徐福记彻底变外资，创始人套现百亿，中国人记忆中的年味还能守住吗？ 昨天刷到消息，雀巢花大价钱买下了徐福记最后那40%的股份。一搜才发现，原来徐福记早就是外资的 菜了。从东莞街头的小作坊到如今被瑞士企业全盘接手，这家红透半边天的糖果品牌背后，藏着多少人 意料之外的故事？ 说起徐福记，80、90后脑子里肯定冒出来红彤彤的礼盒。小时候走亲戚，父母总拎着徐福记的糖，包装 精致又大气。谁能想到这竟是台湾四兄弟推着板车起家的？上个世纪80年代，他们在台北街头卖糖果， 靠量多料实惠攒下第一桶金。后来看大陆市场潜力大，就搬家到东莞开厂做代工。不过代工赚头小，他 们发现了新商机。 有人算过徐氏兄弟赚了百亿，说他们知进退。但也有人说，像中华牙膏、大宝这些牌子卖了之后，不还 是得买人家产品。现在年轻人爱吃三只松鼠、良品铺子，徐福记还能不能打？其实这些年出过质量问 题，沙琪玛里吃出铁丝啥的新闻也看过。雀巢接手后能管好吗？ 有趣的是白象方便面，同样顶住压力不卖给日本企业。创始人说就算少赚钱也得保护残疾员工岗位。徐 福记这条路选得好不好？网上吵翻天，但对普通人来说真没那么复杂。过年时候拿起红包装的糖，关键 是甜度别超标，吃着放心就行。至 ...

Core Viewpoint - The acquisition of the domestic beverage brand "Dai Yao" by foreign capital reflects the challenges faced by many domestic brands, highlighting a shift from emotional attachment to capital-driven decisions [2][20]. Group 1: Company Background - "Dai Yao" is a well-known beverage brand in China, associated with nostalgia and cultural significance, particularly among northern consumers [4][6]. - The brand has leveraged the "national trend" and celebrity endorsements, such as Wu Jing, to enhance its market presence [4][6]. Group 2: Acquisition Details - In 2025, "Dai Yao" was acquired by the American KKR Group, which now holds 85% of the company's shares, despite previous statements from the company's leadership against foreign acquisition [4][12]. - The acquisition is seen as a strategic move by KKR, which specializes in leveraged buyouts and capital management, rather than a typical competitor acquisition [13][20]. Group 3: Market Challenges - The beverage industry is characterized by high costs associated with packaging, transportation, and distribution, with "Dai Yao" facing significant challenges due to its glass bottle packaging [8][10]. - The company has struggled with market penetration, particularly in southern China, where its market share is less than 10% [12]. Group 4: Future Prospects - KKR's involvement may lead to operational improvements in supply chain and market expansion, potentially benefiting "Dai Yao" in the long run [16][20]. - The entry of foreign capital could stimulate competition among domestic brands, pushing them to focus on quality and operational efficiency rather than emotional branding [16][20]. Group 5: Consumer Sentiment - Consumers express disappointment over the acquisition, fearing a loss of the brand's original values and quality, yet they may continue to purchase the product if it maintains its taste and quality [6][18]. - The brand's ability to retain its essence and consumer trust will be crucial for its future success, regardless of ownership changes [18][20].

Core Viewpoint - The company "Dai Yao" has chosen to sell itself to KKR, a prominent American private equity firm, rather than pursuing an IPO in Hong Kong, marking a significant shift from its previous stance against foreign acquisitions [1][8]. Group 1: Company Overview - "Dai Yao" is recognized as a leading domestic beverage brand in China, with a market share of 2.64% in the carbonated drink sector as of the first half of 2023, positioning it as the third-largest player in the market [7]. - The company achieved a revenue of over 3.2 billion yuan in 2023, indicating strong growth and market presence [7]. - The founder, Wang Qingdong, initially rejected acquisition offers and expressed a commitment to maintaining the brand's independence [1][8]. Group 2: Market Context - The Chinese beverage industry has a history of local brands being acquired by foreign companies, often leading to their decline or disappearance from the market [2][5]. - Major players like Coca-Cola and PepsiCo dominate the carbonated beverage market, controlling approximately 90% of the market share [7]. - The competitive landscape has intensified, with many domestic brands facing challenges in differentiation and market expansion [17]. Group 3: Acquisition Details - KKR is set to acquire an 85% controlling stake in "Dai Yao," while the founder will retain a 15% minority stake [8]. - The decision to sell comes after unsuccessful attempts to secure funding or pursue an IPO, with previous valuation discussions indicating a high asking price that deterred potential investors [7][19]. - The acquisition by KKR is seen as a strategic move that could either enhance "Dai Yao's" market position or lead to challenges regarding control and market dynamics [21].

Core Points - The era of Silvio Berlusconi in football has quietly ended with the sale of Monza club to an American-led investment group, marking the transition of power in Italian football [1][19] - Berlusconi's legacy includes transforming AC Milan into one of the most successful clubs in football history, winning numerous titles during his tenure [2][4] - Following financial pressures and the rise of foreign investments in football, Berlusconi sold AC Milan in 2017, which marked the beginning of the decline of his football empire [4][10] Financial Performance - Monza's financial situation has been precarious, with cumulative losses exceeding €240 million over six years, despite Berlusconi's significant investments totaling over €267 million [12][13] - In the 2022-2023 season, Monza recorded revenues of €68.3 million but incurred costs of €134.3 million, resulting in a loss of €60.3 million [12] - The club's financial struggles were exacerbated by high operational costs and a lack of a solid fan base, limiting matchday revenues [13] Ownership Transition - Following Berlusconi's death, his estate was divided among his five children, none of whom inherited his passion for football, leading to the decision to sell Monza [14][16] - The sale of Monza to Beckett Layne Ventures, an American investment fund, reflects a broader trend of foreign ownership in Italian football, with 12 out of 20 Serie A teams now under foreign control [18][19] - The transaction is expected to complete with 80% of the shares transferring in the summer, while the remaining 20% will be finalized by June 2026 [18] Management Changes - The new management structure will include former Roma executives and a sports director with a strong background in football, indicating a shift in operational strategy [18] - The club's recent relegation and financial instability have prompted a more cautious approach to player acquisitions, focusing on loans and free transfers rather than significant investments [10][11]