Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].

当法国博主Jason在TikTok上发布"义乌一日扫货Vlog"，单条视频播放量突破2000万时，一场静悄悄的消费革命正在中国上演。从北上广 的免税店到义乌小商品市场的档口，从汉服体验馆到老字号药铺，外国游客的购物车里装满了"中国制造"的神奇密码。这波被戏称为"反 向代购"的潮流，正将中国从"世界工厂"重塑为"全球购物天堂"。 国家移民管理局数据显示，2025年第一季度，全国各口岸入境外国人超1200万人次，同比增长300%。这些游客的行李箱里，不再只有茅 台与中华烟，取而代之的是电动牙刷、汉服、珍珠膏，甚至还有"十元三件"的义乌小商品。 1. 义乌现象：小商品市场的"国际淘金热" 在义乌国际商贸城，英语、阿拉伯语、西班牙语的砍价声此起彼伏。印度商人拉吉夫拖着行李箱穿梭于档口间，用计算器与店主讨价还 价："这个LED灯串，2000件多少钱？"他的采购清单上，从万圣节装饰到太阳能充电器一应俱全。更夸张的是，一些游客直接在市场开 起直播，将砍价过程变成TikTok上的"真人秀"，单场销售额堪比小型外贸公司。 2. 免税店新宠：国货美妆与智能家电 在海南免税店，外国游客排队试色花西子雕花口红，用翻译软件询问"微雕工 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 价投观察员 来源：雪球 2025年一季度财报一出 ， 中药界的两大 " 顶流 " —— 片仔癀和云南白药 ， 又双叒叕被拉出 来 " 比美 " 了 。 一个靠 " 一粒药卖760元 " 撑起千亿市值 ， 一个靠 " 牙膏卖到全国第一 " 稳坐日化头把交椅 。 这俩活宝的财报 ， 就像两个性格迥异的学霸 ： 一个闷声发大财 ， 一个 卷到飞起 。 咱们今天就来扒一扒 ， 到底谁更 " 能打 " ！ 一 、 赚钱能力 ： 片仔癀 " 抠门 " 但会过日子 ， 云南白药 " 大方 " 但利润狂飙 片仔癀 ： 一季度营收31.42亿元 ， 同比下滑0.92% ， 但净利润10亿元 ， 反而涨了2.59% 。 这操作就像 " 奶茶店销量降了 ， 但涨价+省广告费 ， 利润反而更高 " —— 毛利率从47%降到 45% ， 但销售费用直接砍了38% ， 最终每卖100元能净赚32元 ， 比去年还多赚0.8元 。 把 我惊的直呼 ： " 这波操作 ， 666 ！ " 云南白药 ： 营收108.41亿元 ， 同比微增0.62% ， ...