寶潔 (PG) 2023 Q3 法說會逐字稿

Good morning, and welcome to Procter & Gamble's quarter-end conference call. Today's event is being recorded for replay.

早安，歡迎參加寶潔公司季度末電話會議。今天的會議正在錄製中，可供回放。

This discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

本討論將包含多項前瞻性陳述。如果您參考寶潔最新的10-K、10-Q和8-K報告，您將看到其中討論可能導致公司實際業績與這些預測產生重大差異的因素。

As required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

根據G條例的要求，寶潔公司需要告知您，在討論過程中，公司將多次提及非公認會計準則（non-GAAP）和其他財務指標。寶潔公司認為這些指標能夠為投資者提供了解潛在業務趨勢的有用視角，並已在其投資者關係網站www.pginvestor.com上發布了非公認會計準則（non-GAAP）財務指標的完整對帳表。

Now I will turn the call over to P&G's Chief Financial Officer, Andre Schulten.

現在我將把電話轉交給寶潔公司的財務長安德烈‧舒爾滕 (Andre Schulten)。

Good morning, everyone. Joining me on the call today are Jon Moeller, Chairman of the Board, President and Chief Executive Officer; and John Chevalier, Senior Vice President, Investor Relations.

大家早安。今天和我一起參加電話會議的還有董事會主席、總裁兼執行長喬恩·莫勒 (Jon Moeller) 和投資者關係高級副總裁約翰·謝瓦利埃 (John Chevalier)。

Execution of our integrated strategies drove strong results in the January to March quarter. Organic sales grew across all 10 categories and in 6 out of 7 regions. Global aggregate market share is holding steady. Productivity savings are accelerating and enabling sustained investment in the superiority of our brands.

我們實施的整合策略推動了第一季業績的強勁成長。所有10個品類以及7個地區中的6個地區的有機銷售額均實現成長。全球市佔率保持穩定。生產力提升正在加速，並使我們能夠持續投資於品牌的優勢。

In-market execution across all 5 vectors of superiority is strong and consistent: product, package, communication, go-to-market and value. Superior offerings continue to pay benefits for our consumers and retail partners and, in turn, for P&G shareholders. Progress against our plan enables us to increase guidance for organic sales growth and cash return to share owners and to maintain guidance for core EPS growth and free cash flow productivity.

在產品、包裝、溝通、市場推廣和價值這五個優勢維度上，我們的市場執行力均強勁且一致。卓越的產品持續惠及我們的消費者和零售合作夥伴，並進而惠及寶潔股東。根據我們計劃的進展，我們得以上調有機銷售額成長和股東現金回報的預期，並維持核心每股收益成長和自由現金流生產力的預期。

Moving to third quarter numbers. Organic sales grew more than 7%. Pricing added 10 points to sales growth, and mix was a modest positive contributor for the quarter. Volume declined 3 points, including a 1 point headwind from portfolio reduction in Russia.

回顧第三季數據。有機銷售額成長超過7%。定價策略為銷售成長貢獻了10個百分點，產品組合也為本季帶來了一定的正面貢獻。銷售量下降了3個百分點，其中包括俄羅斯產品組合縮減帶來的1個百分點的負面影響。

Growth was broad-based across business units with each of our 10 product categories growing organic sales. Feminine Care was up low teens. Personal Health Care, Home Care and Hair Care each grew double digits. Grooming, Oral Care and Fabric Care grew high single digits. Baby Care was up mid-singles, and Family Care and Skin and Personal Care grew low singles.

各業務部門均實現全面成長，我們10個產品類別的有機銷售額均實現成長。女性護理產品銷售額成長10%左右。個人保健、家庭護理和護髮產品銷售額均達到兩位數成長。美容護理、口腔護理和織品護理產品銷售量成長10%左右。嬰兒護理產品銷售額成長10%左右，家庭護理產品銷售成長10%左右。皮膚及個人護理產品銷售額成長10%左右。

Growth was also broad-based across geographies with 6 of 7 regions growing organic sales. Focus markets grew 5% for the quarter. Organic sales in the U.S. were up 6%, including modest unit volume growth. Europe-focused markets were up 8%.

各地區也普遍成長，7個地區中有6個地區的有機銷售額實現成長。重點市場本季成長5%。美國有機銷售額成長6%，其中單位銷量略有成長。以歐洲為中心的市場成長8%。

Greater China organic sales were up 2% versus prior year as the market begins to recover from COVID lockdowns and as consumer confidence improves. We continue to expect further recovery as consumer mobility increases over the coming quarters. Longer term, we expect China to return to mid-single underlying market growth rates for our portfolio of categories.

隨著市場逐漸從新冠疫情封鎖中復甦，以及消費者信心的增強，大中華區有機銷售額較去年同期成長2%。隨著未來幾季消費者流動性的增強，我們預計未來幾季市場將進一步復甦。長期來看，我們預期中國市場將恢復到我們各品類產品組合的中等水準。

Enterprise Markets were up 15% with Latin America up nearly 30%, and Europe enterprise markets up low teens. This is the fourth consecutive quarter in which all 5 sectors grew organic sales double digits in enterprise markets.

企業市場成長15%，其中拉丁美洲成長近30%，歐洲企業市場成長近15%。這是企業市場五個部門有機銷售額連續第四個季度實現兩位數成長。

Global aggregate value share was in line with prior year with 30 of our top 50 category country combinations holding or growing share. Excluding Russia, global value share was up 20 basis points.

全球總價值份額與上年持平，前50個類別國家組合中有30個保持或成長份額。除俄羅斯外，全球價值份額增加了20個基點。

In the U.S., all outlet value share was up 40 basis points versus prior year, with 8 of 10 categories holding or growing share in the quarter. U.S. volume share is up 90 basis points versus the prior year driven by 2 points of absolute volume consumption growth in a market that is still down modestly versus prior year.

在美國，所有門市銷售份額較上年同期上漲了40個基點，其中10個品類中有8個在本季維持或成長。美國市場銷售份額較上年同期上漲了90個基點，這得益於絕對銷量增長了2個百分點，而市場規模較上年同期仍略有下降。

Strong U.S. share growth in Personal Care has been led by innovation on the native brand and deodorants as well as successful extension into body wash. Cascade Platinum Plus has driven strong share growth in auto dishwashing, and Dawn share continues to be up more than 1 point with ongoing leverage from the powerwash and easy squeeze innovations. Vicks continues to be a growth leader in Personal Health Care, and we've delivered strong share growth in the Metamucil and Pepto-Bismol brands.

美國個人護理市佔率強勁成長，得益於本土品牌和除臭劑的創新，以及沐浴露業務的成功拓展。 Cascade Platinum Plus 推動了自動洗碗機市場份額的強勁增長，而 Dawn 的份額則繼續上漲超過 1 個百分點，這得益於強力洗滌和易擠壓創新的持續推動。 Vicks 繼續在個人保健領域保持成長領先地位，Metamucil 和 Pepto-Bismol 品牌的份額也實現了強勁增長。

In Europe, the new 4-chamber area of platinum pots are driving strong consumer demand in Fabric Care. Fairy Power Spray is growing the dish category and building market share in Home Care. The new Gillette Labs exfoliating razor, male and female intimate grooming innovations and cardboard packaging upgrades are driving strong growth in Grooming.

在歐洲，全新推出的四腔鉑金噴霧正推動織物護理領域的強勁消費需求。 Fairy Power Spray 正在拓展餐具品類，並提升家庭護理領域的市場份額。全新吉列實驗室去角質刮鬍刀、男女私密護理創新產品以及紙板包裝升級，正推動美容護理領域的強勁成長。

Moving to the bottom line. Core earnings per share were $1.37, up 3% versus prior year. On a currency-neutral basis, core EPS increased 13%, good progress as we faced $0.31 per share of cost and foreign exchange headwinds in the quarter.

