昨日，百事公司发布2025年第三季度财报。报告期内，营收同比增长2.6%至239.4亿美元（折合人民币约1746.42亿元），超出华尔街预期。其中，公司北 美零食和饮料销量下滑，拉美和亚洲市场销量上升。唯独中国市场既没有被单独点名表扬，也没有详细数据披露，只在"包括中国"等字眼中一笔带过。 百事公司第三季度业绩再度超出预期，全球市场表现强劲，尤其是在"国际市场的韧性"方面尤为突出。然而，在百事的全球成绩单中，中国市场的表现却 耐人寻味。 存在感稀薄的尴尬 | | | | 12 Weeks Ended | | | | 36 Weeks Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 9/6/2025 | | | 9/7/2024 | | 9/6/2025 | | 9/7/2024 | | Net Revenue | S | 23,937 | ਫੇ | 23,319 | દ | 64.582 | 8 | 64,070 | | Cost of sales | | 11.113 | | 10,396 | | 29.343 | ...

2. 截至发稿，德国DAX指数涨0.35%，英国富时100指数跌0.29%，法国CAC40指数涨0.39%，欧洲斯托克50指数涨0.05%。 | 德国DAX30 | 24.710.61 | 24,735.62 | 24,599.50 | +87.02 | +0.35% | | --- | --- | --- | --- | --- | --- | | 瑞 英国富时100 | 9,520.80 | 9.531.85 | 9.495.15 | -28.07 | -0.29% | | 法国CAC40 | 8.091.86 | 8,094.58 | 8.053.67 | +31.73 | +0.39% | | ■ 欧洲斯托克50 | 5,652.45 | 5,665.15 | 5,641.15 | +2.72 | +0.05% | 盘前市场动向 1. 10月9日(周四)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.13%，标普500指数期货涨0.04%，纳指期货 跌0.04%。 | = US 30 | 46,660.30 | 46,700.70 | 46,541.50 | +58.50 | +0.13% ...

在揭幕仪式上，百事集团大中华区公共政策与政府事务及社会影响力事务负责人焦燕表示："'渴望就可 能'不仅是百事可乐的品牌精神，更是我们在'百事正持计划'框架下将品牌精神与社会责任深度融合的又 一实践范例。我们相信，科技能够成为赋能每一份渴望的桥梁。通过'渴望燎原计划'，我们希望让山区 的孩子们也能触摸前沿科技。" 长期以来，百事可乐始终关注中国本土的发展需求。未来，百事将依托"乡村赋能中心"的规模化平台， 持续探索"科技+公益"的多元落地形式，将人形机器人互动课堂、数字化教学资源等创新体验带入更多 山区。通过丰富"乡村赋能中心"教育服务内涵，为教育普惠与乡村振兴探索可持续、可复制的科技公益 路径。 编辑唐峥 新京报讯(记者王子扬)9月29日，新京报记者了解到，百事集团旗下品牌百事可乐携手中国妇女发展基 金会，在四川凉山彝族自治州越西县上普雄民族学校正式揭幕"渴望燎原计划"。这是百事可乐首次将人 形机器人家族成员之一"百事酷宝"带入大山深处，通过捐赠数字化教学设施、开启互动公益课堂等方 式，为乡村教育注入科技创新力量。 "渴望燎原计划"旨在助力大山的孩子们拥抱前沿科技。此次百事可乐捐赠的多媒体教室，配备了先进的 ...

Core Insights - The article narrates the experiences of employees in the fast-moving consumer goods (FMCG) industry, particularly focusing on the challenges faced by those working for PepsiCo and Vitasoy in China, highlighting the impact of corporate changes and market dynamics on their careers [2][3][18]. Group 1: PepsiCo and Its Strategic Alliance - In 2012, PepsiCo formed a strategic alliance with Master Kong, leading to significant changes in operations and employee dynamics within the company [3][5]. - The merger caused unrest among employees, with many fearing for their job security and future compensation, resulting in a mass exodus of nearly 10,000 employees out of 15,000 [6][18]. - The initial promises of job security from Master Kong were not upheld, leading to dissatisfaction and protests among the workforce [5][6]. Group 2: Transition to Vitasoy - After leaving PepsiCo, employees transitioned to Vitasoy, where they initially found a more relaxed corporate culture compared to the rigid structure of PepsiCo [9][10]. - However, Vitasoy faced challenges due to the rise of e-commerce, which disrupted traditional sales channels and led to internal conflicts between online and offline sales teams [11][15]. - The aggressive pricing strategies adopted by Vitasoy for online sales created chaos in the market, leading to complaints from traditional distributors and a breakdown of pricing structures [13][14]. Group 3: Industry Challenges and Employee Sentiment - The internal strife within Vitasoy escalated, with employees feeling the pressure of performance metrics while dealing with a chaotic market environment [16][17]. - The company underwent leadership changes and restructuring efforts that failed to stabilize the situation, resulting in widespread dissatisfaction among employees [17][18]. - Many former employees of the FMCG sector, like the protagonist, chose to leave the industry altogether, seeking more stable and grounded opportunities in different sectors, such as agriculture [18][20].

