公司正在采用生成式AI工具优化营销内容制作，目标是将其相关成本降低30%至50%。这项技术投入对 长期运营效率的影响将是未来的一个观察点。 战略推进 管理层强调，2026年的增长动力将逐步从过去依赖价格上涨，转向由销量增长和产品组合优化驱动。这 一转变在新兴市场(包括中国)的表现尤为关键。 公司业务状况 2025年第四季度，亿滋中国市场被评价为"正在逐步复苏"。公司正加速向折扣店、会员店及线上渠道转 型，并指出中国市场的分销渠道仍有很大拓展空间。收购恩喜村后推出的新品在山姆会员店、盒马鲜生 等渠道的销售情况值得持续关注。 业务与技术发展 经济观察网根据截至2026年2月中旬的公开信息，亿滋国际近期有以下值得关注的事件动态。 公司业绩目标 在发布2025年财报后，公司为2026年设定了明确的业绩目标，包括有机净收入增长率预计持平至2%， 调整后每股收益(按固定汇率计算)增长率预计持平至5%，同时预计全年自由现金流约为30亿美元。市场 将密切关注这些指引的实际达成进度。 品牌市场活动 公司已针对春节等销售节点推出差异化礼盒策略，以应对消费者需求变化。此类重要节假日期间的销售 表现通常会成为市场关注的短期焦点。 以 ...

Core Insights - Lindsell Train Ltd reported an equity portfolio valued at approximately $4.1–4.2 billion, maintaining a focus on a limited number of dominant consumer, media, and financial franchises [1][10] - The portfolio is highly concentrated, with the top 10 holdings accounting for over 90% of total assets, reflecting a belief in long-term brand power and cash generation [2][10] Portfolio Overview - Total Portfolio Value: ~$4.1–4.2 billion [2] - Top 10 Holdings: - TKO Group Holdings: ~$597 million (14.6%) - Alphabet (Class A): ~$543 million (13.3%) - Walt Disney: ~$427 million (10.5%) - Intuit: ~$418 million (10.3%) - Thermo Fisher Scientific: ~$397 million (9.7%) - Fair Isaac: ~$334 million (8.2%) - Mondelez International: ~$314 million (7.7%) - PepsiCo: ~$309 million (7.6%) - PayPal: ~$301 million (7.4%) - eBay: ~$223 million (5.5%) [2] Changes in Holdings - Notable Add: Alphabet (Class A) saw an increase of ~206,000 shares (+10.1% QoQ), reinforcing its role as a core long-term investment [3] - Major Trims: - TKO Group Holdings reduced by ~219,000 shares (-6.9% QoQ) - Walt Disney trimmed by ~361,000 shares (-8.8% QoQ) - Intuit reduced by ~54,000 shares (-8.1% QoQ) - Mondelez International trimmed by ~681,000 shares (-11.9% QoQ) - PepsiCo reduced by ~226,000 shares (-9.3% QoQ) - eBay reduced by ~830,000 shares (-25.3% QoQ) [8] Investment Strategy - The portfolio reflects a quality growth style focused on brand and intellectual property-led businesses, with a very long-term holding period and low turnover [9][10] - The strategy emphasizes disciplined capital allocation and patient ownership of high-return businesses, with modest rebalancing to enhance long-term compounding [11]

经济观察网亿滋国际(MDLZ)近期发布2025年第四季度及全年业绩，并披露中国市场复苏、渠道转型及 技术应用等多方面动态。 2024年完成对恩喜村的控股收购后，亿滋中国已通过合作推出新品并进入山姆会员店、盒马鲜生等渠 道。公司设立"大中华区品牌冷冻蛋糕团队负责人"新职位，由朱磊担任，显示出对冷冻烘焙业务的战略 重视。 业务与技术发展 公司正在采用生成式AI工具优化营销内容制作，目标将相关成本降低30%至50%。这一技术投入可能对 长期运营效率产生影响。 未来发展 管理层指出，新兴市场(包括中国)的增长将在2026年逐步从涨价驱动转向销量和产品组合驱动。春节等 节点的差异化礼盒策略已开始落地，以应对消费者需求变化。 业绩经营情况 亿滋国际已于2026年2月初发布2025年第四季度及全年业绩。财报显示，2025年全年净销售额为385.37 亿美元，同比增长5.8%；第四季度净销售额为104.96亿美元，同比增长9.3%。管理层在财报中强调，增 长部分得益于对中国冷冻烘焙食品企业恩喜村的收购并表。 公司业务状况 2025财年，亿滋中国市场的业绩出现波动：第一季度实现高个位数增长，第二季度符合预期，第三季度 出现低个 ...

