Kenvue Inc (KVUE) 2024 Q4 法說會逐字稿

Hello, and welcome to the Kenvue fourth-quarter and full-year 2024 earnings conference call.

您好，歡迎參加 Kenvue 2024 年第四季和全年財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Sofya Tsinis, Head of Investor Relations for Kenvue.

現在我很高興介紹您的主持人，Kenvue 投資者關係主管 Sofya Tsinis。

Good morning, everyone, and welcome to Kenvue's fourth-quarter and full-year 2024 earnings conference call.

大家早安，歡迎參加 Kenvue 2024 年第四季和全年財報電話會議。

I'm pleased to be joined today by Thibaut Mongon, Chief Executive Officer; and Paul Ruh, Chief Financial Officer.

我很高興今天能與執行長 Thibaut Mongon 一起參加此次會議；以及財務長 Paul Ruh。

Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding, among other things, our operating and financial performance, market opportunities, and growth.

在我們開始之前，我想提醒您，今天的電話會議包括前瞻性陳述，其中包括我們的營運和財務表現、市場機會和成長等。

These statements represent our current beliefs, expectations or assumptions about future events and are subject to various risks, uncertainties, and changes that are difficult to predict, and could cause our actual results to differ materially.

這些陳述代表了我們目前對未來事件的信念、期望或假設，並受到各種難以預測的風險、不確定性和變化的影響，並可能導致我們的實際結果大不相同。

For information regarding these risks and uncertainties, please refer to our earnings materials related to this call posted on our website and our filings with the SEC.

有關這些風險和不確定性的信息，請參閱我們網站上發布的與本次電話會議相關的收益資料以及我們向美國證券交易委員會提交的文件。

During this call, we will reference certain non-GAAP financial information.

在本次電話會議中，我們將參考某些非 GAAP 財務資訊。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP.

此非公認會計準則財務資訊的呈現並非旨在單獨考慮或取代依照美國公認會計準則呈現的財務資訊。

These non-GAAP financial measures should be viewed in conjunction with the most directly comparable US GAAP financial measures and are not presented as substitutes for or superior to those most directly comparable US GAAP financial measures.

這些非公認會計準則財務指標應與最直接可比較的美國公認會計準則財務指標結合起來看待，並不能取代或優於最直接可比較的美國公認會計準則財務指標。

Those not directly comparable US GAAP financial measures and a reconciliation of our non-GAAP items to their respective nearest US GAAP measures can be found in this morning's earnings press release and our presentation available on our IR page of Kenvue's website, investors.kenvue.com.

那些不直接可比較的美國 GAAP 財務指標以及我們的非 GAAP 項目與其各自最接近的美國 GAAP 指標的對帳可以在今天早上的收益新聞稿和我們在 Kenvue 網站 investor.kenvue.com 的 IR 頁面提供的演示文稿中找到。

With that, I'll turn it over to Thibaut.

說完這些，我將把話題交給 Thibaut。

Thank you, Sofya.

謝謝你，索菲亞。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝大家今天的參與。

I'll begin by sharing our performance and progress in 2024, then provide a review of our results for the fourth quarter.

我將首先分享我們在 2024 年的業績和進展，然後回顧我們第四季度的業績。

I will close by discussing our outlook for 2025 with all building on some of these topics later in the call.

最後，我將討論我們對 2025 年的展望，並在稍後的電話會議中圍繞這些主題進行討論。

Our organic sales growth for the year was 1.5%.

我們今年的有機銷售額成長率為 1.5%。

This was below our expectations and we are not satisfied with it.

這低於我們的預期，我們對此並不滿意。

As we will discuss later, this was due in part to lower-than-expected incidences of cough, cold, and flu, which negatively impacted our pediatric pain franchise and a reduction in distributor orders in Asia Pacific, particularly China.

正如我們稍後將討論的那樣，這在一定程度上是由於咳嗽、感冒和流感的發病率低於預期，這對我們的兒科疼痛特許經營產生了負面影響，並導致亞太地區（尤其是中國）經銷商訂單減少。

While top line meets our expectations, we met or exceeded our expectations on other forms.

雖然營收達到了我們的預期，但我們在其他方面也達到或超越了我們的預期。

We meaningfully expanded our adjusted gross margin and took significant costs out of our infrastructure, which enabled us to increase investments in our brands, and we delivered adjusted diluted EPS for the year of $1.14, squarely within our guidance range.

我們大幅提高了調整後的毛利率，並從基礎設施中削減了大量成本，這使我們能夠增加對品牌的投資，全年調整後的攤薄每股收益為 1.14 美元，完全符合我們的指導範圍。

At the start of 2024, we outlined three priorities for Kenvue: reaching more consumers, freeing up resources to invest behind our brands, and fostering a new culture that rewards performance and impact.

在 2024 年初，我們概述了 Kenvue 的三大優先事項：接觸更多消費者、釋放資源投資我們的品牌以及培養獎勵績效和影響力的新文化。

While we still have work ahead of us to accelerate growth, we made progress on each one of these priorities.

儘管我們仍有許多工作要做以加速成長，但我們在每個優先事項上都取得了進展。

So let me take each one in turn.

所以讓我依序討論一下。

First, to reach more consumers across our three segments, we strengthened our presence and prominence in store and online, launched impactful innovation, and expanded and deepened our engagement with consumers and health care professionals.

首先，為了涵蓋三個部門的更多消費者，我們加強了在實體店和線上的影響力和知名度，推出了有影響力的創新，並擴大和深化了與消費者和醫療保健專業人士的互動。

In Self Care, we strengthened our leadership positions with nearly 80% of the segment gaining share, including our largest brands, Tylenol, Zyrtec, and Nicorette amongst others.

在個人護理領域，我們鞏固了領導地位，近80%的細分市場的份額都有所增長，其中包括我們最大的品牌泰諾 (Tylenol)、仙特明 (Zyrtec) 和尼古丁 (Nicorette) 等。

In Essential Health, we grew mid-single digits, and we delivered volume growth in North America, EMEA, and Latin America.

在基本健康領域，我們實現了中等個位數成長，並且在北美、歐洲、中東和非洲地區以及拉丁美洲實現了銷售成長。

And in Skin Health and Beauty, we grew both volume and value in EMEA and Latin America while exiting the year with volume growth in the US.

在皮膚健康和美容領域，我們在歐洲、中東和非洲地區以及拉丁美洲的銷售和價值均實現了成長，同時，年底美國的銷量也實現了成長。

We expect to build on this momentum to accelerate volume and organic sales growth in 2025.

我們期望藉此勢頭，在 2025 年加速銷量和有機銷售的成長。

Second, we are taking significant cost out of the business to enable us to increase investment in our brands.

其次，我們正在從業務中削減大量成本，以便增加對我們品牌的投資。

And here, we are ahead of our plans.

而現在，我們已經提前完成了計畫。

We continue to expand adjusted gross margin with an increase of 200 basis points year over year to a competitive 60.4%, driven in large part by strong productivity enhancements in our operations, the muscle that we continue to build at Kenvue.

我們繼續擴大調整後的毛利率，與去年同期相比增加了 200 個基點，達到具有競爭力的 60.4%，這在很大程度上得益於我們營運生產力的大幅提升，這是我們在 Kenvue 持續打造的實力。

To put this into a longer-term perspective, this is more than 400 basis points ahead of pre-COVID levels.

從長遠來看，這比新冠疫情之前的水平高出了 400 多個基點。

In addition, we successfully executed the first year of Our Vue Forward, our two-year initiative to become a more agile organization with a more efficient cost structure and are well on track to deliver $350 million of annualized savings by 2026.

此外，我們成功執行了「我們的 Vue Forward」計劃的第一年，這是我們的兩年計劃，旨在成為一個更敏捷、成本結構更高效的組織，並有望在 2026 年前實現 3.5 億美元的年度化節約。

As a result of these actions, we were able to increase our total brand investment for the year by about 20%, a significant step towards our plan to reinvest more competitively in the growth of our brands.

透過這些舉措，我們得以將今年的品牌總投資提高約 20%，這是朝著我們在品牌成長方面更具競爭力的再投資計畫邁出的重要一步。

We invested in three areas: we increased our advertising budget to 10.6% of sales in 2024 compared to 8.7% in the prior year, and pivoted to social media influencer-led campaigns, which helped us expand our reach and fuel stronger brand health.

我們在三個領域進行了投資：到 2024 年，我們將廣告預算從上一年的 8.7% 提高到銷售額的 10.6%，並轉向社交媒體影響者主導的活動，這有助於我們擴大影響力並增強品牌健康。

We also ramped up our investment in health care professional engagement.

我們也加大了對醫療保健專業人員參與的投資。

In the US, for example, Neutrogena is now at its highest level of (inaudible) recommendations by dermatologists in the face category in the last four years.

例如，在美國，露得清在過去四年中獲得了皮膚科醫生在臉部護理領域的最高 (聽不清楚) 推薦。

And we invested in stronger in-store presence and prominence which, for example, contributed to the rapid expansion of Neutrogena, Aveeno, and OGX in Europe.

我們也對增強店內影響力和知名度進行了投資，例如，這有助於露得清、Aveeno 和 OGX 在歐洲的快速擴張。

Third, we have fundamentally shifted the way we work to embrace a culture of performance and impact across Kenvue.

第三，我們從根本上改變了工作方式，以在整個 Kenvue 範圍內推行績效與影響力文化。

We introduced a new performance and incentive model directly tied to business outcomes, focusing all Kenvuers on our key priorities.

我們引入了一種與業務成果直接相關的新績效和激勵模式，讓所有 Kenvuer 都專注於我們的重點工作。

And to complement our existing talent, we brought in new team members to elevate our capabilities and expertise across key areas of our business.

為了補充我們現有的人才，我們引進了新的團隊成員來提升我們業務關鍵領域的能力和專業知識。

We also enhanced our operating model, establishing global brand development teams who are responsible for growing their brands globally with integrated strategies, relevant innovation, and impactful communications.

我們也改進了營運模式，建立了全球品牌發展團隊，負責透過綜合策略、相關創新和有影響力的溝通在全球範圍內發展品牌。

This model, now operational in 2025, is not only more effective but more efficient, avoiding duplications of effort and driving greater accountability.

該模式將於 2025 年投入運營，不僅更加有效，而且更加高效，避免了重複勞動並提高了問責制。

Now I'd like to turn to our fourth-quarter results.

現在我想談談我們第四季的業績。

In Q4, we delivered organic sales growth of 1.7% and adjusted diluted EPS of $0.26. While we were tracking in line with our organic sales growth outlook through November, growth fell short of our expectations in December, primarily due to two factors: one, much lower-than-expected incidences of cold, cough, and flu had an outsized impact on our pediatric pain franchise in the US and in China; and two, we had a reduction in customer orders in Asia Pacific, particularly in China, where we experienced temporary disruption in our distribution network for Essential Health and Skin Health brands.

