失宠的东阿阿胶，现在有何投资价值？
https://p3-sign.toutiaoimg.com/pgc-image/RXnt4ZK6ncCPf0~tplv-tt-large.image?x-expires=2003965497&x-signature=V%2FREIMLyqF2P%2Be2rYgAdmYcBSnU%3D中国自汉唐以来就有服用阿胶的历史
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xIZt1rxNMTK~tplv-tt-large.image?x-expires=2003965497&x-signature=27yo6NPqSX0XnNCxXBtvi0seIio%3D
但2017年后股价急转直下
作者：明大教主
来源：雪球
01东阿阿胶面对舆论质疑采取的策略近年来由于东阿阿胶在销售端的不景气（一）从药理层面打消“水煮驴皮”的功效质疑。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xIaFHy3viPT~tplv-tt-large.image?x-expires=2003965497&x-signature=oHNKU07MOSaOvX4x7CWxT6b3SFA%3D
教主从相关临床数据中找到阿胶的相关内容（二）推动成分鉴别方法。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xIae6E6fJaW~tplv-tt-large.image?x-expires=2003965497&x-signature=aiCSaxjcL%2BXKp7w1pc4RSjxrsF4%3D
除了多肽成分鉴别法（三）巩固行业话语权。02东阿阿胶绝处逢生的五大策略（一）管理者的交棒。（二）营销模式的改变。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xIan1IOimuN~tplv-tt-large.image?x-expires=2003965497&x-signature=yHiGVeV3XkL8kPI8BsOw7cMHTY4%3D
上图为现NBA金州勇士队球员安德鲁
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJBd3mCjwM8~tplv-tt-large.image?x-expires=2003965497&x-signature=UZceI8cB6x9WILrLqlqplrKHloY%3D
https://p26-sign.toutiaoimg.com/pgc-image/Rw6xJBwAp5zaqf~tplv-tt-large.image?x-expires=2003965497&x-signature=3ItrKGStReHerIatnQLCwLQA6l4%3D
对于超高端客户
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJC86ubQ3Dl~tplv-tt-large.image?x-expires=2003965497&x-signature=3V6I98Sfbh0mUElIUEDQ4WwOmaI%3D
对于超高端客户的权益升级也是用心满满了
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJCJ70O94eA~tplv-tt-large.image?x-expires=2003965497&x-signature=n799JJtKkOfbo6mAQg%2FD7CI1SGg%3D
同白酒越陈越香的说法一样
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJCVIn88qZy~tplv-tt-large.image?x-expires=2003965497&x-signature=QK4cw9xCDwyHStOsYdHe0yDryfU%3D
从上图可以看出年份更久远的阿胶的刺激性气味组分更少
2.SCRM营销云平台
除了微信营销平台之外
https://p26-sign.toutiaoimg.com/pgc-image/Rw6xJwwFjMZuO5~tplv-tt-large.image?x-expires=2003965497&x-signature=2znQLEh1Y7FxG6ba9BjUIfzGWcg%3D
上图为教主在携程上搜索的聊城地区著名旅游景区（三）产品线的丰富与年轻化战略。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJxB74lamoJ~tplv-tt-large.image?x-expires=2003965497&x-signature=mL7RmDMal30hqABHpb1PaTy9CHg%3D
其中石榴汁和红参茶是东阿首次在饮品领域中的尝试性作品
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJxS4lVTTW3~tplv-tt-large.image?x-expires=2003965497&x-signature=VMFrlnK4khPRQTUrNaBc6QVBo78%3D
在产品专利方面东阿获得了中（四）降价促销更接地气。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJxqAhB1StI~tplv-tt-large.image?x-expires=2003965497&x-signature=rWqRH14pSffpx3Hw5ngJj5kenjM%3D
频繁的提价无异于
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xJy63Pm8GGc~tplv-tt-large.image?x-expires=2003965497&x-signature=VeuZzfxKoFDSpa0GS8UbovfwRsw%3D
公司在降价促销的战略中采取了不同的策略（五）重资产转变为轻资产。03东阿阿胶在资本市场“失宠”的十大疑惑（一）公司股权回购疑惑。（二）应收账款和存货周转天数激增。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xKWn5k5T7hh~tplv-tt-large.image?x-expires=2003965497&x-signature=%2BxJnTS3rIkJOvdFdHl8FZBP3Xfw%3D
