The warehouse ledgers, wholesale price sheets and correspondence records behind The Phantom Factories — reproduced so you can inspect the evidence rather than take our description of it.
This page reproduces the documentary exhibits behind The Phantom Factories, so that a reader can inspect the evidence rather than take our description of it.
PeptideAtlas contacted China- and Hong Kong-based peptide suppliers during August 2026, asking for pricing, inventory, warehouse locations, customisation options and — the question that mattered — the identity of the upstream facility responsible for production. Prices, catalogues, stock counts and private-label offers came back readily. Production identity did not.
The materials below are what came back. Original high-resolution files and the full correspondence are retained on file.
We want to be precise about this before showing anything, because the exhibits are stronger than a statistical correlation and weaker than a factory audit, and the difference matters.
It establishes: that separately contacted supplier identities, each presenting as an independent source, supplied matching warehouse networks and matching SKU-level inventory counts.
It does not establish: shared ownership, a shared legal entity, or a shared synthesis facility. Plausible readings include a common third-party logistics provider, a shared master distributor, one seller reselling another's stock, or several sellers drawing on one inventory pool.
Every one of those readings is material to a market sold on the premise that each brand is an independent manufacturer. None of them is a claim that two companies are secretly one factory, and we are not making that claim.
*Exhibit A1. Paired warehouse-channel material. The two screenshots are shown side by side because PeptideAtlas's correspondence archive links them to separately contacted supplier identities. The common warehouse naming and stock-sheet presentation are the evidentiary point; the images are not asked to prove the legal identity of the sender on their own. Personal photographs in the sender avatars have been redacted — the ledger is the evidence, the salesperson's face is not.*
*Exhibit A2. Overseas warehouse stock ledger. A clean copy of the underlying multi-warehouse inventory sheet retained with the correspondence.*
*Exhibit A3. Canada warehouse stock ledger. SKU-level stock and price data supplied through the warehouse channel.*
*Exhibit A4. US warehouse stock ledger. The corresponding US inventory view, with item-level counts by warehouse.*
WBS / ERP finding: matching warehouse network and matching inventory counts in separately received stock materials. The materials list US warehouses in Portland, Delaware and Atlanta alongside Canada, Australia and Europe, with Seattle inventory called out separately.
LJ2 / Homopeptide finding: matching warehouse and SKU-stock materials in separately received supplier correspondence.
Because several screenshots show warehouse-channel names rather than full legal entities, this page does not ask any image alone to prove vendor identity. The evidentiary claim rests on the correspondence record plus the matching warehouse and SKU-count data.
*Exhibit B1. Wholesale lists supplied to PeptideAtlas. The WBS and Homopeptide lists are reproduced from the attached materials; each quotes 10-vial kits across a broad catalogue.*
*Exhibit B2. JEEP price list. Contact details have been redacted; product, dose, kit-size and price fields are retained for the price-layer analysis.*
The WBS PDF identifies itself as a wholesale price list for Shanghai Wibson Biotechnology and includes one-kit through 100-kit and custom pricing. Its later pages say WBS supports custom labels and logos — a private-label capability sitting directly beside a factory-manufacturing identity. Homopeptide supplied a separate 10-vial price list. A JEEP sheet supplied to PeptideAtlas is included with contact details redacted.
Every supplier figure in the article's price table derives from these sheets by dividing a 10-vial kit price by ten:
| Supplier | Product | Kit price | Per vial |
|---|---|---|---|
| WBS | Tirzepatide 10mg | $65 / 10 vials (one-kit tier) | $6.50 |
| WBS | Tirzepatide 10mg | $50 / 10 vials (custom tier) | $5.00 |
| WBS | BPC-157 10mg | $60 / 10 vials | $6.00 |
| WBS | BPC-157 10mg | $49 / 10 vials (custom tier) | $4.90 |
| WBS | GHK-Cu 50mg | $40 / 10 vials | $4.00 |
| WBS | GHK-Cu 50mg | $25 / 10 vials (custom tier) | $2.50 |
| Homopeptide | Tirzepatide 10mg | $65 / 10 vials | $6.50 |
| Homopeptide | Retatrutide 10mg | $110 / 10 vials | $11.00 |
| Homopeptide | Semaglutide 5mg | $40 / 10 vials | $4.00 |
| JEEP | Tirzepatide 10mg | $78 / 10 vials | $7.80 |
| JEEP | Retatrutide 10mg | $128 / 10 vials | $12.80 |
These are documentary prices, not endorsements, purchase guidance or verified transaction costs. They are point-in-time quotes and the sheets change frequently.
The retail medians the article compares against come from PeptideAtlas's pricing workbook captured on 23 August 2026: 4,544 live priced listings from 44 storefronts, including 4,118 peptide listings and 856 comparable product-and-dose combinations, with currencies normalised to USD and medians computed within a single dose.
The resulting comparison is a gross price-layer comparison. It is not net margin, and it deducts none of freight, payment processing, testing, packaging, customs loss, advertising, labour, tax, refunds or inventory risk.
Two categories of information have been removed from these exhibits, and nothing else:
Product codes, doses, prices, kit sizes, warehouse names, stock counts and company identities are retained in full — those are the evidence.
If you are working on this and need more than the images — the original high-resolution files, the full correspondence record, the vendor-to-exhibit mapping, or the retail pricing workbook behind the comparison — write to [email protected].
We will share what we have, tell you plainly where a claim is inference rather than documentation, and tell you when we do not have something. We are not asking for a link in exchange.
Related: The COA Mirage and its open dataset, which examine what the certificates attached to this supply chain can and cannot establish.
Related: The Phantom Factories.