回到業績方面。核心每股收益為1.37美元，較上年成長3%。剔除匯率因素，核心每股盈餘成長13%，儘管本季我們面臨每股0.31美元的成本和外匯逆風，但取得了良好的進展。

Core operating margin increased 40 basis points. That 150 basis points of gross margin expansion were partially offset by SG&A investments and inflation impacts. Currency-neutral core operating margin increased 160 basis points. Productivity improvements were a 290 basis point help to the quarter.

核心營業利益率成長40個基點。毛利率成長150個基點，但被銷售、一般及行政費用投資及通膨影響部分抵銷。剔除匯率因素，核心營業利益率成長160個基點。生產力提升為本季貢獻了290個基點。

Adjusted free cash flow productivity was at 92%. We returned $3.6 billion of cash to share owners, approximately $2.2 billion in dividends and $1.4 billion in share repurchase. Last week, we announced a 3% increase in our dividend, again, reinforcing our commitment to return cash to shareowners. This is the 67th consecutive annual dividend increase and the 133rd consecutive year P&G has paid a dividend.

調整後的自由現金流生產力為92%。我們向股東返還了36億美元現金，其中約22億美元用於分紅，14億美元用於股票回購。上週，我們宣布將股利提高3%，這再次強化了我們向股東返還現金的承諾。這是寶潔連續第67年增加年度股息，也是寶潔連續第133年派發股息。

In summary, against what is still a challenging cost and operating environment, continued good results across top line, bottom line and cash for the third quarter. Our team continues to operate with excellence, executing the integrated strategies that have enabled strong results over the past 4 years and that are the foundation for balanced growth and value creation, a portfolio of daily use products, many providing cleaning, health and hygiene benefits in categories where performance plays a significant role in brand choice.

總而言之，儘管成本和營運環境依然充滿挑戰，但第三季的營收、利潤和現金流依然保持良好。我們的團隊繼續卓越運營，執行整合策略，這些策略在過去四年中取得了強勁業績，並奠定了均衡成長和價值創造的基礎。我們打造了一系列日常用品，其中許多產品在清潔、健康和衛生方面具有優勢，而這些產品的性能在品牌選擇中起著至關重要的作用。

Ongoing commitment to and investment in irresistible superiority across the 5 vectors of product, package, brand communication, retail execution and value. We are again raising the bar on our superiority standards to reflect the dynamic nature of this strategy.

我們持續致力於並投資於在產品、包裝、品牌傳播、零售執行和價值五個維度上打造令人難以抗拒的卓越品質。我們再次提升卓越標準，以體現此策略的動態性。

Productivity improvements in all areas of operations to fund investments in superiority offset cost and currency challenges, expand margins and deliver strong cash generation. An approach of constructive disruption, a willingness to change, adapt and create new trends and technologies that will shape our industry for the future. Finally, an organization that is incredibly more empowered, agile and accountable with little overlap or redundancy, flowing to new demands, seamlessly supporting each other to deliver against our priorities around the world.

提升所有營運領域的生產力，為追求卓越而進行的投資提供資金，以抵銷成本和匯率帶來的挑戰，提高利潤率並實現強勁的現金流。我們秉持建設性顛覆的理念，樂於改變、適應並創造塑造產業未來的新趨勢和新技術。最終，我們擁有一個更賦能、敏捷且負責任的組織，幾乎沒有重疊或冗餘，能夠順應新需求，無縫地相互支持，以在全球範圍內實現我們的優先事項。

There are 4 areas we are driving to improve the execution of the integrated strategies: Supply Chain 3.0, digital acumen, environmental sustainability and employee value equation. These are not new or separate strategies. They are necessary elements in continuing to build superiority, reduce cost to enable investment and value creation and to further strengthen our organization.

我們正在推動四個領域來提升整合策略的執行力：供應鏈3.0、數位化敏銳度、環境永續性和員工價值等式。這些並非全新或獨立的策略，而是我們持續打造優勢、降低成本以促進投資和價值創造以及進一步強化組織架構的必要要素。

Our strategic choices on portfolio, superiority, productivity, constructive disruption and organization are interdependent strategies. They reinforce and build on each other. When executed well, they grow markets, which in turn grow share, sales and profit. We continue to believe that the best path forward to deliver sustainable top and bottom line growth is to double down on these integrated strategies starting with the commitment to deliver irresistibly superior proposition, consumers and retail partners.

我們在產品組合、優勢、生產力、建設性顛覆和組織架構方面的策略選擇是相互依存的，它們相互促進、相互促進。如果執行得當，它們能夠促進市場成長，進而提升市場佔有率、銷售和利潤。我們始終堅信，實現永續營收和利潤成長的最佳途徑是加倍推動這些整合策略，首先要致力於為消費者和零售合作夥伴提供令人無法抗拒的卓越產品。

Now moving to guidance. As we work towards the end of the fiscal year, we are cautiously optimistic. We remain confident in our strategies and the organization's ability to execute them with excellence. We continue to expect more volatility in the macro and consumer environment and expect sustained pressure in costs and foreign exchange as we move forward.

現在談談業績指引。隨著本財年即將結束，我們保持謹慎樂觀的態度。我們對我們的策略以及公司卓越執行這些策略的能力仍然充滿信心。我們預期宏觀和消費環境將持續波動，並預期未來成本和外匯匯率將持續承壓。

On the whole, our consumer markets remained relatively resilient with U.S. and China volume trends improving, but with inflation pressures in Europe weighing more heavily on consumption. We continue to think the strategies we've chosen, the investments we've made and the focus on execution and excellence have positioned us well to manage through this volatility over time.

整體而言，我們的消費市場保持相對韌性，美國和中國的銷售趨勢有所改善，但歐洲的通膨壓力對消費的影響更大。我們始終認為，我們所選擇的策略、所做的投資以及對執行力和卓越的專注，使我們能夠長期有效地應對這種波動。

Raw and packaging material costs, inclusive of commodities and supplier inflation, have largely stabilized over the last few months but still remain a significant headwind versus last fiscal year. Based on current spot prices and latest contracts, we now estimate a $2.2 billion after-tax headwind in fiscal '23.

原物料和包裝材料成本（包括大宗商品和供應商通膨）在過去幾個月基本上趨於穩定，但與上一財年相比仍存在顯著阻力。根據當前現貨價格和最新合約，我們預計23財年稅後成本將面臨22億美元的阻力。

Foreign exchange is also a significant year-on-year headwind, and rates since last quarter have moved modestly against us. Based on current exchange rates, we now forecast a $1.3 billion after-tax impact to the fiscal year.

外匯也是年比面臨的一大不利因素，自上個季度以來，匯率略有波動，對我們不利。根據目前匯率，我們目前預測本財年稅後影響為13億美元。

Freight costs have moderated throughout the year, and we now expect them to be roughly in line with prior year. Combined headwinds from these items are now estimated at approximately $3.5 billion after tax or $1.40 per share, a 24 percentage point headwind to EPS growth for the year.

全年運費成本有所下降，我們目前預計將與去年大致持平。目前估計這些項目帶來的綜合不利影響約為稅後35億美元，即每股1.40美元，將對全年每股收益成長造成24個百分點的不利影響。

In addition to these impacts, we are also facing higher inflation in wages and benefits and higher year-on-year net interest expense. We are offsetting a portion of these cost headwinds with price increases and productivity savings. We are continuing to invest in irresistible superiority, and we are investing to improve our supply capacity, resilience and flexibility.

