**Source:** Jumeili (聚美丽) · **Date:** 2026-10-16 · **Category:** Corporate / Market *原文：一把手辞任，"药茅"千亿市值蒸发* Pien Tze Huang (片仔癀, 600436.SH), the traditional Chinese medicine group often dubbed the "Moutai of pharma" and a crossover name in skincare, announced late on October 13 that chairman and legal representative Lin Zhihui had resigned for "work adjustment". He steps down from the board and all special committees, and will hold no position at the company or its subsidiaries. He is the fourth top executive to leave before completing a term since 2021 — an unusual run of churn for a listed group. Jumeili notes that the company's market capitalisation has contracted by about 58% over three years, a sharp reversal after years of being priced as a scarcity asset. For the beauty industry the signal is about the "TCM-beauty" premium: brands trading on heritage and cross-category expansion still need product and channel execution, and frequent leadership turnover complicates multi-year strategy continuity. Detail --- Pien Tze Huang (片仔癀, 600436.SH) Chairman Lin Zhihui resigns "Work adjustment" 4th chief to exit early since 2021 Down ~58% over three years [Read the original article](https

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