当地时间2月16日至20日，在全球消费品行业最具影响力的顶级投资者盛会之一——纽约消费者分析师集团会议上，全球最大的快消品公司宝洁公司亮 相。 会上，今年1月才走马上任的宝洁公司新CEO（首席执行官），也是首位印度裔CEO Shailesh Jejurikar首秀并发表演讲，首次公开了他对宝洁未来发展的最 新规划。他是宝洁的37年老将，同时拥有印度、东盟和北美等国家和地区的任职经验，在发达和发展中地区以及多个业务领域都作出过贡献，履新前为宝 洁的COO（首席运营官）。 每经记者｜王帆 每经编辑｜陈柯名 张益铭 《每日经济新闻》记者注意到，上月披露的宝洁2026财年Q2业绩显示，宝洁该季度净销售额增长1%。这份稳健有余但增长放缓的成绩单，揭示出宝洁这 艘行驶了189年、年销售规模近5800亿元人民币的"巨轮"穿越周期的韧性，也暴露了其在全球复杂经济环境下，依靠内生性销量实现扩张的难度正在加 大。 在这个节点，Shailesh Jejurikar接下了一个重担子。他在演讲中提到宝洁当下面临的三大变化——媒体碎片化、通货膨胀、零售格局变革，提出要"重塑 （reinvention）"宝洁，已经采取了"紧急干预措施（m ...

《每日经济新闻》记者注意到，上月披露的宝洁2026财年Q2业绩显示，宝洁该季度净销售额增长1%。这份稳健有余但增长放缓的成绩单，揭示出宝洁这艘 行驶了189年、年销售规模近5800亿元人民币的"巨轮"穿越周期的韧性，也暴露了其在全球复杂经济环境下，依靠内生性销量实现扩张的难度正在加大。 在这个节点，Shailesh Jejurikar接下了一个重担子。他在演讲中提到宝洁当下面临的三大变化——媒体碎片化、通货膨胀、零售格局变革，提出要"重塑 （reinvention）"宝洁，已经采取了"紧急的干预措施（making interventions with urgency）"，并表示宝洁要更加聚焦和高效。 宝洁公司新任CEO Shailesh Jejurikar 图片来源：宝洁官网 SK-II、汰渍、帮宝适、护舒宝、舒肤佳、海飞丝、潘婷、飘柔、佳洁士、OLAY⋯⋯凭借这些耳熟能详的品牌，2025财年宝洁全球净销售额达到843亿美元 （约合人民币5788亿元），与上一财年基本持平，剔除收购、出售以及汇率变动影响后的有机销售额增长2%。 每经记者｜王帆 每经编辑｜张益铭 当地时间2月16日至20日，在全球消费品行业最具 ...

本文系本质视点原创文章，作者程铮，转载请注明出处。 01价值重塑： 消费逻辑的根本性转变： 从"性价比"到"值价比" 报告揭示，中国消费者的核心诉求正在发生一场静默但深刻的革命：从追求外在的"性价比"转向关注内 在自我投资的 "值价比"。这一转变的核心驱动力被概括为"与我相关"——消费者在压缩不必要开支、 追求确定性与高性价比的同时，将健康、便捷、安全及消费体验等与个人福祉紧密相关的因素，提升为 评估产品价值的首要标准。 数据印证趋势：消费者信心正在回升，50%的受访者预计2026年初财务状况将"比现在更好"。同时，消 费行为更趋理性，对单纯价格促销的敏感度降低，大部分消费者更看重价格与产品核心价值、功能的匹 配度。超过80%的消费者将产品安全与质量列为购买首要考量因素。 对大健康与快消品行业的核心启示如下： 在宏观经济稳中向好的背景下，中国消费市场正站在新一轮变革的起点。 2025年12月，消费者研究与零售监测公司尼尔森IQ（NIQ）发布了《通往2026：中国消费者趋势洞察》 专项报告。报告明确指出，2026年的中国消费市场将呈现"稳中有进、代际分化、需求多元"的核心特 征。 对于身处大健康与快速消费品（快 ...

