Core Insights - The U.S. carbonated beverage market has seen a dramatic shift, with Sprite surpassing Pepsi for the first time, capturing an 8.03% market share compared to Pepsi's 7.97% [1][2] - This change reflects a broader transformation in the beverage industry driven by generational shifts in consumer preferences, particularly among Generation Z, who favor lower sugar and more diverse flavor options [2][5] Market Dynamics - The top five players in the U.S. carbonated soft drink market are Coca-Cola (19.1%), Dr Pepper (8.3%), Sprite (8.03%), Pepsi (7.97%), and Mountain Dew (5.2%) [2] - Pepsi has experienced a nearly 3.5% decline in market share compared to 2023, while Sprite has seen a 2.4% increase [2] Sprite's Strategy - Sprite's resurgence is attributed to a deep dive into brand identity, reviving its classic slogan "Obey Your Thirst" and targeting nostalgia among millennials through strategic advertising [3] - The introduction of Sprite Chill, featuring patented cooling technology, has generated over $50 million in retail sales within 21 weeks, making it Coca-Cola's best-selling new product in 2024 [2][3] Pepsi's Challenges - Pepsi's struggles highlight the difficulties faced by legacy brands in adapting to changing consumer preferences, with a reliance on classic products and a lack of innovation in recent months [4] - The company's supply chain issues, particularly its dependence on imported syrup from Ireland, have led to increased production costs exceeding $100 million [4] Industry Implications - The success of Sprite illustrates a shift towards "value-based marketing," where brands connect with consumers on a deeper level beyond functional benefits [5] - The overall decline in carbonated beverage consumption in the U.S. by 27% over the past 20 years emphasizes the need for brands to innovate and resonate with evolving consumer values [5]

Investment Rating - The report does not explicitly provide an investment rating for the fast-moving consumer goods (FMCG) industry. Core Insights - The FMCG industry is increasingly integrating ESG (Environmental, Social, and Governance) factors into its operations, driven by global sustainability trends and regulatory pressures [11][18][23]. - ESG practices are becoming essential for competitive advantage, as companies with strong ESG performance are likely to achieve higher valuations and attract more investment [24][99]. - The report highlights several case studies of FMCG companies successfully implementing ESG strategies, such as Coca-Cola's transition to transparent bottles and Dongpeng Beverage's sustainable practices [34][40][92]. Summary by Sections ESG Overview - ESG stands for Environmental, Social, and Governance, representing a framework for integrating sustainability into business practices [6][9]. - The concept has evolved from traditional corporate social responsibility (CSR) to a more quantifiable and investment-driven approach [14]. Current Status of ESG in the FMCG Industry - The FMCG sector is responding to national "dual carbon" goals by adopting energy-saving measures and sustainable packaging [18][20]. - There is a growing trend of ESG investment, with investors increasingly focusing on companies' ESG performance [23][24]. - As of April 30, 2023, the ESG report disclosure rate among A-share listed companies in the beverage and refined tea manufacturing sector was 57.14%, surpassing the overall industry level [26][27]. ESG Challenges Faced by the FMCG Industry - Many FMCG companies lack a unified ESG data management system, leading to difficulties in data accuracy and analysis [56][58]. - Companies face regulatory compliance challenges due to multiple ESG standards, which can increase operational costs [62][64]. - The initial investment in ESG practices can be substantial, with long payback periods, creating financial pressure [67][68]. ESG Response Strategies for the FMCG Industry - Companies should establish unified ESG data platforms to enhance data management and decision-making capabilities [77][80]. - It is recommended to adopt third-party certifications to improve the credibility of ESG practices [81][82]. - FMCG companies should balance short-term financial performance with long-term ESG investments to ensure sustainable growth [87]. Impact of ESG on the FMCG Industry - Positive ESG practices can enhance brand image and consumer perception, as seen with Coca-Cola's packaging changes [92]. - Companies that actively engage in ESG initiatives can improve their market competitiveness and operational efficiency [99]. - ESG practices can also drive new market opportunities, particularly in the growing segment of sustainable products [100]. Future Trends and Recommendations for ESG - ESG will become a necessity for business survival as regulatory frameworks tighten and consumer awareness increases [107]. - The integration of digital technologies will enhance ESG capabilities, allowing for better data management and analysis [108]. - FMCG companies should tailor their ESG strategies to local market conditions and consumer preferences to maximize impact [119][120].

