徐福記，全名「徐福記國際有限公司」，是總部設於中國東莞，並在新加坡證券交易所掛牌的著名糖果與休閒食品公司。創立於1992年，由來自台灣的徐氏家族一手創建，憑藉其對中國大陸消費市場的敏銳洞察，迅速在糖果、糕點、沙琪瑪、果凍等多個品類取得壓倒性優勢，成為華人世界耳熟能詳的國民品牌。

徐福記的成功關鍵，在於其結合台灣食品製造技術與中國本地化口味偏好的能力。早在90年代末，其產品已遍佈中國各大城市，並逐步向二三線城市乃至鄉鎮滲透。品牌形象健康、親民，深受各年齡層喜愛，尤其在春節期間，「徐福記禮盒」成為千家萬戶送禮的首選。其「沙琪瑪」「酥糖」等產品甚至被視為某種文化符號，成為中國年貨市場的重要一環。

公司之前申請港交所上市兩次被拒，2006年在新加坡上市，當時以中國休閒食品第一股之姿引發投資者廣泛關注。上市之後，徐福記持續擴大產能，並加碼品牌建設與供應鏈優化，在糖果市場中一度與外資品牌如雀巢、好時並駕齊驅。

然而，2011年雀巢首次入股徐福記，成為其大股東，持股60%，並逐步深化合作。經過十餘年磨合與整合，到2025年3月，雀巢終於完成對徐福記的全資收購，持股比例達到百分之百，徐氏家族完全退出經營與股權架構，套現資金110億人民幣。這筆交易標誌著華人創辦的糖果帝國正式納入歐洲食品巨頭的全球版圖，也引發業界與消費者的廣泛關注與情感波動。

收購帶來的優勢是多方面的。首先，雀巢作為全球最大的食品與飲料企業，其資源、技術、研發與全球供應鏈管理能力遠超過傳統華人家族企業。徐福記藉此可望在食品安全標準、包裝設計、產品創新、數位行銷等領域全面升級，並有機會將其產品打入更多國際市場。特別是在東南亞與北美華人社區，雀巢的通路可成為徐福記全球化的助力。

其次，資本上的全控讓雀巢可將徐福記更順利地整合進其中國本地化戰略。面對中國本土競爭對手如三只松鼠、良品鋪子、百草味等的崛起，雀巢需要具本地認同感的品牌作為橋梁，而徐福記正好扮演這個角色。

但此次收購亦引發部分擔憂與爭議。徐福記原有的「本土品牌情感」可能因控股方轉為外資而遭到淡化，尤其在年節禮盒等強調文化歸屬感的場景中，消費者是否仍會選擇「洋品牌背景」的徐福記，仍待觀察。部分網民已表達「失去國民品牌」的情緒，擔心這是文化輸出的倒退。

另一方面，雀巢對徐福記的企業文化與原有供應商體系是否能夠保持尊重與延續，也是一大挑戰。徐氏家族雖然退出，但多年來與本地供應商、經銷商建立的信任基礎若被打破，可能影響整體渠道穩定性。此外，雀巢一貫強調效率與全球標準的經營理念，與中國南方靈活、人情味濃厚的商業文化是否能融合，尚有變數。

總結而言，雀巢全面收購徐福記，不僅是一次產業資本運作，更是本土品牌全球化與外資在地化的重大碰撞與融合。未來徐福記能否在保有原有品牌精神與市場優勢的同時，借力雀巢完成國際化躍升，將成為觀察中國消費品牌命運轉折的重要風向指標。

Xu Fuji, officially known as Xu Fuji International Limited, is a well-known confectionery and snack food company headquartered in Dongguan, China, and listed on the Singapore Stock Exchange. Founded in 1992 by the Hsu family from Taiwan, the company quickly gained a dominant position in various categories such as candy, pastries, Sachima (a traditional Chinese snack), and jelly products, thanks to its sharp insight into the mainland Chinese consumer market. Xu Fuji has since become a household name and a beloved national brand in the Chinese-speaking world.

The key to Xu Fuji’s success lies in its ability to combine Taiwanese food manufacturing expertise with localized flavor preferences in China. As early as the late 1990s, its products were already widely distributed in major Chinese cities and gradually penetrated second- and third-tier cities as well as rural towns. The brand is known for its healthy, approachable image, appealing to all age groups. Especially during the Lunar New Year, “Xu Fuji gift boxes” are a top choice for festive gifting across Chinese households. Iconic products like Sachima and traditional crispy candies have even become cultural symbols, playing an essential role in the Chinese New Year market.

The company previously attempted to list on the Hong Kong Stock Exchange twice but was denied. In 2006, it successfully went public in Singapore, gaining widespread attention as the “first Chinese leisure food stock.” After its listing, Xu Fuji continued to expand its production capacity, invest in brand building, and optimize its supply chain, competing neck-and-neck with global giants like Nestlé and Hershey in the confectionery market.

In 2011, Nestlé acquired an initial 60% stake in Xu Fuji, becoming its major shareholder and gradually deepening the partnership. After over a decade of integration, Nestlé completed a full acquisition of Xu Fuji in March 2025, raising its ownership to 100%. The Hsu family fully exited both management and ownership, cashing out for 11 billion RMB. This transaction marked the official incorporation of a Chinese-founded confectionery empire into the global portfolio of a European food giant, sparking widespread attention and emotional reactions among industry insiders and consumers alike.

The acquisition brings multiple advantages. First, as the world’s largest food and beverage company, Nestlé offers resources, technology, R&D, and global supply chain management capabilities far beyond those of traditional family-owned Chinese businesses. Xu Fuji is expected to upgrade comprehensively in areas such as food safety standards, packaging design, product innovation, and digital marketing—and potentially expand into more international markets. Particularly in Southeast Asia and North American Chinese communities, Nestlé’s distribution networks could greatly assist in Xu Fuji’s globalization efforts.

Secondly, Nestlé’s full control allows for smoother integration of Xu Fuji into its localized China strategy. With the rise of domestic competitors like Three Squirrels, Bestore, and Be & Cheery, Nestlé needs a brand with strong local recognition and cultural resonance—and Xu Fuji is well-positioned to fill that role.

However, the acquisition has also sparked some concerns and controversy. Xu Fuji’s status as a “local beloved brand” may be diluted due to its transformation into a foreign-owned company. In culturally significant contexts like Lunar New Year gift-giving—where a sense of cultural belonging matters—whether consumers will continue to choose a now “foreign-backed” Xu Fuji remains uncertain. Some internet users have already expressed disappointment over the perceived loss of a national brand, worrying that this marks a setback for cultural export.

Another challenge lies in whether Nestlé will respect and preserve Xu Fuji’s original corporate culture and long-standing supplier relationships. Although the Hsu family has exited, trust built over the years with local suppliers and distributors could be jeopardized, potentially affecting the stability of its distribution network. Additionally, Nestlé’s emphasis on efficiency and global standards may not easily align with the flexible, relationship-driven business culture of southern China.

In summary, Nestlé’s full acquisition of Xu Fuji is not just a capital transaction—it represents a major clash and integration between local brand globalization and foreign company localization. Whether Xu Fuji can leverage Nestlé’s resources to achieve international growth while retaining its original brand spirit and market strength will serve as a key indicator in understanding the future trajectory of Chinese consumer brands.