Fomento Economico Mexicano SAB de CV (FMX) 2025 Q3 法說會逐字稿

Good day, and welcome to today's FEMSA's third-quarter 2025 results conference call. My name is Serge, and I will be your coordinator for today's event. (Operator Instructions)

大家好，歡迎參加 FEMSA 2025 年第三季業績電話會議。我叫塞爾吉，我將擔任今天活動的協調員。（操作說明）

And now I'd like to hand the call over to Juan Fonseca. Please go ahead, sir.

現在我想把電話交給胡安·豐塞卡。請繼續，先生。

Good morning, everyone, and welcome to FEMSA's third-quarter 2025 results conference call. Today, we are joined by our CEO and Chairman, José Antonio Fernández Carbajal; Jose Antonio Fernández Garza-Lagüera, our current CEO of our proximity and health division and future CEO of FEMSA; Martin Arias, our CFO; and Jorge Collazo, who heads Coca-Cola FEMSA's Investor Relations team.

各位早安，歡迎參加 FEMSA 2025 年第三季業績電話會議。今天，我們邀請到了首席執行官兼董事長何塞·安東尼奧·費爾南德斯·卡瓦哈爾；現任近距離健康事業部首席執行官兼未來 FEMSA 首席執行官何塞·安東尼奧·費爾南德斯·加爾薩-拉圭拉；首席財務官馬丁·阿里亞斯；以及可口可樂 FEMSA 投資者關係團隊負責人豪爾赫·科拉索。

The plan for today is a little different than usual. We will begin with our CEO and Chairman, who is traveling today and is therefore joining us remotely. Jose Antonio will share with us some thoughts on the past couple of years, where he sees our company today, and how he sees FEMSA position for the future as he gets ready to step down from the CEO role at the end of this week. He will not be able to stay for the remainder of today's call.

今天的計劃和往常略有不同。首先，我們的執行長兼董事長正在出差，因此將遠端參加我們的會議。Jose Antonio 將與我們分享他對過去幾年的看法，他對我們公司現狀的看法，以及他對 FEMSA 未來發展方向的看法，因為他將在本週末卸任 CEO 一職。他將無法參加今天剩餘的電話會議。

Next, we will hear from Antonio Fernández Garza-Lagüera, still in his capacity as CEO of our proximity and health division. As you know, he will assume the role of CEO of FEMSA in a few days. But most of these comments today will focus on the performance and trends in our key retail operations during the third quarter, as well as some thoughts on the short and long-term initiatives we are taking to address an evolving consumer.

接下來，我們將聽聽 Antonio Fernández Garza-Lagüera 的發言，他仍然擔任我們近距離和健康部門的執行長。如您所知，他將在幾天後就任FEMSA執行長一職。但今天的大部分評論將集中在第三季度我們主要零售業務的業績和趨勢上，以及我們為應對不斷變化的消費者而採取的短期和長期舉措的一些想法。

Next, Martin Arias, we'll discuss FEMSA's consolidated operational results for the quarter in further detail. And finally, we will open the call for your questions.

接下來，Martin Arias，我們將更詳細地討論 FEMSA 本季的綜合營運表現。最後，我們將開放提問環節。

For the Q&A, please keep in mind that as of today, Jose Antonio is still the CEO of proximity and health, and there is a lot to discuss regarding those operations. If you would rather ask him about his views on the broader FEMSA platform, I'm sure he'll be happy to provide some high-level directional comments today, but these are early days as he onboards to his new role. Obviously, we'll be happy to dedicate ample time to this topic during our February call and beyond.

在問答環節，請記住，截至目前，Jose Antonio 仍然是 Presency and Health 的首席執行官，關於這些業務有很多事情需要討論。如果您更想詢問他對更廣泛的 FEMSA 平台的看法，我相信他今天很樂意提供一些高層次的方向性評論，但鑑於他剛剛上任，現在還處於早期階段。顯然，我們很樂意在二月的電話會議及以後的會議上花足夠的時間討論這個主題。

And with that, let me turn it over to our Chairman, Jose Antonio, please go ahead.

那麼，現在讓我把發言權交給我們的主席何塞·安東尼奧，請開始吧。

Thank you, Juan. Good morning, everyone.

謝謝你，胡安。各位早安。

As you all know, in June of 2023, I returned to the role of CEO at a challenging moment because of our good friend, Daniel Rodriguez have fallen gravely ill, and we were in the thick of executing on our ambitious FEMSA Forward strategy. I committed at the time to where the two halves of CEO and Executive Chairman for a certain time with a clear plan to fill the CEO position and return to the separation of these key roles within that time frame.

如大家所知，2023 年 6 月，我重返 CEO 一職，當時正值一個充滿挑戰的時刻，因為我們的好朋友 Daniel Rodriguez 身患重病，而我們當時正全力執行我們雄心勃勃的 FEMSA Forward 戰略。當時我承諾在一段時間內兼任首席執行官和執行董事長兩職，並製定了明確的計劃，在該時間範圍內填補首席執行官職位空缺，並恢復這兩個關鍵角色的分離。

With the help of our Board, we've been able to deliver on that plan. And while I'm happy to hand over the keys to the incoming CEO next week, I appreciated the opportunity in these past two years to get close to the operations again, particularly through such a key process as FEMSA Forward.

在董事會的幫助下，我們已經能夠實現該計劃。雖然我很高興下週將鑰匙交給即將上任的首席執行官，但我很珍惜過去兩年再次接近營運的機會，特別是透過像 FEMSA Forward 這樣的關鍵流程。

Today, I would like to share some thoughts on our recent past and on our future. FEMSA Forward was all about maximizing long-term value creation by focusing on our core verticals, retail and beverages, enabled by digital, and setting out very clear capital allocation target.

今天，我想和大家分享一些關於我們近期歷史和未來的思考。FEMSA Forward 的目標是透過專注於我們的核心垂直領域（零售和飲料），借助數位化手段，最大限度地創造長期價值，並製定非常明確的資本配置目標。

In the past 32 months, we have at work executing that plan, divesting nearly $11 billion of assets while growing our core at the same time. In addition, the capital allocation framework we put in place in February of last year is guiding our actions and allowing us to move steadily toward our leverage objective by distributing between March of 2024 and March of 2027 and expected a total of approximately $7.8 billion of capital through ordinary and extraordinary dividends, and also through some share buyback.

在過去的 32 個月裡，我們一直在執行該計劃，剝離了近 110 億美元的資產，同時發展了我們的核心業務。此外，我們去年 2 月制定的資本配置框架正在指導我們的行動，並使我們能夠穩步朝著槓桿目標邁進，在 2024 年 3 月至 2027 年 3 月期間，透過普通股息和特別股息以及一些股票回購，預計總共分配約 78 億美元的資本。

As I briefly recap these last two years, there are two messages I want to highlight. First, that everything we set out to do when we announced FEMSA Forward, we have delivered on. We told you what we were going to do, and then we did it. Second, that these actions have been driven by our share pursuit of long-term value creation for all of our stakeholders. Our purpose and interests are well aligned.

回顧過去兩年，我想專注於兩點。首先，我們宣布 FEMSA Forward 時設定的所有目標，我們都已實現。我們告訴你們我們要做什麼，然後我們就做了。其次，這些行動的驅動力在於我們共同追求為所有利害關係人創造長期價值。我們的目標和利益高度一致。

Finally, I would like to quickly touch on how I see FEMSA position today. I feel very confident that our business units have never been stronger. I know this year has been sluggish in Mexico. And I know that the team has addressed this, and we will discuss this later during this call. But I also know that the last year was a banner year. So I am talking about the forest, not the trees.

最後，我想簡單談談我對 FEMSA 目前處境的看法。我非常有信心，我們各個業務部門的實力從未如此強大。我知道今年墨西哥經濟一直比較低迷。我知道團隊已經著手解決這個問題，我們稍後會在這通通話中討論這個問題。但我也知道，去年是碩果累累的一年。所以，我談的是整片森林，而不是具體的樹木。

On the retail side, we have OXXO Mexico still with at least a decade of continued store growth at the current pace, world-class returns on capital, and a full range of levers to adjust as we ensure our value proposition continues to satisfy a growing number of needs for an always evolving consumer.

在零售方面，OXXO 墨西哥商店仍將以目前的速度持續成長至少十年，擁有世界級的資本回報率，並且我們擁有全方位的調整手段，以確保我們的價值主張能夠繼續滿足不斷變化的消費者日益增長的需求。

In Mexico, we have successfully completed the leadership transition to Carlos Arroyo, an experienced retail operator with a decade's long track record, who is bringing a new set of capabilities that will serve us well for the challenges ahead.

在墨西哥，我們已成功完成領導層過渡，卡洛斯·阿羅約是一位經驗豐富的零售運營商，擁有十年的從業經驗，他將帶來一系列新的能力，這將有助於我們應對未來的挑戰。

In the proximity convenience environment outside of Mexico and in the discount space in Mexico, we have a compelling set of higher growth opportunities that are ready to be scaled up, such as OXXO Brazil, OXXO Colombia, and Bara, among others. Any one of these opportunities has the potential to create billions of dollars of value over the next decade and beyond.

在墨西哥以外的便利商店市場和墨西哥的折扣市場，我們擁有一系列極具吸引力的高成長機會，這些機會已經準備好擴大規模，例如 OXXO 巴西、OXXO 哥倫比亞和 Bara 等。這些機會中的任何一個都有可能在未來十年甚至更長時間內創造數十億美元的價值。

In our other retail investment, specifically held in Europe, we are laser focused on organic growth and on improving the returns on our invested capital. At Coca-Cola FEMSA, we are in the middle of an ambitious multiyear investment phase, continuing to increase our production and distribution capacity, as well as our long-term growth capabilities, underscoring the strength and resiliency of this business even as we navigate a challenging short-term environment.

我們在其他零售投資領域，特別是歐洲的投資，我們專注於內生成長和提高投資報酬率。可口可樂FEMSA正處於雄心勃勃的多年投資階段，我們將繼續提高生產和分銷能力，以及長期成長能力，這凸顯了即使我們面臨充滿挑戰的短期環境，該業務依然擁有強大的實力和韌性。

On that note, the recently announced tax increase in Mexico will present challenges, but we believe this will be the -- like the one we have faced in the past. And we will make the necessary adjustments in order to balance our return on investment capital while allowing us to take advantage of some growth opportunities.

有鑑於此，墨西哥最近宣布的增稅將帶來挑戰，但我們相信這將是——就像我們過去面臨的那樣。我們將做出必要的調整，以平衡投資資本回報，同時抓住一些成長機會。

At Spin, we continue to grow our user base and engagement as we make steady progress in developing (technical difficulty)

在Spin，隨著我們在開發方面穩步取得進展，我們的用戶群和用戶參與度也在不斷增長。（技術難題）

Hello, Jose Antonio? Excuse us while we try to reconnect to connect with Antonio.

你好，何塞·安東尼奧？請稍等，我們正在嘗試重新連接安東尼奧。

Ladies and gentlemen, we experienced a momentary interruption in today's conference. Please continue to stand by.

女士們、先生們，今天的會議出現了短暫的中斷。請繼續待命。

I'm very sorry. I don't know what happened and I kept talking, and I didn't notice when I left. Can you tell me where I --

我很抱歉。我不知道發生了什麼，我一直在說話，沒注意到自己是什麼時候離開的。你能告訴我我在哪裡嗎？--

The paragraph of Spin, Jose Antonio.

何塞·安東尼奧·斯賓的段落。

Okay. So I will repeat that paragraph. Thank you. At Spin, we continue to grow our user base and engagement as we make steady progress in developing a digital ecosystem that will better enable our millions of users to navigate and improve their financial lives in a world that is increasingly digital.

好的。所以我要重複那一段。謝謝。在 Spin，我們不斷擴大用戶群和用戶參與度，穩步推進數位生態系統的發展，這將使我們數百萬用戶能夠在日益數位化的世界中更好地駕馭和改善他們的財務生活。

Although this is one of the longest-term bets in our core verticals, we have a firm belief that the digital capabilities we are building are indispensable to OXXO Mexico and will prove to be a source of value creation for decades to come. Jose will certainly bring a fresh perspective to this business.

儘管這是我們核心垂直領域中期限最長的投資之一，但我們堅信，我們正在建立的數位化能力對OXXO墨西哥來說至關重要，並將在未來幾十年成為創造價值的來源。Jose一定會為這家公司帶來全新的視角。

I have been at FEMSA for nearly 40 years. During that time, I have lived through several reinventions of FEMSA. And today, I am as excited about our long-term growth opportunities as I have ever been, and I hope you are too.

我在FEMSA工作了近40年。在那段時間裡，我經歷了 FEMSA 的幾次重組。今天，我對我們的長期發展機會依然充滿信心，也希望你們也是如此。

I will continue to work to capitalize on those opportunities in my role as Executive Chairman, but I will have fewer chances to speak with you. So I want to take this moment to thank every one of you for your interest in our company and for your full support through all these years.

身為執行主席，我將繼續努力把握這些機會，但我與各位交流的機會將會減少。因此，我想藉此機會感謝各位對我們公司的關注和多年來的全力支持。

And with that, let me turn it over to our new CEO.

那麼，現在讓我把麥克風交給我們的新任執行長。

Thank you, [Jav]. Good morning, everyone. Today, I want to structure my comments around three topics. First, the quarter's results with a particular focus on OXXO's Mexico same-store sales and traffic, where despite a still challenging environment, we are seeing some encouraging signs.

謝謝你，[Jav]。各位早安。今天，我想圍繞著三個主題來展開我的評論。首先，我們將重點放在OXXO墨西哥同店銷售額和客流量，儘管市場環境仍充滿挑戰，但我們看到了一些令人鼓舞的跡象。

Next, I want to talk about the actions and initiatives the team has put in place at both the short-term tactical level, but also some ideas about more strategic considerations and projects aimed at strengthening the value proposition and relevance of the OXXO store in the medium and long term. Finally, I will share with you some initial thoughts as I get ready to step into the FEMSA CEO role in a few days.

接下來，我想談談團隊在短期戰術層面採取的行動和舉措，以及一些關於更具戰略意義的考慮和項目，旨在加強 OXXO 商店在中長期的價值主張和相關性。最後，我將與大家分享一些即將就任 FEMSA 執行長一職的初步想法。

So firstly, let's talk about the third quarter. As you saw in our release, same-store sales for Proximity Americas increased 1.7%, with average ticket rising 4.9%, and average traffic contracting 3.1%. This represents a clear improvement versus the first half, marking an inflection in our trend that seems to be improving further in October.

