文 | 小食代 潘娴 随着和路雪、可爱多、梦龙等品牌的母公司推进上市，有关其中国业务的细节也在日前浮出水面。 小食代留意到，在梦龙冰淇淋公司（The Magnum Ice Cream Company）近日递交给SEC的文件中，披露 了中国市场的最新收入规模、组织架构、战略变革等细节。 此外，小食代还从业内了解到，在即将迈入新阶段之际，这家全球最大冰淇淋商正在中国筹备发力B端 餐饮赛道，而且相关产品已经上市，或要为此成立一个独立团队，目前正在招募团队负责人。 下面，我们来关注下。 中国业务 先来聚焦中国市场相关。根据小食代翻查的梦龙冰淇淋公司给SEC的文件，中国为其全球前十大市场。 按零售额份额算，梦龙冰淇淋公司为中国第二大冰淇淋企业。 "在中国，集团大部分收入来自强劲的户外消费（场景），这得益于强大的创新计划和高效的分销网 络。"该文件说，该公司在中国的主要品牌为可爱多、梦龙。按2024年零售额计算，两个品牌分别位列 中国市场第四、第五。 值得注意的是，上述给SEC的文件还披露了中国市场收入。在2024年、2025上半年，梦龙冰淇淋公司在 华收入分别为3.17亿欧元（约合人民币26.16亿元）、2.7亿欧元（ ...

Core Insights - Unilever is undergoing significant changes in its business and organizational structure, including plans to spin off its ice cream business and leadership changes [1][5][7] Financial Performance - In Q3 2025, Unilever reported sales of €14.7 billion, a year-on-year decline of 3.5%, while underlying sales grew by 3.9% [1][2] - For the first three quarters of 2025, total sales reached €44.8 billion, down 3.3% year-on-year [2] - All five business segments experienced a decline in sales, with the largest drop in home care at 5.3% and ice cream at 4.2% [2] - The Asia-Pacific and Africa regions saw a 6.8% increase in underlying sales, with China and Indonesia returning to growth [2][3] Ice Cream Business Spin-off - The ice cream business is set to be spun off into a separate entity, Dream Ice Cream Company, with a projected revenue of €7.9 billion for 2024 and a 21% market share in the global retail market [3][4] - The spin-off was initially planned for mid-November 2025 but has been delayed due to external factors [5][6] Leadership Changes - Fernando Fernandez became CEO on March 1, 2025, with Srinivas Patak appointed as CFO in September [7] - The company plans to rotate 25% of its top 200 leaders to align with market standards [7][8] - Unilever has initiated a global workforce reduction, aiming to cut approximately 7,500 positions over three years, with 6,000 already eliminated by Q1 2025 [7]

Core Viewpoint - Unilever is adjusting the timeline for the spin-off of its ice cream business, now named Magnum Ice Cream Company, due to the ongoing U.S. government shutdown, but remains confident in completing the spin-off by 2025 [1][3][4]. Spin-off Timeline Adjustment - Unilever announced on October 21 that the spin-off of its ice cream business will be adjusted due to the U.S. government shutdown, with plans to complete the spin-off by 2025 [3][4]. - The spin-off is part of Unilever's strategy to simplify its operations and focus on its core business areas, which include beauty and health, personal care, home care, and nutrition [3][4]. Business Structure and Strategy - The board believes that under a different ownership structure, the ice cream business will better realize its growth potential, given its unique characteristics such as supply chain and sales channel dynamics [4]. - Post-spin-off, the ice cream management team will have operational and financial flexibility to optimize manufacturing and logistics networks and develop diverse distribution channels [4]. Financial Performance and Market Position - The newly formed Magnum Ice Cream Company has a business scale of €8.3 billion and operates in 76 countries, holding a 21% global market share [6]. - In 2022, the ice cream business reported a revenue of €7.888 billion, with a projected revenue of €8.282 billion for 2024 [6][7]. - The ice cream business's underlying sales grew by 9% in 2022, but faced challenges in 2023 with a 2.3% growth due to declining market share and profitability [7][8]. Market Dynamics in China - In the Chinese market, Magnum Ice Cream Company ranks second in market share, trailing behind Yili, and faces new challenges due to market changes and consumer preferences [1][11]. - The ice cream market in China is experiencing a shift towards more affordable products, with a notable decline in high-priced ice cream sales [11][12]. - The company is adapting to these changes by focusing on a more tailored market approach and product portfolio [9][10].

