I seriously doubt it. Takes a lot of raw ingredients to produce the amount of raw pharma drugs, not to mention the equipment. The equipment alone would require a huge Initial investment. I just don't see a small non legit lab being able to supply consiatant kilos upon kilos of all the different products. I think the Chinese crackdown was just a flaah in the pan and just for show.
Well you now have Chinese "UG" labs producing gh of uneven quality. They have the the equipment but you can't trust the generics coming from China now. From what I know peptides are much harder to produce than steroids. Legit labs like Jintropin (forgot the brand name) were forced to stop large scale exports for the black market so gh black market production is now underground.
I suspect steroid manufacturing is the same as there are no legit/legal buyers for the stuff. At the very least, if the manufacturers are legit labs, the production is off-the-record. But I'd bet the labs are illegal. I mean China is shutting down UG labs producing ketamine and all sorts of rec and designer drugs all the time... so why couldn't UG labs produce hormones too?
But I have no real personal insight so I don't really know. I just remembered Llewellyn saying the black market hormones do not come from large legit API producers. They were made by "chemical houses" as he worded it. I also know even the legal "pro-steroids" used in supplements were and are often the wrong compound or contaminated with other hormones. If the producer was a legit large pharmaceutical manufacturer they would always be 100% on spec pretty much.
Edit. Found a Llewellyn quote:
"Underground labs are illegal unlicensed operations. It is not possible for these labs to directly purchase bulk pharmaceutical quality steroids to package for the public. Very few, if any, have the resources to obtain true USP (99+% tested pure) materials. Fewer still would spend the money on these materials even if they could obtain them, as they are very expensive.
Instead, underground labs obtain their drugs (99%) from unlicensed Chinese brokers. The thing you need to understand about China is that it has a strong regulated drug market. The U.S. buys a lot of real drugs from China. HOWEVER - The steroids we are talking about are very very rarely produced at pharmaceutical facilities.
The VAST MAJORITY of bulk steroids coming from China are produced in chemical companies. Imagine if you will a company that makes pesticides, synthetic dyes, or other manufacturing-level chemicals, and one day said, "You know what, we can make steroids in here if we want". These chemical companies are not licensed to produce drugs, and do not have to comply with even the minimal of GMP guidelines. They are not inspected. Rarely do they have the capacity to produce very pure products. Still, they very often do produce drugs. In fact, it is estimated that HALF of all drugs sold in China come from this illegal chemical market. This number is significantly higher with anabolic steroids."