首先，我們來談談第三季。正如您在我們發布的新聞稿中看到的，Proximity Americas 的同店銷售額增長了 1.7%，平均客單價上漲了 4.9%，而平均客流量下降了 3.1%。這比上半年有了明顯的改善，標誌著我們趨勢的轉折點，而且這種趨勢在 10 月似乎會進一步改善。

This quarter was the first to show positive same-store sales growth since the middle of last year, and importantly, we believe a significant part of the improvement came not from a meaningful change in macro conditions, the weather or the consumer environment, but rather from adjustments we made to address category and channel-specific challenges.

本季是自去年中以來首次實現同店銷售正成長，而且重要的是，我們認為這一改善很大程度上並非源於宏觀環境、天氣或消費者環境的重大變化，而是源於我們為應對品類和通路特定挑戰而做出的調整。

As a result, we improved our competitive position in several key categories like beer, soft drinks, and snacks. And in terms of the channel, we believe we also improved our overall competitive position versus the traditional trade, reversing the trend we saw earlier in the year.

因此，我們在啤酒、軟性飲料和零食等幾個關鍵類別中提高了我們的競爭地位。就通路而言，我們相信我們也提高了相對於傳統貿易的整體競爭地位，扭轉了今年稍早出現的趨勢。

Which brings me to my second topic regarding the short and medium-term initiatives we have launched to improve performance. There is a long list of actions and initiatives designed to drive our short-term results which are aligned with our long-term strategic objectives. One of our most important such initiatives, which I want to highlight is pursuing affordability in our core categories of beer, soft drink, snacks, and tobacco.

這就引出了我的第二個主題，即我們為提高績效而推出的短期和中期舉措。我們制定了一系列旨在推動短期績效的行動和舉措，這些行動和舉措與我們的長期策略目標一致。我想重點強調，我們最重要的措施之一是努力降低啤酒、軟性飲料、零食和菸草等核心品類的價格。

To this end and working in tandem with our key supplier partners, we were able to improve our assortment and our price package architecture by adding presentations at both ends of the out-of-pocket spectrum. Larger multi-serve and returnable presentations in beverages, smaller packages for snacks and beverages, and lower-cost brands for cigarettes.

為此，我們與主要供應商合作夥伴攜手合作，透過在自付費用範圍的兩端增加產品展示，改進了我們的產品種類和價格方案結構。飲料採用更大包裝的多份裝和可回收包裝，點心和飲料採用更小包裝，香菸採用更低價的品牌。

In addition, we have implemented aggressive promotional campaigns in these categories and a variety of other categories. These initiatives are being supported by strong communication efforts, access to Premia-related data, and a focus on store execution, and we are already seeing positive results, improving our competitive position during the quarter for most of these categories relative to the traditional trade.

此外，我們還在這些類別以及其他各種類別中開展了積極的促銷活動。這些舉措得到了強有力的溝通努力、獲取 Premia 相關數據以及注重門市執行的支持，我們已經看到了積極的成果，在本季度，相對於傳統貿易，我們在大多數類別中的競爭地位都有所提高。

At the same time, we are executing ambitious initiatives to drive productivity and efficiency across the proximity and health organization aligned with our long-term strategy, including our recently launched fit-for-purpose corporate overhead efficiency program, which will make our organization leaner and achieved significant cost savings over the next several quarters, generating a reduction in SG&A.

同時，我們正在執行雄心勃勃的計劃，以提高整個醫療和健康組織的生產力和效率，這與我們的長期戰略相一致，包括我們最近推出的適用的企業管理費用效率計劃，這將使我們的組織更加精簡，並在未來幾個季度實現顯著的成本節約，從而降低銷售、一般及行政費用。

Beyond the short term, we are in the early stages of developing the strategy that will guide the evolution of our OXXO platform in the years to come. As powerful as our value proposition has been to satisfy certain consumer needs and occasions around thirst, gathering and impulse, we believe we can expand our relevance and increase the scope of our value proposition while ensuring affordability in a more integral manner.

著眼於短期目標之外，我們目前正處於製定策略的早期階段，該策略將指導我們 OXXO 平台在未來幾年的發展。儘管我們的價值主張在滿足消費者對口渴、聚會和衝動等特定場合的需求方面非常有效，但我們相信，我們可以擴大我們的相關性，並擴大我們的價值主張的範圍，同時以更全面的方式確保價格合理性。

We also believe that coffee and food categories are categories where we can win by making significant improvements. We have performed a deep diagnostic on our current value proposition and are currently in the experimentation phase to launch new offerings. We are excited by the opportunity and we will keep you posted as we advance on this ambitious multiyear effort.

我們也認為，咖啡和食品類別是我們可以透過做出重大改進而取得成功的品類。我們對目前的價值主張進行了深入診斷，目前正處於推出新產品的試驗階段。我們對這個機會感到非常興奮，我們將隨時向您報告這項雄心勃勃的多年計劃的進展。

Finally, let me talk about FEMSA and my role as future CEO for a minute. As you might imagine, I have been rapidly getting up to speed in all the matters outside the scope of Proximity and Health. However, although it is still early, and I do not start the job until next week, I want to share an initial message of strategic continuity.

最後，請容許我花一點時間談談 FEMSA 以及我作為未來 CEO 的角色。正如你可能想的那樣，除了「親近與健康」領域之外的所有事情，我都在迅速地了解相關情況。然而，雖然現在還為時過早，而且我下週才正式上任，但我還是想分享一個關於戰略連續性的初步資訊。

Over the past few years, we achieved meaningful progress driven by the vision, courage and strategic clarity of those that came before me. They led a powerful transformation, streamlined our portfolio and positioned FEMSA to compete with greater focus and strength.

在過去的幾年裡，在我的前任們的遠見卓識、勇氣和戰略清晰性的推動下，我們取得了意義重大的進步。他們領導了一場強有力的變革，精簡了我們的產品組合，使 FEMSA 能夠以更大的專注度和實力參與競爭。

I have the privilege of learning from them and their example continues to shape how I live and think about the future. As a member of the senior leadership team, I was informed and fully supportive of FEMSA Forward and the resulting focus on our core business verticals, and I am completely designed our capital allocation framework and strategy.

我有幸向他們學習，他們的榜樣不斷塑造我的生活方式和對未來的思考。作為高階領導團隊的一員，我了解並全力支持 FEMSA Forward 計劃以及由此產生的對我們核心業務垂直領域的關注，並且我完全參與了我們的資本配置框架和策略的設計。

I am convinced we have in Coca-Cola FEMSA and OXXO Mexico, two of the most remarkable and valuable assets in their respective global industry. Not just because of what they represent today, but just as importantly what they can become in the future. Our retail platform is poised for dynamic long-term growth through OXXO Brazil, OXXO Colombia, Bara, and although still at an earlier stage of development, OXXO USA.

我確信，可口可樂FEMSA和OXXO墨西哥是各自所在全球產業中最傑出、最有價值的兩項資產。不僅是因為它們今天所代表的意義，更重要的是因為它們未來可能成為的樣子。我們的零售平台已做好長期蓬勃發展的準備，旗下 OXXO 巴西、OXXO 哥倫比亞、Bara 以及雖然仍處於早期發展階段的 OXXO 美國都將受益。

Our other retail platforms, in particular, Health and Europe, our solid self-funding operations where our focus should be on maximizing the returns on our existing assets through efficiency and primarily organic growth. And I am a firm believer in the potential and optionality of the Spin ecosystem.

我們的其他零售平台，特別是健康和歐洲業務，是我們穩健的自籌資金業務，我們應該專注於透過提高效率和主要依靠內生成長來最大限度地提高現有資產的回報。我堅信Spin生態系的潛力與多樣性。

I also want to take this opportunity to share with you that I am bullish on Mexico. We continue to deploy more than $1 billion in our CapEx in our home country every year. As attractive as some of our international long-term bets are, Mexico will continue to play an outsized role in the value creation at FEMSA for the foreseeable future.

我還想藉此機會告訴大家，我非常看好墨西哥。我們每年在國內資本支出方面持續投入超過10億美元。儘管我們的一些國際長期投資頗具吸引力，但在可預見的未來，墨西哥仍將在 FEMSA 的價值創造中發揮舉足輕重的作用。

As for my management style, I favor thinking in decades while lasting in days, balancing a long-term view on value creation with a sense of urgency in setting the right conditions for execution. We will have plenty of opportunities to talk about these topics in the future.

至於我的管理風格，我傾向於以十年為單位思考，以天為單位行動，在創造價值的長期視角和為執行創造合適條件的緊迫感之間取得平衡。未來我們將有很多機會討論這些主題。

But I can share some examples with you of what I mean by that. Thinking in decades requires that we methodically consider our strategy, ensuring that we do not mortgage our future for short-term fixes and gains at the expense of our long-term growth and competitive position. We should always be driven by the objective of long-term value creation, instilling our relentless focus on sustaining or having an achievable and realistic path to ROIC over WACC.

但我可以舉幾個例子來說明我的意思。以數十年為單位進行思考，要求我們有條不紊地考慮我們的策略，確保我們不會為了短期補救和收益而犧牲我們的長期成長和競爭地位，從而透支我們的未來。我們應該始終以創造長期價值為目標，堅持不懈地專注於維持或實現切實可行的 ROIC 目標，而不是 WACC。

Acting in days requires us to rigorously tighten our grasp on actionable expense and cash flow levers, making it a daily habit across the organization. It includes getting the right people in the right seats right now, as well as testing frequently, learning quickly, moving on fast when we fail, and acting decisively when we find a new solution that serves our customer needs.

要在幾天內採取行動，就需要我們嚴格控制可操作的費用和現金流槓桿，並使其成為整個組織日常的習慣。這包括立即讓合適的人擔任合適的職位，以及經常進行測試、快速學習、在失敗時迅速改進，並在找到滿足客戶需求的新解決方案時果斷行動。

I would also add that I'd like to communicate in a no nonsense straightforward way, and one thing I can offer you now is a commitment to be in touch with you, our investors and analysts more than in the past. Not just on these quarterly calls, but by meeting you on the road. We are already developing the plans for next year with Martin and Juan, and I look forward to seeing you all in the not-too-distant future.

我還想補充一點，我希望以直截了當、不拐彎抹角的方式進行溝通。我現在可以向你們保證的是，我會比以往更頻繁地與你們、我們的投資者和分析師保持聯繫。不僅透過這些季度電話會議，還要在路上與您見面。我們已經和馬丁、胡安一起制定了明年的計劃，期待在不久的將來見到大家。

And with that, let me turn it over to Martin to go over the quarterly results in more detail.

接下來，我將把發言權交給馬丁，讓他更詳細地介紹季度業績。

Thank you, Jose Antonio. Good morning, everyone. Let me begin by discussing our consolidated results for the third quarter of 2025. During the quarter, we delivered total revenue growth of 9.1% despite a still challenging but improving environment in Mexico, impacting both Proximity and Coca-Cola FEMSA, which was offset by solid top line trends outside Mexico. Some curves see tailwinds, particularly in Europe and the consolidation of the OXXO USA operation.

謝謝你，何塞·安東尼奧。各位早安。首先，我想談談我們2025年第三季的綜合業績。本季度，儘管墨西哥市場環境依然充滿挑戰但有所改善，Proximity 和 Coca-Cola FEMSA 都受到了影響，但我們仍實現了 9.1% 的總收入成長，而墨西哥以外地區的強勁營收成長抵消了這一影響。有些市場呈現順風，尤其是在歐洲以及OXXO美國業務的整合方面。

Operating income increased by 4.3% year over year, reflecting inflationary effects on our costs and expenses, partially offset by expense efficiency efforts across multiple operations, especially at OXXO Mexico, Coca-Cola FEMSA Mexico, Health and Europe.

營業收入年增 4.3%，反映了通貨膨脹對我們的成本和費用的影響，但部分被多個業務部門（尤其是 OXXO 墨西哥、可口可樂 FEMSA 墨西哥、健康和歐洲）的費用效率提升措施所抵消。

Net consolidated income decreased by 36.8% to MXN5.8 billion, driven mainly by a noncash foreign exchange loss of MXN1.3 billion, compared to a gain of MXN4.3 billion last year, a swing of more than MXN5.5 billion. Related defense US dollar-denominated cash position, which was negatively impacted by the sequential appreciation of the Mexican peso during the period. Two, higher interest expense of MXN5.5 billion, compared to MXN4.8 billion the previous year, reflecting higher debt at Coca-Cola FEMSA and higher lease obligations across our retail network.

淨合併收入下降 36.8% 至 58 億墨西哥比索，主要原因是非現金外匯損失 13 億墨西哥比索，而去年同期則為收益 43 億墨西哥比索，波動幅度超過 55 億墨西哥比索。相關國防美元現金部位受到該期間墨西哥比索連續升值的負面影響。第二，利息支出增加至 55 億墨西哥比索，而前一年為 48 億墨西哥比索，這反映出可口可樂 FEMSA 的債務增加以及我們零售網路租賃義務增加。

And three, lower interest income of MXN1.9 billion compared to MXN2.6 billion the previous year, reflecting lower interest rates and lower cash balances. Our effective tax rate for the quarter was 29.3%, showing a sequential improvement. We understand that the spike in the first half of the year in our effective tax rate 42.2% in the first quarter, and 40% in second quarter raised certain concerns. In that regard, I want to make several comments. The quarterly movement of our tax rate can be volatile and difficult to project on a quarterly basis, since it can be impacted in any given quarter by any of the following things.

第三，利息收入從去年的 26 億墨西哥比索下降至 19 億墨西哥比索，反映出利率下降和現金餘額減少。本季實際稅率為 29.3%，季增。我們了解到，今年上半年實際稅率的飆升，第一季達到 42.2%，第二季達到 40%，引起了一些擔憂。在這方面，我想提出幾點意見。我們的稅率季度變動可能波動較大，難以按季度預測，因為在任何特定季度，以下任何因素都可能對其產生影響。

Extraordinary settlement of fiscal contingencies from the past in one quarter, reflecting issues from several years in the past. As the year progresses, we also make adjustments to provisions for tax payments given the performance of the business. Foreign currency gains and losses on our foreign currency cash balances and debt can cause important swings. We are requiring our tax rules to include or write-off deferred tax assets relating to NOLs based on adjustments to internal projections. Movements of accumulated cash, excess cash from our subsidiaries to Mexico, reflecting several years of profits can cause an increase in taxes.

在一個季度內對過去幾年遺留的財政突發事件進行了非常規的結算，反映了過去幾年存在的問題。隨著一年的進行，我們也會根據企業經營狀況調整稅務準備金。我們的外幣現金餘額和債務的外匯損益可能會造成重大波動。我們要求我們的稅務規則根據內部預測的調整，將與淨營業虧損相關的遞延所得稅資產納入或註銷。多年累積的現金和子公司向墨西哥轉移的盈餘現金，反映了多年的利潤，這可能會導致稅收增加。

There are certainly structural reasons why our tax rate is higher than the 30% corporate income tax rate in Mexico, including non-deductibility of certain expenses, losses relating to spend, and higher tax rates in countries outside of Mexico. We have guided investors towards a tax rate in the mid-30s range, and we continue to believe that this is the right number under current legislation.

