7月22日，可口可乐公司发布了2025年二季度财报，展现持续稳健的增长韧性。财报显示，公司二季度 营收125.35亿美元，增长1%；有机营收增长5%；净利润为38.03亿美元，增长58%；每股收益（非公认 会计准则）为0.87美元，增长4%。 可口可乐公司董事会主席兼首席执行官詹鲲杰（James Quincey）表示："面对第二季度不断变化的外部 环境，我们系统保持专注与灵活应变，确保了业务在上半年稳步推进。我们将继续坚定执行战略重点， 有信心实现更新的2025全年业绩指引及长期目标。" 旗舰品牌【可口可乐】表现稳健，品牌价值持续提升。二季度，无糖【可口可乐】实现了14%的增长。 2025年5月，在2025凯度BrandZ最具价值全球品牌100强榜单中，【可口可乐】蝉联食品饮料品类榜 首，其整体排名位居第14位，较去年上升一位。 可口可乐公司更新了2025年全年业绩指引，预计可比货币中性每股收益（非公认会计准则）增长约为 8%，此前预计为7%-9%；有机营收增长为5%-6%，与此前保持一致；每股收益（非公认会计准则）增 长约为3%，此前预计为2%-3%。 【雪碧】推出"冰柠酷莓"新口味 面对多元消费文化，20 ...

Financial Data and Key Metrics Changes - The company reported a 5% organic revenue growth and a 4% comparable earnings per share (EPS) growth despite a 1% decline in volume during the quarter [8][25][29] - Comparable gross margin increased by approximately 80 basis points and comparable operating margin increased by approximately 190 basis points, driven by underlying expansion [26][28] - Free cash flow, excluding the Fairlife contingent consideration payment, was $3.9 billion, an increase of approximately $600 million compared to the prior year [28] Business Line Data and Key Metrics Changes - In North America, volume improved sequentially but still declined due to socioeconomic pressures on certain consumer segments [8][10] - Latin America saw a decline in volume but growth in organic revenue and profit, particularly driven by Coca Cola Zero Sugar in Brazil and Mexico [11][12] - EMEA reported volume growth across all operating units, with strong performance from Coca Cola Zero Sugar, Sprite, and Fuze Tea [12][105] Market Data and Key Metrics Changes - The U.S. and Europe showed sequential volume improvement, while emerging markets like Mexico and India faced challenges due to adverse weather and geopolitical issues [7][8][50] - In Asia Pacific, volume declined, but revenue and comparable currency-neutral operating income grew, with China showing volume growth despite a cautious consumer environment [14][15] Company Strategy and Development Direction - The company is focused on maintaining agility and adapting its plans to navigate a dynamic operating environment, leveraging its all-weather strategy [5][24] - Continued investment in brand marketing and innovation is emphasized to drive growth and maintain market share [19][73] - The company is exploring international opportunities for its Fairlife brand while addressing capacity constraints in North America [40][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating local market dynamics and achieving updated guidance for 2025, despite external challenges [5][29] - The outlook for the second half of 2025 remains strong, with expectations for organic revenue growth of 5% to 6% and comparable currency-neutral EPS growth of approximately 8% [29][30] - Management acknowledged the need for agility in response to rapid changes in the operating landscape, particularly in emerging markets [36][85] Other Important Information - The company is implementing a marketing transformation to enhance efficiency and effectiveness in advertising [64] - The introduction of Coca Cola sweetened with U.S. cane sugar is planned for the fall, reflecting consumer interest in differentiated experiences [21][90] Q&A Session Summary Question: Clarification on pivoting plans and outlook for the second half - Management clarified that the pivoting refers to adapting strategies to maintain growth amid rapid changes in the market, particularly in response to challenges in Mexico and India [36] Question: Capacity constraints for Fairlife and international expansion plans - Management confirmed that growth moderation for Fairlife is due to capacity constraints, with plans for new capacity coming online in early 2026 [40][96] Question: Outlook for Mexico and India - Management expressed optimism for recovery in both markets, with specific marketing and operational strategies in place to drive growth [50][51] Question: Trends in North America and Hispanic consumer performance - Management noted improvements in the U.S. market and recovery among Hispanic consumers, with targeted marketing efforts yielding positive results [58][60] Question: Drivers of productivity and margin improvements - Management attributed productivity gains to marketing transformation and disciplined operating expense management, with expectations for continued improvements [64][70] Question: Global consumer strength and market dynamics - Management indicated a resilient global consumer environment, with some unexpected weaknesses in specific markets like ASEAN, but overall confidence in driving growth [84][85] Question: Innovation in the coffee category - Management acknowledged the challenges in the coffee segment and emphasized the need for reflection and potential new strategies to enhance participation in this growing category [108][110] Question: Refranchising and demand creation focus - Management highlighted ongoing refranchising efforts and the commitment to driving top-line growth through a strong portfolio of brands [113]

