(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 ...

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].