近日，联合利华（中国）有限公司的高层变动引发了市场的广泛关注。钟兆民卸任法定代表人、董事长，由ROLAND POLAROID HUTABARAT接任。这 一变动不仅是联合利华中国区管理层的调整，更反映了联合利华在全球市场，尤其是中国市场面临的挑战与战略调整。 一、高层变动的背后 联合利华（中国）有限公司的高层变动并非孤立事件。近年来，联合利华在全球范围内频繁进行管理层调整，试图通过人事变动来推动业务转型。2025年 2月，联合利华全球CEO司马翰（Hein Schumacher）卸任，由CFO费尔南多·费尔南德斯（Fernando Fernandez）接任。司马翰在任期间主导了一系列"瘦身 增肌"的战略，包括剥离冰淇淋业务、全球裁员以及削减部分品牌，试图通过优化业务结构提升盈利能力和市场竞争力。 此次中国区高层变动，也体现了联合利华对中国市场的重视。继任者ROLAND POLAROID HUTABARAT此前在印尼市场担任美妆与健康业务供应链负责 人，此次到中国市场出任美妆与健康业务供应链负责人，显示出联合利华对中国美妆与健康市场的战略布局。 二、中国市场面临的挑战 尽管联合利华在中国市场运营近40个品牌，涵 ...

2025.06. 10 本文字数：1222，阅读时长大约2分钟 Wind数据显示，全市场跌多涨少，近3400股下跌。 医药股再度走强，CRO方向领涨；新消费、固态电池、跨境电商概念股走强；银行、电力涨幅居前。算力、中航 系、AI应用、半导体、新能源车题材走弱。 | 板块名称 | 涨幅量 | 主力金额 | 板块名称 | 涨幅备 | 王力金额 | | --- | --- | --- | --- | --- | --- | | 毛发医疗 | +2.45% | +50567 | 兵装重组概念 | -1.96% | -1.35 7 | | 美容护理 | +2.25% | +2078万 | 华为盘古 | -1.79% | -4.64亿 | | 減肥药 | +2.22% | +78157 | 华为异腾 | -1.72% | -15.65 7. | | 高压氧舱 | +2.20% | +15407 | 军工装备 | -1.69% | -15.47 7 | | CRO概念 | +1.80% | -2.16 7. | Sora概念皮生 ... | -1.60% | -4.65 7. | | 重组蛋白 | +1.62% | +46 ...

证券研究报告 | 2025年06月10日 商贸零售行业 6 月投资策略 优于大市 618 大促表现稳中有进，新消费行情持续扩圈 618 大促阶段性数据公布，美护国货龙头表现平稳。平台方面，京东 5 月 30 日晚 8 点开启第一波 618，开门红 1 小时，成交额、订单量、下单用户数同 比增长均超 200%，超 2 万个品牌成交额同比增长超 3 倍。天猫 618 第一阶段， 截至 5 月 30 日晚 9 点，217 个品牌成交破亿。品牌方面，在美妆行业中，珀 莱雅拿下天猫第一阶段护肤品销售榜第一的位置，巨子生物旗下可复美排名 第十。毛戈平和彩棠分别拿下彩妆销售榜第二和第三的位置。 大促新特征：即时零售带动线下销售联动，AI 技术深度参与。一方面，今年 618 促销进一步拉长，天猫于 5 月 13 日晚 8 点便开启预售。促销规则上，多 家平台均取消了跨店满减活动，保留官方折扣和平台补贴，减少凑单退货情 况，也减轻了消费者计算优惠的难题。另一方面，美团闪购等即时零售平台 深度参与 618，联合线下商家，助力拓宽了地理边界和销售人群覆盖，从而 带动销售增长。此外，AI 深度参与助力商家运营，提升消费者交互购物体验 ...

中国内地首家拓展中国内地以外地区的月子中心运营商。 2017年11月，首家圣贝拉月子中心在杭州开业。截至202 5 年 6 月 3 日，圣贝拉在圣贝拉、 Bella Isla及小贝拉品牌名下拥有 96 家高端月子中心，包括 62 家自营中心 (即由圣贝拉全资拥有 或控股的中心)以及 34 家管理中心 (即由第三方全资拥有或控股并由圣贝拉管理的中心)。其中， 2022年至2024年 ，圣贝拉分别增加了 11、7家以及 34 家自有或管理中心。 根据弗若斯特沙利文报告， 202 4 年圣贝拉拥有中国最大的高端月子中心网络，且就收入而言，圣 贝拉在杭州和上海等多个城市拥有领先市场份额。 此外，通过于2022年1月在香港增设第一家管理 中心、于2023年10月在新加坡增设了第一家自有海外中心以及于2024年5月在美国大洛杉矶地区增 设第一家管理海外中心，圣贝拉扩大了全球影响力，成为中国内地首家拓展中国内地以外地区的月子 中心运营商 。 除月子中心外，圣贝拉另有家庭护理服务和女性健康功能性食品两大业务——前者为2018年推出的 「予家」品牌，其可按定制化基础解决客户的特殊家庭护理需求并拓展客户的生命周期价值；后者则 通 ...

