金百利克拉克 (KMB) 2026 Q1 法說會逐字稿

Good morning, everyone. This is Chris Jakubik, Head of Investor Relations at Kimberly-Clark, and thank you for joining us. I'd like to remind everyone that during our comments today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and these are discussed in our earnings release and our filings with the SEC.

各位早安。我是金佰利克拉克（Kimberly-Clark）投資人關係主管 Chris Jakubik，感謝各位參與。提醒大家，我們今天的發言將包含一些前瞻性陳述，係基於我們目前對情勢的看法。由於風險與不確定性，實際結果可能有所不同；相關內容已在我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件中說明。

We will also discuss some non-GAAP financial measures during these remarks. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at investor.kimberly-clark.com.

我們也會在本次說明中討論一些非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標不應被視為 GAAP 結果的替代，並應與 GAAP 結果一併閱讀。您可在我們的財報新聞稿以及發布於 investor.kimberly-clark.com 的補充資料中，找到 GAAP 與非 GAAP 之間的調節表。

With that, I will turn it over to Mike for a few opening comments.

接下來，我把時間交給 Mike 做幾點開場說明。

Okay. Thank you, Chris, and thanks to everyone for joining us this morning. Our first quarter results underscore the strong progress we're making towards creating a company unlike any other in our industry today. Our Powering Care growth engine is enabling Kimberly-Clark to continue building industry-leading base business momentum. We are delivering differentiated science-backed innovation at all rungs of the good, better, best ladder.

好的。謝謝你，Chris，也感謝各位今天早上加入我們。我們第一季的結果凸顯了我們在打造一家在本產業中獨樹一幟的公司方面所取得的強勁進展。我們的 Powering Care 成長引擎，正使金佰利克拉克得以持續建立業界領先的核心業務動能。我們在「好、更好、最好」的產品階梯各個層級，提供具差異化、以科學為基礎的創新。

In the first quarter, innovation helped fuel our delivery of solid organic sales growth with volume plus mix growth increasing to 3%. This builds on two consecutive years of broad-based volume plus mix growth. We're building market share across our key focus areas of Baby Care, Women's Health and Active Aging and with a second quarter launch slate that's one of our most active ever across the categories and markets where we compete. Our supply chain team continues advancing our commitment to deliver the best product at the lowest cost. We generated another quarter of industry-leading productivity, enabling us to continue investing for impact.

第一季，創新協助推動我們實現穩健的有機銷售成長，量與組合（volume plus mix）成長提升至 3%。這是在連續兩年廣泛的量與組合成長基礎上再向前推進。我們在嬰幼兒照護、女性健康與活躍老齡化等關鍵聚焦領域持續提升市占率；而第二季的新品上市陣容，將是我們在所競爭的品類與市場中最活躍的之一。我們的供應鏈團隊持續推進「以最低成本提供最佳產品」的承諾。我們再度創造一季業界領先的生產力，使我們得以持續進行具影響力的投資。

Our fast and lean operating model is making us more agile, navigating external turbulence. It's also helping us continue to bring the best of Kimberly-Clark to the world with speed and efficiency. We're still in the early innings of our potential, and we're well positioned and continue accelerating our virtuous cycle of value creation. We look forward to seamlessly plugging Kenvue brands and businesses into our proven durable operating model. We're ready to raise the standard of care for billions of people around the world and deliver generational value for shareholders.

我們快速且精實的營運模式讓我們更具敏捷性，得以因應外部動盪；同時也協助我們以速度與效率，持續把金佰利克拉克最好的產品帶給全世界。我們仍處於潛力發揮的早期階段，且已具備良好定位，並持續加速我們的價值創造良性循環。我們期待能將 Kenvue 的品牌與業務無縫納入我們已驗證、具韌性的營運模式。我們已準備好為全球數十億人提升照護標準，並為股東創造世代價值。

I'm very proud of our teams for their passion and dedication as we work to make our bold ambition a reality. And with that, I'd like to open the line for questions, operator.

我為我們團隊的熱情與投入感到非常自豪，因為我們正努力把宏大願景化為現實。接下來，接線員，請開放提問。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Dara Mohsenian。

First, maybe just a clarification on the full year guidance, obviously, we're seeing commodity pressure today. If oil stays what's now above $100 a barrel, that's not officially in guidance nor is the mitigating actions. But Nelson, I was just hoping you can walk us through the range of potential actions, you would take to help offset any pressure on full year earnings if oil stays up here, maybe rank order, how you think about pricing versus productivity versus flex on ad spend? And just conceptually, do you think it's realistic you can offset most of that if oil stays up here, understanding it's very volatile?

首先，想就全年指引做個釐清。顯然我們目前看到大宗商品成本壓力。如果油價維持在現在每桶 100 美元以上，這並未正式納入指引，也未納入相應的緩解措施。但 Nelson，我希望你能帶我們走一遍：若油價維持在這個水準，你們為了抵消全年獲利壓力，可能採取的行動範圍有哪些？能否按優先順序談談你如何看待調價、提升生產力、以及彈性調整廣告支出？概念上來說，在油價維持高檔且波動很大的前提下，你認為要抵消其中大部分影響是否可行？

And then, Mike, if we can drill down a bit, I did want to delve more into the pricing side in North America. We've obviously seen a pretty promotional industry environment in the last couple of quarters. At the same time, you're generating very healthy volume growth on your portfolio within that environment. And now we have this unexpected cost ramp-up externally. So just a lot of moving pieces, and I was hoping you could help us understand strategically how you plan to manage pricing in North America given all those factors.

另外，Mike，如果我們再深入一點，我確實想更聚焦在北美的定價面。過去幾季我們看到產業促銷環境相當激烈；同時，你們在這樣的環境下，產品組合仍帶來非常健康的銷量成長。現在外部又出現這波意外的成本上升。因此變數很多，我希望你能協助我們從策略角度理解：在這些因素之下，你們計畫如何管理北美的定價？

A lot to unpack there. Let me kind of give you kind of the overall framework of how we think about it, and then I'll ask maybe Nelson to give you some of the details about how we'll process it and also -- and maybe ask Russ to click in on some of your questions about pricing.

這裡面要拆解的點很多。我先提供我們整體思考的框架，接著我會請 Nelson 補充一些細節，說明我們將如何處理；另外也可能請 Russ 針對你關於定價的一些問題補充。

But I'd say, overall, Dara, I feel like we're making great progress creating a new kind of health and wellness leader. And we're really encouraged by the strong base business momentum we're seeing. 3% volume/mix in the quarter builds on -- I think it's our ninth or tenth quarter of solid volume/mix growth. And so we feel great about that.

但整體而言，Dara，我覺得我們在打造一種全新的健康與福祉領導者方面進展非常好。我們也對所看到的強勁核心業務動能感到鼓舞。本季 3% 的量/組合成長，延續了——我想這是我們第九或第十季——穩健的量/組合成長。因此我們對此感到非常振奮。

And the important thing, I think, as you kind of embedded in your question is that, that volume/mix growth is being driven by innovation, right? And we're not renting that through promotion. The promotion is supporting the innovation. And so that's kind of the big deal for us.

而我認為重點在於——你在問題中其實也提到了——這個量/組合成長是由創新所驅動，對吧？我們不是靠促銷去「租來」這個成長。促銷是在支持創新。因此，這對我們來說是關鍵。

On top of that, we feel like our supply chain is in full swing and generating industry-leading productivity, which we feel great about, and that enables us to reinvest back in the quality and the marketing of our brands. So I think we're feeling good about our underlying base business momentum.

