餐饮价格战加剧，恒天然调整相关业务

Core Viewpoint - Fonterra's Greater China division is undergoing a restructuring by merging its consumer brand team with its food service team to optimize operations and enhance synergies [1] Group 1: Business Operations - The merger aims to streamline operations and create greater collaboration between the consumer and food service segments [1] - Fonterra's food service business significantly outperforms its consumer brand business in terms of revenue and profit [1] - In FY2024, Fonterra's raw materials business generated NZD 3.598 billion (approximately RMB 15.338 billion) in revenue, with a net profit of NZD 128 million (approximately RMB 546 million) [1] - The food service business reported revenue of NZD 2.377 billion (approximately RMB 10.133 billion) and a net profit of NZD 299 million (approximately RMB 1.275 billion) [1] - The consumer products segment had revenue of NZD 394 million (approximately RMB 1.68 billion) but incurred a net loss of NZD 15 million (approximately RMB 6.3945 million) [1] Group 2: Market Competition - Fonterra faces intense competition, particularly from domestic brands like Miaokelando, which reported a 14% year-on-year revenue growth in its food service segment for 2024 [2] - The rise of domestic cheese brands has led to reduced costs for local cheese production, increasing competition in the food service market [2] - A price war in the food service sector is exerting downward pressure on prices, affecting Fonterra's profitability [2][3] Group 3: Profitability Concerns - Fonterra's food service business has seen a decline in gross profit margins in recent quarters, indicating potential challenges ahead [3] - The ongoing market changes suggest that Fonterra's adjustments may be just the beginning of a broader strategic shift [4]