Core Viewpoint - The article discusses the significant rebound in commodity prices driven by the "anti-involution" trend in July, highlighting the opportunities for arbitrage due to the rapid decline in basis rates to historical lows [2]. Group 1: Market Trends - The current market shows a clear near-weak and far-strong pattern, with near-term prices returning to reality as they approach delivery months, emphasizing the importance of warehouse logic [2]. - The article notes that the spot price increases and volatility are not keeping pace with futures prices, creating arbitrage opportunities [2]. Group 2: Arbitrage Costs and Monthly Differences - A detailed analysis of the monthly differences and risk-free arbitrage costs for various commodities is provided, with a funding cost reference of 4% [2]. - Specific examples include PTA with a monthly difference of -36 and an arbitrage cost of 186, and MEG with a monthly difference of -23 and an arbitrage cost of 238 [4]. - The article also highlights the complexities of warehouse registration and cancellation for various commodities, affecting their arbitrage potential [4][5][6]. Group 3: Commodity Specifics - For energy products, the article mentions that the asphalt warehouse registration is concentrated at the end of September, leading to potential expiration of warehouse receipts [4]. - In the black metals sector, the iron ore and rebar products show limited arbitrage space, with specific costs outlined for effective trading [5]. - The agricultural products section indicates that the risk-free arbitrage cost for live hogs is variable, depending on market conditions and production costs [6]. Group 4: Overall Market Strategy - The article emphasizes the need for investors to consider the implications of warehouse logic and registration timelines when engaging in commodity trading [2][4][5]. - It suggests that understanding the monthly differences and associated costs is crucial for making informed investment decisions in the current market environment [2][4].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report presents a comprehensive overview of the weekly price - volume data of various futures, including precious metals, non - ferrous metals, black metals, energy and chemicals, agricultural products, forest products, livestock products, and financial futures, as well as the year - to - date price changes and weekly capital flow and position changes of these futures [2][4][11] Group 3: Summary According to Related Catalogs Weekly Futures Price - Volume Overview Precious Metals - Gold closed at 777.32 with a weekly increase of 12.11%, 20 - day annualized volatility of 8.88%, speculation degree of 1.15, trend degree of 0.14, and capital change of 29.31 [2] - Silver closed at 9,392.00 with a weekly increase of 14.74%, volatility change of 6.39%, speculation degree of 2.00, trend degree of 0.18, and capital change of - 21.41 [2] Non - Ferrous Metals - Copper closed at 79,250.00 with a weekly increase of 11.02%, volatility change of 8.11%, speculation degree of 0.48, trend degree of 0.00, and capital change of 7.27 [2] - Nickel closed at 124,360.00 with a weekly increase of 13.55%, volatility change of - 2.59%, speculation degree of 2.20, trend degree of 0.29, and capital change of 8.73 [2] - Aluminum closed at 20,760.00 with a weekly increase of 9.94%, volatility change of 19.17%, speculation degree of 0.51, trend degree of 0.12, and capital change of 3.46 [2] - Tin closed at 271,630.00 with a weekly increase of 15.43%, volatility change of 6.80%, speculation degree of 4.91, trend degree of 0.23, and capital change of 7.86 [2] - Zinc closed at 22,885.00 with a weekly increase of 14.07%, volatility change of 28.29%, speculation degree of 1.36, trend degree of 0.34, and capital change of 2.15 [2] - Lead closed at 16,955.00 with a weekly increase of 7.59%, volatility change of - 11.79%, speculation degree of 0.85, trend degree of 0.05, and capital change of - 0.08 [2] - Industrial silicon closed at 9,725.00 with a weekly increase of 42.16%, volatility change of 17.35%, speculation degree of 3.43, trend degree of 0.24, and capital change of 1.14 [2] Black Metals - Rebar closed at 3,356.00 with a weekly increase of 16.64%, volatility change