第四季度，我們實現了有機銷售額成長 1.7%，調整後稀釋每股收益為 0.26 美元。雖然我們的 11 月有機銷售成長預期與預期一致，但 12 月的成長低於我們的預期，主要原因是兩個因素：第一，感冒、咳嗽和流感的發病率遠低於預期，對我們在美國和中國的兒科疼痛特許經營產生了巨大影響；二是亞太地區客戶訂單減少，尤其是中國市場，Essential Health 和 Skin Health 品牌的分銷網絡出現暫時中斷。

This was driven by secondary distributors who faced liquidity issues and did not fully execute activation programs.

這是由於二級分銷商面臨流動性問題且未能完全執行激活計劃所致。

We're in the process of replacing these underperforming distributors and reclaiming direct responsibility for activation with key local retailers to avoid this issue in the future.

我們正在更換這些表現不佳的經銷商，並向主要本地零售商收回直接的啟動責任，以避免將來再次出現此問題。

These two factors were unfortunately large enough to mask real progress in the other parts of our business.

不幸的是，這兩個因素足以掩蓋我們業務其他部分的真正進展。

To help further dimensionalize the impact of the significant decline of pediatric pain incidents on our revenue, total company organic sales growth without this franchise would have been about 2 points higher in the fourth quarter and about 1 point higher for the full-year 2024.

為了進一步明確兒科疼痛事件大幅下降對我們收入的影響，如果沒有這項特許經營權，公司第四季度的整體有機銷售額增長率將高出約 2 個百分點，2024 年全年的整體有機銷售額增長率將高出約 1 個百分點。

Now looking at each segment, I'll begin with Self Care, which grew organic sales by 2.9% in the fourth quarter.

現在來看看每個部分，我將從自我照顧開始，該部分在第四季度的有機銷售額增長了 2.9%。

As noted, the low flu season led to a double-digit decline over last year in our pediatric pain franchise as a category contracted over 40% in China and nearly 11% in the US, our two largest markets.

如上所述，流感淡季導致我們的兒科疼痛特許經營業務較去年同期出現兩位數的下降，該類別在我們最大的兩個市場中國萎縮了 40% 以上，美國萎縮了近 11%。

December was much weaker than our and industry projections as a typical peak in pediatric incidences did not occur.

12 月的表現遠低於我們和產業的預測，因為兒科發病率並未出現典型的高峰。

Retailers responded by limiting their orders, and in China, by starting to reduce the inventory they built ahead of the season.

零售商的應對措施是限制訂單，在中國，零售商則開始減少季前累積的庫存。

Without pediatric pain, this was a terrific quarter for our Self Care segment with organic sales growing high single digits as Nicorette grew nearly 20%, our digestive health franchise grew mid-teens, and allergy grew high single digits.

除了兒科疼痛產品之外，本季度我們的自我護理部門表現十分出色，有機銷售額實現了高個位數增長，其中，尼古丁鹽增長近 20%，消化健康產品特許經營業務實現了中等幅度的增長，過敏症產品也實現了高個位數的增長。

We continue to drive consumer awareness and amplify innovations such as Tylenol Easy to Swallow through innovative consumer-centric campaigns.

我們持續透過以消費者為中心的創新活動來提高消費者意識，並擴大諸如易吞嚥泰諾等創新產品。

Importantly, we continued to gain share in Self Care in the fourth quarter, including in pediatric pain, where we grew share globally by 70 basis points versus last year.

重要的是，我們在第四季度繼續在自我照護領域獲得份額，包括兒科疼痛領域，與去年相比，我們全球市場份額成長了 70 個基點。

In Essential Health, where organic sales decreased 0.7% in the fourth quarter, we faced a material headwind from the decline in customer orders in Asia Pacific, particularly China, that I discussed earlier.

在基本健康領域，第四季度有機銷售額下降了 0.7%，我們面臨著我之前提到的亞太地區（特別是中國）客戶訂單下降帶來的重大阻力。

Importantly, we do not see this decline in orders reflecting the rate of consumption in the region.

重要的是，我們沒有看到訂單下降反映該地區的消費率。

Outside of Asia Pacific, the segment grew at a healthy mid-single-digit rate in Q4 with a third consecutive quarter of volume growth.

在亞太地區以外，該部門第四季度實現了健康的中個位數成長，連續第三個季度實現銷售成長。

Innovation continues to play an important role as we drive household penetration in these categories where we command leadership positions.

在我們推動這些我們佔據領導地位的產品類別的家庭滲透過程中，創新繼續發揮著重要作用。

For example, we continue to expand Listerine clinical solutions in the US, where the line was the number one innovation in 2024.

例如，我們繼續在美國擴大李施德林臨床解決方案，該產品線是 2024 年美國第一大創新產品。

Our Aveeno Kid's range is the fastest-growing line in its US category and our BAND-AID Pro Heal innovation continues to do very well, driving more than a third of our wound care growth in the US for the year.

我們的 Aveeno Kid 系列是美國同類產品中成長最快的產品線，而我們的 BAND-AID Pro Heal 創新產品持續表現良好，推動了今年美國傷口護理業務成長的三分之一以上。

Finally, in Skin Health and Beauty, we delivered volume-led 2.6% organic sales growth for the quarter, albeit on a soft base.

最後，在皮膚健康和美容方面，儘管基礎較弱，但本季我們實現了由銷量帶動的 2.6% 的有機銷售額增長。

EMEA and Latin America continue to be growth engines for the segment and we drove volume led double-digit organic sales growth in the quarter across both regions.

歐洲、中東和非洲地區以及拉丁美洲繼續成為該部門的成長引擎，我們在本季度推動了兩個地區的銷量實現兩位數的有機銷售額成長。

In EMEA, specifically, Q4 was our 11th consecutive quarter of organic sales growth with all our major brands, Neutrogena, Aveeno, and OGX growing nicely, and we continue to expand in the region with the launch of Aveeno in 12 Central European markets.

具體來說，在歐洲、中東和非洲地區，第四季度是我們連續第 11 個季度實現有機銷售成長，我們所有主要品牌露得清、Aveeno 和 OGX 均實現良好增長，並且我們繼續在該地區擴張，在 12 個中歐市場推出 Aveeno。

In North America, we delivered mid-single-digit organic sales growth during the quarter as we continue to see improvements in the areas we have prioritized thus far.

在北美，我們在本季度實現了中等個位數的有機銷售額成長，因為我們繼續看到迄今為止我們優先考慮的領域取得的進步。

For example, during the fourth quarter, Neutrogena, our largest brand in Skin Health, regained its position as the number one face care brand in all US channels, offline and online.

例如，在第四季度，我們皮膚健康領域最大的品牌露得清重新奪回了美國所有管道（線下和線上）第一面部護理品牌的地位。

In our Neutrogena Cleansing platform, an important entry point for the brand, grew share in the brick-and-mortar channels in the fourth quarter with a combined effect of increased points of distribution, attractive entry price points on specific codes, influencer-led consumer communication, and innovation with our new Ultra Gentle Cleanser line.

在我們的露得清清潔平台中，作為品牌的重要切入點，在第四季度，得益於分銷點的增加、特定代碼的誘人入門價格點、有影響力的人主導的消費者溝通以及我們全新超溫和潔面乳系列的創新，露得清清潔平台在實體渠道的份額有所增長。

While 2024 showed the recovery is not linear and is taking longer than anticipated, we remain encouraged by this progress.

儘管 2024 年顯示出復甦並不是線性的，而且需要的時間比預期的要長，但我們仍然對這一進展感到鼓舞。

In 2025, we will amplify our innovations and further strengthen our competitiveness.

2025年，我們將加強創新力度，進一步增強競爭力。

As an example, as part of our strategic collaboration with Dr. Shah that we announced in Q4, we launched a new major campaign earlier this week featuring artist, Tate McRae, our newest Neutrogena ambassador.

例如，作為我們在第四季度宣布的與 Shah 博士的戰略合作的一部分，我們本週早些時候啟動了一項新的大型活動，以藝術家 Tate McRae（我們最新的露得清大使）為主角。

This is a great example of our ambition for the brand with a popular global Gen Z music sensation and the most followed dermatologists on social media getting together to recommend the number one face care brand in America.

這很好地體現了我們對品牌的雄心壯志，即與全球流行的 Z 世代音樂天才和社交媒體上最受關注的皮膚科醫生齊聚一堂，推薦美國第一的面部護理品牌。

So let's now turn to our outlook for 2025.

現在讓我們來展望一下 2025 年。

We are entering 2025 with a challenging external environment, economic uncertainty, geopolitical tensions, and a stronger dollar.

我們即將面臨充滿挑戰的外部環境、經濟不確定性、地緣政治緊張局勢和強勢美元的挑戰，邁入 2025 年。

In parallel, consumers continue to look for convenience and value, but are not compromising on their health.

同時，消費者繼續尋求便利和價值，但不會損害他們的健康。

So given this backdrop, we expect our weighted categories to grow below historical average in 2025 in the range of 2% to 3% in the geographies where we compete.

因此，在這種背景下，我們預計，到 2025 年，我們競爭所在地區的加權類別成長率將低於歷史平均水平，介於 2% 至 3% 之間。

At Kenvue, we are now approximately 90 days from completing what has been a long and resource-intensive operational separation from J&J.

在 Kenvue，我們距離完成與強生公司的長期且資源密集的營運分離還有大約 90 天的時間。

To put it in perspective, we exited over 2,000 TSAs in more than 50 countries through the end of 2024 without business disruption.

具體來說，到 2024 年底，我們已經在 50 多個國家退出了 2,000 多個 TSA，業務沒有中斷。

Having now completed approximately 85% of the planned exits, our team continued to find better, simpler, and more cost-effective ways to operate as an independent company.

目前，我們的團隊已完成約 85% 的計劃退出，並繼續尋找更好、更簡單、更具成本效益的方式來作為一家獨立公司運作。

And as one of the last steps in this separation, we will officially open our new Kenvue headquarters in Summit, New Jersey next month.

作為分離的最後一步，我們將於下個月在新澤西州薩米特正式開設新的 Kenvue 總部。

With TSA exits behind us in 2025, we are ready to enter the next chapter of our journey as an independent company, with our number one priority being centered on accelerating profitable growth and generating sustainable value creation.

隨著 TSA 於 2025 年退出，我們已準備好作為一家獨立公司開啟新篇章，我們的首要任務是加速獲利成長和創造永續價值。

We expect to deliver 2% to 4% organic sales growth in 2025 and grow revenue faster than our categories in the second half of the year.

我們預計 2025 年的有機銷售額將成長 2% 至 4%，下半年的收入成長速度將快於我們的產品類別。

We are confident in our outlook for 2025 for several reasons.

