如果把同仁堂的贴牌生意比作一场"乐高游戏"，那么品牌方似乎只热衷于提供那张光鲜的图纸，却对代工厂用了哪些积木、甚至积木是不是缺斤少两漠不 关心。 你买了一个乐高，盒子华丽，图纸精美，拼了半天发现核心部件是空心塑料。品牌说："我只管卖盒子和图纸。"工厂说："我只管照单生产。" 于是，欢迎来到贴牌供应链的"套娃游戏"——"甩锅"和"盲盒"：品牌方甩掉责任，代工厂甩掉底线，恭喜你开出一个"空气盲盒"。 当"责任"在供应链中消失 上海市消费者权益保护委员会对15款热销南极磷虾油产品的专项检测，将百年老字号"同仁堂"推至舆论中心。一款标称"北京同仁堂99%高纯南极磷油""1 粒≈100只磷虾"、宣称磷脂含量43%的产品，实测磷脂含量竟为零，涉嫌严重造假。 涉事磷虾油产品的宣传页面图源 | 上海市消保委 检测结果公布后，北京同仁堂集团发布声明，涉事产品经销商"四川健康药业"使用的"同仁堂"字号及商标授权已于2021年3月到期，且未再续期。然而， 在授权过期数年后，电商平台上仍有大量贴牌产品在售，暴露出老字号在品牌授权管理上的巨大漏洞。 同仁堂品牌授权漏洞的相关图片 当前电商平台上流通的同仁堂贴牌产品，大多指向两家企业—— ...

Core Viewpoint - The company "爷爷的农场" (Grandpa's Farm) is preparing for an IPO on the Hong Kong Stock Exchange, with a focus on the baby food market, where it ranks second in China with a GMV of 1.5 billion yuan and a market share of approximately 3.3% [2]. Group 1: Company Overview - "爷爷的农场" was established in 2015 and launched its first baby food product in 2018, expanding into the family food sector in 2021, creating two main business segments [3]. - The baby food segment is the primary revenue driver, generating 627 million yuan in the first nine months of 2025, accounting for over 80% of total revenue [3]. - The family food segment includes liquid milk, convenience foods, rice products, and seasonings, contributing 153 million yuan, or 19.6% of total revenue in the same period [3]. Group 2: Market Position and Competition - The company faces competition from the leading brand "英氏控股" (Ying's Holdings), which has a GMV of 2.6 billion yuan and a market share of 5.7% [2]. - The company has established a distribution network that includes 12 well-known maternal and infant retail chains and over 2,000 key retail outlets, reaching more than 10,000 terminal stores through 342 distributors [3]. Group 3: Industry Challenges - The company anticipates a decline in the number of children aged 0-6 years, projected to drop to approximately 60.9 million by 2029, with a compound annual growth rate of -5.5%, which may impact potential consumer numbers and revenue [3]. - The brand has faced controversy regarding its "foreign brand" image, as it was initially marketed as a Dutch brand, but is primarily operated by a Chinese company [4][5]. Group 4: Production and Quality Control - The company relies heavily on OEM manufacturing, with 62 suppliers, of which only 13 are overseas partners, raising concerns about quality control [6]. - The company has faced multiple product quality issues, including instances of non-compliance with safety standards, which could undermine consumer trust [10][12]. Group 5: Financial Performance - The company reported revenues of 622 million yuan in 2023 and 875 million yuan in 2024, with a year-on-year growth of 40.6% [13]. - The gross margin for the company reached 57.3% in the first nine months of 2025, comparable to leading brands in the food and beverage industry [14]. - Marketing expenses have increased significantly, accounting for over 36% of revenue, while R&D spending remains low, leading to declining net profit margins [15][16].

你买到的"同仁堂"，真的是"同仁堂"吗？ 你手中的那瓶蜂蜜、那罐补品，或那包养生茶，虽然印着熟悉的圆形徽标，但它的产地，可能是某个从 未听说过的工厂；它的配方，可能与货架上其他同类品牌毫无差异。唯一的区别，或许只是最后贴标时 那个名字所带来的品牌溢价。 当一个与生命健康绑定的国货品牌，将其名字授权给众多非核心的代工产品时，是开拓了一个庞大的新 市场，还是打开了一个吞噬自身信誉的潘多拉魔盒？ 同仁堂大栅栏店。图片来源：中国北京同仁堂官微 01 从"一个同仁堂"到"千百个同仁堂" 12月20日，中国北京同仁堂（集团）有限责任公司发布声明，就"南极磷虾油"产品事件向广大消费者和 社会各界致以最诚恳的歉意。集团表示"高度重视、深感痛心"，并立即开展零容忍品牌严管专项行动。 电商平台相关产品截图。 02 "同仁堂"不再意味着"同仁堂的药" 标称"北京同仁堂99%高纯南极磷虾油"的产品，宣称磷脂含量43%，实测结果却为0。三个差距悬殊的 数字，将这家356年老字号在品牌授权与扩张道路上的深层矛盾暴露出来。 风波中的涉事主体北京同仁堂（四川）健康药业股权穿透显示，其由北京同仁堂健康药业持股51%，是 中国北京同仁堂（集团） ...