此外，我們覺得供應鏈已全面運轉並創造業界領先的生產力，這讓我們很有信心，也使我們能把資源再投回品牌的品質與行銷。因此，我認為我們對底層的核心業務動能感覺良好。

I'd say the environment promises to remain turbulent but we're going to remain agile and disciplined. We've been through a number of these things over the last -- well, in my tenure in this role, right, if you go through COVID and a few other wars, unfortunately, and other commodity or input cost situations. So we've had a lot of experience navigating a lot of different disruptions, including this quarter.

我會說，環境看來仍將動盪，但我們會保持敏捷與紀律。在我擔任這個職務期間，我們經歷過不少事件——例如 COVID，以及不幸的幾場戰爭，還有其他大宗商品或投入成本的情況。因此我們在因應各種不同的干擾方面累積了很多經驗，包括本季所面對的狀況。

And I'd say, overall, our process is to remain very disciplined. And one concept that we felt very important is PNOC or pricing net of commodity input cost discipline. And we expect that to be at least neutral over time, and we're going to leverage all the tools that we have to make sure that we continue to do that. And so I think the key thing for us is we have a lot of levers to pull in terms of how we're managing our cost profile, which Nelson is going to talk more about right now. But I also say having that discipline on pricing net of cost is an important concept for us.

整體而言，我們的流程是保持高度紀律。我們認為非常重要的一個概念是 PNOC，也就是「扣除大宗商品投入成本後的定價」紀律（pricing net of commodity input cost discipline）。我們預期隨時間推移，這至少應維持中性；我們會運用所有可用工具，確保持續做到這一點。因此對我們而言，關鍵在於我們有很多槓桿可用來管理成本結構，Nelson 等一下會更詳細說明。同時，我也要強調，維持「扣除成本後的定價」紀律對我們非常重要。

Yeah. And picking up where Mike left, Dara, a few things. As we look at the overall input cost inflation for the year and what we have factored into the outlook. And I think it's important to bring up the last two years. So for 2024, 2025, we faced right around $200 million of input cost inflation. As we got into this year in January, that was really flattish all in. So we were staring at about a flat input cost inflation outlook. And with the latest data and information that we've got, let me unpack what's in the outlook and what we've yet to build into the outlook, including the mitigation actions, as you stated.

是的。接續 Mike 的說法，Dara，有幾點。當我們看全年整體投入成本通膨，以及我們已納入展望的部分時，我認為有必要回顧過去兩年。2024、2025 年，我們面臨約 2 億美元的投入成本通膨。進入今年 1 月時，整體來看幾乎持平，因此我們當時面對的是大致持平的投入成本通膨展望。根據我們最新取得的數據與資訊，我來拆解一下：哪些已納入展望、哪些尚未納入展望（包含你提到的緩解措施）。

So for the second quarter, a couple of things. As we stated in the prepared remarks, we're going to be facing around a $20 million top line impact from the California DC fire, which for North America would be in the 70 basis points to 80 basis points of headwind in the quarter. Then, in the bottom line, we expect to have in the second quarter around $50 million stemming from the inflationary impacts that we're seeing as a result of the Middle East war and some of the impacts related to the LA DC fire, which, as you stated, we expect to recover that in the second half of the year.

就第二季而言，有幾件事。如同我們在事先準備的發言中所述，我們將面臨來自加州配送中心（DC）火災約 2,000 萬美元的營收端影響；對北美而言，這相當於本季約 70 到 80 個基點的不利因素。至於獲利端，我們預期第二季約有 5,000 萬美元的影響，主要來自中東戰爭所引發的通膨影響，以及部分與洛杉磯配送中心火災相關的影響；如你所述，我們預期在下半年可回收這部分影響。

If we look into the back half of the year, and we assume that oil prices remain at around $100 per barrel on average, we would be facing potentially gross incremental input costs of around $150 million to $170 million. We've not built this into the outlook because there's a lot of moving pieces as we speak, but we have also not built in any potential mitigations, which our teams are currently working through as we roll through the different scenarios.

如果看下半年，並假設油價平均維持在每桶約 100 美元，我們可能面臨約 1.5 億至 1.7 億美元的潛在毛額新增投入成本。我們尚未將其納入展望，因為目前仍有許多變動因素；同時，我們也尚未納入任何潛在的緩解措施，而我們的團隊正隨著不同情境推演，逐一研擬相關對策。

It's important to highlight that we, as Mike said, have instituted this philosophy of pricing net of costs over time neutral. And this is really embedded in our integrated margin management process, which ensures that over time, we expand margins and keep on track with our plans stated on our Powering Care plan rollout back in March of 2024.

需要強調的是，正如 Mike 所說，我們已建立「定價扣除成本後，隨時間推移維持中性」的理念。這已深植於我們的整合式利潤率管理流程之中，該流程確保我們能隨時間擴大利潤率，並持續依照我們在 2024 年 3 月推出 Powering Care 計畫時所提出的規劃前進。

As such, we have several levers in there. First one, revenue growth management. Second one, a very strong pipeline of productivity initiatives. We've delivered two years of 6% gross productivity, back to back. And this first quarter of the year, we're already at 6% and our plans are to deliver for the full year 6%. The pipeline is very rich. We're making significant investments in the North America supply chain with the $2 billion announced a few quarters back, and that's progressing as planned. And then, lastly is the whole strategic relationships with our suppliers in terms of pricing contracts as well as hedging programmatic elements that we've put in place.

因此，我們在其中有幾個槓桿。第一個是營收成長管理。第二個是非常強勁的生產力提升計畫管線。我們已連續兩年達成 6% 的毛生產力提升。而今年第一季，我們已經達到 6%，我們的計畫是在全年交付 6%。這個管線非常充實。我們正在北美供應鏈進行重大投資，這是幾季前宣布的 20 億美元投資案，目前正按計畫推進。最後，則是與供應商的整體策略性關係，包括定價合約，以及我們已建立的避險等制度化要素。

I'd also remind everyone that we've got a solid track record over the last four years of recovering any input cost inflation and actually expanding margins. If you look at 2023 through 2025, we expanded both gross margins and operating profit margins beyond the levels pre-pandemic. So we're confident in our ability to cover all these input costs over time. And again, we will be back with more news in our next earnings call.

我也想提醒大家，我們在過去四年有穩健的紀錄，能夠回收任何投入成本通膨，並且實際上擴大利潤率。若你看 2023 到 2025 年，我們的毛利率與營業利益率都擴大到高於疫情前的水準。因此，我們對於隨時間推移涵蓋所有這些投入成本的能力充滿信心。再次強調，我們會在下一次財報電話會議帶來更多消息。

All right. So Dara, sorry, I'm keeping track for you. Sorry if our answers are a little full, but I'm going to ask Russ to comment on the promotional environment.

好的。所以，Dara，抱歉，我在幫你做記錄。也抱歉如果我們的回答有點冗長，但我會請 Russ 來評論促銷環境。

Yes, sure. So I would say just underscoring what Mike said that growing volume and mix profitably while maintaining PNOC discipline really is the key focus for us and innovation is really the key to that. And specifically within North America, if I were to just double-click on that, you were asking about the promo environment, I would say that our overall pricing was in line in the first quarter, as you saw.

好的，當然。我會說，重申 Mike 所說的：在維持 PNOC 紀律的同時，以獲利方式推動銷量與組合成長，確實是我們的關鍵重點，而創新正是達成這點的關鍵。特別是在北美，如果我再深入一點，你問到促銷環境，我會說我們第一季的整體定價如你所見，是與市場一致的。

And in fact, our overall weighted average promo intensity in North America is down versus pre-COVID versus category levels. And that's because we're focused on driving innovation. You will see innovation tick up when -- sorry, promotion tick up when we have an innovation agenda that's really strong because we're trying to drive trial. And that's exactly what you're seeing in diapers right now.

