诺和诺德全球管理层动荡，对中国业务影响几何

Core Viewpoint - Novo Nordisk is undergoing significant management changes and restructuring due to dissatisfaction from its major shareholder, the Novo Nordisk Foundation, regarding the company's performance in the weight loss market and its slow transformation towards a consumer-driven approach [1][2][6]. Management Changes - Novo Nordisk has replaced its CEO twice within six months, indicating instability and dissatisfaction with the current management team [1][2]. - The Novo Nordisk Foundation, which holds majority voting rights, has proposed a new board structure, aiming for a broader reorganization rather than gradual changes [2][3]. Restructuring and Workforce Reduction - The company plans to implement a global restructuring that includes laying off approximately 9,000 employees by the end of 2026, with an expected annual savings of around 8 billion Danish kroner (approximately 8.85 billion RMB) [4][5]. - The layoffs will primarily affect the Danish workforce, with about 5,000 positions expected to be cut domestically [4]. Market Performance and Competition - Novo Nordisk's market position in the obesity treatment sector has weakened, with competitors like Eli Lilly gaining market share due to supply shortages of its key drug, semaglutide [3][6][9]. - The company's stock price has significantly declined, from $143 to a low of $45, resulting in a market capitalization loss of over $480 billion [6]. Strategic Focus and Future Plans - Novo Nordisk is shifting its focus back to diabetes and obesity treatment, with plans to enhance production capacity for semaglutide, which has faced supply issues [6][9]. - The company recognizes the need to adapt to the consumer-driven nature of the obesity treatment market, which requires a more aggressive marketing strategy [10][12]. Challenges in China - In China, Novo Nordisk has been slow to adapt its marketing strategies for semaglutide, limiting its market penetration and allowing competitors to gain ground [11][14]. - The company has recently restructured its operations in China to better align its obesity and diabetes business units, but faces challenges from local competitors and the need for a more consumer-oriented approach [11][14].