雀巢奶粉经销商受到影响 1月6日，雀巢集团在全球31个国家和地区发布针对部分批次婴幼儿配方奶粉产品的召回通知。该公司对用于生 产可能受影响的婴幼儿配方奶粉产品的所有花生四烯酸油（ARA）及相关油脂混合物进行检测发现，供应商提 供的这种油脂原料存在质量问题，相关批次婴幼儿配方奶粉中可能存在蜡样芽孢杆菌（Cereulide），这种细菌 可能引起食源性疾病。 雀巢表示，由于花生四烯酸油被广泛用于多种婴幼儿配方奶粉，此次召回涉及多个国家和地区、品牌和产品， 但目前尚未确认有任何消费者因食用相关产品而出现患病情况。 雀巢奶粉召回事件持续发酵。有雀巢奶粉服务商告诉新京报记者，其所在区域内已发生顾客非理性退货，退货 范围远超雀巢公布的召回批次。预计雀巢线下主推的高端婴幼儿配方奶粉"铂初能恩"受到较大打击，渠道商信 心短期内难以恢复。 除雀巢和惠氏两大品牌外，多家婴幼儿奶粉企业和原料供应商同样受到此次召回事件波及。截至目前，德国喜 宝、达能、倍顿等婴幼儿食品品牌均声称，未使用雀巢涉事供应商的ARA（花生四烯酸）原料。全球最大的 ARA供应商帝斯曼-芬美意也发布声明称，雀巢涉事问题ARA原料并非由其生产，且公司ARA原料受此次 ...

深陷"伪洋牌"争议的儿童食品品牌爷爷的农场，欲赴港上市闯关。近年来，爷爷的农场业绩保持高速增 长,净利润亦同步走高。然而，高增长的背后，是销售费用率持续超过30%的营销驱动模式。爷爷的农 场在两年内投放了超过30部影视剧广告，并频繁联名热门IP、签约明星代言，可谓一场"营销狂欢"。相 比之下，其研发投入占比长期仅徘徊在3%左右。 高速扩张的同时，爷爷的农场负面缠身。除"伪洋牌"争议外，爷爷的农场多款产品曾因质量问题被监管 部门通报。在营销塑造的光环下，"爷爷的农场"能否以真正的产品力赢得市场信任，将成为其上市之路 的关键考题。 在销售渠道方面，电商平台成为爷爷的农场的绝对主力。2023—2025年前三季度，爷爷的农场直销渠道 占比稳定在42%左右，主要通过电商平台进行销售，同期经销渠道中电商平台的占比均超30%，两者合 计使得其电商相关销售占比超70%。 与众多依托互联网崛起的消费品牌一样，爷爷的农场深谙流量之道。据不完全统计，2024—2025年，爷 爷的农场在超过30部热门影视剧中进行广告植入，其中包括《繁花》《与凤行》《庆余年2》等。同 时，也与《长安二十四计》等热门IP进行联名合作，并邀请演员刘涛担任 ...

雀巢多国召回婴儿配方奶粉事件有了进展。 2026年1月7日，雀巢的花生四烯酸油（ARA）产品供应商嘉必优向21世纪经济报道记者透露，相关原料检测中，尚未出结果。"我们正联系相关的检测机 构，包括监管部门，来做产品检测，现在尚未出结果，所以暂时并未公告。结果出来以后我们会及时进行公告。"嘉必优证券部相关负责人称。 雀巢在其网站发布声明说，已对可能受影响的产品进行了ARA油脂及相关油脂混合物检测。截至目前，尚未接到因食用该配方奶粉导致不适或患病的报 告。 雀巢称，由于ARA被广泛用于多种婴幼儿配方奶粉，此次召回涉及多个国家和地区、品牌和产品。雀巢也提到，目前尚未确认有任何消费者因食用相关 产品而出现患病情况。 同日，英国食品标准局在一份食品安全警报中介绍，蜡样芽孢杆菌具有高度热稳定性，因此在烹饪、使用沸水或冲调婴儿奶粉的过程中不太可能被灭活或 破坏。这种细菌可能引发食物中毒，且症状可能迅速出现，包括恶心、呕吐、胃部痉挛等。 作为对比，同天，帝斯曼-芬美意发布声明强调，涉事问题ARA原料并非由帝斯曼-芬美意供应。"因以上事件影响，帝斯曼-芬美意ARA原料需求激增，我 们将全力协调产能，满足市场需求。"该公司表示。 ...