除了這些影響之外，我們還面臨著薪資和福利通膨率上升以及淨利息支出較去年同期上升的局面。我們正在透過提價和提高生產效率來抵消部分成本壓力。我們將繼續投資於打造令人難以抗拒的優勢，並致力於提升我們的供應能力、韌性和靈活性。

As noted in the outset, our strong results over the first 3 quarters have enabled us to raise our organic sales outlook and confirm our guidance ranges on EPS and cash. We are increasing our guidance for organic sales growth from a range of 4% to 5% to approximately 6% for the fiscal year. This would put fiscal '23 in line with 6% top line growth we've averaged over the last 4 years, which were 5, 6, 6 and 7 from fiscal '19 to '22, respectively.

正如本文開頭所述，我們前三個季度的強勁業績使我們能夠上調有機銷售額預期，並確認每股收益和現金的預期範圍。我們將本財年的有機銷售額成長預期從4%至5%上調至約6%。這將使23財年的營收成長率與過去四年平均6%的水準保持一致，而19財年至22財年的營收成長率分別為5%、6%、6%和7%。

On the bottom line, we're maintaining our outlook of core earnings per share growth in the range of in line to plus 4% versus prior year. Significant headwinds from input costs and foreign exchange keep our current expectations towards the lower end of this range. This guidance also reflects our intent to remain fully invested to drive our superiority strategy and increase investments as value-creating opportunities are available.

整體而言，我們維持核心每股收益成長預期，與去年同期相比，增幅在4%至持平。由於投入成本和外匯帶來的巨大阻力，我們目前的預期仍處於該區間的低端。這項指引也反映了我們將繼續全力投入，以推動優勢策略，並在出現創造價值的機會時加大投資的意願。

We continue to forecast adjusted free cash flow productivity of 90%. We now expect to pay nearly $9 billion in dividends and to repurchase $7.4 billion to $8 billion in common stock, combined a plan to return $16 billion to $17 billion of cash to shareowners this fiscal year.

我們持續預測調整後的自由現金流生產力將達到90%。我們目前預計本財年將支付近90億美元的股息，並回購74億至80億美元的普通股，並計劃向股東返還160億至170億美元的現金。

This outlook is based on current market growth estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruptions, major production stoppages or store closures are not anticipated within this guidance range.

此展望基於當前市場成長預測、大宗商品價格和外匯匯率。預期此指引範圍內不會出現進一步的顯著貨幣疲軟、大宗商品成本上漲、地緣政治動盪、大規模生產停工或門市關閉等情況。

To conclude, we continue to face highly volatile consumer and macro dynamics. We also continue to see high year-over-year input costs, inflation in the upstream supply chain and in our own operations, headwinds from foreign exchange, geopolitical issues and historically high inflation impacting consumer budgets.

總而言之，我們持續面臨高度波動的消費和宏觀經濟情勢。我們也持續面臨年比高企的投入成本、上游供應鏈和我們自身營運的通膨、外匯逆風、地緣政治問題以及歷史高通膨對消費者預算的影響。

As we said before, we believe this is a rough patch to grow through, not a reason to reduce investment in the long-term health of our business. We're doubling down on the strategy that has been working well and is delivering strong results.

正如我們之前所說，我們認為這只是一段艱難的成長時期，但這並不意味著我們要減少對業務長期健康的投資。我們正在加倍努力，繼續執行行之有效、並取得豐碩成果的策略。

We continue to step forward. We remain fully invested in our business. We remain committed to driving productivity improvements, to fund growth investments, mitigate input cost challenges and to deliver balanced top and bottom line growth.

我們將繼續前進。我們將繼續全心投入業務。我們將繼續致力於提高生產力，為成長投資提供資金，緩解投入成本挑戰，並實現平衡的營收和利潤成長。

With that, we'll be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) The first question comes from Lauren Lieberman of Barclays.

（操作員指示）第一個問題來自巴克萊銀行的勞倫·利伯曼。

Great. I wanted to talk a bit about productivity. Because over the last, I guess, 2.5, 3 years during the pandemic and all the global supply chain challenges, productivity was something that understandably took a back seat. And then this quarter, really seen this significant change in what you've been able to realize.

太好了。我想談談生產力。因為在過去大約兩年半到三年的疫情和全球供應鏈挑戰期間，生產力自然而然地被擱置了。而本季度，你們確實看到了顯著的變化。

So I was curious if there's -- we should be thinking about productivity as something where there's like a catch-up, where there's sort of projects that have been on the list, things you're able to get at, so that productivity could run at an elevated rate going forward.

所以我很好奇，我們是否應該將生產力視為一種追趕的東西，其中有一些已經在清單上的項目，一些你能夠得到的東西，這樣生產力就可以在未來以更高的速度運行。

And it's also interesting, I think, in the context of marketing how you've been so consistent in investing throughout. There's actually no catch-up on the marketing piece. No need to accelerate reinvestment per se, but maybe some, again, acceleration on the productivity side. So I'd be curious to hear about that.

我認為，在行銷方面，你一直如此持續地投入，這也很耐人尋味。實際上，在行銷方面，你並沒有追趕上來。沒有必要加速再投資本身，但或許應該在生產力方面有所加速。所以我很想知道這一點。

Great. I think with -- as you said, we are catching up right now to return to gross savings levels that are equal or close to equal to those that we've delivered pre-COVID. We have more line capacity available for us to qualify cost savings, more mind space of our teams to be able to identify new opportunities. And as we are able to engage suppliers and get through this inflationary period, hopefully, more ideation and new projects to be created as well.

太好了。正如您所說，我認為我們現在正在努力恢復到與新冠疫情之前持平或接近的總體成本節約水平。我們擁有更大的生產線產能，可以實現成本節約，團隊也擁有更大的思考空間來發現新的機會。隨著我們能夠與供應商合作並度過通膨時期，希望也能催生更多創意和新項目。

As we've talked on our Investor Day, we see runway on productivity for the next few years driven by Supply Chain 3.0. We have talked about delivering about $1.5 billion of savings with those initiatives between automation and digital capabilities. And we continue to believe that we can generate between $400 million to $500 million a year from media programmatic savings, both in terms of scheduling and buying capabilities around the world.

正如我們在投資者日上所討論的，我們預見到未來幾年在供應鏈3.0的推動下，生產力將大幅提升。我們曾談到，透過這些自動化和數位化舉措，我們每年可以節省約15億美元。我們仍然相信，透過媒體程序化廣告，我們每年可以節省4億至5億美元，包括全球範圍內的排期和購買能力。

Those programs will hold productivity, in my estimation, close to pre-COVID levels, which will allow us to continue to reinvest in media, which will allow us to fund innovation and superiority. And that is really the intent of the model. So to answer your question directly, I would not expect a disproportionate catch-up, but I would expect a steady return to pre-COVID levels of net structure savings, both costs and media.

據我估計，這些項目將使生產力接近新冠疫情前的水平，這將使我們能夠繼續對媒體進行再投資，從而為創新和卓越發展提供資金。這正是該模型的真正目的。所以，直接回答你的問題，我預計不會出現不成比例的追趕，但我預計淨結構成本和媒體成本的節省將穩步恢復到新冠疫情前的水平。

I agree.

我同意。

The next question comes from Bryan Spillane of Bank of America.

下一個問題來自美國銀行的布萊恩·斯皮蘭。

I actually had just one clarification and then a question. Clarification, the $125 million of, I guess, incremental interest expense, can you just give us a little bit more color on that? And again, is that something we need to kind of contemplate in our models as even we look past the fourth quarter? So I guess is net interest expense going up?

