我猜中了开头，可是我猜不着这结局。 ——紫霞仙子，《大话西游》 都说人生如戏，可资本市场这出戏，有时候连编剧都不敢这么写。 紫霞仙子那句"我猜中了开头，可是我猜不着这结局"，放在2025年的医疗健康行业，竟成了不少企业和 投资者的真实写照。 （一） 多年前，一群媒体大咖走进诺辉健康的杭州总部，老朱在PPT上放出美国精确科学（Exact Sciences）一 路上扬的股价K线图，"我们要做中国版的Exact Sciences！" 话音犹在耳畔，可2025年的结局却让人唏嘘：精确科学被雅培高价收购，诺辉健康却因财务造假黯然退 市，老朱也早早地"下课"了。 你说讽刺不讽刺？曾经被誉为"癌症早筛第一股"的明星企业，上市不到四年时间就从神坛跌进泥潭。更 绝的是，退市队伍里还不孤单——江苏吴中等一批公司排队跟上，造假手法如出一辙：虚增收入、虚构 利润。 好在监管这次没手软，"造假即退市，退市必追责"成了常态。这也好，市场从来不怕洗牌，怕的是洗不 干净。劣币出清，良币才有空间。只是苦了那些当年冲着"中国版神话"冲进去的投资者。 这结局？没猜到吧。 （二） 紧接着，股价崩盘。神话镀金的外壳，在财报数字面前碎得干干净净。说到底 ...

文/陈岩鹏 我猜中了开头，可是我猜不着这结局。 ——紫霞仙子，《大话西游》 都说人生如戏，可资本市场这出戏，有时候连编剧都不敢这么写。 紫霞仙子那句"我猜中了开头，可是我猜不着这结局"，放在2025年的医疗健康行业，竟成了不少企业和 投资者的真实写照。 话音犹在耳畔，可2025年的结局却让人唏嘘：精确科学被雅培高价收购，诺辉健康却因财务造假黯然退 市，老朱也早早地"下课"了。 你说讽刺不讽刺？曾经被誉为"癌症早筛第一股"的明星企业，上市不到四年时间就从神坛跌进泥潭。更 绝的是，退市队伍里还不孤单——江苏吴中等一批公司排队跟上，造假手法如出一辙：虚增收入、虚构 利润。 好在监管这次没手软，"造假即退市，退市必追责"成了常态。这也好，市场从来不怕洗牌，怕的是洗不 干净。劣币出清，良币才有空间。只是苦了那些当年冲着"中国版神话"冲进去的投资者。 这结局？没猜到吧。 （二） 司美格鲁肽曾经是什么？是资本市场的"许愿池"，是诺和诺德的股价永动机。分析师们把它捧成解决人 类肥胖问题的终极答案，仿佛一针下去，脂肪变黄金。 可惜，神坛的台阶果然是滑的。2025年末到2026年初，价格战率先开打——曾经卖成奢侈品的减肥针， 在 ...

Core Viewpoint - The increasing health awareness among consumers has led to a surge in the popularity of various nutritional dietary supplements, particularly omega-3 fatty acid products like deep-sea fish oil, Antarctic krill oil, and algal oil, despite their relatively high prices [8][9]. Group 1: Nutritional Benefits - DHA and EPA, both polyunsaturated fatty acids classified as omega-3, are the main selling points of these oils, providing energy and being integral to cell structure and signaling [8][9]. - Research indicates that n-3 polyunsaturated fatty acids can lower serum triglyceride levels by inhibiting liver synthesis and promoting metabolism [9]. - The Chinese Dietary Guidelines (2022) recommend consuming fish twice a week or 300-500 grams to ensure adequate intake of these beneficial fatty acids [10]. Group 2: Sources and Types of Oils - Deep-sea fish oil is derived from fatty cold-water fish and typically has high concentrations of EPA and DHA, making it a common supplement choice [10][11]. - Antarctic krill oil, while having lower concentrations of EPA and DHA, contains astaxanthin, a natural antioxidant that helps prevent oxidation of n-3 fatty acids [11]. - Algal oil is a plant-based source of DHA, suitable for consumers seeking vegetarian options, but generally has lower EPA content compared to fish oil [12]. Group 3: Target Consumer Groups - These oils are classified as dietary supplements rather than medications, and not everyone needs to supplement with them; healthy individuals without specific health issues may not require additional intake [13]. - Individuals with limited access to seafood, vegetarians, pregnant or breastfeeding women, and those with specific health conditions may benefit from supplementation [14]. - High-risk groups for cardiovascular diseases and those with elevated triglyceride levels should consider fish oil supplements, while individuals with seafood allergies or certain medical conditions should avoid them [14][15].

