近年来，随着人们健康意识不断提高，全球营养品行业驶入发展快车道，鱼油作为重要细分品类，市场需求持续攀升。 近日，鱼油供应商禹王生物营养有限公司（简称：禹王生物）向港交所主板递交招股书，保荐人为招银国际、建银国际。 禹王生物借健康消费升级红利迎来广阔发展机遇，却难逃代工模式的路径依赖；同时，受原材料价格波动影响，公司业绩增长持续性及稳定性受到挑战。 01 "全球最大"含金量不高 招股书显示，以2024年食品级精制鱼油及其制品销量计，禹王生物是全球最大的食品级精制鱼油供应商，市场份额为8.1%。 值得注意的是，根据弗若斯特沙利文的资料，以2024年食品级精制鱼油及其制品销量计，全球鱼油营养品行业五大参与者约占全球行业总收入的32.4%。 第二、三名生产商市场份额分别为6.84%及6.34%，禹王生物没能拉开显著距离，因此仍面临来自全球其他鱼油营养品生产商的激烈竞争。 与此同时，禹王生物所在的食品级精制鱼油行业"天花板"并不高。 截至2024年底，按销售额计，全球营养品行业市场规模约为4676.1亿美元；同期，全球精制食品级鱼油市场规模约为13.3亿美元，不足全球营养品行业市 场规模的1%。 近期，禹王生物的业绩" ...

Core Viewpoint - Adidas faces backlash from consumers over high-priced down jackets produced by a third-party manufacturer, Snow Flying, which offers similar products at lower prices, raising questions about brand premium and consumer awareness [1][2][5] Financial Performance - Adidas reported third-quarter revenue of €6.6 billion, a 3% year-on-year increase, and operating profit of €736 million, up 23% [1][6] - In the Greater China region, third-quarter revenue reached €947 million, marking a 10% year-on-year growth and achieving ten consecutive quarters of growth [1][8] - The company has raised its annual performance forecast despite the ongoing controversy [8][12] Market Position and Competition - Adidas has seen a resurgence in the Chinese market after a decline due to the Xinjiang cotton controversy, but faces strong competition from local brands like Anta and Li Ning, which have surpassed Adidas in revenue and market share [1][6][15] - Adidas's market share in China has dropped from 15% in 2021 to 8.7% in 2024, while local brands continue to grow [15][16] Consumer Sentiment and Brand Strategy - Consumer complaints about product quality and service have surged, with over 25,000 complaints on platforms like Black Cat Complaints, primarily focused on quality issues [4][5] - The shift in consumer focus towards value for money over brand prestige is evident, with a significant increase in consumers prioritizing product pricing [16] - Adidas has adapted its strategy by positioning itself as a fashion brand and engaging popular celebrities for endorsements, which has helped regain consumer interest [9][11] Industry Trends - The use of third-party manufacturing is common in the industry, allowing brands like Adidas to reduce costs, but it can negatively impact brand image if consumers feel misled about product origins [5][12] - The overall sportswear market in China is projected to grow from ¥542.5 billion in 2024 to ¥598.9 billion by the end of 2025, indicating a competitive landscape for all brands [12][16]

Core Insights - The controversy surrounding Adidas's down jackets being produced by the OEM Snow Flying has highlighted the brand's reliance on outsourcing production to third-party manufacturers, allowing it to focus on high-value activities like design and marketing [3][6][9] Group 1: Outsourcing and Production Strategy - Adidas has almost entirely outsourced its production, with very few products manufactured in-house, primarily high-end items produced in Germany [6][9] - The company has historically closed its own factories in China, relying on a network of OEMs concentrated in regions like Guangdong and Fujian for manufacturing [6][7] - The global production strategy includes expanding capacity in countries like Vietnam and Indonesia to optimize costs and mitigate risks [7][9] Group 2: Market Dynamics and Consumer Sentiment - The price difference between Adidas and Snow Flying products has led consumers to question the value of purchasing branded items when cheaper alternatives are available [4][9] - There is a growing consumer awareness regarding the origins of products, with many now scrutinizing manufacturing labels for transparency [19] Group 3: Financial Performance and Business Model - The outsourcing model has allowed Adidas to operate with a lighter asset base, significantly reducing fixed asset investments and risks [14] - In 2024, Adidas's revenue in Greater China grew by 10%, with a gross margin of 51.7% in Q2 2025, showcasing the financial benefits of the light asset model compared to traditional heavy asset models [14][15] Group 4: Challenges and Quality Control - The shift to outsourcing has raised concerns about quality control, with reports of product defects linked to manufacturing in regions like Vietnam and Cambodia [15][17] - The relationship between brands and OEMs is complex, balancing the need for production capacity with the risk of OEMs producing competing products [17]

