Core Insights - FrieslandCampina has appointed Zhang Zhanhong as the new president of its professional nutrition division in China, effective November 1, 2024, bringing over ten years of experience in managing infant formula brands in the Chinese market [1][2] - Zhang has emphasized a strategic framework focused on "focus, agility, and cohesion" to strengthen the core business [1] Market Position - FrieslandCampina's brand, Royal FrieslandCampina, has become the top-selling single SKU in China's infant formula market, with over 10 million cans sold in 2024 [3] - The company holds the third-largest market share in the infant formula sector in China, leading among international brands [3] Sales Performance - In 2024, the Chinese infant formula market experienced a 9.8% decline in offline sales, with a 9.4% drop in volume and a 0.3% decrease in average price [4] - Despite the overall market decline, FrieslandCampina's professional nutrition segment saw a 6.0% revenue increase to €1.218 billion (approximately ¥9.277 billion) and a 16.4% rise in operating profit to €227 million (approximately ¥1.729 billion) [9] Birth Rate Impact - The decline in marriage registrations in China, down over 20% in 2024, suggests a continued decrease in newborn numbers [5] - However, the birth rate saw a slight recovery in 2024, with 9.54 million newborns, ending a seven-year downward trend, which positively impacted the infant formula industry [9] Market Trends - The infant formula category's growth rate improved from -5.9% in 2024 to -0.8% in Q1 2025, with segments one and two showing positive growth [10] - The ultra-premium segment has become mainstream, with the ultra-premium+ market growing by 13.3% in early 2025 [13] Strategic Focus - FrieslandCampina plans to leverage its milk source advantages and enhance product quality through increased R&D investment and new product launches [16] - The company aims to balance channel strategies, ensuring cooperation with partners for mutual benefits [20] Pricing Strategy - FrieslandCampina is focused on maintaining price consistency across online and offline channels to avoid competitive pricing pressures [21] - The company does not plan to adjust its product mix or pricing strategy significantly [21] Competitive Landscape - Domestic brands like Yili and Feihe are utilizing birth subsidies to promote their ultra-premium products, which has affected market pricing dynamics [23] - FrieslandCampina is evaluating solutions to align its product offerings with consumer needs, potentially influencing birth rates [24][25]

表现之一是，该市场正走向超高端产品为主导。尼尔森IQ向21世纪经济报道记者披露数据显示，在2025年1-4月，婴配粉全渠道 同比增长2.3%，线下同比下滑1.4%，线上同比增长12.3%。 而婴配粉市场增长，主要由超高端产品推动。 1-4月，超高端+市场同比增长13.3%，超高端市场同比下滑4.8%，高端市场同比下滑14.6%，中高端同比增长2%，中低端市场同 比增长2.7%。 21世纪经济报道记者贺泓源、实习生谭伊亭 北京报道 婴配粉市场正在迎来大变局。 从市场占比来看，超高端+市场达到33.2%，超高端市场达到31.2%，高端市场达到24.2%，中高端市场达到8.6%，中低端市场达 到2.7%。 显然，超高端市场有着巨大门槛，外资品牌则在其中占据着传统优势。"外资品牌在特殊奶粉板块还是有着技术壁垒。"有知名 儿科教授对21世纪经济报道记者说。 2024年，菲仕兰旗下皇家美素佳儿三段产品已经成为中国婴幼儿配方奶粉单一SKU的销量冠军，一年的销售超过了1000万罐。 尼尔森IQ数据显示，2025年第一季度，在包含母婴店、商超和传统电商渠道（不含跨境电商）的婴幼儿配方奶粉市场（不含羊 奶粉），菲仕兰旗下美素佳儿 ...

Core Insights - Zhang Zhanhong, the new president of FrieslandCampina's professional nutrition division in China, emphasizes the company's successful strategy evidenced by four consecutive years of double-digit growth in the Chinese market [1] - The company is focusing on three core strategies: focus, agility, and cohesion to strengthen its core business and enhance operational efficiency [1] Company Performance - FrieslandCampina's revenue in 2024 decreased by 1.1% to €12.9 billion, while operating profit increased to €527 million and net profit rose to €321 million [3] - The professional nutrition business, including the brand "Friso," saw a revenue increase of 6% to €1.218 billion, with operating profit up by 16.4% to €227 million, driven by strong growth in the Chinese market [3] Market Trends - The overall sales of infant formula are projected to decline by 5.9% in 2024, with a smaller decline of 0.8% in the first quarter of 2025, indicating a potential market recovery [2] - There is a direct correlation between marriage rates and the infant formula market, with a 20% decrease in marriage registrations in 2024, which may impact future birth rates [2] - New consumer trends show that younger parents prioritize milk source, quality, and functionality, seeking natural, organic, and high-quality products [2]