而且事實上，我們在北美的整體加權平均促銷強度，相較於 COVID 前、也相較於品類水準，是下降的。這是因為我們專注於推動創新。當——抱歉，當我們有非常強的創新議程時，你會看到促銷會上升，因為我們想推動試用。而這正是你現在在尿布品類所看到的情況。

We are using more promotion to drive trial, and we talked about that in the fourth quarter. We promoted Snug & Dry. We have a great innovation there that drives softness in our new absorbent core, and we're pleased with the results there. We've seen household penetration and velocities up on that post promotion. And we've also shifted some investments across channels with surgical programming to ensure our loyal Huggies buyers can find us after the recent distribution changes we talked about in the last call in the club channel.

我們正在使用更多促銷來推動試用，我們在第四季也談到過。我們促銷了 Snug & Dry。我們在那裡有很棒的創新，透過新的吸收芯體帶來更柔軟的觸感，我們對結果感到滿意。促銷後，我們看到家庭滲透率與銷售速度（velocities）都有所提升。我們也在通路之間調整了一些投資，透過精準的方案設計，確保我們忠誠的 Huggies 買家在我們上次電話會議提到的俱樂部通路近期配銷變動之後，仍然能找到我們。

But I'd expect that to normalize as we go through '26. And the bottom line is in North America diapers, our '25 promo was below category for the year, and it's below 2019 levels. So just to give you some context.

但我預期隨著我們進入 2026 年，這會趨於正常化。重點是，在北美尿布品類，我們 2025 年全年的促銷低於品類水準，也低於 2019 年的水準。提供你一些背景。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

So you updated your outlook for category growth to 2.5% versus 2% previously. Can you maybe just unpack that a bit more? What regions or categories are you seeing stronger performance? And then, I think, in the prepared remarks, you noted stronger category growth in North America, call it, I think it was 3.3%. So do you think that's a realistic run rate moving forward? Or do you think we could see a bit of a step back just given the more uncertain operating backdrop?

你們把品類成長的展望從先前的 2% 上調到 2.5%。你能否再多拆解一下？你們在哪些地區或品類看到更強的表現？另外，我想在事先準備的發言中，你提到北美品類成長更強，大約是 3.3%。你認為這會是未來可持續的合理運行率嗎？還是考量到更不確定的營運背景，我們可能會看到一些回落？

Okay. Peter, I'll start, and I'll ask Russ to weigh in here. I would say we're very encouraged by the resilience of our categories and the impact of our commercial programming. I'd say notably, North America categories rebounded strongly in Q1, and that was driven by some shifts in timing of competitive promotion activity, particularly in, I think, in the paper categories, but also -- you may recall in Q4, I think the categories had slowed down to just under 1 point. And that was really related to, I think, some things that happened in the year ago, port strikes and all this other stuff that happened. And so we're cycling that.

好的。Peter，我先開始，然後我也請 Russ 在這裡補充。我會說，我們對品類的韌性以及我們商業方案的影響感到非常振奮。尤其是北美品類在第一季強勁反彈，這主要是由於競品促銷活動時點的一些變化所帶動，特別是在我認為是紙品類別，但也——你可能記得在第四季，我想品類成長已放緩到略低於 1 個點。那其實與我認為前一年發生的一些事情有關，像是港口罷工以及其他事件。因此我們正在與那個基期效應對比（cycling）。

But as we got into the end of the year, it was still a little unclear whether the slowdown was going to be endemic to the category or it was a one-off. And it turns out, it looks like having cleared the quarter with a strong kind of increase in the category and in our organic, I think we feel like that was a one-off. And so I think our outlook for the year on a rolling 12 months, it's like 2.5% across our categories globally is what we have, and that's kind of the way we're looking at it. And so we feel good about the progress.

但當我們進入年底時，仍有點不清楚這個放緩是否會成為品類的常態，或只是一次性的因素。結果看起來，在我們度過這一季、品類與我們的有機表現都強勁提升之後，我想我們覺得那是一次性的。因此，我們對今年的展望，以滾動 12 個月來看，是全球各品類約 2.5%，這大致是我們看待的方式。所以我們對進展感到良好。

Yeah. And I'd just add, I think Mike, you said it well. I'd just add, we aren't really seeing any large-scale shifts in consumer buying behavior. And we are still seeing consumers under pressure, but that's not a new dynamic. And so we're -- I think our trailing 12-month weighted average category growth is around 2.5%. And we don't see a reason for that to evolve too much. And there's some puts and takes, as Mike mentioned, with respect to specific dynamics, but hopefully, that helps.

是的。我再補充一下，我想 Mike 說得很好。我只想加上，我們並沒有看到消費者購買行為出現任何大規模的轉變。我們仍然看到消費者承受壓力，但這不是新的動態。因此我們——我想我們過去 12 個月的加權平均品類成長大約是 2.5%。我們看不出有什麼理由會讓它出現太大變化。當然，如 Mike 提到的，針對特定動態會有一些利多與利空的拉扯，但希望這能有所幫助。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

My question is on the merged entity. Mike, you laid out a new organizational structure. If you can help us understand it better. So how will it help restore growth at Kenvue while preserving the competitiveness of the core stand-alone Kimberly-Clark? What are the biggest changes that you made?

我的問題是關於合併後的實體。Mike，你提出了一個新的組織架構。如果你能幫助我們更好地理解：它將如何在維持核心獨立運作的 Kimberly-Clark 競爭力的同時，協助 Kenvue 恢復成長？你做出的最大變更是什麼？

And if you can explain how you see those working? And also finally, on the combination, if you can give us updates on the completion of the joint venture with Suzano. You may have some of it in the prepared remarks, but if you can expand on that? And also, what is the status of the approval for the merger?

以及如果你能說明你如何看待這些變更的運作方式？最後，關於這次結合，如果你能更新與 Suzano 的合資企業完成進度。你可能在事先準備的發言中提到了一些，但能否再延伸說明？另外，合併核准的進度目前如何？

Okay. All right. There's a lot to unpack there. I'll try. You can remind me, Javier, if I'm missing something. Let me start with -- after working on this since November, I would tell you, for me and our team, and I think the team on both sides, the Kenvue side and the K-C side, I would say, for all of us, even more conviction in the growth potential of the company that we're about to create.

好的。好，這裡面有很多要拆解。我會盡量回答。如果我漏了什麼，你可以提醒我，Javier。讓我先從——自從 11 月以來一直在做這件事，我會告訴你，對我和我們的團隊，以及我想雙方的團隊——Kenvue 這邊與 K-C 這邊——我會說，對我們所有人而言，對於我們即將打造的這家公司之成長潛力，有更強的信念。

Kenvue is going to report their first quarter results in early May, and that's consistent with their typical timing. So I'm not going to Javier prejump that. But I will say we've been working through kind of in our preparation for integration planning, some category reviews, Nelson, Russ and I with the Kenvue teams. And I would say our view is that the recent challenges, although widely reported, have been largely executional, and we don't see them as being structural.

Kenvue 將在 5 月初公布他們的第一季業績，這也符合他們一貫的時間安排。所以我不會在這裡搶先（prejump）談 Javier 的問題。但我會說，在我們為整合規劃做準備的過程中，我們與 Kenvue 團隊一起做了一些品類檢視，Nelson、Russ 和我都有參與。我會說，我們的看法是，近期的挑戰雖然被廣泛報導，但大多屬於執行層面的問題，我們不認為是結構性的。

And in fact, there are pockets or more than pockets of strong profitable growth throughout the company, I would say a lot of that's been overshadowed by a few notable large challenges. I would say, primarily North America skin care, North America oral care has been a challenge and some of their business in China. So I think those are notable. But I would say, if you look at kind of how we've structured the management team, I think the management team and the combination of both K-C and Kenvue players reflects, I would say, the strong performance that I observed in the businesses on both sides.