公司宣布2026年启动15亿欧元股票回购计划(第二季度执行)，并预计全年基础销售额增长处于4%-6%区 间下限，销量增长至少2%。稳健指引叠加回购计划，提振市场信心。 股票近期走势 财报发布后(2月12日)，单日成交量放大至813万股，反映投资者对转型策略认可。2月13日股价收于 74.79美元，当日上涨1.81%，成交金额达3.70亿美元，量比1.77，显示资金活跃度攀升。 股票近期走势 经济观察网联合利华(UL.N)股价在2026年2月13日创下历史新高的主要原因，可归纳为以下四方面： 业绩经营情况 2025年第四季度基础销售额增长4.2%，高于市场预期的4%，其中销量增长2.1%、价格增长2.0%，显示 增长由销量驱动，质量提升。全年营业利润同比增长2.4%至90亿欧元，净利润增长2.9%至62亿欧元， 利润率保持稳定。高增长业务(美容与健康、个人护理)全年基础销售额分别增长4.3%和4.7%，贡献超 50%营收，成为核心引擎。 战略推进 冰淇淋业务于2025年12月完成分拆，集团资源进一步向高毛利的美妆个护领域倾斜，品牌组合优化 15%。新兴市场改善显著，中国市场在2025年下半年业绩回暖，第四季度实 ...

Core Insights - The fast-moving consumer goods (FMCG) market in 2025 showed a slight overall growth of 2.2% year-on-year, with non-food categories leading at a growth rate of 9.7%. However, December experienced a negative growth of -2.7%, indicating a year-end slowdown in consumer demand [5][6][19]. Market Overview - The overall FMCG market growth for 2025 was 2.2%, with non-food categories growing by 9.7%. In December, the growth rate turned negative at -2.7%, and e-commerce growth slowed to 3.4% [5][6]. - Online channels were the main growth driver, achieving a 16.7% increase for the year, while offline channels saw a decline across various formats, with convenience stores showing better resilience [7][10]. Channel Performance - Online platforms outperformed offline channels, with significant growth in comprehensive and content e-commerce. Offline channels, including hypermarkets and supermarkets, faced sales challenges [10][14]. - In terms of city-level performance, all tiers of offline markets experienced declines, with county and rural markets performing better than higher-tier cities [14][15]. Category Performance - Personal care emerged as the standout category with an annual growth rate of 11.5%, while snacks and dairy products saw declines. In December, baby food and snacks experienced significant drops, with staple grains and dairy also recording negative growth [2][19]. - The household care category is shifting from price competition to value competition, focusing on innovation to meet evolving consumer needs. Online channels for household care are diversifying, with platforms like Douyin, JD, and Alibaba showing varied growth [21][25]. Conclusion - The FMCG market in 2025 is characterized by structural adjustments in consumer demand and channel strategies, with a notable shift towards online sales and innovation in product offerings to cater to changing consumer preferences [1][2][19].

Core Insights - Unilever reported a revenue of €50.5 billion for 2025, representing a year-on-year decline of 3.8% [1] - The underlying operating margin increased by 60 basis points to 20.0% [1] - Underlying earnings per share grew by 0.7% [1] Business Segment Performance - Beauty and wellness segment saw an underlying sales growth of 4.3% [1] - Personal care segment achieved an underlying sales growth of 4.7% [1] - Home care and food segments recorded underlying sales growth of 2.6% and 2.5%, respectively [1] Future Outlook - Unilever anticipates a growth rate for underlying sales in 2026 to be in the range of 4%-6% [1] - The company expects at least a 2% growth in underlying volume [1] - A slight improvement in underlying operating margin is also projected [1]

Core Insights - Unilever reported a revenue of €50.5 billion for 2025, reflecting a year-on-year decline of 3.8%, while net profit reached €6.2 billion, showing a growth of 2.9% [1] Group 1: Financial Performance - The revenue decline of 3.8% indicates challenges in the overall market environment for Unilever [1] - The net profit increase of 2.9% suggests effective cost management or operational efficiencies despite revenue challenges [1] Group 2: Market Performance in China - In the Chinese market, Unilever's full-year underlying sales remained stable, with a mid-single-digit growth in the fourth quarter of 2025 [1] - Growth in China was primarily driven by the beauty and health, as well as personal care segments, supported by strategies to enhance market expansion and accelerate premiumization [1]

