记者丨 贺泓源 编辑丨高梦阳 雀巢正在经历一场自上而下的大改革。 2025年12月1日，雀巢中国向21世纪经济报道记者确认， 惠氏营养品业务和雀巢婴儿营养品业 务两大业务单元将于2026年1月1日起正式合并，成立雀巢营养品业务 。谢国耀（Joel Seah） 将成为该业务的负责人。 对此，雀巢大中华区董事长兼首席执行官马凯思向员工表示："这不是倒退，而是为了一个更 加美好的开篇。" "婴儿营养始终是我们的核心业务，我们将继续加大对品牌和渠道的投资。在业务调整过程 中，公司严格依法合规执行。调整不影响现有业务开展，惠氏营养品（中国）有限公司和惠氏 （上海）贸易有限公司将继续运行，惠氏启赋、S-26等品牌将继续服务中国消费者。"雀巢方 面如此向21世纪经济报道记者回应称。 | | 集团 | 美洲 | 亚洲、大洋洲 | 欧洲 | 発菓 | 奈斯 | 雀巢水和 | 真他 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 总计 | 大区 | 和非洲大区 | 大区 | 健康科学 | 派索 | 高端饮料业务 | 业务 | | 2025年前九个月销售额 ...

Group 1: Pilbara Minerals (ASX: PLS) - Morgan Stanley increased its stake in Pilbara Minerals from 7.3% to 9.0% [3] - AustralianSuper raised its holding from 15.69% to 17.54% [4] - Pilbara Minerals reported a slight increase in spodumene concentrate production to 755,000 tons, a 4% year-on-year growth, but revenue decreased by 39% to AUD 769 million due to a 43% drop in actual prices [4] - The company maintains a strong balance sheet with approximately AUD 1 billion in cash and AUD 1.6 billion in total liquidity [4] - CEO Dale Henderson believes that despite short-term market volatility, the long-term fundamentals of the lithium industry remain strong, indicating potential supply tightness in the future [5] Group 2: Bubs Australia (ASX: BUB) - Bubs Australia appointed Paul Jensen as the new chairman and Joe Coote as the managing director and CEO [11] - The company achieved its first profit and surpassed AUD 100 million in revenue in the fiscal year [11] - Bubs has seen a 50% increase in its stock price this year, with a focus on expanding into the U.S. market [12] - Jensen aims to ensure the board has the right skills and experience to implement the company's strategy [12] Group 3: Avita Medical (ASX: AVH) - Avita Medical announced that its RECELL GO product received CE marking under EU medical device regulations [17] - The product is expected to support treatment for acute wound injuries in European burn centers [17] - Following the announcement, Avita Medical's stock surged by 10.08% [17] Group 4: Resolution Minerals (ASX: RML) - Resolution Minerals reported significant results from soil sampling at its Horse Heaven project, with samples showing up to 49.8% antimony and 1,420 g/t silver [22] - The stock price increased by 25%, with a year-to-date gain of 650% [22] - The project is adjacent to Perpetua Resources' large antimony-gold project, indicating strong potential [22] Group 5: Theta Gold Mines (ASX: TGM) - Theta Gold Mines has commenced construction on its flagship TGME gold project in South Africa, with significant earthworks and infrastructure development underway [25] - The company has secured contracts with leading construction firms and aims to employ 70% of its workforce from local communities [25][28] - The project is expected to begin production in Q1 2027, with an estimated annual output of 110,000 ounces of gold in the first three years [25][36] - The total cost for earthworks and construction is estimated at USD 10 million (approximately AUD 15 million) [34]

Core Viewpoint - Nestlé has acquired the remaining 40% stake in Xu Fu Ji, achieving full ownership, driven by the brand's continuous high growth over the past four years and its strong distribution network, which will enhance Nestlé's snack and candy business in China [1][3][4]. Group 1: Strategic Adjustments - Nestlé China has been focusing on "subtracting" underperforming brands and businesses, such as the sale of Yinlu and parts of its water business, to streamline operations and concentrate on core areas [2][5][24]. - The company has experienced a decline in sales in the Greater China region, with total sales dropping from 53.51 billion CHF in 2022 to 49.73 billion CHF in 2024, but the organic growth rates remained positive, indicating growth through existing operations rather than acquisitions [4][12][14]. Group 2: Financial Performance - In 2024, Nestlé's total sales reached 91.35 billion CHF, with an organic growth rate of 2.2%. The Greater China region reported a sales decline of 1.3% but showed an actual growth of approximately 2.2% when excluding currency effects [11][12]. - The organic growth rates for the Greater China region from 2022 to 2024 were 3.5%, 4.2%, and 2.1%, respectively, reflecting stable growth despite external challenges [4][14]. Group 3: Business Focus and Innovation - Nestlé has strategically focused on high-margin products, such as infant nutrition, coffee, and candy, while continuously innovating within these categories. The Xu Fu Ji brand has seen significant growth, with revenue exceeding 7 billion RMB [33][34]. - The company has emphasized innovation as a key driver for growth, launching over 100 new SKUs in the past year alone, aligning with the "high, big, and healthy" strategy [35][38]. Group 4: Market Potential - Despite the challenges, Nestlé sees significant growth potential in China, where the population represents 22% of the global total, yet Nestlé's market share in China is less than 6% of its global business [42][43].