新京报讯（记者王子扬）7月23日，新京报记者了解到，全球饮料企业可口可乐公司发布的2025年第二 季度财报显示，公司二季度营收125.35亿美元，增长1%；有机营收增长5%；净利润为38.03亿美元，增 长58%。尽管可口可乐公司当季的全球单箱销量下降1%，但中亚、阿根廷和中国市场的增长被墨西 哥、印度和泰国市场的下降所抵消。 詹鲲杰表示："面对第二季度不断变化的外部环境，我们系统保持专注与灵活应变，确保了业务在上半 年稳步推进。我们将继续坚定执行战略重点，有信心实现更新的2025全年业绩指引及长期目标。" 编辑 唐峥 校对 陈荻雁 根据财报显示，可口可乐公司旗舰品牌"可口可乐"表现稳健，第二季度无糖可口可乐实现了14%的增 长。在中国市场，尽管消费者情绪偏谨慎，可口可乐公司仍实现了销量增长。这得益于可口可乐品牌产 品及餐饮渠道表现更强劲。可口可乐的系统正制定更精细的渠道与客户执行策略，推动更具针对性的促 销活动，并加速冰柜投放。今年5月，中粮可口可乐饮料（贵州）有限公司新建易拉罐生产线正式投 产，预计年产能将新增约五万吨。今年6月，海南太古可口可乐饮料生产基地项目落户海口国家高新 区，预计年内启动建设。 值 ...

Group 1 - The core viewpoint highlights the popularity of lemon tea among young consumers, with lemon flavor holding a 39% market share in the ready-to-drink fruit tea segment, making it the leading flavor [1] - Vitas' new product, "Vita Duck Shit Fragrant Lemon Tea," combines Duck Shit Oolong tea with fragrant lemons, catering to diverse consumer preferences and addressing the trend of flavor innovation in the lemon tea market [3] - The product features a unique blend of two key ingredients, Duck Shit Oolong tea and high-quality fragrant lemons, offering a refreshing taste experience while reducing sugar content to balance acidity and bitterness [3] Group 2 - The product is designed for various consumption scenarios, allowing young consumers to enjoy a refreshing experience anytime, whether at gatherings, leisure moments, or short trips [5] - The combination of Duck Shit tea and fragrant lemons is driving innovation in the lemon tea sector, reinforcing Vitas' leadership position in the market [5] - Vitas plans to continue strengthening its product matrix with a focus on "bitter and refreshing" offerings to maintain its competitive edge in the lemon tea category [5]

Core Insights - The acquisition of 85% stake in Dayao Soda by KKR marks a significant turning point for the brand, which has previously resisted foreign investment [2][3] - Dayao Soda's management has stated that their national and youth-oriented strategies will remain unchanged, focusing on long-term brand development and consumer needs [2] - The shift in Dayao's stance towards accepting foreign investment is attributed to the urgent need for national expansion and competition against major players like Coca-Cola and Pepsi [2] Company Summary - KKR will gain absolute control over Dayao Soda post-acquisition, which is expected to lead to a stronger focus on the soda business and accelerated national expansion [3] - The acquisition raises questions about consumer loyalty and the potential impact on Dayao's brand identity as it transitions from a domestic to a foreign-controlled entity [3] - Dayao Soda's reliance on the restaurant channel poses challenges for expanding into the retail market and adapting to health trends [3] Industry Summary - This acquisition could reshape the domestic soda industry landscape, with Dayao potentially challenging the market dominance of Coca-Cola and Pepsi [3] - The involvement of KKR may facilitate the integration of other regional soda brands, influencing the overall market dynamics in the coming years [3]

Core Insights - Coca-Cola reported a net profit of $3.803 billion for Q2, a significant increase of 58% year-over-year [1] - The company's revenue reached $12.535 billion, reflecting a 1% year-over-year growth, with organic revenue growth of 5% [1] - Operating profit margin improved from 21.3% in the previous year to 34.1%, with earnings per share of $0.87, surpassing market expectations of $0.83 [1] Financial Performance and Business Development - Overall shipment volume decreased by 1%, influenced by varying market performances across regions [3] - Growth in Central Asia, Argentina, and China was offset by declines in Mexico, India, and Thailand [3] - Sales of carbonated soft drinks fell by 1%, with Coca-Cola brand sales also down by 1% [3] - Growth in Europe, the Middle East, and Africa could not fully compensate for declines in Latin America [3] - Zero Sugar Coca-Cola showed strong performance with a 14% increase, contributing from all operational regions [3] - Sales of carbonated flavored beverages decreased by 2%, while juice, value-added dairy, and plant-based beverage sales fell by 4% [3] - Water, sports drinks, coffee, and tea sales remained stable, with coffee sales up by 1% due to strong performance in the Asia-Pacific region [3] - Price/product mix increased by 6%, driven by market pricing strategies and favorable product mix [3] Sugar-Based Products and Coffee Business Expansion - Coca-Cola plans to launch a product made with American sugar this fall in the U.S. to complement its core product lineup [4] - The new product aims to provide more options for consumers with different preferences [4] - The company has utilized sugar sweeteners in various beverages, including lemonade, tea, coffee products, and vitamin water [4] - Typically, Coca-Cola sold in the U.S. uses high fructose corn syrup, while countries like Mexico, the UK, and Australia often use sugar [4] - Food scientists note that high fructose corn syrup enhances fruit and spice flavors, while sugar provides a broader and longer-lasting sweetness [4] - The coffee business performed well in the Asia-Pacific region with a 1% sales increase, while tea business remained stable [4] - Growth in Europe, the Middle East, and Africa was offset by declines in North America [4]

