美素佳儿迎来新帅，中国高端奶粉市场成决胜关键

Core Viewpoint - FrieslandCampina is undergoing significant organizational changes, including a leadership transition, as part of its strategic initiative "Expedition 2030" aimed at enhancing performance through market capture, profit expansion, and cash flow improvement [1][4]. Group 1: Leadership Changes - Roger Loo will succeed Harvey Uong as the Global President of Professional Nutrition at FrieslandCampina, effective April 1, 2026, after Uong's 13-year tenure with the company [1]. - Jan Derck Van Karnebeek became the CEO of FrieslandCampina in June 2023, bringing extensive experience from his previous role at Heineken [2][4]. Group 2: Strategic Initiatives - The "Expedition 2030" strategy will be implemented starting January 1, 2024, and aims to enhance performance through three dimensions: winning markets, expanding profits, and improving cash flow [4]. - FrieslandCampina is restructuring into seven business groups, including a focus on professional nutrition, particularly in the Chinese infant formula market [4]. Group 3: Recent Transactions - FrieslandCampina has been actively divesting non-core assets, such as the sale of its Romanian operations to Bonafarm Group, citing limited synergy with its European business [4][5]. - The company acquired Wisconsin Whey Protein Company to expand its food ingredients business and announced a merger with Milcobel, effective January 1, 2024, to strengthen its global market position [5][7]. Group 4: Financial Performance - In the first half of 2025, FrieslandCampina's revenue grew by 6.4% to €6.8 billion, with operating profit increasing by 20.6% to €363 million and net profit rising by 25.7% to €230 million [8]. - The professional nutrition segment generated €718 million in revenue, a year-on-year increase of 18.1%, contributing 60% of the company's operating profit [10]. Group 5: Market Trends - The Chinese infant formula market is shifting towards premiumization, with high-end organic products gaining traction, as evidenced by a 4.2 percentage point increase in the market share of ultra-premium products [10]. - FrieslandCampina launched the ultra-premium organic "Royal FrieslandCampina Chunyue Series" infant formula in response to this trend [10][11]. Group 6: Leadership Experience - Roger Loo has a rich background within FrieslandCampina, having held various leadership roles since 2012, and has experience in major consumer goods companies like Kraft Heinz and Procter & Gamble [12][13]. - Loo is familiar with the Chinese market and has indicated FrieslandCampina's commitment to increasing investment and development in China [13].