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Coupang turns away antitrust inspectors in unprecedented move as FTC chief threatens criminal referral_我的网站

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A | Coupang has sued to halt a Fair Trade Commission inspection into whether price-matching coupon costs were shifted to suppliers. Coupang trucks are parked near the e-commerce platform's logistics center in Seoul on Dec. 29, 2025. YONHAPCoupang has repelled attempts by inspectors from the antitrust watchdog to launch an on-site inspection over allegations that the e-commerce powerhouse shifted costs to suppliers. In rebuffing the Fair Trade Commission (FTC) officers, the company said that it has not received a legally required notice prior to the inspection. FTC Chairman Ju Biung-ghi said after the failed raid on Wednesday that he will pursue criminal charges.Coupang's refusal to comply with an on-site investigation by the FTC marks the first time since the regulator was established that a company has rejected an inspection outright, in this case on the grounds that "the law was applied improperly."The commission attempted to launch inspections at Coupang on four occasions, from Aug. 19 to Friday and again on Monday, but withdrew each time.Investigators were seeking to determine whether Coupang improperly passed the cost of its "price-matching coupons" on to its suppliers.The coupons are issued automatically when a product sold on the platform is priced higher than on a competing online marketplace, bringing the actual purchase price down to roughly the lowest available. The commission is examining whether the resulting discount costs were shifted onto suppliers.Coupang's argument against the investigation revolves around a notification clause in the law that was not applied. Article 17 of the Framework Act on Administrative Investigations requires an administrative agency, as a general rule, to notify the subject of an on-site inspection in writing at least seven days in advance. The Korean headquarters of e-commerce platform Coupang in Songpa District, southern Seoul NEWS1In a statement on Tuesday, Coupang said the notice requirement is "a lawful procedure that guarantees the interests and rights of the party under investigation" and that the company "plans to seek a court ruling on the commission's failure to observe that procedure."However, the same article stipulates that the notice "may be presented to the person subject to investigation simultaneously with the commencement of the administrative investigation or the purposes" when "it is deemed impossible to achieve the purposes of the investigation due to an anticipated destruction of evidence."The commission's position is that the exception applies here because advance notice would have created a risk of evidence destruction. Coupang counters that this investigation does not meet the conditions for the exception.The e-commerce titan argues that the concern is not credible given that it cooperated with other extended on-site inspections at its headquarters by the commission and other government agencies from January, following a massive personal data breach.The outcome now rests with the courts. On Friday, Coupang filed a suit seeking to cancel the commission's decision and disposition authorizing the on-site inspection, along with an injunction to halt the investigation. Delivery trucks wait at a Coupang logistics center in Seoul. YONHAP"It is unusual for an on-site inspection by the commission to fall apart because the company under investigation refused it," an industry source told the JoongAng Ilbo. "Depending on the court's decision, the commission's overall practice of conducting on-site inspections without advance notice could be shaken, and other companies under investigation could demand procedural rights the way Coupang has."The ruling liberal Democratic Party sharply criticized Coupang's refusal to comply with the investigation, saying no company can stand above Korean law."Coupang is using claims of discrimination against U.S. companies by the U.S. government and political circles as a shield to evade legitimate domestic regulation and investigation," DP spokesperson Lee Yong-woo said Wednesday in a written statement. "The company's double standard, enjoying enormous profits in the Korean market but invoking its status as a U.S. company only when it is time to take responsibility, is infuriating."。 K图 09633_0 　　农夫山泉上半年茶饮料业务增长强劲，包装饮用水业务在营收占比中进一步下降。
　　8月25日，农夫山泉股份有限公司（农夫山泉，09633.HK）发布半年报，中期总收益为人民币297.18亿元，同比增长16.0%；母公司拥有人应占溢利约为88.87亿元，同比增长16.6%；每股基本盈利为人民币0.790元，同比增长16.7%。

B | 　　农夫山泉在财报中表示，中国饮料行业竞争格局呈现巨头领跑、新军破局态势，赛道活力与竞争激烈度同步提升。同时，细分品类加速分化，健康化、功能化、多元化趋势愈发明显，消费者对饮品成分透明度及清洁标签的关注度进一步提升，驱动饮料产品向更清洁配方、更少添加、更多功能的方向发展，无糖茶及功能性饮品等细分领域的增长保持强劲态势。　　从产品类别表现看，茶饮料产品继续稳坐农夫山泉的第一大品类，2026上半年收益131.22亿元，占总营收44.2%，去年同期收益100.89亿元，同比大增30.1%，是拉动整体增长的核心动力。　　据悉，农夫山泉的“东方树叶”在2011年推出时，并不属于主流需求，但随着“减少含糖饮料摄入”逐渐成为共识，无糖饮料开始进入日常消费场景，而无糖茶因其更接近天然形态，成为消费者接受度最高的品类之一。　　农夫山泉在财报中表示，上半年，茶饮料业务持续推进多规格矩阵布局与配方健康化升级，积极响应消费者多元化和健康化的饮用需求。财报提及，公司持续推动“茶π”系列的创新升级。在产品研发方面，全线产品实现减糖25%以上。　　包装饮用水产品是第二大品类，上半年收益96.41亿元，同比仅增长2.1%，增速明显放缓，收入占比由36.9%回落至32.4%。　　功能饮料、果汁饮料上半年分别实现收益33.48亿元、29.22亿元，同比分别增长15.5%、14.0%；功能饮料收入占比维持11.3%不变，果汁饮料占比小幅下滑。　　其他产品（苏打水、咖啡、植物饮料及鲜果农产品等）收益6.84亿元，同比增长8.7%，占总收益2.3%。　　报告期内，农夫山泉的毛利率为60.9%，与去年同期的60.3%相比增长了0.6个百分点，主要影响因素包括产品品类结构变化及果汁、糖等原物料采购价格较去年同期有所下降；PET原材料采购价格有所上升。　　随着康师傅控股（00322.HK）、统一企业中国（00220.HK）、东鹏饮料（605499.SH）等公司发布财报，不难看出，上半年茶饮料内部出现分化，无糖茶高速增长，传统含糖茶增长乏力，包装饮用水则普遍进入低增长甚至负增长区间，各家上市公司业绩冷暖分明。

C | 　　比如，康师傅控股的饮品业务有“茶”品类、果汁、碳酸饮料等。在这些品类中，“茶”品类是上半年唯一同比增长的品类，营收同比大涨9.1%至116.40亿元。　　统一企业中国的饮品板块在总营收占比超六成，上半年饮品业务营收107.51亿元，同比微降0.3%，这是统一近五年来首次在中报出现饮料业务负增长，在细分品类中，奶茶板块逆势增长，该公司的阿萨姆奶茶占据部分消费者心智。　　上述两家公司的包装饮用水业务均出现不同程度的同比下滑。

D | 　　东鹏饮料是以能量饮料为基石、电解质饮料为第二增长引擎，茶饮料、咖啡饮料、植物蛋白饮料等品类在该公司营收占比中还不算大。不过，上半年，东鹏饮料最令人瞩目的板块也是茶饮料业务，该板块实现营业收入10.58亿元，同比大幅增长208.99%，营收占比从去年同期的3.19%跃升至8.52%。　　东鹏饮料没有布局大规模包装水产品，核心水类是电解质饮料“东鹏补水啦”，上半年收入16.72亿元，同比增长11.98%，增速较前两年大幅回落。