of 46.68%, speculation degree of 1.43, trend degree of 0.34, and capital change of 11.10 [2] - Iron ore closed at 802.50 with a weekly increase of 20.75%, volatility change of 25.20%, speculation degree of 0.88, trend degree of - 0.05, and capital change of - 18.35 [2] - Coke closed at 1,763.00 with a weekly increase of 33.70%, volatility change of 29.75%, speculation degree of 1.67, trend degree of 0.49, and capital change of 5.61 [2] - Coking coal closed at 1,259.00 with a weekly increase of 50.73%, volatility change of 54.67%, speculation degree of 4.70, trend degree of 0.88, and capital change of 56.65 [2] - Hot - rolled coil closed at 3,507.00 with a weekly increase of 16.27%, volatility change of 44.49%, speculation degree of 0.71, trend degree of 0.38, and capital change of 10.40 [2] - Ferrosilicon closed at 6,166.00 with a weekly increase of 36.16%, volatility change of 64.42%, speculation degree of 1.93, trend degree of 0.28, and capital change of 4.91 [2] - Silicomanganese closed at 6,414.00 with a weekly increase of 30.90%, volatility change of 119.78%, speculation degree of 1.36, trend degree of 0.24, and capital change of 9.12 [2] - Stainless steel closed at 13,030.00 with a weekly increase of 9.23%, volatility change of 0.58%, speculation degree of 1.66, trend degree of 0.27, and capital change of 3.73 [2] Energy and Chemicals - Crude oil closed at 512.90 with a weekly decrease of 0.56%, volatility change of - 49.31%, speculation degree of 3.68, trend degree of - 0.04, and capital change of 0.85 [2] - Fuel oil closed at 2,915.00 with a weekly increase of 0.10%, volatility change of - 51.42%, speculation degree of 2.64, trend degree of 0.10, and capital change of 1.58 [2] - LU closed at 3,613.00 with a weekly decrease of 0.61%, volatility change of - 57.51%, speculation degree of 1.48, trend degree of - 0.07, and capital change of - 1.12 [2] - LPG closed at 4,047.00 with a weekly increase of 1.43%, volatility change of - 38.51%, speculation degree of 1.36, trend degree of 0.19, and capital change of 2.05 [2] - Asphalt closed at 3,615.00 with a weekly decrease of 1.09%, volatility change of - 55.52%, speculation degree of 0.98, trend degree of - 0.18, and capital change of - 2.77 [2] - PVC closed at 5,373.00 with a weekly increase of 8.83%, volatility change of 61.62%, speculation degree of 2.08, trend degree of 0.47, and capital change of 1.77 [2] - Polyethylene closed at 7,456.00 with a weekly increase of 3.33%, volatility change of - 5.38%, speculation degree of 0.91, trend degree of 0.45, and capital change of - 0.45 [2] - Polypropylene closed at 7,221.00 with a weekly increase of 2.97%, volatility change of - 8.60%, speculation degree of 0.94, trend degree of 0.47, and capital change of 0.73 [2] - Styrene closed at 7,587.00 with a weekly increase of 4.52%, volatility change of - 21.67%, speculation degree of 1.37, trend degree of 0.44, and capital change of - 0.39 [2] - PTA closed at 4,936.00 with a weekly increase of 4.05%, volatility change of - 38.50%, speculation degree of 1.01, trend degree of 0.31, and capital change of 4.10 [2] - Ethylene glycol closed at 4,545.00 with a weekly increase of 3.86%, volatility change of - 39.08%, speculation degree of 0.87, trend degree of 0.36, and capital change of 2.83 [2] - Short - fiber closed at 6,606.00 with a weekly increase of 3.67%, volatility change of - 21.55%, speculation degree of 1.31, trend degree of 0.43, and capital change of 0.10 [2] - Methanol closed at 2,519.00 with a weekly increase of 6.51%, volatility change of - 9.47%, speculation degree of 1.54, trend degree of 0.46, and capital change of 3.33 [2] - Urea closed at 1,803.00 with a weekly increase of 3.32%, volatility change of 32.12%, speculation degree of 1.49, trend degree of 0.16, and capital change of 0.44 [2] - Glass closed at 1,362.00 with a weekly increase of 25.99%, volatility change of 60.25%, speculation degree of 3.88, trend degree of 0.58, and capital change of - 4.10 [2] - Soda ash closed at 1,440.00 with a weekly increase of 18.42%, volatility change of 74.17%, speculation degree of 3.49, trend degree of 0.48, and capital change of - 17.51 [2] - Natural rubber closed at 15,585.00 with a weekly increase of 5.23%, volatility change of - 8.64%, speculation