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 ...

Group 1 - In June, China's Producer Price Index (PPI) decreased by 0.4% month-on-month, with some industries showing signs of price stabilization and recovery [1] - The main reason for the month-on-month decline in PPI was the seasonal decrease in prices of certain raw material manufacturing industries, influenced by high temperatures and increased rainfall affecting construction progress in real estate and infrastructure projects [1] - The increase in green energy production contributed to a decrease in energy prices, with the electricity and heat production and supply industry seeing a month-on-month price drop of 0.9% [1] Group 2 - The year-on-year decline in PPI expanded by 0.3 percentage points to 3.6% in June, influenced by both month-on-month declines and changes in comparison bases [1] - The construction of a unified national market has led to a narrowing of year-on-year price declines in certain industries, with prices for gasoline and diesel vehicle manufacturing and new energy vehicle manufacturing increasing by 0.5% and 0.3% respectively [2] - Policies aimed at boosting consumption have led to a year-on-year increase in prices of daily necessities, with general daily goods and clothing prices rising by 0.8% and 0.1% respectively in June [2]

Group 1: CPI Analysis - In June 2025, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from a decline that lasted for four consecutive months [3][9] - The rise in CPI was primarily influenced by the recovery in industrial consumer goods prices, with the year-on-year decline narrowing from 1.0% to 0.5% [3][4] - Core CPI, excluding food and energy, rose by 0.7% year-on-year, the highest increase in nearly 14 months [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month, with the decline remaining consistent with the previous month [6][7] - The year-on-year decline in PPI expanded by 0.3 percentage points, influenced by seasonal price decreases in raw material manufacturing and pressures in export-oriented industries [6][7] - Some industries showed signs of price stabilization and recovery, particularly in sectors benefiting from domestic market improvements and consumption policies [7][6] Group 3: Price Changes by Category - Food prices decreased by 0.3% year-on-year, with notable declines in pork prices by 8.5% and egg prices by 7.7% [9][17] - Non-food prices increased by 0.1% year-on-year, with service prices rising by 0.5% [9][10] - Among various categories, prices for durable goods and entertainment-related items showed increases, reflecting ongoing consumer demand [7][12]

Core Viewpoint - The Consumer Price Index (CPI) has turned from a decline to an increase of 0.1% year-on-year in June, ending a four-month downward trend, influenced by the recovery in industrial consumer goods prices [2][3]. CPI Analysis - In June, the CPI increased by 0.1% year-on-year, with food prices decreasing by 0.3% and non-food prices rising by 0.1% [3]. - The decline in industrial consumer goods prices narrowed from 1.0% to 0.5% year-on-year, reducing its downward impact on CPI by approximately 0.18 percentage points [3]. - International commodity price fluctuations led to significant increases in gold and platinum jewelry prices, which rose by 39.2% and 15.9% respectively, contributing about 0.21 percentage points to the CPI increase [3]. - The core CPI rose by 0.7%, marking a new high in nearly 14 months [3]. PPI and Industrial Prices - The Producer Price Index (PPI) showed a consistent decline in June, but some industries are experiencing price stabilization and recovery due to improved supply-demand relationships [8]. - The construction of a unified national market and increased efforts to combat disorderly low-price competition are contributing to price stabilization in certain sectors [8]. - Prices in the automotive sector, including both traditional and new energy vehicles, have shown signs of recovery, with respective year-on-year declines narrowing [8]. Consumer Demand and Living Costs - The demand for housing rentals has increased during the graduation season, leading to a 0.1% rise in rental prices [6]. - Policies aimed at boosting consumption have led to a rise in prices for daily necessities and clothing, with general daily goods and clothing prices increasing by 0.8% and 0.1% respectively [9]. - High-tech industries are also seeing price increases, with integrated circuit packaging and testing prices rising by 3.1% year-on-year [9].