每经记者｜范芊芊 每经编辑｜张海妮 当地时间7月22日，可口可乐发布了2025财年第二季度财报。在本财季，可口可乐的营收为125.35亿美 元，同比增长1%，净利润为38.03亿美元，同比增长58%。 净利润的大幅增长或源于提价和产品组合的调整。根据财报，2025财年第二季度，可口可乐全球销量同 比下滑1%，但价格/产品组合同比增长6%。其中，中国市场销量则实现了增长。在财报会上，可口可乐 公司董事会主席兼首席执行官詹鲲杰表示，中国市场、旗舰品牌可口可乐和餐饮渠道的强劲表现推动了 整体销量增长。 在财报会上，另一备受关注的话题是可口可乐的蔗糖饮品。"今年秋季在美国市场，我们将推出一款使 用美国蔗糖制成的产品，以扩大旗舰品牌可口可乐的范围，满足消费者对差异化口味的需求。"在财报 会上，詹鲲杰这样表态。他还表示："实际上，从柠檬水到茶饮、部分咖啡饮品以及维生素水系列，我 们美国产品线中的多个品牌都在使用蔗糖。我们正在全面探索各类可用的甜味剂方案，根据消费者的偏 好进行灵活调配。" 在财报会上，詹鲲杰还提到了咖啡这一品类。在他看来，在整个饮料行业中，咖啡是一个规模庞大、市 场分散且持续增长的品类。他也坦言，从投资策 ...

Core Insights - Coca-Cola Company reported Q2 2025 earnings showing resilient growth with revenue of $12.535 billion, a 1% increase, and net income of $3.803 billion, a 58% increase [1] - The company updated its full-year 2025 guidance, projecting comparable currency-neutral EPS growth of approximately 8%, organic revenue growth of 5%-6%, and non-GAAP EPS growth of about 3% [1] Financial Performance - Q2 revenue reached $12.535 billion, up 1% year-over-year - Organic revenue growth was reported at 5% - Net income for the quarter was $3.803 billion, reflecting a 58% increase - Non-GAAP EPS was $0.87, a 4% increase [1] Market Strategy - Coca-Cola's CEO emphasized the company's focus on strategic execution and adaptability in a changing external environment [1] - The flagship brand Coca-Cola showed strong performance with a 14% increase in no-sugar Coca-Cola sales [1] - The company is implementing refined strategies in the Chinese market to enhance channel and customer engagement [2] Brand Innovation - Coca-Cola China launched new flavors and interactive experiences to resonate with consumer needs, including the return of the "Share a Coke" campaign targeting younger consumers [3][5] - Sprite introduced a new sugar-free flavor "Ice Lemon Berry" to capitalize on the "cooling economy" [6] - Fanta engaged with the gaming community through a collaboration with the popular mobile game "Zero Zone," creating themed products [8][10] Production and Investment - Coca-Cola China is enhancing local investments and optimizing production capacity to meet growing consumer demand [15] - A new beverage production facility is set to be established in Haikou, expected to enhance production efficiency [15][17] - A new can production line in Guizhou has been launched, adding approximately 50,000 tons of annual capacity [19] Community Engagement - Coca-Cola China activated its emergency response mechanism "Clean Water 24 Hours" to provide over 560,000 bottles of drinking water to affected areas during the flood season [19][20]

Group 1 - The report highlights the top five actively increased sectors in public funds for Q2 2025, which are communication, pharmaceutical biology, non-bank financials, banking, and military industry, indicating a shift in investment logic towards these sectors [2] - The absolute allocation of active equity funds shows a significant drop in midstream manufacturing and an increase in downstream consumption, with midstream manufacturing at 41.86% and downstream consumption at 34% [2] - The report notes that electronic, pharmaceutical biology, and power equipment sectors have the highest overweight ratios in the industry, while the overweight ratios for power equipment, automotive, and food and beverage sectors have decreased [2] Group 2 - The banking sector has experienced a notable price correction since July 11, with the banking index down 3.41% as of July 18, primarily due to profit-taking and shareholder sell-offs [6] - Despite the recent correction, the long-term positive trend for bank valuations remains intact, supported by stable net interest margins and improving non-interest income [9] - The report recommends focusing on quality regional small and medium banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks like ICBC, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [9] Group 3 - The report discusses the expected policy measures from the upcoming Political Bureau meeting, which may further promote domestic circulation and economic stability [4] - It notes that the A-share market has shown slight increases due to better-than-expected economic growth and policies encouraging long-term capital inflow [4] - The report emphasizes the importance of monitoring the performance of various asset classes, including equities and fixed income, in light of ongoing economic adjustments [4][27]

