同仁堂品牌授权翻车？99%高纯南极磷虾油有效含量为0 上市公司虽发文澄清或也难独善其身

Core Viewpoint - The recent scandal involving a product labeled "Beijing Tongrentang 99% High Purity Antarctic Krill Oil" has revealed that the actual phospholipid content is 0%, leading to significant consumer distrust in the brand and highlighting issues with brand licensing and management practices [1][2][4]. Brand Licensing Issues - Many products marketed under the Tongrentang brand are actually the result of brand licensing, which has led to confusion among consumers regarding the authenticity of the products [2][19]. - The product in question was produced by Anhui Habao Pharmaceutical Co., Ltd. and sold by Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., Ltd., which is a subsidiary of the larger Tongrentang Group [19][4]. - The complex brand licensing structure has created a "Tongrentang universe," where numerous products are sold under various subsidiaries, complicating consumer recognition and trust [19][20]. Impact on Brand Reputation - The brand licensing model, while providing short-term growth, is eroding the long-term value of the Tongrentang brand, leading to consumer confusion and diminished trust [8][20]. - Employees at the main Tongrentang store frequently encounter questions from consumers about the authenticity of the products, indicating a significant brand identity crisis [20]. Financial Performance - The company has faced a decline in stock price and financial performance, with shares dropping over 45% from their peak in 2023, closing at 32.25 yuan per share on December 26, 2025 [21][23]. - For the first three quarters of the year, the company reported a revenue of 13.308 billion yuan, a year-on-year decrease of 3.70%, and a net profit of 1.178 billion yuan, down 12.78% [11][23]. - The third quarter saw a particularly sharp decline, with revenue dropping 12.76% to 3.539 billion yuan and net profit plummeting 45% [11][23]. Operational Challenges - Despite a strategy of aggressive store expansion, with 250 new stores added in 2024, the overall sales have not increased, leading to operational inefficiencies [11][23]. - As of September 30, 2025, the company's inventory balance reached approximately 11.125 billion yuan, accounting for 35% of total assets, with an extended inventory turnover period of 424.4 days [11][23].