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Mondelez International, Inc. (NASDAQ:MDLZ) is included among the 15 Best Wide Moat Dividend Stocks to Invest in. TD Cowen Raises Mondelez (MDLZ) Target While North America Volumes Remain Weak On February 4, TD Cowen lifted its price target on Mondelez International, Inc. (NASDAQ:MDLZ) to $65 from $62 and maintained a Buy rating. The firm noted that management’s early outlook for 2026 came in below consensus, with organic growth projected at 0%–2%. That range reflects the risk that competitors could cut c ...

（企业官网、公众号） 亿滋国际董事会主席兼首席执行官冯朴德表示："2025年的整体环境充满变数和挑战，我们实现了稳健 的净销售额增长，创造了强劲的现金流，并向股东提供了可观的回报。" 近日，亿滋国际发布2025年第四季度及全年业绩。当中显示，2025年第四季度，亿滋国际净销售额 104.96亿美元，同比增长9.3%；有机净销售额提升5.1％。此外，根据2025年第四季度报告，巧克力净 销售额为38亿美元，增长17.4％；饼干和烘焙零食净销售额为47亿美元，增长3.2％。分地区看，针对 2025年第四季度报告净销售额情况，北美地区28亿美元，下降0.6％；拉丁美洲地区13亿美元，增长 7.9％；欧洲地区44亿美元，增长17.3％；亚洲、中东和非洲地区21亿美元，增长8.9％。 2025年全年，亿滋国际净销售额385.37亿美元，同比增长5.8%；有机净销售额提升4.3％。 ...

在当下的休闲食品赛道，无论是外资巨头还是本土品牌，都倍感压力。 当地时间2月3日，奥利奥母公司亿滋国际交出了一份增收不增利的年度成绩单。2025财年，亿滋国际实现净收入385.37亿美元，同比增长5.8%；净收益为 24.51亿美元，同比下滑46.8%。导致亿滋国际2025财年利润缩水的关键是原材料可可的价格持续处于高位。 "过去两周，可可价格的下跌幅度超出所有人的预期。这在短期内可能会带来一些压力，主要是因为行业内的大型企业2026年的可可采购成本大多锁定在高 于当前市场价的水平，这可能会引发一些超出预期的竞争反应。"冯朴德在财报电话会上进一步说，当前可可价格已回归到与历史平均水平更为接近的区 间，预计2027财年巧克力业务的利润率会显著提升。 3日，另一家休闲食品赛道的巨头百事集团也披露了2025财年业绩报告，营收同比增长2.25%，净利润同比下滑13.97%。为了提振业绩，百事集团发起降价 攻势，发布了一则关于部分零食产品降价近15%的公告。 近年来，价格策略似乎成为国际快消巨头的"杀手锏"，前有可口可乐在中国市场的涨价，后有原材料可可价格上涨带来的巧克力涨价，亿滋国际近两年也持 续通过涨价来磨平成本压 ...

