以下文章来源于快消 ，作者不浪费读者时间的 快消 . 快消行业核心圈层聚集地，有价值，有温度，有洞见，不浪费读者时间。 突然合并 根据这封内部邮件，恒天然大中华区将合并消费品牌部和餐饮服务部，组建一个统一的团队。至于，为什么合并？邮件列出了几个 关键原因： 作者 丨木木 编审丨枳子 刚刚，恒天然大中华区通过一封内部邮件宣布，将把安佳消费品团队与专业餐饮（AFP）团队合二为一。 这一"操作"的背后，隐藏 着恒天然对中国市场的思考，也反映出我国乳制品行业新一轮的暗流涌动。当然，此举对恒天然中国团队士气和人员稳定也会带来 一定程度的影响。 首先是品牌策略考虑。 去年11月起，恒天然集团宣布启动全球消费品牌业务的剥离计划，准备将包括安佳（Anchor）在内的消费品板块打包出售或上市。 这一消息曾让中国团队忧心忡忡：万一消费品业务被剥离出去，"安佳专业餐饮"（AFP）还留在恒天然体系内，同样叫"安佳"，岂不 让消费者和客户一头雾水？ 换句话说，如果安佳品牌一分为二，一个卖给消费者、一个服务餐饮客户，品牌混淆难以避免。与其如此，不如干脆在中国"不拆 了"——安佳在中国仍由恒天然掌控。 然后是渠道高度重叠。 咨询公司贝恩（ ...

在2024财年，恒天然原料业务营收35.98亿新西兰元（约合人民币153.38亿元），税后利润为1.28亿新西 兰元（约合人民币5.46亿元）；餐饮服务业务营收23.77亿新西兰元（约合人民币101.33亿元），税后利 润为2.99亿新西兰元（约合人民币12.75亿元）；消费品业务营收3.94亿新西兰元（约合人民币16.8亿 元），税后利润为亏损1500万新西兰元（约合人民币6394.5万元）。 从此种结构来看，餐饮业务堪称恒天然的利润奶牛。 21世纪经济报道记者贺泓源、实习生李晴 报道 恒天然大中华区正在进行一轮调整。 据媒体报道，2025年7月16日，恒天然大中华区宣布，将消费品牌团队与餐饮服务团队进行合并。该公 司表示，此举旨在优化业务运营，并推动更大的协同效应。 在中国市场，恒天然餐饮服务业务通过"安佳专业餐饮"品牌供应超高温灭菌奶油、奶油奶酪、黄油和奶 酪等产品；消费品牌业务旗下则拥有安佳、安怡、安满等知名乳制品品牌。 从业务规模来看，恒天然餐饮服务业务远高于消费品牌业务。 "奶酪原料和设备的国产化，把国产奶酪的成本打下来了。餐饮是目前奶酪行业最大的市场，国产品牌 空间很大。"有国产奶酪品牌创始人对 ...

Core Viewpoint - The announcement reveals that the FuGuo CSI AAA Technology Innovation Corporate Bond ETF (159200) will be publicly offered from July 7, 2025, focusing on long-term pure bond investments with a management fee of 0.15% and a custody fee of 0.05% [1] Group 1: Fund Details - The investment objective of the FuGuo CSI AAA Technology Innovation Corporate Bond ETF is to closely track the underlying index while minimizing tracking deviation and error [1] - The fund's investment portfolio will allocate at least 80% of its assets to bond investments, with a minimum of 90% of the fund's net asset value and 80% of non-cash fund assets invested in the underlying index components and alternative components [1] Group 2: Fund Manager Profile - The proposed fund manager for the ETF is Zhang Yang, who holds a master's degree and has extensive experience in investment management, having worked at China Merchants Bank and Ping An Bank before joining FuGuo Fund Management in March 2020 [2] - Zhang Yang has managed multiple funds since joining FuGuo, including the FuGuo Yangtze River Economic Belt Pure Bond Fund and FuGuo Target Qili One-Year Pure Bond Fund [2] Group 3: Performance Metrics - As of now, Zhang Yang manages five funds, with varying performance metrics. For instance, the FuGuo Two-Year Wealth Management Bond A product has a return of 0.42% since January 21, 2025, compared to a peer average of 1.15% [3][4] - The FuGuo Yangtze River Economic Belt Pure Bond A product has achieved a return of 18.36% since August 31, 2020, outperforming the peer average of 16.37% [3][4] - The FuGuo Target Qili One-Year Pure Bond Fund has a return of 15.43% since December 8, 2020, slightly below the peer average of 15.89% [3][4]