12月15日，北京同仁堂健康药业股份有限公司通过官方服务号"同仁堂健康"表示"立即责令四川健康药 业停止经销该产品"，并表示该款产品未经授权擅自突出使用"北京同仁堂"字样，涉嫌违法，并称已启 动司法程序，对涉事企业进行起诉。 据记者查询，在购物平台上，该款涉嫌成分造假的产品仍然在售：在显著位置标称"北京同仁堂"，使用 的是北京同仁堂（四川）药业持有的"朕皇"商标。公开信息显示，北京同仁堂（四川）健康药业有限公 司为中国北京同仁堂(集团)有限责任公司的"孙公司"。 本次公开的检测数据受到广泛关注，并引发了消费者对于商品"贴牌"模式背后隐患的担忧。在医药、保 健品、食品等行业，知名品牌方涉足"贴牌"并不鲜见。然而商家为了便于销售，往往并不会特别强调产 品是"贴牌"，因而普通消费者很容易把"贴牌"商品等同于标称的品牌厂家生产的产品。这也是"贴牌"模 式最常被消费者诟病的问题之一。 商品出现问题，品牌方和实际生产者，谁应当对此负责？上述磷虾油产品的批准文号及包装信息显示其 法定身份为普通食品范畴的"凝胶糖果"。依据《食品安全法实施条例》第二十一条：食品、食品添加剂 生产经营者委托生产食品、食品添加剂的，应当委托取得食 ...

（原标题：南极磷虾油造假风波：同仁堂贴牌模式再陷信任拷问） 21世纪经济报道记者 闫硕 一款南极磷虾油引发的造假风波，再次将同仁堂贴牌乱象推向台前。 近日，上海市消保委对市面上热销的15款国内外南极磷虾油产品开展了检测和调查，其中一款标称"北 京同仁堂99%高纯南极磷虾油"的产品，磷脂含量为0，涉嫌造假。 图源｜上海市消保委 这款涉事产品并非北京同仁堂直接生产，而是由其孙公司北京同仁堂（四川）健康药业有限公司（简 称"四川健康药业"）负责经销，实际生产代工方为安徽哈博药业有限公司（简称"哈博药业"），属于典 型的贴牌模式。 12月15日下午，上海市消保委正式约谈了该产品的经销商与生产商，哈博药业承认在生产过程中未添加 其对外宣称的"南极磷虾油"；产品包装按照四川健康药业要求制作。 与此同时，同仁堂健康会员微信公众号发布声明：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。目前，四川健康药业已停止经销该产品。 北京同仁堂是"同仁堂"商标唯一合法持有人，其起源可追溯至1669年，凭借数百年的品牌积淀成为中药 行业老字号标杆。但近年来，北京同仁堂多次因贴牌乱象陷入 ...

Core Viewpoint - The article highlights the challenges faced by葵花药业, including significant financial losses and regulatory scrutiny, particularly related to its marketing practices and reliance on OEM products, while also addressing the misleading promotion of its products aimed at height enhancement for young consumers [1][3][25]. Group 1: Company Overview and Financial Performance - 葵花药业 has reported its first loss since going public, with a net profit decline of 105.72% in the first three quarters of 2025, amounting to a loss of 335.39 million yuan [3][25]. - The company's revenue for the first three quarters of 2025 was 1.684 billion yuan, a decrease of 43.24% year-on-year, with a third-quarter revenue of 374 million yuan, down 14.9% [25][26]. - Total assets decreased by 12.06% to 5.123 billion yuan, and cash reserves dropped by 34.10% due to declining sales [25][27]. Group 2: Regulatory Issues and Marketing Practices - The Heilongjiang Securities Regulatory Bureau issued a warning letter to葵花药业 regarding a 32.38 million yuan related party transaction with海维生物, which was not disclosed properly [3][4]. - The company has been criticized for its reliance on OEM products, with many of its offerings produced by海维生物, which has faced quality control issues in the past [7][8]. -葵花药业's marketing strategy, particularly through live streaming, has been scrutinized for promoting products with unsubstantiated claims about height enhancement, misleading consumers about the efficacy of its calcium supplements [9][11][21]. Group 3: Product and Market Strategy -葵花药业's calcium supplement, marketed as a height-enhancing product, is being promoted in a way that suggests it can benefit individuals up to 26 years old, despite scientific evidence indicating that height is primarily determined by genetics and growth hormone levels [9][21]. - The company has faced backlash from consumers who reported no results from the product, with some labeling it as a "智商税" (intelligence tax) for its perceived ineffectiveness [16][19]. -葵花药业's traditional marketing approach of heavy advertising is becoming less effective in the current market environment, leading to a significant reduction in sales and brand visibility [29].