这是新消费智库第 2 6 4 3 期文章 新消费导读 新消费 1. G-SHOCKxCrocs 首次推出联名系列 近日， Crocs 携手 G-SHOCK 共同推出「 Echo Wave 」机能鞋款。鞋子保留 Crocs 经典舒适 EVA 鞋底，波浪泡棉中底延续踩屎感， 内置防水抗震机芯实现「抬脚看时间」的独特体验。 （ 消研所 ） 2. 娃哈哈推出无糖茶新品 1. G-SHOCKxCrocs 首次推出联名系列 2. 娃哈哈推出无糖茶新品 3. 可口可乐在北美限时推出雪碧 + 茶新品 4. Patta 与 Rapha 二度携手推出最新联名系列 5. 奈雪首款无咖啡因瓶装饮料 6. 朴朴超市计划赴港上市 7. 欧莱雅或将收购护肤品牌 Medi k8 8. Chobani 收购植物食品制造商 Dai l y Har ves t 10. 光帆科技获得新一轮投资 11. 路易威登 × 村上隆合作终章发布 12. Rox y 与安踏合作推出功能生活方式胶囊系列 13. 黄子韬卫生巾上线 14. i 茅台新品上架 15. 湊湊宣布与知名 IP 米菲 MIFFY 展开联名合作 近日，宏胜饮料集团于 2025 年 4 月申请 ...

含糖饮料虽好，但要少喝。 经常喝饮料的朋友都知道，冰镇的雪碧是夏天消暑的神器。柠檬的清新配上甜滋滋的味道，一口下去满满的气泡充斥味蕾，真的是"透心凉，心飞扬"。 可是最近有网友发现，从小喝到大的雪碧悄悄换了配方。最大的变化就是配料表的第二位，以前"水"后头的是"白砂糖"，现在"水"后头则变成了"果葡糖 浆"。"雪碧悄悄换了配方"一度还成为了热搜，引起了众多讨论。 "雪碧换配方"的相关话题最近甚至登上了很多社交平台的热搜榜第一名（图片 来 源 ：网络 ） 根据工作人员的反馈，其实早在2019年，可口可乐公司就已经对雪碧的配方进行了更换。不止是雪碧，包括可乐、芬达、柠檬茶等一系列的含糖饮料，果 葡糖浆都慢慢取代了白砂糖。只不过很多饮料的配方替代都是循序渐进完成的，口味上的变化并不容易察觉。 那么为何果葡糖浆会替代白砂糖，这又是一种什么物质呢？ 可口可乐公司曾在2023年推出过"1982限量版"雪碧，对比现在市面上销售的雪碧，可以看到"经典款"中未使用果葡糖浆（图片 来 源 ：网络 ） 果葡糖浆（high fructose syrup）又称作高糖果浆，1957年美国的一位科学家最早合成了这种成分。没过几年，美国就开 ...

21世纪经济报道记者贺泓源、实习生谭伊亭 报道 阿里影业正在弱化自己的电影概念。 一个明显的表现便是，更名。2025年5月21日，阿里大文娱集团宣布即日起更名为虎鲸文娱集团，旗下 阿里影业拟更名为大麦娱乐。 对于阿里影业更名，阿里方面回应称，随着过去几年该公司业务版图的不断扩充，"影业"已经不能涵盖 公司全部的业务场景。"我们除了电影，还有演出、商业衍生、剧集、艺人经纪等多个业务板块，更名 将更符合公司未来多元化发展的需求。"阿里影业提到。 对于未来战略，阿里影业表示，未来其将以"娱乐和AI"作为两大战略关键词，努力成为亚洲领先的、具 有科技基因的现实娱乐公司。 对于现实娱乐（Real-life Experience），阿里方面解释为，这是一种区别于数字化、碎片化、虚拟化等 数字娱乐方式的现场娱乐方式，更强调现场体验、互动体验和沉浸体验。 前述种种说法，看起来都离电影很远。 阿里影业更名背后是，电影市场低迷。今年五一档票房7.47亿元，同比下滑51.1%。其中，日均票房1.5 亿元，接近10年来最低（不含2020及2022年）。 这也影响了阿里影业的业绩。最新财年，阿里影业将电影相关分部合并为"电影科技与投资 ...