degree of 3.10, trend degree of 0.36, and capital change of 1.38 [2] Agricultural Products - Cotton closed at 14,170.00 with a weekly decrease of 0.70%, volatility change of 0.35%, speculation degree of 0.46, trend degree of - 0.23, and capital change of - 2.59 [2] - Sugar closed at 5,876.00 with a weekly increase of 0.86%, volatility change of - 12.50%, speculation degree of 0.57, trend degree of 0.19, and capital change of 3.48 [2] - Corn closed at 2,311.00 with a weekly decrease of 0.13%, volatility change of - 6.18%, speculation degree of 0.54, trend degree of - 0.04, and capital change of - 5.61 [2] - Apple closed at 8,005.00 with a weekly increase of 1.55%, volatility change of - 19.35%, speculation degree of 0.46, trend degree of 0.26, and capital change of - 0.24 [2] - Starch closed at 2,665.00 with a weekly increase of 0.26%, volatility change of - 4.75%, speculation degree of 0.49, trend degree of - 0.04, and capital change of - 1.69 [2] - Soybean No.1 closed at 4,224.00 with a weekly increase of 0.84%, volatility change of - 15.66%, speculation degree of 0.78, trend degree of 0.23, and capital change of 1.29 [2] - Soybean No.2 closed at 3,661.00 with a weekly decrease of 1.74%, volatility change of - 11.64%, speculation degree of 1.21, trend degree of - 0.17, and capital change of 0.06 [2] - Soybean meal closed at 3,021.00 with a weekly decrease of 1.15%, volatility change of - 5.58%, speculation degree of 0.69, trend degree of 0.03, and capital change of - 7.69 [2] - Soybean oil closed at 8,144.00 with a weekly decrease of 0.20%, volatility change of - 19.62%, speculation degree of 0.67, trend degree of - 0.07, and capital change of - 1.61 [2] - Palm oil closed at 8,936.00 with a weekly decrease of 0.31%, volatility change of - 1.15%, speculation degree of 1.41, trend degree of 0.04, and capital change of - 14.42 [2] - Rapeseed meal closed at 2,675.00 with a weekly decrease of 1.73%, volatility change of - 7.60%, speculation degree of 0.73, trend degree of - 0.08, and capital change of - 2.43 [2] - Rapeseed oil closed at 9,457.00 with a weekly decrease of 1.35%, volatility change of - 9.93%, speculation degree of 1.26, trend degree of - 0.21, and capital change of - 4.46 [2] Forest Products - Pulp closed at 5,520.00 with a weekly increase of 4.31%, volatility change of - 45.72%, speculation degree of 2.11, trend degree of 0.49, and capital change of 3.31 [2] Livestock Products - Live pigs closed at 14,385.00 with a weekly increase of 1.77%, volatility change of 15.99%, speculation degree of 1.10, trend degree of 0.15, and capital change of 14.31 [2] Financial Futures - IC closed at 6,216.00 with a weekly increase of 3.59%, 20 - day annualized volatility of 10.92%, volatility change of - 7.44%, speculation degree of 0.43, trend degree of 0.36, and capital change of 50.63 [4] - IF closed at 4,116.00 with a weekly increase of 1.84%, 20 - day annualized volatility of 8.07%, volatility change of - 23.25%, speculation degree of 0.39, trend degree of 0.24, and capital change of 34.02 [4] - IM closed at 6,605.80 with a weekly increase of 3.00%, 20 - day annualized volatility of 12.19%, volatility change of - 16.14%, speculation degree of 0.65, trend degree of 0.31, and capital change of 72.21 [4] - IH closed at 2,796.80 with a weekly increase of 1.08%, 20 - day annualized volatility of 7.06%, volatility change of - 27.82%, speculation degree of 0.55, trend degree of 0.10, and capital change of 9.98 [4] - T closed at 108.18 with a weekly decrease of 0.56%, 20 - day annualized volatility of 1.62%, volatility change of 16.55%, speculation degree of 0.47, trend degree of - 0.24, and capital change of 2.37 [4] - TS closed at 102.31 with a weekly decrease of 0.12%, 20 - day annualized volatility of 0.42%, volatility change of 12.45%, speculation degree of 0.41, trend degree of - 0.16, and capital change of - 1.57 [4] - TF closed at 105.57 with a weekly decrease of 0.40%, 20 - day annualized volatility of 1.13%, volatility change of 10.65%, speculation degree of 0.48, trend degree of - 0.32, and capital change of 0.07 [4] Year - to - Date Price Changes - Gold has a year - to - date increase of 25.86%, silver 25.73%, and other varieties have different year - to - date price changes, such as红枣 (13.41%), apple (13.06%), etc [11] Weekly Capital Flow and Position Changes - The capital attention of coking coal, gold, live pigs, rebar, and hot - rolled coil has increased [13] - The positions of crude oil