我們對 2025 年的前景充滿信心，原因如下。

First, we will realize the compounding benefits from the structural changes we implemented in 2024.

首先，我們將實現 2024 年實施的結構性變化所帶來的複合效益。

This year, we will fully activate our new operating model with strong talent, a leaner organization, greater efficiencies, and clear roles and responsibilities.

今年，我們將全面啟動新的營運模式，人才更強大，組織更精簡，效率更高，職責更明確。

Our brands will benefit from a second year of higher investment levels, supported by a healthier P&L with stronger gross margins and lower infrastructure costs.

我們的品牌將受益於第二年更高的投資水平，並受到更健康的損益表、更高的毛利率和更低的基礎設施成本的支持。

And we will be more agile and move faster, enabled by technology and capabilities that are right for Kenvue as a stand-alone consumer health company.

而且，借助適合 Kenvue 作為獨立消費者健康公司的技術和能力，我們將變得更加靈活、行動更快。

And second, we have strong plans to drive momentum across our three segments in 2025.

其次，我們制定了強而有力的計劃，以推動 2025 年三大部門的發展。

We will launch 40% more innovation compared to 2024, which will further strengthen our portfolio through premiumization, extension into adjacencies, and attractive entry price points.

與 2024 年相比，我們將推出多 40% 的創新，這將透過高端化、延伸到鄰近領域和具有吸引力的入門價格點進一步增強我們的產品組合。

We expect net distribution gains this year, driven by the healthy innovation lineup and strengthened retailer partnerships, leading to higher prominence of our brands.

我們預計今年的淨分銷將有所增長，這得益於健康的創新陣容和加強的零售商合作夥伴關係，從而提高我們品牌的知名度。

And our brands will be supported by more competitive trade and marketing investments with stronger partnerships with celebrities, influencers, and health care professionals.

我們的品牌將透過更具競爭力的貿易和行銷投資以及與名人、有影響力人士和醫療保健專業人士建立更強大的合作夥伴關係來支持。

We have streamlined our roster of advertising agencies and have recently launched our new global content factory, which will drive more impactful content with greater efficiencies.

我們精簡了廣告代理商名單，並最近推出了新的全球內容工廠，這將以更高的效率推動更具影響力的內容。

We'll have the opportunity to talk more about our 2025 plan and our next chapter at CAGNY later this month.

本月晚些時候，我們將有機會在 CAGNY 進一步討論我們的 2025 計劃和下一章。

While our innovation and marketing support are expected to be equally strong throughout the year, our first half results will not reflect the underlying health of our business as it will be negatively impacted by two main factors: destocking, largely due to the lingering impact of the weak pediatric pain season and the disruption we are correcting in China; and the strategic investment we are making in selective price reductions and trade spend in the US to improve our competitiveness.

雖然我們的創新和行銷支援預計全年都將同樣強勁，但我們的上半年業績將無法反映我們業務的基本健康狀況，因為它將受到兩個主要因素的負面影響：去庫存，主要是由於兒科疼痛季節疲軟的持續影響以及我們正在中國糾正的中斷；以及我們在美國選擇性降價和貿易支出方面進行的策略性投資，以提高我們的競爭力。

Importantly, while reinvesting in our brands, we will continue to be extremely disciplined in the management of our P&L and we expect to expand adjusted operating margin in 2025.

重要的是，在對我們的品牌進行再投資的同時，我們將繼續嚴格管理我們的損益表，並預計在 2025 年擴大調整後的營業利潤率。

And with that, I'll turn it over to Paul.

現在我將把話題交給保羅。

Thank you, Thibaut, and good morning, everyone.

謝謝你，蒂博，大家早安。

I'll start with an overview of results for the fourth quarter and the year, and then close with the details around our outlook for 2025.

我將首先概述第四季和全年的業績，然後詳細介紹我們對 2025 年的展望。

Fourth-quarter organic sales grew 1.7% versus last year, which was disappointing due to the reasons that Thibaut highlighted.

第四季有機銷售額較去年同期成長 1.7%，但由於 Thibaut 所強調的原因，這一成長令人失望。

Organic sales growth in the quarter was relatively balanced between value realization and volume.

本季的有機銷售成長在價值實現和銷售之間相對平衡。

We drove favorable value realization across all segments and volume growth in both Self Care and Skin Health and Beauty.

我們在所有細分領域實現了良好的價值實現，並在自我護理、皮膚健康和美容領域實現了銷售成長。

Overall, volume increased 0.7% year over year.

總體而言，銷量較去年同期成長了 0.7%。

Value realization contributed 1% to organic sales growth, primarily driven by incremental pricing outside the US.

價值實現對有機銷售成長貢獻了 1%，主要得益於美國以外的增量定價。

For the year, organic sales increased 1.5%, with value realization of 2.7% and consolidated volume declines from 1.2%.

全年有機銷售額成長 1.5%，價值實現成長 2.7%，綜合銷售量下降 1.2%。

Going forward, we expect a more normal balance between value realization and volume with a skew to volume increases to drive organic sales growth.

展望未來，我們預計價值實現和銷售之間將實現更正常的平衡，並透過銷售增加來推動有機銷售成長。

Taking a look at our segments.

看一下我們的部分。

In the fourth quarter, Self Care organic sales grew 2.9% year over year as volumes and value realization contributed 1.7% and 1.2% of growth, respectively.

第四季度，自我照護有機銷售額年增 2.9%，其中銷售和價值實現分別貢獻了 1.7% 和 1.2% 的成長。

As Thibaut mentioned, the segment delivered very strong organic sales growth, except for pediatric pain, which was a significant drag on the segment and the company growth.

正如 Thibaut 所提到的，該部門實現了非常強勁的有機銷售成長，但兒科疼痛除外，這對該部門和公司的成長造成了嚴重拖累。

Importantly, in Self Care, we continue to gain share across categories globally for the quarter and full year.

重要的是，在自我照護領域，我們本季和全年全球各類別的份額持續成長。

In Skin Health and Beauty, organic sales grew 2.6% year over year in the quarter as volume increased 2.1% on easier comparisons, and value realization contributed 0.5%.

在皮膚健康和美容方面，本季有機銷售額年增 2.6%，因為銷量成長了 2.1%，價值實現貢獻了 0.5%。

Pricing actions are broad, more than offset the impact of our strategic investment behind select price reductions and in-store activation in the US.

定價行動範圍廣泛，遠遠抵消了我們在美國精選降價和店內激活背後的戰略投資的影響。

We remain focused on building further traction with our commercial efforts to strengthen this segment's performance.

我們將繼續致力於透過商業努力進一步增強吸引力，以加強該部門的表現。

And for Essential Health, organic sales declined 0.7% in the quarter, with value realization increasing 1.2% year over year, which was more than offset by volume declines of 1.9%.

而就基本保健業務而言，本季有機銷售額下降了 0.7%，價值實現年增了 1.2%，但被 1.9% 的銷量降幅所抵消。

While organic sales for Essential Health grew 4.1% for full year, which was the fastest growth in recent years, the fourth quarter was an outlier, primarily due to a reduction in customer orders in Asia Pacific, particularly in China.

雖然基本保健產品全年有機銷售額成長 4.1%，為近年來最快的成長，但第四季表現異常，主要原因是亞太地區，尤其是中國的客戶訂單減少。

Without Asia Pacific, organic sales for Essential Health grew mid-single digits in the fourth quarter with Latin America and North America leading the charge.

除去亞太地區，基本保健業務第四季度的有機銷售額僅增長了中等個位數，其中拉丁美洲和北美地區佔據主導地位。

Moving now to adjusted gross margin.

現在轉到調整後的毛利率。

Our operations team drove meaningful productivity improvements in 2024, expanding adjusted gross margin by 200 basis points versus last year to 60.4%.

我們的營運團隊在 2024 年推動了生產力的顯著提高，調整後的毛利率較去年同期提高了 200 個基點，達到 60.4%。

As anticipated, in the fourth quarter, adjusted gross margin came in at 58.7% versus 59.5% last year, which, as you may recall, included a nonrecurring benefit of approximately 50 basis points.

正如預期的那樣，第四季度調整後的毛利率為 58.7%，而去年同期為 59.5%，您可能還記得，其中包括約 50 個基點的非經常性收益。

In Q4, we continued to generate supply chain efficiencies and value realization, which helped offset inflationary headwinds.

第四季度，我們持續提高供應鏈效率和價值實現，這有助於抵銷通膨阻力。

Adjusted operating margin was 19.2% in the quarter and landed at 21.5% for the full year, right at the midpoint of our 21% to 22% guidance range.

本季調整後營業利益率為 19.2%，全年調整後營業利益率為 21.5%，正好位於我們 21% 至 22% 指引範圍的中間。

Recall, we raised our total brand investment in 2024 by about 20%, with cost savings and gross margin improvement funding this spend.

回想一下，我們在 2024 年將品牌總投資提高了約 20%，這筆支出的資金來自成本節約和毛利率提高。

As of 2024 year-end, we are more than halfway through realizing our Vue Forward savings and are well on track to get the full annualized run rate of $350 million by 2026.

截至 2024 年底，我們已實現 Vue Forward 節省目標的一半以上，並且預計在 2026 年實現 3.5 億美元的全部年化運行率。

Closing out the P&L.

結清損益表。

Net interest expense was $95 million for the quarter and $378 million for the full year of 2024, in line with our expectations.

本季淨利息支出為 9,500 萬美元，2024 年全年淨利息支出為 3.78 億美元，符合我們的預期。

For taxes, fourth-quarter adjusted effective tax rate was 17.7% and full-year adjusted effective tax rate was 25.5%, slightly below our expectations due to the realization of discrete tax benefits.

在稅收方面，第四季度調整後有效稅率為17.7%，全年調整後有效稅率為25.5%，由於實現了單獨稅收優惠，略低於我們的預期。

And finally, adjusted net income was $499 million for the quarter or $0.26 of adjusted diluted EPS.

最後，本季調整後的淨收入為 4.99 億美元，或調整後的稀釋每股收益 0.26 美元。

Full-year adjusted net income was $2.2 billion or $1.14 adjusted diluted EPS, within our 2024 guidance range.

全年調整後淨收入為 22 億美元，或調整後稀釋每股收益 1.14 美元，符合我們 2024 年的預期範圍。

Before discussing the outlook for this year, I'd like to take you through two internal initiatives that we are deploying to upgrade data and analytics across multiple facets of Kenvue as part of the evolution of our company.

在討論今年的前景之前，我想先向您介紹我們正在部署的兩項內部舉措，作為公司發展的一部分，這兩項舉措旨在升級 Kenvue 多個方面的數據和分析能力。

First, as we continue our revenue growth management effort, we are deploying a global center of excellence that will support our markets with strategic pricing and promotion capabilities.

