雀巢、惠氏营养品将被合并

Core Viewpoint - Nestlé is undergoing a significant top-down reform, merging its Wyeth Nutrition and Nestlé Infant Nutrition business units to form a new Nestlé Nutrition business starting January 1, 2026, aiming to strengthen its leadership in the infant nutrition market in China [1][4]. Group 1: Business Strategy and Market Position - The merger is intended to enhance growth momentum and consolidate Nestlé's leadership in the infant nutrition market, which is facing a slowdown due to declining birth rates and market saturation [4]. - The infant formula market in China is experiencing a growth rate of only 0.6% as of Q2 2025, with a significant drop in marriage registrations by over 20% in 2024, indicating a diminishing new-born demographic [4]. - The ultra-premium segment of the market is becoming mainstream, with a year-on-year growth of 13.3% for ultra-premium products, while other segments are experiencing declines [4]. Group 2: Competitive Landscape - The competition in the infant formula market is intensifying, with leading brands like Yili and Feihe expanding their market share, while Nestlé and FrieslandCampina maintain brand advantages [5]. - Feihe reported a revenue decline of 9.36% to 9.151 billion yuan in the first half of the year, highlighting the competitive pressures in the market [5]. - Domestic brands have gained a dominant position in the market, surpassing foreign brands like Nestlé and Friesland in 2022 [5]. Group 3: Financial Performance - Nestlé's organic growth rate in the Greater China region was -10.4% in Q3, continuing a downward trend from Q2, which emphasizes the need for a strategic focus on the infant formula business [6]. - The sales figures for the first nine months of 2025 show a slight decline in total sales compared to the same period in 2024, indicating challenges in maintaining growth [2]. Group 4: Corporate Governance and Leadership Changes - Recent leadership changes at Nestlé include the appointment of a new CEO, who emphasizes a performance-driven culture and a focus on growth opportunities [8][10]. - The restructuring of key positions within the Greater China region, including the appointment of new leaders for the coffee and finance sectors, reflects a strategic shift under the new management [10].