美国时间7月29日，宝洁（P&G）发布2025财年财报，并于前一日（7月28日）发布集团换帅的消息。 据公告，2026年1月1日起，宝洁首席执行官Jon Moeller将卸任，首席运营官Shailesh Jejurikar则接替上 任，成为宝洁首位印度裔CEO。 南都湾财社记者注意到，在Jon Moeller任职CEO的四年时间里，宝洁有机销售额增长率整体放缓，今年 6月，宝洁对外公布一项生产力计划，以此改善成本结构和增强竞争力。2025财年，宝洁大中华区业绩 下滑5%，但最近一个季度增长2%。 2025财年定价上涨1% 有机销量增长1% 今年6月公布生产力计划以增强竞争力 财报显示，2025财年（2024.06.30-2025.06.30），宝洁净销售额为843亿美元，与上年（840亿美元）基 本持平，有机销售额（不包括外汇、收购和资产剥离的影响）同比增长2%；归母净利润同比增长7%至 约160亿美元，毛利率同比微降0.2%至51.2%。宝洁表示，定价上涨以及有机销量的增长均为有机销售 额贡献1%的增长，但部分被不利的外汇影响所抵消。 | THE PROCTER & GAMBLE COMPANY AND S ...

Core Viewpoint - Procter & Gamble (P&G) has lowered its organic sales growth forecast for fiscal year 2025 from 3%-5% to 2% due to uncertainties surrounding U.S. tariffs, particularly affecting raw materials and packaging from China [1][6]. Financial Performance - For Q3 of fiscal year 2025, P&G reported a net sales decline of 2% year-over-year to $19.776 billion, with organic sales growth of 1% [2][3]. - The company's net profit slightly decreased from $3.754 billion to $3.769 billion [2]. - Product price increased by 1%, while sales volume decreased by 1% during the reporting period [3]. Business Segment Performance - Fabric & Home Care segment saw a 3% decline in net sales to $6.948 billion, with a 1% drop in net profit [2][3]. - Baby, Feminine & Family Care segment's net sales fell by 4% to $4.755 billion, with net profit down 12% [2][3]. - Beauty segment's net sales decreased by 2% to $3.490 billion, with an 8% decline in net profit [2][3]. - Health Care segment's net sales remained flat at $2.880 billion, while net profit increased by 8% [2][3]. - Grooming segment's net sales declined by 2% to $1.505 billion, with a 6% increase in net profit [2][3]. Regional Performance - In the Greater China region, organic sales fell by 2%, although SK-II experienced double-digit growth of 11% [4][5]. - The company noted that the Chinese market remains volatile, with a gradual recovery expected [5]. Tariff Impact and Strategic Response - The estimated annual cost impact of U.S. tariffs is between $1 billion to $1.5 billion, affecting profit margins by approximately 140 to 180 basis points [6]. - P&G plans to adopt more flexible procurement strategies, improve productivity, and consider innovative pricing methods to mitigate tariff impacts [6].

Core Insights - The article compares Procter & Gamble (PG) and Colgate-Palmolive (CL), highlighting their market positions, financial performance, and strategic priorities within the consumer-packaged goods (CPG) industry [1][2]. Procter & Gamble (PG) - PG operates in over 180 countries with a market capitalization close to $400 billion, offering a diverse product lineup including Tide, Pampers, Gillette, and Olay, which provides a competitive advantage [3]. - In Q3 fiscal 2025, PG reported earnings per share (EPS) of $1.54, meeting analyst expectations, while maintaining or growing market share in seven of its ten core categories [4]. - The company focuses on premiumization and innovation, launching high-performance products and investing in advertising rather than discount promotions, which supports long-term brand strength [5]. - PG anticipates approximately $200 million in after-tax headwinds from commodity costs and foreign exchange in fiscal 2025, alongside projected tariff-related costs of $1-$1.5 billion annually [6]. - The company plans to return $16-17 billion to shareholders through dividends and buybacks, demonstrating a commitment to long-term value creation [7]. Colgate-Palmolive (CL) - CL is a leader in oral care with a 41% share of the global toothpaste market and a 32% share in manual toothbrushes, while also expanding into pet nutrition and skincare [9][10]. - In Q1 2025, CL reported sales exceeding $4.91 billion, beating estimates despite a 3% year-over-year decline, with an EPS of 91 cents also surpassing expectations [11]. - The company expects $200 million in incremental tariff impacts in 2025 but is mitigating these through supply-chain flexibility and productivity gains, having invested $2 billion in U.S. supply-chain upgrades over the past five years [12]. - CL maintains a focus on advertising ROI and AI-driven analytics to optimize spending while continuing to innovate and premiumize its offerings [13]. - The company is positioned to deliver sustainable shareholder value through its strong balance sheet and disciplined execution, despite short-term pressures [14][26]. Financial Estimates - For fiscal 2025, PG's sales and EPS are expected to grow by 0.4% and 3%, respectively, with EPS estimates down by 1.2% in the past week [15]. - CL's sales and EPS estimates suggest year-over-year growth of 0.6% and 1.4%, with EPS estimates down by 0.5% recently [18]. - Both companies have experienced downward estimate revisions, but CL's revisions are less severe compared to PG [20]. Price Performance & Valuation - Year-to-date, PG shares have declined by 3.1%, while CL stock has gained 1.4% [21]. - PG is trading at a forward P/E multiple of 23.06X, below its five-year median of 23.65X, indicating a potentially undervalued position [23]. - CL's forward P/E multiple is at 24.47X, above its five-year median of 24.1X, reflecting its solid fundamentals and growth strategy [24]. Conclusion - PG's extensive global presence and diversified brand portfolio provide a foundation for long-term revenue stability, though it faces geopolitical and market-specific challenges [25]. - CL's strong brand equity and adaptability position it as an attractive investment option, particularly with lower tariff risks and solid fundamentals [27].

Core Viewpoint - Procter & Gamble's Q3 FY2025 results were characterized as moderate and below expectations, with net sales of $19.8 billion, a 2% decline year-over-year, and net profit of approximately $3.8 billion, remaining flat compared to the previous year [2] Group 1: Financial Performance - The company's Q3 sales fell short of analyst expectations, which were set at $20.11 billion, with market forecasts predicting only a 0.44% decline [2] - Organic sales, excluding foreign exchange, acquisitions, and divestitures, grew by 1% year-over-year [2] - The beauty and personal care segment saw slight growth, while sales in baby and feminine care products declined [2] Group 2: Pricing Strategy - Procter & Gamble's pricing strategy has partially offset the negative impact of declining sales, with an overall price increase of 1% in Q3 [2] - The company has a history of price increases, with the SK-II brand experiencing at least four price hikes since 2018, including a 12.5% increase in 2023 [2] - Management indicated that the company may implement further price increases starting in July for the new fiscal year [3] Group 3: Market Challenges - Despite the pricing strategy, the company faces challenges, as evidenced by a 2% sales decline in the Greater China region, which follows a 3% decline in the same period last year [5] - Management has expressed a commitment to reducing reliance on price increases for sales growth, but the complexity of current market conditions may necessitate continued price adjustments [4] - The company aims to focus on daily consumer goods and invest in innovations across different price points to enhance consumer value and drive category growth [6]