首先，隨著我們繼續進行收入成長管理工作，我們正在部署一個全球卓越中心，該中心將透過策略定價和促銷能力為我們的市場提供支援。

We're also implementing new trade spend management technology in select markets, which will facilitate more robust management of trade investment and better inform promotional spending decisions, all to further improve effectiveness.

我們還在部分市場實施新的貿易支出管理技術，這將有助於更有力地管理貿易投資，更好地為促銷支出決策提供信息，從而進一步提高效率。

Second, we will complete the global rollout of integrated business planning with enhanced digital capabilities in 2025.

第二，2025年，我們將全面完成增強數位化能力的綜合業務規劃的全球部署。

The new IBP process and AI-driven tools will improve the level of information that supports our financial forecasting, enhancing planning accuracy.

新的 IBP 流程和 AI 驅動的工具將提高支援我們的財務預測的資訊水平，從而提高規劃準確性。

Also, while these upgraded systems and processes do not protect against some demand changes, they collectively enable greater agility and more timely decision-making, significantly enhancing our ability to respond to shifting market trends.

此外，雖然這些升級的系統和流程無法防止某些需求變化，但它們共同實現了更大的靈活性和更及時的決策，大大增強了我們應對不斷變化的市場趨勢的能力。

Now to summarize our expectations for the full-year 2025, we expect organic sales growth to be in the 2% to 4% range, representing an acceleration from 2024 levels with growth expected to be volume led.

現在總結我們對 2025 年全年的預期，我們預計有機銷售額增長率將在 2% 至 4% 之間，較 2024 年的水平有所加速，預計增長將由銷量主導。

Our assumptions are grounded on approximately 2% to 3% growth across the categories and markets where we compete.

我們的假設是基於我們所競爭的類別和市場約 2% 至 3% 的成長率。

Based on current spot rates, we are assuming currency will be an approximately 3% headwind to our top line, resulting in expected net sales in the range of down 1% to up 1%.

根據目前的現貨匯率，我們假設貨幣將對我們的營收造成約 3% 的阻力，導致預期淨銷售額在下降 1% 到上升 1% 之間。

As you heard from Thibaut, we have strong commercial plans for the year for each one of our segments as we bring and amplify more innovation to market, leverage our growing marketing muscle, continue to build distribution, and realize benefit from revenue growth management.

正如您從 Thibaut 那裡聽到的，我們為每個部門製定了強有力的年度商業計劃，因為我們將向市場帶來和擴大更多的創新，利用我們不斷增長的營銷實力，繼續建立分銷渠道，並從收入增長管理中獲益。

At the same time, we're coming into 2025 with more competitive brand support levels with the goal to accelerate consumption.

同時，我們將在 2025 年以更具競爭力的品牌支援水準邁進，目標是加速消費。

We also expect our teams to execute at a higher level in 2025 behind the full adoption of our new operating model.

我們也希望，在全面採用新的營運模式後，我們的團隊能在 2025 年實現更高的績效。

Looking at our segments for the full year, we expect Self Care organic sales growth will accelerate from 2024 levels, building on a strong leadership positions and continuing to introduce differentiated innovation.

縱觀我們全年的各個部門，我們預計自我照護有機銷售成長將從 2024 年的水平開始加速，建立在強大的領導地位之上，並繼續推出差異化創新。

In Skin Health and Beauty, we expect to return the segment on a global basis, back to organic sales growth in 2025 as we continue to strengthen our US business while driving ongoing solid performance in EMEA and Latin America.

在皮膚健康和美容方面，我們預計該部門將在全球範圍內恢復有機銷售成長，因為我們將繼續加強美國業務，同時推動歐洲、中東和非洲地區以及拉丁美洲地區持續穩健的業績。

And finally, in Essential Health, as pricing rolls off, we expect to deliver more moderate organic sales growth in 2025 with broad-based growth across the categories.

最後，在基本健康領域，隨著價格的下降，我們預計 2025 年將實現更溫和的有機銷售成長，並且各個類別都將廣泛成長。

From a quarterly progression, as Thibaut mentioned, destocking and strategic price investments will impact the cadence of Kenvue's top line and margin performance in the first half of the year.

從季度進展來看，正如 Thibaut 所提到的，去庫存和策略性價格投資將影響 Kenvue 上半年的營收和利潤表現節奏。

Combined, we estimate these factors will account for a three- to four-point headwind in the first quarter.

綜合起來，我們估計這些因素將導致第一季出現三到四個百分點的阻力。

As a result, we expect organic sales to decline low single digits in Q1.

因此，我們預計第一季有機銷售額將出現個位數低幅下降。

We expect these headwinds on top line to moderate in the second quarter.

我們預計這些營收方面的不利因素將在第二季得到緩解。

These dynamics will mask the underlying health of the business in the first half of the year.

這些動態將掩蓋上半年業務的基本健康狀況。

As we cycle through them, organic sales growth is expected to be much stronger in the back half of the year relative to the front half.

當我們回顧這些週期時，預計下半年的自然銷售成長將比上半年更加強勁。

In parallel, we expect 2025 to be another year of strong productivity and efficiencies for our company.

同時，我們預計 2025 年將成為公司生產力和效率再次強勁的一年。

We are continuing to accelerate automation, streamline end-to-end processes, optimize spend, leverage digital and AI to enhance logistics and demand management, and are on track to realize the balance of our Vue Forward savings.

我們將持續加速自動化，簡化端到端流程，優化支出，利用數位和人工智慧來加強物流和需求管理，並有望實現 Vue Forward 節約的平衡。

These combined savings will more than offset the investments we're making behind the business to increase our brand's competitiveness as well as inflationary and foreign exchange-related headwinds that we're facing this year.

這些綜合節省將足以抵消我們為提高品牌競爭力而進行的商業投資以及今年面臨的通貨膨脹和外匯相關阻力。

As a result, we're planning for adjusted operating margin to expand year over year.

因此，我們計劃調整後的營業利益率將逐年擴大。

Given the fluidity of the recent tariff announcements, we have not factored in any impact in this outlook.

鑑於最近關稅公告的流動性，我們尚未考慮該前景中的任何影響。

We are assuming a fairly similar net interest expense to 2024, an adjusted effective tax rate of 25.5% to 26.5%, with about 1.93 billion diluted weighted average shares outstanding.

我們假設淨利息支出與 2024 年相當，調整後有效稅率為 25.5% 至 26.5%，稀釋加權平均流通股數約為 19.3 億股。

We are planning to grow adjusted diluted EPS on a constant currency basis, slightly ahead of organic sales growth even as we continue to reinvest at higher rates behind our brands.

我們計劃在固定匯率基礎上實現調整後稀釋每股收益的成長，略高於有機銷售額的成長，儘管我們將繼續以更高的速度對我們的品牌進行再投資。

Adjusted diluted earnings per share are expected to be flat to up 2%, including a mid-single-digit headwind from currency.

調整後每股攤薄收益預計持平至成長 2%，其中包括來自貨幣的中位數個位數阻力。

In closing, 2025 will be an important year for Kenvue.

最後，2025 年對 Kenvue 來說將是重要的一年。

As we put our separation from J&J behind us, we entered the next chapter of our journey as an independent company and aim to unleash acceleration in our profitable growth.

隨著我們擺脫與強生公司的分離，我們作為一家獨立公司開啟了新篇章，並致力於加速我們的獲利成長。

Our teams around the world are ready, and I want to thank them for the passion and focus on helping more consumers realize the extraordinary power of everyday care.

我們在世界各地的團隊已經做好準備，我要感謝他們的熱情和專注，幫助更多消費者認識到日常護理的非凡力量。

Before we open the call for questions, you may have seen the filing that was recently made by Starboard Value.

在我們開始提問之前，您可能已經看到了 Starboard Value 最近提交的文件。

We engage regularly with our shareholders and are open to constructive dialogue and suggestions from all Kenvue shareholders.

我們定期與股東溝通，並願意接受所有 Kenvue 股東的建設性對話和建議。

With that said, the purpose of today's call is to discuss our 2024 results and 2025 outlook.

話雖如此，今天電話會議的目的是討論我們的 2024 年業績和 2025 年展望。

We appreciate you keeping your questions focused on these topics, and we will not be making any further comments on our shareholder conversations or the nominations at this time.

我們感謝您將問題集中在這些主題上，我們目前不會對股東對話或提名發表任何進一步的評論。

With that, we will open the call for questions.

現在，我們將開始提問。

(Operator Instructions) Filippo Falorni, Citi.

(操作員指示) Filippo Falorni，花旗。

So I wanted to ask a clarification on the organic sales growth guidance for 2025.

因此，我想澄清一下 2025 年的有機銷售成長預期。

First, in terms of like the negative impacts that you saw in Q4, both on cold and flu and Essential Health, can you give us a sense of what is the contribution of the drag in Q1?

首先，就您在第四季度看到的對感冒、流感和基本健康的負面影響而言，您能否讓我們了解第一季的拖累貢獻是什麼？

Particularly in cold and flu, it seems like the case count has really picked up in the end of December, beginning of January.

特別是感冒和流感，病例數似乎在 12 月底和 1 月初顯著增加。

So are you assuming you're not going to get a restocking on your cold and flu, especially the pediatric cold and flu medicine that you called out?

那麼，您是否認為您不會補充感冒和流感藥物，特別是您所說的兒科感冒和流感藥物？

And then on the Asia Pacific inventory issues, can you walk us through what impact are you expecting going forward and how long it will take you to fix the disruptions that you called out?

然後關於亞太地區的庫存問題，您能否向我們介紹一下您預計未來會產生什麼影響，以及需要多長時間來解決您所指出的中斷問題？

Yes, Filippo.

是的，菲利波。

And so your question about our guidance for 2025.

所以您的問題是關於我們 2025 年的指導。

Let me start by talking about how we feel confident about our guidance overall.

首先，我來談談我們對我們的整體指導有何信心。

If you think about our starting point, we grew 1.5% in 2024.

如果你考慮我們的起點，我們在 2024 年成長了 1.5%。

You heard me say in the prepared remarks that if you -- without pediatric pain, we would have grown 1 point higher as a company.

你們聽到我在準備好的發言中說過，如果沒有兒科疼痛，我們公司的成長將會提高 1 個百分點。

So I would say, our run rate exiting 2024 is about 2.5%.

因此我想說，到 2024 年，我們的運行率約為 2.5%。

If you add to that the stronger plans we have for 2025 and the fact that we are going to benefit from the compounding impact of the structural changes we did in 2024, that's what gets us to the midpoint of our guidance.

如果再加上我們為 2025 年制定的更強有力的計劃，以及我們將受益於 2024 年進行的結構性變化的複合影響，那麼我們就能達到指導的中點。

Now what will bring us up or down versus this midpoint will be driven by the quality of the execution and how consumers respond, but also the seasonal businesses and how the seasons are going to behave in 2025.