果葡糖浆逐步取代白砂糖 可口可乐最初的经典配方中,蔗糖是唯一的甜味来源。1886年药剂师彭伯顿调制出的第一杯可乐,用的便 是纯净的蔗糖。这一传统延续近百年,直至20世纪80年代美国市场掀起一场静默的甜味革命。 当时蔗糖价格飙升,而果葡糖浆由于美国玉米补贴政策的优势,生产成本较低。果葡糖浆是美国一位科学 家1957年合成的,甜度与蔗糖相当,价格却比蔗糖便宜。到了20世纪80年代,美国市场添加糖当中已经有接 近四成都是果葡糖浆。1984年,《纽约时报》报道,可口可乐公司将其在美国销售的可乐原料中的蔗糖改 为高果糖玉米糖浆(果葡糖浆)。 在中国市场,变化同样悄然发生。细心的消费者发现,经典可口可乐配料表上,"水"之后的成分排序已发生 变化:曾经稳居第二位的白砂糖,如今让位于果葡糖浆。雪碧更早在2019年完成配方迭代,加入果葡糖浆、 蔗糖素和安赛蜜的组合。 记者近日走访市场发现,不止是雪碧、可乐,可口可乐旗下的芬达、醒目、美汁源等一系列含糖饮料,果葡 糖浆都慢慢取代了白砂糖。其中,芬达和醒目的配料表中只有果葡糖浆,没有白砂糖；果汁源几款产品的 配料表中,果葡糖浆都排在白砂糖之前。 "我一直在与可口可乐沟通,希望他们在 ...

Core Viewpoint - The announcement by former President Trump regarding Coca-Cola potentially switching back to real cane sugar in its U.S. products has sparked significant attention and concern within the industry, particularly affecting corn syrup manufacturers like Archer-Daniels-Midland, whose stock dropped by 8% in after-hours trading [2]. Group 1: Historical Context and Ingredient Changes - Coca-Cola originally used cane sugar as the sole sweetener in its classic formula until the 1980s when high fructose corn syrup (HFCS) began to replace it due to lower production costs influenced by U.S. corn subsidy policies [3][5]. - By the 1980s, nearly 40% of added sugars in the U.S. market were HFCS, leading Coca-Cola to switch its U.S. formula to HFCS while maintaining flexibility for other products [3][5]. Group 2: Market Variations and Consumer Preferences - In contrast to the U.S. market, countries like Mexico, the UK, and Australia still use cane sugar in Coca-Cola, creating a unique consumer preference for the "Mexican Coke," which is often sold at a premium due to its nostalgic value [7]. - The flavor profiles of cane sugar and HFCS differ significantly, with HFCS providing a quick sweetness and cane sugar offering a more prolonged, nuanced taste experience [7][8]. Group 3: Economic and Supply Chain Considerations - Transitioning back to cane sugar would significantly increase production costs for Coca-Cola, potentially leading to higher retail prices and reduced market competitiveness [9]. - The existing supply chain for HFCS is well-established, and switching to cane sugar would require substantial adjustments, including sourcing new suppliers and modifying processing equipment [9][10]. - The HFCS industry supports approximately 120,000 jobs, and a shift to cane sugar could result in a 3%-5% reduction in these positions, impacting the livelihoods of many in the food manufacturing sector [9]. Group 4: Political and Consumer Resistance - The U.S. agricultural subsidy structure heavily favors corn production, with about 60% of agricultural subsidies allocated to corn and other grains, complicating any potential shift to cane sugar [10]. - Consumer taste preferences have evolved, and while some may long for the original formula, many have adapted to the HFCS version, creating uncertainty about market acceptance of a potential switch back to cane sugar [10][11].