我們的稅率高於墨西哥 30% 的企業所得稅率，這其中肯定存在一些結構性原因，包括某些費用不可抵扣、與支出相關的損失以及墨西哥以外國家較高的稅率。我們引導投資者將稅率控制在 30% 左右，我們仍然認為根據現行法律，這是合適的稅率。

Turning to our operating results and beginning with the Proximity Americas division. Same-store sales increased modestly by 1.7%, once again reflecting a combination of the solid average ticket growing 4.9%, offset by a traffic decline of 3.1%. This is an improvement over the previous several quarters.

接下來，我們來看看我們的經營業績，首先從美洲近場通訊部門開始。同店銷售額小幅成長 1.7%，再次反映出平均客單價穩定成長 4.9%，但客流量下降 3.1% 所抵銷了這一成長。這比前幾季度有所改善。

And as Jose Antonio just said, it includes some encouraging information regarding the effectiveness of our tactical initiatives, and an incipient recovery in our competitive position in key categories. Total revenues for Proximity Americas grew 9.2%, or 4.8% on an organic and currency-neutral basis, mainly driven by the expansion of our network 1,370 stores year on year, a strong performance in our Lat Am markets, which continue to grow at very attractive rates. The consolidation of OXXO USA, as well as favorable exchange rate effect in several of our operating currencies.

正如何塞·安東尼奧剛才所說，其中包含一些令人鼓舞的信息，表明我們的戰術舉措卓有成效，並且在關鍵類別中，我們的競爭地位開始出現初步復甦。Proximity Americas 的總收入增長了 9.2%，以有機增長和匯率中性計算增長了 4.8%，主要得益於我們門市網絡同比增長 1,370 家，以及我們在拉丁美洲市場的強勁表現，這些市場繼續以非常有吸引力的速度增長。OXXO USA 的合併，以及我們幾種經營貨幣的有利匯率影響。

Gross margin expanded by 80 basis points to 45%, reflecting a continued expansion in Mexico and Lat Am, despite undertaking the affordability efforts mentioned previously in Mexico, and the consolidation of the US operations which have a significant component of lower margin refuel.

儘管在墨西哥採取了前面提到的降低成本的措施，並且整合了利潤率較低的美國業務（其中很大一部分是加油業務），但毛利率仍增長了 80 個基點，達到 45%，這反映出墨西哥和拉丁美洲的業務持續擴張。

Operating income increased by 7.1%, while OXXO USA's operating basis points to 8.8%, mainly due to the consolidation of the US operations, which are slightly above breakeven. And despite the fact that Mexico's margin was flat, and OXXO Lat Am continued to reduce its operating income losses relative to its revenues. The combined selling and administrative expenses grew at 12%, reflecting continued pressure on wages in Mexico, continued expansion-related expenses in Lat Am, and consolidation of the US operating expenses.

營業收入成長了 7.1%，而 OXXO USA 的營業基礎為 8.8%，這主要是由於美國業務的合併，而美國業務的利潤略高於盈虧平衡點。儘管墨西哥的利潤率持平，但OXXO Lat Am的營業收入虧損相對於其收入持續減少。銷售和管理費用合計成長了 12%，反映出墨西哥工資持續面臨壓力、拉丁美洲持續擴張相關費用以及美國營運費用的合併。

There were some reclassification of administrative expenses to selling expenses in Lat Am, which makes comparison more difficult on a disaggregated line item basis. We expect, over the next few quarters, you should be able to see the effects on SG&A as we streamline corporate overhead through our fit-for-purpose initiatives.

拉丁美洲的一些管理費用被重新歸類為銷售費用，這使得按明細項目進行比較變得更加困難。我們預計，在接下來的幾個季度裡，隨著我們透過量身定制的措施來精簡公司開支，您應該可以看到這些舉措對銷售、一般及行政費用的影響。

On the store expansion front, Proximity Americas added 198 new stores in the quarter, in line with our plan for the year. At OXXO USA, the conversion of DK stores into the OXXO banner continue to pace, reaching 50 converted stores in Midland, Odessa, and [Lula]. We are making progress in food service with revamped hot food menus and offerings in the 50 OXXO stores, adding new partnerships aimed at driving consumer frequency and strengthening the overall food service value proposition, including clip-ins from our Doña Tota and [each] banner. We are also initiating the conversion process in El Paso, as well as testing standalone non-fuel OXXO stores in certain locations.

在門市擴張方面，Proximity Americas 在本季新增了 198 家門市，符合我們今年的計畫。在美國，OXXO便利商店向OXXO品牌的轉換進程持續推進，在米德蘭、敖德薩等地已完成50家門市的轉換。[盧拉]我們在餐飲服務方面取得了進展，50 家 OXXO 便利商店改進了熱食菜單和產品，並新增了旨在提高消費者光顧頻率和加強整體餐飲服務價值主張的合作夥伴關係，包括從我們的 Doña Tota 和 [each] 品牌中插入廣告。我們還將在埃爾帕索啟動轉換流程，並在某些地點測試獨立的非燃料 OXXO 便利商店。

At Bara, during the quarter, we continued our accelerated store expansion opening with 40 new stores, and we remain on track to achieve or surpass a 30% growth rate in 2025. We continue optimizing our discount value proposition by scaling our private label strategy. Bara same-store sales grew 10.8%.

本季度，Bara 繼續加快門市擴張步伐，開設了 40 家新店，我們仍有望在 2025 年實現或超過 30% 的成長率。我們透過擴大自有品牌策略，不斷優化我們的折扣價值主張。Bara同店銷售額成長10.8%。

In Europe, Valora delivered solid results as total revenues increased by 10.1% in pesos, or 3.3% on a currency-neutral basis, driven by higher Swiss retail sales, coupled with positive trends in Swiss B2C food service, partially offset by softer sales in B2B food service, particularly in the US.

在歐洲，Valora 取得了穩健的業績，總收入以比索計增長了 10.1%，按固定匯率計算增長了 3.3%，這主要得益於瑞士零售額的增長，以及瑞士 B2C 食品服務的積極趨勢，但部分被 B2B 食品服務（尤其是美國）銷售疲軟所抵消。

Gross profit grew 10.1% in pesos, or 3.4% currency neutral, in line with revenues and representing a stable margin compared with last year. Total operating expenses grew below revenues. However, selling expenses grew at almost the same rate as sales, reflecting wage pressures and inflation, but were offset by nearly flat administrative expenses. This reflects broad efforts to reduce corporate overhead expenses.

毛利以比索計價成長 10.1%，以固定匯率計算成長 3.4%，與營收一致，與去年相比利潤率維持穩定。總營運支出成長低於收入成長。然而，銷售費用幾乎與銷售額同步成長，反映了薪資壓力和通貨膨脹，但被幾乎持平的管理費用所抵消。這反映了企業為降低營運成本所做的廣泛努力。

Valora reported a 29.1% increase in operating income, [20.7%] on a currency-neutral basis, representing a 70 basis point improvement in operating margin, and reflecting strong growth in Swiss retail, positive contribution from Swift B2C food service, and effective corporate overhead cost management offset by our B2B food service business.

Valora 報告稱，其營業收入增長了 29.1%（按固定匯率計算增長了 20.7%），營業收入增長了 70 個基點，這反映了瑞士零售業的強勁增長、Swift B2C 食品服務的積極貢獻以及有效的公司管理費用管理，而這些都被我們的 B2B 食品服務業務所抵消。

Now let me walk you through the performance of our Health division. Total revenues increased 2.9% in pesos with same-store sales growing 0.8%, mostly explained by strong top-line performance in Chile and Colombia, offset by Mexico.

現在讓我帶您了解我們醫療健康部門的表現。以比索計，總收入成長了 2.9%，同店銷售額成長了 0.8%，主要得益於智利和哥倫比亞強勁的營收表現，但被墨西哥的業績所抵銷。

On a currency neutral basis, total revenues grew 4.5%, evidencing currency headwinds relative to the US dollar in Ecuador and the Chilean peso. Growth in revenues occurred despite the continued challenging environment in Mexico, which saw same-store sales declines and the closure of 423 underperforming stores versus the same quarter in 2024.

以固定匯率計算，總收入增長了 4.5%，這表明厄瓜多爾和智利比索對美元存在匯率不利因素。儘管墨西哥市場環境持續充滿挑戰，同店銷售額下降，且與 2024 年同期相比關閉了 423 家業績不佳的門市，但公司收入仍實現了成長。

Operating income declined 4%, and 1.3% on a currency-neutral basis, resulting in an operating margin dilution of 30 basis points to 4%. This reflects operating deleverage in Mexico and higher labor expenses in South America, particularly driven by the rapid expansion in Colombia.

營業收入下降 4%，以固定匯率計算下降 1.3%，導致營業利潤率稀釋 30 個基點至 4%。這反映了墨西哥的經營槓桿化程度降低以及南美洲勞動成本上升，尤其是哥倫比亞的快速擴張推動了這一趨勢。

In [Oaxaca], same station sales increased by 8.3%, and total revenues grew by 5%, reflecting growth in retail volume, offset by a decline in the wholesale business. Gross margin stood at 11.8% and operating margin at 4.6%. It is worth highlighting that during the quarter, selling expenses decreased 1.7% underscoring our continued effort to look for efficiencies and savings to support profitability in such areas as labor costs.

在瓦哈卡州，同店銷售額成長了 8.3%，總收入成長了 5%，這反映了零售量的成長，但被批發業務的下降所抵消。毛利率為 11.8%，營業利益率為 4.6%。值得強調的是，本季銷售費用下降了 1.7%，這凸顯了我們持續努力尋找提高效率和節省成本的方法，以支持勞動成本等領域的獲利能力。

Now moving to Coca-Cola FEMSA. During the third quarter, they delivered gradual sequential improvement amid a challenging environment. Total volume declined slightly, driven mainly by Mexico, or a softer macro environment continued to weigh on consumption.

現在轉向可口可樂FEMSA。第三季度，他們在充滿挑戰的環境下實現了逐步的業績提升。整體銷售略有下降，主要受墨西哥市場影響，或者說，疲軟的宏觀經濟環境繼續對消費構成壓力。

On the other hand, South America delivered a resilient performance with volume growth across most territories, demonstrating the adaptability of the business across regions. In terms of profitability, cost protected its margins, mainly through the implementation of mitigation actions, controlling expenses and generating efficiencies, recognizing a more difficult 2025 than expected. You can dive deeper into the results by listening to the webcast of their earnings call held last Friday.

另一方面，南美洲表現穩健，大部分地區的銷量均實現成長，這表明該業務具有跨區域的適應能力。從獲利能力來看，成本控制主要透過實施緩解措施、控制支出和提高效率來保護其利潤率，同時認識到 2025 年的情況比預期更加艱難。您可以收聽他們上週五舉行的財報電話會議的網路直播，深入了解業績。

Finally, regarding capital returns to shareholders in the context of our capital allocation framework. During the quarter, we distributed a total of [MXN11.8 million] in a combination of ordinary and extraordinary dividends. In terms of share buybacks, we were not active during the third quarter, so we are a bit behind schedule. As you know, whenever we become active, we will make the required filings and you will be able to follow.

最後，關於在我們的資本配置框架下股東的資本回報。本季度，我們以普通股利和特別股利的形式共派發了 [1,180 萬墨西哥比索]。就股票回購而言，我們在第三季沒有採取任何行動，因此我們稍微落後於計劃。如您所知，一旦我們開始運營，我們將提交必要的文件，屆時您可以跟進。

As we look ahead to the coming year, we are cautiously optimistic. As we mentioned before, we are beginning to see signs of improvement in the October data in Mexico. In terms of the levers and variables under our control, we are confident we are making the right adjustments and achieving the desired results across our platform.

展望來年，我們持謹慎樂觀態度。正如我們之前提到的，我們開始看到墨西哥10月份的數據出現改善跡象。就我們可控的因素和變數而言，我們有信心做出正確的調整，並在我們的平台上取得預期的結果。

From the consumption side, we will have the additional tailwind from the FIFA World Cup to be held in our continent, with matches being played at the right time of day. And hopefully, we will also get a slightly better environment in which to operate in Mexico.

從消費方面來看，我們將受益於在我們大陸舉行的國際足總世界杯，比賽將在一天中的合適時間進行，這將帶來額外的利好因素。希望我們在墨西哥的經營環境也能有所改善。

We will provide a more detailed update in our next call. And with that, we are ready to open the call for questions.

我們將在下次電話會議上提供更詳細的更新資訊。接下來，我們將開始接受提問。

(Operator Instructions) Ben Theurer, Barclays.

（操作員說明）Ben Theurer，巴克萊銀行。

Jose Antonio, congrats on the new job. And I actually have a question for you on the old jobs. So as it comes to retail, just wanted to understand a little bit and dig a little deeper into your commentary on the same-store sales performance. Well, clearly, traffic was down only 3% versus the give or take, 6% we saw in the first half. There was a very easy comp versus last year because of some of the hurricanes.

Jose Antonio，恭喜你找到新工作。我其實有個關於以前工作的問題想問你。所以，就零售業而言，我只是想更深入地了解您對同店銷售業績的評論。顯然，交通流量僅下降了 3%，而上半年我們觀察到的降幅約為 6%。由於去年颶風的影響，今年的比賽比去年輕鬆得多。

But you did mention there is sequential improvement into October. So I wanted to kind of like understand if you could give us a couple of more data points as to maybe how the performance was from July through September? And how that carried into October? And what we should expect here as we move throughout the fourth quarter and then maybe into next year, just with the closing remarks being slightly optimistic into next year? So I just want to understand a little bit the traffic dynamics at OXXO.

但您確實提到過，10 月情況有所好轉。所以我想了解一下，您能否再提供一些數據，說明一下7月到9月期間的業績狀況？這種情況一直延續到十月嗎？那麼，隨著我們進入第四季度，甚至可能進入明年，我們應該期待些什麼呢？最後總結的話，我們對明年的前景略顯樂觀。所以我想稍微了解一下OXXO的客流量狀況。

Sure. This is great. I was expecting this one to be either the first or the second question. So -- I mean, obviously, I would say, I am glad that I see a reversion of the trends in OXXO Mexico on this quarter. And I do see better performance in traffic compared to last -- the first half of the year.

