从计划拆分冰淇淋业务独立上市，到首席执行官（CEO）、首席财务官（CFO）换人，再到新CEO宣称 25%的领导层将轮岗，消费品巨头联合利华正经历着从业务到组织架构的深刻变革。 实际上，印尼和中国市场的增长也在预期之中。在今年一季度和半年度财报中，两大市场的基础销售额 均处于下滑态势，而联合利华也两次强调"预计在下半年将会实现好转"。 在9月初举行的2025年巴克莱全球消费品会议上，联合利华首席执行官费尔南多·费尔南德斯曾表 示："中国市场的渠道布局正在发生重大调整我最近刚在中国待了一周，第四季度我们将在中国市场取 得显著进展。这不仅得益于现有渠道的优化，更因为我们对分销体系进行了重大改革，同时对旗下三大 核心品牌——清扬、力士和凡士林的运营模式进行了调整。" 冰淇淋业务拆分时间表生变，但年内完成目标不变 10月23日，联合利华披露了2025年第三季度财报。第三季度，联合利华实现销售额147亿欧元，同比下 滑3.5%，但基础销售额同比增长3.9%。其中，五大板块业务销售额均出现同比下滑，回暖迹象尚不明 显。 除了关键财务数据，这份财报透露了两大重要信息：一是中国市场基础销售额在第三季度重回增长，而 该指标在今年 ...

从计划拆分冰淇淋业务独立上市，到首席执行官（CEO）、首席财务官（CFO）换人，再到新CEO宣称 25%的领导层将轮岗，消费品巨头联合利华正经历着从业务到组织架构的深刻变革。 10月23日，联合利华披露了2025年第三季度财报。第三季度，联合利华实现销售额147亿欧元，同比下 滑3.5%，但基础销售额同比增长3.9%。其中，五大板块业务销售额均出现同比下滑，回暖迹象尚不明 显。 除了关键财务数据，这份财报透露了两大重要信息：一是中国市场基础销售额在第三季度重回增长，而 该指标在今年一季度和上半年均出现下滑，这一表现也与联合利华此前多次预期一致；二是冰淇淋业务 独立拆分计划仍预计在2025年完成。此前联合利华计划在11月中旬完成冰淇淋公司的拆分上市，但由于 一些原因在近期宣布时间表正在调整。 三季度销售承压，中国市场关键指标重回增长 财报显示，第三季度，联合利华销售额为147亿欧元，同比下滑3.5%；前三季度，公司实现销售额448 亿欧元，同比下滑3.3%。 分业务板块来看，第三季度，家庭护理业务销售额下滑幅度最大，同比下滑5.3%；其次是冰淇淋业 务，同比下滑4.2%；美妆与健康业务、食品业务销售额均同比下滑 ...

Core Viewpoint - Wahaha is planning to change its brand name to "Wah Xiaozong" starting from the 2026 sales year to ensure compliance with brand usage, which has raised concerns internally about the potential risks associated with this decision, deemed critical for the company's survival [1][4][15]. Group 1: Brand Change Decision - The decision to change the brand name is attributed to unresolved historical issues that expose the company to legal risks, necessitating this strategic shift [7][5]. - The current ownership structure complicates the use of the "Wahaha" trademark, requiring unanimous consent from all shareholders for its use [9][8]. - Previous attempts by the company's leader, Zong Fuli, to transfer the trademark to a controlled entity failed due to the need for shareholder approval [10]. Group 2: Internal Restructuring - Since Zong Fuli's appointment, the company has undergone significant restructuring, including two major rounds of personnel changes within six months, affecting numerous mid-level and senior management positions [2][17]. - In April, the company issued eight dismissal notices affecting various regional managers across multiple areas, followed by further adjustments in July [19][18]. - Reports indicate that many long-term employees are facing salary reductions and job relocations, leading to increased turnover and dissatisfaction among staff [21][20]. Group 3: Market Performance and Future Outlook - The company's sales have reportedly declined compared to previous years, raising concerns about its market position and future growth prospects [21]. - Zong Fuli has expressed a desire to own the company rather than inherit it, indicating a potential shift in strategy, but the current challenges may hinder this ambition [21].

Core Viewpoint - Wahaha is planning to change its brand name to "Wah Xiaozong" starting from the 2026 sales year due to compliance issues related to the "Wahaha" trademark, which has raised concerns internally about the potential risks associated with this decision, described as a matter of "life and death" for the company [3][9][13]. Group 1: Brand Change and Compliance Issues - The decision to change the brand name is driven by the need to address historical compliance issues and legal risks associated with the "Wahaha" trademark, which is owned by a complex shareholding structure [7][9]. - The current shareholding structure requires unanimous consent from all shareholders for the use of the "Wahaha" trademark, complicating any attempts to transfer the trademark to a different entity [9][10]. - The company has been preparing for this brand change since February 2023, with multiple trademark applications for "Wah Xiaozong" and related names filed under a company controlled by the founder's daughter, Zong Fuli [10][11]. Group 2: Internal Restructuring and Management Changes - Since Zong Fuli took over, Wahaha has undergone significant internal restructuring, including two major rounds of personnel changes within six months, affecting many mid-level managers [4][15]. - In April 2023, the company issued eight dismissal notices affecting various regional managers and departments, followed by further adjustments in July that impacted sales managers across twelve regions [15][16]. - Reports indicate that many long-term employees have faced salary reductions and job relocations, leading to increased turnover and dissatisfaction among staff [17]. Group 3: Market Performance and Future Outlook - Wahaha's sales have reportedly declined compared to previous years, raising concerns about the company's future performance amid ongoing internal challenges [17]. - Zong Fuli has expressed a desire to own and potentially acquire Wahaha, indicating a vision for revitalizing the brand, but the current situation presents significant hurdles [17].