Core Viewpoint - Elliott Management has urged PepsiCo to follow Coca-Cola's lead in divesting its bottling operations, which are crucial to the beverage business [2][3] Group 1: Historical Context of Bottling Operations - The bottling business emerged as a solution to early distribution challenges faced by Coca-Cola, which initially sold only syrup to local soda fountains [4] - By 1919, Coca-Cola's bottling network had expanded to 1,200 plants, significantly increasing syrup revenue [4] - PepsiCo adopted a similar bottling strategy, inspired by Coca-Cola's model, to facilitate its own growth [4] Group 2: Advantages of the Bottling Model - The bottling model allows beverage companies to avoid heavy capital investments in manufacturing and logistics, as these responsibilities are managed by bottlers [5] - Local bottlers can leverage regional resources and market knowledge, accelerating product distribution [5][6] Group 3: International Expansion and Partnerships - Both Coca-Cola and PepsiCo replicated their bottling strategies internationally, forming partnerships with local bottlers to enhance market penetration [6][7] - Coca-Cola's return to China involved collaborations with local firms like COFCO and Swire, while Pepsi initially attempted to maintain full control over its bottling operations [7] Group 4: Tensions Between Companies and Bottlers - There exists a tension between beverage companies and bottlers regarding pricing strategies, as companies prefer a "low-margin, high-volume" approach while bottlers seek higher prices to improve their margins [8] - New product launches often create friction, as bottlers face additional costs for production line adjustments and marketing efforts [8] Group 5: Market Dynamics and Competitive Strategies - The rise of large retail chains like Walmart has shifted the dynamics, with PepsiCo gaining an advantage by negotiating directly with retailers, while Coca-Cola had to reform its bottling network to maintain competitiveness [9][10] - Coca-Cola has restructured its bottling network by acquiring stakes in bottlers and supporting larger regional bottlers, while PepsiCo continues to maintain direct control over its bottling operations [10]

Group 1 - The article discusses the contrasting brand endorsement philosophies of two iconic figures, Aaron Kwok and Jackie Chan, highlighting how their unique approaches reflect broader commercial truths [7]. - Aaron Kwok's endorsements span various industries, from fashion to technology, showcasing a blend of artistic and commercial success, while maintaining a timeless appeal [3][8]. - Jackie Chan, despite being labeled a "brand killer," has created significant commercial success through his endorsements, illustrating the unpredictable nature of market dynamics [5][8]. Group 2 - The analysis emphasizes that the longevity of a brand is influenced by internal factors such as supply chain resilience and market sensitivity, rather than solely by celebrity endorsements [8]. - Both celebrities represent different aesthetic values in brand endorsement, yet they converge on the idea that quality is essential for a brand's enduring success [8].

Summary of Key Points Core Viewpoint - The Chongqing Tongnan District Market Supervision Administration conducted a food safety inspection, revealing that out of 186 food samples tested, 178 were compliant while 8 were found to be non-compliant, prompting legal actions and risk control measures for the non-compliant products [2]. Group 1: Inspection Results - A total of 186 food samples were tested across 17 categories including restaurant food, tea products, nuts, egg products, starch products, seasonings, and more [2]. - 178 samples passed the inspection, resulting in a compliance rate of approximately 95.7% [2]. - 8 samples were deemed non-compliant due to specific project failures, leading to the classification of these products as unqualified [2]. Group 2: Actions Taken - The local market supervision authority initiated legal proceedings against the non-compliant products as per the Food Safety Law of the People's Republic of China [2]. - Risk control measures were implemented to trace the distribution of the non-compliant products, including recalls and removal from shelves [2]. - The authority is conducting further analysis to identify the causes of non-compliance and to enforce corrective actions [2].