我其實只想澄清一件事，然後問一個問題。 1.25億美元的增量利息支出，您能否更詳細地解釋一下？再說一次，即使我們展望第四季之後，這是否也需要在我們的模型中考慮？所以我猜淨利息支出會上升嗎？

Yes, I mean, obviously, it is, right? Markets are getting more expensive in terms of credit, and we are not immune to that. So the $125 million BT we've quoted for this year, I would expect the trend to continue to go up into next year.

是的，我的意思是，顯然是這樣，對吧？市場信貸成本越來越高，我們也無法倖免。所以我們今年報價的1.25億美元BT，我預計明年還會繼續漲。

Now we are still well positioned relative to peer group because we're able to borrow not only in the U.S. but also in euro, in pounds and in yen. So that keeps us very competitive. But nevertheless, we're not immune to those increases, so they will continue to go up into next year.

現在，我們相對於同業仍然處於有利地位，因為我們不僅能夠在美國借款，還能以歐元、英鎊和日圓借款。這讓我們保持了極強的競爭力。但儘管如此，我們也無法免於這些利率上漲的影響，所以利率明年還會繼續上漲。

And just one piece of perspective there, Bryan, this is Jon. We've understandably, because it's been the primary driver of cost increases, focused our discussion on commodities. But that's not the only cost increase that we're seeing.

布萊恩，我是喬恩，我只想分享一個觀點。由於大宗商品是成本上漲的主要驅動因素，我們討論的重點自然是大宗商品。但這並不是我們看到的唯一成本上漲。

We've just talked about interest expense. Andre mentioned in his prepared remarks wages and benefits, which continue to increase. So I would just encourage us all to gain confidence from what's happened here, but to realize that there are still, as Andre said, many headwinds that we're working against and we'll continue to work against as we move forward through next fiscal year.

我們剛才談到了利息支出。安德烈在他的準備好的發言中提到了工資和福利，這些支出還在持續增長。所以我想鼓勵大家從目前的情況中建立信心，但也要意識到，正如安德烈所說，我們仍在努力克服許多不利因素，並且在下一個財年我們將繼續努力克服這些不利因素。

The next question comes from Dara Mohsenian of Morgan Stanley.

下一個問題來自摩根士丹利的 Dara Mohsenian。

Guys, can you hear me?

夥計們，你們聽得到我說話嗎？

Yes.

是的。

We can.

我們可以。

So on the gross margin side, you were up significantly year-over-year in the quarter for the first time in a couple of years. Obviously, some nice sequential progress with the outsized cost savings and the strong pricing. But also your full year commodity assumptions and freight assumptions are a bit better than they were previously.

就毛利率而言，本季毛利率較去年同期大幅成長，這是幾年來首次。顯然，由於大幅的成本節約和強勁的定價，取得了不錯的環比增長。而且，全年商品預測和運費預測也比之前有所改善。

So just wanted to get a sense if we start to see this sustained improving gross margin environment, what's your perspective on the bias to sort of reinvest that upside back into marketing versus let it drop to the bottom line? This quarter, obviously, with the magnitude of gross profit upside, you could do both. But just wanted to get a sense on how you think about that going forward.

所以，我想了解一下，如果我們開始看到這種持續改善的毛利率環境，您認為應該將這種上漲的利潤重新投資到行銷中，還是讓它下降到利潤中？顯然，本季毛利大幅上漲，您可以同時進行這兩種投資。但我只是想了解一下，您對未來如何看待這個問題。

And if I can slip in a second part, are you comfortable you're getting a strong ROI on the higher ad spend presumably, obviously, did this quarter, but how do you think about that going forward and sort of ROI on any spend that may be opportune or incremental than what you originally expected?

如果我可以插入第二部分的話，您是否確信您在更高的廣告支出上獲得了強勁的投資回報率，顯然，本季度確實如此，但您如何看待未來的投資回報率，以及任何可能比您最初預期更合適或增量的支出的投資回報率？

We would expect progress on the gross margin side. Actually, we're encouraged by the productivity numbers that have helped us on top of pricing to deliver the first modest increase in gross margin after a very long period of heavy cost headwinds impacting us to the negative side.

我們預計毛利率方面會有所成長。實際上，生產力數據令我們感到鼓舞，這些數據不僅幫助我們在定價方面取得了進展，還幫助我們在經歷了長期沉重的成本逆風帶來的負面影響後，首次實現了毛利率的小幅增長。

And as we've done this quarter, we will continue to look for value-creating opportunities to reinvest. We firmly believe the reason why we are able to grow the top line at the range we are growing, the reason why we are able to hold volume share and value share globally in a very tough environment is because of our superiority-driven innovation across product, package, communication and retail execution.

正如本季所做的那樣，我們將繼續尋找創造價值的機會進行再投資。我們堅信，我們之所以能夠在持續成長的市場中保持營收成長，並能夠在如此艱難的環境下保持全球銷售份額和銷售額份額，是因為我們在產品、包裝、溝通和零售執行方面以優勢為導向的創新。

And we believe that as pricing goes into the market and the consumer is even more, I think, sensitive towards the value equation that they are being offered, continued investment across all of those vectors is going to create value and serve us well going forward. So we will maintain the flexibility to do so, but we will do it in a disciplined and in a very ROI-driven way, as you say.

我們相信，隨著定價進入市場，消費者對所提供的價值更加敏感，在所有這些方面持續投資將創造價值，並在未來為我們帶來良好的發展。因此，我們將保持靈活性，但正如您所說，我們將以嚴謹的方式，並以投資回報率為導向的方式進行。

As to your second part of the question, as ad spending becomes more efficient with our ability to in-house both scheduling and buying of media, more digital capability to be more targeted, that increases the ROI of every dollar we can spend. So it actually makes investment in media spending more attractive.

關於你的第二部分問題，隨著我們能夠自主安排和購買媒體，廣告支出效率也隨之提高，數位化能力也更加強大，精準投放也更加精準，我們每一分錢的投資回報率也隨之提升。因此，這實際上使得媒體投資更具吸引力。

At the end of the day, we will maintain the concept of balance between top line growth, bottom line growth and cash generation to stick with our ongoing growth model and value creation model.

最終，我們將維持營收成長、獲利成長和現金產生之間的平衡理念，堅持我們現有的成長模式和價值創造模式。

Just building on Andre's points, which I fully agree with, I want to come back to this notion of balance and our commitment to it. Some of you have heard me talk about this probably many times, but it's worth repeating, so you understand how we're thinking about things.

我完全同意安德烈的觀點，在此基礎上，我想回到平衡的概念以及我們對平衡的承諾。你們中的一些人可能已經聽我多次討論過這個問題，但還是值得重複一遍，這樣你們就能理解我們是如何思考問題的。

We have a chart that we use with the leadership team every time we gather, which shows what you would have to believe to deliver top third total shareholder return, which is our objective entirely through the top line or entirely through the bottom line. And to do it entirely through the top line, you'd have to assume that we can grow 8% from an organic sales standpoint each and every quarter, which is, in our view, unrealistic.

我們每次和領導團隊開會都會用一張圖表，上面顯示了要實現股東總回報率達到前三分之一，也就是完全透過營收或獲利實現的目標，需要達到什麼水準。而要完全透過營收來實現這一目標，就必須假設我們每季的有機銷售額都能成長8%，而我們認為這是不切實際的。

If you try to do it entirely through the bottom line, you'd have to assume that you could expand margins 180 basis points per year. So 5 years, 10 margin points in a highly competitive industry, where it's taken us 187 years to build 22 margin points, equally unlikely.