當然。太好了。我原本以為這個問題會是第一題或第二題。所以——我的意思是，很顯然，我很高興看到OXXO墨西哥店本季的趨勢發生了逆轉。而且我確實看到，與去年上半年相比，交通流量的表現有所改善。

But obviously, I'm not satisfied because we had, as you say, some easy comps. To the defense of my team and also there were some adverse effect in weather, especially obviously in September and especially in the Central of Mexico, but I -- and I mean what gives me some optimism is that the last couple of months, we've seen market share gains in beer, in soft drinks, and even in snacks, and even in tobacco, especially with the introduction of some lower-priced tobacco. I am -- October is still not over, but I am very encouraged by the results. So if that trend continues, I think we should be facing a much better end of the year. What else I can tell you?

但顯然我並不滿意，因為正如你所說，我們遇到了一些比較輕鬆的比賽。為我的團隊辯護，天氣也確實產生了一些不利影響，尤其是在九月份，尤其是在墨西哥中部地區，但是——我的意思是，讓我感到樂觀的是，在過去的幾個月裡，我們看到啤酒、軟飲料，甚至零食，以及煙草的市場份額都有所增長，特別是隨著一些價格較低的煙草產品的推出。雖然十月還沒結束，但我對目前的結果感到非常鼓舞。所以如果這種趨勢繼續下去，我認為我們應該會迎來一個好得多的年底。我還能告訴你什麼呢？

I can tell you some of the things that we've been putting in place that we think we're going to take effect much more -- or they were going to take longer to take effect. Like promoting coffee and some food items around coffee and breakfast are really beginning to shape up. Coffee is growing at double digits, and that gives me optimistic. And then the ability to be introducing multi returnable packages, affordability stuff in beer in soft drinks are really, really beginning to take place. And I would say in services, we're implementing new increasing services every quarter.

我可以告訴你們，我們正在實施的一些措施，我們認為這些措施將會更加有效——或者說，它們需要更長時間才能生效。例如，推廣咖啡以及一些與咖啡和早餐相關的食品，這些都開始逐漸成形了。咖啡產業正以兩位數的速度成長，這讓我感到樂觀。然後，推出可多次退回的包裝，降低啤酒和軟性飲料的價格，這些舉措真的開始真正實現了。而且我想說的是，在服務方面，我們每季都在推出新的、不斷增加的服務。

And so even though, for example, we're growing a lot with the Asian e-commerce retailers, those things have now scaled back given some tariff restrictions. We're beginning to see other increases in traffic in services that are -- give us high expectations for growth. We're still waiting for the permit to get back into Banorte and other banks. But cash withdrawal with the main banks, some of the big fintechs and with Spin are growing double digits as well.

因此，儘管例如我們與亞洲電子商務零售商的業務成長很快，但由於一些關稅限制，這些業務現在已經縮減了規模。我們開始看到其他服務的流量有所成長——這讓我們對未來的成長充滿期待。我們仍在等待重新進入 Banorte 和其他銀行的許可。但透過主要銀行、一些大型金融科技公司以及 Spin 提取現金的業務量也實現了兩位數的成長。

So I would say still not satisfied because I wish we were going better in traffic, but very encouraging signs towards the fourth quarter. Does that help you?

所以，我仍然不太滿意，因為我希望我們在交通方面能做得更好，但第四季的跡象非常令人鼓舞。這樣對你有幫助嗎？

It does. And then obviously, into next year, we get the really easy comps, correct?

確實如此。然後很顯然，到了明年，我們就會遇到一些非常容易的比賽，對吧？

Well, hopefully, yes. I do think there's a lot of things we need to still do on our part, and I am very encouraged by the obsession towards market share gains that we're following through in OXXO, and I think that's a discipline we will go forward. But we should get better comps. And I do think the World Cup should help as well.

但願如此。我認為我們還有很多事情要做，我對OXXO追求市場份額成長的執著精神感到非常鼓舞，我認為這是我們應該繼續堅持下去的原則。但我們應該爭取更好的競爭對手。而且我認為世界盃也應該會有所幫助。

Alejandro Fuchs, Itau.

亞歷杭德羅·富克斯，伊塔烏。

I have two quick ones, if I may. The first one on OXXO Mexico, another strong performance on gross margins this quarter. I wanted to see if you could maybe elaborate a little bit more into how much of the service mix continue to add to the business? How much of this is maybe a little bit of pricing? And where do you see just gross margins in Mexico continue to develop at OXXO in the future?

如果可以的話，我還有兩個簡短的問題。第一個例子是OXXO墨西哥店，該季度毛利率表現依然強勁。我想請您再詳細解釋一下，在服務組合中，有多少部分持續為企業帶來效益？這其中有多少算是定價的一部分呢？您認為OXXO在墨西哥的毛利率未來會如何發展？

And then the second, on Bara and also in Brazil and another also strong quarter of growth, so congratulations on that. One maybe Jose Antonio about your thoughts on where do you see these two businesses in the next 10 years? How much of our priority are they to you and to the team? And then maybe if you could elaborate a little bit into what would be the best case scenario, sort of medium to longer term of Brazil and Bara.

其次，巴拉和巴西也實現了強勁的季度成長，對此表示祝賀。或許何塞·安東尼奧，您認為這兩家企業在未來 10 年的發展前景如何？你和團隊認為這些事情有多重要？然後，您能否詳細闡述巴西和巴拉的最佳情況，也就是中長期發展前景？

Yes. Thank you, Alejandro, for I would say, obviously, I've always said that OXXO Mexico has a lot of momentum and still a lot of gross margin to gain. If you look -- I think always the gross margin it's an incomplete number. And obviously, we don't have the full answer, but you would have to say, look, at the full profit pool of the product all the way from the -- of our supplier partners all the way to the consumer. And I always like to see gross margin gains, and I think there's a lot to gain still.

是的。謝謝你，亞歷杭德羅，因為很明顯，我一直都說OXXO墨西哥公司發展勢頭強勁，毛利率還有很大的提升空間。如果你仔細觀察——我認為毛利率始終是一個不完整的數字。顯然，我們沒有完整的答案，但你必須說，要看從供應商夥伴到消費者，整個產品的利潤池。我一直都樂於看到毛利率的成長，我認為還有很大的提升空間。

But some of that should be given back to our consumer and affordability. Obviously, some categories are more elastic than others. And so we have the smart data to play with that and give back to our consumers some of the gross margin gains. As to this quarter and the gross margin gain, it has a little bit to do with the commercial income that we continue to grow incredibly well. It has a little bit to do with mix.

但其中一部分應該返還給消費者，提高他們的生活品質。顯然，有些類別比其他類別更具彈性。因此，我們擁有智慧數據，可以利用這些數據，並將部分毛利率成長回饋給我們的消費者。至於本季的毛利率成長，這與我們持續強勁成長的商業收入有一定關係。這與混合程度有點關係。

The affordability things allows us to even gain some gross margin as we implement some very profitable promotions in some of the affordable SKUs that we are trying to promote. So the mix also helps sometimes with the broad margin.

價格實惠的商品讓我們能夠獲得一些毛利率，因為我們對一些價格實惠的 SKU 實施了一些非常有利可圖的促銷活動。所以這種混合策略有時也有助於獲得較大的利潤空間。

But I would say, mainly, it's -- that we continue to win commercial income. And as we grow what you can expect through the year I do expect that there's more gross margin to make, but some of it will be given back to the consumer in affordable promotion and price pack architecture. Afterwards -- afterwards Bara and OXXO Brazil, as I said in this forum and I will say in the future, those are two of the most exciting avenues for long-term growth for FEMSA.

但我認為，最重要的是──我們要繼續贏得商業收入。隨著我們業務的成長，預計今年毛利率會更高，但其中一部分將以實惠的促銷和價格包裝方案的形式回饋給消費者。之後——正如我在這個論壇上所說，將來我會再說，Bara 和 OXXO Brazil 是 FEMSA 長期增長的兩個最令人興奮的途徑。

I am incredibly encouraged by the amount of progress that OXXO Brazil has been able to achieve in the last couple of years. We were -- just two years ago. We still needed to believe almost a quantum leap in gross margin expansion, in operating cost reduction, in top line goal. And now we are within arms reaching all of those areas. So we know we're going to have a profitable business in OXXO Brazil.

OXXO巴西在過去幾年裡取得的巨大進步令我倍受鼓舞。就在兩年前。我們仍然需要相信毛利率擴張、營運成本降低和營收目標將實現近乎質的飛躍。現在，我們已經觸手可及所有這些地區。所以我們知道，我們在巴西OXXO的業務將會獲利。

We know where our next areas of growth beyond Sao Paulo will be. We're already mapping them. We're already starting them carefully. The big, big question to ask is, do you believe of that it will be a 40,000 store business in Brazil, or a 4,000 business in Brazil? I think it will be something somewhere between.

我們知道除了聖保羅之外，我們下一個增長區域在哪裡。我們已經在繪製它們的分佈圖了。我們已經開始謹慎地著手做了。最關鍵的問題是，你認為它會在巴西發展成擁有 4 萬家門市的企業，還是只有 4 千家門市的企業？我覺得應該介於兩者之間。

Sorry for the wide margin, but it's up to us to really continue to perfectly engineer. the whole process of the business to make it -- closer to the higher-end belief. It's one of my big, big ambitions for the next decade in FEMSA.

很抱歉差距較大，但我們必須繼續精益求精，完善整個業務流程，使其更接近高端理念。這是我未來十年在 FEMSA 的一大抱負。

And Bara, we are incredibly happy with the progress in terms of increasing our return on invested capital of new opening stores. We still need to publish and perfect the value proposition of Bara towards more -- towards -- closer towards harder discount. We're happy with the deployment and growth of our private label brand, but we still have a long, long way to go, but we are following closely and working with the private label manufacturers from other countries that are one to come and installing in Mexico.

巴拉，我們對新開店投資報酬率的提升進度感到非常滿意。我們仍需發布並完善 Bara 的價值主張，使其更具競爭力，更接近更大幅度的折扣。我們對自有品牌的部署和發展感到滿意，但我們還有很長的路要走，但我們正在密切關注並與即將進駐墨西哥的其他國家的自有品牌製造商合作。

And we're beginning to grow beyond our core region of El Bajio. And we're seeing very positive results in Guadalajara and Jalisco. We just opened in the north of Mexico, so we are very excited with the progress there.

我們正開始向埃爾巴希奧核心區域以外的地區發展。我們在瓜達拉哈拉和哈利斯科州都看到了非常正面的成果。我們在墨西哥北部剛開業，所以我們對那裡的進展感到非常興奮。

Antonio Hernandez, Actinver.

Antonio Hernandez，Actinver。

(inaudible)

（聽不清楚）

Antonio can you be closer to the mic? I'm not being able to --

安東尼奧，你能離麥克風近一點嗎？我無法--

Yes. Can you hear me there?

是的。你聽得到我說話嗎？

Yes.

是的。

Okay. Perfect. Just wanted to get an update on your health business. Both in Mexico and Chile saw some news -- recent news on a new format in Chile. Also, there's a very different trend in Mexico. So I wanted to get an update on that business in both countries.

好的。完美的。想了解您健康產業的最新進展。墨西哥和智利都出現了一些新聞——智利最近傳來消息，說比賽形式有所改變。此外，墨西哥的情況則截然不同。所以我想了解這兩個國家的相關業務最新進展。

Yes. So in Chile, we were facing a very tough competitive environment in Chile for the last couple of years, and we are very happy that we continue to gain market share. We're growing in all of our channels. As you know, Chile is a multichannel business. We are in the pharmacy.

是的。因此，在智利，過去幾年我們面臨著非常激烈的競爭環境，我們很高興能夠繼續擴大市場份額。我們所有管道都在成長。如您所知，智利是一個多通路商業環境。我們在藥房。

We're in the franchise business. We're in the distribution to independent pharmacy. And we continue to gain -- and we just even opened our discount pharmacy chain in Chile. And we are seeing incredible growth in sales and market share, in all of that. Given that it's a very competitive market, sometimes that does not translate to bottom line growth.

我們從事特許經營業務。我們正在向獨立藥房分銷產品。我們持續發展壯大——我們甚至剛在智利開設了折扣藥局連鎖店。我們看到銷售額和市場份額在所有這些方面都實現了驚人的成長。鑑於市場競爭非常激烈，有時這並不會轉化為利潤成長。

But even given the huge competitive environment that we see in Chile, we are happy that we are growing even in the income statement. So -- and we expect Chile, it's a mature market. We have very high market shares. But I do feel there's a lot of room for growth in even newer categories in the health and beauty space, in the premium and in the discount space, and we're beginning to get into other adjacencies in the elderly care, I mean the pet and veterinary care, and so we see new avenues for growth for Chile. Very different outlook for Mexico.

但即便考慮到智利巨大的競爭環境，我們很高興看到我們在損益表上也實現了成長。所以——而且我們預期智利是一個成熟的市場。我們擁有非常高的市場佔有率。但我確實覺得，在健康和美容領域，無論是高端還是折扣領域，在新興類別中都還有很大的成長空間。我們也開始涉足老年護理、寵物和獸醫護理等其他相關領域，因此我們看到了智利新的成長途徑。墨西哥的前景截然不同。

In Mexico, we are the number six player. I could obviously put as an excuse. A big chunk of our stores are in the Sinaloa region, which have been affected by security. But it's not enough to explain the drop. To be honest, we need to fix Mexico.

在墨西哥，我們是排名第六的球隊。我當然可以以此為藉口。我們的大部分門市都位於錫那羅亞州，該地區受到了安全局勢的影響。但這不足以解釋下跌的原因。說實話，我們需要整頓墨西哥。

We're working very hard to fix it. We have now the right talent in place. But we had to close many stores in Mexico, and we're still on working on fixing that operation, and we hope to fix it in the next few months. Thankfully, we have a very high-growth business in Colombia. And even in Ecuador, we're seeing market share and revenue and profit gains.

我們正在努力解決這個問題。我們現在已經擁有了合適的人才。但我們不得不關閉墨西哥的許多門市，我們仍在努力解決那裡的營運問題，並希望在未來幾個月內解決。值得慶幸的是，我們在哥倫比亞的業務成長非常迅速。即使在厄瓜多爾，我們也看到了市場份額、收入和利潤的成長。

So in general, health as a business we're happy except for Mexico.

所以總的來說，除了墨西哥以外，我們對醫療保健這項業務都很滿意。

Alvaro Garcia, BTG Pactual.

Alvaro Garcia，BTG Pactual。

All the best in your new role Jose Antonio. Two questions. One, the fit-for-purpose/corporate restructuring comments you mentioned earlier, the reduction in SG&A. In my head, I have this $100 million amount that you've typically guided for on the corporate front. Is that subject to change?