Core Viewpoint - The article discusses the outsourcing model of major brands like Adidas, highlighting how they rely on third-party manufacturers for production while focusing on design, research, and marketing to maximize profits [3][10]. Group 1: Outsourcing Model - Adidas has outsourced its production to factories like Xuezhongfei and Bosideng, indicating that the brand has minimal in-house manufacturing capabilities [7][10]. - The outsourcing strategy allows Adidas to maintain a "light asset" operation, reducing fixed asset investments and risks while enabling quick adjustments to production based on market changes [17][19]. - The concentration of shoe manufacturing in regions like Guangdong and Fujian is due to the complete industrial chain and mature supply chain [8]. Group 2: Global Production Strategy - Adidas has expanded its production capacity overseas, particularly in Vietnam and Indonesia, to optimize costs and mitigate risks associated with supply chain disruptions [8][10]. - The company has shifted its production base from China to Southeast Asia since 2013, with Cambodia becoming the largest manufacturing country for Adidas apparel by 2021 [14][16]. - Recent adjustments have seen an increase in products manufactured in China, reflecting a strategic shift to regain consumer trust in the Chinese market [16][18]. Group 3: Quality Control and Consumer Awareness - The reliance on third-party manufacturers poses challenges in quality control, with past incidents of product quality issues reported [19][21]. - Consumers are becoming more aware of the production origins of their purchases, leading to a demand for transparency in the supply chain [22][23]. - The article emphasizes the importance of product labeling, as consumers can identify manufacturers through tags, which can influence purchasing decisions [22][23].

Core Viewpoint - The article discusses the outsourcing model of Adidas, highlighting consumer reactions to the revelation that their products are manufactured by third-party factories like Xuezhongfei, which has sparked discussions about brand transparency and consumer awareness [4][12][23]. Group 1: Adidas Outsourcing Model - Adidas has largely outsourced its production to third-party factories, focusing on design, research, and marketing to maximize profits [4][8]. - The company has no significant production lines of its own, with only a small percentage of high-end products manufactured in Germany [8][12]. - The outsourcing model allows Adidas to maintain a "light asset" operation, reducing fixed asset investments and risks while enabling quick adjustments to production based on market changes [18][20]. Group 2: Consumer Reactions and Market Dynamics - Consumers have expressed dissatisfaction upon discovering that Adidas products are made by Xuezhongfei, leading to discussions about the price differences between branded and unbranded products [6][24]. - The price comparison shows that Adidas's down jacket, priced at 867.71 yuan with 70% down content, is significantly more expensive than a similar product from Xuezhongfei, which costs 569 yuan with 85% down content [6][8]. - The article notes a shift in consumer awareness, with a growing demand for transparency regarding product origins and manufacturing processes [23][24]. Group 3: Global Production Strategy - Adidas's production strategy has evolved, with a significant shift of manufacturing bases from China to Southeast Asia, particularly Cambodia and Vietnam, driven by cost considerations and supply chain optimization [16][20]. - In 2021, Cambodia became the largest manufacturing country for Adidas apparel, accounting for 21% of total production, while China's share dropped to 20% [16]. - Recent strategic adjustments have seen an increase in locally produced goods in China, with 95% of products sold in the Chinese market being "Made in China" [17]. Group 4: Quality Control and Challenges - The outsourcing model presents challenges in quality control, with reports of product quality issues arising from factories in Vietnam and Cambodia [20][22]. - The relationship between brands and their manufacturing partners is complex, balancing the need for production capacity with the risk of competition from the manufacturers themselves [22]. - The article emphasizes the importance of maintaining brand image and consumer trust, suggesting that brands should enhance supply chain transparency to meet evolving consumer expectations [23].

