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]

4月29日，可口可乐公司发布了2025年一季度财报。财报显示，公司一季度营收111.29亿美元，同比微 降2%，核心在于货币汇率等外部因素和区域结构调整，但有机营收增长6%；净利润为33.35亿美元，增 长5%。 销量方面，全球单箱销量增长2%，主要受印度、中国和巴西市场驱动。值得一提的是，亚太市场单箱 销量增长了6%。可口可乐特别提到，在中国市场，可口可乐、雪碧、美汁源在春节期间围绕不同消费 场景推出营销活动，并加强家外场景的市场执行，推动一季度销量实现高个位数增长。 此外，今年可口可乐还在国内市场深化区域合作。 2025年2月，甘肃中粮可口可乐与甘青顺丰正式签署合作协议，双方在渠道共建、品牌联动及供应链创 新等多个方面达成重要共识；3月，江苏太古可口可乐总部落地江北研创园，计划在已有国际领先的 PET生产线基础上，筹建智慧物流中心，进一步提升供应链保障能力。 采写：南都·湾财社记者 王静娟 值得关注的是，今年以来，可口可乐在中国市场有不少新动作，包括推出美汁源创意包装——搓搓瓶、 即饮茶品牌"淳茶舍"完成品牌焕新、可口可乐经典的"分享瓶"（Share a Coke）活动全新回归等。可口 可乐方面表示，可口 ...

4月29日，可口可乐公司发布了2025年一季度财报，向市场交出一份稳健的成绩单。财报显示，公 司一季度营收111.29亿美元，有机营收增长6%；净利润为33.35亿美元，增长5%；每股收益（非公认会 计准则）为0.73美元，增长1%。 销量方面，全球单箱销量增长2%，主要受印度、中国和巴西市场驱动。值得一提的是，亚太市场 单箱销量增长了6%。在中国市场，可口可乐、雪碧、美汁源在春节期间围绕不同消费场景推出营销活 动，并加强家外场景的市场执行，让消费者买得到、买得起，推动一季度销量实现高个位数增长。 按品类来看，含气饮料全球销量增长2%，其中旗舰品牌可口可乐增长1%，主要受欧洲、中东、非 洲及亚太市场增长驱动；无糖可口可乐增长14%。风味汽水全球增长2%，主要受亚太市场增长驱动。 果汁饮料、乳制品和植物基饮料销量全球增长1%，主要受亚太市场增长驱动。瓶装水、运动饮料、咖 啡和茶销量全球增长2%。 "本季度的业绩表现再次证明我们的'全天候战略'行之有效。"可口可乐公司董事会主席兼首席执行 官詹鲲杰（James Quincey）表示，"尽管在一些关键的成熟市场仍面临一定压力，但我们强大的全球布 局使我们能够成功应对 ...