中经记者 蒋政 北京报道 成立10年的爷爷的农场，以中国有机婴童零辅食排名第一的姿态向港交所冲刺。 《中国经营报》记者注意到，该公司营收以超四成的增速保持扩张，整体毛利接近六成。电商渠道长期 贡献七成以上的营收，但该公司也为此付出了巨额的推广费用。粗略估算，爷爷的农场在电商平台每卖 3.6元就要付出1元的平台服务及推广费。并且，该公司的部分推广服务业务，由公司董事参与的关联公 司承接。 爷爷的农场是中国婴童零辅食行业的头部企业。其产品涉及婴童零辅食领域的食用油、调味品、谷物类 辅食、果汁、果泥和果泥酸奶产品及零食，以及家庭食品领域的液态奶产品、方便食品、大米产品、调 味品及食用油等。 招股书显示，爷爷的农场在2018年推出首款婴童辅食产品，后在3年后布局家庭食品赛道。截至2025年9 月30日，该公司拥有269个SKU，超三分之一的产品获得"有机"标识资质。 经营数据方面，在2023年、2024年以及2025年前三季度，爷爷的农场的营收分别为6.22亿元、8.75亿元 和7.80亿元，利润分别为7546万元、1.03亿元和8742万元。以中国婴童零辅食商品交易总额计算，爷爷 的农场在2024年排名第二；若细分 ...

Core Viewpoint - The charging treasure industry is facing a significant crisis due to a large-scale recall event triggered by safety concerns, affecting major brands and their supply chains [1][2][3] Industry Overview - As of July 3, the market regulatory authority has suspended 5,269 3C certificates and revoked 343, leaving over 5,900 valid certificates across more than 700 companies [1] - The crisis was initiated by a notice from the Civil Aviation Administration prohibiting passengers from carrying non-3C certified charging treasures on flights, leading to widespread market disruption [1] - The recall event involves major brands like Romoss and Anker Innovation, both of which are linked to a common upstream supplier, Amperes [2] Supply Chain Dynamics - The charging treasure supply chain is structured simply with upstream components including lithium-ion batteries, PCB boards, and casings, while the midstream focuses on design and manufacturing, and the downstream involves branding and distribution [3] - The supply chain is heavily reliant on OEM (Original Equipment Manufacturer) models, with a high concentration of OEM factories providing services to multiple brands, which increases the risk of quality issues across the industry [5][7] Quality Control Issues - The reliance on OEM factories has led to a situation where brands often overlook quality checks, relying on factory-provided reports, which can result in subpar product quality [7] - The competitive pricing pressures in the industry have further exacerbated the situation, leading to a decline in profit margins for smaller manufacturers and increasing the risk of quality inconsistencies [5][7] Future Implications - The current crisis raises concerns about which brand might be next to face similar issues, highlighting the systemic risks within the charging treasure supply chain [3][6] - The need for improved supplier management and risk assessment practices is evident, as demonstrated by the contrasting strategies employed by leading companies like Apple, which utilizes a diversified supplier network and rigorous monitoring systems [8][10]

Core Viewpoint - Zhonglu Co., Ltd. has faced regulatory scrutiny from the Shanghai Securities Regulatory Commission due to non-operational fund occupation involving its actual controller, Chen Rong, and its investment fund, Zhonglu Advantage [1] Group 1: Regulatory Actions - The Shanghai Securities Regulatory Commission issued an administrative supervision decision against Zhonglu Co., Ltd., requiring corrective actions due to a transfer of 3 million yuan to Anqing Kalafei IoT Technology Co., Ltd. without any goods or services in return [1] - The Shanghai Stock Exchange has also issued a regulatory warning to Zhonglu Co., Ltd., Anqing Kalafei, and Chen Rong [1] Group 2: Financial Performance - In 2024, Zhonglu Co., Ltd. reported a revenue of 976 million yuan, a year-on-year increase of 0.28%, but a net loss attributable to shareholders of 19.83 million yuan, marking a shift from profit to loss [1] - Zhonglu Advantage, in which Zhonglu Co., Ltd. holds a 99% stake, reported net losses of 10.29 million yuan in 2023 and 4.47 million yuan in 2024 [2] Group 3: Business Model Transition - Zhonglu Co., Ltd. has shifted its manufacturing model from primarily OEM (Original Equipment Manufacturer) to a combination of ODM (Original Design Manufacturer) and OEM, aiming to improve certification efficiency and reduce costs [3] - The company explained that under the ODM model, the production factory is primarily responsible for 3C certification, which streamlines the certification process for products [3] - The transition to ODM also helps mitigate patent infringement disputes, as the design responsibilities shift away from the company [3]