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 [1] - The company is undergoing significant transformation efforts, including divestitures, layoffs, leadership changes, and business splits, to adapt to changing consumer habits and market challenges [1] - 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 year [1] Revenue Performance - All business segments reported revenue declines, with the largest drop in home care at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments down approximately 3% [3] - However, underlying sales (excluding acquisitions, disposals, and currency effects) showed a growth of about 3.9%, with beauty & health leading at 5.1% growth [3] Market Dynamics - The Chinese market has shown signs of recovery, with low single-digit growth attributed to targeted marketing strategies and a premium product mix [1][3] - The overall skincare market in China remains vast, with a penetration rate of only 66%, indicating significant growth potential [2] Strategic Initiatives - Unilever is focusing on a future-oriented brand portfolio that prioritizes high-end markets and e-commerce, with the U.S. and India identified as core growth markets [4] - The company is implementing localized innovation strategies, including the establishment of an AI-driven research platform to enhance product development [5][6] Leadership and Organizational Changes - A significant leadership overhaul has been initiated, with 25% of the leadership team being rotated to better respond to local market demands [7] - The CEO has emphasized higher performance expectations and clear accountability within the organization [7]