百事第三季度营收超1700亿元，CEO大赞“全球韧性”，中国市场却成了“隐痛”？

Core Viewpoint - PepsiCo's Q3 performance exceeded expectations, with strong global market results, particularly in international markets, but the performance in China raises concerns [1][2] Financial Performance - For Q3 2025, PepsiCo reported a revenue increase of 2.6% year-over-year to $23.94 billion (approximately ¥1746.42 billion), surpassing Wall Street expectations [2] - North American snack and beverage sales declined, while sales in Latin America and Asia increased [2] - Net income attributable to PepsiCo was $2.60 billion, down from $2.93 billion in the previous year [4] Market Performance - The Chinese market was not highlighted in the earnings report, indicating a lack of growth, with beverage sales showing a low single-digit decline [5][7] - In contrast, Coca-Cola has regained market share in China, with its flagship products performing well [5] Strategic Challenges - PepsiCo's cautious language regarding its beverage business in China suggests underlying issues, with a focus on snack performance instead [7] - Despite efforts to localize products and marketing, such as launching region-specific flavors and partnering with local brands, these initiatives have not yielded significant sales improvements [8][10] Competitive Landscape - PepsiCo's slower innovation pace in the beverage sector has allowed competitors like Coca-Cola to capture market share, particularly with health-oriented products [10][12] - The company's distribution strategy has faced challenges, with a fragmented channel network limiting its market penetration compared to Coca-Cola's established system [12][14] - Increased competition from local brands and new beverage categories has further complicated PepsiCo's position in the Chinese market [14]