祝何塞·安東尼奧在新崗位上一切順利。兩個問題。第一，您之前提到的適合用途/公司重組的評論，以及銷售、一般及行政費用的減少。我腦海中一直縈繞著一個數字，那就是你通常在企業方面給出的 1 億美元指導價。這種情況可能會改變嗎？

And if you could just give us more color on how you're thinking on structuring the corporate expenses there? And then just one really quick one on interest expense. Martin, I don't know if you could expand on -- you saw a pretty big uptick at the [FEMCO] level, ex cost. What explained that?

如果您能詳細說明您是如何考慮建立公司開支結構的，那就太好了？最後，再簡單問一個關於利息支出的問題。Martin，我不知道你是否可以詳細說明一下——你看到 [FEMCO] 層面（不計成本）出現了相當大的增長。是什麼原因造成的？

So I would say, I would split the corporate overhead in two phases. The first one, the fit for purpose component is something that me and the OXXO team have been working on, and we are -- there were opportunities as we prioritize certain projects in OXXO Mexico and prioritize others.

所以我認為，公司營運成本應該分兩個階段來承擔。第一個方面，即「適用性」組件，是我和 OXXO 團隊一直在努力的方向，而且——當我們優先考慮 OXXO 墨西哥的某些項目而優先考慮其他項目時，就出現了機會。

There was a good opportunity to reshuffle the overhead in OXXO Mexico's headquarters, and there will be some opportunities for savings, but also to leave some room for executives to dedicate to the big projects around food, around services, around the affordability that we want to invest. I do expect a big hit on savings. You will see the full number probably by the end of the year and as we start next year.

OXXO 墨西哥總部迎來了一個重新調整管理費用的好機會，這將帶來一些節省開支的機會，同時也能為高管們騰出一些空間，讓他們專注於我們想要投資的食品、服務和價格可承受性方面的大項目。我預計儲蓄會受到很大影響。預計到今年底或明年年初，您就能看到完整的數字了。

As -- eventually, I would -- when I become CEO of FEMSA, I do plan to take a deeper look on -- and as always, with big changes in management, there are opportunities to look at the overhead in the full company, and I will comment more on that probably in February and beyond. Hopefully, that's what I can answer for now.

最終，當我成為 FEMSA 的執行長時，我計劃深入研究——而且一如既往，隨著管理層的重大變動，有機會審視整個公司的營運成本，我可能會在二月及以後對此發表更多評論。希望目前我能回答的就這些了。

The comments on -- fit for purpose for OXXO Mexico specifically at the moment?

關於「目前是否適合OXXO墨西哥商店的需求」的評論有哪些？

Yes, for now, yes.

是的，目前是這樣。

Alvaro, could you repeat your second question? I just want to make sure I got it right.

阿爾瓦羅，你能再說一次你的第二個問題嗎？我只是想確認一下我理解得是否正確。

Sure. On the interest expense, specifically, ex cost, we saw a pretty big sequential increase there. I was wondering if maybe there's some derivatives in there that's driving that? Or what drove that sequential uptick there?

當然。具體來說，扣除成本後的利息支出，我們看到環比成長幅度相當大。我想知道這裡面是否有什麼衍生性商品導致了這種情況？或者說，是什麼因素導致了這種連續成長？

Well, looking at the total interest expense, [COP] actually went up from -- looking this correctly from [$1.59 billion to $1.3 billion] interest (inaudible) net and it was flat on interest expense. And so the interest expense went up by MXN600 million.

嗯，從總利息支出來看，[COP] 實際上從——正確來看，從[15.9 億美元到 13 億美元]淨利息（聽不清楚）上升，利息支出持平。因此，利息支出增加了 6 億墨西哥比索。

I don't -- I'd have to get back to you on the detail exactly in the context of everything, it's not that big a number. Interest income is certainly coming down as our cash balance has come down. As interest rates generally come down, particularly in Mexico, but to some degree in the United States.

我不知道——我需要具體了解所有情況後再回覆你，這個數字並不大。隨著現金餘額的減少，利息收入也必然下降。隨著利率普遍下降，尤其是在墨西哥，但美國也有一定程度的利率下降。

But specifically, that what appears to be a MXN600 million increase in interest expense at FEMSA, I'll get back to you.

但具體來說，關於 FEMSA 似乎增加了 6 億墨西哥比索的利息支出，我會稍後回覆您。

Thiago Bortoluci, Goldman Sachs.

蒂亞戈·博爾托魯奇，高盛。

First of all, best of luck on your expanded challenges. And also congrats to your father on another successful transition. We'll be looking forward to connecting more going forward. I have two questions. One is more conceptual, right?

首先，祝你在應對新的挑戰中一切順利。也恭喜你父親又一次順利過渡。我們期待未來能有更多交流。我有兩個問題。一個是概念性的，對吧？

When you think about the one thing that you'd like to do differently in FEMSA going forward. What do you think this is the clear opportunity? This is more conceptual, right? But it still related to your vision for the company, and this is somehow also linked to the capital allocation strategy. How do you think the role that Coca-Cola FEMSA will have in the same overall portfolio going forward?

當你思考未來在 FEMSA 中你想做出哪些改變。你認為這是一個顯而易見的機會嗎？這更偏向概念層面，對吧？但這仍然與你對公司的願景有關，而且在某種程度上也與資本配置策略有關。您認為可口可樂FEMSA在未來的整體產品組合中將扮演怎樣的角色？

Thank you, Thiago. Obviously, great question. I would say -- I will answer you with the second one. I would say, obviously, I'm in love and have a huge appreciation for the co-op as a business and the talent. It's an incredible business, and it's an operation that has a lot of things going on for themselves to really keep growing, growing the core and incredibly impressive what the opportunities that are -- we see for the digital transformation of the bottling platform.

謝謝你，蒂亞戈。這顯然是個好問題。我會說——我會用第二個問題來回答你。很顯然，我非常喜歡並高度讚賞合作社的商業模式和人才。這是一個了不起的企業，它本身也有很多事情在進行，以真正地持續發展，壯大核心業務，而我們所看到的瓶裝平台數位轉型所帶來的機會令人印象深刻。

For growth opportunities, not only in their soft drink category, but in the non-car. And I see a lot of potential for organic growth in Brazil, Guatemala, Colombia and even in Mexico, with all the -- even with the taxes. So I'm very excited for Coca-Cola FEMSA. The relationship with the Coca-Cola Company is the best one we've had probably in decades, probably since the JV was formed. It's incredible that with the management team from both sides have been able to construct as a growing and fruitful relationship.

尋求成長機會，不僅在軟性飲料領域，而且在非汽車領域。我看到巴西、瓜地馬拉、哥倫比亞甚至墨西哥都有很大的發展潛力，即使考慮到稅務問題。所以我對可口可樂FEMSA計畫感到非常興奮。我們與可口可樂公司的關係可能​​是幾十年來，甚至是自合資企業成立以來最好的。令人難以置信的是，雙方的管理團隊能夠建立起不斷發展且有成效的關係。

I do think Coca-Cola FEMSA should play a part in a consolidation space through eventual M&A. And I am excited for the opportunity. I have huge respect for the bottlers in South America. And obviously, here in Mexico, I have a huge appreciation for all of them. And I do think there are opportunities to keep exploring possibilities with other families and bottlers in the space.

我認為可口可樂FEMSA應該透過最終的併購，在整合領域發揮作用。我非常興奮能有這個機會。我非常敬佩南美洲的裝瓶商。顯然，在墨西哥，我對他們所有人都充滿感激之情。而且我認為，我們有機會繼續與該領域的其他家族和裝瓶商探索各種可能性。

I will comment more -- on more detail on what I see cost in the future, but that could give you some color of my excitement for Coca-Cola FEMSA. And from what I would say, I would do different? I think I let it be known in what -- in my earlier comments. I do think we need a bigger term of urgency and a bigger sense of counting every penny, we have the ambition in FEMSA to be one of the best, or the best proximity retailer in the world. Obviously, with the Coca-Cola FEMSA company part of it.

我稍後會就未來成本的更多細節發表更多評論，但這或許能讓你感受到我對可口可樂 FEMSA 的興奮之情。如果讓我說，我會做出不同的選擇嗎？我想我在之前的評論中已經表達過了。我認為我們需要更強的緊迫感和更精打細算的意識，FEMSA 的目標是成為世界上最好的近場零售商之一，甚至是最好的。顯然，可口可樂FEMSA公司是其中的一部分。

As to do that, you have to have the best management team. You have to have a very demanding workforce, but also lead to the culture that you want to instill for the long-term growth of the company. So I would say my big, big focus on conceptually bigger demand for excellence in our corporate office, bigger demand for excellence throughout the channel in management, bigger speed in making big decisions on capital allocation. And I think that should give you the color on the sense of urgency that we plan to move versus previous years.

要做到這一點，你必須擁有最好的管理團隊。你必須擁有一支要求很高的員工隊伍，同時也要引領公司形成你想要灌輸的企業文化，以實現公司的長期發展。因此，我認為我非常非常注重在公司總部提出更高的卓越要求，在整個通路的管理中提出更高的卓越要求，以及在資本配置方面做出重大決策時加快速度。我認為這應該能讓您感受到我們計劃採取行動的緊迫性，這與往年相比有所不同。

And go back to Alvaro Garcia's question, the increase in interest expense, excluding Coca-Cola FEMSA was slightly over MXN600 million. Two-thirds of that can be attributed to an increase in the financial expense associated with the lease accounting under IFRS, and likely the consolidation of the US business is a big reason for you seeing the sort of uptick relative to other periods. For other periods, most of it is related -- all of it is related to organic growth of leases.

回到阿爾瓦羅·加西亞的問題，不包括可口可樂FEMSA的利息支出增加額略高於6億墨西哥比索。三分之二其中一部分可歸因於根據 IFRS 進行租賃會計處理相關的財務費用增加，而美國業務的合併很可能是您看到相對於其他時期出現這種增長的主要原因。至於其他時期，大部分都與租賃的自然增長有關——所有增長都與租賃的自然增長有關。

Bob Ford, Bank of America.

鮑伯福特，美國銀行。

Congratulations on the promotion, Jose. Martin mentioned some reclassifications. Were there any reclassifications or onetime items that contributed to the gross margin improvement at OXXO Mexico? And Jose, where do you see opportunities to make further improvements in the value propositions at OXXO Mexico? And then one other question, if I could.

恭喜你升職，何塞。馬丁提到了一些重新分類的情況。OXXO墨西哥的毛利率提高是否有任何重新分類或一次性項目促成？何塞，你認為OXXO墨西哥店的價值主張還有哪些面向可以進一步提升？如果可以的話，我還有一個問題。

Could you discuss the charge in discontinued operations, it was a little bit bigger than what we were looking for. We're just wondering how you're thinking about Solistica and the LTL business.

能否談談已終止經營業務的費用？它比我們預期的要高一些。我們只是想知道您對 Solistica 和零擔運輸業務的看法。

Some of the reclassifications -- all the reclassifications that happen in Proximity Americas had to do with OXXO LatAm, nothing had to do with OXXO Mexico. And OXXO Mexico, even on a standalone basis did have an expansion of its gross margin.

美洲近距離地區發生的所有重新分類都與 OXXO LatAm 有關，與 OXXO Mexico 無關。即使單獨來看，OXXO墨西哥的毛利率也有所成長。

In fact, I think Bob, expansion in Mexico was something like [130]. Yes.

事實上，我認為鮑勃，在墨西哥的擴張大致是這樣的[130]是的。

Thank you, Bob. I would say if you look into Mexico, we are, by far -- or we have a very important market share in what we call impulse. Gathering the beer, the offering, the services category. But we still have a long ways to go in a couple of categories that OXXO's are right for winning. One is around [food].

謝謝你，鮑伯。我想說，如果你看看墨西哥市場，你會發現我們在衝動消費領域佔據了非常重要的市場。總結啤酒、產品和服務類別。但OXXO在某些方面很有希望獲勝，而我們距離目標還有很長的路要走。一個在附近[食物]。

We are the biggest sellers of coffee. And if you look at our Lat Am operations, all of our coffee occasions go paired with very good tasty food. And I think we have a lot of opportunity to win in food around coffee. And obviously, that leads you to breakfast. And if you look at it, there's not really an affordable win full opportunity.

我們是最大的咖啡銷售商。如果你看看我們在拉丁美洲的業務，你會發現我們所有的咖啡活動都搭配了非常美味的食物。我認為我們在咖啡相關的食品領域中有很多成功的機會。很顯然，這就引出了早餐。仔細想想，其實並沒有真正經濟實惠的雙贏機會。

And that's a segment on the day that we have lower traffic than average. So we are very excited with increasing the opportunity for that. We still are very excited about the opportunities we see on segmentation. And I think we're going to go bigger and tougher on segmentation. We know all of the stores that are close to a discount store, or discount supermarket.

而且，當天這個時段的流量低於平均值。因此，我們非常高興能夠增加這方面的機會。我們仍然對市場區隔帶來的機會感到非常興奮。我認為我們將加大市場細分力度，並採取更強硬的措施。我們知道所有靠近折扣店或折扣超市的商店。

And we have very clear actionable steps that we can put in place in the affordability space, not only in the categories that compete in the grocery space, but in the inputs and gathering. So we're beginning to do some of that and is beginning to react incredibly. And there are things that will take longer to mature. But I am very excited about them. Some of them around the beyond trade and other services.

我們擁有非常明確的可操作步驟，可以在價格可負擔性方面實施，不僅在食品雜貨領域的競爭類別中，而且在原材料和收集方面。所以我們已經開始做一些這方面的工作，而且已經開始有了非常正面的迴響。有些事物需要更長時間才能成熟。但我對它們感到非常興奮。其中一些從事貿易及其他服務。

And that requires working with team towards creating payment options that you can pay at Spin, but you can also send people money that they can withdraw at OXXO, and you can reward them for withdrawing at OXXO in a way.

這需要與團隊合作，創建可以在 Spin 上支付的付款選項，同時還可以向人們匯款，讓他們在 OXXO 提現，並且可以透過某種方式獎勵他們在 OXXO 提現。

We're beginning to see some interesting things. We are still very excited about our growth in OXXO (inaudible). They continue to outperform in terms of ROIC and we are continuing to accelerate that. This year, 25%, a little bit lower than what we planned, but still much bigger than previous year. 25% of our stores would be on the niche space, and that should just continue to gain momentum.

我們開始看到一些有趣的事情。我們仍然對OXXO的成長感到非常興奮（聽不清楚）。他們在投資回報率方面持續表現出色，我們正在繼續加快這一進程。今年，我們佔25%，略低於預期，但仍遠高於去年。我們25%的門市將專注於小眾市場，而且這一成長動能應該會持續維持。

I would leave it on that. But I think those are the things that we see are beginning to help us gain share beyond the inputs and gathering categories and towards food and groceries and others. Does that respond your question, Bob?