現在，與該中點相比，我們的銷售量上升或下降將取決於執行品質和消費者的反應，同時也取決於季節性業務以及 2025 年季節的變化。

So if the seasons are positive, it will tilt towards the higher end of the guidance.

因此，如果季節表現積極，它將傾向於達到指導的高端。

If it's not the case, it will be towards the lower end of the guidance.

如果不是這樣，那麼它將處於指導值的低端。

Now as you said, while we have strong operational plans through the full year, we expect in the first quarter to have two factors that will depress our results and mask the underlying health of the business.

正如您所說，雖然我們全年都有強勁的營運計劃，但我們預計第一季將有兩個因素影響我們的業績並掩蓋業務的基本健康狀況。

The first one is a linear impact of the low pediatric pain incidents that we saw in Q4.

第一個是我們在第四季度看到的兒科疼痛事件低的線性影響。

And you are right, we are not expecting uptake in Q1 for two reasons.

您說得對，出於兩個原因，我們預計第一季的吸收量不會增加。

In a market like the US, while we see -- when we saw an uptick at the beginning of January then a decline in the middle of January, and we see a slight uptick again recently, it has been pretty erratic and I think it's too soon to call for an upside in the US.

在像美國這樣的市場，雖然我們看到——在一月初出現上漲，然後在一月中旬出現下跌，最近又出現小幅上漲，但它一直很不穩定，我認為現在斷言美國經濟將出現上漲還為時過早。

In China, the go-to-market is different.

在中國，進入市場的方式有所不同。

Distributors and stores tend to stock up ahead of the season.

分銷商和商店往往會在季節到來前儲備貨物。

They had a low season in Q4 as we talked about.

正如我們所說，他們在第四季度處於淡季。

And so even if the incidence goes up in Q1, we would expect them to destock and to bleed the inventory in Q1 with no impact on our shipments.

因此，即使第一季發病率上升，我們預計他們會在第一季去庫存，減少庫存，而不會對我們的出貨量產生影響。

And the second reason that will impact the first quarter on that front is the lingering impact of the distribution disruption we saw in China will take a little bit of time to fix.

影響第一季的第二個原因是，我們在中國看到的分銷中斷的持續影響需要一點時間來解決。

Paul, do you want to add something?

保羅，你想補充一點嗎？

Thank you, Thibaut.

謝謝你，蒂博。

Yes, and I said in my prepared remarks, Filippo, the factors that Thibaut referred to are a drag of about 3 to 4 points.

是的，菲利波，我在準備好的發言中說過，蒂博提到的因素會拖累大約 3 到 4 個百分點。

So the combination of the low start to the season, particularly in pediatrics, and also the lingering impacts of the distribution issues we have in China and Asia Pacific in general.

因此，本季的開局較低，特別是兒科病例，以及我們在中國和亞太地區面臨的分銷問題的持續影響。

And there's one more factor that I would like to mention that gets us to the top line of low single digits in Q1, which is trade investments that we're stepping up in the first half of 2025.

我還想提一下另一個因素，這個因素使我們在第一季實現了低個位數的成長，那就是我們在 2025 年上半年加大的貿易投資。

As we think holistically about our brand investment, we not only have brand marketing investments through advertising, but we are also making sure that our promotional spend in-store is competitive, and we're doing that primarily in the US through trade investment and promotional programs.

當我們全面考慮我們的品牌投資時，我們不僅透過廣告進行品牌行銷投資，而且還確保我們的店內促銷支出具有競爭力，而且我們主要在美國透過貿易投資和促銷計劃來做到這一點。

So that's how I get to the number that I explained before.

這就是我得到之前解釋的數字的方式。

This is temporary.

這是暫時的。

It does not say much about the underlying health of the business, because, as those impacts have cycled through, we will see the acceleration in the second half of the year as we see the full impact of our plans, including the benefits of [RGM], the full impact of our brand plans and some of the absence of the headwinds we saw in 2024.

它並沒有太多地說明業務的基本健康狀況，因為隨著這些影響的循環，我們將在下半年看到加速，因為我們將看到我們的計劃的全部影響，包括[RGM]的好處、我們品牌計劃的全部影響以及我們在 2024 年看到的一些不利因素的消失。

So strong operational plans underlying these impacts that I described.

我所描述的這些影響背後有著強大的運動計畫。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Maybe just a follow up on that.

也許只是對此進行跟進。

I would love to get some perspective on just the category growth assumptions.

我很想了解一些關於類別成長假設的觀點。

I think you mentioned 2% to 3% globally.

我記得您提到過全球範圍內的 2% 到 3%。

Can you maybe share how you see that playing out in the US versus what you might expect internationally?

您能否分享一下您認為美國的情況與國際情況有何不同？

And then just on the guidance, right?

然後只是指導，對嗎？

I think you just mentioned an acceleration in the back half of the year.

我想您剛才提到了今年下半年的加速。

So should we interpret that as 2Q organic sales growth is going to be muted as well?

那麼我們是否應該將其解讀為第二季有機銷售成長也將放緩？

And then maybe just taking Filippo's question.

然後也許只是回答菲利波的問題。

I mean, what are you assuming in the fourth quarter?

我的意思是，您對第四季有什麼假設？

Are you assuming that you get these headwinds that you dealt with from weaker cough and cold, from the inventory disruptions?

您是否認為，您所面臨的這些不利因素是由於較弱的咳嗽和感冒以及庫存中斷造成的？

Are you assuming they come back and that's part of the improvement that you're embedding in the back half of the year?

您是否認為他們會回來，而這是您在下半年實施的改進措施的一部分？

Yes, Peter.

是的，彼得。

So let me take your question on the category assumptions for 2025, and Paul will follow up on the phasing in 2025.

因此，讓我來回答您關於 2025 年類別假設的問題，Paul 將跟進 2025 年的分階段實施情況。

So we indeed expect our categories to slow down from a 3% to 4% to a 2% to 3% in 2025.

因此，我們確實預計我們的類別將從 3% 到 4% 放緩至 2025 年的 2% 到 3%。

I would say the main reason, Peter, is the fact that you will have a much lower impact of price in 2025 compared to 2024.

彼得，我想說，主要原因是 2025 年的價格影響比 2024 年小得多。

From a consumer point of view, what we see is, on one hand, consumers are clearly focused on convenience and value.

從消費者的角度來看，我們看到，一方面，消費者明顯注重便利性和價值。

But they are also extremely focused on their health and the health of their loved ones, and they are not ready to compromise on this.

但他們也非常關注自己的健康和親人的健康，並且不願意在這方面妥協。

And we see it with the example of private label penetration that continues to be, I would say, about flat on a global basis.

我們從自有品牌滲透率的例子可以看出，在全球範圍內，自有品牌滲透率持續保持穩定。

And actually, if I look at the most recent periods, private label penetration in our category is going down in aggregate.

實際上，如果我看一下最近一段時間，我們類別中的自有品牌滲透率總體上正在下降。

So I would expect the consumer to continue to be focused on high-quality differentiated superior health solutions, but we will have a lower role of pricing in 2025, definitely.

因此，我預計消費者將繼續專注於高品質差異化的卓越健康解決方案，但到 2025 年，我們的定價角色肯定會降低。

Paul, do you want to speak about the phasing?

保羅，你想談談分階段實施的問題嗎？

Sure.

當然。

I described the dynamics in Q1, particularly for the second quarter.

我描述了第一季度，特別是第二季度的動態。

We do see an acceleration.

我們確實看到了加速。

We expect an acceleration, and it's pointing to positive territory.

我們預計會出現加速，而且它指向積極的領域。

It's not all the way to the full strength of our plans because the dynamics in China will take more than one quarter to be fixed.

我們的計劃還沒有完全發揮出來，因為中國的情況需要一個多季度才能解決。

So again, it does not demonstrate the full impact of our plans.

所以，它並沒有充分展現出我們計畫的影響。

When it comes to the fourth-quarter assumptions, you're right.

對於第四季的假設，你是對的。

What we are talking about in Q4 is the absence of the headwinds that we saw in Q4 of 2024.

我們在第四季談論的是 2024 年第四季所看到的逆風現象的消失。

We expect a normal season overall in colds, cough, and flu.

我們預期感冒、咳嗽和流感的季節總體上是正常的。

And we also see selective price actions outside the US and the full impact of our plants with the most strength being seen in Q4 of 2025.

我們也看到美國以外的地區出現選擇性價格走勢，以及我們工廠的全面影響，其中最強勁的影響將在 2025 年第四季顯現。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

I wanted to ask on Skin Health and Beauty in particular as the volumes are starting to recover here in the fourth quarter.

我想特別問一下關於皮膚健康和美容的問題，因為第四季度這裡的銷售開始恢復。

And I was wondering just if you can give more insight on the innovation pipeline and any potential for shelf space gains in 2025.

我想知道您是否可以對創新管道以及 2025 年貨架空間成長的潛力提供更多見解。

I was wondering if you're expecting maybe a better Sun Care season and then potentially shelf space gains in the fall.

我想知道您是否預計秋季防曬護理產品的銷量會更好，貨架空間可能會增加。

All right, Anna, let me take this one.

好的，安娜，這個讓我來接手。

So as far as Skin Health and Beauty is concerned, our recovery as we saw in '24 is taking longer than initially anticipated.

因此，就皮膚健康和美容而言，正如我們在 24 年所看到的，我們的復甦時間比最初預期的要長。

Having said that, we see that our plans are working.

話雖如此，我們看到我們的計劃正在發揮作用。

When you see our progress in the areas where we focus our efforts, we continue to see very strong traction in Europe and Latin America, and we would expect continued traction in 2025 in this region.

當您看到我們在重點努力的領域取得的進展時，我們繼續看到歐洲和拉丁美洲的強勁發展勢頭，並且我們預計 2025 年該地區將繼續保持這種發展勢頭。

We have strong plans in terms of distribution, innovation, and communication.

我們在分銷、創新和溝通方面有完善的計劃。

And in North America, we are very encouraged by the positive signs we keep seeing in the region.

在北美，我們對該地區不斷看到的積極跡象感到非常鼓舞。

And you saw that we got our leadership back across all channels in the fourth quarter of online and off-line.

您會發現，第四季度我們在線上和線下所有管道重新取得領導地位。

And so in 2025, we will amplify these efforts to more part of the portfolio.

因此，在 2025 年，我們將把這些努力擴大到更多投資組合。

We have, I would say, to a large extent, revamped our Skin Health and Beauty team with strong talent in 2024, and you'll start seeing the impact of what this team is doing.

我想說，我們在 2024 年在很大程度上改組了我們的皮膚健康和美容團隊，並引進了強大的人才，您將開始看到這支團隊所做工作的影響。

We are going to roll out a much stronger innovation pipeline in 2025 in the US and around the world.