而且事實上，公司內部有一些區塊——甚至不只是一些區塊——存在強勁且具獲利性的成長；我會說，其中很多被少數幾個顯著的大型挑戰所掩蓋。我會說，主要是北美皮膚護理、北美口腔護理一直是挑戰，以及他們在中國的部分業務。所以我認為這些很值得注意。但我會說，如果你看我們如何建構管理團隊，我認為管理團隊以及 K-C 與 Kenvue 雙方成員的組合，反映了我在雙方業務中觀察到的強勁表現。

The other thing I'll say is Kirk and that management team at Kenvue have taken some strong positive steps. And we're confident that Kenvue will improve this year. And one of the moves they did make was adopt their operating model, and they announced that change back in February. And I would say it's very consistent with our kind of market-centric balanced matrix approach to operating. So I think we're very encouraged with kind of the progress on their side and also in the integration planning.

我還要說的是，Kirk 以及 Kenvue 的管理團隊已採取一些強而有力的正向措施。我們有信心 Kenvue 今年會改善。他們做出的其中一項調整是採用他們的營運模式，並在 2 月宣布了這項變更。我會說，這與我們以市場為中心、平衡矩陣式的營運方法非常一致。因此，我們對他們那邊的進展以及整合規劃也感到非常鼓舞。

And then as you kind of raised, I'm very pleased with that we've been able to assemble what I would view as a world-class team to create the preeminent health and wellness leader. And I think roughly the talent, the bench from both sides is about 50-50. So the leadership team composition reflects strong talent that exists within both organizations. I think there's a great blend of market experiences, functional capability and technical expertise.

然後如你所提到的，我對於我們能夠組建一支我認為是世界級的團隊、來打造首屈一指的健康與福祉領導者感到非常滿意。我想雙方的人才與後備梯隊大約是 50-50。因此，領導團隊的組成反映了兩個組織內部都存在的優秀人才。我認為這是一個很好的融合，結合了市場經驗、職能能力與技術專長。

And we felt like it was important to retain kind of the knowledge and leadership of what's working and also retain the strong institutional knowledge that exists in both companies. And like I said, I think if you look at the composition of the leadership team, it also reflects the strong performance in some of the Kenvue international markets. And so I'm pretty bullish on kind of what this team is going to do together. I will tell you the operating model is going to be very market-centric, but also leverage global scale. The culture, I think, will be ownership, speed and competitiveness.

我們覺得，保留哪些行之有效的知識與領導力很重要，同時也要保留兩家公司都具備的深厚機構知識。就像我先前說的，如果你看領導團隊的組成，也能反映出 Kenvue 在部分國際市場的強勁表現。因此，我對這個團隊未來共同能做出的成果相當樂觀。我可以告訴你，我們的營運模式將會非常以市場為中心，同時也會運用全球規模優勢。我認為文化將是：主人翁精神、速度與競爭力。

And I think that dovetails well, as I mentioned earlier, with what Kenvue has been doing. So maybe I'll -- I know I said a lot there. And Javier, I think Russ has got some comments as well.

我認為這也與我先前提到的 Kenvue 一直在做的事情相當契合。所以也許我就——我知道我剛剛講了很多。Javier，我想 Russ 也有一些評論。

I was just going to pick up on what Mike was talking about around execution. I think that really has been something we've been building and strengthening at K-C for many years as those who followed us know, both in terms of how to drive growth, but how to drive productivity and SG&A efficiency. And by the way, doing all those at the same time. And so we've been basically taking that approach and applying it to the synergy process. And we now have over 40 integration teams that are working on planning the combined company post close to build the future of the company to drive the synergies and ensure we can operate effectively together.

我只是想接著 Mike 談到的執行力來說。我認為這確實是我們在 K-C 多年來一直在建立並強化的能力，關注我們的人都知道，無論是在如何推動成長，或是如何提升生產力與 SG&A 效率方面。而且順帶一提，是同時把這些都做好。因此，我們基本上是把這套方法用在協同效益的推進流程上。現在我們有超過 40 個整合團隊，正在規劃交易完成後的合併公司運作，打造公司的未來，以推動協同效益並確保我們能有效地一起運作。

And that process, I would say, is going very well. I've been very impressed with the actions that Kenvue?has been taking recently. Mike talked about in their base business and what they're bringing to the table, for how we're looking at the future together. And we are seeing very good line of sight to synergies in all areas.

而我會說，這個流程進展得非常順利。我對 Kenvue 最近採取的行動印象非常深刻。Mike 談到了他們在本業所做的事情，以及他們為我們共同展望未來所帶來的貢獻。我們也在各個領域都看到了非常清晰的協同效益可見度。

COGS, I'll just give one quick example. Their product is pretty small and dense. And so therefore, they tend to weigh out their trucks and ours is bulky and light, and we tend to cube out trucks. And so hey, we're shipping to the same places, let's put them on the same truck. And there's actually quite a lot of value there.

COGS（銷貨成本）方面，我快速舉一個例子。他們的產品體積小、密度高，所以通常是卡車先達到重量上限；而我們的產品體積大但較輕，通常是卡車先達到容積上限。所以，既然我們要運到相同的地方，那就把它們放在同一台卡車上。其實這裡面有相當大的價值。

And SG&A, lots of examples we could highlight beyond just duplication. We're really looking at it as an opportunity to leverage the combined scale to work differently. And that's simplification of the systems environment, SAP instances, application rationalization, consolidating processes, accelerating global business services using AI, lots of things there.

SG&A（銷售、一般及行政費用）方面，除了單純的重複之外，我們還有很多例子可以強調。我們更把它視為一個機會：利用合併後的規模，以不同方式運作。這包括簡化系統環境、整併 SAP 實例、應用程式合理化、流程整合、運用 AI 加速全球商業服務等，還有很多事情可做。

And on the revenue side, we're really excited. I think there's tons of opportunities in distribution and leveraging commercial capabilities like e-com, all of which require getting the execution fundamentals in place, and that's really what we're emphasizing. And we're not waiting for the close. We are working on those things. As Mike mentioned, Kenvue?is working on them in their base business hard and so is K-C. So we feel like we're pretty well positioned to hit the ground running.

在營收端，我們也非常興奮。我認為在通路分銷以及運用電商等商業能力方面有大量機會，而這些都需要把執行的基本功打好，這正是我們強調的重點。我們不會等到交易完成才開始做。我們正在推進這些工作。如同 Mike 提到的，Kenvue 在本業上也正全力推動，K-C 也是如此。所以我們覺得自己已經準備就緒，可以在交易完成後立即展開行動。

Javier --

Javier——

Go ahead, Mike, just like a high-level thought. Do you think that part of these execution issues on the Kenvue side had to do with the fact that the demerger from J&J at a time of a great deal of retail changes both in the U.S. and China. Do you think that, that's what led to underperformance?

Mike，你先說。我想問一個高層次的問題。你認為 Kenvue 這邊部分執行問題，是否與其在美國與中國零售環境劇烈變化之際，從 J&J 分拆有關？你覺得這是否導致了表現不如預期？

I don't think I can -- I know enough to comment on that, Javier, right? So -- but all I'll say is running these kinds of businesses is hard. There's a lot of things that add up to being -- what feels like small decisions end up having big impacts. And so that's why as I met with some large investors, that's the question I ask, which is why does quality of management matter so much? It's because these are arcane businesses that have a lot of operating and running rules, and they can be very difficult and things that feel small, like small inconsequential decisions end up having at times a big impact.

