Huqing Yutang

What Huqing Yutang does

Huqing Yutang (胡庆余堂) is a 150-year-old Hangzhou-headquartered traditional Chinese medicine (TCM) enterprise founded in 1874 by Hu Xueyan, operating a complete TCM industry chain spanning herb cultivation, decoction piece processing, proprietary medicine manufacturing, retail pharmacy chain, outpatient medical services, and cultural tourism. The company is structured as Hangzhou Huqing Yutang Group Co., Ltd. with 18 subsidiaries including Huqing Yutang Pharmaceutical (manufacturing), Huqing Yutang Guoyihao (retail pharmacy chain), Huqing Yutang Ginseng Health Products, Fangge Pharmaceutical, and Hangzhou Huqing Yutang E-Commerce. It is controlled by China (Hangzhou) Qingchunbao Group Co., Ltd., which holds a 66% stake.

Core product offerings include Chinese patent medicines (安宫牛黄丸, 强力枇杷露, 胃复春片), proprietary tonic pastes (膏方) prepared through 130-year-old traditional techniques requiring 8-10 hours of batch processing, wild mountain ginseng and cordyceps products, medicated dietary offerings, and health supplements. The flagship Hefang Street store in Hangzhou exceeds 100 million yuan in annual sales; the overall network comprises 30+ retail stores, 4 dedicated TCM outpatient departments staffed by 400+ renowned doctors, and digital channels on Tmall, JD.com, Xiaohongshu, and a self-operated WeChat mall.

The business model is multi-channel: traditional retail and OTC pharmacy, personalized clinical consultations with custom prescriptions, corporate/B2B ginseng gifting, e-commerce sales via proprietary and third-party platforms, and cultural tourism revenue from the Huqing Yutang Museum of Chinese Medicine. Pricing follows a quote-based, per-formula model with quality prioritized over cost under the proprietary blind-selection procurement system operated for over 130 years. The company maintains 60 trademarks in mainland China plus 30+ countries, GMP-certified pharmaceutical facilities, and has secured first-batch national designations including China Famous Trademark, 中华老字号, National Intangible Cultural Heritage (one of only two TCM enterprises), and National Key Cultural Relic Protection Unit for its 1874 architectural complex.

Name

Huqing Yutang

Legal name

杭州胡庆余堂集团有限公司

Website

https://hqyt.net

Company type

Private

Founded year

1874

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Huqing Yutang is a 150-year-old Hangzhou-based traditional Chinese medicine enterprise operating a fully integrated TCM value chain — herb cultivation, manufacturing, 30+ retail stores, 4 outpatient clinics, and a national intangible cultural heritage museum — serving individual consumers, corporate gift buyers, and tourism visitors primarily across Zhejiang and increasingly nationwide via e-commerce.

Ownership category

akta.pro rank

Product category

Traditional Chinese Medicine Pharmaceuticals

NAICS

Medicinal and Botanical Manufacturing (325411), Pharmacies and Drug Retailers (456110), Drugs and Druggists' Sundries Merchant Wholesalers (424210)

SIC

Pharmaceutical Preparations (2834), Retail-Drug Stores And Proprietary Stores (5912)

akta.pro primary industry

Specialty Care Pharmaceuticals (HLAIAAAB)

akta.pro secondary industries

Herbal & Botanical Supplements (CRADAGAD), Cold, Flu & Cough Remedies (HLAIADAB), Discount Drugstores (Value-Focused Chain Pharmacies) (CRAEAHAA)

Keywords

• Traditional Chinese medicine
• Chinese patent medicines
• Ginseng and tonics
• Medicinal paste formulas
• TCM pharmacy chain