Core Insights - Elliott Investment Management has taken a significant stake in PepsiCo, holding $4 billion worth of shares, making it one of the largest investors in the company [1][4] - The activist investor aims to push for changes at PepsiCo to enhance its stock price, citing strategic and operational challenges that have led to poor financial performance and undervaluation [4][7] - Elliott believes that with focused improvements and strategic reinvestments, PepsiCo could see a stock price increase of over 50% [7] Group 1: Business Analysis - Elliott has categorized PepsiCo's operations into three segments: North America Beverages (PBNA), North America Foods (PFNA), and the rapidly expanding international division, with a focus on revitalizing the North American market [7][9] - The report highlights that PBNA is experiencing market share loss and declining profit margins, with Pepsi's core brand falling to fourth place in U.S. sales [9][14] - Elliott suggests that PepsiCo should consider refranchising its bottling network to refocus on core competencies, similar to Coca-Cola's successful refranchising strategy [9][12] Group 2: Strategic Recommendations - Elliott recommends streamlining PBNA's extensive product portfolio due to a lack of clear growth strategy, which has led to operational complexity and pressure on brand execution [14][18] - The firm also advises PFNA to divest non-core and underperforming assets, emphasizing the need for an operational review to align costs with current sales [18][22] - Investment in profitable growth is encouraged, with the expectation that optimization measures will free up capital for targeted investments and stronger marketing support [24] Group 3: Corporate Governance and Accountability - Elliott stresses the importance of clear communication from PepsiCo's leadership regarding the implementation of these changes and the establishment of new mid-term financial goals [24][27] - The need for enhanced oversight and accountability is highlighted, particularly after a period of underperformance, to ensure that the company can capitalize on this opportunity [27] Group 4: International Market Potential - Elliott views PepsiCo's international business as having significant growth potential, noting strong performance in high-potential markets and the opportunity for continued expansion [30] - The report does not specifically address the Chinese market, where PepsiCo has established strategic partnerships and continues to innovate within its Quaker brand [30] Group 5: Company Response - PepsiCo has stated it will review Elliott's letter within the context of its strategic framework, indicating a willingness to consider targeted investments and product portfolio transformation [33] - The company has a history of successfully resisting activist investor pressures, having previously navigated challenges from Trian Partners [33][34]

Core Viewpoint - Elliott Management Corporation has made a significant $4 billion investment in PepsiCo, aiming to push for a strategic overhaul to improve the company's lagging performance [1] Group 1: Investment and Strategy - Elliott has become one of the top five active investors in PepsiCo, excluding index funds, and has submitted a detailed reform proposal to the board [1] - The activist investor believes that PepsiCo represents a historic opportunity to revitalize a leading global company and unlock substantial shareholder value [1] - Elliott's proposal suggests that PepsiCo could see its stock price increase by at least 50% through the proposed reforms [1] Group 2: Current Challenges - PepsiCo is facing significant operational challenges, with its core product, Pepsi, dropping to fourth place in U.S. soda sales, behind Coca-Cola, Dr Pepper, and Sprite [4] - The company's food business, which accounts for approximately 60% of total revenue, is also under pressure, with sales growth slowing since late 2022 [4] - PepsiCo's market capitalization has decreased from around $270 billion in May 2023 to approximately $200 billion [5] Group 3: Proposed Changes - Elliott's key recommendations include evaluating the possibility of refranchising its bottling network, returning ownership to independent local bottlers, similar to Coca-Cola's successful refranchising in 2017 [5] - The firm also urges PepsiCo to streamline its extensive product portfolio by divesting non-core and underperforming assets [5] - Elliott emphasizes the need for PepsiCo to provide a more specific performance improvement plan to restore market confidence [5] Group 4: Company Response - PepsiCo has stated that it maintains a constructive dialogue with shareholders and will assess Elliott's viewpoints while expressing confidence in its existing strategy for sustainable growth [3][6] - The company has already been taking measures to address challenges, including cost-cutting initiatives and strategic adjustments to improve performance [6][7] - Recent financial results have exceeded analyst expectations, and the company anticipates a rebound in weak North American demand as strategic adjustments take effect [6]

Group 1 - Elliott Management has made a $4 billion investment in PepsiCo, aiming to push for a strategic overhaul to improve the company's lagging performance [1][4] - The activist investor believes that PepsiCo represents a unique opportunity to revitalize a leading global company and unlock significant shareholder value, projecting a potential stock price increase of at least 50% [1][6] - PepsiCo's stock saw a brief increase of 5% following the news, but closed with a more modest gain of 1.1% [1] Group 2 - PepsiCo is currently facing significant operational challenges, with its core product, Pepsi, dropping to fourth place in U.S. sales behind Coca-Cola, Dr Pepper, and Sprite [4] - The company's food business, which accounts for approximately 60% of total revenue, is also under pressure, with sales growth slowing since late 2022 [4][5] - PepsiCo's market capitalization has decreased from around $270 billion in May 2023 to approximately $200 billion [5] Group 3 - Elliott's proposals include evaluating the possibility of refranchising its bottling network and streamlining its extensive product portfolio by divesting non-core and underperforming assets [6] - The firm emphasizes the need for PepsiCo to provide a more detailed performance improvement plan to restore market confidence [6] - Elliott is recognized as one of the most active activist investors globally, managing over $70 billion in assets and known for driving change in various well-known companies [6] Group 4 - In response to Elliott's pressure, PepsiCo has expressed a willingness to engage in constructive dialogue while defending its existing strategic initiatives aimed at sustainable growth [3][7] - The company has already been taking steps to address its challenges, with CEO Ramon Laguarta focusing on delivering higher value to consumers since taking office in 2018 [7] - Recent financial results exceeded analyst expectations, and the company anticipates a rebound in weak North American demand as strategic adjustments take effect [7][9]