Core Viewpoint - The article discusses the rapid rise of IFBH, a Thai company that has successfully captured a significant share of the coconut water market in China, leveraging strategic marketing and operational efficiencies to outperform established competitors like Vita Coco [3][60]. Group 1: Company Overview - IFBH, with only 46 employees, achieved a revenue of 1.16 billion yuan in 2024, with 92.4% coming from the Chinese market [9][60]. - The company holds a 34% market share in China's coconut water sector, making it the leading brand [11][60]. - Each employee at IFBH generated an impressive 25.21 million yuan in revenue, which is 5.3 times more efficient than Moutai [9][60]. Group 2: Market Dynamics - The coconut water market in China is projected to reach approximately 1.08 billion USD in 2024, with a compound annual growth rate of 82.9% over the past five years [60][81]. - The shift in consumer preferences towards healthier, low-calorie beverages has created a favorable environment for coconut water [21][60]. - IFBH capitalized on this trend by associating its product with fitness and health, leading to a threefold increase in online sales [23][60]. Group 3: Competitive Strategy - IFBH's low-cost advantage stems from sourcing high-quality coconut water from Thailand, which is 18% cheaper than local competitors [29][60]. - The company employs a "light asset" model, outsourcing production and focusing on marketing and sales, which allows for rapid market penetration [37][60]. - IFBH's marketing strategy includes collaborations with popular brands and influencers, significantly boosting its visibility and sales [55][57]. Group 4: Challenges and Future Outlook - Despite its success, IFBH faces challenges from domestic brands that are enhancing their supply chains and entering the coconut water market [60][70]. - The reliance on a single product poses risks, especially with potential supply chain disruptions due to climate impacts on coconut production in Thailand [74][75]. - Competitors like Luckin Coffee are expanding their supply chains into coconut-producing regions, which could erode IFBH's cost advantages [70][81].

Core Viewpoint - The article discusses the rapid growth of the pharmaceutical company Baiyunshan in the beauty industry, highlighting its significant online sales increase and the challenges associated with its private label strategy [5][30]. Group 1: Sales Performance - Baiyunshan's online sales in the beauty sector surged, achieving a total transaction volume of 21.29 billion yuan in 2024, a year-on-year increase of 393.95% [5][7]. - In the first two months of 2025, Baiyunshan's sales reached 4.16 billion yuan, marking a 66.61% increase compared to the same period in 2024 [8][12]. - The brand ranked 20th among online beauty brands in early 2025, outperforming many established domestic and international brands [5][9]. Group 2: Product Popularity - Baiyunshan's top-selling products include eye essence oil, azelaic acid cleansing mud sticks, and anti-dandruff shampoo, with the eye essence oil alone generating over 100 million yuan in sales on Douyin [12][21]. - The products are marketed at competitive prices, typically around 50 yuan, appealing to consumers seeking value [12][21]. Group 3: Marketing Strategy - Baiyunshan leverages its pharmaceutical background to build consumer trust, emphasizing its status as a "World Top 500" company and "Chinese Time-honored Brand" [17][19]. - The marketing strategy combines effective online presence with a focus on product efficacy, addressing consumer concerns about performance and affordability [19][21]. Group 4: Industry Challenges - The article notes that while Baiyunshan's rapid growth is notable, the reliance on private label production raises concerns about product quality and consumer trust [23][30]. - Other pharmaceutical companies like Renhe and Tongrentang have experienced significant declines in beauty product sales, indicating potential pitfalls in the private label strategy [28][29].