我就到此為止吧。但我認為，這些因素正在幫助我們從投入品和收集品類之外，向食品雜貨和其他品類拓展市場份額。這樣回答你的問題了嗎，鮑伯？

It certainly does. I just had that one follow-up with respect to the discontinued operations in Solistica.

確實如此。我剛剛就 Solistica 已停止運營一事進行了後續跟進。

Martin, you'll take that one?

馬丁，你來接手那個任務嗎？

Yes. So Solistica was -- the transaction was completed in early July. So you will see an impact from Solistica being removed from discontinued operations for that quarter. And it should not return. We've had so many transactions going -- going forward.

是的。所以 Solistica 的交易在 7 月初完成。因此，由於 Solistica 從終止經營業務名單中移除，您將會看到該季度出現一些影響。而且它不應該再回來了。我們已經有很多交易正在進行中——未來還會繼續。

We really have no major transactions to complete or close that should impact other than this quarter, we reconsolidated the only part of Solistica that we kept, which was less than truckload in Brazil, a very small business. But that's the only one that also got removed from discontinued operations and is now consolidated at the holding company level.

除了本季之外，我們確實沒有什麼重大交易需要完成或結算，這應該不會產生影響。我們重新合併了 Solistica 唯一保留的部分，這部分在巴西的規模非常小，不到一卡車的貨物。但這隻股票是唯一一隻從已終止經營業務中移除，並被併入控股公司層級的股票。

Rodrigo Alcantara, UBS.

Rodrigo Alcantara，瑞銀集團。

Jose, I would like to focus here a bit on food, right, which is a topic we also discussed back in those days. I mean, food is not a new thing, right? I mean, has been there for a while, remember Doña Tota a couple of years ago, was part of the speech, right? Still ever since food as a percentage of sales in OXXO remains relatively low, right? I mean, kind of like a progress on this front over the last decade has been relatively slow.

何塞，我想在這裡重點談談食物，對吧？這也是我們當時討論過的話題。我的意思是，食物並不是什麼新鮮事物，對吧？我的意思是，這件事已經持續了，還記得幾年前多娜·托塔的演講嗎？那也是演講的一部分，對吧？不過，OXXO便利商店食品銷售額佔比一直都比較低，對吧？我的意思是，在過去十年裡，這方面的進展相對緩慢。

So my question here for you is what makes you feel so excited about food again? Why this time could be different? Or could we expect faster adoption on this front presumably with Bara, what you're doing with that, you're right. That would be my question. I mean, can we expect something faster on this front as opposed to previous years?

所以我想問你的是，是什麼讓你再次對食物感到如此興奮？為什麼這次會有所不同？或者我們可以期待這方面會更快地得到推廣，大概是因為 Bara，你正在用它做的事情，你說得對。這也是我的問題。我的意思是，與往年相比，我們能否期待這方面會有更快的進展？

And my second question would be as presumably, you will consolidate this operation, right, once the transaction is approved. Any indications on how the consolidation of OXXO (inaudible) may impact your consolidated or your Proximity Americas margins once you consolidate these operations? That would be my -- those would be my two questions.

我的第二個問題是，一旦交易獲得批准，你們應該會整合這項業務，對嗎？合併OXXO（聽不清楚）後，可能會對您的合併利潤率或美洲近距離業務利潤率產生哪些影響？這就是我的兩個問題。

I'll answer you first with the second one. Hopefully, by next year, we will give you more clarity, or a distinction between South American and our Mexico Proximity business. So hopefully, that will not bring a lot of noise. Obviously, it's still our operation there. It's 600 stores.

我先回答你的第二個問題。希望到明年，我們能讓您更清楚地了解南美洲業務和我們在墨西哥的鄰近業務之間的差異。所以，希望這不會引起太大的轟動。顯然，那裡的業務仍然由我們負責。共有600家門市。

So even if we still combine it on the proximity of Americas, it shouldn't move the needle significantly. But our plan is to propose to you guys a different outlook on the way we show the proximity numbers. We're still working on that with Juan and Martin. On food, obviously, food is a very challenging topic, and we always get the question and what is different? What are you going to do that's really going to change?

所以即使我們仍然考慮到美洲的地理位置接近，結果也不會有太大變化。但我們的計劃是向大家提出一個不同的方法來展示鄰近度數據。我們仍在和胡安和馬丁一起研究這個問題。說到食物，顯然，食物是一個非常具有挑戰性的話題，我們總是會被問到“有什麼不同？”你打算做些什麼來真正改變現狀？

I would say one of the things that encourages me is that all of our South American operations are incredibly well -- really grew the operations since probably they didn't have the services business to rely on. They were very focused on being customer-centric in food first. And since we had a lot of Mexican executive there, they were very humble in asking really the consumer what you guys need and want? And Brazil, we sell a lot of our (inaudible). We sell a lot of bread, our SKU bread is our number one SKU.

令我感到鼓舞的是，我們在南美的所有業務都發展得非常出色——由於他們可能沒有可以依靠的服務業務，所以業務確實得到了發展。他們首先非常注重以顧客為中心，提供優質的食物。由於當時有許多墨西哥主管在場，他們非常謙遜地詢問消費者你們需要什麼、想要什麼？巴西，我們賣了很多我們的產品。（聽不清楚）我們賣了很多麵包，我們的 SKU 麵包是我們銷售第一的 SKU。

And it's twice in numbers than our second even in sales than our second SKU. So it tells you a little bit of how big food can be for the on-the-go consumer. It's no different to Mexico. And obviously, you would say, well, but Mexico is still eat on the street. That happens in Colombia that happens in Peru.

它的數量是我們第二款產品的兩倍，銷售量也是我們第二款 SKU 產品的兩倍。由此可見，對於忙碌的消費者來說，食物的重要性有多麼重大。和墨西哥的情況沒什麼不同。當然，你會說，但墨西哥仍然有街頭小吃。這種情況在哥倫比亞會發生，在秘魯也會發生。

That happens in Chile. And so I think that's no excuse. What we're doing different is we are really starting with the coffee offering first. We see the opportunity for coffee we've always treated coffee almost a ton. Margin developer, and we still -- now we see a huge traffic -- we still make money on coffee, but I think it should be a much more of a traffic driver.

這種事發生在智利。所以我認為這不能成為藉口。我們與眾不同之處在於，我們先從咖啡產品著手。我們看到了咖啡的商機，我們一直都非常重視咖啡。利潤成長，而且我們現在仍然——我們看到巨大的流量——我們仍然靠咖啡賺錢，但我認為它應該成為更大的流量驅動因素。

And where we do promotions on coffee, we instantly see the results. I'm very excited with preparing coffee with breakfast products. I would say that's the main thing we're experimenting. But obviously, I am a firm believer that OXXO is not a place for you to sell Tacos. It is very complex to sell Taco.

凡是我們在咖啡方面進行促銷活動的地方，我們都能立即看到效果。我非常興奮能用早餐食材來製作咖啡。我想說，這是我們目前正在試驗的主要內容。但很顯然，我堅信OXXO便利商店不是賣墨西哥捲餅的地方。賣墨西哥捲餅非常複雜。

That is a red ocean. That is taken over by the Street. And to be honest, three Tacos are very, very good. And so we are beginning to play around different things that our consumer wants, that they want to carry on their hands. That they want to get in and out quickly out of the store.

那是一片紅色海洋。那被華爾街接管了。說實話，三個墨西哥捲餅真的非常好吃。因此，我們開始嘗試各種消費者想要的東西，他們想要隨身攜帶的東西。他們想盡快進出商店。

And we are beginning to try some things that excite me. Obviously, pizza and our Bara partners. It's too early to say. We have restaurants here in Mexico, but we are incredibly impressed by the results. But that's, I would say -- I don't know if a decade away, but very few years away for being something that can really move the needle.

我們正在嘗試一些讓我興奮的事情。當然，還有披薩和我們的 Bara 合作夥伴。現在下結論還為時過早。我們在墨西哥也有餐廳，但我們對結果感到非常滿意。但我認為——我不知道是不是還要十年，但應該很快就能真正有所作為了。

We are doing some clippings in Titch in Doña Tota, and they are impacting well. But I think where you will see things moving fast is on affordability for breakfast. For on the road, the road warrior of Mexico, where we see a need where our consumers are really demanding more opportunities and where I think we can differentiate from the Taco category. Hopefully, we will be proven right.

我們在多納托塔的蒂奇進行了一些剪枝工作，效果很好。但我認為，早餐價格的可負擔性方面，變化將會很快。對於在路上的墨西哥公路旅行者來說，我們看到了消費者對更多機會的需求，我認為我們可以從墨西哥捲餅類別中脫穎而出。希望事實證明我們是對的。

Ricardo Alves, Morgan Stanley.

里卡多·阿爾維斯，摩根士丹利。

Thank you, Jose Antonio, for all the support and all the interactions with the investor community over the past few years. We really appreciate that and wishing all the best to the new CEO going forward. A couple of questions, guys. Actually, follow-ups. On the gross margin, when we exclude the US in Proximity, I think that we're getting to something like 46%.

感謝 Jose Antonio 在過去幾年給予的所有支持以及與投資界的互動。我們對此深表感謝，並祝福新任執行長未來一​​切順利。各位，我有幾個問題。實際上，是後續跟進。如果將美國市場排除在外，毛利率約為 46%。

And my question initially was if we were close to a ceiling, but I think that from the commentary that was already made, you made it clear that the answer to that question is no. That you see more opportunity to continue to expand gross margin here. My question is, how is that possible when you compare your business to other coniconvenience store business outside of Mexico globally in Asia. What do you think is going to be this next lag up driver for your gross margin to continue to expand?

我最初的問題是，我們是否接近了極限，但我認為從你們之前的評論來看，答案是否定的。您認為這裡還有更多機會繼續擴大毛利率。我的問題是，當您將您的業務與墨西哥以外亞洲其他便利商店業務進行比較時，這怎麼可能呢？你認為下一個能夠推動毛利率持續成長的延遲因素是什麼？

That's my first follow-up question. And the second one, I think that as Juan suggested, I will leave more strategic questions at the FEMSA level to next year, but taking advantage of the transition that is happening right now for the new CEO. I think that we can still talk about longer-term strategic issues at Proximity. There's a lot of things going on there. You have full control of Brazil, now.

這是我的第一個後續問題。第二點，我認為正如胡安所建議的那樣，我會把FEMSA層面的更多策略性問題留到明年解決，但要利用目前新任CEO上任的過渡期。我認為我們仍然可以在Proximity公司內部討論一些更長期的策略問題。那裡發生了很多事情。現在你已經完全掌控了巴西。

Mexico, you're focusing on recovering traffic, all these efforts that we discussed here today, Colombia is growing, then you have the US. So there's a lot of things moving on going on, on the proximity alone. What do you think should be your focus and our focus to see what is really going to move the needle under your leadership as you think about the different regions for the next two or three years?

墨西哥，你們正致力於恢復交通，我們今天在這裡討論了所有這些努力；哥倫比亞正在發展；然後是美國。僅就地理位置而言，就有很多事情正在發生。您認為您和我們應該關注的重點是什麼，才能在您的領導下，在未來兩三年內真正推動各個地區取得進展？

Thank you very helpful. I would say -- on traffic, I mean, on margin, we are I always say the gross margin is a very incomplete number, and I know I said it before, but I think it's important to emphasize. You need to look at the [CPG's] gross margin, or margins, and the consumer let's say, relative or end price and the relative value for that. And in that respect, I do think Mexico is an outlier. And you see it in all the major CPG players that come to Mexico.

非常感謝，這很有幫助。我想說——就流量而言，我的意思是，就利潤率而言，我總是說毛利率是一個非常不完整的數字，我知道我以前說過，但我認為強調這一點很重要。你需要查看消費品的毛利率，以及消費者的相對價格或最終價格及其相對價值。在這方面，我認為墨西哥是個例外。這一點在所有進軍墨西哥市場的大型消費品公司身上都能看到。

Mexico is one of the most profitable markets for all of the guys that you guys know well, obviously, for the soft drink guys, for the snack sky, for the beer guys. It's incredible the margins that they make here. And Mexico is an outlier because they do have a big love for brands. And I think the traditional trade still plays an incredibly large amount of -- which creates a moat for the CPG players. We have the added benefit of the commercial income.

顯然，墨西哥是你們熟知的那些人最賺錢的市場之一，無論是軟性飲料公司、零食公司還是啤酒公司。他們在這裡獲得的利潤簡直令人難以置信。而墨西哥是個例外，因為他們對品牌有著極大的熱情。而且我認為傳統貿易仍然發揮著非常大的作用——這為消費品企業創造了護城河。我們還有商業收入這筆額外的好處。

And as the discount players continue to gain -- grow and they will continue to grow off and others will continue to grow, the CPG rely more on obviously, the traditional trade, but also on convenience, and they love to use us as a (inaudible) place to promote and to promote their brands. And they do see a great benefit in return on promotional income from OXXO. And that's why we still see a lot of potential for growth.

隨著折扣零售商不斷壯大，其他零售商也會繼續發展壯大，消費品公司顯然更加依賴傳統貿易，但也更加註重便利性，他們喜歡把我們當作（聽不清楚）推廣其品牌的場所。他們確實從OXXO的促銷收入中獲得了巨大的回報。正因如此，我們仍然看到巨大的成長潛力。

Going forward, as we try to gain share in categories where we're not huge, we're obviously beyond impulse, beyond gathering and beyond pool, we will go into categories in groceries where we see an opportunity to gain share against the traditional trade and even against the supermarket. And some of that margin will be given back to the consumers.

展望未來，當我們努力在我們尚未佔據主導地位的品類中爭取市場份額時，我們顯然已經超越了衝動消費、聚會和泳池消費領域，我們將進入食品雜貨品類，在那裡我們看到了與傳統零售商甚至超市競爭的機會，從而獲得市場份額。而其中一部分利潤將回饋給消費者。

I don't know yet the amount, you will have to do -- a lot to do with elasticity. So I still -- it's very hard for me to say where the end game is. But when I see the margins of my CPG partners, which I love, and I love for them to do business with us, I do still see room for growth, both in promotional income in gross margin fully in Mexico. So I would give it at that, and I will give -- you will see clearly how we evolve as we begin to get into other categories in groceries in OXXO where I see a big opportunity.

