(作者/周琦 编辑/张广凯) 达能中国落下一枚关键棋子。 2026年1月1日起，达能中国专业特殊营养业务将正式进入"周志刚时代"。 1974年出生的周志刚，在加入达能前曾任职金佰利、强生，2013年转入达能中国，负责爱他美业务。 周志刚 凯度数据显示，2024年，爱他美以14%的零售额份额位列中国婴配粉市场第一大外资品牌。 把婴幼儿奶粉的"常胜将军"升去统管整个特殊营养，达能的算盘并不难拆——中国出生率短期看不到拐点，但2.6亿65岁以上人口正在快速膨胀，医学营养 已成为下一个"现金奶牛"。 2025年前三季度，CNAO大区（中国、日本、澳大利亚和新西兰市场所在大区）专业特殊营养（爱他美、诺优能和医学营养品所在板块）销售额20.48亿欧 元（约合169亿元人民币），同比增长达14.2%，其中第三季度增速为17%。 重振达能 2019年，盛睿安（Antoine de Saint-Affrique）成为达能掌舵者，换帅的背景是公司业绩、股价双双下降。 其就任后，提出"Renew Danone（重振达能）"策略，该策略将从核心品类、细分渠道、未来机会、产品更迭四大方面发力，强调达能重返加速增长轨道。 而本次架构调整 ...

Group 1 - Danone is restructuring its leadership in China, appointing Zhou Zhigang to lead its specialized nutrition business starting January 1, 2026, as part of its "Revitalizing Danone" strategy [1][2] - The restructuring aims to create a more streamlined leadership structure to accelerate transformation and enhance focus and agility in operations [1] - Danone's CEO has identified medical nutrition as a significant long-term growth opportunity, with adult medical nutrition in China experiencing double-digit growth annually for over a decade [2] Group 2 - Nestlé is also merging its Wyeth Nutrition and Nestlé infant nutrition businesses into a single unit, effective January 1, 2026, with Joel Seah as the head [3] - The infant formula market is under pressure, with Nielsen IQ reporting a growth rate of only 0.6% in the second quarter of 2025, and a decline in marriage registrations in China by over 20% in 2024 [4] - Despite foreign brands maintaining a brand advantage, domestic brands like Feihe and Yili have surpassed foreign companies in market share as of 2022 [4][5]

（原标题：达能周志刚或升职：爱他美们与医学营养品一起管丨消费参考） 21世纪经济报道记者贺泓源、实习生李音桦 外企们纷纷在华精简机构。 有市场消息称，主管爱他美等奶粉业务的周志刚将升职，成为达能中国专业特殊营养业务的"领头人"， 自2026年1月1日起生效。 此前，达能相关业务被划分为婴幼儿营养品、儿童与成人医学营养品两部分，各设一位高管进行运营。 对此，达能中国向21世纪经济报道回应称，组织架构调整属于商业秘密，不方便透露具体细节或对市场 传闻进行评论。并称，作为"振新达能"战略下一篇章的重要部分，决定以更精简的公司领导架构，加速 推动转型，以更专注、更敏捷的方式持续向前发展。 需要注意的是，达能以一位高层"统管"专业特殊营养业务的安排并不少见。例如，在英国与爱尔兰，达 能也设有专业特殊营养副总裁一职，管理儿童与成人医学营养品、婴幼儿配方奶粉、婴儿食品业务。 背后是，达能想要做大专业特殊营养业务。 达能CEO盛睿安（Antoine de Saint-Affrique）就对外提到，医学营养品是达能最大的长期增长机会之 一，未来几年要加速发展医学营养品，同时将婴幼儿奶粉打造成更具差异化、更高附加值的业务。 20 ...

Core Insights - Danone's Q3 2025 sales increased by 4.8% year-on-year, reaching €6.876 billion [1] Performance by Region - Strong performance noted in China, North Asia, and Oceania, contributing significantly to overall growth [1] Sales Contribution - Volume/structure contribution was significant, with a growth of 2.6%, while price growth was recorded at 4.2% [1] Specialized Nutrition - The specialized nutrition sector, particularly infant formula and medical nutrition products, showed stable growth, primarily driven by the brand Aptamil [1]

