聯合利華預計Magnum雪糕業務分拆後銷售增長3-5%
倫敦消息——聯合利華旗下以Magnum為主打的雪糕業務，計劃於2025年11月中旬分拆成獨立公司。該公司預計，從2026年起，中期內其有機銷售額將以每年3-5%的速度增長。
這個雪糕業務涵蓋多個知名品牌，包括Magnum、Ben & Jerry’s及Wall’s等，預計將佔據全球約880億美元雪糕市場的五分之一以上，與雀巢支持的Froneri等競爭對手爭奪市場份額。
分拆後，聯合利華將保留該雪糕業務不到20%的股權。這次分拆是執行長Fernando Fernandez推動公司重組、簡化管理架構及提升利潤率的關鍵一步。
2024年，該雪糕業務收入達79億歐元（約93億美元），調整後息稅折舊攤銷前利潤（EBITDA）為12億歐元。初步淨負債與調整後EBITDA的比率預計為2.4倍。
今年第二季度，雪糕業務是聯合利華增長最快的品類，銷售額按基礎計算增長7.1%。不過，該業務的利潤率通常低於公司其他如個人護理、美容及健康產品部門。
此次雪糕業務分拆，是聯合利華專注於打造更聚焦產品組合的策略一部分，目標提升生產力及增長動力，與行業同儕的調整趨勢相呼應。
此外，其他大型消費品企業亦正進行類似調整。例如，Keurig Dr Pepper計劃與JDE Peet’s合併後，再拆分冷飲與咖啡業務；瑞士食品巨頭雀巢則考慮出售營養補充品部門中表現不佳的品牌。
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評論與深入分析：
聯合利華將雪糕業務分拆成獨立上市公司，反映出大型消費品集團正逐漸拋棄「一攬子」經營策略，轉向更專注、靈活的業務架構。這不僅有助於提升經營效率，更方便投資者對不同業務進行更精確估值。
雪糕市場雖然規模龐大且增長穩定，但利潤率相對較低，這亦是聯合利華希望透過分拆來釋放價值的一大原因。分拆後的Magnum冰淇淋公司可以更靈活地專注於品牌創新、市場滲透及成本控制，提升競爭力。
不過，分拆也帶來挑戰。雪糕業務需要與雀巢支持的Froneri等強勁對手競爭，市場份額的爭奪將非常激烈。加上全球消費者對健康飲食的要求日益提高，雪糕品牌須不斷調整產品配方以迎合趨勢。
從聯合利華的角度看，保留少量股權意味著仍可從未來成長中受益，同時減輕管理負擔，將資源集中於更具利潤潛力的個人護理及美容業務。這種策略轉變值得其他多元化消費品公司借鑒。
最後，這場分拆也提醒投資者，市場正逐漸偏好聚焦型企業，未來消費品行業的整合與拆分或將成為常態。對香港投資者而言，觀察這類跨國大企業的動態，有助更好理解全球消費品市場的結構變革，從而把握潛在投資機遇。
以上文章由特價GPT API KEY所翻譯及撰寫。
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![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra performing a sacred night-time royal dance, embodying divine seduction, power, and celestial authority.",
"angle": "Full-body high-fashion editorial portrait captured at a cinematic 3/4 angle, ultra-crisp clarity with no blur.",
"pose": {
"body_position": "She is captured mid-dance inside a temple courtyard at night, her body angled gracefully, hips grounded, torso lifted, creating a powerful and sensual silhouette.",
"movement": "Her arms are raised in slow ceremonial motion while one leg steps forward, fully revealing her feet and lower legs as part of the ritual stance.",
"expression": "A calm, hypnotic, commanding gaze directed toward the camera—quiet dominance wrapped in sensual mystery."
}
},
"appearance": {
"outfit": "An ultra-bongga Cleopatra couture gown with an all-crystal bodice that fits like jeweled armor. Thousands of hand-set crystals, diamonds, and glass stones in gold, champagne, clear, and iridescent tones form sacred Egyptian motifs—cobras, sun disks, lotus symbols—entirely through crystal placement. The neckline is daring yet elegant, supported by invisible illusion mesh. From the waist, the skirt opens into flowing sheer silk and organza panels in ivory and soft gold, designed with a high front opening that intentionally exposes her legs and feet during movement. Crystal chains and beaded fringe sway rhythmically with every step, enhancing sensual motion.",
"accessories": "A dramatic Egyptian ceremonial headpiece with gold and crystal detailing, an oversized layered gold collar necklace, sculpted crystal arm cuffs, finger armor rings, a crystal-and-gold waist belt, and delicate gold anklets accentuating her bare feet.",
"hair": "Her hair is sleek, glossy, and perfectly controlled, styled to balance the weight of the crystal headpiece while allowing elegant movement.",
"makeup": "Ultra-glam, colorful Egyptian night makeup—bold elongated black kohl eyeliner, intense eyeshadow layered in turquoise, emerald, sapphire blue, violet, and metallic gold. Beneath the eyes, intricate ceremonial ink drawings in fine black and gold lines inspired by ancient Egyptian markings. Skin is luminous with molten-gold highlights, brows strong and defined, lips finished in a sensual nude-bronze satin."
},
"props": {
"ritual_elements": [
"Burning incense bowls releasing thick aromatic smoke",
"Golden sistrum placed near the dance space",
"Tall ceremonial torches lining the temple floor"
]
},
"background": {
"macro_environment": "A grand ancient Egyptian temple courtyard at night, reserved for sacred royal rituals.",
"midground_details": "Towering sandstone columns, massive statues of Isis and Hathor, carved temple walls, flowing linen drapes, and ceremonial platforms illuminated by firelight.",
"micro_elements": "Torch flames reflecting off crystal surfaces, fine dust particles glowing in the night air, incense smoke wrapping around her legs and feet, detailed stone floor textures beneath her bare feet, crystal fringe in motion, and sharply defined shadows—everything rendered in extreme detail with zero blur."
},
"lighting": {
"type": "Cinematic night lighting using torches, oil lamps, and subtle moonlight.",
"effect": "Firelight ignites the crystal bodice with prismatic sparkle while moonlight softly outlines her legs and feet, creating a dramatic, sensual, and divine atmosphere."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "50mm prime lens",
"aperture": "f/8 for full-body and environment sharpness",
"iso": 100,
"shutter_speed": "1/200s to freeze elegant motion clearly",
"focus": "Extreme sharp focus on crystal bodice, facial features, legs, feet, and temple details, no bokeh, no blur"
},
"style": "Ultra high-fashion editorial, night temple ritual, all-crystal couture, sexy yet sacred, ancient Egyptian royalty reimagined, cinematic realism, extremely detailed, sharp, iconic"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006158-167x300.png)
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