她已经肚子疼、恶心呕吐一个月了，一直以为只是因为最近压力太大。 直到，医生在她的胃里发现一大块"石头"，停掉了让她成功减重18千克的网红神药，并开出处方：12小时内喝下3升无糖可乐。 医嘱——大量喝可乐 ｜ giphy 肚子疼，最可能的原因有两种 这位63岁女性的肚子疼，位置在上腹部和右侧腹部，并蔓延到背部，是烧灼一样的感觉，按压右侧腹部会加重疼痛。 最近一个月，她胃口不好，觉得恶心，还经常呕吐。到急诊看病之前，她自己吃过一些抑制胃酸分泌的药，但没什么效果。 过去一年时间，她的体重从93千克（身高1.7米，肥胖）减轻到75千克，最近一个月减轻速度加快。而一年前，正是她开始使用司美格鲁肽的时间点，用 药是为了控制2型糖尿病和体重。 除了这两个问题，她还确诊过很多疾病，包括胃食管反流病、高血压、慢性肾脏病、慢性阻塞性肺疾病、腰背痛、焦虑和抑郁等，目前每天都吃的药物共 有16种。 医生一一排查，把她腹痛、恶心呕吐的最可能原因集中到了两种疾病上。一种是消化性溃疡，因为患者近一周为缓解腰背痛吃了24片布洛芬。另一种是胃 石，因为患者的长期用药中有两种会增加胃石形成的风险。 接下来的胃镜检查给出了答案，医生在她的胃里看到 ...

Core Insights - Coca-Cola reported a 5% revenue growth in Q3 2025, reaching $12.455 billion, exceeding market expectations of $12.41 billion [1] - Organic revenue increased by 6%, with net profit rising by 29% to $3.683 billion [1] - Earnings per share (non-GAAP) grew by 6% to $0.82, surpassing the market forecast of $0.78 [1] Revenue Drivers - The revenue growth was primarily driven by average price increases and product mix optimization, with a price increase of approximately 6% in Q3 [1][2] - The Asia-Pacific market, including China, saw a 13% year-over-year increase in operating profit, supported by favorable pricing strategies and product mix, with a price/product mix growth of 8% [1][4] Market Performance - Global unit case volume increased by 1% in Q3, with flagship Coca-Cola brand volume growing by 1%, mainly driven by Europe, the Middle East, Africa, and Asia-Pacific markets [2] - Notably, the sales of no-sugar Coca-Cola surged by 14%, while other product categories like juices and dairy saw declines [2][3] Strategic Investments - Coca-Cola reaffirmed its commitment to the Chinese market, with significant investments in new production facilities [1][4] - Two new factories in Shaanxi and Henan were completed and put into operation, alongside the completion of the main structure of the Greater Bay Area smart green production base [4][5][7] Future Outlook - The company reiterated its 2025 performance guidance, expecting a comparable currency-neutral earnings per share growth of approximately 8%, up from a previous estimate of 7%-9% [3] - The forecast for organic revenue growth for the full year 2025 remains at 5% to 6%, consistent with prior expectations [3]

Core Viewpoint - Coca-Cola reported a strong Q3 2025 performance, with total revenue of $12.46 billion, a year-on-year increase of 5.1%, slightly exceeding market expectations [2][6][14] Revenue Performance - The company achieved organic revenue growth of 6%, marking a recovery from previous negative growth, driven by the introduction of smaller, lower-priced packaging and eco-friendly options [2][14] - Concentrate sales remained flat year-on-year, while prices increased by 6%, highlighting the importance of high-priced products in the company's growth strategy [2][28] Regional Performance - The Asia-Pacific region showed significant growth, with a 7% increase in revenue, primarily due to enhanced freezer placements in China [3][18] - North America generated $5.25 billion in revenue, a 4% increase, with strong performance in water and sports drinks, despite a weaker carbonated beverage market [17] - EMEA region revenue grew by 10% to $3 billion, benefiting from tourism and outdoor consumption [17] - Latin America faced challenges with a 4% decline in revenue, impacted by macroeconomic factors [17] Product Category Insights - Sugar-free cola experienced a remarkable 14% growth, continuing a trend of double-digit increases for five consecutive quarters, significantly outpacing classic cola [3][22] - Health-related products, including ready-to-drink tea and sports drinks, performed well, exceeding industry averages [3][22] Profitability Metrics - Gross margin improved by 0.8 percentage points to 61.5%, supported by lower raw material costs and an enhanced product mix [4][32] - Operating efficiency was boosted by AI applications across various processes, leading to a slight decrease in overall expense ratio to 29% [4][32] Future Guidance - The company expects to achieve organic growth of 5%-6% for the full year 2025, consistent with previous forecasts [5]

