财报前夜换帅，宝洁开讲新故事

Core Viewpoint - Procter & Gamble (P&G) has announced a change in CEO, with Jon Moeller stepping down and Shailesh Jejurikar taking over effective January 1, 2026, amid concerns about the company's performance and strategic direction [2][3]. Financial Performance - For the fiscal year 2025, P&G reported net sales of $84.284 billion, a year-on-year increase of 2.92%, and a net profit of $15.974 billion, up 7.36% [3]. - In fiscal year 2024, P&G's sales were $84 billion, a 2% increase from the previous year, with net profit at $15 billion, reflecting a 1.68% growth [3]. - The fiscal year 2023 saw net sales of $82 billion, a 2% increase, but net profit declined by 0.6% to $14.653 billion [3]. Pricing Strategy and Market Conditions - P&G's low single-digit sales growth has been significantly influenced by price increases, contributing 1% to organic sales growth in the second quarter of 2025, while volume and currency fluctuations had no significant impact [4]. - The market has shifted from an incremental growth phase to a more competitive environment, requiring brands to innovate and enhance consumer experience to capture market share [4]. Strategic Changes and Restructuring - P&G plans to initiate a "non-core business restructuring plan" aimed at reducing its product portfolio and exiting certain categories, with a goal to cut up to 7,000 non-manufacturing jobs by the end of fiscal year 2027 [5]. - The company will focus on strategic acquisitions in essential goods and brands with significant profit potential, while optimizing its business structure and cost efficiency [5]. - A two-year business portfolio and productivity enhancement plan will commence in July 2025, aimed at improving cost structure and competitiveness [5]. Leadership Transition - Shailesh Jejurikar has been with P&G for 36 years and has held various leadership roles, including COO, where he led initiatives for organizational simplification and supply chain digital transformation [6]. - The board has expressed confidence in Jejurikar's ability to execute the company's transformation strategy, marking a significant leadership transition as P&G enters a new fiscal cycle [6].