研究报告 Research Report 16 Jan 2026 可口可乐 Coca Cola Co (KO US) [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 US$70.48 目标价 US$71.38 市值 US$303.18bn 日交易额 (3 个月均值) US$1,163mn 发行股票数目 4,302mn 自由流通股 (%) 99% 1 年股价最高最低值 US$73.90-US$61.53 注：现价 US$70.48 为 2026 年 01 月 15 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -0.1% 5.1% 17.0% 绝对值（美元） -0.1% 5.1% 17.0% 相对 S&P 500 -1.9% 1.0% 0.3% [Table_Profit] US$ mn Dec-24A Dec-25E Dec-26E Dec-27E Revenue 46,897 48,046 51,221 53,836 Revenue (+/-) 2.4% 2.4% 6.6% 5.1% Net profit 12,463 ...

Big News 可口可乐或放弃出售Costa咖啡 Costa咖啡可能不出售了。 近日，金融时报引述"知情人士"称，可口可乐公司放弃了出售Costa咖啡的计划，原因是竞购者的出价 未能达到其预期，并认为这标志着一次"最新的挫折"。 据称，在谈判后期阶段参与竞购的公司包括Asda的所有者TDR Capital（下称TDR），以及贝恩资本 （Bain Capital）旗下基金，后者已经拥有烘焙连锁品牌Gail's和PizzaExpress。 "知情人士"还表示，若与TDR达成交易，可口可乐公司将保留对Costa咖啡的少数股权；此外，私募股 权公司Apollo、KKR以及瑞幸咖啡背后的大钲资本也曾参与该出售流程的早期阶段。 该报又引述"一位了解可口可乐内部想法的人士"表示，该公司未来中期内仍可能重启出售Costa的计 划。 当然，"谈不拢"最大的因素只能是价格。此前，多个市场消息均指可口可乐对Costa咖啡的要价约为20 亿英镑（折合人民币约187亿元），大约是其2018年该公司收购时所支付的39亿英镑的一半。 出售的背后，是Costa咖啡业务的下滑。 金融时报援引Costa咖啡提交给英国公司注册处的财报，2024 ...

整理 ｜ 李小霞 #Big N ews# 可口可乐或放弃出售Costa咖啡 Costa咖啡可能不出售了。 近日，金融时报引述"知情人士"称，可口可乐公司放弃了出售Costa咖啡的计划，原因是竞购者的出 价未能达到其预期，并认为这标志着一次"最新的挫折"。 据称，在谈判后期阶段参与竞购的公司包括Asda的所有者TDR Capital（下称TDR），以及贝恩资本 （Bain Capital）旗下基金，后者已经拥有烘焙连锁品牌Gail's和PizzaExpress。 "知情人士"还表示，若与TDR达成交易，可口可乐公司将保留对Costa咖啡的少数股权；此外，私募 股权公司Apollo、KKR以及瑞幸咖啡背后的大钲资本也曾参与该出售流程的早期阶段。 该报又引述"一位了解可口可乐内部想法的人士"表示，该公司未来中期内仍可能重启出售Costa的计 划。 当然，"谈不拢"最大的因素只能是价格。此前，多个市场消息均指可口可乐对Costa咖啡的要价约为 20亿英镑（折合人民币约187亿元），大约是其2018年该公司收购时所支付的39亿英镑的一半。 出售的背后，是Costa咖啡业务的下滑。 金融时报援引Costa咖啡提交给英国公 ...

1月17日晚，可口可乐中国与约700位消费者一起在重庆两江之畔开展主题烟花展示活动，正式启动2026马年新春系列活动。围绕春节这一重要的团聚与欢庆 节点，可口可乐中国以"绽放这一刻，让我们「年」在一起"为主题，从文化表达、产品创新到市场布局等方面，系统推进新春市场相关举措，覆盖多元春节 消费场景，服务消费者多样化的节日消费需求。 主题烟花展示启动马年新春系列活动 围绕春节这一核心消费场景，可口可乐中国持续探索将中国传统文化融入产品创新中，自2022虎年新春推出生肖主题包装以来，通过限定包装形式，不断丰 富春节期间的产品表达。 2025年新春，可口可乐中国推出蛇年限定新年烟花罐，首次在包装设计中引入烟花元素，进一步走进中国新年的文化习俗。 2026马年新春，可口可乐中国再次创新，推出马年限定新年烟花罐。该系列以马年生肖和烟花图案为核心设计元素，融入传统新春吉祥符号，并在营销传播 活动中结合中国非物质文化遗产——刺绣艺术，进一步丰富节日期间的产品选择。 春节是中国最重要的传统节日之一，也是聚餐、出游、娱乐消费的高峰期。围绕春节多种多样的消费场景，可口可乐中国持续推进以中国传统文化为灵感的 产品创新和市场活动布局。 ...

