01 人口结构变化、经济转型推进，中国快速消费品市场正经历前所未有的变量重构。聚焦消 费分级与世代更迭等核心变量，借鉴国际经验与本土实践，探索突围路径，助力品牌在变 局中把握确定性增长，在波动中行稳致远。 02 当 人 口 结 构 洗 牌 撞 上 经 济 转 型 ， 当 消 费 分 级 与 渠 道 裂 变 同 时 来 袭 ， 中 国 快 速 消 费 品 市 场 的"增长迷雾"正让品牌陷入两难： 投入难见成效？破局缺乏抓手？新品上市即沉？ 2025年8月21日13:30-17:00，上海外滩W酒店 ， Worl dpa ne l 消 费 者 指 数 2025 客 户 会 聚 焦 "以消费者洞察之力，谋品牌增长之道" ，从四大核心话题出发，深度探讨品牌如何穿透消 费者的"所看、所想、所购"，从需求本质切入，解构增长源动力，实现从"活下去"到"可持 续发展"的跨越。 如今，消费者在社交电商、实体零售、即时零售等多元渠道间无缝穿梭，年均跨7个渠道购 物成为常态。在满足消费者对价格敏感度与购买便利性双重需求的同时，一同探寻构建全 渠道协同增长网络的方法。 04 在快速消费品市场连续数年低位运行的背景下，产品创新如何突破 ...

Core Insights - The rivalry between Procter & Gamble (PG) and Unilever (UL) is significant in the global consumer goods sector, with both companies dominating the fast-moving consumer goods (FMCG) market [1][4]. Procter & Gamble (PG) - PG is recognized for its brand-heavy strategy, focusing on high-margin household and personal care products, which grants it strong pricing power and market dominance in North America [2][5]. - The company operates in over 180 countries with a portfolio of well-known brands, creating a competitive moat that allows for swift adaptation to market changes [5][6]. - PG emphasizes brand superiority and innovation, investing in differentiated products across various price tiers, which helps maintain consumer loyalty without heavy discounting [6][7]. - Despite facing potential tariff costs projected at $1-$1.5 billion annually, PG is managing these impacts through supply-chain localization and strategic pricing adjustments [8]. - The Zacks Consensus Estimate for PG's fiscal 2025 sales and EPS indicates year-over-year growth of 0.2% and 3%, respectively, with projected increases of 2.6% and 3.2% in fiscal 2026 [17]. - PG's stock trades at a forward P/E multiple of 24.06, above its 5-year median, indicating a premium valuation that reflects its consistency and brand strength [22][26]. Unilever (UL) - UL adopts a diversified approach with operations in over 190 countries, focusing on both developed and emerging markets, which enhances its market coverage [9][10]. - The company's "Power Brands" account for over 75% of its turnover, demonstrating resilience and growth potential, particularly in developed markets [10][11]. - Under new leadership, UL is pursuing a consumer-focused strategy that emphasizes premiumization and digital marketing, aligning its products with evolving consumer preferences [12][16]. - Unilever's financial performance shows underlying sales growth of 3% in the first quarter of fiscal 2025, with strong contributions from personal care and wellbeing categories [14]. - The Zacks Consensus Estimate for UL's fiscal 2025 sales and EPS suggests year-over-year growth of 4.4% and 2.5%, respectively, with projected increases of 3.2% and 6.1% in fiscal 2026 [17]. - UL's stock has outperformed PG, with a total return of 19.1% over the past year, compared to PG's 3.8% growth [20]. - UL trades at a forward P/E multiple of 18.85, indicating it may be undervalued relative to PG, presenting a potential long-term investment opportunity [22][25]. Comparative Analysis - Both companies have experienced downward estimate revisions recently, but UL shows stronger projected revenue growth compared to PG [19]. - Unilever's more attractive valuation and diversified global presence position it favorably for future growth, while PG's premium valuation reflects its defensive qualities [25][26]. - Investor sentiment is shifting towards UL, supported by positive revisions to its earnings estimates, indicating confidence in its financial performance [28].

19 May 2025 | 7:20AM HKT The 720: Xiaomi, Asia earnings, Mitsubishi Electric, HK Banks, US Internet, JD Logistics In Focus | Xiaomi Xiaomi - Strong AIoT sales to drive higher 1Q25 profit; Eyes on strategic product launch event – Buy. Xiaomi's President hosted a live-streaming session on May 17 where he disclosed strong operating metrics for smartphone/AIoT segments in 1Q25, and released Xiaomi Civi 5 Pro as well as 6 new premium smart home appliance products. More importantly, this session lifted the curtai ...