Core Insights - Unilever is undergoing significant changes in its business and organizational structure, including plans to spin off its ice cream business and leadership changes [1][6] Financial Performance - In Q3 2025, Unilever reported sales of €14.7 billion, a year-on-year decline of 3.5%, while the underlying sales grew by 3.9% [2] - For the first three quarters, the company achieved sales of €44.8 billion, down 3.3% year-on-year [2] - All five business segments experienced a decline in sales, with the largest drop in home care at 5.3% and ice cream at 4.2% [2] - The Asia-Pacific and Africa regions saw a 6.8% increase in underlying sales, with China and Indonesia markets returning to growth [2][3] Market Adjustments - The ice cream business is expected to be spun off by 2025, with the initial plan to complete the listing by mid-November being delayed [1][5] - The ice cream business, now operating as a separate entity, Dream Ice Cream Company, had a projected revenue of €7.9 billion for 2024 and holds a 21% market share in the global retail market [3][4] Leadership Changes - Fernando Fernandez became the CEO on March 1, 2023, and Srinivasan Patak was appointed CFO in September 2023 [6] - The company plans to rotate 25% of its leadership positions as part of its restructuring efforts [6][7] - Unilever has initiated a global workforce reduction, aiming to cut approximately 7,500 positions over three years, with 6,000 already eliminated by Q1 2023 [6]

Core Insights - Unilever is undergoing significant changes in its business and organizational structure, including plans to spin off its ice cream business and leadership changes [1][6] - The company reported a sales decline of 3.5% year-on-year for Q3 2025, with a total sales of €14.7 billion, but a 3.9% growth in underlying sales [2][5] - The ice cream business spin-off is expected to be completed by 2025, despite recent delays in the timeline [1][5] Financial Performance - Q3 sales amounted to €14.7 billion, down 3.5% year-on-year, while total sales for the first three quarters reached €44.8 billion, also down 3.3% [2] - The household care segment experienced the largest decline at 5.3%, followed by the ice cream segment at 4.2%, while beauty and health, and food segments saw declines around 3% [2] - Underlying sales growth was reported at 3.9%, with all five business segments showing growth, particularly beauty and health, which grew by 5.1% [2] Regional Performance - The Asia-Pacific and Africa regions saw a 6.8% increase in underlying sales, the fastest growth among regions, while Europe and the Americas had growth rates of 1.1% and 2.3%, respectively [2] - China and Indonesia markets returned to growth, with China showing single-digit growth and Indonesia achieving a 12.7% increase [2][3] Ice Cream Business Spin-off - The ice cream business, now operating as an independent entity called "Dream Ice Cream Company," was initially set to be spun off by mid-November but has faced delays [3][5] - The projected revenue for the ice cream business in 2024 is €7.9 billion, holding a 21% market share in the global retail market [3][4] Leadership Changes - Unilever has undergone leadership changes, with Fernando Fernandez appointed as CEO and Srinivasan Patak as CFO [6] - The company plans to rotate 25% of its leadership positions as part of its restructuring efforts [6][7] - A significant workforce reduction has been initiated, with approximately 7,500 positions to be cut globally, and around 6,000 already eliminated [6]

