如果把同仁堂的贴牌生意比作一场"乐高游戏"，那么品牌方似乎只热衷于提供那张光鲜的图纸，却对代工厂用了哪些积木、甚至积木是不是缺斤少两漠不 关心。 你买了一个乐高，盒子华丽，图纸精美，拼了半天发现核心部件是空心塑料。品牌说："我只管卖盒子和图纸。"工厂说："我只管照单生产。" 于是，欢迎来到贴牌供应链的"套娃游戏"——"甩锅"和"盲盒"：品牌方甩掉责任，代工厂甩掉底线，恭喜你开出一个"空气盲盒"。 当"责任"在供应链中消失 上海市消费者权益保护委员会对15款热销南极磷虾油产品的专项检测，将百年老字号"同仁堂"推至舆论中心。一款标称"北京同仁堂99%高纯南极磷油""1 粒≈100只磷虾"、宣称磷脂含量43%的产品，实测磷脂含量竟为零，涉嫌严重造假。 涉事磷虾油产品的宣传页面图源 | 上海市消保委 检测结果公布后，北京同仁堂集团发布声明，涉事产品经销商"四川健康药业"使用的"同仁堂"字号及商标授权已于2021年3月到期，且未再续期。然而， 在授权过期数年后，电商平台上仍有大量贴牌产品在售，暴露出老字号在品牌授权管理上的巨大漏洞。 同仁堂品牌授权漏洞的相关图片 当前电商平台上流通的同仁堂贴牌产品，大多指向两家企业—— ...

Summary of the Conference Call for Zhongxin Co., Ltd. Company Overview - **Company**: Zhongxin Co., Ltd. - **Industry**: Manufacturing, specifically in the production of packaging materials Key Points and Arguments 1. **2025 Performance Outlook**: The company expects strong performance in 2025 with sufficient orders in Q3, although the 36% tariff imposed by the U.S. on Thai products introduces uncertainty. The company believes the final tariff may be lower than 36%, and even if it remains, the impact will be limited due to capacity constraints [2][3][4] 2. **Production Capacity in Thailand**: The first phase of production in Thailand has reached full capacity with an additional 20% potential. The company has secured new important clients such as Packtive and ECO product, indicating stable demand in the U.S. market [2][5] 3. **Supply Chain Issues**: In Q2, actual shipment volumes fell short of expectations due to supply chain disruptions, particularly shortages of packaging and shipping containers. However, the situation is gradually improving, and normal operations are expected to resume within two to three months [2][6][19] 4. **Customer Inventory Levels**: Major clients maintain a safety stock of 3 to 5 months, ensuring that there will be no shortages. The company prioritizes the supply to large clients to stabilize the supply chain [7][10] 5. **New Product Development**: The company developed over 170 new sample molds in the first half of 2025, indicating that the U.S. market's demand for new products remains unaffected by tariffs [11] 6. **Cost Structure and Tariff Impact**: The company uses FOB pricing, meaning tariffs are borne by customers. Even with a 36% tariff, the cost increase is manageable and can be passed down the supply chain [12] 7. **Competitor Landscape**: Competitors are facing slow progress in overseas factory construction, which limits their total capacity and has minimal impact on Zhongxin. The company is accelerating the construction of a 100,000-ton capacity facility in Thailand to meet U.S. market demand [4][13][16] 8. **Domestic Market Development**: Efforts to develop non-U.S. markets have been slow, particularly in Europe due to regulatory restrictions. The domestic operating rate is expected to recover to 60-70% by the end of 2025 [4][17][18] 9. **Production Cost Comparison**: The production cost in Thailand is lower than in China due to reduced labor costs, despite higher raw material prices. The advanced equipment in Thailand also contributes to lower overall production costs [25] 10. **Future Expansion Plans**: The company plans to purchase land in the Pearl River Delta region for factory expansion to support business growth, as current facilities are insufficient [22] Additional Important Information - **Supply Chain Recovery**: The supply chain situation is improving, with delivery times for packaging materials decreasing significantly [19] - **Material Sourcing**: The company prioritizes using locally sourced materials in Thailand to mitigate the impact of import tariffs on raw materials [20] - **Sales Strategy**: The company plans to collaborate with downstream design firms to enhance product development and customer engagement [23] - **Product Pricing Factors**: Product prices are influenced by structural and performance requirements, with raw material price changes having minimal impact on final pricing [24] - **Production Capacity Requirements**: To meet the expected delivery of over 30,000 tons from Thailand, domestic production needs to achieve a target of 60,000 tons [28]