深陷"伪洋牌"争议的儿童食品品牌爷爷的农场，欲赴港上市闯关。近日，爷爷的农场国际控股有限公司 （以下简称"爷爷的农场"）在港交所递交招股书，拟在香港主板挂牌上市。近年来，爷爷的农场业绩保 持高速增长，2024年及2025年前9个月，分别实现8.75亿元和7.8亿元的收入，同比大幅增长40.64%和 23.15%，净利润亦同步提升。然而，这份高增长成绩单的背后，是销售费用率持续超过30%的营销驱动 模式。爷爷的农场在两年内投放了超过30部影视剧广告，并频繁联名热门IP、签约明星代言，可谓一 场"营销狂欢"。相比之下，其研发投入占比长期仅徘徊在3%左右。 高速扩张的同时，公司亦负面缠身。除"伪洋牌"争议外，爷爷的农场多款产品曾因质量问题被监管部门 通报，在黑猫投诉平台上的相关投诉也超过200条。在营销塑造的光环之下，"爷爷的农场"能否以真正 的产品力赢得市场信任，将成为其上市之路的关键考题。 | | | 基至12月31日止年度 | | | | 基至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | ...

12月15日，北京同仁堂健康药业股份有限公司发布声明称，针对上述情况，公司立即责令四川健康药业 停止经销该产品，并对涉事产品开展全流程核查与追溯。北京同仁堂健康药业还称，这款产品未经授权 擅自突出使用"北京同仁堂"字样，涉嫌违法，公司已启动司法程序，对涉事企业进行起诉。 2025.12.15 本文字数：1026，阅读时长大约2分钟 作者 |第一财经 钱童心 近日，上海市消保委称一款标注"安徽哈博药业有限公司生产、北京同仁堂（四川）健康药业有限公司 经销"的"99%高纯南极磷虾油"产品，相关成分涉嫌虚假标注。为此，上海市消保委已约谈生产厂家及 产品经销商。 此外，对于虚标质量成分的产品，游云庭表示，消费者可以向产品生产者及经销商要求索赔，依据有两 个：一是按照《消费者保护法》，如果是涉嫌欺诈消费者，可以要求退一赔三；二是如果食药监部门认 为产品涉及食品安全问题，根据《食品安全法》，生产商和经销商可以被要求退一赔十，并且如果赔偿 金额不足1000元的，至少要赔偿1000元。 微信编辑| 小羊 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yi ...

Core Viewpoint - Concerns have been raised regarding faults in Airbus fuselage panels produced by Sofitec Aero, a supplier based in Seville, Spain, as highlighted by representatives from one of Spain's largest unions, UGT [1] Group 1: Company Insights - The faults discovered in the fuselage panels are consistent with previous concerns about the quality and reliability of components supplied to Airbus [1] Group 2: Industry Implications - The situation underscores ongoing quality control challenges within the aerospace supply chain, particularly affecting major manufacturers like Airbus [1]

文|《BUG》栏目 罗宁 但与追觅、科沃斯不同的是，德尔玛是于2011年7月在佛山市顺德区成立的家电品牌企业，这意味着苏 州并非德尔玛的"主场"。知情人士直言，苏州作为分公司，在运营以及决策方面缺乏"主场作战"的迅速 与高效。 以代工小米、飞利浦而出名的小家电品牌德尔玛，正面临重大调整。 近日，《BUG》栏目从知情人士处获悉，德尔玛已解散其苏州团队，涉及员工近百人。德尔玛官方确 认了该消息，称基于当前环境变化与公司经营发展需要，公司对苏州地区部分业务做出调整，目的是更 好地支撑公司长期战略发展。 上述知情人士称，苏州地区裁撤与公司业绩下滑有直接关系。根据最新财报，德尔玛2025年第三季度单 季净利润2004.41万元，同比下降44.34%；主营收入6.99亿元，同比下降10.26%。前三季度主营收入 23.84亿元，同比下降0.63%；归母净利润8872.47万元，同比下降14.66%。 对于亏损，官方归因于小家电行业整体市场规模增速放缓，市场竞争激烈，并且公司为持续提高产品竞 争力，增加了研发投入。但如今，面对追觅、科沃斯、石头科技等行业头部企业的激烈竞争，德尔玛的 挑战也愈发严峻。 苏州业务调整，知情人称 ...