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The commodity market may oscillate weakly in the short term due to pressure on liquidity and demand. After the easing of the Israel-Iran conflict, market risk appetite has been continuously recovering, and it is waiting for new domestic and foreign policy signals [1]. - Precious metals maintain a high - level volatile trend in the short term, but the medium - and long - term support logic remains unchanged. Non - ferrous metals continue the upward trend, and black metals' prices are rising again. Energy and chemical sectors show a weak performance, and agricultural products are on a weak track [1][2][3][4]. 3. Summary by Categories 3.1 Market Overview - Last week, the overall commodity market declined by 2.00%. The energy and chemical sector fell by 4.23%, agricultural products and precious metals dropped by 1.31% and 0.36% respectively, while black and non - ferrous metals rose by 1.29% and 2.71% respectively [1][6]. - The top - rising varieties were industrial silicon, coking coal, and zinc, with increases of 8.66%, 6.60%, and 3.39% respectively. The top - falling varieties were crude oil, fuel oil, and LU, with decreases of 12.02%, 10.73%, and 8.09% respectively [1][6]. - There was a small outflow of funds, with little overall change [1][6]. 3.2 Outlook - After the Israel - Iran conflict eased, the market's risk preference is continuously recovering. The market is waiting for new policy signals at home and abroad [1]. 3.3 Specific Commodity Analysis 3.3.1 Precious Metals - They maintain a high - level oscillating trend. Gold is caught between the Fed's high - interest - rate stance and the slight slowdown of US core inflation. Although the US dollar index's strength suppresses gold prices to some extent, geopolitical tensions and central banks' strong gold - buying intentions support gold prices. Silver is affected by its industrial nature, and its short - term trend follows gold [2]. 3.3.2 Non - ferrous Metals - They continue the upward trend. The increase in market risk preference and the Fed's policy adjustment boost the metal sector. Copper prices are supported by low overseas inventories and strong domestic demand, and short - term factors like South American mine maintenance increase supply - tightening expectations. Aluminum prices benefit from rising alumina prices and power - rationing expectations [2]. 3.3.3 Black Metals - Their prices are rising again. Steel futures are firm, driven by the strength of iron ore and expectations of policy support. Iron ore inventories at ports are decreasing, and coke prices are stabilizing, with some areas starting a new round of price increases [3]. 3.3.4 Energy - The overall performance is weak. International oil prices are falling after high - level oscillations, mainly due to the cooling of macro - risk aversion, repeated Fed interest - rate hike expectations, an unexpected increase in US commercial crude oil inventories, and doubts about OPEC +'s production - cut implementation [3]. 3.3.5 Chemicals - They continue the weak trend. Most chemical varieties are adjusting. Methanol, PVC, and PTA prices are falling due to supply - side recovery and downstream procurement hesitation. High port inventories and import pressure exacerbate the supply - demand contradiction in the methanol market [3]. 3.3.6 Agricultural Products - The overall trend is weak, with oils and fats falling significantly. The improved weather in South American soybean - producing areas and high domestic soybean inventories suppress the prices of soybean oil and palm oil. Rapeseed meal is weak due to weak aquaculture demand and the price advantage of substitutes [4]. 3.4 Commodity Fund Overview - Gold ETFs generally declined last week, with the total scale increasing by 0.95% and the total trading volume increasing by 12.65%. The energy - chemical ETF and the soybean - meal ETF fell by 4.41% and 4.29% respectively, while the non - ferrous metal ETF rose by 2.19%, and the silver fund rose by 0.83% [35].