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. TCM Pharmaceutical Manufacturing: Manufacturing of proprietary Chinese medicine products including胃复春片, 强力枇杷露, 安宫牛黄丸, and other patent medicines. Production occurs at GMP-certified facilities.
2. TCM Retail (Guoyihao Chain): Traditional Chinese medicine retail operations including the flagship store on Hefang Street, over 30 chain stores, and 3-4 TCM outpatient clinics. Products include decoction pieces, custom prescriptions,膏方, health supplements (野山参, 虫草, 燕窝, 阿胶, etc.), and ready-made patent medicines.
3. E-commerce and Digital Sales: Online sales through Tmall, JD.com, Xiaohongshu, and self-operated WeChat mall. Sales of TCM health products, supplements, and proprietary formulations online.
4. TCM Healthcare Tourism and Museum: Traditional Chinese medicine cultural tourism, including visitor services at the Huqing Yutang Museum of Chinese Medicine (a National Key Cultural Relic), as well as medicinal dietary services (药膳厅). The museum and adjacent tourism facilities form part of the cultural heritage visitor experience.
5. Medical Services and Consultation: TCM medical services through outpatient clinics (名医馆) staffed by over 400 nationally, provincially, and city-renowned TCM doctors. Revenue from consultation fees and prescribed treatments.
6. Health Product Distribution: Distribution of ginseng, bird's nest, deer antler, and other premium health ingredients and prepared health products including庆余常山胡柚膏, 人参阿胶浆, and other proprietary formulas.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Huqing Yutang manufactures, retails, and dispenses proprietary Traditional Chinese Medicine products including patent medicines, custom paste prescriptions (一人一方膏方), ginseng and bird's nest tonics, and medicated diet preparations, through a vertically integrated chain of 30+ Guoyihao retail pharmacies, four outpatient TCM clinics staffed by 400+ renowned doctors, GMP-certified manufacturing facilities, e-commerce flagship stores, and a TCM heritage museum in Hangzhou. The company sells authentic medicinal ingredients (including the largest single-store wild mountain ginseng volume in China) alongside consultation-based custom formulations prescribed by master TCM practitioners.

Product overview

胡庆余堂是一个以传统中药为核心的百年老字号企业，采用集团化架构运营。集团旗下拥有杭州胡庆余堂药业有限公司（成药生产）、杭州胡庆余堂国药号有限公司（商业零售连锁）、杭州胡庆余堂参茸保健品有限公司（保健品批发）、浙江方格药业有限公司（制药）、杭州胡庆余堂电子商务有限公司（电商运营）等多家子公司。产品涵盖中成药制剂（安宫牛黄丸、强力枇杷露、胃复春片等）、参茸产品（野山参粉、参参胶囊）、滋补膏方（人参黄精膏、庆余常山胡柚膏、胡氏延寿膏、庆余果仁阿胶片）、保健食品（人参阿胶浆）等系列。胡庆余堂完成了从药材种植、饮片加工、成药生产、商业零售、医疗科研以至工业旅游的中药全产业链建设，旗下还设有浙江省中药现代化研究发展中心和浙江省天然药用植物研究中心两个省级研发机构。

