雀巢召回风波发酵：嘉必优股价重挫 各大乳企紧急切割

Core Viewpoint - Nestlé Group announced a recall of infant formula products in 31 countries due to potential contamination with a toxin from arachidonic acid (ARA) oil supplied by a vendor, which could cause digestive issues [1][4] Company Impact - Jia Bi You, the largest ARA supplier in China, experienced a significant stock price drop of over 13% on January 8, with a maximum intraday decline of 14.15%, closing down 11.91% [1][5] - Jia Bi You's ARA business is crucial, projected to generate 390 million yuan in revenue for 2024, accounting for 70.27% of total revenue with a gross margin of 44.08% [2][5] - The company has long-term partnerships with major dairy brands like Nestlé and Danone, with some relationships exceeding 10 years, covering over 30 countries [2][5] Industry Response - Following the recall, several dairy companies, including Danone, Friesland, Junlebao, Yili, and Mengniu, issued clarifications distancing themselves from the implicated supplier [6] - Danone confirmed it does not use ARA raw materials from the affected supplier, while Junlebao and Yili highlighted their different ARA suppliers, indicating the substitutability of ARA suppliers and the risk of customer attrition for Jia Bi You [6] - DSM-Firmenich, a major competitor in the ARA market, reported a surge in demand for its ARA raw materials and is coordinating production to meet market needs, further intensifying competition for Jia Bi You [3][6]