联合利华，营收全线下滑

Core Insights - Unilever reported a 3.5% year-on-year decline in revenue for the first nine months of 2025, totaling €44.8 billion, with all five business segments experiencing a downturn [2] - The company is undergoing significant transformation efforts, including divesting over 20 non-core beauty and personal care brands, as it faces market challenges from changing consumer habits [2] - The ice cream business spin-off is expected to be completed in Q4 2025, with the CEO expressing confidence in improved operating profit margins for the second half of the year [2] Financial Performance - Revenue declines were noted across all business segments, with household care experiencing the largest drop at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments both around 3% [5] - Despite the overall revenue decline, underlying sales growth of approximately 3.9% was achieved, with beauty & health leading at 5.1% growth [5] - The Asia-Pacific and Africa regions showed a 6.8% increase in underlying sales, with China returning to growth, contrasting with earlier declines [5] Market Strategy - Unilever's growth in China is attributed to targeted marketing strategies and a premium product mix, although the market is still recovering [2][5] - The company is focusing on high-end markets and e-commerce, with significant reforms in its distribution system and adjustments to core brand operations [6] - Local innovation is becoming a key strategy, with R&D efforts being localized to better meet consumer demands in China [8][10] Consumer Trends - Chinese consumers are increasingly demanding more effective and clinically validated products, driving industry upgrades [9] - The skincare market in China is noted to have significant growth potential, with a penetration rate of only 66% [3]