Javier，我想我——我對那件事了解得不夠多，無法評論，對吧？所以——但我只能說，經營這類業務很難。有很多因素累積起來，會讓——看似很小的決策最後造成很大的影響。所以當我和一些大型投資人會面時，我會問的問題是：為什麼管理品質如此重要？因為這些是相當艱深的業務，包含很多營運與管理規則，可能非常困難；而一些看起來微不足道的小決策，有時候最後會造成很大的影響。

And Nelson and Chris and I saw plenty of those at Kraft back when we were at that company back in those days. And so I wasn't there for that, and so I won't comment, Javier, but I would just say doing this is hard and making sure that you're kind of lined up correctly across all fronts of operating a business is really, really important.

Nelson、Chris 和我在當年還在 Kraft 的時候就看過很多這樣的例子。所以我當時不在那裡，因此我不會評論，Javier；但我會說，做這件事很難，並且確保在企業營運的各個面向都能正確對齊，真的非常、非常重要。

Lauren Lieberman, Barclays.

Lauren Lieberman，Barclays。

I was hoping you could just talk a little bit about the shipment timing that you mentioned in the prepared remarks on North America because this category growth has accelerated. I don't recall if you guys use Nielsen or Circana, but the Nielsen trends, including Costco, your business grew 5% and you reported sub-2%. So just if you could discuss kind of in what categories in particular, you're seeing those headwinds? Is it an inventory kind of correction? Or is it something that is timing related and kind of picks up in 2Q?

我希望你們能多談一點你們在事先準備的發言中提到的北美出貨時點問題，因為這個品類的成長已經加速。我不確定你們用的是 Nielsen 還是 Circana，但 Nielsen 的趨勢（包含 Costco）顯示你們的業務成長 5%，而你們報告的卻不到 2%。所以想請你們說明一下，具體是哪些品類看到這些逆風？這是通路庫存的修正？還是與時點相關、並會在第二季回升？

Yeah. Sure, Lauren. So a few things. As you say, scanner data, consumption data, very strong. And as we've seen in many years, many quarters, there's always going to be some noise within the quarter between shipments and consumption. The key is really consumption.

好的，當然，Lauren。有幾點。正如你所說，掃描數據、消費數據非常強勁。而且我們在很多年、很多季度都看到，單一季度內出貨與消費之間總會有一些雜訊。關鍵其實是消費。

And looking into North America consumer specifically, as you point out, consumption was ahead of shipments by around 200 basis points. And trying to piece through the entire noise, I'd say, trade stocks inventory is not really the big thing there. It's more having to do with the fact that we had very strong activation programming in the first quarter, which started in January. So we had some shipments that came through in December, and that kind of anticipated what we went through, and that had to do a little bit with what you're seeing there and the difference.

再看北美消費者端，如你指出的，消費大約領先出貨 200 個基點。要把所有雜訊拆解清楚的話，我會說，通路庫存並不是主要因素。更多是因為我們在第一季有非常強的促銷/行銷啟動方案，從一月就開始。因此有一些出貨是在十二月就先行發生，某種程度上提前反映了我們後續的活動，這也與你看到的差異有些關係。

I think it's also important to highlight that as we think about the second quarter, we do expect organic sales growth to be slightly below Q1. And two things to keep in mind on that end. The first one, we're going to have the strongest comp versus 2025, in which for total enterprise last year, we grew about 4%. And in North America volume, it was actually 5%. And again, that goes back to the quarter-on-quarter can be a little noisy.

我也認為需要強調的是，當我們看第二季時，我們預期有機銷售成長會略低於第一季。這裡有兩點要記住。第一，我們將面對相較於 2025 年最強的比較基期；去年整體企業的成長約 4%，而北美的銷量其實是 5%。同樣地，這也回到季度對季度之間可能會有一些雜訊。

And in last year's situation had to do with the fact that we had a series of product launches, particularly in baby and child care, which drove strong shipments in the second quarter. And then the other bit for the second quarter is we're going to be having a little bit of a headwind from the distribution center fire in California, as Russ had mentioned in his prepared remarks, that will be around $20 million or 70 basis points to 80 basis points for the North America segment. But as we go into the second half, we expect organic growth to actually accelerate because some of these noise elements we don't project.

而去年之所以如此，是因為我們有一系列產品上市，特別是在嬰幼兒照護領域，帶動第二季出貨強勁。第二季的另一個因素是，我們會受到加州配送中心火災帶來的一點逆風，如 Russ 在事先準備的發言中提到的，對北美部門約為 2,000 萬美元，或 70 到 80 個基點。但進入下半年後，我們預期有機成長其實會加速，因為其中一些雜訊因素我們不預期會再出現。

Okay. Is my line still open?

好的。我這條線還開著嗎？

Yes, yes.

是的，是的。

So before I start asking myself a question. Okay. So the operating profit headwind that you talked about for 2Q, which largely reflects the incremental inflation and also some of the pressure from the DC fire. So you've included that, let's call it, roughly $50 million for 2Q. You've held the guidance for the year. So what are the mitigating impacts for the inflation you'll feel in 2Q specifically?

那我就不用開始自己問自己問題了。好。你們提到第二季的營業利益逆風，主要反映額外的通膨，以及配送中心火災帶來的一些壓力。你們已經把這個因素納入了，我們就說第二季大約 5,000 萬美元。你們維持了全年指引不變。那麼，針對你們在第二季特別會感受到的通膨，有哪些抵銷因素？

And then if you're handling it that way for 2Q, why not, let's just call it, like complete the plans for the full year to talk about whether or not how you're going to be offsetting because the 6% productivity rate, while super impressive, you're already at that level. So I don't feel like -- it doesn't strike me as an easy task to up that rate of productivity to deal with this incremental $150 million to $170 million of potential pressure in the back half.

另外，如果你們在第二季是這樣處理，那為什麼不——我們就說——把全年計畫完整說清楚，談談你們是否、以及如何抵銷？因為 6% 的生產力提升率雖然非常令人印象深刻，但你們已經在那個水準了。所以我不覺得——要把生產力提升率再往上拉，以應對下半年可能新增的 1.5 億到 1.7 億美元壓力，聽起來不是一件容易的事。

Lauren, maybe I'll just say one thing. Nelson is ready to pounce. But the one thing I will say is the underlying assumption we're making is that we know what the cost impact is going to be, and we don't really feel like we know that yet. It's early. It's -- we know what it is today. We don't know what it's going to be tomorrow or through the balance of the year. And so that's kind of why we're kind of keeping the cards a little close to the vest.

Lauren，我先說一點。Nelson 已經準備好要出手了。不過我想先說的是，我們目前的基本假設是：我們知道成本影響會是什麼，但我們其實覺得現在還不是真的知道。現在還早。——我們知道今天是什麼，但不知道明天或今年剩餘期間會是什麼。所以這也是為什麼我們目前在這方面會比較保守，不把牌全部攤開。

But building on that, Lauren, I mean, two things. As you say, the $50 million for the second quarter, we feel pretty confident we can maneuver through that. So that's not something that, again, we're bringing up as a major, major situation because it's not.

不過在此基礎上，Lauren，我的意思是，有兩點。正如你所說，第二季的5,000萬美元，我們相當有信心可以設法應對。所以這不是我們要再三強調成為一個非常、非常重大的情況，因為它並不是。

As a reminder, we're about 80% covered in the entire cost basket between contractual arrangements, programmatic hedging and other items we're doing. We've got the full set of toolkits within our integrated margin management approach. And it starts with the philosophy of pricing net of costs. And if you think about that toolkit, it includes revenue growth management. It includes the productivity. And yes, 6%, we're already at that level, but we've had quarters that have been ahead of 6%.