Group 1: Commodity Market Overview - The domestic commodity futures market experienced mixed results on June 25, with urea and red dates leading gains of over 2% [1] - The SC crude oil futures contract fell by over 8%, while high-sulfur fuel oil dropped more than 5% [1] - The China Securities Commodity Futures Price Index closed at 1374.19 points, down 16.51 points or 1.19% from the previous trading day [1] Group 2: Urea and Red Dates - Urea futures saw a strong rebound with a 2.47% increase, recovering losses from earlier in the week due to increased demand and inventory depletion expectations [2] - Concerns over weather conditions affecting red date production led to a rise of over 2%, reaching a four-month high, despite current low consumption levels [2] Group 3: Other Commodities - Silicon manganese and ferrosilicon both increased by over 1%, with ferrosilicon reaching a one-month high [3] - The overall market sentiment improved, contributing to gains in coke, stainless steel, industrial silicon, and nickel, all closing up by over 1% [3] Group 4: Oil Market Dynamics - Oil prices continued to decline due to easing geopolitical tensions, with SC crude oil futures down 8.13% [4] - Despite a decrease in U.S. API crude oil inventories, concerns about supply disruptions remain, limiting the extent of price declines [4] - The outlook for oil prices remains cautious, with potential for further declines due to OPEC+ production increases and high tariffs affecting global demand [4] Group 5: Shipping and Freight Rates - The shipping market for the European route saw its fifth consecutive day of declines, with a drop of 3.07% in the main contract [5] - Freight rates for routes from Shanghai to European ports have decreased compared to the previous week, indicating a potential oversupply in the market [5] - The expectation of price increases by airlines has diminished due to weakened market sentiment and competition among carriers [5]

Core Insights - The 2024 State of Snacking report by Mondelēz International reveals a trend towards mindful snacking, with consumers focusing on flavor, taste, and texture while being present during their snacking moments [1][2][3] Consumer Behavior - The survey indicates that nearly all consumers are managing portion sizes and being attentive while snacking [2] - 96% of global consumers engage in mindful snacking behaviors, and 79% appreciate snacks more when consumed mindfully [7] - 81% of consumers pay attention to the sensory experience of their snacks, savoring the flavor, taste, and texture [7] Portion Control - Over half of consumers seek snacks that are portion controlled, with 69% looking for such options [7] - Mindful consumption is emphasized as a way to enjoy snacks in a balanced manner [7] Company Positioning - Mondelēz International is adapting to evolving consumer preferences by ensuring that every snack provides opportunities for connection and mindfulness [3] - The company reported net revenues of approximately $36.4 billion in 2024, leading the future of snacking with iconic brands [4]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Different industries have varying import profit, internal - external price differences, and trading logics. Attention should be paid to factors such as tariff policies, supply - demand relationships, and production schedules [1][2]. 3. Summary by Industry Agriculture - **Cotton**: Affected by trade wars, sanctions, and tariff policies, the relationship between domestic and foreign cotton prices has reversed. Currently, Zhengzhou cotton is stronger than US cotton, and continuous attention should be paid to subsequent tariff policy changes [2]. - **Oilseeds and Oils**: These commodities have a high degree of import dependence. Trade flows and logistics are smooth. The risks from the international upstream of the industrial chain are transmitted to domestic terminals through basis contracts, and the focus is on the difference in internal - external supply - demand rhythms [2]. Iron Ore - In the short - term, the shipment and arrival of iron ore have increased, iron - making water production is oscillating at a high level. Overseas macro - environment has strong short - term disturbances, while the domestic macro - environment is relatively stable. The price center of iron ore has declined, and there are few short - term internal - external price difference opportunities. In the long - term, the global balance sheet is slightly in surplus compared to China's [1]. Oil Products - **SC**: The spot discount on arrival has weakened, and the internal - external price relationship has weakened [1]. - **FU**: In summer, the internal - external relationship maintains a weak pattern and has been oscillating recently [1]. - **LU**: The internal - external price difference has widened again, and domestic production in June is relatively high [1]. - **PG**: Recently, FEI and MB have fallen, CP has risen. The internal - external price difference has declined, especially for PG - CP [1]. PX - Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the de - stocking of PX is expected to increase. The current internal - external price difference has converged significantly, and the valuation is gradually neutral. It is advisable to wait and see [1]. Non - ferrous Metals - **Aluminum**: Close the internal - external reverse arbitrage to take profit [1]. - **Tin**: With the smooth resumption of production of overseas and Myanmar mines, pay attention to internal - external positive arbitrage as the LME