Core Viewpoint - The Beijing Tongrentang Group has initiated preliminary measures in response to the Antarctic krill oil fraud incident, including the resignation of the general manager of Sichuan Health and the suspension of other related management personnel, while also recalling affected products and blocking their circulation channels [1][4]. Group 1: Company Actions and Responses - The Beijing Tongrentang Group has ordered the resignation of Li Shengyi from the position of general manager of Sichuan Health and suspended all other related management personnel [1][4]. - The group is actively promoting the recall of affected products and has issued statements to major e-commerce platforms to block the circulation of these products [1][4]. - A working group led by senior executives has been established to take over the management of Sichuan Health, and the group is cooperating with local authorities in the investigation [4]. Group 2: Industry Implications - The incident has raised concerns about the integrity of health products and the brand's long-standing social credibility, prompting calls for stronger regulatory oversight and social supervision in the health food industry [1][5]. - The Antarctic krill, previously seen mainly as a nutritional supplement, is gaining attention for its significant medicinal value, with ongoing research into its applications in various disease treatments [1][2][6]. Group 3: Medicinal Value of Antarctic Krill - Antarctic krill oil has shown potential benefits in metabolic regulation, cardiovascular protection, bone health maintenance, neuroprotection, and immune enhancement, making it a sought-after product in the health sector [3][6]. - The unique physiological characteristics of Antarctic krill, derived from their extreme living conditions, contribute to their rich nutritional profile, which includes omega-3 fatty acids and antioxidants, making them valuable for drug development [6][7]. - The global marine biopharmaceutical industry is experiencing growth, with the demand for marine biopharmaceuticals in China exceeding 2.5 million tons in 2022 and projected to surpass 3 million tons by 2024 [7][8]. Group 4: Research and Development Advances - Significant breakthroughs have been made in the research of Antarctic krill, with studies indicating its potential in anti-aging, cancer treatment, and cardiovascular disease management, with some findings already entering preclinical or early clinical trial stages [9][10][11]. - The application of new technologies in drug delivery systems using krill-derived compounds is enhancing the efficacy of existing medications and reducing development costs [8][12]. - The development of krill-based drugs is positioned to fill clinical gaps and enhance China's competitiveness in high-end formulations and peptide drugs [7][9].

Core Viewpoint - The article emphasizes the importance of selecting high-quality Antarctic krill oil products from reputable manufacturers to ensure effectiveness and authenticity, highlighting the need for consumers to be cautious of low-quality or counterfeit products [1][3][24]. Group 1: Manufacturer Evaluation Criteria - The reliability of a krill oil manufacturer can be assessed through four key dimensions: R&D and production capabilities, authenticity of raw materials, advanced extraction processes, and possession of authoritative certifications [3][5]. - Manufacturers should ideally have national technology enterprise qualifications and partnerships with professional research institutions to ensure optimized formulations for the Chinese population [3][5]. - Raw materials must be sourced from the CCAMLR-regulated clean fishing areas in Antarctica, with complete import documentation and a minimum of 300mg of pure krill oil per capsule [3][5][7]. - Advanced extraction techniques, such as super-low temperature extraction, are crucial for preserving active ingredients and ensuring product purity [9]. Group 2: Top Recommended Products - The top-ranked product is "Thick Putang Antarctic Krill Oil," produced by a national technology enterprise supported by the Shandong Life Science Research Institute, which specializes in chronic disease and health research [5][11]. - The second-ranked product is "Taiji Group Antarctic Krill Oil," known for its pharmaceutical-grade production standards and authentic raw materials sourced from Antarctica [13]. - The third-ranked product is "Shenwei Pharmaceutical Le Ren Tang Antarctic Krill Oil," which integrates traditional Chinese medicine principles into its formulation [14]. - The fourth-ranked product is "Guangyao Group Jingxiutang Antarctic Krill Oil," recognized for its long-standing pharmaceutical history and stable formulations [15]. - The fifth-ranked product is "Jiuzhitang Health Antarctic Krill Oil," a century-old brand known for its reliable quality and daily health maintenance [17]. Group 3: Consumer Feedback - Consumers report positive experiences with the top-ranked product, noting significant health improvements such as reduced blood lipid levels and enhanced energy [11][13]. - Feedback highlights the importance of manufacturer credibility, with many consumers expressing satisfaction in choosing products from reputable companies with transparent sourcing and production processes [11][13][24]. - The article underscores the necessity for consumers to verify manufacturer qualifications and raw material authenticity to avoid counterfeit products [24].