Core Viewpoint - The company, Kuaijingtong, reported a slight revenue decline and reduced losses in its 2025 semi-annual report, with a focus on its core maternal and infant business as a key driver for recovery [1][2]. Group 1: Financial Performance - In the first half of 2025, Kuaijingtong achieved a revenue of 2.631 billion yuan, a year-on-year decrease of 9.88%, while the net profit attributable to shareholders was a loss of 6.9242 million yuan, representing a significant reduction in losses by 71.07% [1]. - The net profit margin improved to -0.22%, an increase of 0.17 percentage points compared to the same period last year, indicating enhanced capital efficiency [1]. - In Q2, revenue fell to 1.377 billion yuan, with a year-on-year decline of 16.18%, and the net profit attributable to shareholders dropped by 133.1% [2]. Group 2: Business Composition - The maternal and infant segment accounted for 92.33% of total revenue, generating 2.428 billion yuan, significantly outperforming the apparel and home categories, which only contributed 7.67% [3]. - The company has established a robust supply chain and channel resources through the operation of well-known brands like "Aptamil" and "Nutricia" [3]. Group 3: Inventory and Profitability - Kuaijingtong's inventory decreased by 57.91% compared to the end of the previous year, improving inventory turnover efficiency, which is closely related to the fast turnover characteristics of the maternal and infant category [3]. - The overall gross margin increased to 11.91%, up by 0.26 percentage points year-on-year, with Q2 gross margin reaching 12.30% [3]. Group 4: Future Growth Potential - Contract liabilities increased by 31.42%, indicating future revenue potential primarily from maternal and infant product orders [4]. - The company aims to deepen supply chain advantages, optimize channel layouts, and expand its product matrix to enhance customer value [7]. Group 5: Cost Management and Risks - Despite showing resilience in the maternal and infant business, Kuaijingtong faces challenges in achieving profitability, with a period expense of 291 million yuan, a decrease of 21.21 million yuan year-on-year, but the expense ratio rose to 11.06% [5]. - The company’s goodwill reached 1.178 billion yuan, 1.37 times its net assets, indicating potential impairment risks if subsidiary performance does not meet expectations [6].

Core Viewpoint - The performance of foreign dairy companies in China, including Nestlé, Danone, FrieslandCampina, and Abbott, has shown overall positive results in the first half of the year, driven primarily by the rapid growth of high-end products like Aptamil and FrieslandCampina's Royal FrieslandCampina [1][3][4]. Financial Performance - Danone reported a sales increase of 4.2% to €13.737 billion, with volume/portfolio growth of 2.6% and pricing up by 1.7% [3]. - FrieslandCampina's revenue grew by 6.4% to €6.847 billion [3]. - Abbott's revenue for the first half reached approximately $21.5 billion, a year-on-year increase of 5.7% [3]. - Nestlé achieved sales of approximately CHF 44.2 billion, with an organic growth rate of 2.9% [3]. Regional Insights - Danone's China region (CNAO) recorded sales of approximately €2.017 billion, a year-on-year increase of 11.3%, with a notable 12.4% growth in Q2 [4]. - FrieslandCampina's professional nutrition segment saw an 18.1% revenue increase to €718 million, with operating profit rising by 61% to €219 million [5]. Market Trends - There is a strong demand for high-quality professional nutrition products among Chinese consumers, with FrieslandCampina's Royal FrieslandCampina leading the market [5]. - Danone's online business has surpassed offline sales, indicating a shift in consumer purchasing behavior [6]. - The infant formula market in China is recovering, with expectations for continued growth in the second half of the year [7]. Competitive Landscape - The competition between domestic and foreign dairy companies is intensifying, with domestic brands like Feihe gaining ground [8]. - Analysts suggest that the future of the high-end and ultra-high-end milk powder market may be dominated by foreign brands, supported by domestic brands [8][9].

Group 1 - The core adjustment of Nestlé China is underway, with the appointment of Pamela Takai as the new head of coffee business, effective September 1, 2025 [1][2] - This change follows Kais Marzouki's assumption of the CEO role for Nestlé Greater China on July 1, 2025, indicating a strategic shift in leadership [2][4] - The coffee business is a key revenue driver for Nestlé, accounting for a significant portion of its sales, despite a 1.8% decline in overall sales in the first half of 2025 [2][3] Group 2 - Nestlé's sales in Greater China fell to 2.47 billion Swiss francs (approximately 20.76 billion RMB) in the first half of 2025, down from 2.639 billion Swiss francs (approximately 21.41 billion RMB) in the same period last year [2] - The coffee segment represents about 4% of Nestlé's coffee business, with estimated revenues of approximately 960 million Swiss francs (around 7.9 billion RMB) for 2023, showing little change since 2021 [3] - The adjustments in Greater China are part of a systematic approach to enhance focus and investment in consumer demand and demographics, as stated by CEO Laurent Freixe [5][6]

Group 1 - The core viewpoint of the articles highlights Danone's strong performance in Q1 2025, with a sales revenue of €6.844 billion, reflecting a year-on-year growth of 4.3% driven by both volume and pricing factors [1][2] - The CEO of Danone, Emmanuel Faber, emphasized the company's robust product portfolio and execution capabilities, which are expected to enhance business resilience despite current uncertainties [1] - The company reported significant regional performance, with North Asia and Oceania showing a 9.9% increase in sales revenue, while North America and Latin America also experienced growth of 3.7% and 9% respectively [1][2] Group 2 - In the professional special nutrition segment, sales revenue reached €2.306 billion, marking a year-on-year increase of 5.3%, driven by strong demand for infant formula and medical nutrition products [2] - The company aims to achieve a full-year sales revenue growth of 3% to 5% in 2025, aligning with its mid-term targets [3]