Core Insights - Unilever's total revenue for 2025 was €50.5 billion (approximately ¥413.9 billion), with a base sales growth rate of 3.5% [2] - The beauty and personal care segment became the core driver, contributing over half of the total revenue [2] - The company announced a new €1.5 billion (approximately ¥12.3 billion) stock buyback plan expected to start in Q2 2026 [3] Performance Overview - Total revenue slightly missed market expectations of €51.3 billion, with a base operating profit of €10.08 billion also falling short [2] - The personal care business generated €13.2 billion with a base sales growth of 4.7%, while the beauty and health segment reached €12.8 billion with a growth of 4.3% [2] - Home care and food segments showed growth rates of 2.6% and 2.5%, respectively, indicating a trend of improvement [2] Strategic Developments - The ice cream business was successfully spun off in 2025, and the brand portfolio optimization reached 15%, reallocating resources towards the higher-margin beauty and personal care sector [3] - The company is pursuing transformation through acquisitions (e.g., Wild, Dr. Squatch) and divestitures of non-core assets (e.g., Kate Somerville, The Vegetarian Butcher) [3] Regional and Market Dynamics - Emerging markets like Asia-Pacific and Africa showed strong performance, with Indonesia's base sales growing by 12.7% [4] - The Chinese market returned to low single-digit growth after Q3 2025, while high-end product innovation drove growth in the European home care business [4] - For 2026, the company anticipates a base sales growth rate in the range of 4%-6%, with a minimum base volume growth of 2% [4] Stock Performance - As of February 12, 2026, Unilever's stock price closed at $71.86, down 1.92% for the day, with a year-to-date increase of 9.88% [5]

Core Viewpoint - Unilever's Q4 2025 sales performance exceeded market expectations, driven by strong demand for premium beauty and home care products in key markets like the US and India [1][4]. Financial Performance - Unilever's Q4 sales amounted to €12.6 billion, a year-on-year decline of 2.7%, but the underlying sales growth was 4.2%, surpassing analyst expectations of 4% [1][4]. - The full year 2025 turnover reached €50.5 billion, with an underlying sales growth (USG) of 3.5% [3]. Segment Performance - Beauty & Wellbeing segment sales were €3.2 billion, with underlying sales growth of 4.7%, volume growth of 2.8%, and price growth of 1.8% [3]. - Personal Care segment sales reached €3.3 billion, with underlying sales growth of 5.1%, volume growth of 0.6%, and price growth of 4.5% [3]. - Home Care segment sales were €2.8 billion, with underlying sales growth of 4.7%, volume growth of 4.0%, and price growth of 0.6% [3]. - Foods segment sales totaled €3.3 billion, with underlying sales growth of 2.3%, volume growth of 1.3%, and price growth of 1.0% [3]. Strategic Developments - This report follows Unilever's divestiture of its ice cream business, including Ben & Jerry's, and coincides with CEO Fernando Fernandez's nearly one-year tenure [4]. - Fernandez continues the transformation plan initiated by his predecessor, focusing on streamlining the company by divesting non-scalable brands and promoting the growth of its most successful products [4]. - Unilever announced a €1.5 billion (approximately $1.8 billion) share buyback program starting in Q2 2026 [4]. Future Outlook - Unilever expects its underlying sales growth for 2026 to be at the lower end of its long-term target range of 4% to 6%, aligning with analyst expectations [4]. - Analysts have mixed opinions on Unilever's ability to maintain its current momentum, with some highlighting potential growth in emerging markets, while others express concerns about limited future growth compared to peers [4].

Group 1 - Unilever reported a turnover of €50.5 billion, with a 3.5% growth in underlying sales and a 1.5% increase in volume growth [2] - The Beauty & Wellbeing segment generated €12.8 billion in sales, with underlying sales growth of 4.3%, volume growth of 2.2%, and price growth of 2.1% [2] - The Personal Care segment achieved €13.2 billion in sales, with underlying sales growth of 4.7%, volume growth of 1.1%, and price growth of 3.6% [2] - The Home Care segment reported €11.6 billion in sales, with underlying sales growth of 2.6%, volume growth of 2.2%, and price growth of 0.4% [2] - The Foods segment had sales of €12.9 billion, with underlying sales growth of 2.5%, volume growth of 0.8%, and price growth of 1.7% [2] Group 2 - This is Unilever's first financial report following the spin-off of its ice cream business, including Ben & Jerry's, coinciding with CEO Fernando Fernandez's nearly one-year tenure [3] - Fernandez is continuing the transformation plan initiated by his predecessor, focusing on divesting non-scalable brands and promoting the growth of the company's most successful products [3] - Investors have welcomed this strategy, with Unilever's stock price rising over 12% year-to-date as of the latest market close [3] - Looking ahead, Unilever expects its underlying sales growth to be at the lower end of its 4% to 6% multi-year target range for 2026, aligning with analyst expectations [3] - The company announced a €1.5 billion (approximately $1.8 billion) share buyback program starting in the second quarter [3] - Analyst opinions on Unilever's ability to maintain its positive momentum are mixed, with some highlighting growth potential in emerging markets, while others have downgraded the stock rating due to limited future growth potential compared to peers [3]