Core Viewpoint - Saint Bella is positioning itself as a leader in the postpartum care and recovery industry, aiming to become the "first global family quality care stock" through a differentiated business model and strong financial performance [1][4]. Group 1: Market Position - Saint Bella holds the top position in the postpartum care and recovery sector in Asia and China, with a market share of approximately 1.2% based on projected 2024 revenues [2]. - The company is recognized as the fastest-growing large-scale postpartum care and recovery group in China, leading the industry in revenue growth rates from 2022 to 2024 [2][7]. - Saint Bella is the first operator in the mainland to expand its postpartum care centers beyond China, establishing a global service network [3]. Group 2: Business Model - The company has developed a comprehensive service ecosystem that covers prenatal, postpartum, and family childcare, moving beyond the traditional single-service model [3]. - The business model consists of three stages: 1. Establishing a foundation of professional care with a tiered service design [3]. 2. Extending care services into home settings to meet ongoing needs after hospital discharge [3]. 3. Creating a health consumption ecosystem with high-end health food brands focused on women's nutrition [3]. Group 3: Financial Performance - Saint Bella's revenue has shown strong growth, with figures of 472 million, 560 million, and 799 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 30.15% [7]. - The company has diversified its revenue streams, with nearly 30% of total income in 2024 coming from services outside postpartum care, indicating reduced reliance on a single business line [7]. - The gross profit has also expanded, with gross profits of 141 million, 205 million, and 270 million yuan from 2022 to 2024, achieving a CAGR of 38.42% [8]. - Adjusted net profits have doubled over two years, reaching 42.26 million yuan in 2024, with a year-on-year growth rate of 103.43% [8][12]. Group 4: Strategic Outlook - Saint Bella's strategy of integrating professional care, home settings, and health consumption is redefining industry standards and creating competitive barriers [4]. - The company is expected to accelerate its global expansion, potentially becoming a representative of Chinese family care solutions on the world stage [12].

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 06 月 09 日 b l [Table_Title] 孩子王拟收购丝域 65%股权，周六福通过港 e _ M 交所聆讯 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 下游需求不及预期的风险，贸易摩擦的风险，地缘政治的风险，行业 竞争加剧的风险。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -11% 0% 11% 22% 33% 6/11 9/9 12/8 3/8 6/6 可选消费 沪深300 ] 本周（2025.06.02-2025.06.06），申万商贸零售/社会服务/美容护理 分别 1.29%/2.09%/1.56%，在 31 个一级行业中排名第 15/9/13；同期 上证综指 1.13%，深证成指 1.42%，沪深 300 指数 0.88%。 细分子板块来看，本周商贸零售/社会服务/美容护理各大二级子板块 普涨。 旅游景区 / 饰 品 / 贸易行业涨幅居前，分别 +3.53%/+3.01%/+2.49%。 本周行业重点事件及资讯 （1）美 ...

Core Insights - The long-term care insurance (LTCI) system is transitioning from pilot programs to nationwide implementation, attracting significant interest from social capital and private investments due to its market potential [1][10] - LTCI aims to alleviate the financial burden on families by providing coverage for care costs associated with disabled individuals, thus promoting the development of related industries such as nursing services and rehabilitation [1][4] - The government plays a crucial role in guiding the LTCI framework, encouraging private sector involvement while ensuring effective management and regulation [10][11] Industry Development - The LTCI system currently covers 180 million people, with over 2.6 million disabled insured individuals receiving benefits, and total fund expenditures exceeding 80 billion yuan [1] - The implementation of LTCI has led to a rapid increase in the number of care institutions and professionals, with significant growth in service providers in regions like Jiangsu, where the number of designated service institutions rose from 5 to over 380 [4] - The LTCI framework is expected to create new opportunities for various care institutions, including nursing homes, specialized care centers, and community care services [3][4] Market Opportunities - The introduction of auxiliary equipment rental services, such as multifunctional nursing beds, addresses the needs of families caring for disabled individuals, with rental costs as low as 0.45 yuan per day [6] - The LTCI system is anticipated to drive advancements in smart and refined care solutions, enhancing the quality of care provided to the elderly [7] - Commercial long-term care insurance products are being developed to complement the public LTCI system, with some regions already offering affordable options for basic insurance coverage [8] Government Role - The establishment of the LTCI system is a key component of China's strategy to address population aging and improve social security [10] - The government is focused on creating a standardized and regulated environment for LTCI, ensuring quality service delivery and effective management of care providers [10][11] - Collaboration among government, market, and social entities is essential for the successful implementation and high-quality development of the LTCI services [11]

