全球消费企业二代接班深度复盘：企业何以长青？

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The report emphasizes that domestic family businesses are entering a critical period of generational transition, with founders averaging over 60 years old as of 2021, making succession inevitable [2][18]. - Generational succession is a complex, long-term process without a standard answer, simplified into several dimensions: whether to pass on, to whom, what to pass on, how to pass it on, and the final outcome [2][13]. - The report identifies four key dimensions of succession changes: capability, strategy, governance, and talent, with personal capability being foundational [3][43]. Summary by Sections Why the Consumption Industry Focuses on Succession - Brand premium is accumulated over time, and generational succession is a significant influencing factor [9]. - The decision to pass on leadership is critical, with over 80% of top family businesses in China and the U.S. opting for family succession or internal cultivation [25][27]. Generational Succession Completion - Succession involves both ownership (Chairman) and management rights (CEO), with a focus on wealth, business, and spirit [30]. - The performance of the company post-succession is influenced by the new leader's management philosophy and strategic decisions [39]. Case Studies of Second-Generation Succession - The report reviews various companies like Haier, Midea, L'Oréal, Anta Sports, and Estée Lauder, highlighting that successful companies maintain core cultural values while adapting to new management styles [3][47]. - Haier's transition from a men's clothing brand to a family-oriented brand illustrates effective family succession, with a focus on digital transformation and brand rejuvenation [52][58]. - Midea's internal succession showcases a shift towards globalization and digital transformation, with a significant increase in revenue and net profit over the years [79][90].