我們將在 2025 年在美國和世界各地推出更強大的創新管道。

And this will be supported by strong and, I would even say, stronger campaigns as we pivot to social media, influencer-led campaigns, and really execute them at a stronger level.

隨著我們轉向社交媒體和有影響力的人主導的活動，並真正在更強大的層面上執行它們，這將得到強有力的，我什至會說更強有力的活動的支持。

You look at the campaign we just released this week with Tate McRae.

請看一下我們本週剛與泰特·麥克雷 (Tate McRae) 合作發布的活動。

We got 1 billion media impressions in the first 24 hours, that's five times the engagement rate on organic social media versus what we would expect from industry benchmarks.

我們在前 24 小時內就獲得了 10 億次媒體展示，這是有機社交媒體參與率的五倍，這是我們根據行業基準所預期的。

So up to a very good start.

因此，這是一個很好的開始。

Our investment in health care professionals is working as well, and we will continue to invest in this area.

我們對醫療保健專業人員的投資也取得了成效，我們將繼續在這一領域進行投資。

So more innovation in Skin Health and Beauty.

因此在皮膚健康和美容方面有更多創新。

I will not get into the details of what it will look like for obvious reasons, and that we are starting with revitalized Hydro Boost session campaign in the first quarter.

由於顯而易見的原因，我不會詳細介紹它是什麼樣子，我們將在第一季開始振興 Hydro Boost 會議活動。

We are building on the innovation.

我們正在推進創新。

We launched in the fourth quarter our new cleanser lines and our Collagen Bank line, which is up to a good start.

我們在第四季度推出了新的清潔劑系列和膠原蛋白庫系列，這是一個很好的開始。

We will also increase distribution.

我們也將增加分銷。

To your question about Sun Care, we feel good about the upcoming season in terms of retailer partnerships.

對於您關於 Sun Care 的問題，就零售商合作而言，我們對即將到來的季節感到樂觀。

We'll see how the season plays out.

我們將看看本賽季的情況如何。

But we feel we are well prepared, getting into the season, and we will continue to invest behind our health care professional recommendation.

但我們覺得我們已經做好了充分的準備，進入了這個季節，我們將繼續投資於我們的醫療保健專業人士的建議。

So all in, that what makes us confident that we will return the segment to growth in 2025 on a global basis.

總的來說，我們有信心在 2025 年讓該領域在全球範圍內恢復成長。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Can you just elaborate more on the temporary trade investments you're embedding in guidance?

您能否進一步詳細說明您在指導中嵌入的臨時貿易投資？

And should we expect -- I understand the 3% midpoint of organic sales growth to be mostly driven by volumes in the second half and then the price realization to be negative in the US but positive abroad with FX-led pricing.

我們應該預期——據我了解，有機銷售額增長 3% 的中點主要受到下半年銷售的推動，而美國的價格實現將為負值，而國外的價格實現將為正值，因為外匯主導了定價。

So hopefully -- like, if you can kind of break it down, if it's fair to assume, number one, that you obviously will have potentially less price realization?

所以希望——比如，如果您可以將其分解開來，如果可以公平地假設，第一，您顯然會潛在地降低價格實現率？

But as you mentioned before, Thibaut, I think you -- to another question had said, you expect to have pricing towards the back end of the year.

但是正如您之前提到的，Thibaut，我想您 - 在回答另一個問題時已經說過，您預計會在年底前確定定價。

And then on the operating margin guidance that Paul had mentioned to be above 2024, I understand the puts and takes here is like the synergies are coming in, in line with what you expected, but that's going to be a gross margin accretion.

然後，關於保羅提到的高於 2024 年的營業利潤率指引，我理解這裡的收益和利弊就像協同效應的出現，符合你的預期，但這將是毛利率的增長。

And then your SG&A will have that [A&P] investment.

然後你的銷售、一般及行政開支 (SG&A) 就會有那筆 [廣告與銷售費用] 投資。

And I think that's one of the things that we haven't discussed on the call yet.

我認為這是我們在電話會議上尚未討論的事情之一。

Is the 11% still holds in 2025?

2025 年這個數字還保持嗎？

Or you're actually investing even more?

或者您實際上投資了更多？

Because when you say investment in trade spending, it's obviously above the line, but you also had said that you are putting more programs in place at the retailer.

因為當您說投資貿易支出時，這顯然是高於標準的，但您也說過，您正在零售商處實施更多的計劃。

So I was wondering if that number is appropriate.

所以我想知道這個數字是否合適。

And if you feel this is going to be where you're going to land in 2025.

如果您覺得這就是您在 2025 年的目的地。

I'll stop here.

我就到此為止。

Okay.

好的。

Andrea, thank you for your question.

安德里亞，謝謝你的提問。

I will start with your question on what we really mean by our strategic pricing investments.

我首先想問你提到的「我們所說的策略定價投資的真正意義是什麼」。

And then Paul will take your question on SG&A and gross margin.

然後保羅會回答您關於銷售、一般和行政費用以及毛利率的問題。

So what are we talking about when we talk about pricing investments?

那麼當我們談論投資定價時我們在談論什麼？

As we reposition Kenvue for accelerated growth, you see that we are taking deliberate actions across the business to make us more competitive.

當我們重新定位 Kenvue 以實現加速成長時，您會發現我們正在整個業務範圍內採取深思熟慮的行動來提高我們的競爭力。

One aspect of this competitiveness is making sure that our brands are at the right price points for consumers versus our competition.

這種競爭力的一個面向是確保我們的品牌相對於競爭對手而言具有適合消費者的價格。

In 2025, we are making adjustments to our business, especially in the US, to ensure that this happens.

2025年，我們正在對業務進行調整，特別是在美國，以確保這一點。

We are not doing it across the board, we are doing it in select brands, in select codes where we see an opportunity to be more competitive and be rewarded with higher volume if we become more competitive.

我們並不是全面實施這項舉措，而是在精選品牌和精選程式碼中實施，在這些品牌和程式碼中，我們看到了提高競爭力的機會，如果我們變得更具競爭力，我們將獲得更高的銷售量。

I will not give you more details for obvious competitive reasons, but I can give you examples of what it looks like.

由於明顯的競爭原因，我不會向你提供更多細節，但我可以給你一些例子來說明它是什麼樣子的。

An example is, one thing we are correcting is that in the past, we have made some price increases.

舉個例子，我們正在糾正的一件事是，過去我們曾經提高過一些價格。

And for certain codes, we crossed certain price ratios that impacted our volumes.

對於某些代碼，我們跨越了影響我們銷售的某些價格比率。

So after doing a few successful pilots in 2024, where we have checked that going back down below these price ratios, we're driving volume, we are implementing those, again, on select codes in 2025.

因此，在 2024 年成功進行幾次試點之後，我們檢查發現價格比率回落至低於這些水平，我們正在推動銷量，我們將在 2025 年再次在選定的代碼上實施這些措施。

Another example of an investment we are making is simplifying the number of price points within specific brands.

我們正在進行的另一個投資範例是簡化特定品牌內的價格點數量。

In certain brands, over time, the number of price points had grown, prohibiting us from co-promoting different products within the same brand at the same price point.

對於某些品牌來說，隨著時間的推移，價格點的數量不斷增加，使得我們無法以相同的價格點共同推廣同一品牌內的不同產品。

We are simplifying this in 2025, reducing the number of price points, which will allow us to co-promote our products more effectively and make our displays more effective.

我們將在 2025 年簡化此流程，減少價格點的數量，這將使我們能夠更有效地共同推廣我們的產品，並使我們的展示更有效。

So all of that ends up being an investment in the short term, but we are confident that it will turn into volume growth in the mid to long term.

因此，從短期來看，所有這些都只是一項投資，但我們相信，從中長期來看，它將轉化為產量成長。

Great.

偉大的。

Thank you, Thibaut.

謝謝你，蒂博。

And let's me put some numbers behind your questions.

讓我用一些數字來解釋一下你的問題。

First of all, you asked whether this will have an impact on volumes or going to have a negative value realization in the US.

首先，您問這是否會對銷售產生影響或是否會對美國產生負價值。

The answer is yes, we do expect a negative value realization in the US, primarily in Q1 and in Q2 behind these promotional spend investments.

答案是肯定的，我們確實預期美國的價值實現會出現負成長，主要是在第一季和第二季度，這些促銷支出的投資造成。

We see brand investment holistically push and pull.

我們看到品牌投資整體上具有推動和拉動動作。

That's how every other consumer company does it.

其他所有消費品公司都是這麼做的。

And our marketing mix will allow us to be much more competitive at the point of sale and also supported by our brand investments.

我們的行銷組合將使我們在銷售點更具競爭力，同時也得到品牌投資的支持。

So what do we expect in the balance of the year?

那麼，我們對今年的餘額有何期望？

In the second half, those will be rolling out.

下半年，這些措施將會陸續推出。

We will be in the -- with the right price points.

我們將採取適當的價格水平。

We will also take in price in the balance of the world, and that will allow us to have positive value realization overall towards the second half of the year.

我們還將納入全球價格平衡，這將使我們在今年下半年整體上實現積極的價值實現。

How are we funding all of these?

我們如何為這些項目提供資金？

That's your second part of your question.

這是你問題的第二部分。

We do have very concrete and strong plans, both on the gross margin line and on the operating margin line.

我們確實有非常具體和強有力的計劃，無論是在毛利率方面還是在營業利潤方面。

So when it comes to gross margin, you know that we have delivered a trajectory of gross margin enhancements.

因此，當談到毛利率時，您知道我們已經實現了毛利率提升的軌跡。

We do have line of sight to more building blocks, particularly driven by efficiencies end-to-end in our value chain, not at the same pace as in the past, of course, but we do see gross margin accretion, modest gross margin accretion in 2025.

我們確實將目光投向了更多的構建模組，特別受到我們價值鏈端到端效率的推動，當然，速度不如過去，但我們確實看到毛利率的增長，到 2025 年毛利率將適度增長。

And when it comes to SG&A, we do believe we have still some room to go in terms of our A&P investment.

而當談到銷售、一般及行政費用時，我們確實相信我們的廣告及銷售費用投資方面仍有一定的上升空間。

Again, about a much more moderate level.

再次，大約是比較適中的水平。

We're thinking about this push and pull marketing mix model.

我們正在思考這種推拉行銷組合模型。

And we will be very thoughtful about the ROI of both our top and brand marketing investments, but we still want to invest more while we are able to deliver on our algorithm that we talked about, our guidance that we talked about, which is growing our operating margins year over year.

我們會非常認真地考慮頂級行銷和品牌行銷投資的投資回報率，但我們仍希望在能夠實現我們所談到的演算法和指導的同時投入更多，從而使我們的營業利潤率逐年增長。

So those are the puts and takes, and we believe we have strong efficiency plans because we want to continue to fuel our brands both from a push and pull perspective.