如果你試圖完全透過底線來實現這一點，你必須假設利潤率每年能提高180個基點。所以，在一個競爭激烈的行業裡，5年就能提高10個基點的利潤率，而我們花了187年才提高22個基點的利潤率，這同樣不太可能。

So we are very committed to driving both top line and bottom line. It's the only way we see to get home. I have a trite little saying that we use on occasion, which is top line with no bottom line, a waste of time. Bottom line with no top line, just a matter of time. We're going to continue to operate in that vein. And if we're successful, you'll see top line growth driven by proper levels of investment and bottom line growth and margin expansion, modest margin expansion.

因此，我們非常致力於同時提升營收和利潤。這是我們唯一能實現目標的方法。我偶爾會說一句老話，那就是：有營收卻沒有利潤，純粹是浪費時間。有利潤卻沒有營收，也只是時間問題。我們將繼續秉持這種理念運作。如果我們成功了，你會看到營收成長由適度的投資、利潤成長和利潤率擴張（適度的利潤率擴張）共同推動。

One last thing on the point of advertising rate of return, our ROI. In addition to what Andre was talking about, we simply have, though it may be hard to believe, a lot of low-hanging fruit that's out there. We have many categories where we are not at our target levels of reach.

關於廣告報酬率，也就是我們的投資報酬率，還有最後一點。除了安德烈提到的，雖然可能難以置信，但我們確實有很多唾手可得的成果。我們有很多類別的覆蓋率還沒有達到目標。

And that's a very high ROI activity. When we can reduce waste and frequency, reinvest that into expanded reach, very good things happen as you've seen, by the way, not just this quarter, but for the last 4 years. And there's no reason to change that approach at this point in time.

這是一項投資報酬率非常高的活動。當我們能夠減少浪費和頻率，並將其重新投資於擴大覆蓋面時，正如您所見，效果非常好，不僅是本季度，而是過去四年。目前沒有理由改變這種方法。

The next question comes from Steve Powers of Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

So overall volume this quarter came in roughly in line at least with our expectations, but both price and mix delivered upside, which I think implies just better structural elasticity than we were expecting. And I guess the question is, as you balance everything, just your relative confidence that, that can continue.

因此，本季的整體交易量至少與我們的預期大致相符，但價格和產品組合都呈現上漲趨勢，我認為這意味著結構性彈性比我們預期的要好。我想問題在於，當你權衡所有因素時，你對這種情況能否持續的相對信心。

On the one hand, you have some tailwinds for sure that as China comes back and service levels seem to be improving, your reinvestment rate is admirable as we've been talking about. But there's obviously uncertainties out there. And so I guess maybe just a little bit of perspective on your overall confidence and where that confidence is more versus less elevated.

一方面，隨著中國經濟復甦，服務水準似乎正在提高，你們肯定會有一些有利因素，正如我們之前提到的，你們的再投資率令人欽佩。但顯然也存在一些不確定性。所以，我想，或許可以稍微談談你們的整體信心，看看這種信心在哪些方面有所提升，哪些方面有所減弱。

I'll try a careful balance here between giving you perspective on the global basis and not letting you get ahead of yourself in terms of expectations. But the volume decline is better than we would have expected. As you said, our elasticities remain favorable on an aggregate basis.

我會謹慎地平衡，既要讓各位從全球視角看待問題，又不能讓各位的預期過高。不過，交易量下降的情況比我們預期的還要好。正如您所說，總體而言，我們的彈性仍然良好。

And if you look at global markets, we actually see volume consumption stabilizing. So you would have seen in previous quarters, global volumes across our categories down roughly 3 to 4 points. In our most recent [read] which is the past 1 month, volumes are actually down 70 basis points. This is market volume.

如果你觀察全球市場，我們實際上看到消費量正在趨於穩定。所以，你可能會看到，在前幾個季度，我們各類別的全球銷售量下降了大約3到4個百分點。在我們最近的[數據]中，也就是過去1個月，銷量實際上下降了70個基點。這就是市場銷售量。

And if you exclude Russia, probably more around flat. That's with China returning to some level of growth, and it's also with pricing moving into the base. So we'll see as pricing becomes more annualized, we'll see that stabilization. I don't know if it's going to continue to be neutral. I would expect some level of negativity in terms of overall market volumes but certainly improving sequentially.

如果排除俄羅斯，可能基本持平。這是因為中國恢復了一定程度的成長，而且價格也進入了基期。因此，隨著價格的年化程度越來越高，我們將看到價格趨於穩定。我不知道它是否會繼續保持中性。我預期整體市場銷售會受到一定程度的負面影響，但肯定會較上季改善。

Within that, I think we're taking comfort in the fact that we are able to hold global volume share and global value share despite significant pricing that we are taking, which is enabled, as we said, we believe by our superiority strategy, a strong vertical portfolio, both tiers and price points and being present in all channels where consumers want to shop. In our biggest, most important market, as we had in our prepared remarks, we were able to grow volume and volume share 90 basis points over the past 3 months. So that's the positive side.

值得欣慰的是，儘管我們採取了高昂的定價策略，但我們仍然能夠維持全球銷售份額和全球銷售份額。正如我們所說，我們相信，這得益於我們的優勢策略、強大的垂直產品組合（涵蓋各個層級和價位），以及涵蓋消費者想要購物的所有管道。正如我們在準備好的發言中所述，在我們最大、最重要的市場，過去三個月，我們的銷售和銷售份額增長了90個基點。所以，這是正面的一面。

On the negative side, Europe continues to be a high-pressure environment. We've been able to grow sales 8% in focus markets, but that was a very strong pricing contribution with negative volumes in the range of 7%.

負面方面，歐洲市場仍維持高壓態勢。我們在重點市場的銷售額成長了8%，但這主要是定價因素帶來的強勁貢獻，導致銷售量下降了7%左右。

And the European consumer is trading into private label. We see the price differential between private label and branded competitors increasing as private label is delaying price increases. The consumer continues to be under pressure there. So that's going to be a continued headwind, I think, from the volume side.

歐洲消費者正在轉向自有品牌。我們看到，由於自有品牌延遲漲價，自有品牌與品牌競爭對手之間的價格差異正在擴大。歐洲消費者繼續承受壓力。因此，我認為，從銷售量來看，這將繼續帶來不利影響。

Overall, I think our outlook is balanced. We -- as we said, we expect market growth to return to 3% to 4% on the value side. And there has to be a positive volume component to that going forward, but it will take a few quarters before we get there.

總的來說，我認為我們的前景是平衡的。正如我們所說，我們預期市場價值成長將回升至3%至4%。未來成長必須有積極的銷售推動，但這還需要幾個季度才能實現。

The next question comes from Kevin Grundy of Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Congratulations on another strong set of results. I thought maybe we could spend a moment on China and the reopening there, of course, given the importance of that market for you guys being the second largest market behind only the U.S. So up 2% sequential improvement, which is encouraging. We see that in the China retail sales, including cosmetics, continues to show sequential progress.

恭喜您再次取得強勁業績。我想我們可以花點時間談談中國市場及其重新開放的情況，當然，考慮到中國市場對你們的重要性，它是僅次於美國的第二大市場。因此，季增了2%，這令人鼓舞。我們看到，包括化妝品在內的中國零售額繼續呈現環比成長。

You've been consistent about your target of mid-single-digit growth for that market longer term. However, it also seems plausible that you potentially exceed that level of growth, at least in the intermediate term here, given easier year-over-year comps and then maybe the potential for some inventory rebalancing at retail as consumer demand improves.

您一直堅持該市場長期保持中等個位數成長的目標。然而，考慮到同比增速放緩，以及隨著消費者需求改善，零售庫存可能出現一定程度的重新平衡，您也有可能超過這一增長水平，至少在中期內是如此。

Can you comment a bit more on what you're seeing in China and then perhaps offer some broader views on the pace of the recovery and how you see that playing out?