Core Viewpoint - Costco Wholesale Corporation has ended its partnership with PepsiCo and returned to Coca-Cola for its food courts, marking a significant shift after a decade-long relationship [1][2]. Group 1: Partnership Transition - The transition back to Coca-Cola began in late 2025 and was completed in early 2026 [1]. - Costco had been exclusively partnered with Pepsi since 2013, initially switching to Pepsi as a cost-saving measure to maintain the price of its popular hot dog and soda combo at $1.50 [2]. Group 2: Reasons for the Switch - The reasons for the switch back to Coca-Cola have not been officially disclosed, but customer preference and Coca-Cola's renewed commitment to quality and partnership with Costco are suggested factors [2]. Group 3: Market Performance - Costco has outperformed the market over the past 20 years by 7.13% on an annualized basis, achieving an average annual return of 16.0% [3]. - The current market capitalization of Costco Wholesale is $426.19 billion [3].

Core Insights - The affordability of sugary drinks is increasing in many countries, which poses a challenge for public health and presents a market opportunity for investors [1][2] - The World Health Organization (WHO) is advocating for higher taxes on sugary beverages, alcohol, and tobacco to curb consumption and generate revenue [3][9] Group 1: Market Dynamics - In 2024, sugary drinks were more affordable in 62 countries compared to 2022, while beer affordability increased in 56 countries during the same period [2][8] - The WHO's "3 by 35" campaign aims to raise prices of sugary drinks and beer by 50% over the next decade, potentially generating $1 trillion by 2035 [3][8] Group 2: Impact on Major Companies - Companies like PepsiCo and Coca-Cola may face increased scrutiny and potential market share shifts as governments implement sugar taxes [6] - The effectiveness of local taxes in cities like Philadelphia and San Francisco has shown a decrease in consumption, indicating that tax policies can significantly impact sales for these companies [7]

Group 1: Uber - Uber is recognized as a highly innovative company, creating a new category in on-demand ride-hailing and delivery services, with a market cap of $177 billion after a 35% increase in share price in 2025 [1] - The ride-hailing segment saw bookings increase by 20% in Q3 2025, reaching $25.1 billion, while the delivery division experienced a 25% year-over-year growth in bookings, contributing to a 20% overall revenue increase for the company [3] - Only 15% of the adult population in the U.S. uses Uber's services, indicating significant growth potential, especially through cross-selling between mobility and delivery services [4] - Uber's advertising operations generated run-rate sales of $1.5 billion in Q1 2025, showcasing the company's ability to create additional revenue streams [5] - The multi-sided ecosystem of Uber has established strong network effects, enhancing its competitive position as more riders and drivers participate in the platform [6] Group 2: Coca-Cola - Coca-Cola is a mature company with a long history, recognized globally, and produced a total return of 16% in 2025, including dividends [2] - The company operates over 200 beverage brands, with 2.2 billion servings consumed daily, making significant expansion challenging from its already extensive base [9] - Coca-Cola's brand strength supports its pricing power and profitability, appealing to investors focused on capital appreciation [8]

Key Points Coca-Cola has paid shareholders dividends (as increased them annually) for 63 straight years. The company recently saw its stock increase following a viral video featuring Lionel Messi. 10 stocks we like better than Coca-Cola › Coca-Cola (NYSE: KO) got a recent boost from soccer star Lionel Messi, who told the world he likes to mix his wine with Sprite. This viral video caused Coca-Cola's stock to soar, and the estimated impact from the interview was nearly $13 billion in additional marke ...

Coca-Cola is stepping up direct distribution in India, using small vehicles like bikes, electric vans, and other micromobility options to transport its beverages directly to retail stores in narrow lanes and hard-to-access neighbourhoods. This direct-to-store delivery helps the company expand last-mile reach, cut reliance on middlemen or traditional wholesale channels, and gain tighter control over costs and profitability, even as quick commerce, despite rapid growth, remains a smaller, complementary part o ...

Indian market has a solid foundation, and the underlying consumer sentiment is quite robust, despite challenges faced by Coca-Cola here in 2025 due to weather-led disruptions, he added.Coca-Cola has an overall very positive outlook for the Indian market, which is quite vibrant, and has a tremendous amount of energy, said Murphy."Notwithstanding how many items have come at us over the last couple of years, I think the underlying consumer sentiment overall is quite robust. There are some markets where that's ...