這些都是需要付出和收穫的，我們相信我們有強有力的效率計劃，因為我們希望從推動和拉動的角度繼續推動我們的品牌發展。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格 (Bonnie Herzog)。

I actually had a question on your Self Care segment margins, which contracted a lot in Q4 and for the full year.

我實際上對您的自我護理部門利潤率有一個疑問，該利潤率在第四季度和全年都大幅下降。

So as you guys called out, the flu season has been tracking much weaker, I guess, than expected.

所以正如你們所說的那樣，我猜流感季節的進展比預期的要弱得多。

But just hoping for a little more color on how we should think about segment margin trajectory from here, especially in the context of maybe subdued price mix growth moving forward?

但是，只是希望我們能對今後應該如何看待細分市場利潤率走勢有更多的了解，特別是在未來價格組合成長可能放緩的背景下？

And then certainly some of your reinvestment plans.

然後當然還有一些你的再投資計畫。

Bonnie, thank you for the question.

Bonnie，謝謝你的提問。

I would not place too much emphasis on the quarterly margin by segment.

我不會過度強調各部門的季度利潤率。

Remember, there's fluidity between the different segments.

請記住，不同部分之間存在流動性。

And also, it is impacted by mix.

而且它也受到混合的影響。

We talked about the fact that our pediatrics business saw declines, and that certainly impacted our mix.

我們談到了兒科業務下滑的事實，這無疑對我們的業務組合產生了影響。

Temporarily, I would say it had the lowest gross margin in Self Care of the year, but that is temporary.

暫時，我會說它是今年自我照護領域毛利率最低的，但這只是暫時的。

If you think about our overall operating margin performance, we were squarely within the guidance that we talked about.

如果你考慮我們的整體營業利潤率表現，你會發現我們完全符合我們所談到的指導範圍。

So overall, consolidated operating margin was 21.5%.

因此整體而言，綜合營業利益率為 21.5%。

So we contemplated all of these investments and there are puts and takes when it comes to mix, how we drive our brand investments.

因此，我們考慮了所有這些投資，並且在組合方面存在著利弊，我們如何推動品牌投資。

And we do see, as we think about 2025, a little bit of an acceleration in Self Care gross margin.

當我們展望 2025 年時，我們確實看到自我照顧毛利率會略有加速。

We will continue to invest in Skin Health, as we talked about, both in the push and the pull, and Essential Health will continue to be driving operating margin enhancement for that incremental operating margin that I described.

正如我們之前所說，我們將繼續對皮膚健康進行投資，無論是推動還是拉動，而基本健康也將繼續推動營業利潤率的提高，以實現我所描述的增量營業利潤率。

So those are the puts and takes between the different segments and also how mix plays, and all of this is supported by strong efficiency programs overall.

因此，這些是不同部分之間的優點和缺點以及組合如何發揮作用，而所有這些都由整體上強大的效率計劃所支持。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

I'd like to touch a little bit more on kind of like the cadence of the margin trajectory.

我想再多談談邊緣軌跡的節奏。

I know you're talking about a little bit of modest expansion for the full year, but any more deeper color you can provide us on what to expect for Q1 for the gross margin operating margin line and how that should progress over the year?

我知道您說的是全年會有小幅擴張，但您能否更深入地介紹一下第一季度的毛利率、營業利潤率預期以及全年的進展情況？

And then maybe you could touch a little bit on some of your risk mitigation plans as it relates to potential tariffs.

然後您可能可以稍微談談與潛在關稅相關的一些風險緩解計劃。

I know it's still a pretty dynamic situation right now and a lot of uncertainty.

我知道目前的情況仍然相當動態，存在著許多不確定性。

But how much flexibility do you think you have to offset with pricing and some supply chain enhancements to drive better productivity if tariffs were to take hold?

但是，如果關稅生效，您認為您可以透過定價和一些供應鏈改進來抵消多少靈活性，以提高生產力？

Thank you for the question, Korinne.

謝謝你的提問，科琳。

When it comes to margin evolution throughout the year, both on the gross margin and on the operating margin level, it will follow a little bit of the top-line trajectory given the leverage that we're seeing, the investment levels that we're seeing, the pricing that I talked about.

就全年利潤率的演變而言，無論是毛利率還是營業利潤率，考慮到我們看到的槓桿率、我們看到的投資水平以及我談到的定價，它都會遵循一點營收軌跡。

So it will be more muted towards the first half of the year, particularly in Q1, and we will see an acceleration towards the second quarter and particularly in the third quarter.

因此，今年上半年，特別是第一季度，成長將會比較溫和，而第二季度，特別是第三季度，成長將會加速。

Remember, we talked about the normal cadence that our gross margin follows.

記住，我們討論的是毛利率遵循的正常節奏。

Usually, the second quarter is the highest one.

一般情況下，第二季是最高的。

We will see some investments.

我們將看到一些投資。

So we'll probably see a little bit of a shift more towards the third quarter.

因此我們可能會在第三季看到更多變化。

And normally, the fourth quarter has the associated costs related to plant maintenance, et cetera.

通常，第四季會有與工廠維護等相關的成本。

So it will follow that trajectory.

所以它會遵循那條軌跡。

Net-net, we see a more muted Q1 accelerating towards the second quarter, third quarter as well, and then going to the normal levels in Q4.

總體而言，我們預計第一季的成長將較為溫和，但第二季和第三季的成長也將加速，第四季將恢復到正常水準。

So that's the cadence of our gross margin and operating margin.

這就是我們的毛利率和營業利益率的節奏。

And when it comes to tariffs, of course, that we're following closely.

當然，我們正密切關注關稅問題。

We established a team that's dedicated end-to-end to tracking the impact of these tariffs.

我們成立了一個團隊，專門負責全面追蹤這些關稅的影響。

And we have very, very -- plans that we're ready to trigger.

我們已經制定了非常非常詳細的計劃，並隨時準備好實施。

And our exposure is mostly between, at this point, between the US and Canada, that's where the majority of the cross-border trade happens.

目前，我們的業務主要集中在美國和加拿大之間，大多數跨境貿易都發生在美國和加拿大之間。

We do see -- we do have imports from Canada to the US, very little from Mexico and a small part from China.

我們確實看到——我們確實從加拿大進口到美國，從墨西哥進口的很少，從中國進口的只有一小部分。

And we have a variety of levers that we are pulling.

我們正在利用各種槓桿。

And those include, of course, alternate sourcing.

當然，這也包括替代來源。

We are considering potential pricing actions, but we are not triggering at this point given the fluidity.

我們正在考慮潛在的定價行動，但考慮到流動性，我們目前不會觸發。

We are ready, we have the playbook ready, and we will be ready to take actions in the short term and also in the long term.

我們已經做好準備，準備好了劇本，我們將準備好在短期和長期採取行動。

The guidance that we have does not include any impact of any tariffs.

我們的指導並不包括任何關稅的影響。

And that's something that we will be, of course, working closely with our customers to ensure that we continue to provide consumers with the right value equation, but we are ready whenever it comes.

當然，我們將與客戶密切合作，以確保我們繼續為消費者提供正確的價值等式，但無論何時，我們都已做好準備。

Our playbook is ready to be activated.

我們的劇本已經準備好要啟動了。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場。

Thibaut, Paul, I was wondering if you could remind us on how the incentive compensation works, particularly for the regional managers.

蒂博、保羅，我想知道您是否可以提醒我們激勵性薪酬是如何運作的，特別是對於區域經理而言。

And I'm asking us in the context of, are they compensated or the target's post FX, just given the movement of the dollar versus the rest of the world, and sometimes there's a tendency for the pull back on spending to hit post-FX numbers?

我問的是，考慮到美元對世界其他貨幣的匯率走勢，他們是否得到了補償，或者目標是後外匯，有時支出回落到外匯後的數字？

And so I just wanted to get some clarity around that and if you had any thoughts around mitigating that risk if that is, in fact, how you compensate.

因此，我只是想弄清楚這一點，如果您有任何想法如何減輕這種風險，如果這實際上就是您的補償方法。

So Nik, the metrics that we have for everyone in the company -- and by the way, we have an approach to One Kenvue, includes -- it's all in.

所以 Nik，我們為公司中的每個人制定的指標 — — 順便說一下，我們對 One Kenvue 有一個方法，包括 — — 一切都包含在內。

So we have the levers to be able to offset as much as possible ForEx impacts.

因此，我們有能力盡可能地抵銷外匯的影響。

And we do not give any dispensation to any teams regarding ForEx.

我們不會向任何團隊提供任何關於外匯的豁免。

Our plans are, as they are reflected externally, in line with our guidance.

我們的計劃，正如對外反映的那樣，符合我們的指導。

We talked about organic sales.

我們談論了有機銷售。

And we also talked about our EPS on a constant currency basis.

我們也討論了以固定匯率計算的每股盈餘。

But we track both.

但我們對兩者都進行了追蹤。

An important thing that I wanted to mention is that we do have hedging programs, and we have those for the purpose of predictability and we employ them very rigorously.

我想提到的一件重要的事情是，我們確實有對沖計劃，我們這樣做是為了可預測性，而且我們非常嚴格地使用它們。

And the last thing that I wanted to mention is that in 2025, we have already factored in the headwinds that I referred to.

我最後要說的是，在 2025 年，我們已經考慮到了我所提到的不利因素。

So mid-single digits headwinds in EPS.

因此，每股收益面臨中等個位數的阻力。

And that's how we compensate our teams.

這就是我們給予團隊的報酬。

So it's a holistic approach.

所以這是一種整體方法。

It's one team approach.

這是一個團隊合作方法。

And we are not going to take the foot off the pedal when it comes to investment in our brands.

在對我們品牌的投資方面，我們不會停止腳步。

Remember, we talked about in 2024 that we would be investing $400 million more in advertising, and that's exactly what we did.

記住，我們在 2024 年曾談到將在廣告方面增加 4 億美元的投資，我們也確實這麼做了。

And we will make other trade-offs, but the majority of the efforts will be towards more taking complexity and unrewarded complexity and other non-value-added costs out of our P&L to be able to protect the investments despite potential swings in currency.

我們也會做出其他權衡，但大部分努力將致力於從我們的損益表中消除複雜性、無回報的複雜性和其他非增值成本，以便能夠在貨幣可能波動的情況下保護投資。

Remember, it's organic, it's one team, and that's how we evaluate our teams.

請記住，它是有機的，它是一個團隊，這就是我們評估團隊的方式。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

So sneaking in a clarification and then a real question.

因此，先偷偷地澄清一下，然後再提出一個真正的問題。

Clarification was just, in the prepared remarks, I thought you said that Skin Health and Beauty was up mid-singles in the US, which if that's the case, in EMEA and Latin America were up double digits in volume.