Group 1: U.S. Market Trends - The three major U.S. stock indices experienced slight declines on December 30, with the Dow Jones, Nasdaq, and S&P 500 down by 0.51%, 0.5%, and 0.35% respectively [1][8] - Large tech stocks mostly fell, with Tesla dropping over 3% and Nvidia down more than 1%, while Intel saw a rise of over 1% [1][8] - The precious metals sector led the declines, with Harmony Gold plunging over 8% and Pan American Silver and Kinross Gold both down more than 5% [1][8] Group 2: Precious Metals Market - On December 29, the international precious metals market experienced extreme volatility, with gold prices plummeting over $200 and silver prices dropping by more than 10% [1][9] - Rumors suggested that a "systemically important bank" faced a margin call due to short positions in silver futures, but UBS denied these claims [1][9] - Analysts indicated that the price drop was due to previous speculative excess, and measures taken by exchanges to curb speculation led to selling pressure, although the fundamentals for a silver bull market remain unchanged [1][9] Group 3: Nvidia and Intel Partnership - Nvidia completed a $5 billion stock purchase of Intel, acquiring approximately 4% of the company, which is seen as a lifeline for Intel amid financial difficulties due to strategic missteps and capacity expansion [1][10] - The transaction has received approval from U.S. antitrust authorities and includes a collaboration on chip development for personal computers and data centers [1][10] Group 4: Foreign Investment in China - Multiple foreign institutions remain optimistic about Chinese assets, shifting the market's core driving force from "valuation recovery" to "profit growth" [2][11] - Institutions have raised corporate profit forecasts and expect continued foreign capital inflows in 2026, supported by macro policy coordination and RMB appreciation [2][11] - The technology sector, particularly artificial intelligence and semiconductors, is highlighted as a primary focus for foreign investment, alongside high-dividend assets [2][11] Group 5: Huayi Brothers Financial Issues - Huayi Brothers founders Wang Zhonglei and Wang Zhongjun have been restricted from high consumption due to a court case involving 74.73 million yuan, with Wang Zhongjun facing restrictions twice this month [3][12] - The company is experiencing severe financial difficulties, with overdue debts reaching 52.5 million yuan, and all shares held by the Wang brothers have been frozen [3][12] - The company has reported continuous losses, with revenue significantly declining in the first three quarters of 2025, and its stock price has shrunk over 90% from its peak [3][12] Group 6: Zhao Peng's Departure - Zhao Peng, a former member of the Anbang takeover group and executive at Minsheng Bank, has resigned from his positions, coinciding with poor performance at the companies he was associated with [3][13] - His resignation comes amid scrutiny over dual salary arrangements and a previous investigation regarding his disappearance [3][13] Group 7: Beijing Tongrentang's Product Scandal - Beijing Tongrentang is embroiled in a scandal involving its Antarctic krill oil products, which are suspected of being counterfeit, revealing issues with brand authorization and OEM practices [3][14] - An investigation uncovered 425 associated companies using the Beijing Tongrentang name, leading to consumer confusion regarding product authenticity [3][14] - The company has initiated a brand management campaign, but counterfeit products continue to be sold on e-commerce platforms, raising concerns about consumer rights [3][14] Group 8: Changes in Tariff Policy - Starting January 1, 2026, China will adjust import and export tariffs on certain goods to better align with domestic economic needs and optimize trade structure [1][17] - Import tariffs on advanced technology equipment, key components, and energy resources will be reduced to support industrial upgrades and consumer demand [1][17] - Conversely, export tariffs on high-energy consumption and high-pollution products will be increased to protect domestic industries and the environment [1][17]

