联合利华新CEO首份“年成绩单”：实现增长，中国战略地位再提升

Core Viewpoint - Unilever aims to become a more streamlined, agile company by 2025, focusing on sales growth, a strong product portfolio, and robust profit margins [3] Financial Performance - In 2025, Unilever reported a revenue of €50.5 billion, with an underlying sales growth (USG) of 3.5% and a volume growth of 1.5% [4][5] - The overall revenue decreased by 3.8% due to negative factors such as euro exchange rates, but the continuous growth in underlying sales indicates a healthier and more competitive Unilever [5] - The underlying operating profit was €10.1 billion, reflecting a slight decrease of 1.1%, while the operating profit increased by 2.4% to €9.0 billion [10] Segment Performance - The Beauty & Wellbeing segment achieved a sales growth of 4.3%, driven by strong performances from brands like Vaseline and Dove, which saw double-digit growth [11] - Personal Care segment reported a 4.7% sales growth, with volume growth of 1.1% and price growth of 3.6% [11] - Home Care and Foods segments experienced lower sales growth, with Home Care at 2.6% and Foods at 2.5% [10] Brand Strategy - Unilever's 30 core brands, termed "Power Brands," contributed 78% of total revenue, with a sales growth of 2.2% [9] - The company plans to invest 100% of its new BMI into the development of these Power Brands, reflecting a strategic focus on high-growth areas [9] Regional Insights - Asia-Pacific and North America are the largest markets for Unilever, contributing over 80% of total revenue, with Asia-Pacific showing a 4.6% sales growth [12][15] - The North American market performed particularly well, achieving a 5.3% growth, driven by a premium product mix [15] - In China, the overall sales remained flat, but beauty and personal care segments are entering a growth phase due to strategic adjustments [17][21] Strategic Initiatives - Unilever is focusing on high-end product innovation and market expansion in China, with significant investments in e-commerce and product development tailored to local preferences [20][18] - The company has implemented a "sell old, buy new" strategy, divesting from underperforming assets while investing in high-growth categories like beauty and personal care [26] - Unilever's management is enhancing operational efficiency and adapting to AI-driven innovations to accelerate product development and market responsiveness [27][28] Future Outlook - For 2026, Unilever anticipates a basic sales growth of 4% to 6%, with a minimum volume growth of 2% and a slight improvement in profit margins [29] - The company is committed to maintaining a focus on high-growth markets and digital commerce, particularly in the U.S. and India, to counterbalance market slowdowns [29]