明治在中国越卖越亏，三年复苏计划能否扭转困局？

Group 1 - The core issue for Meiji Holdings in China is the significant increase in operating losses, which have expanded to 7.1 billion yen in FY2024 from 3.7 billion yen in the previous year, despite net sales rising to 25.5 billion yen [2] - The competitive landscape in China is challenging, with local giants like Yili and Mengniu dominating the market, leading to intense price wars that disadvantage Meiji, which positions itself as a premium brand [2] - Meiji has made substantial investments in China since 2020, including acquiring a 25% stake in Ausnutria and establishing six factories, which has contributed to increased operational costs [2] Group 2 - Ausnutria, in which Meiji holds a stake, is projected to incur losses between 1.17 billion yuan and 1.38 billion yuan in 2024, further impacting Meiji's financial performance [3] - The new managing director of Meiji China, Takashi Nagasawa, has acknowledged past overconfidence and is implementing a three-year recovery plan aimed at achieving breakeven by FY2026, which includes discontinuing unprofitable products and reassessing non-viable channels [3] - Despite the challenges, the potential of the Chinese market remains attractive for Meiji, but navigating through the current losses and competition is a critical task ahead [3]