值得注意的是，近期联合利华人事变动频繁。据红星资本局报道，去年11月，联合利华（中国）投资有限公司发生工商变更，瞿巍卸任法定代表人、 董事长，由陈戈接任，同时发生董事变更。 2025.06. 09 本文字数：1021，阅读时长大约2分钟 | ◎ 壹企查 | | 查企业 ▼ 联合利华(中国)有限公司 | x 童一下 | 应用 - @ 老户特惠 日APP | | --- | --- | --- | --- | --- | | 基本信息 134 | | 司法信息 196 | 经营诊断 492 知识产权 36 企业发展 29 | 经营状况 434 DeepSeek ® | | 变更记录 54 Q发生变更时提醒我 | | | | 变更项目 ▼ 业 下载数据 ◎ 壹企查 | | 序号 | 变更日期 | 变更项目 | 变更前 | 变更后 | | 1 | 2025-05-26 | 负责人变更(法定代表 人、负责人、首席代表、 合伙事务执行人等变更) | 钟兆民 | ROLAND POLAROID HUTABARAT | | 2 | 2025-05-26 | 其他事项备案 | 开户许可证,统计证,社会保险登记证,机构代码证,税 ...

Core Viewpoint - The leading company in the maternal and child industry, Kidswant, announced plans to acquire a 65% stake in Jiangsu Xingsiyu Investment Management Co., along with a cash purchase of 100% of Zhuhai Siyu Industrial Development Co. for a total consideration of 1.65 billion yuan [1][3]. Group 1: Acquisition Details - The acquisition will be executed through a cash payment, and after completion, Kidswant will indirectly hold a 65% stake in Siyu Industrial, making it a subsidiary [3]. - The transaction aims to enhance collaboration in member operations, market layout, channel sharing, industrial synergy, and business expansion, solidifying Kidswant's position in local living and new family services [3]. Group 2: Financial Performance of Siyu Industrial - Siyu Industrial reported revenues of 723 million yuan and 144 million yuan for 2024 and Q1 2025, respectively, with net profits of 181 million yuan and 27 million yuan [4]. - The company has a high debt level, with liabilities of 652 million yuan and 598 million yuan at the end of the respective reporting periods, resulting in asset-liability ratios of approximately 73.72% and 68.86% [4]. Group 3: Valuation and Premium - The acquisition price reflects a significant premium, with a valuation of 1.75 billion yuan for Siyu Industrial, representing an increase of 1.494 billion yuan (583.35%) over its book value [5][6]. - Notably, the transaction does not include performance commitments, as the previous controlling shareholders will exit completely, and the financial condition of Siyu Industrial is deemed stable [6]. Group 4: Funding Sources - The funding for the acquisition will come from the company's own or raised funds, with part of the raised funds being redirected from a store upgrade project to finance the acquisition [7]. - Jiangsu Xingsiyu plans to apply for a bank loan of up to 1 billion yuan, with Kidswant providing guarantees up to 650 million yuan based on its ownership stake [7][8].

这是新消费智库第 2 6 4 9 期文章 新消费导读 新消费 1. 新希望白帝乳业推出活润轻食瓶新品 新希望白帝乳业发文上新活润轻食瓶。该产品营养丰富，每瓶含膳食纤维 25g ，可满足人体一天最低膳食纤维摄入需求，且科学甄选了羽衣 甘蓝、牛油果、番石榴、猕猴桃、苹果、柠檬、秋葵、芹菜、苦瓜共 9 种果蔬组合。 （ 食品板 ） 2. BAPE® 携手梵高美术馆推出胶囊系列 近日， BAPE® 将与阿姆斯特丹梵高美术馆合作打造的联名胶囊系列。此次系列以画家 Vincent van Gogh 的生平与代表作为灵感，共推 出 6 款单品。 （ TOPBRAND ） 3. 星期零鸡蛋豆腐正式登陆山姆 1. 新希望白帝乳业推出活润轻食瓶新品 2. BAPE® 携手梵高美术馆推出胶囊系列 3. 星期零鸡蛋豆腐正式登陆山姆 4. 李宁携手 Xuperman 推出联名鞋款 5. 乌苏啤酒品牌推出新品 6. 时尚电商 Revol ve 低价收购奢侈品牌 Dion Lee 7. 主唱秀获 2000 万 A 轮融资 8. Lev i' s 以 3.11 亿美元出售 Docker s 9. 牧原股份冲击港股 IPO 10. 美容护理板 ...