Group 1: Overseas Warehouse Operations - The gross margin of the overseas warehouse business remained stable in Q3, with an average utilization rate exceeding 70% [2] - The company has established 19 self-operated overseas warehouses covering a total area of 650,000 square meters as of September 2025, with revenue from this segment continuing to grow significantly [4] - The company served 1,932 outbound enterprises in the first three quarters, with shipment volume increasing by over 100% year-on-year [4] Group 2: Impact of Tariffs and Market Trends - The ongoing uncertainty in the China-U.S. trade environment has led to varying impacts on different consumer categories, particularly affecting optional consumer goods and offline supermarket products [3] - Despite challenges, the cross-border e-commerce sector remains robust, with core categories like smart standing desks showing steady growth [3] - The company anticipates a recovery in demand for its OEM business as the industry stabilizes post-tariff adjustments [4] Group 3: E-commerce Performance - Independent site sales accounted for over 40% of total cross-border e-commerce revenue, growing approximately 12% year-on-year [5] - The independent site channel demonstrates strong customer loyalty, with higher repurchase rates and average transaction values compared to platform-based channels [5] - The company aims to enhance brand differentiation and product innovation to maintain market share while focusing on profit quality in a competitive landscape [5]

Core Viewpoint - The recent revelation that a consumer's expensive Adidas down jacket was actually produced by a local OEM has sparked discussions about brand value and consumer awareness in the context of modern commercial practices [2][4]. Group 1: OEM Phenomenon - The phenomenon of OEM (Original Equipment Manufacturer) is not new, as consumers have long been aware of the existence of cheaper alternatives produced by OEMs for well-known brands [3][6]. - The practice of OEM is widespread across various industries, not just in clothing, and is considered a core model of modern commerce [3][4]. - Notable OEM manufacturers, such as Shenzhou International, have been recognized for producing garments for major global brands like Nike, Uniqlo, and Adidas since around 2005 [3]. Group 2: Brand Premium Logic - The advantages of the OEM model include economies of scale and specialization, allowing brands to focus on design and marketing while manufacturers handle production, thus reducing costs and increasing efficiency [4]. - Consumers often pay a premium for brands not necessarily for product quality but for trust and identity associated with the brand [4]. Group 3: Consumer Choices - Consumers have become more discerning, often opting for lower-priced alternatives from OEMs instead of paying high prices for branded products [6]. - The trend of "tag peeling," where consumers check the origin of products to avoid being misled, has become common, reflecting a shift towards more rational purchasing decisions [6]. - Ultimately, the decision to pay a brand premium depends on individual preferences, with some valuing brand prestige while others prioritize cost-effectiveness [6].

Core Viewpoint - Tongfu Co., Ltd. is attempting to go public on the Beijing Stock Exchange after three years of effort, focusing on its cross-border B2B e-commerce business, particularly in stainless steel insulated containers, which constitutes a significant portion of its revenue [2][8]. Group 1: Business Model and Revenue - The company heavily relies on OEM (Original Equipment Manufacturer) products, with OEM sales accounting for approximately 90% of its total revenue [8][10]. - Revenue is projected to grow from 1.973 billion yuan in 2022 to 2.760 billion yuan in 2024, reflecting a growth rate of 30.35%, primarily driven by increased sales of stainless steel containers [10][12]. - The company has diversified its product offerings, including plastic and glass containers, but the majority of its revenue still comes from stainless steel products, which account for 85.15% of total revenue [10]. Group 2: Financial Performance - The total assets of the company increased from approximately 1.365 billion yuan in 2022 to about 2.037 billion yuan in 2024, while shareholder equity rose from 812.93 million yuan to 1.177 billion yuan during the same period [11]. - The gross profit margin has declined from 25.86% in 2022 to 24.74% in 2024, which is below the industry average of 28.84% to 30.69% [13]. - Accounts receivable increased significantly, from 3.086 billion yuan in 2022 to 4.477 billion yuan in 2024, raising concerns about the company's credit policies and cash flow management [14][15]. Group 3: Strategic Challenges - The company exhibits a significant imbalance in its operational strategy, focusing more on marketing than on research and development, with R&D expenses constituting only 1.55% of revenue in 2024 [16][18]. - The reliance on external manufacturers for production is high, with about 65% of stainless steel containers produced by third parties, limiting the company's control over production quality and timelines [19]. - The company faces challenges in its path to IPO due to past legal issues involving its controlling shareholder, which may impact investor confidence [20]. Group 4: Market Dependency and Risks - Over 80% of the company's revenue comes from international sales, with significant exposure to the Americas and Europe, which accounted for over 74% of total sales [22][23]. - The company's heavy reliance on international markets poses risks related to trade policies, tariffs, and currency fluctuations, which could adversely affect profitability and growth [22][24]. - The transition from an OEM-focused model to a more self-sufficient production and branding strategy is crucial for the company's long-term sustainability and competitive advantage [24].

Core Viewpoint - Shanghai Balanshi Automotive Testing Equipment Co., Ltd. is currently in the inquiry stage of its IPO review, focusing on automotive repair and testing equipment, with a significant reliance on OEM sales for its revenue [1][2] Group 1: Company Overview - Balanshi specializes in the research and production of automotive maintenance, testing, and repair equipment, including tire changers, balancers, lifts, and refrigerant recovery machines [1] - The company submitted its IPO application to the Beijing Stock Exchange in September 2024, aiming to raise 300 million yuan for smart transformation and expansion projects [1] Group 2: Sales and Revenue Structure - The company’s overseas sales are primarily based on OEM, with OEM sales accounting for 89.05% and 90.14% of overseas sales revenue in 2020 and 2021, respectively [1] - From 2021 to the first half of 2024, overseas sales contributed 74.42% to 75.91% of the main business revenue, with OEM sales making up over 90% of overseas sales [1] - In the first half of 2024, Balanshi's overseas revenue was 379 million yuan, with approximately 341 million yuan coming from OEM sales, indicating that OEM contributions exceeded 70% of total revenue [1] Group 3: Risks and Challenges - The company faces significant risks due to its heavy reliance on the OEM model, which limits brand premium and bargaining power [2] - Potential risks include changes in foreign sales policies, supply chain stability issues, and delays in brand development [2] - The current geopolitical fluctuations and intensified industry competition create uncertainty regarding the company's ability to break through brand limitations and optimize market structure [2]