可口可乐（纪要）：25Q2 或面临高基数压力

Financial Performance Overview - Coca-Cola reported a total revenue of $11.3 billion in Q1 2025, with organic revenue growth of 6%, reaching the upper limit of long-term growth expectations [3][4] - The comparable gross margin improved by approximately 30 basis points, and the comparable operating margin increased by about 130 basis points, with comparable earnings per share at $0.73, a 1% year-over-year increase [4] - Free cash flow was approximately $560 million after excluding Fairlife or other contingent payments [4] - The balance sheet remains robust, with a net debt to EBITDA ratio of 2.1, within the target range of 2-2.5 times [4] 2025 Performance Guidance - The company expects organic revenue growth of 5% to 6% for 2025, with foreign exchange headwinds anticipated to reduce comparable net income by about 2-3 percentage points [4] - The effective tax rate is projected to be 20.8%, with an expected growth of 2% to 3% in comparable earnings per share for the year [4] Q1 Business Performance - Coca-Cola achieved a 2% volume growth, with organic revenue growth meeting long-term expectations, and improvements in both gross and operating margins [5][6] - In North America, revenue and profit increased, but volume did not meet expectations due to adverse weather and weakened consumer sentiment [5] - Latin America saw stable market volumes but achieved organic revenue and comparable fixed currency operating profit growth, with Brazil and Argentina performing well [5] - The EMEA region experienced growth in volume, organic revenue, and comparable fixed currency operating profit, despite mixed performance across Europe [5][6] - Strong volume growth was reported in Eurasia and the Middle East, with localized operations and improved product value driving business success [6] Operational Environment - Some markets are gradually improving, while others face macroeconomic uncertainties and geopolitical tensions affecting consumer confidence [7] - The company benefits from strong industry resilience, predictable growth, and a robust brand portfolio consisting of 30 billion-dollar brands [7] Strategic Initiatives - Coca-Cola's business strategy focuses on consumer-centric approaches, leveraging global scale and local expertise to enhance decision-making speed and flexibility [8]