Core Insights - Unilever is undergoing a significant organizational transformation, including a review of 200 key management positions, with approximately 25% of executives potentially facing restructuring [1][2] - The new CEO, Fernando Fernandez, is committed to evaluating the performance of these executives to enhance management effectiveness [2] - This restructuring is part of a broader initiative that includes a plan to cut around 7,500 jobs globally over the next three years, aiming to save approximately $800 million [2][4] - Unilever has also announced the divestiture of its ice cream business, which accounts for about 16% of its global sales, as part of a strategic focus on core consumer goods [2][3] Financial Performance - Unilever's revenue for the fiscal year 2024 reached €60.8 billion, reflecting a modest year-on-year growth of 1.9%, while net profit has seen a double-digit decline for the second consecutive year [4] - The company has faced performance challenges, with sales growth in 2022 driven primarily by price increases, and overall performance declining in 2020 and 2023 [4][6] - The board includes activist investors advocating for change, highlighting the urgency for Unilever to adapt its strategy [4] Strategic Focus - Unilever is concentrating on 30 core "power brands" that contribute approximately 70% of its sales, while avoiding large-scale acquisitions to maintain strategic focus [6][7] - The company has been actively divesting non-core brands, including the recent sale of over 20 beauty brands and exiting the water purification market [6][7] - Significant investments have been made in marketing these core brands, with nearly €700 million allocated in the first half of the year, resulting in a 4% sales increase for these brands [6] Challenges in China - Unilever's performance in China has been under pressure, with sales experiencing a mid-single-digit decline, contrasting with growth in other regions [8][11] - The company has acknowledged that the Chinese market's unique dynamics and changing consumer behaviors pose challenges for its traditional strategies [8][11] - In response, Unilever is investing in product innovation and local brand partnerships to better align with Chinese consumer trends [11][12] Competitive Landscape - The Chinese hair care market has surpassed ¥30 billion, growing at 33% year-on-year, intensifying competition for Unilever [12] - Local competitors and established brands are aggressively entering the market, necessitating continuous innovation from Unilever's legacy brands to maintain market share [12]

Market Overview - The ice cream category has shown a downward trend in both sales and volume from 2023 to 2025, with sales index dropping from 100 in 2023 to 86.67 in 2025, and volume index decreasing from 100 to 94.18 [4][6] - The decline in sales is attributed to consumers shifting from high-priced products to lower-priced options, rather than fluctuations in price levels [4][6] Price Level and Consumer Behavior - The price index for ice cream has remained above 100 since September 2024, indicating a year-on-year increase in price levels, contrasting with the previous two years of significant price drops [6] - Despite the price recovery, the overall sales scale remains under pressure due to changes in consumer preferences and budget constraints [6][19] Brand and Market Concentration - The market concentration for ice cream has remained stable, with the top 10 groups (CR10) holding a market share of 65.5% in 2025, slightly down from 66.5% in 2023 [9] - The number of brands and groups in the ice cream category has continued to grow, indicating increased competition without significantly altering the overall market structure [11][9] Product Packaging Trends - Non-combination packs dominate the market, maintaining a share of around 95%, while combination packs account for less than 5% [13][15] - The average specifications for non-combination products have remained stable, while combination products have shown more variability, reflecting changing consumer preferences for value [17] Pricing Trends by Segment - The market is shifting towards lower-priced products, with the share of the 0-1 yuan price segment increasing from 7.67% to 9.60% from 2023 to 2025 [24] - The number of SKUs in lower price segments has expanded significantly, while high-priced segments have seen limited growth, indicating a consumer preference for value-oriented products [26] New Product Development - The number of new SKUs in the ice cream category has been declining, with non-combination products still dominating but decreasing from 309 to 225, while combination products dropped from 47 to 21 [33] - New product launches are increasingly occurring earlier in the year, allowing brands to better prepare for peak seasons [33] Competitive Landscape - The top 10 groups in the ice cream market have experienced slight declines in market share and sales, with Yili maintaining the largest share at approximately 33% despite a small decrease in sales [38][36] - The competitive dynamics among brands show that while some brands like Yili and Ice Factory are growing, others like Mengniu and Dream Dragon are facing declines in both market share and sales [41][36] Future Outlook - The ice cream category is expected to see new entrants from various sectors, as brands from other categories are increasingly launching ice cream products to capture market share [63][65] - The overall market is anticipated to continue evolving, with a focus on value and affordability as key consumer trends [61][65]

