、收入水平、生长环境、周围圈子、认知边 界、生 ...

公司近况 我们维持2025/2026 年净利润预测31.20 亿元/34.31 亿元不变。 当前A股股价对应2025/2026 年13.4/12.2 倍市盈率，H股股价对应2025/2026 年8.8 倍/7.9 倍市盈率。我们 维持A股跑赢行业评级和目标价34.0 元不变，对应2025/2026 年17.7 倍/16.1 倍市盈率，较当前股价有 32.5%上升空间。我们维持H股跑赢行业评级和目标价23.0 港币不变，对应2025/2026 年11.0 倍/9.8 倍市 盈率，较当前股价有24.7%上升空间。 风险 消费市场竞争激烈，大南药价格承压，商业业务回款压力。 积极布局华东商业市场。根据公告，浙江医工是浙江省排名前6的优质医药流通企业。浙江医工2024 年 和2025 年1-3 季度收入为42.45 亿元和29.20 亿元。我们认为此收购有利于广州医药获得浙江省及周边地 区成熟的客户网络，进一步优化广州医药在华东区域的产业布局，提升对国内终端市场的覆盖广度和深 度。 投资南京医药，加大商业板块布局。根据公司公告，2025 年9月，公司旗下广药二期基金投资南京医药 公司收购南京医药部分股份。公司预计此举 ...

Group 1 - The article highlights the growing presence of Chinese brands and products in Africa, particularly through the use of recognizable takeaway bags that have become popular among local residents [3][6][10] - Brands like "霸王茶姬" and "曼玲粥店" have not yet established physical stores in Africa, but their takeaway bags are already familiar to the local population, indicating a strong brand recognition [3][6] - The demand for reusable bags in Africa has surged due to strict regulations against single-use plastic bags, with 34 African countries implementing punitive measures against plastic bag usage by 2019 [19][21] Group 2 - The Chinese non-woven fabric industry has seen significant growth, with a production capacity of 8.56 million tons in 2024, accounting for 60% of global capacity [36] - The cost of Chinese non-woven fabric is notably lower than that of similar products from other countries, with an export price of $2.92 per kilogram compared to higher prices from Taiwan, Turkey, and Germany [36] - China's robust petrochemical industry, which has developed through strategic investments and technological advancements, supports the production of non-woven fabrics, making them both affordable and high-quality [42][50]

长江商报消息 ●长江商报记者 沈右荣 再出手，广药集团旗下的白云山（600332.SH）收购资产。 12月17日晚，白云山发布公告，控股子公司广州医药拟出资5.01亿元，收购浙江省医药工业有限公司 （以下简称"浙江医工"）100%股权。 浙江医工拥有浙江省麻黄素、咖啡因及二类麻醉药品的经营及配送资质，其配送网络覆盖浙江全省。 对于此次收购，白云山称，是为了进一步优化广州医药在华东区域的产业布局。 2025年9月底，白云山曾公告，附属企业广药二期基金拟受让南京医药11.04%股权，交易价款约7.49亿 元。此举，也是为了加码布局华东市场。 接连出手加码布局华东市场，实际上是白云山补短板。2025年上半年，作为仅次于华南市场的华东市 场，白云山的收入不增反降。通过联手南京医药、收购浙江医工，白云山在华东市场的版图、影响力将 进一步扩大。 近年来，虽然行业整体承压，白云山的经营业绩也出现了波动，但并不影响市场对其具备较强盈利能力 的判断。2025年前三季度，通过加大市场开拓力度，公司实现的归母净利润为33.10亿元，实现了由降 转增。 连续收购补华东市场短板 白云山再度收购，以补齐华东市场短板。 根据最新公告，12 ...