提醒一下，在整體成本組合中，透過合約安排、計畫性避險以及我們正在做的其他事項，我們大約有80%已被覆蓋。我們在整合式毛利管理方法下具備完整的一套工具箱。而這一切始於「以扣除成本後的淨價」的定價理念。若你想想那套工具箱，它包含營收成長管理（RGM），也包含生產力提升。沒錯，6%我們已經在那個水準，但我們也曾有季度表現高於6%。

We have a very strong pipeline of initiatives, and our team is not sitting still as we're going through this. The reason why we didn't get into what would the specific mitigating actions be for the second half is that the teams are actually working through them today. We are having sit-downs with all of our suppliers, where force majeure or surcharges are being enacted, we're sitting down and renegotiating and opening up contracts as need be.

我們有非常強的專案管線，我們的團隊在推進這些事情的過程中並沒有停下來。我們之所以沒有細談下半年具體的緩解措施，是因為團隊今天仍在實際推演。我們正與所有供應商逐一坐下來談；凡是啟動不可抗力或加收附加費的情況，我們都會坐下來重新談判，並在需要時重新開啟合約條款。

We're looking at price pack architecture, and we're looking at all other elements of the toolkit. As I said, in the last 2 years, we faced about $200 million of incremental costs. And if you add up what we sort of estimate right now, and it's a point in time, plus the $50 million, you're right around that level.

我們在檢視價格與包裝架構（price pack architecture），也在檢視工具箱中的其他所有要素。如我所說，過去兩年我們面對約2億美元的增量成本。若把我們目前（這只是某一時間點的估計）所估算的金額再加上那5,000萬美元，你會發現大致就在那個水準附近。

So again, as Mike said, we want to take the time to do this right. We want to see where things kind of settle because it's moving by the day. And we'll do what's right. We'll continue to invest behind the innovation. And to do revenue growth management, it takes a little bit of time, but it's something that we know how to do. We've done it in the past, and it's going to be part of the toolkit.

所以再次強調，如同Mike所說，我們希望花時間把事情做對。我們想看看情況如何趨於穩定，因為它每天都在變動。我們會做正確的事。我們會持續投資於創新。而要推動營收成長管理需要一點時間，但這是我們擅長的事情；我們過去做過，未來也會是工具箱的一部分。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

I was wondering if I could build on Lauren's question, Nelson, if you could comment, I guess, on the pacing of the top and bottom line as we move through the year with both the impact from the distribution center fire in Q2. And then as you were mentioning, the other impacts down the line of oil and resin input costs. On the margin side, if you could talk about maybe the impact between Q3 and Q4, that would be really helpful.

我想在Lauren的問題上延伸一下，Nelson，想請你評論一下，隨著今年推進，營收端與獲利端的節奏會如何？其中包含第二季配送中心火災的影響，以及你提到的後續油品與樹脂投入成本的其他影響。在毛利方面，如果你能談談第三季與第四季之間可能的影響差異，會非常有幫助。

Sure. A lot to unpack there, Anna. But let me kind of give you a little -- start with the top line. So as we mentioned, strong start to the year at the 2.5% organic growth. As we go into the second half, we do -- the second quarter, pardon me, we expect to be slightly below that for the reasons I explained in the prior question, largely with lapping the strongest quarter of last year at around 4% organic growth, North America volume 5% and obviously, the $20 million headwind that we'll face because of the distribution fire in California.

當然。Anna，這裡面要拆解的很多。不過我先從營收端開始。正如我們提到的，今年開局強勁，有2.5%的有機成長。進入第二季——更正，是第二季——我們預期會略低於這個水準，原因我在上一題已解釋過，主要是因為去年最強的一季約有4%的有機成長、北美銷量成長5%，我們今年要面對基期效應；另外，還有因加州配送中心火災而帶來的2,000萬美元逆風。

But heading into the second half, we've got an acceleration in top line, and that's what's embedded in our outlook for the full year at this stage. As we look at the bottom line, a few things to unpack. First, we expect overall margins to actually pick up as the year progresses. We had in the first quarter, an expansion of gross margin sequentially versus Q4 and gross margin versus the prior year was slightly down 60 basis points, but that was largely expected because we are at the last full quarter of an impact from our exit of the private label contract in North America.

但進入下半年，我們的營收端會加速，這也已反映在我們目前對全年展望的假設中。再看獲利端，有幾點需要拆解。第一，我們預期整體毛利率會隨著年度推進而回升。第一季毛利率相較第四季呈現連續改善；但相較去年同期毛利率小幅下降60個基點，這基本符合預期，因為這是我們退出北美自有品牌合約影響的最後一個完整季度。

Heading into the second quarter, third quarter, fourth quarter, we're largely going to lap that plus -- and we expect gross margins to actually be expanding on a continuous basis for the balance of the year based on the outlook of what we have today.

進入第二季、第三季、第四季，我們基本上就會跨過（lap）這個影響；此外——基於我們今天所掌握的展望——我們預期今年剩餘期間毛利率將會持續擴張。

On operating profit margin, we expanded operating profit margins again this quarter by about 20 basis points, partly driven by the 90 basis points improvement year-on-year from overheads, overheads of 13%, 90 basis points lower than the prior year, and we're getting good traction on delivering the full $200 million or exceeding it in savings as part of our Powering Care program. And we expect for the balance of the year to continue to see expansion in operating profit margins.

在營業利益率方面，我們本季再度擴張約20個基點，部分原因是管理費用帶動：管理費用年對年改善90個基點，管理費用率為13%，比去年低90個基點。我們在「Powering Care」計畫下推動節省成本，已取得良好進展，目標是實現全年2億美元的節省、甚至超越。我們也預期今年剩餘期間營業利益率將持續擴張。

For the full year, we expect gross margin, operating profit margin to expand both in the vicinity of 70 basis points to 80 basis points. So that's largely a construct of what we see between the following quarters and the first quarter for both top line and margins.

就全年而言，我們預期毛利率與營業利益率都將擴張，幅度大約都在70到80個基點附近。因此，這大致就是我們目前對接下來各季相對於第一季在營收端與利潤率上的觀察與推導。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I just wanted to test the overall theme of the call here that the business is truly resilient to all of these unexpected cost headwinds. Because when I look back to 2025, you had the tariffs was the big unexpected factor. And even though tariffs were mitigated for the full year, you still had to lower your profit guide for 2025. So when I'm looking at this 2026 number, the $150 million, $170 million is actually higher than what the tariff headwind ended up being. So I'm just trying to figure out how nervous to be about the ability to offset that much cost.

我只是想驗證一下本次電話會議的整體主題：也就是這個業務對所有這些意外的成本逆風確實具有韌性。因為回頭看2025年，關稅是最大的意外因素。即使全年關稅影響被緩解了，你們仍然下調了2025年的獲利指引。所以當我看2026年的數字時，1.5億到1.7億美元其實高於最後的關稅逆風。我只是想弄清楚，面對這麼大的成本，你們抵消的能力到底會讓人多緊張。

Yeah. I mean, I think, Rob, I'll give you a little bit of historical background and maybe I'll ask Nelson to comment. I would say, again, if you look at our recent history, back in 2022 and 2023, the business took on, I think, $1.6 billion of additional costs and $1.7 billion consecutive years. And so I'd say what we're looking at here is a fraction of that, right? And so I think what happens -- those were like all-time high, I would say, inflation super cycle for us. And while the costs haven't receded, we've been able to manage through that cycle with discipline on this pricing net of cost impact, right, or commodity impact.