Group 1 - Goldman Sachs is reportedly preparing to acquire a stake in Froneri, the world's second-largest ice cream manufacturer, for €15 billion (approximately ¥120 billion) from French private equity firm PAI [2] - Froneri was established in 2016 as a joint venture between PAI and Nestlé, with both parties holding equal shares, and it produces well-known ice cream brands such as Häagen-Dazs, Oreo, and Cadbury in the U.S. market [2][4] - The U.S. ice cream market is valued at approximately $75 billion, with Froneri holding the second-largest market share, trailing only Unilever's Magnum [2] Group 2 - Häagen-Dazs has undergone multiple ownership changes since the 1980s, with significant transitions including its acquisition by Pillsbury in 1983 and later by General Mills in 2001 [3][4] - In 2016, Nestlé and PAI formed Froneri, which subsequently acquired Nestlé's entire ice cream business, giving Froneri operational rights for Häagen-Dazs in over 20 countries [4] - General Mills retains global brand ownership of Häagen-Dazs, primarily managing operations outside North America, especially in China [4] Group 3 - General Mills is reportedly planning to sell Häagen-Dazs' business in China, with potential transaction values estimated between $500 million and $800 million [5] - Häagen-Dazs is facing declining sales in China, with a significant drop in store foot traffic noted in recent financial reports [5][6] - The brand has been actively trying to attract consumers through promotions and discounts, including membership discounts and special pricing [6][7] Group 4 - The Chinese ice cream market has seen a shift in consumer preferences, with a growing demand for lower-priced options, impacting Häagen-Dazs' appeal [7][8] - DQ has emerged as a leading competitor in the domestic ice cream market, capturing nearly 29% market share by 2023, which poses a challenge to Häagen-Dazs [8]

Group 1 - Goldman Sachs is reportedly preparing to acquire a stake in Froneri, the world's second-largest ice cream manufacturer, for €15 billion (approximately ¥120 billion) from French private equity firm PAI [1][2] - Froneri was established as a joint venture between PAI and Nestlé in 2016, with both parties holding equal shares, and it produces well-known ice cream brands such as Häagen-Dazs, Oreo, and Cadbury in the U.S. market [2][3] - The acquisition would allow Goldman Sachs to indirectly gain operational rights for Häagen-Dazs in various regions, although the global trademark rights remain with General Mills [3] Group 2 - General Mills is reportedly planning to sell its Häagen-Dazs business in China, with potential transaction amounts estimated between $500 million and $800 million [5] - Häagen-Dazs is facing significant sales challenges in China, with a reported double-digit decline in store traffic, leading to a contraction of its physical store presence [5][6] - The brand has attempted to attract consumers through promotions and discounts, but the changing consumer preferences and increased competition from local brands have impacted its market position [7][8] Group 3 - The ice cream market in China is evolving, with consumers showing a preference for lower-priced options, which poses a challenge for Häagen-Dazs, whose average transaction value is around ¥58 [7][8] - DQ has emerged as a strong competitor in the domestic ice cream market, holding a market share of nearly 29% by 2023, which has intensified the competition for Häagen-Dazs [8]

Core Viewpoint - Goldman Sachs is reportedly preparing to acquire a stake in Froneri, the world's second-largest ice cream manufacturer, from French private equity firm PAI for €15 billion (approximately ¥120 billion) [2][3] Group 1: Acquisition Details - The acquisition deal is expected to be signed as early as September this year, but no official comments have been made by PAI, Goldman Sachs, Nestlé, or Froneri [3] - Froneri was established in 2016 as a joint venture between PAI and multinational giant Nestlé, with both parties holding equal stakes [3] - Froneri produces well-known ice cream brands such as Häagen-Dazs, Oreo, and Cadbury in the U.S. market, holding the second-largest market share in the $75 billion U.S. ice cream market, following Unilever's Magnum [3][4] Group 2: Häagen-Dazs Ownership History - Häagen-Dazs has undergone multiple ownership changes since the 1980s, starting with Pillsbury acquiring it for $70 million in 1983 [4] - In 2001, General Mills purchased Häagen-Dazs from Diageo for $650 million, and in 2002, Nestlé acquired the U.S. operational rights [4] - The joint venture Froneri was formed in 2016, and in 2019, General Mills transferred its European ice cream business, including Häagen-Dazs, to Froneri [4] Group 3: Market Challenges - General Mills is reportedly considering selling Häagen-Dazs' business in China, with potential transaction values between $500 million and $800 million [5] - Häagen-Dazs is facing declining sales in China, with a two-digit percentage drop in store foot traffic reported in recent years [5][6] - The brand currently operates 263 stores in mainland China, with significant closures reported in major cities [5][6] Group 4: Consumer Trends - Häagen-Dazs has attempted to attract consumers through promotions, including discounts and special offers, but faces challenges due to changing consumer preferences [7][8] - The average price acceptance for ice cream in China is between ¥3 and ¥10, with only 1.8% of consumers willing to pay over ¥20 [7] - The brand's positioning as a luxury product is being challenged by local competitors and changing consumer values, leading to a decline in demand for high-end ice cream [8]