涨价红利消退？可口可乐2025年营收增长2%，销量持平

Core Insights - Coca-Cola reported Q4 2025 revenue of $11.822 billion, a 2% increase, and net profit of $2.316 billion, a 5% increase, although below market expectations [1] - The company’s full-year revenue for 2025 was $47.941 billion, also a 2% increase, with net profit rising 23% to $13.137 billion [1] - CEO James Quincey emphasized the company's resilience and momentum, focusing on strategic execution for long-term success [1] Financial Performance - Q4 2025 earnings per share (non-GAAP) were $0.58, a 6% increase, exceeding market expectations of $0.56 [1] - For the full year 2025, earnings per share (non-GAAP) were $3.00, a 4% increase, surpassing market expectations of $2.99 [1] - Global unit case volume grew by 1% in Q4, with a 4% increase in concentrate sales and a 1% increase from price/product mix [1] Product and Market Strategy - Coca-Cola's product mix optimization and price increases contributed to revenue and operating profit growth, with an overall price increase of approximately 6% in Q3 2025 [2] - However, after multiple price hikes, there is a noticeable slowdown in sales, particularly in the Asia-Pacific region where price/product mix growth was -3% in Q4 [2] - The company plans to maintain a long-term development strategy in China, emphasizing high-quality leadership in core business areas [2] Future Guidance - Coca-Cola provided guidance for 2026, expecting organic revenue growth of 4% to 5% and earnings per share (non-GAAP) growth of 7% to 8%, which remains below market expectations [2] - The company has invested in upgrading five production bases in China over the past three years, focusing on factory construction, capacity expansion, and smart transformation [2]