卡夫亨氏拆分！巴菲特，怒了

蓝鲸财经09-12

文｜侃见财经“踩坑”卡夫亨氏之后，巴菲特还警告可能清仓。那么究竟是什么让95岁的巴菲特如此愤怒？相关消息显示，近期，卡夫亨氏通过公告宣布，将通过免税分拆的方式，拆分为两家独立上市公司。侃见财经认为，引发卡夫亨氏公司拆分的核心原因是，不断下滑的业绩以及连续下跌的股价。根据最新财报数据，2025年上半年，卡夫亨氏收入为123.5亿美元，同比下滑4.16%；净亏损为71.12亿美元，同比暴跌887.6%...

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href=https://www.lanjinger.com/d/1757570060534426136><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文｜侃见财经“踩坑”卡夫亨氏之后，巴菲特还警告可能清仓。那么究竟是什么让95岁的巴菲特如此愤怒？相关消息显示，近期，卡夫亨氏通过公告宣布，将通过免税分拆的方式，拆分为两家独立上市公司。侃见财经认为，引发卡夫亨氏公司拆分的核心原因是，不断下滑的业绩以及连续下跌的股价。根据最新财报数据，2025年上半年，卡夫亨氏收入为123.5亿美元，同比下滑4.16%；净亏损为71.12亿美元，同比暴跌887.6%...</p>\n\n<a href=\"https://www.lanjinger.com/d/1757570060534426136\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1914381329.SGD","symbol_name":"Allianz Best Styles Global Equity Cl ET Acc 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Buffett, angry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BRK.A":1,"KHC":1},"content_text":"文｜侃见财经“踩坑”卡夫亨氏之后，巴菲特还警告可能清仓。那么究竟是什么让95岁的巴菲特如此愤怒？相关消息显示，近期，卡夫亨氏通过公告宣布，将通过免税分拆的方式，拆分为两家独立上市公司。侃见财经认为，引发卡夫亨氏公司拆分的核心原因是，不断下滑的业绩以及连续下跌的股价。根据最新财报数据，2025年上半年，卡夫亨氏收入为123.5亿美元，同比下滑4.16%；净亏损为71.12亿美元，同比暴跌887.6%，去年同期盈利为27.44亿美元。另外股价表现方面，自2017年以来，卡夫亨氏的股价常年在低位徘徊，其距离2017年高点跌幅超过了65%。从巴菲特的整体持仓来看，卡夫亨氏在巴菲特的投资组合里的表现的确非常糟糕。根据相关计划，卡夫亨氏拆分的第一家公司将专注于酱料、调味品和即食餐食；资料显示，专注于酱料、调味品这家公司，旗下包括亨氏番茄酱、卡夫通心粉奶酪等核心品牌。财报显示，2025年上半年卡夫亨氏口味提升板块的总营收为56.01亿美元，营收占比为45.35%。第二家公司则聚焦于北美杂货业务，这部分聚焦于北美杂货业务，涵盖Oscar Mayer热狗、即食餐点Lunchables等产品。对于公司的拆分计划，卡夫亨氏表示，本次拆分旨在简化业务结构，提升品牌资源配置和盈利能力，回应持续的业绩压力和行业变革。该计划宣布之后，国际评级机构穆迪将该公司列入信用评级下调观察名单，并启动对投资级评级的全面审查。需要说明的是，本次拆分计划需要获得监管部门的批准。该公司预计交易将于2026年下半年完成。此次拆分计划之所以会惹怒巴菲特，主要是未征求股东意见。巴菲特表示，他对卡夫亨氏董事会未征求股东意见就宣布分拆计划的决定感到“失望”。根据最新的财报数据，伯克希尔为卡夫亨氏最大的股东，持股约为27.5%。资料显示，2013年2月，伯克希尔与巴西私募3G资本联手以280亿美元（含债务）收购亨氏公司。2015年，二者又将亨氏与卡夫食品集团合并，意图通过协同效应实现成本节约。但从结果来看，这一合并并未达到预想的目的，今年5月，卡夫亨氏宣布伯克希尔将不再持有该公司董事会席位。由此可见，伯克希尔已经萌生了退意。而卡夫亨氏的选择，实际上是对巴菲特合并决策的一种变相的否定。对于卡夫亨氏公司的做法，巴菲特在非公开电话沟通中提到，让他同样失望的是，此次分拆无需经过股东投票表决。巴菲特表示，在卡夫亨氏做出最终决定前，伯克希尔的首席执行官继任者雷格·阿贝尔已向卡夫亨氏管理团队直接表达了反对意见。巴菲特还称，“如果有人接洽我们，希望收购我们持有的股份，除非向卡夫亨氏的其他股东提供相同报价，否则我们不会接受大宗收购要约。”也就是说，除非有人有意收购整个公司，否则伯克希尔不会考虑单独出售股份。当然，卡夫亨氏的这一笔交易，巴菲特曾表示过后悔，他称，自己为一家优质公司 “支付了过高价格”。今年上半年，伯克希尔将其卡夫亨氏持股的账面价值下调至84亿美元，计提了约38亿美元的减值。而这一动作背后的信号，意图已经十分明显。侃见财经认为，自2023年下半年开始，伯克希尔的防御动作已经非常明显，截至今年二季度伯克希尔的现金储备为3441亿美元，处于历史最高水平，之所以巴菲特会选择提高现金储备，第一是因为美科技股的泡沫，二是因为应对其退休带来的市场冲击，三是因为给继任者更多的容错空间。我们认为，卡夫亨氏管理层的拆分决定，可能会加速伯克希尔的抛售进度。或许在下一个季度，就能看到伯克希尔大幅减持的相关信息了。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2566949382","isCrawlerRequest":true}