inventory has been low recently [1]. - **Zinc**: Close the internal - external reverse arbitrage [1]. Precious Metals - **Gold**: Affected by the RMB exchange rate and consumption seasons, the internal - external price ratio has rapidly declined [3]. - **Silver**: The spot discount has widened, and the import window has closed [3]. Exchange Rates - The US dollar index, on - shore RMB, off - shore RMB, and other exchange rates have shown different degrees of decline over different time periods [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Different commodities show various import profit, price difference, and market trends, which are affected by factors such as trade policies, supply - demand relationships, and production and consumption patterns. Attention should be paid to policy changes and market dynamics for investment decisions [1][2][3] Summary by Category Metals - **Non - ferrous Metals**: For non - ferrous metals, understand logistics margins, major importers, and resource dependence. Aluminum and zinc should end their reverse spreads, while for tin, with the smooth resumption of overseas and Myanmar mines and low LME inventory, pay attention to the positive spread. Nickel, zinc, copper, and aluminum all have negative import profits [1] - **Iron Ore**: Near - term shipments and arrivals are increasing, iron - water production is fluctuating at a high level. Overseas macro has strong short - term disturbances, and the domestic macro is relatively stable. The ore price center has declined, and there are few short - term opportunities for internal - external spreads, with the core being to profit from the discount of Dalian iron ore futures. In the long run, the global balance sheet is slightly in surplus compared to China's [1] - **Precious Metals**: The RMB exchange rate has an impact on the domestic price of precious metals, causing the internal - external price ratio to decline rapidly. The domestic consumption peak season has passed, while India's Diwali supports gold consumption. The silver spot discount has widened, and the import window is closed [3] Energy - **SC**: The spot discount on arrival has weakened, and the internal - external spread has also weakened [1] - **FU**: In summer, the internal - external spread maintains a weak pattern and has been fluctuating recently [1] - **LU**: The internal - external spread has widened again, and domestic production in June is relatively high [1] - **PG**: Recently, FEI and MB have declined, CP has increased. The internal - external spread has decreased, especially PG - CP. FEI - MB has changed little, FEI - CP has declined, and CP - MB has increased [1] - **PX**: Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external spread has converged significantly, and the valuation is gradually neutral. It is advisable to wait and see [1] Agricultural Products - **Cotton**: Due to the trade war and sanctions, the internal and external cotton markets have gradually decoupled. Previously, US cotton was stronger than Zhengzhou cotton due to high US tariffs on China. Now, after tariff cuts, Zhengzhou cotton is stronger. Continuously monitor subsequent tariff policy changes [2] - **Oilseeds and Oils**: Oilseeds and oils have a high degree of import dependence. The international supply - demand balance is transmitted to the domestic market through imports. Focus on the difference in internal and external supply - demand rhythms [2]

Core Viewpoint - Mondelēz International, Inc. is launching a new wave of impact-first investments through its Sustainable Futures Impact Investment platform, focusing on scalable solutions that address climate, community, and circularity, aligning with its sustainability strategy and Vision 2030 ambitions [1][4]. Investment Approach - The company employs a three-pronged investment strategy consisting of direct investments, fund investments, and technical assistance to scale promising solutions that generate measurable impact [2][4]. Direct Investments - New additions to the Sustainable Futures portfolio include investments in regenerative agriculture, inclusive financing, and circular packaging through innovative technology [4]. Fund Investments - Mondelēz International supports impact funds that align with its goal of catalyzing positive change across various geographies [3][4]. Technical Assistance - The company provides capacity-building support to early-stage ventures, helping validate their technologies through larger-scale pilots and scientific approaches [3][4]. Specific Investments - eAgronom is an ag-tech company aiding farmers in improving soil health and reducing carbon emissions, with over 1 million hectares under sustainable practices [5]. - ZIRO is a fintech startup providing affordable inventory financing to small merchants, aiming to reach approximately 100,000 merchants in three years [5]. - Pack2Earth is focused on replacing 60,000 metric tons of plastic packaging with compostable materials by 2028, part of a coalition supporting the Circulate Capital's Ocean Fund [5]. Impact Metrics - In 2024, investments in the Circulate Capital Ocean Fund contributed to circulating or avoiding over 7,600 tonnes of plastic, reducing more than 10,700 tonnes of GHG emissions, and creating over 34,900 tonnes in recycling infrastructure capacity across Southeast Asia and India [5]. Strategic Importance - Sustainability is a key pillar of Mondelēz International's growth strategy, with investments aimed at addressing challenges and creating long-term business resilience [6].