Core Points - The "Northeast Farmer Sister" instant corn brand has come under scrutiny again due to product quality issues, specifically reports of mold appearing in unopened vacuum-sealed packages [2] - The brand is under the ownership of Jilin Province Farmer Sister Food Co., Ltd., established in 2012, primarily engaged in the production and processing of fresh corn, with a registered capital of 15 million yuan [2] - The company's communication channels have been found to be unresponsive, raising concerns about its brand management and crisis communication capabilities [2][3] Industry Insights - The incident highlights potential flaws in the production or packaging processes, as well as deficiencies in crisis management and customer communication for the brand [3] - The ability of the company to enhance quality control and rebuild consumer trust will be crucial for its recovery from this crisis [3]

Core Viewpoint - Recent investigations revealed potential quality issues with rubber materials used in the construction of the Yinba Railway, specifically concerning the inferior quality of ethylene propylene diene monomer (EPDM) rubber sheets, which could pose safety risks and affect the longevity of bridge structures [1][6][18]. Group 1: Quality Issues - Investigative reports indicated that the EPDM rubber sheets could be easily cut and torn, with laboratory tests showing a tensile strength of only 1.78 MPa, which is merely 15% of the required standard of ≥12 MPa [6][9][18]. - The materials tested were found to be primarily made of isoprene rubber rather than the specified EPDM, raising concerns about their durability and performance under harsh conditions [9][18]. - The presence of rough edges and irregularities in the rubber sheets suggested that they may not meet the quality standards expected for EPDM products [9][18]. Group 2: Regulatory Response - The National Railway Administration responded to media reports by forming an investigation team to verify the claims regarding the substandard rubber materials used in the railway project [1][18]. - The project manager from China Railway 16th Bureau expressed a lack of understanding regarding the material properties and stated that they relied solely on inspection reports to accept the materials [10][15][18]. Group 3: Financial Impact - Following the news of the quality issues, shares of China Railway Construction Corporation (601186.SH) experienced a slight decline, closing at 7.97 yuan, with a year-to-date drop exceeding 10%, resulting in a total market capitalization of 108.2 billion yuan [4].

Core Viewpoint - Supor's performance has shown a significant "loss of momentum," with a notable decline in both revenue and net profit in the third quarter of 2025, indicating ongoing operational challenges [2][4]. Financial Performance - In Q3 2025, Supor achieved revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42%, with the decline in net profit outpacing revenue [2][4]. - For the first three quarters of 2025, the company's revenue saw a slight increase of 2.33% year-on-year, while net profit decreased by 4.66% [2][4]. - The decline in net profit has been a gradual trend, with the growth rate dropping from 25.91% in 2018 to a near-zero growth of 2.97% in 2024, and a significant decline in 2025 [5][11]. Sales and Accounts Receivable - Accounts receivable rose sharply to 3.133 billion yuan by the end of Q3 2025, a 16.47% increase from the end of 2024 [8][11]. - The increase in accounts receivable raises concerns about potential bad debt risks due to prolonged collection periods [9]. Market Structure and Management Issues - Supor's internal sales growth has stagnated, with growth rates dropping from 10.8% in 2021 to -1.21% in 2024, while external sales face high dependency and volatility [11]. - The management team has experienced instability, with the resignation of key executives and subsequent share reductions by management after dividend payouts, raising market concerns [12][13]. Research and Development - Supor's R&D investment has been consistently low, averaging around 2% of revenue, which is below industry standards [15][16]. - In contrast, the company's sales expenses have been significantly higher than R&D expenditures, indicating a focus on marketing over innovation [17]. Consumer Complaints - Supor has faced a high volume of consumer complaints, with over 8,000 reported issues related to product safety and service quality, significantly higher than competitors [20][24]. - Recent data shows a 33.33% increase in public complaints within a month, highlighting ongoing consumer dissatisfaction [24].