2026年2月13日,高盛一份研报把国产奶粉的底细扒了个干净。尼尔森数据冷冰冰地摆在那里:去年11-12月,线下奶粉市场萎缩10%,飞鹤暴跌19%,伊利只跌了2.4%。全渠道算下来,飞鹤下滑18%,伊利几乎没动,只微跌1%。曾经那个"渠道为王"的飞鹤,怎么突然就不会卖奶粉了?0110%的跌幅里,藏着行业的"绝望"高盛说得很直白:这10%的下跌,完全是销量暴跌11.2%硬砸出来的。均价涨了1.4%?...
Source Link2026年2月13日,高盛一份研报把国产奶粉的底细扒了个干净。尼尔森数据冷冰冰地摆在那里:去年11-12月,线下奶粉市场萎缩10%,飞鹤暴跌19%,伊利只跌了2.4%。全渠道算下来,飞鹤下滑18%,伊利几乎没动,只微跌1%。曾经那个"渠道为王"的飞鹤,怎么突然就不会卖奶粉了?0110%的跌幅里,藏着行业的"绝望"高盛说得很直白:这10%的下跌,完全是销量暴跌11.2%硬砸出来的。均价涨了1.4%?...
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