[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio85753980":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio85753980","传联合利华(UL)考虑最高40亿美元收购保健品巨头Thorne-健康转型战略再落一子","\u002Fdoc\u002Fdcio85753980","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，据知情人士透露，英荷消费品巨头联合利华(UL)正在考虑收购美国保健品制造商Thorne，交易估值最高可达40亿美元。Thorne由私募股权公司L Catterton挂牌出售，联合利华是众多竞购方之一。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">据知情人士透露，消费者健康产品公司Haleon也已向Thorne发出收购要约。目前交易尚处于早期阶段，尚未做出最终决定，联合利华与L Catterton均拒绝置评。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Thorne成立于1984年，总部位于美国南卡罗来纳州，是美国市场领先的科学驱动型膳食补充剂品牌，产品涵盖镁、omega-3等营养补充剂。该公司被医疗保健从业者评为顶级临床推荐品牌，并提供包括AI健康顾问Taia™在内的创新技术工具。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2023年8月，L Catterton以每股10.20美元、总价6.8亿美元的价格将Thorne私有化。彼时Thorne刚刚于2021年在纳斯达克上市两年。若本次以40亿美元估值成交，L Catterton在短短三年内将获得近5倍的账面回报。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Thorne近年业绩增长迅猛。2022年至2025年间，公司营收从2.29亿美元翻倍增长至超过5亿美元。据报道，Thorne今年全年收入有望达到6.5亿美元。公司首席执行官Colin Watts表示，千禧一代和Z世代在健康方面的支出已超过婴儿潮一代，彻底重塑了保健品市场格局，Thorne正是这一代际转变的主要受益者。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">联合利华的战略逻辑从\"瘦身\"到\"聚焦\"\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此次潜在收购是联合利华首席执行官Fernando Fernandez上任以来推动集团战略转型的最新举措。自2025年以来，联合利华持续推进一场深刻的战略重塑——出售食品业务、剥离冰淇淋业务，将业务重心转向美容与健康、个人护理等高增长领域。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2026年4月，联合利华以约12亿美元收购了美国软糖补剂品牌Grüns。Grüns于2025年实现年化营收突破3亿美元，每日发货量约1000万颗软糖。更早之前，公司已先后收购了液体补充剂品牌Liquid IV、护发健康品牌Nutrafol，以及维生素软糖品牌Olly Nutrition、SmartyPants等。联合利华健康部门2025年实现了两位数销售增长。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这一系列收购的逻辑清晰可见在将总价值约660亿美元的食品业务剥离给味好美(McCormick)后，联合利华正在快速构建一个以\"科学驱动的美容与健康\"为核心的品牌组合。Thorne的临床级专业定位、高复购率特征以及在美国市场的深厚根基，与联合利华现有的大众化健康品牌(如Olly、Grüns)形成互补——前者主攻专业渠道和高端用户，后者主攻大众消费市场。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">然而，联合利华的收购历史并非没有争议。公司此前收购Dollar Shave Club和Graze等品牌后，这些品牌在并入集团后均遭遇经营困难。如何在大集团体系中保持Thorne的品牌独立性与快速增长势头，将是管理层必须面对的课题。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">估值层面亦存在博弈空间。40亿美元的估值对应Thorne 2026年预计营收6.5亿美元的约6.2倍市销率。相比之下，联合利华4月收购Grüns时，按照其2025年3亿美元营收计算，估值约12亿美元对应约4倍市销率。Thorne的溢价反映了其在专业医疗渠道的品牌壁垒和更高的增长确定性，但也意味着更大的整合风险。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]