澄清一下，在準備好的發言中，我以為您說美國的皮膚健康和美容產品銷量增長了個位數，如果是這樣的話，那麼歐洲、中東和非洲地區以及拉丁美洲的銷量增長了兩位數。

I just wanted to understand the total result of 2.5%.

我只是想了解 2.5% 的總結果。

The more interesting question.

更有趣的問題。

The go-to-market in Asia, you called out in particular, Essential Health, but I was curious what the route to market is for the other categories there.

您特別提到了亞洲市場的重點是基本健康產品，但我很好奇其他類別產品的市場路徑是怎麼樣的。

And also, there's a range of what it means to use distributors in China, right?

而且，在中國使用分銷商的含義有很多種，對嗎？

There's the -- we put stuff on a ship and it's like very hands off, which I don't think is what you do because I know you have significant local operations.

是說——我們把東西放到船上，然後我們就什麼都不管了，我不認為你會這麼做，因為我知道你在當地有大量的業務。

And the other side is it's just getting the product from point A to point B.

另一方面，它只是將產品從 A 點運送到 B 點。

So I was just curious to understand where you fall currently on that continuum?

所以我只是好奇想了解您目前處於這個連續體中的什麼位置？

And with the changes you're looking to make, what it will look like after the fact?

在您希望進行的更改之後，效果會是怎樣？

And if there is sort of investment you need to make in local capabilities, staffing, and so on to complete that journey.

如果您需要對當地能力、人員配置等進行投資來完成這趟旅程。

Yes.

是的。

Thank you, Lauren.

謝謝你，勞倫。

So very quickly on your first question.

那麼，很快回答一下您的第一個問題。

You are absolutely right.

你完全正確。

The US grew mid-single digit in Skin Health and Beauty in the fourth quarter and EMEA and LatAm grew very strongly, double digit.

第四季度，美國皮膚健康和美容市場實現了中等個位數成長，而歐洲、中東和非洲地區以及拉丁美洲地區則實現了強勁的兩位數成長。

We are very pleased with the performance of the segment in EMEA and LatAm, and we are encouraged to see these improvements in the US.

我們對該部門在歐洲、中東和非洲地區以及拉丁美洲地區的表現非常滿意，我們很高興看到美國市場也取得了這樣的進展。

Regarding your question about route to market in China.

關於您關於進入中國市場的途徑的問題。

So remember, the majority of our business in China is in Self Care.

請記住，我們在中國的大部分業務是自我照顧。

And for this part of the business, we have one dedicated route to market with distributors who are specialized in serving hospitals and pharmacies across the country.

對於這部分業務，我們有一條專門的市場管道，與專門為全國各地的醫院和藥房提供服務的經銷商合作。

For the nonregulated, if you will, part of the portfolio, i.e., Essential Health and Skin Health, we use different types of distributors.

對於不受監管的部分產品組合，例如基本健康和皮膚健康，我們使用不同類型的經銷商。

We serve directly what we call our Tier 1 distributors who are more at the provincial level, and these distributors sell themselves to lower-tier distributors, wholesalers who serve supermarkets, grocery stores in the different tiers of cities and villages in China.

我們直接服務於我們所謂的一級經銷商，他們更多位於省級，這些經銷商將產品銷售給下級經銷商，批發商，他們為中國不同等級的城市和鄉村的超市和雜貨店提供服務。

So that's how it works.

這就是它的工作原理。

What we are doing about it as we speak is two things: one, replacing the distributors who are clearly facing difficulties in the current environment in China, which, as we all know, continues to see a consumer that is cautious about consuming products and are facing liquidity issues.

我們正在採取兩項措施：第一，更換在當前中國環境下明顯面臨困難的經銷商，眾所周知，中國的消費者對產品消費持謹慎態度，並且面臨流動性問題。

The second thing we are fixing is where we relied too much on these lower tier distributors to activate our brands, we are deploying our teams to reclaim responsibility for the negotiation with these key local retailers of our brand activation teams.

我們正在解決的第二件事是，我們過於依賴這些低級分銷商來激活我們的品牌，我們正在部署我們的團隊，重新承擔與我們的品牌激活團隊的這些關鍵本地零售商進行談判的責任。

That will give us two benefits: one, a better handle of the activation of our brands in these lower tiers in the country; and two, more visibility on the quality of the execution in these lower-tier customers.

這將為我們帶來兩個好處：第一，更好地處理我們品牌在國內二、三線城市的活化；二是這些低端客戶的執行品質更加清晰。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Thibaut, maybe just to close the loop on Lauren's prior clarification question.

蒂博，也許只是為了結束勞倫之前澄清的問題。

If the US and EMEA and Latin America were all sort of comfortably above the segment average, implies a pretty weak Asia Pacific results.

如果美國、歐洲、中東和非洲地區以及拉丁美洲的業績都遠高於該區域平均水平，則意味著亞太地區的業績將相當疲軟。

So maybe you could just amplify or clarify a little bit on that.

所以也許您可以稍微擴展或澄清一下這一點。

My real question was especially on cash flow and just your expectations of cash relative to the $1.14, $1.17 in EPS that you called.

我真正的問題是關於現金流，以及您對相對於您所稱的每股收益 1.14 美元或 1.17 美元的現金預期。

If my math is right, fiscal '24 conversion of cash kind of came in around 60%.

如果我的計算正確的話，24財年的現金轉換率大概是60%左右。

You've obviously previously framed the evergreen target at 100% plus.

顯然，您之前已經將常青目標設定為 100% 以上。

So just with the TSA exits winding down, how much progress do you think you'll be able to make against that 100%-plus target in '25?

那麼，隨著 TSA 退出機制的逐漸結束，您認為在 25 年實現 100% 以上的目標能有多大進展？

And then more broadly, when do we think we can get back to achieving that long-term run rate on a more consistent basis?

然後更廣泛地說，我們認為什麼時候才能更穩定地恢復實現長期運行率？

Yes.

是的。

So very quickly on your first question, you're absolutely right, Steve.

那麼，關於你的第一個問題，史蒂夫，你完全正確。

The quarter was not positive for Asia Pacific for the reason I mentioned in China.

由於我之前提到的中國原因，本季亞太地區表現不佳。

Paul, do you want to take the one on free cash flow?

保羅，你想回答關於自由現金流的問題嗎？

Yes, happy to.

是的，很高興。

So just to set the stage, free cash flow in 2023 was $2.7 billion.

因此，為了做好準備，2023 年的自由現金流為 27 億美元。

Free cash flow in 2024 was $1.3 billion.

2024 年的自由現金流為 13 億美元。

If we think about what happened between '23 and '24, it's about half and half.

如果我們回想一下 1923 年到 1924 年之間發生的事情，就會發現兩者各佔一半。

The first half is separation-related items.

前半部是與分離相關的事項。

For example, in 2023, we had a partial year of interest, half partial year of company costs.

例如，2023 年，我們有部分年份的利息，半部年份的公司成本。

And the other one were operational elements.

另外一個是操作元素。

In 2024, we had a particular year-end where we didn't have the normal number of working days at the end of the year.

2024 年，我們有一個特別的年末，這一年年底的工作天數沒有正常金額。

So from an AR perspective, we had a headwind.

因此從 AR 的角度來看，我們遇到了阻力。

And remember, we're also investing in are Vue Forward.

請記住，我們也在投資 Vue Forward。

We're investing to exit the TSAs.

我們正在投資以退出 TSA。

So we're very thoughtful and prudent about how we invest in our business for long-term success.

因此，我們對於如何投資我們的業務以取得長期成功非常深思熟慮和謹慎。

So that explains the 2023 to 2024.

這就解釋了 2023 年至 2024 年的情況。

So half and half.

所以一半一半。

If we think about it going forward, we are expecting to get closer to the cash conversion that I talked about, but we will not get there in 2025.

如果我們考慮未來，我們有望更接近我所謂的現金轉換，但我們不會在 2025 年實現這一目標。

We will continue to invest in Our Vue Forward.

我們將繼續投資於我們的 Vue Forward。

We still are investing in TSAs, particularly TSA exits, particularly in IT, which requires investment in SAP and other platforms.

我們仍在投資 TSA，特別是 TSA 退出，尤其是 IT 領域，這需要對 SAP 和其他平台進行投資。

And it will give us an opportunity to become much more agile.

這將使我們有機會變得更加敏捷。

So those are the right investments that we're doing.

所以，這些都是我們正在進行的正確投資。

And we also talked about the fact that we're moving to our Summit headquarters.

我們也談到了我們將搬遷至 Summit 總部的事實。

It will drive the right energy, the right collaboration within our team.

它將激發我們團隊內部的正確能量和正確的合作。

So with those investments behind us, we see very clear line of sight to getting to that 90% to 100% cash conversion.

因此，有了這些投資，我們非常清楚地看到了實現 90% 至 100% 現金轉換的目標。

But just so you know, the separation and the investments that we're going through to set ourselves up for a clear success require investment temporarily, and then we will have a very strong cash conversion as we traditionally do.

但您要知道，為了獲得明顯的成功，我們正在進行的分離和投資需要暫時的投資，然後我們將像傳統一樣實現非常強勁的現金轉換。

And we have very also clear building blocks to be able to get there from a cash conversion cycle perspective as we become a fully, fully independent company and operate in a consumer environment with the right payables, with the right inventories, with the right receivables and because we have two building blocks to get there.

而且，從現金轉換週期的角度來看，我們也有非常明確的基石可以實現這一目標，因為我們已成為一家完全獨立的公司，並在消費者環境中運營，擁有正確的應付款項、正確的庫存、正確的應收款項，因為我們有兩個基石可以實現這一目標。

So overall, a line of sight to that cash conversion after a period of investment, which is the right thing to do.

因此整體而言，在投資一段時間後，關注現金轉換是正確的做法。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Thibaut Mongon for concluding comments.

現在我想把發言權交還給 Thibaut Mongon，請他作最後評論。

So thank you all for joining us today.

感謝大家今天的參與。

We hope that this call gave you some color on our outlook for 2025.

我們希望本次電話會議能讓您了解我們對 2025 年的展望。

And as I said earlier, we entered 2025 very confident in our ability to deliver on our outlook with the compounding impact of the transformation we led in 2024 and the strength of the plans we have for 2025.

正如我之前所說，在邁入 2025 年之際，我們對自己實現願景的能力充滿信心，這得益於我們在 2024 年引領的轉型所產生的複合影響，以及我們為 2025 年制定的計劃的力度。

So with that, we thank you for joining us today and we'll talk soon.

因此，我們感謝您今天的參與，我們很快就會進行交談。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

Have a wonderful day.

祝您有美好的一天。

You may now disconnect your lines at this time.

現在您可以斷開您的線路了。