Core Viewpoint - Coca-Cola Company announced the launch of a new cola product using "American cane sugar" as a sweetener in the U.S. market this fall, following President Trump's advocacy for the switch from high fructose corn syrup to cane sugar, which he described as a "better" choice [1][4]. Group 1: Product Development - The new product will complement the classic cola and will not replace the existing formula, as stated by CEO James Quincy during an investor call [4]. - The company is actively exploring various sweetener options in response to consumer interest in "differentiated experiences" [4]. Group 2: Industry Response - Trump's suggestion to replace corn syrup with cane sugar faced opposition from the U.S. corn industry, which warned of potential job losses in food manufacturing and reduced farmer incomes without nutritional benefits [6]. - Industry experts noted that the current cane sugar production in the U.S. is insufficient to fully replace corn syrup in beverages [6]. Group 3: Historical Context - Historically, Coca-Cola originally used cane sugar for sweetness before switching to corn syrup in the 1980s due to rising cane sugar prices influenced by government tariffs on imported sugar [6]. - Despite the U.S. shift, Coca-Cola products in markets like Mexico, the UK, and Australia still use cane sugar, with U.S. consumers often expressing a preference for the unique taste of cane sugar cola [7].

【环球时报综合报道】据彭博社等外媒报道，可口可乐公司22日宣布，计划于今年秋季推出一款采用美国蔗糖的新款可乐产品。素以爱喝可乐闻 名的美国总统特朗普本月16日说，他正与可口可乐公司讨论将其在美国销售的可乐配方中的甜味原料从玉米糖浆改回蔗糖，称此为"更好"的选 择。 可口可乐公司在声明中表示，这一新品推出旨在补充公司强大的核心产品组合，为不同消费场景和口味偏好提供更多选择。 据路透社报道，美国的食品公司正在寻求更健康的替代品，以响应卫生部长小罗伯特·F·肯尼迪的"让美国再次健康"（MAHA）运动。报道称，肯 尼迪和他的"让美国再次健康"运动的积极分子一直在推动改变食品和饮料行业使用的成分，将矛头指向了加工食品和人工成分。肯尼迪表示，食 用蔗糖和高果糖玉米糖浆都不健康，但科学家称蔗糖比高果糖玉米糖浆具有一些营养优势。 更严峻的是，如果可口可乐真的从高果糖玉米糖浆完全转向蔗糖，将造成玉米需求萎缩。这可能会对艾奥瓦州（该国最大的玉米种植州）造成经 济打击，同时也会给美国玉米产业带来压力。 金融分析机构琼斯研究分析师希瑟·琼斯称，生产1磅高果糖玉米糖浆需要消耗大约2.5磅玉米，美国玉米糖浆使用量如果大幅转变将减少谷物需 ...

然而，问题来了——这真的是为了"让美国再次健康"吗？还是另有隐情？ 第一章：一瓶可乐，撼动美国三大核心利益 7月的华盛顿，烈日炎炎，热浪滚滚，几乎让人难以喘息。就在这样一个被灼热阳光笼罩的午后，美国 总统特朗普再度成为舆论的中心。这回，他没有针对中国发起攻击，也没有对媒体展开猛烈抨击，而是 把矛头对准了一瓶可乐——他在社交平台TruthSocial上高调宣称："可口可乐将用真正的蔗糖取代高果 糖玉米糖浆（HFCS）！"一句话，瞬间点燃了网络舆论的火焰。左翼媒体一头雾水，右翼支持者则欢呼 雀跃，而整个饮料行业、农业界、营养学界甚至政坛，都被这瓶"换糖"的可乐搅得沸沸扬扬。 表面上看，这不过是甜味剂配方的一次技术性调整，但实际上，它牵动了美国农业利益、公众健康以及 特朗普手中的政治民粹三条关键神经。 首先，必须弄清楚为何美国的可口可乐数十年来并未使用蔗糖，而是选择了高果糖玉米糖浆。背后的原 因其实很简单：经济利益。 美国政府对国内玉米种植给予大量补贴，令玉米糖浆的成本极低；同时，为了保护国内蔗糖产业，美国 对进口蔗糖征收高额关税。由此，一个庞大且廉价的高果糖玉米糖浆市场得以形成，并几乎垄断了甜味 剂供应。 自19 ...