您能否就您所看到中國的情況再多發表一些評論，然後就經濟復甦的速度以及您如何看待經濟復甦提供一些更廣泛的看法？

Kevin, this is Jon. I'll hand it over to Andre to give some more numerical perspective. But I thought it might help just to share briefly the trip that myself and a large contingent of our leadership team were able to make to China in the last 3 weeks. We spent more than a week there. It was wonderful to reconnect with our organizations who are doing a tremendous job.

凱文，我是喬恩。我把時間交給安德烈，他會提供一些更具體的數位視角。不過，我想簡單分享一下我和我們領導團隊在過去三週在中國的行程可能會有所幫助。我們在那裡待了一個多星期。很高興能與我們的組織重新建立聯繫，他們做得非常出色。

We spent time in consumer homes. We spent time with our retail partner leaders in their stores and in their offices. And of course, we spent time with various government authorities. And without getting into all the details, the bottom line conclusion was a very positive one and much more than I was expecting even.

我們走訪了消費者家中，與零售合作夥伴的領導者在他們的門市和辦公室進行了交流。當然，我們也與各政府部門進行了溝通。雖然不談細節，但最終的結論非常積極，甚至遠遠超出了我的預期。

And I'm kind of a China fan, having worked there many years ago, having lived there. So my expectations already started high, and those were exceeded. Having said that, and we talked about this on the last call, this is not going to be a vertical restart. And there will be a number of twists and turns, including some of the ones that you've mentioned, along the way.

我其實是個中國迷，很多年前我在那裡工作過，也生活過。所以我一開始對中國的期望就很高，而現在我的期望已經超越了。話雖如此，我們上次通話時也談到了這一點，這次不會是垂直重啟。一路上會有一些曲折，包括你提到的一些。

As Andre said in his prepared remarks, we expect China to continue to contribute at a meaningful level over the middle to long term. But everything looks reasonably positive and constructive.

正如安德烈在其準備好的演講中所說，我們期待中國在中長期繼續做出有意義的貢獻。但目前看來，一切都相當積極且富有建設性。

Andre, do you have any other perspective on that?

安德烈，你對此還有其他看法嗎？

No, I think you said it. I think the other component we're not yet seeing is any return of Chinese consumers to travel retail. That is a significant negative for us in the SK-II business specifically. So that, hopefully, we see a more positive trend there in the near future. That's the only other upside that I think we have. But as Jon said, I think the recovery of 2% organic sales in the quarter is very consistent with what we would have expected.

不，我想你說的是。我認為我們尚未看到的另一個因素是中國消費者回歸旅遊零售。這對我們SK-II業務來說是一個重大的負面影響。所以，希望在不久的將來我們能看到更正面的趨勢。我認為這是我們唯一的其他利好因素。但正如Jon所說，我認為本季有機銷售額恢復2%與我們的預期非常一致。

The next question comes from Robert Ottenstein of Evercore ISI.

下一個問題來自 Evercore ISI 的 Robert Ottenstein。

Great. Just a quick follow-up on -- or clarification on some of the numbers and then my real question. So the clarification is, I think you mentioned that mix is a positive impact on sales, but it was a slight negative drag on the gross margin. So I'd just like to understand that.

好的。我只是想簡單跟進一下——或者說澄清一些數字，然後才是我真正的問題。我想澄清的是，我認為您提到過產品組合對銷售額有正面影響，但對毛利率卻有輕微的負面影響。所以我想了解這一點。

And then my focus question really is if you could go into more detail on the U.S. business and the U.S. consumer. You mentioned that you saw an improving U.S. consumer, so any kind of clarification around that. And then an update on your pricing in the U.S., how much you saw in the quarter, how much more is there to go in the next quarter and any kind of impact that you're seeing, any granularity on that would be appreciated.

我的重點問題是，您能否更詳細地介紹美國業務和美國消費者的情況。您提到美國消費者正在改善，能否對此進行一些說明？然後，請您更新美國市場的定價情況，本季的定價是多少，下個季度的定價會是多少，以及您看到的任何影響。如能提供更詳細的信息，我們將不勝感激。

On the gross margin and sales connection here from a mix perspective, the effect that you're seeing here is product mix. So consumers, when they come into our P&G portfolio, tend to trade up into higher-value items. We've seen that actually consistently over the past quarters. So that, as they trade up into higher unit sales, that's a positive impact from a mix perspective on the top line. But those higher unit sales items also have higher unit profit, but the gross margin in percentage is slightly lower for some of them.

從產品組合的角度來看，毛利率和銷售額之間的關係，您在這裡看到的是產品組合的影響。因此，當消費者選擇寶潔的產品組合時，他們往往會選擇價值較高的產品。我們在過去幾個季度中確實看到了這種趨勢。因此，隨著他們選擇更高的單位銷售額，從產品組合的角度來看，這對營收產生了正面的影響。但是，這些單位銷售額較高的產品也擁有較高的單位利潤，但其中一些產品的毛利率百分比略低。

When you think about adult incontinence, for example, when you think about Fabric Care single-unit dose versus liquid detergent, gross margin percentage lower, unit sales higher, unit profit higher. So it's a positive effect both from the top line and the bottom line standpoint, but the percentage mix is lower.

以成人失禁產品為例，織物護理產品的單一劑量與液體洗滌劑相比，毛利率較低，單位銷售額較高，單位利潤較高。因此，無論從營收或淨利潤來看，這都是一個正面的影響，但佔比較低。

U.S. consumer, I think, is holding up well. As we said, any indication that we see on our business is that the consumer is still choosing P&G brands. We are growing volume share in a market that is still down on volume. We are growing absolute volume. So 90 points volume share growth, 40 basis points value share growth, fairly consistently across periods.

我認為美國消費者表現良好。正如我們所說，我們業務上看到的任何跡像都表明消費者仍在選擇寶潔品牌。在一個銷售仍低迷的市場中，我們的銷售份額正在成長。我們的絕對銷量正在成長。因此，銷售份額增長了90個百分點，價值份額增長了40個基點，各個時期都保持著相當穩定的增長。

We also see private label share stable at 16%, really no movement here over the past 1, 3, 6, 9 months, which is a good indication that we don't see any material trade down. Now we're watching this very closely. And we believe that a lot of that is again driven by our very intentional strategy to drive superiority.

我們也看到自有品牌的市佔率穩定在16%，在過去的1、3、6、9個月裡幾乎沒有任何變化，這很好地表明我們沒有看到任何實質的折價。現在我們正在密切關注這一情況。我們相信，這在很大程度上再次得益於我們旨在提升優勢的策略。

We continue to invest in innovation. We'll continue to invest in product packaging innovation. We're increasing, as Jon said, communication frequency and reach, where we see a good payout and return. We continue to work with our retail partners to ensure that the presentation of our brands online and in-store is as good as it can be.

我們持續投資創新，並將持續投資產品包裝創新。正如Jon所說，我們正在提升溝通頻率和覆蓋率，並看到了良好的回報。我們將繼續與零售合作夥伴合作，確保我們品牌的線上和線下展示達到最佳效果。

Last element I would call out is we are stable in terms of supply and on-shelf availability, which is also helping our overall position in the market. So stable, I think, is the characterization, but we're watching carefully.

最後我想說的是，我們的供應和現貨供應穩定，這也有助於我們鞏固整體市場地位。所以，我認為穩定是我們的特質，但我們正在密切關注。

And just one additional point, the 6% top line organic sales growth that the team delivered in the quarter and as Andre said, sales share -- value share growth and volume share growth. We still have a couple of categories where we are not supplying full demand. That will be remedied here fairly quickly.