是的。我想，Rob，我先補充一些歷史背景，然後也請Nelson評論。我會說，如果你看我們近期的歷史，早在2022年與2023年，業務分別承受了約16億美元與17億美元的額外成本，連續兩年都是如此。所以我會說，我們現在談的只是其中的一小部分，對吧？我認為當時那是一個我們所面臨的、可說是史上最高的通膨超級循環。而雖然成本並沒有回落，但我們仍能以紀律性管理那個循環，核心就是堅持「以扣除成本影響後的淨價」——也就是商品成本影響——的定價原則。

And so I'd say at the level we're talking about, we feel like the business should be able to operate and manage through things. We'll let you know. And certainly, I think one of the reasons why we're hedging a little bit here is because we don't know what the costs are going to be. We know what they're going to be as of today or what the outlook is as of today, but it's still kind of a moving target.

因此，以我們現在談的這個水準，我們覺得業務應該能夠運作並管理過去。我們也會再向你更新。而且我認為我們之所以在這裡稍微保守一些，是因為我們不知道成本最終會是多少。我們知道截至今天的成本會是多少，或截至今天的展望是什麼，但它仍然有點像移動的目標。

But I think our thing is -- I think since the 2022, 2023 period, I think we've developed much stronger cost management capability which is why we're delivering industry-leading productivity. We've really enhanced our RGM or revenue growth management discipline. And so we feel good about our capability.

但我想我們的重點是——自2022、2023那段期間以來，我們建立了更強的成本管理能力，這也是為什麼我們能交付業界領先的生產力。我們也大幅強化了RGM（營收成長管理）的紀律。因此我們對自身能力感到有信心。

And then the other thing I will tell you is we feel very bullish about the base business, right? Our organic growth being driven by a rebounding category, but also, hopefully, you saw in that presentation, the fact that we were up in 95% of sales weighted markets on share in North America and 84% in international. I think we feel great about that. And just to give you a comparison on the old metric that we used, which is just a pure count of cohorts, we're up in about 80% -- a little over 80% of cohorts, right? And so I think we feel good about the momentum of the business.

另外我想說的是，我們對基本盤業務非常看多。我们的有機成長來自品類回溫，但也希望你在簡報中看到：在北美，我們在以銷售加權的市場中有95%市占上升；在國際市場則有84%。我們對此感到非常振奮。再用我們以前的舊指標做比較——也就是單純計算群組（cohorts）的數量——我們在大約80%多一點的群組中是上升的。所以我認為我們對業務動能感覺良好。

Edward Lewis, Rothschild & Co Redburn.

Edward Lewis，Rothschild & Co Redburn。

Just a couple of questions for me. Just be interested to hear how -- if we think about the good, better, best, how you're performing on those? Is good doing better than better or is better doing better than best? Just interesting to hear some commentary around that.

我這邊只有幾個問題。想請教一下——如果用「好、更好、最好」（good, better, best）來看，你們在這三個層級的表現如何？是「好」的表現優於「更好」，還是「更好」的表現優於「最好」？想聽聽你們對此的看法。

And then if I look at the international business, you called out good share gains in some of the markets. Just wanted to sort of get a sense check for how you're feeling about those markets, given what's going on in the strait and the concerns people have about the impact and particularly in sort of the Southeast Asia region from the slowdown in shipping or in, I guess, in tankers coming out of the strait. Any update, any commentary there would be appreciated.

另外看國際業務，你們提到在一些市場有不錯的市占提升。我想確認一下，在目前海峽局勢以及大家對其影響的擔憂之下——特別是東南亞地區，因為海運放緩，或我想是指從海峽出來的油輪運輸放緩——你們對那些市場的感受如何？若能提供任何更新或評論，我會很感謝。

I'll ask Russ to comment on the good, better, best. But I will say, unfortunate situation that we're operating in yet another region with another conflict. And so number one, Ed, I'll tell you, thankfully, all of our people and employees have been safe and operating through this. And so -- and they really kind of working overtime to make sure that we continue to kind of operate the business while keeping everybody safe.

我會請 Russ 來評論「好、較好、最佳」。但我想說的是，很不幸的是，我們又在另一個地區、另一場衝突之下營運。首先，Ed，我要告訴你，值得慶幸的是，我們所有同仁與員工都很安全，並且在這段期間持續運作。因此——他們其實也算是在加班加點，確保我們在讓每個人都安全的前提下，仍能持續推動業務運作。

I will say business and performance has continued to be robust, especially in international markets. I think in multiple markets, strong double-digit growth. Interestingly, especially in Southeast Asia, our Vietnam business was strong double-digit growth, share up significantly. Russ, you may want to comment. But the thing I'll also hit is in developed Asian markets like Korea, we're seeing a baby boom.

我想說的是，業務與表現仍然相當強勁，尤其是在國際市場。我認為在多個市場都呈現強勁的雙位數成長。有趣的是，特別是在東南亞，我們越南業務呈現強勁的雙位數成長，市占也顯著提升。Russ，你可能也想補充。不過我也要提到，在韓國等已開發的亞洲市場，我們看到嬰兒潮。

And so I think births were up 6.5% last year in 2025. And so the category was up 20% in Korea, where we have over a 60% share. So that's pretty meaningful for us, Ed. And so I think we're feeling very good internationally. And Russ, you may want to comment a little further and then the good, better, best.

因此我認為，去年 2025 年出生率成長了 6.5%。所以在韓國，該品類成長了 20%，而我們的市占超過 60%。這對我們來說相當有意義，Ed。因此我想我們在國際市場的感受非常正面。Russ，你也許可以再多補充一些，並談談「好、較好、最佳」。

Yeah, I agree. We've seen a lot of strength, especially in Southeast Asia, as Mike talked about, also India, Australia, kind of across the board. So we haven't yet seen a significant impact on the strait impacts yet. It's not to say that it wouldn't happen, but we're feeling pretty good right now.

是的，我同意。我們確實看到很多強勁表現，尤其是在東南亞，如 Mike 所提到的，另外印度、澳洲等，幾乎全面都很強。所以我們目前還沒有看到海峽影響帶來的顯著衝擊。這並不是說未來不會發生，但就目前而言，我們感覺相當不錯。

In terms of the good, better, best question. I would say the premium side of the business remains healthy and is continuing to grow and it's the key to category growth. The consumers with higher incomes have remained resilient.

就「好、較好、最佳」這個問題而言。我會說，高端（premium）業務仍然健康並持續成長，而且它是帶動品類成長的關鍵。高收入消費者仍然展現出韌性。

And then on the good and the better, we're not seeing any specific patterns. I think what it comes down to is the strength of the value proposition within the tiers. And that really is what's winning. I think consumers are getting more choiceful for their money. I would note that, for example, in personal care, the penetration of private label continues to fall overall.

至於「好」與「較好」兩個層級，我們沒有看到任何特定的模式。我認為歸根結底在於各層級內價值主張的強度，而這才是真正致勝的因素。我認為消費者在花錢時變得更有選擇性。我也要指出，例如在個人護理品類，自有品牌（private label）的滲透率整體仍在下降。

And what's winning is the branded value propositions that are offering compelling value for money, and those aren't necessarily in the lower price tiers. They're more of the mid-price tiers. They're just providing a great proposition and consumers, especially in our categories, are willing to pay.

而真正勝出的，是那些提供「物有所值」且具吸引力的品牌價值主張，而且這些不一定是在最低價位帶；更多是在中價位帶。它們只是提供了很棒的主張，而消費者——尤其在我們的品類——願意付費。

And so that's our focus is to have the winning value propositions in all the tiers and let the consumer choose what's most appropriate for them. So we haven't seen very significant shifts into the good tier, that's kind of where you were going. It really depends on the specifics.