Investment Rating - The report assigns a "Buy" investment rating to the company [2][6]. Core Insights - The company has completed adjustments in its governance structure and management team, marking a new development phase and focusing on high-quality growth [5][14]. - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of approximately 29% [31]. - The dividend payout ratio is set to increase to 46% in 2024, with corresponding increases in dividend yields for both A-shares and H-shares [5][35]. Summary by Sections Governance Changes and Strategic Focus - The company has completed the adjustment of its senior management team, with new leadership expected to enhance operational quality [16][30]. - The new governance structure emphasizes internationalization, digital transformation, and innovation in research and development [30]. - The company is advancing its strategic planning for the "15th Five-Year Plan" while ensuring the completion of the "14th Five-Year Plan" [37][38]. Business Performance - The commercial segment remains a cornerstone of revenue, with a compound annual growth rate (CAGR) of approximately 6% from 2020 to 2024 [15][39]. - The traditional Chinese medicine segment is under short-term pressure, with a decline in revenue due to inventory adjustments and increased competition [15][41]. - The health segment is experiencing growth, with a revenue increase of over 7% in the first half of 2025 [15][45]. Financial Projections - Revenue projections for 2025-2027 are estimated at 790.01 billion, 840.61 billion, and 894.5 billion respectively, with corresponding net profits of 37.35 billion, 39.63 billion, and 44.27 billion [6][7]. - The company anticipates a net profit growth of approximately 31.7% in 2025, followed by more moderate growth in subsequent years [6][7]. Dividend Policy - The company plans to increase its dividend payout ratio to 46% in 2024, significantly higher than the 30% range maintained from 2019 to 2023 [5][35]. - The expected dividend yield for A-shares is approximately 2.81%, while H-shares are projected to yield around 4.83% [5][35].

Core Insights - The official launch of the Guangzhou Wanglaoji (Lanzhou) production base marks a significant milestone in promoting the "Belt and Road" initiative for the health industry [1][2] - The project represents a total investment of 350 million yuan, covering an area of approximately 100 acres, with an annual production capacity of about 6.5 million standard boxes [1] - The Lanzhou base will serve as a key hub for the health industry in the northwest region, connecting the Guangdong-Hong Kong-Macao Greater Bay Area with "Belt and Road" countries [1] Group 1 - The Lanzhou production base is the fourth self-owned production facility of Wanglaoji, enhancing the company's domestic and international supply chain [1] - The project is expected to create over 100 local jobs and will eventually initiate a second production line to further boost the local economy [1] - Wanglaoji has established four self-owned production bases and over 50 processing plants, ensuring national production capacity [1] Group 2 - The chairman of Guangzhou Pharmaceutical Group emphasized the commitment to deepen east-west industrial collaboration and strengthen industry engines through partnerships with leading universities and research institutions [2] - Wanglaoji and Baosteel Packaging announced a strategic cooperation to enhance their collaboration in Lanzhou, contributing to the construction of a modern industrial system in China [2] - Wanglaoji's products are now available in over 100 countries and regions, maintaining the top position in global natural plant beverage sales for five consecutive years [2]

本报讯(记者王镜茹)11月26日下午，中国香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员 伤亡。 灾情发生后，广州白云山医药集团股份有限公司(以下简称"白云山")第一时间紧急响应，迅速调配资 源，携旗下广州王老吉大健康产业有限公司捐赠价值500万港元的现金及物资，紧急驰援灾后救助，以 实际行动助力香港受灾同胞渡过难关，为灾后援助贡献力量。 广药白云山，爱心满人间。白云山将密切关注灾情后续进展，与香港同胞同根同心，协力共渡难关。 ...

Core Insights - Guangzhou Wanglaoji Health Industry Co., Ltd. has increased its registered capital from 900 million RMB to 1 billion RMB, representing an approximate 11% increase, alongside changes in its executive management [1] Company Information - The company was established in February 2012 and is wholly owned by Baiyunshan Pharmaceutical Group Co., Ltd. [1][3] - The legal representative of the company is Chen Kunnan, and its business scope includes retail of edible agricultural products, leasing of land use rights, and non-residential real estate leasing [1][3] Shareholder Structure - Baiyunshan Pharmaceutical Group Co., Ltd. holds 100% of the shares in Guangzhou Wanglaoji Health Industry Co., Ltd. [3]