另外，團隊本季實現了6%的有機銷售額成長，正如Andre所說，銷售額份額、價值份額和銷售份額都有所增長。我們仍有一些產品類別未能滿足全部需求。這個問題很快就會解決。

But as you consider the strength of the U.S. consumer, if you look at those key measures and realize that there -- whether are both opportunities and risks within the number, there are opportunities as well as risks, which continue to point to a relatively healthy U.S. consumption pattern.

但是，當你考慮到美國消費者的實力時，如果你看看這些關鍵指標，就會意識到——這些數字中既有機遇也有風險，機會和風險都存在，這仍然表明美國的消費模式相對健康。

The next question comes from Peter Grom of UBS.

下一個問題來自瑞銀的 Peter Grom。

So I wanted to ask about the changes in the commodity and freight outlook. Second straight quarter that these headwinds have moved lower, which is nice to see. Can you maybe just give a sense what you're seeing within that bucket, where are costs moving lower and where are costs still sticky? And while I don't expect you to comment on '24 at this point, but maybe just conceptually, how you see inflation evolving as we look out over the next 12 to 18 months?

所以我想問大宗商品和貨運前景的變化。這些不利因素連續第二季下降，這令人欣慰。您能否簡單介紹一下您觀察到的這些因素，哪些成本正在下降，哪些成本仍然強勁？雖然我目前不指望您就24年發表任何評論，但或許可以就概念層面談談，您認為未來12到18個月通膨將如何演變？

Freight is relatively stable at this point in time. As we've mentioned in the prepared remarks, we expect our freight and transportation and warehousing costs to be roughly in line with prior year. And I think that is a reflection of a more balanced capacity situation with the driver-to-load ratio returning to, I think, more historical norms.

目前貨運量相對穩定。正如我們在準備好的演講稿中所提到的，我們預計貨運、運輸和倉儲成本將與去年大致持平。我認為這反映出運力狀況更加平衡，駕駛者與載貨量比率正在回歸到更接近歷史正常水準。

Again, given fuel prices and all other dynamics, I wouldn't expect any major change going forward, but we're at least stable. From a commodity basket standpoint, we continue to see a mixed bag. We have some help in resin-based commodities. We have some help in pulp. So that is moderated by mill shutdowns for maintenance, both planned and unplanned.

再次強調，考慮到燃料價格和其他所有動態，我預計未來不會有重大變化，但至少情況穩定。從大宗商品組合來看，我們仍然看到漲跌互現。樹脂基商品方面有所支撐。紙漿方面也有一些支撐。因此，這部分支撐受到工廠計畫內和計畫外維護停工的影響。

But on the other side, all our high-energy usage materials, when you think about caustic soda, think about ammonia, all of those are increased in pricing. So the moderation is really limited, and it's not consistent across the basket.

但另一方面，我們所有高耗能材料，如燒鹼、氨水，都在漲價。所以，價格緩和幅度確實有限，而且並非對所有產品都保持一致。

So $100 million after tax is the only thing we're seeing at this point in time. We also continue to see upstream in the supply chain. Our suppliers continue to try to recover their input cost increases, their labor inflation. And that continues to be a discussion that is ongoing.

所以，目前我們唯一能看到的就是稅後1億美元。我們也持續關注供應鏈上游的情況。我們的供應商仍在努力彌補投入成本的上漲和勞動成本的上漲。這仍然是一個持續討論的問題。

I think as we mentioned in CAGNY, some of those contracts roll over 12 months, 18 months. So there's -- these headwinds and these discussions will continue to be with us. Overall, we're expecting, as we always do, spot rates will hold on. That's what's based on underlying our planning for next year and our guidance for this year.

我認為，正如我們在CAGNY會議上提到的，其中一些合約會展期為12個月或18個月。所以，這些不利因素和討論將繼續困擾我們。總的來說，我們一如既往地預期現貨價格將保持穩定。這是基於我們對明年的規劃和今年的指導。

The next question comes from Andrea Teixeira of JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

So how should we think about the upside in Beauty? And both you, Jon, and Andre spoke briefly about travel retail being an upside in Asia. How should we be thinking also on the other side lapping the triple pandemic and the respiratory benefit you had in health care?

那麼，我們該如何看待美妝產業的優勢呢？您、Jon 和 Andre 都簡要地談到了旅遊零售在亞洲的優勢。那麼，考慮到三重疫情以及您在醫療保健領域取得的呼吸系統效益，我們應該如何從另一個角度看待這個問題？

It seems you could benefit from digestive recently. But how should we be thinking about the other segments? And as we -- just a clarification. As we put in the embedded organic in the fourth quarter is at 4%, but it seems as if you are -- as Andre commented, the exit rate on your volume is potentially flat, bear in mind, of course, the potential risk in Europe.

看來你們最近可能會從消化業務中受益。但我們該如何看待其他業務呢？我們——只是澄清一下。正如我們所說，第四季的嵌入式有機產品銷售額佔比為4%，但看起來你們——正如安德烈所說，你們的銷售退出率可能持平，當然，也要考慮到歐洲的潛在風險。

But should we be thinking more of a better quality in terms of the delivery in organic? So even though it would be a 300 basis point deceleration on a sequential basis, you'd still have better volumes, maybe flattish to maybe only slightly down and a 4% price component in there.

但是，我們是否應該更多地考慮有機交付的品質？因此，即使環比增速下降300個基點，銷量仍然會更好，可能持平，甚至可能僅略有下降，其中價格成分為4%。

On the category-specific questions, yes, we see SK-II as a potential beneficiary of travel retail reopening. Overall, SK-II is recovering well outside of that channel. In China Mainland, we saw 8% growth in the quarter. In Japan, we saw 46% growth in the quarter, but the overall results are still held back by travel retail.

關於具體品類的問題，是的，我們認為SK-II是旅遊零售重新開放的潛在受益者。總體而言，SK-II在該渠道之外的復甦勢頭良好。在中國大陸，我們本季實現了8%的成長。在日本，我們本季實現了46%的成長，但整體業績仍受到旅遊零售的拖累。

So I think we will see a sequential improvement, but there are many gives and takes in the overall Beauty Care sector. So that needs to be seen in context with a lot of other dynamics that are going on around the world.

所以我認為我們會看到一個持續的改善，但整個美容護理行業仍然存在許多妥協。所以，這需要結合全球正在發生的許多其他動態來看待。

On the Personal Health Care side, we continue to be very pleased with the results the team is delivering there. And we see sustained growth in this space across respiratory, digestive, nerve care. There are many parts of that portfolio that have very high growth potential. And in some of these areas, as we've talked before, we're still held back by supply constraints, which might provide upside in the future.

在個人醫療保健方面，我們對團隊的成果感到非常滿意。我們看到呼吸、消化和神經護理領域持續成長。該領域許多產品都具有很高的成長潛力。正如我們之前提到的，在其中一些領域，我們仍然受到供應限制的限制，但未來可能會帶來上漲空間。

But again, we have a combination of 10 categories across multiple markets. Some of them will do well in a period of time. Some of them will be held back by negative headwinds. So we continue to strive for a balanced top and bottom line growth picture. It will be driven by different parts of the portfolio of different types.

但要再次強調的是，我們投資了10個類別，涵蓋多個市場。有些類別在一段時間內會表現良好，有些則會受到不利因素的限制。因此，我們將繼續努力實現收入和利潤的平衡成長。這將由投資組合中不同類型的部分驅動。

From a volume versus price component standpoint, what is important to understand is quarter 4, we will start to lap price increases for the first time. So we had about 8% of pricing in the base. So that will be a negative headwind to the top line growth in quarter 4.

從銷售與價格組成的角度來看，重要的是要明白，第四季我們將首次開始漲價。因此，我們的定價基數約為8%。這將對第四季的營收成長造成負面影響。

And while we see stabilization of volumes, I would expect that there still will be negative volume component to the growth in the near future. We have still Russia portfolio being with us as a negative headwind, China slowly recovering but not yet in positive territory from a volume perspective.