Core Viewpoint - Coca-Cola (KO.US) reported its Q2 2025 earnings, showing a slight miss in revenue expectations but maintaining a stable overall performance despite high base effects from the previous year [2][8]. Revenue Performance - Coca-Cola achieved a total revenue of $12.54 billion in Q2 2025, a year-on-year increase of 1.4%, which was slightly below market expectations [2][7]. - Organic revenue growth was 5%, with a decline in concentrate sales volume by 1% due to high base effects from the previous year [2][7]. - Concentrate prices increased by 6%, driven by a higher proportion of premium products in the mix [2]. Regional Insights - Emerging markets, including China, India, and Latin America, showed higher growth rates compared to mature markets like North America and Western Europe, although the Asia-Pacific region experienced a slowdown [3][4]. - The competitive landscape in China, with the rise of local brands, has impacted Coca-Cola's performance in that market [3]. Product Category Performance - The no-sugar cola segment continued to grow significantly, with a year-on-year increase of 14%, while classic cola saw a decline of 1% [4]. - Other product categories, except for ready-to-drink coffee, experienced declines due to high base effects from the previous year [4]. Profitability Metrics - Coca-Cola's gross profit margin improved by 1.3 percentage points to 62.6%, supported by effective cost management and a shift towards higher-margin products [5][7]. - Operating profit margin saw a substantial increase of 12.8%, indicating enhanced operational efficiency [8]. Future Guidance - The company expects to achieve organic growth of 5%-6% for the full year 2025, consistent with previous forecasts [6]. Strategic Initiatives - Coca-Cola is focusing on targeted strategies for different consumer segments, including increasing the availability of smaller packaging and family packs in discount channels for lower-income consumers, while emphasizing health-oriented products for higher-income groups [9]. - The company plans to expand its distribution network in emerging markets, particularly through non-retail channels, and will introduce localized product innovations to meet regional consumer preferences [9]. Investment Perspective - Coca-Cola's strong brand presence and localized operations provide it with a robust risk resilience, making it an attractive option for investors seeking stable returns [10].

Core Viewpoint - The concept of "category thinking" is increasingly emphasized in e-commerce platforms, suggesting a shift in how categories are perceived compared to traditional retail [2][3] Group 1: Category Thinking in E-commerce - E-commerce platforms utilize category thinking to determine which categories perform better online, highlighting the difference between online search logic and offline shopping behavior [3] - Online shopping primarily relies on search logic, making category concepts essential as they serve as a pre-entry point for consumer purchasing decisions [3][4] Group 2: Innovation and Category Redefinition - The second direction of category thinking focuses on innovation, questioning the boundaries of existing categories and exploring the potential for new category offerings [4] - Many new consumer brands have emerged by redefining categories, but some have failed because their new concepts do not resonate with consumer decision-making logic [4][5] Group 3: High-End Market Strategies - There are two main paths for innovation in consumer products: creating finer market segments or moving existing products to higher-end markets, which can sometimes lead to the formation of new categories [6][8] - However, attempts to differentiate through high-end positioning can fail if the market rationale is not clear, as seen in the case of "ice cream assassins" [8][9] Group 4: Consumer Perception and Brand Communication - Brands must communicate their value propositions clearly and simply to capture consumer attention, especially in a cluttered information environment [9] - The concept of consumer mindset is crucial, as brands need to ensure that their messaging is easily understood by consumers to stand out in a competitive market [9]

Core Insights - Coca-Cola's two major operators in China, China Foods and Swire Coca-Cola, reported disappointing performances in the past year, with Swire Coca-Cola's revenue declining by 4.02% to 11.546 billion yuan and China Foods' revenue down by 9% to 11.335 billion yuan in the first half of 2024 [1] - The overall beverage market in China grew by 6.2%, but carbonated drinks are losing popularity, with a notable shift towards healthier alternatives like ready-to-drink tea and functional beverages [2][4] - The trend towards health consciousness is evident, with 68% of consumers expressing a desire to reduce sugar intake, leading to a decline in carbonated drink consumption [4][5] Industry Performance - Swire Coca-Cola's total sales in mainland China fell by 1% year-on-year, and the number of active retail outlets also decreased by 1% [2] - PepsiCo's second-quarter revenue reached $22.5 billion, with a mere 0.8% year-on-year growth, and global sales of Pepsi declined by 3%, marking the eighth consecutive quarter of sales decline [2] - The beverage industry in China saw a production increase of 7.5% in 2024, with total revenue growing by 4.8% to 534.8 billion yuan [12] Market Trends - The market share of carbonated drinks in convenience stores has dropped from 50% to 25%, replaced by various tea drinks and sugar-free beverages [4] - The sales of sugar-free Coca-Cola grew by 11% in 2022, but the market share of sugar-free soda in convenience stores has decreased from 6.25% in Q3 2022 to 4.13% in Q2 2024 [6][7] - The sugar-free beverage market is becoming saturated, with growth rates slowing down significantly from 40% (2014-2019) to an expected 12% by 2025 [6] Consumer Behavior - Consumers are increasingly scrutinizing food labels, with 46% regularly checking ingredient lists, and the preference for sugar-free options is particularly strong among younger demographics [6] - The rise of new brands in the sugar-free segment, such as Yuanqi Forest, has led to a significant market share shift away from traditional carbonated drink giants [7][10] - The popularity of new beverage categories, including functional drinks and traditional Chinese health drinks, is on the rise, with sales of Chinese herbal drinks expected to grow by over 182% in 2024 [6] Strategic Responses - Coca-Cola is attempting to pivot from being solely a carbonated drink company to a diversified beverage brand, launching products like Simply Pop, a prebiotic soda series, and expanding into tea and coffee markets [13][10] - The company is also focusing on enhancing its presence in the food service sector, with over 25,000 new sales points and nearly 600,000 refrigeration units planned for 2024 [9] - The competitive landscape is shifting, with new brands leveraging social media and e-commerce to capture market share, particularly among younger consumers [14][15]

