Hershey(US:HSY) 第一财经·2026-02-06 08:46Core Viewpoint - The article discusses the financial performance of Hershey (HSY.US) for the year ending December 31, 2025, highlighting a revenue increase but a significant decline in net profit due to rising costs and lower sales [2]. Financial Performance Summary - For the year 2025, Hershey reported a revenue of $11.69 billion (approximately 81.13 billion RMB), representing a year-on-year growth of 4.38%. However, the net profit attributable to shareholders was $883 million (6.13 billion RMB), a decrease of 60.2% compared to the previous year [2]. - In Q4 2025, Hershey's revenue reached $3.09 billion (21.44 billion RMB), showing a year-on-year increase of 7.0%. The net profit for this quarter was $320 million (2.22 billion RMB), down 59.9% year-on-year [2]. - The gross margin for 2025 was 33.5%, down from 47.3% in the previous year. In Q4 2025, the gross margin fell by 17 percentage points to 37.0% [2]. Cost Factors - The decline in gross margin and net profit was attributed to higher commodity costs, increased tariff expenses, and lower sales volumes during the reporting period. Cocoa prices, a key ingredient for chocolate, have been on the rise since Q2 2024, contributing to the reduced profitability [2]. Future Outlook - Hershey has a positive outlook for 2026, projecting a revenue growth of 4% to 5% and an increase in earnings per share by 79% to 89% [3]. Industry Context - Hershey, a significant player in the global snack market, has faced competitive pressures characterized by a "big fish eats small fish" dynamic. The company acquired an 80% stake in Shanghai Jin Si Hou Food Co., Ltd. in 2013. Previous acquisition attempts by Mondelez were thwarted due to disagreements on pricing [4].