Core Strategies - Mondelez International is focused on creating memorable consumer experiences through smart brand investments and innovation driven by customer preferences [1][3] - The company is well-positioned for steady growth and long-term value for shareholders by continuously evolving its product lineup to match changing tastes [1] Financial Performance - In the first quarter of fiscal 2025, Mondelez reported a 3.1% increase in organic net revenues, with a 6.6 percentage point gain attributed to favorable pricing strategies [3] - The chocolate category experienced a 10.1% increase in revenue, driven by strong performance in both developed and emerging markets [4] Product Portfolio and Innovation - Mondelez's biscuits and baked snacks portfolio also saw growth, supported by brands like LU and 7DAYS, with revenue growth management strategies playing a key role [5] - Innovation is a cornerstone of Mondelez's strategy, exemplified by the successful launch of the Cadbury Dairy Milk Biscoff bar, which became the best-selling SKU in the UK [7] Market Expansion - The company expanded its distribution network into over 100,000 stores in emerging markets during the first quarter of fiscal 2025, enhancing market penetration [8] Competitive Positioning - Mondelez is effectively positioning itself for sustainable success by focusing on core snacking categories, investing in consumer-centric product development, and emphasizing health-conscious offerings [9] - The stock has gained 1.4% over the past three months, outperforming the industry's 3.7% decline [9]

Core Insights - Mondelēz International reported a slight increase in net revenues of 0.2% for Q1 2025, with organic net revenue growth of 3.1%, but faced a decline in volume/mix of 3.5% [1][6] - The diluted EPS fell significantly by 70.2% to $0.31, while adjusted EPS decreased by 18.3% on a constant currency basis to $0.74 [1][5] - The company generated $1.1 billion in cash from operating activities and reported free cash flow of $0.8 billion, returning $2.1 billion to shareholders [1][6] Financial Performance - Net revenues for Q1 2025 were $9,313 million, showing a 0.2% increase compared to the previous year, with organic net revenue growth of 3.1% [4][20] - The gross profit decreased to $2,430 million, with a gross profit margin of 26.1%, down 25.0 percentage points year-over-year [5][20] - Operating income was reported at $680 million, reflecting a 75.1% decline, with an operating income margin of 7.3%, down 22.1 percentage points [5][20] Regional Performance - In Latin America, net revenues were $1,203 million, down 8.8%, while organic net revenue growth was 3.9% [4] - Asia, Middle East & Africa reported net revenues of $2,016 million, with a 3.4% increase and organic growth of 1.8% [4] - Europe saw net revenues of $3,550 million, up 5.4%, with organic growth of 8.9% [4] Strategic Outlook - The company reaffirmed its outlook for 2025, expecting organic net revenue growth of approximately 5% and a decline in adjusted EPS of about 10% on a constant currency basis due to cocoa cost inflation [8][51] - Free cash flow for 2025 is projected to exceed $3 billion, with no expected impact from currency translation on net revenue growth or adjusted EPS [8][51] Shareholder Returns - Mondelēz returned $2.1 billion to shareholders through cash dividends and share repurchases in the first quarter of 2025 [1][6] - The company continues to focus on delivering sustainable shareholder value while navigating a volatile operating environment [3][6]