以下文章来源于海豚投研 ，作者海豚君 海豚投研 . 有灵魂的思考、有态度的研究。 来源 | 海豚投研 可口可乐（KO）于北京时间2025年4月29日晚间美股盘前发布了2025年第一季度财报（截止2025年3月），在川普的关税大棒下，宏观的高度 不确定性使得可口可乐再次成为了资金理想的避风港，从业绩上看，由于饮料行业一季度往往是全年的消费淡季，因此增速有所下降也在预期之 内，具体来看核心信息： 1、内 生增长有所降速： 1Q25 可 口 可乐 实 现 表 观营 收 111.3 亿 美元 ， 同比 下 降2% ， 和市场 预 期 基 本 一 致 ， 其 中内 生营收 （ Organic revenue）同比增长6%，量价拆分看， 浓缩液销量增速和价格增速分别同比增加1%和5%。 由于发达国家健康意识不断提升加上去年可口可 乐在全球范围内大面积涨价，市场对可口可乐销量端的预期本就不高，因此这次销量端反而超出了市场一致预期。此外，受到关税大棒影响， 美元指数在Q1走弱，公司外汇 逆风的影响从-6%收窄至-3%。 2、亚太地区韧性更强。 分地区看，除了亚太地区外其他地区增速均有所回落， 亚太地区表现强劲一方面由于印度、 ...

可口可乐（KO）于北京时间2025年4月29日晚间美股盘前发布了2025年第一季度财报（截止2025年3月），在川普的关税大棒下，宏观的高度不确定性使得可口可 乐再次成为了资金理想的避风港，从业绩上看，由于饮料行业一季度往往是全年的消费淡季，因此增速有所下降也在预期之内，具体来看核心信息： 1、内 生增长有所降速： 1Q25可口可乐实现表观营收111.3亿美元，同比下降2%，和市场预期基本一致，其中内生营收（Organic revenue）同比增长6%，量价拆分 看， 浓缩液销量增速和价格增速分别同比增加1%和5%。 由于发达国家健康意识不断提升加上去年可口可乐在全球范围内大面积涨价，市场对可口可乐销量端的 预期本就不高，因此这次销量端反而超出了市场一致预期。此外，受到关税大棒影响，美元指数在Q1走弱，公司外汇 逆风的影响从-6%收窄至-3%。 2、亚太地区韧性更强。 分地区看，除了亚太地区外其他地区增速均有所回落， 亚太地区表现强劲一方面由于印度、菲律宾等发展中国家线下网点的加速铺货提 升了产品的市场覆盖率，另一方面，伴随更多低糖、低热量健康饮品在日本的推出，日本市场表现也有所回暖。 3、健康&营养品类表现 ...

Core Viewpoint - The article discusses the concept of "loss" in various forms, emphasizing both significant and minor losses in life, and proposes a unique way to memorialize these losses through "electronic tombstones" [2][3][4][5]. Group 1: Types of Loss - The article highlights that people often face both major losses, such as the death of loved ones, and minor losses, like forgotten hobbies or lost opportunities, which are often overlooked [3][4]. - It mentions that individuals tend to forget these losses as a coping mechanism, but the article encourages acknowledging them instead [4][5]. Group 2: Electronic Tombstone Initiative - The "Post-Wave Research Institute" initiated a campaign to collect "electronic tombstones" from individuals, allowing them to memorialize their personal losses in a creative way [5]. - The article notes that this initiative received contributions from over a hundred participants, showcasing a variety of personal losses [5]. Group 3: Reflection on Personal Losses - Many contributions reflect on the loss of personal interests, relationships, and even aspects of one's identity, indicating a broader societal trend of individuals grappling with their past selves [55]. - The article suggests that these "electronic tombstones" serve not only as a memorial but also as a means for individuals to confront their past and embrace new identities in a rapidly changing world [55][56].