联合利华股价创历史新高，业绩超预期与战略转型成效显著

Core Viewpoint - Unilever's stock price reached a historical high on February 13, 2026, driven by strong operational performance, strategic initiatives, and positive market sentiment [1] Performance Overview - In Q4 2025, Unilever's underlying sales grew by 4.2%, surpassing market expectations of 4%, with volume growth of 2.1% and price growth of 2.0%, indicating growth driven by volume and quality improvement [2] - For the full year, operating profit increased by 2.4% to €9 billion, and net profit rose by 2.9% to €6.2 billion, with stable profit margins [2] - High-growth segments, including Beauty & Wellbeing and Personal Care, saw underlying sales growth of 4.3% and 4.7% respectively, contributing over 50% of total revenue and serving as core growth engines [2] Strategic Initiatives - The ice cream business was spun off in December 2025, allowing the company to allocate more resources to the higher-margin beauty and personal care sectors, optimizing the brand portfolio by 15% [3] - Significant improvements were noted in emerging markets, with the Chinese market showing recovery in the second half of 2025, achieving mid-single-digit growth in Q4, primarily driven by Beauty & Wellbeing and Personal Care [3] Financial Movements - The company announced a €1.5 billion share buyback plan to commence in 2026 (executed in Q2), with an expected full-year underlying sales growth at the lower end of the 4%-6% range and volume growth of at least 2% [4] - The combination of stable guidance and the buyback plan has boosted market confidence [4] Recent Stock Performance - Following the earnings report on February 12, trading volume surged to 8.13 million shares, reflecting investor approval of the transformation strategy [5] - On February 13, the stock closed at $74.79, up 1.81% for the day, with a trading volume of $370 million, indicating increased market activity [5] - As of February 13, Unilever's stock had risen 3.70% over the past five days, outperforming the Nasdaq index, which declined by 1.49%; year-to-date, the stock has increased by 14.36%, with a price-to-earnings ratio (TTM) of 14.73 and a dividend yield of 3.03%, indicating a reasonable valuation [6]