Core Viewpoint - The article discusses the outsourcing model of Adidas, highlighting consumer reactions to the revelation that their products are manufactured by third-party factories like Xuezhongfei, leading to discussions about brand transparency and consumer awareness [4][5][8]. Group 1: Adidas Outsourcing Model - Adidas has largely outsourced its production to third-party factories, focusing on design, research, and marketing to maximize profits [4][8]. - The company has no significant production lines of its own, with most of its manufacturing done by factories in regions like Guangdong and Fujian, China [8][9]. - The outsourcing strategy allows Adidas to maintain flexibility in production and cost management, enabling quick adjustments to market changes [15][16]. Group 2: Consumer Reactions and Market Dynamics - Consumers expressed dissatisfaction upon discovering that high-priced Adidas products were made by Xuezhongfei, prompting discussions about the value of brand versus actual product quality [5][19]. - A comparison of prices revealed that similar products from Xuezhongfei were significantly cheaper, raising questions about the pricing strategies of major brands like Adidas [5][19]. - The article notes a shift in consumer awareness, with buyers increasingly interested in the actual manufacturing details rather than just the brand name [18][19]. Group 3: Strategic Adjustments and Market Performance - Adidas has been adjusting its production strategy, with a notable increase in locally produced items in China, reflecting a shift back towards domestic manufacturing [12][14]. - The company aims to regain consumer trust through deeper localization and responsiveness to market demands, as evidenced by its plans to establish a new headquarters in Shanghai [14]. - Recent financial performance indicates a positive trend, with Adidas's revenue in the Greater China region growing by 10% year-on-year in 2024, showcasing the effectiveness of its strategic adjustments [15].

Core Viewpoint - The article discusses the reliance of major global brands like Adidas on contract manufacturing, highlighting the cost advantages and strategic shifts in production locations, particularly in response to market dynamics and consumer awareness [6][9][13]. Group 1: Adidas' Manufacturing Strategy - Adidas has largely separated its brand from manufacturing, relying on third-party factories for production, with only a small percentage of high-end products made in-house [9][10]. - The company has shifted its production base from China to Southeast Asia, particularly Cambodia and Vietnam, due to cost considerations and supply chain optimization [16][19]. - Recent trends indicate a potential return to increased production in China, with 95% of products sold in China being locally manufactured as of October 2023 [19][20]. Group 2: Contract Manufacturing Dynamics - The contract manufacturing model allows Adidas to operate with lower fixed asset investments and risks, focusing on design, research, and marketing [20][21]. - The article notes that while this model provides flexibility in production, it also poses challenges in quality control, with past issues of product quality arising from overseas manufacturing [22][24]. - The relationship between brands and contract manufacturers is complex, balancing the need for production capacity with the risk of competition from manufacturers [24][25]. Group 3: Consumer Awareness and Market Response - There is a growing consumer awareness regarding the origins of products, leading to increased scrutiny of manufacturing practices and transparency in supply chains [25]. - The article suggests that brands should embrace this shift by enhancing supply chain transparency and focusing on the actual value of products rather than solely on brand prestige [25]. - The case of Snow Zhongfei, a contract manufacturer for Adidas, illustrates the impact of consumer knowledge on purchasing decisions, as consumers are now more aware of price differences between branded products and their manufacturers [25].

