产品结构调整难破周期宿命，根源是贴牌模式剥夺了企业的产品创新与市场判断权。面对业绩下滑，惠 康科技试图提升高价方冰机型占比，但这一调整既脱离行业趋势，也缺乏品牌支撑——全球民用制冰机 正转向小型化、低成本，而方冰机型增速低迷，且美的、小熊电器等品牌企业凭借自有渠道与品牌影响 力，推出价格低15%-20%的竞品，进一步挤压惠康科技的生存空间。核心问题在于，公司62%的产品仍 为低价低毛利机型，自有品牌营收不足3亿元，OBM业务占比低于10%，远不及新宝股份35%的OBM占 比。贴牌模式下，企业长期专注于加工环节，缺乏品牌运营与市场调研能力，既无法精准预判消费趋 势，也无法通过品牌溢价推广高端产品，即便试图调整产品结构，也只能在品牌商的订单框架内被动调 整，难以突破"低价代工"的盈利天花板，最终被行业周期裹挟。 当一家深耕ODM贴牌业务26年的企业，试图以"全球民用制冰机市占率第一"的龙头叙事冲击主板IPO， 其光鲜报表背后的各类风险，并非孤立存在的经营问题，而是贴牌模式"重代工、轻品牌、缺技术"本质 所衍生的系统性漏洞。宁波惠康工业科技股份有限公司（下称"惠康科技"）的IPO之路，折国内中小贴 牌制造企业的普遍 ...

Core Viewpoint - The investigation into 15 popular Antarctic krill oil products revealed significant discrepancies in labeling and actual content, raising concerns about consumer safety and the implications of the "private label" model in the industry [1][2] Group 1: Product Testing and Findings - The Shanghai Consumer Protection Commission commissioned a study that found a product labeled as "Beijing Tongrentang 99% High Purity Antarctic Krill Oil" contained 0% phospholipid, despite claiming a 43% phospholipid content [1] - The product is manufactured by Anhui Habio Pharmaceutical Co., Ltd., and distributed by Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., Ltd. [1] Group 2: Brand Responsibility and Consumer Concerns - The incident has sparked widespread concern among consumers regarding the risks associated with the "private label" model, where well-known brands may not be the actual producers of the products [2] - The legal responsibility for product safety lies with both the brand owner and the actual manufacturer, as per the Food Safety Law Implementation Regulations [2]

Core Viewpoint - The incident involving a counterfeit Antarctic krill oil product has highlighted the branding issues and trust crisis faced by Tong Ren Tang, a well-known traditional Chinese medicine brand [1][3][4]. Group 1: Incident Overview - The Shanghai Consumer Protection Commission conducted tests on 15 popular Antarctic krill oil products, revealing that a product labeled as "Beijing Tong Ren Tang 99% high-purity Antarctic krill oil" had a phospholipid content of 0, indicating potential fraud [1][4]. - The product in question was not directly produced by Beijing Tong Ren Tang but was distributed by its subsidiary, Sichuan Health Pharmaceutical Co., Ltd., with manufacturing outsourced to Anhui Habio Pharmaceutical Co., Ltd., exemplifying a typical private label model [3][4]. - Following the investigation, Habio Pharmaceutical admitted to not adding the claimed "Antarctic krill oil" during production, and Sichuan Health Pharmaceutical was urged to conduct a self-examination and issue an apology to consumers [5][9]. Group 2: Brand Trust Crisis - Beijing Tong Ren Tang, with a history dating back to 1669, has faced multiple trust crises due to private label issues, leading to concerns about its brand management and quality control [3][4][7]. - The company has issued statements emphasizing that the problematic product was unauthorized and that it has initiated legal proceedings against the involved parties, attempting to distance itself from the issue [5][6]. - Experts suggest that the brand's response may not fully alleviate public concerns, as consumers may still associate the subsidiary's products with the Tong Ren Tang brand [6][7]. Group 3: Quality Control and Regulatory Issues - The incident has raised questions about the quality control measures in place for private label products, with calls for stricter oversight and a clearer delineation of brand responsibilities [8][9]. - Habio Pharmaceutical has been involved in multiple legal disputes and administrative penalties over the past three years, indicating ongoing compliance issues [9][10]. - Experts recommend that Habio Pharmaceutical establish a comprehensive compliance system and improve its production processes to prevent future incidents [10].

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].