Employee and Organizational Structure - The company had approximately 91,000 employees as of December 31, 2025, with 12,000 in the U.S. and 79,000 internationally[39]. - The company conducts annual engagement surveys to enhance its culture and improve employee engagement[46]. - The company’s last global pay equity analysis in 2025 found a pay gap of less than 1% between male and female employees performing similar work[50]. - The company has a diverse executive team with extensive experience in the food and beverage industry, enhancing its strategic leadership[64][65][66][67][68][69][70][71][72]. Product and Innovation Focus - The company focuses on five product categories: Biscuits & Baked Snacks, Chocolate, Gum & Candy, Beverages, and Cheese & Grocery[26]. - The company aims to enhance its innovation capabilities through the expansion of R&D Innovation and Consumer Research Centers in 2025[30]. - The company has a robust framework for innovation to drive a technology pipeline supporting new product development across various time horizons[30]. - The company has established a dedicated innovation hub, SnackFutures, to leverage emerging consumer trends in mindful snacking[32]. Sustainability and Compliance - The company is committed to sustainability, focusing on mindful snacking and reducing its environmental footprint[51]. - The company is subject to various laws and regulations affecting its operations, including workplace safety, data privacy, and environmental compliance[60][61][62]. - The company has implemented programs to meet environmental compliance requirements, including adherence to the Clean Air Act and Clean Water Act in the U.S.[62]. - The company is subject to extended producer responsibility (EPR) policies in the EU, making it responsible for recycling costs of food and beverage packaging[61]. Financial Risk Management - The company monitors currency exchange rates, commodity prices, and interest rates as part of its risk management program to mitigate financial volatility[308][311]. - The company utilizes derivative instruments to hedge against fluctuations in currency exchange rates, commodity prices, and interest rates[309][312]. - The company regularly evaluates its debt structure and uses interest rate swaps to manage its exposure to interest rate fluctuations[312]. - The company employs a Value at Risk (VAR) model to estimate potential losses in the fair value of its financial instruments[314]. - The VAR computation is a risk analysis tool designed to estimate maximum expected daily loss under specified confidence intervals[316]. - The computation does not represent actual losses and does not consider favorable changes in market rates[316]. - The company cannot predict actual future movements in market rates[316]. - The VAR results are not indicative of future movements in market rates or their impact on future financial results[316]. Cost and Pricing Strategy - The company has experienced input cost volatility due to international demand and macroeconomic conditions, prompting it to take pricing actions to mitigate impacts on earnings[311]. - As of December 31, 2025, the estimated potential one-day loss in fair value for interest rate-sensitive instruments is between $42 million (low) and $84 million (high)[316]. - For foreign currency rates, the estimated potential one-day loss in pre-tax earnings is $27 million (low) to $44 million (high) as of December 31, 2025[316]. - The potential one-day loss in commodity prices ranges from $22 million (low) to $104 million (high) as of December 31, 2025[316]. - As of December 31, 2024, the estimated potential one-day loss in fair value for interest rate-sensitive instruments is between $76 million (low) and $95 million (high)[316]. - For foreign currency rates, the estimated potential one-day loss in pre-tax earnings is $22 million (low) to $46 million (high) as of December 31, 2024[316]. - The potential one-day loss in commodity prices ranges from $14 million (low) to $99 million (high) as of December 31, 2024[316].

Core Insights - Mondelez International, Inc. (MDLZ) reported fourth-quarter 2025 results with revenues and adjusted earnings per share exceeding Zacks Consensus Estimates, driven by pricing and operational efficiencies [1][10] - Cocoa cost inflation was significant during the quarter, but management expects costs to moderate over time [1] Financial Performance - Adjusted earnings per share were 72 cents, a 4.6% increase on a constant-currency basis, surpassing the Zacks Consensus Estimate of 70 cents [2] - Net revenues rose 9.3% year over year to $10.5 billion, exceeding the Zacks Consensus Estimate of $10.3 billion, driven by organic growth, positive foreign-currency impacts, and contributions from the Evirth acquisition [3][10] - Organic net revenues grew 5.1% year over year, with pricing contributing 9.9 percentage points, while volume/mix declined by 4.8 percentage points [4] Regional Performance - Revenues from emerging markets increased 13.2% year over year to $4.1 billion, with organic growth of 8% [5] - Revenues from developed markets rose 6.9% year over year to $6.4 billion, with organic growth of 3.4% [5] - Region-wise, revenues increased 17.3% in Europe, 8.9% in Asia, the Middle East, and Africa, and 7.9% in Latin America, while North America saw a 0.6% decline [6] Margin and Profitability - Adjusted gross profit increased modestly, but adjusted gross margin declined 100 basis points to 30.5% due to elevated raw material costs and an adverse product mix [7] - Adjusted operating income surged 22.1%, with the adjusted operating income margin improving 190 basis points to 11.9% [8] Financial Health - MDLZ ended the quarter with cash and cash equivalents of $2.1 billion and total debt of $21.2 billion [9] - The company generated $4.5 billion in net cash from operating activities and delivered free cash flow of $3.2 billion for the full year 2025 [9] Shareholder Returns - Mondelez returned $4.9 billion to shareholders through dividends and share buybacks during 2025, highlighting its commitment to disciplined capital allocation [11] Future Outlook - For 2026, Mondelez expects organic net revenue growth to range between flat and 2%, with adjusted earnings per share projected to grow between flat and 5% on a constant-currency basis [12][13] - Free cash flow is anticipated to be approximately $3 billion, with currency translation expected to boost net revenue growth by about 2% and lift adjusted EPS by roughly 6 cents [13]

北京商报讯（记者 郭秀娟 王悦彤） 2月4日，北京商报记者获悉，近日，亿滋国际发布2025年第四季度 及全年业绩。2025年第四季度，亿滋国际实现净收入104.96亿美元，同比增长9.3%。2025年全年，亿滋 国际实现净收入385.37亿美元，同比增长5.8%。 ...