因此，我們的重點是在所有價位層級都具備致勝的價值主張，讓消費者自行選擇最適合他們的方案。所以我們沒有看到非常明顯地轉向「好」這一層級——我知道你大概是在問這個。這其實很取決於具體情況。

Yeah. I think, Ed, interestingly, I think what's driven our growth over multiple years is the premiumization or kind of improving the product quality at the premium tiers and driving positive mix. And that's been consistent for the past, I would say, seven years for us. I think what's changed is that it's not a pivot. It's just that we're applying the same approach to the value tiers.

是的。我認為，Ed，有趣的是，我們多年來的成長動能，來自高端價位帶的高端化（premiumization），或是提升高端層級的產品品質，並帶動正向組合（mix）。這對我們來說在過去——我會說——七年一直都很一致。我認為改變之處在於，這不是轉向；只是我們把同樣的方法也應用到價值價位帶。

And so interestingly, we did in North America was bring some of our best product technology from China and implemented it first in the value tier. And it will eventually go to all our products here in the US. But again, I think the fact that I think, as Russ says, we're bringing our best product at every rung of the good, better, best ladder is kind of the real core strategy for us.

因此有趣的是，我們在北美所做的，是把我們在中國的一些最佳產品技術帶過來，並先在價值價位帶導入。它最終也會擴展到我們在美國的所有產品。不過再一次，我認為，正如 Russ 所說，我們在「好、較好、最佳」階梯的每一階都提供最好的產品，這就是我們真正的核心策略。

Great. If we could take one more question?

很好。我們可以再接一個問題嗎？

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

So I just kind of to wrap up a couple of key concepts explored on the call. Just number one, just I've gotten a decent amount of questions on the commodity outlook and mitigation as could be expected. But I thought I would just ask it this way, right? Like at the Investor Day, you had talked about changing your ability to confront different commodity cycles. Can you just give us a sense of how you feel differently right now, whether that's the time lag from when commodities hit your P&L, that's the mix changes from portfolio adjustments. How are we different today versus, let's say, the last commodity cycle?

我想就把電話會議中探討的幾個關鍵概念做個收尾。第一，我收到不少關於大宗商品展望與因應措施的問題，這也在預期之內。但我想換個方式問：在投資人日，你們談到提升面對不同大宗商品循環的能力。你們能否讓我們了解一下，你們現在的感受有何不同？例如大宗商品成本反映到你們損益表（P&L）的時間落差，或是透過投資組合調整帶來的組合變化。相較於上一輪大宗商品循環，我們今天有哪些不同？

And then secondly, just on the conversation around PNOC, I think embedded in some of your comments is the prospects of potentially looking at pricing or I think Nelson, you said that RGM takes time. So maybe RGM is a potential lever here. Do you think that incremental pricing or incremental RGM could disrupt some of the volume improvement that you've been seeing, which is partly helped by some of the demand-building activity that you're doing? Or do you think that you can continue to deliver volume even if you were to kind of lean in a bit more on price or RGM if you want to control PNOC if inflation stays higher. So I appreciate those two.

第二，關於 PNOC 的討論，我認為你們的一些評論中隱含著可能會考慮定價的前景，或者我記得 Nelson 你說過 RGM 需要時間，所以也許 RGM 是一個可用的槓桿。你認為額外的定價或額外的 RGM，是否會干擾你們目前看到的銷量改善？而這部分改善也部分受惠於你們正在做的一些需求建設活動。或者你認為，即使你們在價格或 RGM 上更用力一些、在通膨維持較高時用以控制 PNOC，你們仍能持續交付銷量？以上兩點，謝謝。

Okay. Chris, let me start. Nelson is going to want to weigh in here on the commodity kind of management, but let me just start with the -- I would tell you, in my tenure, everything has changed about commodity management since we've been here. And I think in the past, I think we used to let things flow quite a bit. I think -- and I think I may have mentioned this, Chris, as we kind of looked at what was like holding the stock back, it was kind of the earnings volatility.

好的。Chris，我先開始。Nelson 會想就大宗商品的管理補充，但我先說——我會告訴你，在我任內，自從我們在這裡以來，大宗商品管理的所有面向都已經改變了。我認為過去我們往往讓它自然流動得比較多。我想——而且我可能也提過，Chris，當我們回頭看是什麼在拖累股價時，其中一個因素就是獲利波動。

And when you looked at what's driving earnings volatility, it was input cost volatility, right? And so we -- with Nelson coming in, we made a very conscious effort to kind of reduce the volatility of input costs by using all available techniques to do that.

而當你看獲利波動的驅動因素時，就是投入成本波動，對吧？因此——在 Nelson 加入後，我們非常有意識地努力，透過所有可用的方法來降低投入成本的波動。

And you can see that in terms of how we buy and how we contract, but also in some of the partnerships that we've developed over time. And so we feel very good about the progress we've made. And hopefully, I think the facts are that the beta on the input cost volatility has reduced significantly in the last 5 or 10 years. And so -- but Nelson, you may want to comment.

你可以從我們的採購方式與合約方式看出來，也可以從我們隨時間建立的一些合作夥伴關係看出來。因此我們對已取得的進展感到非常好。希望——我認為事實是，過去 5 到 10 年，投入成本波動的 beta 已顯著降低。因此——不過 Nelson，你也許可以補充。

Yeah. And just building on that, Mike, and Mike mentioned it before, when I joined, we were going -- we were getting into the second year of the heightened inflation related to COVID. That's the second year in which we faced $1.7 billion of costs. And as I've said in some of the calls and in some of our investor meetings, we learned from that.

是的。再補充一下，Mike，而且 Mike 之前也提到過，我加入時，我們正進入與 COVID 相關的高通膨的第二年。那是我們面對 17 億美元成本的第二年。正如我在一些電話會議以及投資人會議中所說，我們從中學到了很多。

We developed a lot of muscle around risk management over the last few years. We've instituted not just programmatic hedging, but also strategic relationships with suppliers that allow us to have more visibility into costs and allow us to have flex to manage through the whole process. Before four years back, we would probably have been talking about a different number today. But given what we've instituted on that end, this allows us to be able to manage any shocks much better.

過去幾年我們在風險管理方面練出了很多「肌肉」。我們不僅建立了制度化的避險（programmatic hedging），也與供應商建立策略性關係，使我們能更清楚掌握成本，並在整個流程中保有彈性來進行管理。若是回到四年前，我們今天可能會談的是不同的數字。但基於我們在這方面所建立的機制，讓我們能更好地管理任何衝擊。

The other bit, and it's not the commodity itself, but it's how proactive are we on the rest of the toolkit. And that's why we refer to the pricing net of cost philosophy and the integrated margin management approach, which is a philosophy that we've been embedding in the organization. It's very different. We're managing end-to-end. We're measuring the teams end-to-end, and that leads to different outcomes. And that's why our level of confidence in being able to manage through these cycles is much better at this stage, Chris.

另一點是——而且不只是大宗商品本身——而是我們在其他工具組合上有多主動。這也是為什麼我們提到「定價扣除成本」（pricing net of cost）的理念，以及整合式利潤管理（integrated margin management）的方法；這是一種我們正在組織內部深植的理念。這非常不同。我們以端到端的方式管理。我們以端到端的方式衡量團隊，而這會帶來不同的結果。也因此，在這個階段，我們對於能夠穿越這些循環的信心要好得多，Chris。

Yeah. And then I'll remind you, we're not impervious to cost shocks, but I think we're in a much better position than we were, let's say, 5 or 10 years ago.

是的。我也提醒你，我們並非完全不受成本衝擊影響，但我認為相較於例如 5 到 10 年前，我們現在的處境要好得多。

All right. Well, thanks, everybody, for joining us. For analysts that have further questions, Investor Relations will be around all day. So thanks very much, and have a great day.

好。謝謝各位今天加入。若分析師還有進一步問題，投資人關係團隊會全天都在。非常感謝，祝各位有美好的一天。

Thank you very much. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。