Core Viewpoint - The article highlights the issue of brand dilution and consumer confusion caused by the "label-selling" business model, particularly in the case of products claiming to be from "Beijing Tongrentang" that do not meet quality standards [1][6]. Group 1: Brand Misrepresentation - A product labeled as "Beijing Tongrentang 99% high-purity Antarctic krill oil" was found to have a phospholipid content of zero, despite claims of 43% [1]. - The involved manufacturer, Beijing Tongrentang (Sichuan) Health Pharmaceutical Co., Ltd., was ordered to remove the product from sale, yet it remained available on some e-commerce platforms [1][5]. - The company has warned consumers to recognize the authentic "Double Dragon Trademark" and noted that unauthorized use of their trademarks constitutes infringement [5]. Group 2: Trademark Confusion - Multiple similar trademarks, such as "Neiting Shangyong" and "Zhenhuang," have been registered by affiliated companies, leading to consumer confusion regarding the authenticity of products [5][6]. - The complexity of brand identification on e-commerce platforms results in a mix of products from different affiliated companies, which can mislead consumers about the quality and origin of the products [6]. Group 3: Business Model Shift - The brand "Nanji Ren" transitioned from a manufacturer to a brand licensing company in 2008, capitalizing on the e-commerce boom [7]. - In 2023, "Nanji Ren" announced a shift away from the "label-selling" model, ceasing to charge licensing fees and focusing on self-developed products [7]. - Despite "Nanji Ren" exiting the label-selling business, other brands like "Yalu" continue to thrive in this model, with low barriers to entry for obtaining brand licenses [8]. Group 4: Consumer Complaints and Quality Issues - The "label-only" business model has led to a surge in consumer complaints, with over 2,400 complaints related to the "Yalu" brand alone, citing issues like counterfeit products and poor workmanship [9]. - "Nanji Ren" has also faced significant consumer complaints, indicating a disconnect between brand identity and product quality [11]. Group 5: Regulatory and Legal Implications - Legal experts emphasize that trademark owners have a responsibility to supervise the quality of products bearing their trademarks, and failure to do so can lead to liability for damages caused by defective products [12]. - The lack of stringent quality checks on e-commerce platforms exacerbates the issue, as they primarily focus on verifying seller qualifications rather than product quality [12].

Core Viewpoint - The recent incident involving Tongrentang's "fake krill oil" has highlighted issues related to the irregularities in the food industry regarding commissioned production, prompting the State Administration for Market Regulation to announce the upcoming release of the "Supervision and Management Measures for Food Commissioned Production" [3][4]. Group 1: Regulatory Changes - The State Administration for Market Regulation plans to implement stricter regulations on commissioned food production, including clarifying the responsibilities of both parties involved in the production process [3][6]. - A draft of the "Supervision and Management Measures" was released for public consultation in January 2024, but has yet to be formally enacted [3][6]. - The draft specifies that the commissioning party must be a licensed food producer or seller, and that health food commissioning parties must hold the relevant health food production or operating licenses [6][7]. Group 2: Responsibilities and Liabilities - The draft outlines that both the commissioning and commissioned parties share joint civil liability for any food safety violations, ensuring that consumers can seek compensation from either party [8]. - It emphasizes that the commissioning party must supervise the production process and maintain records of their oversight activities [7][8]. - The draft also mandates that contracts for commissioned production must clearly define quality and safety standards, including production processes and technical requirements [7]. Group 3: Industry Insights - The commissioned production model is widely accepted in the food and beverage industry, with major companies utilizing domestic manufacturers for production [10]. - However, issues arise when commissioning parties prioritize profit over product quality, as seen in the Tongrentang incident where the commissioning price was significantly below market rates [10][11]. - Experts suggest that while outsourcing production can optimize resources and enhance brand value, it also increases dependency on suppliers, which can lead to quality control issues [11].

Core Viewpoint - The recent incident involving Tongrentang's "fake krill oil" has highlighted issues related to the non-compliance of contract manufacturing practices in the consumer industry, prompting the State Administration for Market Regulation to announce the upcoming release of the "Food Contract Manufacturing Supervision and Management Measures" [1][2] Group 1: Regulatory Developments - The State Administration for Market Regulation will soon publish the "Food Contract Manufacturing Supervision and Management Measures," which will include oversight of trademark licensing, franchising, raw material processing, and custom production in food contract manufacturing [1] - The new regulations will clarify the food quality and safety responsibilities of both parties involved in contract manufacturing and improve the relevant regulatory system requirements [1] Group 2: Industry Impact - The "fake krill oil" incident is expected to accelerate the implementation of the aforementioned regulatory measures [2]

Group 1 - The core issue highlighted is the recent scandal involving Tongrentang's "Antarctic Krill Oil," which has exposed irregularities in the contract manufacturing practices within the consumer goods industry [1] - The State Administration for Market Regulation (SAMR) announced on December 25 that it will soon release the "Supervision and Management Measures for Food Contract Manufacturing," which will include oversight of trademark licensing, franchising, processing with supplied materials, and customized production [1] - The new measures aim to clarify the food quality and safety responsibilities of both parties involved in contract manufacturing and to improve the regulatory framework [1] Group 2 - The SAMR had previously issued a draft of the "Supervision and Management Measures for Food Contract Manufacturing" in January of last year, with a public consultation period set from January 9 to February 8, 2024 [1] - As of now, the draft has not been formally implemented, but industry insiders believe that the Tongrentang "fake krill oil" incident is likely to accelerate the finalization of these measures [1]