我還不清楚具體金額，這需要你來決定——很大程度上取決於彈性。所以，我仍然——我很難說最終目標是什麼。但是，當我看到我喜愛的 CPG 合作夥伴的利潤率，以及我樂於與他們合作的意願時，我仍然看到成長空間，無論是促銷收入還是毛利率，尤其是在墨西哥。所以我就說到這裡吧，而且我還會繼續說下去——你會清楚地看到，隨著我們開始涉足OXXO的其他食品雜貨類別，我們將如何發展，因為我認為那裡有很大的機會。

I would also complement what Jose is saying with a couple of things. Comparisons with other players outside of Mexico, I think, is also difficult because there are very few players that have the weight of financial services. And the income that we earn on financial services is very high margin. Because the -- there are no COGs really associated with the commissions that we charge for our financial services. It's really more as G&A related to the transportation cash, and technology that we need to have in place.

我還要補充何塞說的幾點。我認為，與墨西哥以外的其他玩家進行比較也很困難，因為很少有玩家擁有像墨西哥這樣雄厚的金融服務實力。我們從金融服務中獲得的收入利潤率非常高。因為－我們收取的金融服務佣金其實並不包含任何成本。實際上，這更多是與運輸資金和我們需要配備的技術相關的管理費用。

Number two, the issue of our -- when you strip out financial services, the reality is the margin is different and more comparable to things that you may be looking at. Number two, there are very few players outside of Mexico that have such a scale and breadth as opposed to OXXO in meeting proximity needs, really, our competitors are the traditional mom-and-pop. And I think our value proposition is very, very specific and very distinct which allows us in certain categories, given the imports that we have, that Jose mentioned, to partner up with suppliers for any number of initiatives and work that we do with them. And then finally, it's an evolving thing. The waves of value at OXXO will also impact the margin as we go forward.

第二點，我們的問題是——當你剔除金融服務時，實際情況是利潤率有所不同，並且與你可能正在關注的事物更具可比性。第二，在墨西哥以外，很少有像 OXXO 這樣規模和覆蓋範圍如此之廣的商家能夠滿足人們的近距離需求，實際上，我們的競爭對手都是傳統的夫妻店。我認為我們的價值主張非常、非常具體、非常獨特，這使得我們能夠在某些類別中，鑑於我們擁有的進口產品（正如 Jose 所提到的），與供應商合作開展各種計劃和工作。最後，它還是一個不斷發展變化的事物。隨著 OXXO 價值的波動，其利潤率也將在未來受到影響。

Food, for example, is properly executed, should be an attractive margin business at the gross margin if you manage to control an issue of waste. So I will tell you, it's very hard. We don't look at the business sort of targeting a gross margin. We look at the entire ecosystem. There are things that can produce enormous gross margin, but that we destroy the economics of the store because of the complexity it would bring to distribution, or the complexity it would bring to the execution in the stores, so we pass on them.

例如，如果食品生產得當，並且能夠控制浪費問題，那麼食品業在毛利率方面應該是一個很有吸引力的利潤率業務。所以我要告訴你，這非常難。我們做生意並不以毛利率為目標。我們著眼於整個生態系統。有些東西可以帶來巨大的毛利率，但由於它為分銷帶來了複雜性，或者為門市的執行帶來了複雜性，從而破壞了門市的經濟效益，所以我們放棄了它們。

And then there are things that are lower margin but drive traffic are very simple to execute, and it may be very attractive. So each one of our categories is really judged on the merits of competitive dynamics, issues in the store growth going forward, and so we spend a lot less time sort of trying to project what the total amount of gross margin is going to be as opposed to looking at each category, maximizing the value in that category, and let the chips fall where there now.

還有一些利潤較低但能帶來流量的事情，執行起來非常簡單，而且可能非常有吸引力。因此，我們對每個類別的評判標準都是基於競爭動態、未來門市成長問題等因素，所以我們花在預測毛利率總額的時間少了很多，而是著眼於每個類別，最大化該類別的價值，然後順其自然。

And for opportunities for Proximity, I would say, first and foremost, Mexico. And I would say even also Mexico, in terms of absolute value, an incredibly optimistic about the future. Even I know there's a lot of volatility and there some of our categories where we have been having lower declines like tobacco and alcohol and others. But some categories go and some categories come. So I'm very optimistic.

至於地理位置的機會，我首先要說的是墨西哥。而且我認為，就絕對值而言，墨西哥也對未來抱持極為樂觀的態度。即使是我也知道市場波動很大，而且我們的一些品類，例如菸草和酒精等，跌幅較小。但有些類別會消失，有些類別會到來。所以我非常樂觀。

We just finished an analysis of how many stores fit and even if you put account a drop in services, a drop in (inaudible), we still see thousands of stores. The number is so high that I'm scared to give it to you guys, but it's still at least a decade of growth at this rate. And obviously, beyond -- I mean, within Mexico, Bara is increasingly getting its act better and getting better and better with every cohort. And so we do see a few thousand Bara's in the foreseeable future. And obviously, that market is huge.

我們剛剛完成了多少家商店的分析，即使考慮到服務減少、（聽不清楚）減少，我們仍然看到成千上萬家商店。這個數字太大了，我都不敢告訴你們，但照這個速度，至少要十年才能成長。顯然，在墨西哥以外——我的意思是，在墨西哥國內，巴拉的水平越來越高，每一代都在進步。因此，在可預見的未來，我們可能會看到數千個巴拉人出現。顯然，這個市場非常龐大。

It's very, very competitive, and the competitors are getting better by the year, but I think there's room for a few of us. So I'm very happy with our results and the expansion. And I would say Brazil is very top of my mind. We still need a lot of work to getting it better and better. But we are impressive by -- I mean, we've been growing same-store sales at double digits for the whole year and the business keeps accelerating.

競爭非常非常激烈，競爭對手的水平一年比一年高，但我認為我們幾個人還有生存的空間。所以我對我們的成果和擴張感到非常滿意。而巴西，可以說是我最先想到的。我們仍需付出大量努力才能使其越來越好。但我們取得的成績令人印象深刻——我的意思是，我們全年同店銷售額都保持了兩位數的成長，而且業務還在加速成長。

So I'm very optimistic on Brazil, Colombia. And I would say USA hopefully, eventually, we will grow more confident and confident to keep growing it. But it's still on a very early stage there. But I would put my focus on that order. I would finally say, I'm incredibly impressed by the progress we've made in Europe.

所以我對巴西和哥倫比亞的前景非常樂觀。我希望美國最終能夠變得更有自信，並有信心繼續發展壯大。但這方面目前還處於非常早期的階段。但我會把精力集中在那個訂單上。最後我想說，我對我們在歐洲的進步感到無比欽佩。

We have a superb management team. I've said it before. Our biggest challenge is to grow it, and we're beginning to see opportunities for growing -- especially organically. But we are very happy with the progress in Europe, and we are happy with the economic development of Europe in certain markets where we see opportunities. So we're happy there as well.

我們擁有一支優秀的管理團隊。我以前說過。我們面臨的最大挑戰是如何發展壯大它，而我們也開始看到發展的機會——尤其是有機成長的機會。但是我們對歐洲的發展進展感到非常滿意，也對歐洲某些市場的經濟發展感到高興，我們看到了其中的機會。所以我們也對那裡很滿意。

Renata Cabral, Citigroup.

雷納塔‧卡布拉爾，花旗集團。

Jose Antonio, congratulations on the new role, exciting times ahead and I wish you every success. My question is a follow-up on OXXO digital ecosystem or financial services. The market in Mexico is quickly evolving on this front and recognizing that OXXO success on this digital front.

Jose Antonio，恭喜你榮任新職，未來充滿機遇，祝你一切順利。我的問題是關於OXXO數位生態系統或金融服務的後續問題。墨西哥市場在這方面發展迅速，並認識到 OXXO 在數位化領域的成功。

My question is regarding -- looking ahead, what is Spin's ambition? And where do you see OXXO as distinctive in right-to-me versus wallet, telco, fintech solutions? And what would be the top capabilities that the company are targeting to invest on those fronts? So that's my question.

我的問題是關於——展望未來，Spin 的目標是什麼？您認為 OXXO 在「送貨上門」服務與錢包、電信、金融科技解決方案相比，有哪些獨特之處？那麼，該公司計劃在這些方面重點投資哪些能力呢？這就是我的問題。

That's a very good question, Renata. Thank you. I would say for me Spin is a digital extension of OXXO's value proposition. That's how I see it. We see it as a lever to really enhance the lifetime value of our users.

雷娜塔，你問得真好。謝謝。我認為，Spin 是 OXXO 價值主張的數位化延伸。我是這麼看的。我們認為這是真正提升用戶終身價值的槓桿。

The Premia user average, or premier users, which are our power users who have the loyalty program, do 3x the average consumption in OXXO in a month than the rest. But if you have a Spin, or your wallet, and the premia the loyalty program, that's 42% above the Premia user.

Premia 用戶（或稱高級用戶）是我們的高級用戶，他們擁有忠誠度計劃，每月在 OXXO 的平均消費量是其他用戶的 3 倍。但如果你擁有 Spin 卡、錢包和會員忠誠計畫 Premia，那麼你的收益將比 Premia 用戶高出 42%。

So I do think there is a lot of value in embedding the whole Spin ecosystem throughout our core missions. We can offer rewards, we can offer personalized promotions. We can offer frictionless experiences that really incentivize you to go more often to the store.

所以我認為，將整個 Spin 生態系統融入我們的核心任務中是非常有價值的。我們可以提供獎勵，我們可以提供個人化促銷活動。我們可以提供流暢無阻的體驗，真正激勵您更頻繁地光顧我們的門市。

So for me, we're in the very early stages on creating an ecosystem with Spin that strengthened the OXXO relevance in our customer lives. Obviously, that includes -- so what some people see as apocalyptic scenario where everything will go digital like in Brazil with (inaudible), which could happen.

對我來說，我們目前還處於與 Spin 合作創建生態系統的早期階段，這增強了 OXXO 在客戶生活中的相關性。顯然，這包括——有些人認為世界末日般的場景，即一切都將像巴西那樣數位化（聽不清楚），這種情況可能會發生。

But for us, the potential value shift from in-store to digital, we don't see it as a value migration. We do see that an opportunity for increasing dramatically the way people interact and use OXXO as a place to cash in your rewards, your point. So we're still very focused on that.

但對我們來說，從實體店到數位通路的潛在價值轉移，我們並不認為這是一種價值遷移。我們看到，這是一個大幅提升人們與 OXXO 互動和使用方式的機會，讓人們可以將 OXXO 作為兌換獎勵和積分的場所。所以我們仍然非常關注這一點。

I do think at the end, it's about convenience and Spin is much more convenient than cash, but a lot of people need cash, and will need cash for the foreseeable future. Even if we go to a peak level ecosystem cash will still be important for a big sector of the economy. I am incredibly impressed now that I'm in the onboarding phase seeing how people are using Spin in ways that we even didn't imagine.

我認為最終還是要看便利性，Spin 比現金方便得多，但很多人需要現金，而且在可預見的未來仍然需要現金。即使生態系統達到頂峰，現金對於經濟的很大一部分仍然至關重要。現在我正處於使用者引導階段，看到人們以我們甚至未曾想像過的方式使用 Spin，我感到非常震撼。

Just to give you an example, people -- the way people are keeping, you're paying your water or your people at the gas station. People take a picture of the QR code, that you can just scan in Oxford and withdraw cash

舉個例子來說，人們——就像人們現在支付水費或在加油站加油一樣。人們會拍下二維碼，然後在牛津掃描這個二維碼就可以提款。

And it's becoming the main source of people going to the OXXO store to withdraw cash. And it's easier than having to give someone else a Spin account or having to give them your WhatsApp account. You just take a picture of the QR and you scan it at OXXO. And so we see an enormous amount of little things like that, that can enhance the value ecosystem. So obviously, there will be -- there will be a lot of movement towards digital transactions.

而且它正逐漸成為人們前往 OXXO 便利商店提款的主要來源。而且這比把Spin帳號或你的WhatsApp帳號給別人要容易得多。你只要拍下二維碼，然後在OXXO便利商店掃描即可。因此，我們看到了大量類似的小事，它們可以增強價值生態系統。所以很顯然，將會出現──將會出現向數位化交易的大規模轉變。

The digital transactions grow so massively, sometimes exponentially, that the percentage, even if it's 10%, that still means to withdraw cash will be enough to cover, I think, a big chunk of the services decline that we can see at the store. So to me, it's an optimistic angle. We'll see.

數位交易成長如此迅猛，有時甚至呈指數級增長，即使數位交易佔比只有 10%，也足以彌補我們在實體店看到的很大一部分服務下滑。所以在我看來，這是一個樂觀的觀點。我們拭目以待。

Froylan Mendez, JPMorgan.

弗羅伊蘭門德斯，摩根大通。

Congrats on the new position Jose. You spoke about that the pace of growth can be maintained for at least 10 more years. Can you go deeper into how the breakdown of this growth should be in terms of store expansion, same-store sales, incremental revenue from commercial income? And your thoughts on what is the adequate level of cannibalization that you can see at any point in time? And how do you feel on the ROICs of the new stores versus the more vintage space today?

恭喜何塞榮升新職。您曾說過，這種成長速度至少還能維持10年。您能否更詳細地分析一下這種成長應該如何分解，包括門市擴張、同店銷售、商業收入的增量？那麼，您認為在任何時間點，怎樣的同類相食程度才是適當的呢？那麼，您如何看待新店的投資報酬率與如今更偏向復古風格的店鋪相比？

That's a very -- if I can -- a crystal ball to be able to predict exactly that. I wouldn't be here. But I would say, obviously, I mean, if you look at the acceptance level of cannibalization that we take when every time we open a store, and we -- and you extrapolate that for the next 10 years at our expansion. we do think we have at least 10,000 stores to -- and about 60% of that should be normal stores and about 40% of that should be OXXO Nichos. Our numbers say that's even bigger.

如果可以這麼說的話，那簡直就像擁有水晶球一樣，能夠準確預測這件事。我本來不會在這裡。但我想說，很顯然，我的意思是，如果你看看我們每次開店時所接受的蠶食效應，並且——你把這種效應推算到未來10年的擴張中——我們認為我們至少會有10000家門店——其中大約60%應該是普通門店，大約40%應該是OXXO便利店。我們的數據顯示，實際情況甚至更大。

I would say -- but it's too early to say. So you cannot estimate (inaudible) the stores. How much of that growth would come from same-store sales? I don't know, but we are expecting same-store sales at least to be flat, or even growing slightly with inflation adjustment. So I think there's that.

我想說——但現在下結論還太早。所以你無法估算（聽不清楚）商店的數量。其中有多少成長將來自同店銷售？我不知道，但我們預計同店銷售額至少會持平，甚至在經通膨調整後會略有成長。所以我覺得就是這樣。

If we win on breakfast, we win on grocery and we win -- we continue to gain share on gathering. Obviously, that number could get higher. But hard for me to give you a precise number at this time.

