曾被誉为‘药中茅台’的片仔癀（Pien Tze Huang），近年来股价遭遇重挫。自2021年高点以来，其股价已累计下跌近60%，市值大幅缩水。市场普遍认为，这与其业绩增速放缓、估值过高以及中药行业整体承压有关。然而，令人瞩目的是，一些知名投资大佬如林园等仍坚定持有，一股未卖。他们坚信片仔癀作为国家级保密配方、拥有稀缺性和品牌护城河的中药瑰宝，长期价值未被削弱。尽管短期面临消费疲软和政策调整压力，但其在肝病治疗、高端保健品及海外市场中的独特地位，仍具增长潜力。投资者分歧明显：一方担忧高估值难以为继，另一方则视回调为长期布局良机。这场博弈背后，是对稀缺资产信仰与市场现实之间的较量。
Once hailed as the ‘Moutai of traditional Chinese medicine,’ Pien Tze Huang has seen its stock price plummet in recent years. Since its peak in 2021, the share price has dropped by nearly 60%, significantly eroding its market value. Analysts attribute this decline to slowing earnings growth, historically high valuations, and broader headwinds facing the TCM sector. Remarkably, however, prominent investors like Lin Yuan continue to hold their positions without selling a single share. They remain confident in Pien Tze Huang’s long-term value, citing its status as a nationally protected secret formula, strong brand moat, and inherent scarcity. Despite short-term challenges such as weak consumer demand and regulatory shifts, the company retains unique advantages in liver disease treatment, premium health supplements, and international markets. The investment community is clearly divided: some worry that its lofty valuation is unsustainable, while others see the current pullback as a strategic entry point. At its core, this debate reflects a clash between faith in rare, irreplaceable assets and the realities of today’s market environment.
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