雀巢奶粉召回事件波及扩大，多品牌紧急回应，嘉必优股价大跌

Core Viewpoint - The Nestlé infant formula recall has led to significant market disruptions, affecting not only Nestlé but also other brands and suppliers in the industry, with potential long-term impacts on consumer trust and sales performance [1][2][3]. Group 1: Recall Details - On January 6, Nestlé announced a recall of certain batches of infant formula across 31 countries due to quality issues with ARA (arachidonic acid) oil, which may contain harmful bacteria [2][3]. - The recall involves 71 batches of products from Nestlé and Wyeth, affecting at least 15 series of infant formula and one series of children's growth formula [3][4]. - Nestlé's assessment indicates that the affected batches represent less than 0.5% of the group's annual sales, suggesting limited financial impact on the company [4]. Group 2: Market Reactions - Following the recall announcement, there has been a surge in irrational returns from customers, with some retailers reporting significant increases in return requests, regardless of whether the products were part of the affected batches [1][5]. - The recall has led to a decline in confidence among distributors, particularly affecting Nestlé's high-end infant formula "Platinum Enfamil," which may face severe market challenges [1][5]. Group 3: Impact on Competitors and Suppliers - Other infant formula brands and suppliers, including Danone and HiPP, have clarified that they do not use the implicated ARA supplier, distancing themselves from the recall [8][9]. - The largest ARA supplier, DSM-Firmenich, confirmed that the problematic ARA was not produced by them and noted an increase in market demand for their ARA products due to the recall [10][18]. - The A-share listed company, Jia Bi You Biotechnology, is under scrutiny as it is suspected to be the supplier of the problematic ARA, leading to a significant drop in its stock price [1][17]. Group 4: Financial Performance and Market Share - In 2024, despite a market share increase in the infant nutrition sector, Nestlé's overall performance in the Greater China region is projected to show negative growth, with a reported organic growth rate of -6.1% for the first three quarters of 2025 [7]. - Market data indicates that Nestlé and Wyeth hold approximately 4.9% and 4.4% market shares, respectively, in the Chinese infant formula market, trailing behind competitors like Feihe and Danone [7].