从边缘业务到独立巨头，梦龙走上巅峰却也在悄然降价

Core Viewpoint - The Magnum Ice Cream Company has successfully launched its shares on the Amsterdam Euronext, London Stock Exchange, and New York Stock Exchange, marking its independence from Unilever and aiming for greater flexibility and focus in the ice cream market [1][2][3]. Company Overview - In 2024, The Magnum Ice Cream Company reported revenues of €7.9 billion (approximately ¥66.6 billion) and an adjusted EBITDA of €1.3 billion (approximately ¥11 billion), operating around 3 million freezers [1]. - The brand portfolio includes iconic products such as Magnum, Cornetto, Häagen-Dazs, and Ben & Jerry's, with Unilever data indicating that these brands occupy four of the top five positions in global retail sales [1]. Market Position and Strategy - The global ice cream market is projected to grow at a compound annual growth rate (CAGR) of 3% to 4% from 2024 to 2029, reaching a total value of approximately €90 billion [4]. - The company aims to accelerate organic growth and enhance productivity through innovation, competitive pricing strategies, and digital demand creation [5]. - China is identified as a core market, with projected revenues of €270 million and €317 million for 2024 and the first half of 2025, respectively [6]. Competitive Landscape - The Chinese ice cream market is expected to grow from ¥120 billion in 2020 to ¥200 billion in 2024, with a CAGR of 13.6%, positioning China as the largest ice cream consumer market globally by 2030 [12]. - The premium segment of the market has increased from 15% to 25%, with high-end products experiencing a growth rate of 25% [13]. - Despite the strong market position, the company faces intense competition, particularly in the mass ice cream segment, prompting a focus on high-end positioning in China [17]. Financial Performance and Marketing - The company's advertising and promotional expenses increased by €5 million in the first half of the year, driven by investments in social media and digital marketing in China [16]. - To adapt to market conditions, the company has reduced its average price per 100 grams by approximately 8% from ¥8.7 to around ¥8 [18]. Innovation and Localization - The company emphasizes product localization, with a Shanghai R&D center ensuring that global recipes are tailored to local tastes before launch [20]. - The establishment of a flexible production line in Taicang allows for the simultaneous production of multiple flavors, enhancing customization and efficiency [22].