Core Viewpoint - Da An Gene, a leading company in genetic testing, is set to be acquired by Guangzhou Pharmaceutical Group, which is seen as a potential rescue for the struggling company [1][6]. Group 1: Acquisition Details - Guangzhou Pharmaceutical Group will acquire 16.63% of Da An Gene's shares through Guangzhou Jinkong Group and Guangzhou Health Industry Investment, along with an additional 10% stake at a price of 6.47 yuan per share, totaling 9.08 billion yuan [3]. - Post-acquisition, Guangzhou Pharmaceutical Group will control approximately 26.63% of Da An Gene, while Guangzhou Jinkong Group will retain a 5% stake [3]. - The transaction will not change the actual controller of Da An Gene, which remains under the control of the Guangzhou Municipal Government [3]. Group 2: Financial Performance - Da An Gene experienced a dramatic decline in revenue and net profit, with revenues dropping from 120.5 billion yuan in 2022 to 8.53 billion yuan in 2024, and net profit plummeting from 54.28 billion yuan to a loss of 9.39 billion yuan in the same period [4]. - In the first three quarters of 2025, Da An Gene reported revenues of 5.04 billion yuan, a year-on-year decrease of 14.8%, and a net loss of 1.51 billion yuan, despite a 69.9% increase in losses [5]. - The company has significantly reduced R&D spending by nearly 30%, while marketing expenses surged by 70% [5]. Group 3: Challenges and Management Changes - Da An Gene has faced internal turmoil, including a three-year boardroom conflict that resulted in the exit of the founding technical team and the takeover by new financial stakeholders [5][9]. - The company has also been involved in a corruption scandal related to hospital testing departments and has laid off over 60% of its workforce [5]. - The recent acquisition by Guangzhou Pharmaceutical Group may lead to further personnel changes, raising concerns about the expertise of new management in the IVD sector [6][8]. Group 4: Strategic Outlook - Guangzhou Pharmaceutical Group aims to create a full-chain integration of "testing-diagnosis-drugs" through the acquisition, as its medical device segment has contributed only 1% to its revenue [7]. - There are doubts about the integration of Da An Gene's IVD-focused business with Guangzhou Pharmaceutical Group's existing low-margin medical device operations, which may complicate future collaboration [8]. - The historical context of Guangzhou Pharmaceutical Group's previous unsuccessful ventures into the IVD market raises skepticism about the potential success of this acquisition [9].

Core Insights - The 22nd World Traditional Chinese Medicine Conference was held in Sydney, Australia, focusing on the theme of "Cultural Dissemination and Technological Innovation of Traditional Chinese Medicine (TCM) from a Global Perspective" [1][3] Group 1: Conference Overview - The conference was organized by the World Federation of Chinese Medicine Societies and supported by various Australian organizations, including the Australian Conference Bureau and the Australian Tourism Bureau [3] - Key participants included TCM experts, government officials, and business representatives from around the world, engaging in discussions on the international development of TCM [1][3] Group 2: Company Initiatives - Guangzhou Pharmaceutical Group, a major partner of the conference, showcased its latest achievements in TCM internationalization, technological innovation, and cultural dissemination [3] - The company’s chairman, Li Xiaojun, emphasized the importance of modernizing TCM through digital transformation and establishing a comprehensive international presence [3][6] Group 3: Strategic Collaborations - During the conference, Guangzhou Pharmaceutical Group signed multiple strategic cooperation agreements with various international entities, focusing on cultural promotion, research collaboration, and market expansion [8] - Notably, the Wanglaoji Health Company plans to launch the WALOVI international can in Australia, enhancing its overseas market presence [8] Group 4: Expert Contributions - The conference featured expert lectures, including a report on the regulation of TCM by Diane Wilkinson from the Australian government, providing policy guidance for TCM internationalization [6] - Other presentations included discussions on continuous innovation in TCM products, highlighting the collaborative efforts in research and development [6]