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Analysts also noted that behind the wave of goodwill impairment could be earnings management behavior. That is, the companies use accounting techniques to "modify" financial reports.

Analysts from China Merchants Securities wrote in a note that sales of baijiu during the Spring Festival holiday, which is the peak season for this product, were as per expectations.

Analysys said given the background of medical reform and the epidemic, the pharmaceutical industry faces a reshuffle, with drug e-commerce becoming a key point in industrial integration.

And returns on such investment could be handsome. A WeChat user can tip up to 200 yuan () per emoji at a time. Tencent claimed it had more than 900 million active WeChat users in China alone at the end of September 2017. Apparently, they send out 38 billion messages every day. It, however, declined to share details like the number of emoji downloads and the number of messages with emojis last year.

Analysts expect that the industry will continue the upward trend this year, thanks to support policies from the government and robust demand for health insurance and endowment insurance products.