Differentiator

Problem solved

Functional benefit

Brands

• 庆余常山胡柚膏: 以常山胡柚为原料的古法熬制膏滋产品
• 青春宝抗衰老片
• 胡氏辟瘟丹
• 庆余大补膏
• 人参养心膏

Products and services

• An Gong Niuhuang Wan (安宫牛黄丸) Traditional Chinese Medicine emergency pill used traditionally for resolving phlegm and restoring consciousness; one of Huqing Yutang's heritage patent medicine formulations, historically paired with the Gold Shovel Silver Pot national treasure for Zixue Dan production.
• Qiangli Pipaye Lu (强力枇杷露) TCM cough and phlegm-resolving syrup; one of Huqing Yutang's flagship proprietary patent medicines.
• Wei Fu Chun Pian (胃复春片) TCM tablet used in the treatment of stomach disorders; one of Huqing Yutang's flagship proprietary patent medicines.
• Pi Wen Dan (辟瘟丹) Signature 74-herb TCM antidote formula developed by Hu Xueyan for epidemic prevention; requires selection of highest-quality herbs including specific copper stone dragons (石龙子) sourced from the Lingyin and Tianzhu areas of Hangzhou.
• Ren Shen Huang Jing Gao (人参黄精膏) Innovative ginseng-and-polygonatum nourishing paste (膏方) combining traditional paste preparation techniques with modern工艺, showcased at the 2024 Changchun International Healthcare Expo.
• Shen Shen Jiao Nang (参参胶囊) Ginseng-series health product capsule showcased at the 2024 Changchun International Healthcare Expo.
• Ye Shan Can Fen (野山参粉) Pure wild-mountain ginseng powder processed product, leveraging Huqing Yutang's 150-year ginseng identification expertise; showcased at the 2024 Changchun International Healthcare Expo.
• Ren Shen E Jiao Jiang (人参阿胶浆) Ginseng and donkey-hide gelatin (阿胶) tonic syrup developed from ancient formulas in the Huqing Yutang Complete Collection; used as a qi-tonifying and heart-nourishing supplement and historically provided as gifts to blood donors during the Huqing Yutang Loving Heart Blood Donation Drive.
• Qingyu Changshan Huyou Gao (庆余常山胡柚膏) Medicated food paste (药膳膏滋) developed from Changshan Huyou (胡柚) pomelo using traditional 古法熬制 processing requiring 3 jin of Huyou to produce 1 jin of paste; a new functional health product launched in partnership with the Changshan County Government.
• Hu Shi Yan Shou Gao (胡氏延寿膏) Restored signature Huqing Yutang paste formula (膏方) suitable for middle-aged and elderly health maintenance; available in both hot and cold constitution versions of the traditional paste preparation.
• Qingyu Guo Ren E Jiao Pian (庆余果仁阿胶片) Traditional donkey-hide gelatin (阿胶) preparation with one-third ejiao fraction, formulated with nuts and fruits for blood nourishment; produced using traditional paste preparation techniques.
• TCM Outpatient Consultation Service (名医馆) TCM consultation and custom prescription service delivered through Huqing Yutang's network of four outpatient clinic departments (First, Second, Third, Fourth Outpatient Departments) and Banshan Clinic, staffed by over 400 nationally, provincially, and city-renowned TCM specialists across Hangzhou. Includes consultations, custom prescription issuance, and treatment of chronic conditions including discounts for low-income residents.
• Custom Paste Prescription Service (一人一方膏方 / Personalized Paste Formulas) Individualized constitution-based paste prescription service (一人一方膏方): each formula is prescribed by a renowned TCM practitioner based on the patient's individual constitution, prepared using the Traditional Paste Preparation technique (8-10 hours per batch, multi-stage decoction, honey addition and finishing). Available through Huqing Yutang outpatient clinics during the annual paste season.
• Medicated Dietary Service (药膳厅 / Medicated Diet Hall) On-site medicated dietary hall (药膳厅) within the Huqing Yutang Museum of Chinese Medicine complex offering TCM food therapy (药膳) dishes to visitors as part of the heritage cultural tourism experience.
• Huqing Yutang Museum of Chinese Medicine (胡庆余堂中药博物馆) China's first dedicated museum of traditional Chinese medicine (founded 1991; 4,000+ sqm), located within the 1874 Huqing Yutang National Key Cultural Relic architectural complex. Houses thousands of TCM herb specimens, traditional pharmacy artifacts, a 1.8m/3.6m rhinoceros specimen, 7,000-year-old Hemudu-culture medicinal specimens, and the National Level 1 Cultural Relic "Gold Shovel Silver Pot." Operating departments include exhibition halls, an original manual workshop (手工作坊), medicated diet hall (药膳厅), and TCM clinic outpatient department.

Quantifiable outcome

• Single-store annual sales exceed 100 million yuan for the flagship store on Hefang Street
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Changchun International Healthcare Expo Organizing CommitteeminorGTM or Marketing Partner · 1 January 2024Huqing Yutang participated in the 2024 Changchun International Healthcare Expo alongside global pharmaceutical companies and Fortune 500 enterprises. The event featured exhibitions from 5 major sectors: TCM, medicine, healthcare, medical care, and medical education.
• Changshan County Government, Zhejiang (常山县)minorStrategic or Co-development Partner · 1 January 2021Huqing Yutang collaborated with Changshan County (known as China's Hu You (胡柚) hometown) to develop '庆余常山胡柚膏', a new health product leveraging the medicinal value of Changshan Hu You. The product underwent over 10 traditional preparation steps to create a medicinal food paste. This partnership represents Huqing Yutang's expansion into functional food product development.
• Zhejiang Provincial Blood Center (浙江省血液中心)minorStrategic or Co-development Partner · 1 January 2020Huqing Yutang and浙江省血液中心 jointly launched the '胡庆余堂爱心献血周' blood donation drive in November 2020 at 18 blood donation points across Hangzhou. Huqing Yutang provided人参阿胶浆 and灰树花饼干 as gifts for blood donors, reinforcing its charitable brand identity.
• Jiuzhou Pharmacy (九洲大药房)minorStrategic or Co-development Partner · 1 January 2019Huqing Yutang Group Party Committee conducted a joint party building exchange with Jiuzhou Pharmacy in October 2019. The exchange focused on smart pharmacy technology including 'cloud shelves,' 'unmanned pharmacies,' 'internet hospitals,' and TCM consultation services.
• Tmall (天猫)coreGTM or Marketing Partner · 1 January 2009Huqing Yutang established its flagship store on Tmall (胡庆余堂大药房旗舰店) in 2009 as part of its e-commerce expansion strategy. The Tmall platform serves as a primary digital sales channel for Huqing Yutang's proprietary health products and traditional medicines to reach consumers nationwide.
• JD.com (京东)coreGTM or Marketing Partner · 1 January 2009Huqing Yutang operates an official flagship store on JD.com to reach online consumers and leverage JD's logistics network for nationwide product distribution.
• Xiaohongshu (小红书)minorGTM or Marketing Partner · 1 January 2009Huqing Yutang established a presence on Xiaohongshu to engage younger demographic consumers through social commerce and lifestyle content marketing.
• WeChat (微信) — Self-operated Mini ProgramcoreGTM or Marketing Partner · 1 January 2009Huqing Yutang operates its proprietary WeChat mini-program mall for direct online sales and customer engagement, bypassing third-party platforms to maintain direct customer relationships.
• Zhejiang Provincial Charity Federation (浙江省慈善联合总会)coreStrategic or Co-development Partner · 1 January 2003Since 2003, Huqing Yutang has partnered with浙江省慈善总会 to operate浙江省慈善总会门诊部, providing free registration and discounted medicine for minimum livelihood security (低保特困) families in the Zhejiang region. This partnership exemplifies the company's '是乃仁术' (medicine as a benevolent art) philosophy.