从上图可见2019年的应收
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xKX169CsRSU~tplv-tt-large.image?x-expires=2003965497&x-signature=F1clpTE3JlmudRVhM0DSUVGPyAs%3D
从两周转来看有9分神似（三）销售量大幅下滑的同时生产量没有同比减少。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xKX97JOsGJW~tplv-tt-large.image?x-expires=2003965497&x-signature=RO0a%2BCRqPpOQyD9U%2BOeIY8hzh58%3D
按年报中的产销量同比数据来看（四）存货跌价同比翻倍。
https://p26-sign.toutiaoimg.com/pgc-image/Rw6xKXWIZzIT4L~tplv-tt-large.image?x-expires=2003965497&x-signature=nRpbd%2Flic7xvOwFjni7R%2B0H4mzo%3D
上图中其中消耗性生物资产是种驴的折旧可以理解（五）负债和财务费用的反向变动。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xKXx2VkrJuB~tplv-tt-large.image?x-expires=2003965497&x-signature=YoUGv7st2v6Xsu8PndnMWFJoGX8%3D
乡亲们都知道负债总额和财务费用一般都会呈现正向变动
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xL1xHH7EizA~tplv-tt-large.image?x-expires=2003965497&x-signature=9OytRqR9v3G8I2gX1k72eleOk6E%3D
2019年
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xL2RIGARfs~tplv-tt-large.image?x-expires=2003965497&x-signature=hU0ztd63qtmPCasO6yW3nXISQs8%3D
而公司在年报中也声明了应付账款无息
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xL2hBw9WZcT~tplv-tt-large.image?x-expires=2003965497&x-signature=4Wb%2Fmga4DyJPFlOxazs8TMerDYQ%3D
并声明其他应付款中应付子公司少数股东款项系无息
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xL39AO7IxRS~tplv-tt-large.image?x-expires=2003965497&x-signature=mnyJpViul1kHLyoRYmZMc6uBKOk%3D
再看汇兑损益（六）个人借款陆续提计减值。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xL3WGgw1wmB~tplv-tt-large.image?x-expires=2003965497&x-signature=sNzIOlZ6aCFZ4%2FfuUvaLWsg%2FtQs%3D
从其他应收款中可以看到苏道明的200万个人借款已经连续计提2年（七）年报中重资产转轻资产与实际行为的差异。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xLZ4E2Mf5Cz~tplv-tt-large.image?x-expires=2003965497&x-signature=AGxAv7tOafaav6mXe78YyF13ovQ%3D
上图可见山东总部的牧业公司也存在亏损现象
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xLZHDo1DTdB~tplv-tt-large.image?x-expires=2003965497&x-signature=xo0i6soi%2BST6OR0Fwpw9wMrO65c%3D
而从以上在建工程和2019年固定资产增加来看（八）应收账款提计诡异。
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xLZjJlFhft~tplv-tt-large.image?x-expires=2003965497&x-signature=gNWhjy2ZTwxIlzzHQvWLNMdCb1Q%3D
阿胶的坏账计提分为单项重大和常规的信用减值
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xLa92nX5ovV~tplv-tt-large.image?x-expires=2003965497&x-signature=fVKmOa7EZH8mwUpShIgqnQ1nV0Y%3D
从单项重大的计提来看均是第三方公司
https://p3-sign.toutiaoimg.com/pgc-image/Rw6xLaT8V6cBXR~tplv-tt-large.image?x-expires=2003965497&x-signature=q%2F%2FodgfGrhuiXibxuFEI%2BOP1V%2Bs%3D
从按应收账款年份的常规信用减值计提来看是2018年的4倍（九）年报期后华润系财务总监上马。
https://p3-sign.toutiaoimg.com/pgc-image/RvvkCTxH0ThbB7~tplv-tt-large.image?x-expires=2003965497&x-signature=YBh049n14bl%2F6GTP4oVgGmTLjjc%3D
2020年Q1雪球股票失宠榜发布，哪些股票的上榜在你意料之中，哪些股票的上榜又让你大吃一惊？
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