New Product Launches - Jianai Super Bucket Lychee and Bayberry Flavored Fermented Milk has been launched, made from high-quality ingredients without additives and using 13 imported strains [4][5] - Oreo collaborates with Grammy-nominated artist Selena Gomez to launch a new cookie inspired by her love for horchata, featuring a unique three-layer structure [5] - Jasmine Milk White has introduced a summer limited "Romantic Summer Water" series, including five new tea flavors [5] - HOKA has launched a new shoe model, MAFATE SPEED 4 LITE TS, combining modern technology with minimalist aesthetics [5] Industry Events - Lucky Coffee has surpassed 6,000 stores nationwide, covering over 300 cities and achieving significant growth in various regions [11][13] - Salomon has opened a new standalone store in Shanghai, inspired by Parisian outdoor fashion [14] - Gu Ming collaborates with actor Wu Yanzu to enhance its coffee business, leveraging its extensive store network [14] - Professional running brand SOAR enters the Chinese market with a Tmall flagship store [15] Investment and Financing Movements - Qiyunshan Food Co. has submitted an IPO application to the Hong Kong Stock Exchange, focusing on its South Sour Jujube products [19] - British luxury leather and stationery brand Smythson has been acquired by private equity firm Oakley Capital [20] - Baozun has acquired the Chinese operations of international yoga wear brand Sweaty Betty [21] - Ferrero is investing €95 million (approximately 8 billion RMB) to expand production and logistics in France [21] - Tonic Health, a UK nutritional supplement brand, has completed a £2.8 million Series A funding round [21] - Samyang Foods is investing $150 million to build its first overseas factory in Jiaxing, China [21] - Plant Doctor has disclosed its IPO plans to list on the Shenzhen Stock Exchange [22] Food Industry Developments - Dongpeng Special Drink has launched a sugar-free energy drink with passion fruit and guava flavor [26] - CHALI has introduced a new series featuring herbal teas with no additives [26] - Nongfu Spring has announced a new iced tea product with 100% tea extract and no preservatives [27] - Asahi Beer has launched a new product, Asahi Super Dry 3.5, claiming to reduce sugar by 70% and energy by 40% [28] Beauty Industry Updates - Hakko Sake has partnered with Kose to create a new cosmetics brand, "itoshiro," featuring a UV brightening cream [30] - Suzhou Jiyi Technology has submitted an IPO application to the Hong Kong Stock Exchange [32] - INTO YOU has launched the second generation of its air lip mud product [33] - L'Oréal has introduced an AI beauty assistant named Beauty Genius [33] - Innisfree has officially closed its overseas flagship store as part of a strategic adjustment [34]

智能制造水平领先行业 在互联网、大数据和人工智能的推动下，暖通行业进入了全新的技术驱动时代，智能制造、物联网技术以及大数据分析正 在深刻改变暖通行业的格局。 本报讯 （记者曹琦） 新质生产力作为经济发展的核心驱动力，正日益成为推动中国制造业转型升级的关键因素，它不仅为制造业的创新和进步 贡献了中国智慧，更预示着未来制造业的前进方向。 向"新"而行，蓄力打造暖通行业全球标杆企业，江西艾芬达暖通科技股份有限公司（以下简称"艾芬达"）一直在行动，近 年来公司深入推进智能化升级，加快发展新质生产力，引领暖通行业迈向高质量发展阶段。 通过大数据精准洞察消费者需求，暖通企业不仅能够提供更加个性化的产品，还能实现从设计、生产到服务的全方位智能 化升级，显著提升消费者的使用体验。 例如，一款艾芬达智能化电热毛巾架不仅具备传统取暖功能，还融入了智能控制、远程操作等高科技元素，为用户带来更 加便捷、舒适的体验。 截至2024年底，艾芬达累计获得国家授权专利736项，其中发明专利87项，实用专利60项，外观专利589项。这些专利不仅 是艾芬达研发实力的象征，更在实际应用中深刻地推动了产品创新、生产方式变革以及行业标准的提升。 据了 ...

Group 1 - The announcement is from the Kunming Market Supervision Administration regarding the third food safety supervision and sampling inspection for 2025, focusing on various food products including edible oils, agricultural products, dairy products, and grain processing products [3][4][5] - The inspection is based on national food safety standards, including GB 2760-2024 for food additives, GB 2762-2022 for contaminants, and GB 2763-2021 for pesticide residues [3][4] - The inspection items include indicators such as lead (Pb), benzoic acid and its sodium salt, sorbic acid and its potassium salt, sweeteners, total bacterial count, and coliforms [3][4] Group 2 - A detailed table of sampled products is provided, listing the sampling number, production company name, address, sampled unit name, product name, specifications, and production or purchase date [4][5][6] - The products sampled include a variety of items such as peanuts, eggs, milk, carrot juice, and various oils, indicating a broad scope of food safety monitoring [4][5][6] - Specific companies mentioned include Guangxi Baifei Dairy Co., Ltd., Yunnan Jinbei Food Co., Ltd., and Shanghai Guanshengyuan Food Co., Ltd., among others, highlighting the involvement of multiple manufacturers in the inspection process [4][5][6]