Scale indicators9 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Beijing Tongrentang (同仁堂): Beijing Tongrentang is China's other heritage TCM drugstore-and-manufacturer with 350+ year history and is the only other TCM enterprise sharing National Intangible Cultural Heritage status with Huqing Yutang. Operates its own drugstore chain, manufacturing, and outpatient clinics—directly comparable heritage TCM business model and target customer.
• China TCM Holdings (国药集团旗下中药控股): Hong Kong-listed subsidiary of Sinopharm focused exclusively on TCM manufacturing of proprietary formulas (tonglu-lu-mian series), with product portfolio and regulatory positioning highly comparable to Huqing Yutang's pharmaceutical manufacturing business.
• Tongjitang (同济堂) under Guoyao Tongjitang: Heritage TCM brand under China National Pharmaceutical Group with a long history, multiple retail pharmacies, and TCM preparation manufacturing directly comparable to Huqing Yutang's heritage formulation and chain pharmacy model.

Broad incumbents

• Yunnan Baiyao Group (云南白药): China's most valuable branded TCM company with a leading flagship proprietary formula (Yunnan Baiyao powder) and expanding into consumer healthcare and oral care. While its heritage brand legacy parallels Huqing Yutang, its scale, modernized OTC portfolio, and listed status make it a broader incumbent.
• Guangzhou Pharmaceutical Holdings (GPHL / 广药集团): State-owned conglomerate controlling multiple time-honored TCM brands including Jingxiutang, Pangaoshou, and Caizhilin. Operates branded TCM manufacturing plus the Caizhilin/Xingqun chain of drugstores, making it a broad incumbent competing with Huqing Yutang across both products and retail.
• CR Sanjiu / China Resources 999 (华润三九): One of the largest listed OTC TCM companies in China, with household brands like 999 Ganmaoling and skin/anemia treatment portfolios. Serves the same TCM consumer base but with a modernized, scaled industrial business model rather than heritage pharmacy culture.
• Yiling Pharmaceutical (以岭药业): Listed TCM company built around patented cardiovascular and cold/flu TCM formulations (e.g., Lianhua Qingwen). Represents a modernized, evidence-based TCM competitor in adjacent therapeutic categories that compete for the same consumer OTC spend.
• BY-HEALTH (汤臣倍健): China's largest nutritional supplements company, a SOE affiliate, with a broad VMS portfolio that increasingly overlaps with Huqing Yutang's ginseng/herbal paste and tonic products, especially in e-commerce channels where both compete for younger health-conscious consumers.

Regional players

• Laobaixing Pharmacy Chain (老百姓大药房): One of China's largest listed retail pharmacy chains with thousands of stores; while not heritage-focused, it competes with Huqing Yutang Guoyihao for prescription and OTC walk-in customers in Zhejiang and expanding nationally on broader assortment and lower pricing.
• Yifeng Pharmacy Chain (益丰药房): Major Chinese retail pharmacy chain operator with national footprint in drugstore retail and TCM products. Competes with Huqing Yutang's chain on storefront breadth and TCM product assortment, especially as Huqing Yutang expands beyond Hangzhou via e-commerce.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries13 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Huqing Yutang