Core Viewpoint - The controversy surrounding the outsourcing model of the down jacket brand Xuezhongfei, under the Hong Kong-listed company Bosideng, highlights consumer concerns about product quality and brand integrity due to its reliance on multiple subcontractors for production [2][3][5] Group 1: Outsourcing and Consumer Perception - Xuezhongfei has gained attention for its outsourcing practices, particularly after Adidas chose it as a subcontractor, leading to consumer confusion about the authenticity of the products [2] - Consumers express concerns when they discover that Xuezhongfei's products are not manufactured by the brand itself but by various factories in Hebei, Jiangsu, and Anhui [2][3] - The phrase "you buy Adidas produced by Xuezhongfei, but you may not buy Xuezhongfei produced by Xuezhongfei" reflects consumer trust issues regarding the brand's choice of subcontractors [3] Group 2: Industry Dynamics and Brand Management - The outsourcing model reflects a typical contradiction in the Chinese apparel industry during its transformation period, balancing brand expansion needs with quality control [3][5] - The global trend of "brand operation + subcontracted production" is becoming more prevalent, and Xuezhongfei's strategy aims to reduce production costs and respond quickly to market demands [3][5] - However, quality issues arising from subcontracting could damage the brand image of Xuezhongfei and Bosideng, as consumers associate products from the same group with similar quality standards [3] Group 3: Quality Assurance and Transparency - To address consumer concerns, Xuezhongfei should establish a more transparent quality assurance system that communicates consistent quality commitments [4] - Suggestions include allowing consumers to scan QR codes to view production factory qualifications and quality inspection reports, or providing comparison videos of quality control tests from different factories [4] - Initiatives like "factory open days" could help eliminate information asymmetry and build consumer trust [4] Group 4: Shift in Industry Focus - The Chinese apparel industry is transitioning from scale-driven growth to value-driven growth, with the outsourcing controversy exemplifying this shift [5] - While a light-asset model can rapidly increase scale, long-term brand value ultimately relies on product quality [5] - Addressing the quality control challenges posed by multiple subcontractors is essential for establishing new types of subcontracting relationships and alleviating consumer concerns about brand integrity [5]

Core Viewpoint - Adidas has shown a recovery trend in performance despite global economic challenges, with a 12% revenue growth in Q3, leading to an upward revision of its annual performance forecast [1][2]. Group 1: Financial Performance - Adidas reported a Q3 revenue of €6.63 billion, up from €6.44 billion in the same period last year, marking a 12% increase after excluding currency effects [1]. - The company’s gross margin improved by 0.5 percentage points to 51.8%, and operating profit surged to €736 million, up from €598 million year-on-year, with the operating margin increasing from 9.3% to 11.1% [1]. - For the full year, Adidas now expects operating profit to reach approximately €2 billion, up from previous estimates of €1.7 billion to €1.8 billion [1]. Group 2: Market Strategy and Adaptation - In response to increased costs from U.S. tariff hikes, Adidas has implemented price increases across its product lines, with the Samba sneaker's price rising from $90 to $100 [2]. - The company has refocused on its core brand values and product innovation, revitalizing classic shoe models and expanding retro product lines [2]. - Adidas showcased its brand innovation at Shanghai Fashion Week, emphasizing three dimensions: speed in sports, rhythm of the East, and self-expression in street culture [2]. Group 3: Manufacturing and Supply Chain - Adidas has shifted to a model where 95% of its products sold in China are locally manufactured, reflecting a strategic focus on local production and design [4]. - The company has faced scrutiny over its use of OEM partners, such as Snow Flying, for producing down jackets, which has sparked consumer discussions about brand value versus manufacturing practices [4][5]. - The use of OEM models allows Adidas to concentrate on brand building and marketing while leveraging specialized manufacturers for production [5][6].

Core Viewpoint - The article emphasizes the quality and integrity of Adidas in choosing to collaborate with a reputable Chinese manufacturer, Snow Flying, for its products, highlighting that this choice reflects a commitment to quality over cost-cutting measures often seen in the industry [3][4][7]. Group 1: Manufacturing Quality - Adidas' decision to use Snow Flying, a well-established Chinese apparel manufacturer, is portrayed as a sign of quality, contrasting with cheaper alternatives from Southeast Asian factories [3][4]. - The article argues that the perception that OEM (Original Equipment Manufacturer) products are inferior is a misconception, as many high-quality brands utilize OEM manufacturing without compromising on quality [5][6]. Group 2: Chinese Manufacturing Capabilities - The article asserts that Chinese manufacturers, particularly in the apparel sector, have developed significant expertise and technology over the past 30 years, making them leaders in the field [7]. - It highlights that the best materials and manufacturing techniques are often sourced from China, with specific examples such as the high-quality denim produced in Changzhou [7]. Group 3: Cost and Quality Relationship - The relationship between the cost paid by brands to manufacturers and the quality of the final product is emphasized, indicating that higher investment leads to better quality outcomes [6][7]. - The article suggests that many brands avoid using Chinese manufacturing not due to a lack of quality, but because they cannot afford the higher costs associated with reputable manufacturers [7].