可口可乐公司2025年一季度财报显示，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%，中国市场第一季度销量实现高个位数增长。 图片来源：视觉中国 雪碧悄悄换了配方，加入了果葡糖浆、蔗糖素、安赛蜜等配料，在社交平台引起热议。 据大皖新闻报道，近日有网民在社交媒体平台发帖称"雪碧悄悄换了配方"，并"感觉这好像不 是我记忆中雪碧的味道……"随后，该帖子引发广泛讨论，有网民评论表示"感觉没有小时候喝 的好喝了"。 5月12日中午，记者在合肥望江西路一家超市查看了680毫升、1.25升、2升三种规格的雪碧柠 檬味汽水，发现这三配料中均包含有"果葡糖浆、蔗糖素、安赛蜜"。 当日下午，雪碧饮料一名售后人员回复称，雪碧的配方确实有改动过，"记得雪碧配方改动时 间是在2019年，并非是近期改动的，现在的配方也是全部在标签上明确备注的。"该工作人员 认为，公司对配方做调整，是出于把口味放在第一位考虑的。 2023年，雪碧在中国市场上新了一款"致敬1982限定柠檬味汽水"，限时限量售卖。据看看新 闻报道， ...

长江和记实业有限公司特此声明，此交易绝不可能在任何不合法或不合规的情况下进行。有关条文已于2025年 3月4日的公告中说明："交易之完成取决于一系列条件的达成，包括法律和监管部门之同意及批准、不存在违 法或法律禁止的情况、获得公司股东的必要批准以及最终文件中约定的其他适当及常规条件。" 【苹果被曝考虑提高秋季iPhone新品定价，还要给特朗普留点面子】 据财联社，随着有市场传言称"苹果考虑提高秋季iPhone新品定价"，苹果公司股价盘前一度冲高超7%，市值增 加约2000亿美元。 知情人士还透露，苹果将尽力避免把涨价归咎于"特朗普关税"的情况，而是试图将这一变化与"新增功能和设 计变更"相结合。 为了应对反复无常的特朗普贸易政策，苹果公司今年已经展开多次操作，包括快速囤积美国仓库的库存，并逐 步提高印度组装厂的产能。 大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。本栏目由虎 嗅出品。 热点追踪 【长和发布声明回应港口交易：绝不可能在任何不合法或不合规的情况下进行】 据每日经济新闻，5月12日，长江和记实业有限公司公告称，原本计划在5月22日股东周年大会上讲述港口交易 的 ...

以下是可口可乐 FY25 一季度的财报电话会纪要，财报解读请移步《 可口可乐：关税越猛，"快乐肥宅水 "越金贵？ 》 一、财报核心信息回顾 | COCA COLA (KO) 1Q25Financial Performance | (in US$100 million) | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2Q24A | 4Q22A 1Q23A 2Q23A 3Q23A 4Q23A | 1Q24A | 3Q24A | 4Q24 | 1Q25A | A vs Cons | Cons | Calendar Year | 119.7 | 109.8 | 119.5 | 113.0 | 123.6 | 118.5 | 115.4 ...

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 ...

Core Insights - Coca-Cola reported Q1 2025 revenue of $11.129 billion, with organic revenue growth of 6% and net profit of $3.335 billion, reflecting a 5% increase [1] - The company anticipates a comparable currency-neutral earnings per share growth of 7% to 9% for 2025, with an expected organic revenue growth of 5% to 6% for the year [1] Revenue and Sales Performance - Global unit case volume increased by 2%, driven primarily by markets in India, China, and Brazil, with the Asia-Pacific region showing a 6% increase [1] - In China, marketing activities around different consumption scenarios during the Spring Festival contributed to high single-digit growth in Q1 sales [1] Product Category Performance - Carbonated beverage global sales grew by 2%, with flagship brand Coca-Cola increasing by 1%, mainly driven by growth in Europe, the Middle East, Africa, and the Asia-Pacific region; Diet Coke saw a 14% increase [1] - Flavored sodas also grew by 2%, primarily due to the Asia-Pacific market [1] - Juice drinks, dairy products, and plant-based beverages saw a global sales increase of 1%, again driven by the Asia-Pacific region [1] - Bottled water, sports drinks, coffee, and tea also experienced a global sales growth of 2% [1] Strategic Outlook - The CEO emphasized the effectiveness of the company's "all-weather strategy," highlighting the ability to navigate complex external environments despite pressures in key mature markets [2] - The company remains committed to its core values and consumer engagement, aiming to create long-term value [2]