如果我們在早餐市場獲勝，我們就能在食品雜貨市場獲勝，我們就能在聚會市場繼續贏得市場份額。顯然，這個數字可能會更高。但我現在很難給你一個確切的數字。

I think, Froy, this is Juan. In terms of -- normally, we separate in terms of new stores. If you model 1,100 per year. Today, that's 4% and change. And over the years, that will probably get smaller into the 3.

弗羅伊，我想，這位是胡安。就——通常情況下，我們會依照新店來劃分。如果你每年建模 1,100。如今，這個數字是 4% 多一點。隨著時間的推移，這個數字可能會縮小到 3。

But then same-store sales, it's a separate part of the growth algorithm. And there, as you know, our kind of our long-term guidance has been to mid-single digits. If you assume an inflation of 4%, which is the upper bound of the Central Bank for inflation and add a point from mix and pricing. It gets you to the mid-single digits. So that's usually what we use for kind of long-term broader expectation management, right?

但同店銷售額是成長演算法中另一個獨立的部分。如您所知，我們的長期指導目標一直是實現個位數中段的成長。假設通貨膨脹率為 4%，這是中央銀行規定的通貨膨脹率上限，再加上因混合定價而產生的 1 個百分點。它能讓你達到個位數中段。所以，這通常是我們用來進行長期、更廣泛的預期管理的方法，對吧？

So what I'm talking about is, right now, we're almost at 10%. If you add the two together over the years, probably gets you to the very high singles. Geographically, as you know, there are also differences. It's very different for us. when we look at white space in Guadalajara or in the Bajio, or even in Mexico City compared to Tijuana or Juarez.

所以，我指的是，現在我們已經接近 10% 了。如果把這兩筆錢加起來，好幾年下來，可能會達到非常高的單筆收入。如你所知，地理上也存在差異。對我們來說，情況截然不同。當我們比較瓜達拉哈拉、巴希奧，甚至墨西哥城與蒂華納或華雷斯的留白空間時，就會發現它們之間的差異。

So a lot of the openings happening in Central Mexico. But yes, that's how I would -- if I were building a model, those are the numbers I would put in.

所以很多招募機會都集中在墨西哥中部。是的，如果我要建立一個模型，我會這樣做──我會把這些數字填進去。

Although you should expect that the type of stores -- this is Martin speaking, the type of stores will also shift over time. Nichos are becoming are about 15%, 20% of the stores that we're opening. Also Nichos our stores that are open within institutional contacts the factory, hospitals, universities. They tend to have significantly lower staffing. They have slightly different assortment because obviously, you're not going to be selling beer in a workplace.

雖然你應該預料到商店的類型——這是馬丁的說法——商店的類型也會隨著時間的推移而改變。特色店鋪在我們新開的店中約佔 15% 到 20%。此外，我們的門市也與工廠、醫院、大學等機構建立了聯繫。他們的員工人數往往明顯較少。他們的商品種類略有不同，因為很顯然，你不會在工作場所賣啤酒。

Over time, you could also see us -- we've been testing, although we're not ready to roll it out because we don't think there's yet an opportunity what are called OXXO Smart stores, which are unmanned stores. you can one day see OXXO smart stores and apartment buildings, or smaller offices that we meet needs. So the composition of the type of stores will probably shift over time creating new white spaces and new opportunities in the consumption occasions.

隨著時間的推移，您可能會看到我們的身影——我們一直在進行測試，雖然目前還沒有準備好全面推廣，因為我們認為現在時機還不成熟。我們推出的就是所謂的OXXO智慧商店，也就是無人商店。未來有一天，您可能會在公寓大樓或小型辦公大樓看到OXXO智慧商店，以滿足不同的需求。因此，商店類型的組成可能會隨著時間的推移而發生變化，從而在消費場景中創造新的空白市場和新的機會。

And one data point that we provided in the past, having to do with cannibalization is that it probably represents something like 30 basis points of growth in the overall number. So I would also use that for my own modeling.

我們過去提供的有關蠶食效應的一個數據點是，它可能代表總數增加了大約 30 個基點。所以我也會把它用在我自己建模中。

Hector Maya, Scotiabank.

赫克托·瑪雅，加拿大豐業銀行。

Would love if you could give us your view, please, on how you are progressing on the banking license ambitions in Mexico and the role of Spin and Spin Premier for OXXO to have an edge with that? Also, if we think about innovation at Spin and Spin Premier, what do you think could move the needle in the next two years? And how could this help being to compete versus strong alternatives in Mexico that are accelerating the new bank (inaudible) potentially cash from (inaudible).

能否請您談談您在墨西哥銀行牌照申請方面的進展，以及Spin和Spin Premier在OXXO如何幫助其獲得競爭優勢方面所發揮的作用？另外，如果我們思考一下Spin和Spin Premier的創新，您認為未來兩年​​哪些方面可能會取得突破性進展？而這又如何能幫助新銀行（聽不清楚）與墨西哥其他強大的競爭對手競爭，從而可能從中獲得現金？（聽不清楚）

So I will let Martin answer you the first one, and I will before to February to give you a more detailed outlook as I'm still on the re-onboarding phase on Spin, and I would love to give you more clarity but on February. But for now, Martin will give you some answers.

所以我會讓 Martin 回答你第一個問題，我會在二月之前給你一個更詳細的展望，因為我還在 Spin 的重新入職階段，我很想給你更清晰的解釋，但要等到二月份。但現在，馬丁會給你一些答案。

I think we will not be presenting our banking license for a year now -- for a year. We've decided to start with a bigger focus on our credit part of it. That does not mean we're going to be increasing our credit. The pace of our credit business much quicker than we had. As I told you, and I promise we'll keep you informed and up to speed.

我認為我們至少一年內不會提交銀行牌照申請——整整一年。我們決定先將更多精力放在信貸業務上。但這並不意味著我們會增加信用額度。我們的信貸業務發展速度比以前快得多。正如我之前告訴你們的，我保證我們會及時向你們通報最新情況。

We don't expect that to be more than a $20 million or $30 million deployment next year in terms of trying out new things. But we came to the conclusion that we want to have greater visibility and a sense of our ability to use our data to be successful in credit before we went for the full banking license. So I'd say we're about a year from making that decision of actually filing the banking license. It's already and prepared -- and we've done a lot of work on it, but we decided to just wait one year.

我們預計明年用於嘗試新事物的部署金額不會超過 2000 萬或 3000 萬美元。但我們最終得出結論，在申請完整的銀行牌照之前，我們希望更清楚地了解我們利用數據在信貸領域取得成功的能力。所以我覺得，距離我們真正決定申請銀行牌照還有大約一年。一切準備就緒——我們為此做了很多工作，但我們決定再等一年。

Better detail than on February, sorry.

比二月的細節更詳細了，抱歉。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Congratulations Jose. And also thank you to Jose Antonio for really turning over the leadership of FEMSA at a moment in history when the business are really at their most dominant, their most focused, maybe the most talent-rich a fiscally sound position that we've seen, right? So it's a gift that we can get Jose Antonio to put his full focus on and growth and value creation here. So Jose, can you please give us more insights on affordability? Beyond, obviously, the savings aspect.

恭喜何塞。也要感謝 Jose Antonio 在 FEMSA 業務處於歷史最鼎盛、最專注、人才最豐富、財務狀況最穩健的時刻，真正將領導權移交給了 FEMSA，對吧？所以，我們很幸運能讓何塞·安東尼奧全心投入這裡的成長和價值創造。何塞，您能否就價格承受能力方面提供更多見解？當然，除了節省開支這一點之外。

Can you speak to what else is driving consumer sampling, repeat consumption and adoption, or maybe some of the more successful discount brands that you're running into in Mexico. And are there any specific categories where this is most evident? Kind of related to that also, is this pressure improving the differentiated proposition that OXXO is getting from its big branded suppliers to drilling foot traffic?

您能否談談還有哪些因素在推動消費者試用、重複消費和產品採納？或者您在墨西哥遇到的一些比較成功的折扣品牌有哪些？是否存在某些特定類別中這種現象最為明顯？與此相關的是，這種壓力是否正在改善 OXXO 從其大品牌供應商獲得的差異化產品主張，從而吸引更多客流量？

I didn't hear the last part.

最後一部分我沒聽清楚。

Yes. Is all this pressure, Jose, from discount brands, improving the differentiated proposition that OXXO is receiving from your larger branded suppliers to help you draw in foot traffic.

是的。Jose，所有這些來自折扣品牌的壓力，是否都是為了改善OXXO從大型品牌供應商獲得的差異化產品主張，從而幫助你吸引客流量？

Yes. It's still semi hypothesis. Obviously, it's an educated not guest because we've been talking to our CPG partners. And as they see the growth of the discount channel, they reinforce their partnership with OXXO with strength. I would say, first, if you look at the national level, how many stores are next through a discount of our stores are between 600 meters of a discount store, and it's still below 10% of our stores.

是的。這目前還只是半個假設。顯然，這不是一位普通的客人，而是一位受過良好教育的人士，因為我們一直在與我們的消費品合作夥伴進行交流。隨著折扣管道的成長，他們更加堅定地加強了與 OXXO 的合作關係。首先，我想說，如果你從全國範圍來看，有多少家門市的折扣店距離我們門市僅 600 米，而且這仍然不到我們門市總數的 10%。

So that tells you it's still not really moving the needle so much. But they will continue to grow (inaudible) and others. So we -- where we are next to them, something interesting happens. Some we lose sales in some categories, and we even win traffic in some categories because people -- it's very easy to walk into one of our stores and to the other ones. And so you see people may be buying the eye with us or buying or buying the beer with us and then going to do their top-ups and their weekly grocery bill in the other one.

這說明它仍然沒有真正產生太大影響。但它們會繼續發展壯大（聽不清楚）和其他。所以，當我們——當我們站在他們旁邊時，發生了一些有趣的事情。有些品類我們的銷售量下降了，有些品類我們的客流量卻增加了，因為人們很容易就能走進我們的一家店，然後再去其他門市。所以你會看到，人們可能會在我們這裡買眼鏡或啤酒，然後去另一家店補貨或支付每週的食品雜貨帳單。

So it's an interesting dynamic. But that said, it's an increasingly competitive dynamic. Affordability is here to stay in OXXO because the Mexico consumer is very -- is becoming much more price conscious. And we see the opportunity to really gain a much more relevant in what we call the replenishment occasions. And obviously, that has a role to play in beer where you are beginning to see more returnable glass, or the famous (inaudible), we're beginning to increase our coverage in Mexico, but also multipacks.

所以這是一種很有趣的動態。但即便如此，競爭格局也日益加劇。OXXO將繼續保持價格親民的特色，因為墨西哥消費者越來越注重價格。我們看到了在所謂的補貨時機中獲得更相關利益的機會。顯然，這在啤酒行業也發揮作用，你開始看到更多可回收玻璃瓶，或者著名的（聽不清楚），我們開始在墨西哥擴大覆蓋範圍，還有多包裝。

And we're beginning to see that a lot in soft drinks. I think we were a little late in the game and getting into mini multipacks, or the mini cans, 6 pack or 12 pack, which we're beginning to introduce in the soft print category. It's driving a lot of success for the bottlers, and we are beginning to introduce that in Mexico. So that's a top-up or a weekly type of consumer location, and that's where we're beginning to see affordability taking place. We're seeing in tobacco.

而且我們開始在軟性飲料領域看到這種情況。我認為我們有點後知後覺，才開始推出迷你多包裝，或者迷你罐裝、6 罐裝或 12 罐裝，我們現在正開始在軟印刷類別中引入這些產品。它為裝瓶商帶來了巨大的成功，我們也開始在墨西哥推廣這種做法。所以，這是一個儲值或每週消費類型的消費場所，而我們也開始看到這種消費場所的可負擔性。我們在菸草業看到了這種情況。

And interestingly enough, we're not seeing a lot of migration from the premium tobacco smoker to the brand -- about 70% of the value brand. About 70% of the -- given the information we have from the tickets and the premia is that most of the value brand buyers in OXXO in tobacco are people that were not coming into the store that frequency. So we are beginning to lose our fear of cannibalization from premium products to mainstream or value. And so we are beginning to develop more and more assortment of affordable prices and sort of affordable SKUs. And our -- our supplier partners are collaborating with us to help us throughout the spectrum.

有趣的是，我們並沒有看到很多高端菸草吸菸者轉向平價品牌——大約 70% 的吸菸者轉向了平價品牌。根據我們從票券和溢價中獲得的信息，大約 70% 的人認為，OXXO 煙草店的大多數物美價廉品牌購買者都是那些不經常光顧該店的人。因此，我們開始不再擔心高端產品會被主流產品或平價產品蠶食。因此，我們開始開發越來越多價格實惠的商品種類和各種價格適中的SKU。我們的供應商合作夥伴正在與我們合作，在各個方面幫助我們。

Part of what I tell them is, if we're going to put a value beer in OXXO, which we didn't use to have for [Barrilito], for example, let's also put (inaudible) in a promotion in [San Pedro]. And so we like to play on both ends of the spectrum. And I think one of the beauties of our model is that we can really drive affordability in certain regions and corners of Mexico, and we can really drive premiumization in certain regions and corners of Mexico. So we will continue to play that gain. I would say that's about what I can say for table leading now, but I will bring more information as we continue to gather more granular data about our progress there.

我跟他們說，比如，如果我們要在OXXO便利商店上架一款以前沒在[Barrilito]賣過的特價啤酒，那我們也應該在促銷活動中加入（聽不清楚）[聖佩德羅]因此，我們喜歡在兩種風格之間切換。我認為我們模式的優勢之一在於，我們既可以真正推動墨西哥某​​些地區和角落的商品價格可負擔性，也可以真正推動墨西哥某​​些地區和角落的商品高端化。所以我們會繼續利用這個優勢。目前我只能說這麼多，但隨著我們繼續收集有關進展的更詳細數據，我會提供更多資訊。

That's all the time we had for today's question. With this, I'd like to hand the call back over to our host for closing remarks.

今天的問題就講到這裡了。接下來，我將把電話交還給主持人，請他作總結發言。

Thanks, everyone. Obviously, we're always available for follow-ups and incremental questions. But other than that, have a great rest of the week.

謝謝大家。當然，我們隨時樂意解答後續問題和補充說明。除此之外，祝你本週餘下的日子過得愉快。

Thank you, everyone, and we will be seeing each other here in every conference call. So looking forward to more interactions.

謝謝大家，我們下次電話會議再見。期待以後能有更多交流。

This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與，女士們、先生們。您現在可以斷開連線了。