Core Viewpoint - The article emphasizes the importance of food safety during the peak consumption period of the New Year and Spring Festival, highlighting the proactive measures taken by the provincial market supervision bureau to ensure a safe consumption environment [1] Group 1: Food Safety Measures - The provincial market supervision bureau has initiated a special supervision and sampling inspection action during the "Two Festivals" to comprehensively identify risks and hidden dangers in food safety [1] - The focus of the sampling includes high-consumption and high-public-concern food items such as meat products, edible oils, dairy products, alcoholic beverages, drinks, and edible agricultural products [1] Group 2: Inspection Scope and Focus - The inspection covers all 14 cities in the province and the Shenyang-Fushun Demonstration Zone, targeting food circulation and catering sectors, as well as emerging business formats like live streaming sales and online shopping [1] - Key inspection items focus on critical risk indicators such as pesticide residues, veterinary drug residues, illegal additives, and microbial contamination [1] Group 3: Results and Accountability - As of now, a total of 333 batches have been completed in the "Two Festivals" special supervision sampling inspections [1] - The provincial market supervision bureau will promptly announce the inspection results to the public and will handle non-compliant food according to laws and regulations, ensuring that relevant producers and operators fulfill their responsibilities and strictly penalizing illegal activities [1]

Group 1 - The company Zhi Yang Shi Zao (Xiamen) Food Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Xu Xin [1] - The business scope includes food sales, internet food sales, and various agricultural product activities [1] Group 2 - The company is authorized to engage in food sales, including pre-packaged food and health food sales [1] - It also involves the initial processing of edible agricultural products and the wholesale and retail of these products [1] - Additional activities include the cultivation of traditional Chinese medicine and edible fungi, as well as the sale of packaging materials [1]

Financial Data and Key Metrics Changes - Underlying sales growth for the first half was 3.4%, with volumes contributing 1.5% and price growth at 1.9% [8][31] - Turnover for the first half was €30.1 billion, down 3.2% year on year, primarily due to a negative currency impact of 4% [31][36] - Underlying operating profit was €5.8 billion, a decline of 4.8% versus the prior year, with underlying earnings per share at €1.59, down 2.1% [36] Business Line Data and Key Metrics Changes - Beauty and Well-being underlying sales growth was 3.7%, driven by 1.7% volume and 2% price [15] - Personal Care delivered 4.8% underlying sales growth, with 1.4% from volume and 3.3% from price [19] - Homecare underlying sales grew 1.3%, with 1.1% from volume and 0.2% from price [23] - Foods delivered competitive sales growth of 2.2%, with 0.3% from volume and 1.9% from price [25] - Ice cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth [26] Market Data and Key Metrics Changes - Developed markets represented 44% of group turnover, with first half underlying sales growth of 4.3% [10] - North America saw underlying sales growth of 5.4%, with volumes up 3.7% [5] - Asia Pacific Africa, representing 43% of group turnover, delivered underlying sales growth of 3.5% [12] - Latin America grew only 0.5%, with a 4.6% decline in volume [13] Company Strategy and Development Direction - The company is focused on a transformation towards beauty and well-being, with significant investments in premium brands and innovation [50][56] - The demerger of the ice cream business is set for mid-November, with plans to retain a stake of just below 20% [28][29] - The company aims for multiyear volume growth of at least 2% and consistent gross margin expansion [47][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a second half underlying sales growth of 3% to 5%, with expectations for improved performance in emerging markets [42][46] - The macroeconomic environment remains uncertain, particularly in Latin America and China, but there are signs of recovery in India and Indonesia [46][94] - The company anticipates an improvement in underlying operating margin for the full year, with second half margins expected to be at least 18.5% [42][60] Other Important Information - The company completed a share buyback program of €1.5 billion, contributing 1.5% to earnings in the first half [38][41] - Free cash flow for 2025 was €1.1 billion, down from €2.2 billion in the prior year due to lower operating profit and ice cream separation costs [38][39] Q&A Session Summary Question: Expectations for ex-ice cream performance and volume acceleration - Management expects volume growth of about 2% for the remaining company in the second half, supported by improved market conditions and strong brand investments [63][65] Question: Insights on M&A strategy and recent acquisitions - The company remains committed to bolt-on M&A, focusing on beauty and personal care brands with strong digital presence and functionality, such as Doctor Squatch and Wilde [71][72] Question: Outlook for Latin America and performance in key markets - Management acknowledged a weak quarter in Latin America, with challenges in Brazil and Mexico, but expects improvements in the second half as pricing strategies are adjusted [77][81] Question: Recovery expectations in Asia, particularly India and Indonesia - Management is optimistic about growth in India, with strong performance in Home Care and e-commerce, while Indonesia is expected to show positive volume growth in the second half [89][92]