雖然我們看到交易量趨於穩定，但我預期近期交易量仍將對成長產生負面影響。俄羅斯市場仍對我們構成不利影響，中國市場正在緩慢復甦，但從交易量角度來看，尚未達到正成長水準。

And as I mentioned earlier, the European consumer is under a lot of pressure with private label pricing not yet following the branded competition in those markets. So pricing will come into the base. That will be a headwind to the top line. I would expect still a negative volume component in quarter 4.

正如我之前提到的，歐洲消費者承受著巨大的壓力，因為自有品牌的定價尚未跟上這些市場品牌的競爭。因此，定價將影響到基數。這將對營收造成不利影響。我預計第四季銷售仍將出現負成長。

Yes. One thing to remember too, is that we've just taken pricing in both the U.S. and Europe. And I don't think that the data for the current quarter reflects the potential volume impact from some of that pricing. So I would be looking at volume recovery -- volume to slowly improve over time, but it won't happen overnight.

是的。還有一點要記住，我們剛剛調整了美國和歐洲的定價。我認為本季的數據並沒有反映出部分定價對銷售的潛在影響。所以我會關注銷量的復甦——銷量會隨著時間的推移慢慢回升，但這不會一蹴可幾。

The next question comes from Filippo Falorni of Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

Jon, clearly, you've gone through a lot of transformation over the past 5, 6 years at the company, both from a portfolio standpoint, organizational standpoint, superiority. Can you help us understand how you think internally these changes can help you navigate a potentially weaker consumer environment if what we're seeing in Europe were to expand into the U.S. and some other parts of the world?

喬恩，顯然，過去五、六年來，您在公司經歷了許多變革，無論是從產品組合、組織架構還是優勢方面。您能否幫助我們了解一下，您認為這些內部變革如何幫助您應對潛在的疲軟消費環境？如果我們在歐洲看到的情況擴展到美國和世界其他地區，這些變革將如何幫助您應對這種環境？

Sure. And Andre may have some thoughts here as well. The -- what I really like about the strategic choices that we've made and the approach that we're taking currently is that it is the strongest approach I can think of for a very healthy economic environment or a very difficult economic environment. The indicated actions don't change.

當然。安德烈可能也有一些想法。我真正喜歡我們所做的戰略選擇和我們目前採取的方法，是因為無論是在非常健康的經濟環境中，還是在非常困難的經濟環境中，這都是我能想到的最有力的方法。所指示的行動不會改變。

So think, for example, about our -- embedding productivity is a fundamental part of our DNA. That's something that serves us very well in a positive economic environment as critical in a downward economic environment.

例如，想想我們──生產力是我們DNA的一個基本組成部分。在經濟環境良好時，生產力對我們非常有益，而在經濟環境下滑時，生產力也至關重要。

The importance of superiority to consumers in categories where performance drives brand choice, critical in both a good economic environment and a difficult economic environment. Focus of the portfolio on daily use categories where performance drives brand choice and superiority within each of those categories across product, package, communication, go-to-market and value for consumers and customers.

在以性能驅動品牌選擇的品類中，卓越性對消費者至關重要，無論經濟環境好壞，這一點都至關重要。產品組合的重點是日常用品類，在這些品類中，性能驅動品牌選擇，並在產品、包裝、溝通、上市以及為消費者和客戶創造價值方面，在各個品類中都具有卓越性。

I just -- I don't see anything in that, that I would change if we -- I mean, obviously, tactically, there'll be some different decisions on the margin. But the broad underlying approach sets us up very well even if -- or particularly if we end up in a more difficult environment.

我只是——我認為如果我們——顯然，從戰術上來說，會有一些不同的決定，我不會改變這一點。但即使——或者特別是如果我們最終面臨更困難的環境，整體的基本方針仍然對我們非常有利。

The next question comes from Olivia Tong of Raymond James.

下一個問題來自 Raymond James 的 Olivia Tong。

One more follow-up on pricing, particularly on the new pricing, whether your view in terms of elasticities relative to previous rounds of pricing have -- whether they've changed or stayed similar to what you've seen already. And to the extent that you can draw some conclusions on markets where pricing is now starting to lap versus markets where you're still rolling out price hikes, can you just compare and contrast what you're seeing, especially since you're starting to see some modest volume growth in the U.S.?

關於定價，特別是新定價，您認為相對於前幾輪定價，彈性方面是否有所變化，還是與您之前看到的類似？您是否可以對現在開始漲價的市場和仍在漲價的市場做出一些結論？能否比較一下您所看到的情況，尤其是在您開始看到美國銷售出現溫和成長的情況下？

The most recent rounds of pricing have gone into effect just in February and March across -- and I'm calling out across Europe and U.S. because those are most visible. So it's hard for us, as Jon said, to determine what the outgoing elasticities are at this point in time.

最近幾輪定價政策在2月和3月才開始生效——我之所以在歐洲和美國發出呼籲，是因為這些地區的影響最為明顯。所以，正如喬恩所說，我們目前很難確定輸出彈性是多少。

What I can tell you is that elasticities remain stable, remain favorable. And I think it is also a function of continued investment. It is a function of continued innovation. Every price increase or most price increases are connected to innovation, meaningful innovation for the consumer. That also guarantees retail support.

我可以告訴你的是，彈性保持穩定，保持良好。我認為這也是持續投資的結果，也是持續創新的結果。每次漲價，或說大多數漲價都與創新有關，對消費者有意義的創新。這也保證了零售支援。

They are linked to strong value communication. We've talked about area cold water, tight cold water, Charmin rollback or Olay value communication. And that is meaningful for consumers as they come under pressure. Many of our categories are categories where the consumer doesn't want to risk failure. You don't want to wash your clothes twice, and you certainly don't want to deal with a diaper failure.

它們與強大的價值溝通息息相關。我們討論過區域冷水、緊密冷水、Charmin 回滾或玉蘭油的價值溝通。這對承受壓力的消費者來說意義重大。我們的許多產品類別都是消費者不願意承擔失敗風險的。你不想把衣服洗兩次，當然也不想處理尿布失敗的問題。

So all of that, I think, is helping us to maintain favorable elasticities across the board. The most important insight for us is, and that's what you see us doing in Q3, we need to continue that investment. We need to look for opportunities where our value is exposed, and I'll call out Europe as an example because of private label pricing at a lower pace than the branded competitive set. It is critically important that we maintain that investment level to maintain the value equation.

所以，我認為所有這些都有助於我們全面保持良好的彈性。對我們來說，最重要的見解是，正如您在第三季度所看到的，我們需要繼續投資。我們需要尋找能夠展現我們價值的機會，我以歐洲為例，因為那裡的自有品牌定價速度低於品牌競爭對手。維持這樣的投資水準對於維持價值平衡至關重要。

Where we see pricing lapping or I think where we have the strongest portfolio and the strongest execution in terms of innovation and superiority, we see favorable results, and the U.S. is a good example of that. Excellent in-market execution by the team compared with a truly strong portfolio and strong innovation is delivering both relatively strong results to the balance of market but also driving market growth and recovery.

當我們看到定價重疊，或者我認為我們在創新和優勢方面擁有最強大的產品組合和最強執行力時，我們就能取得良好的業績，美國就是一個很好的例子。團隊卓越的市場執行力，加上真正強大的產品組合和強大的創新能力，不僅為市場平衡帶來了相對強勁的業績，也推動了市場的成長和復甦。

The next question comes from Chris Carey of Wells Fargo Securities.

下一個問題來自富國證券的克里斯凱裡 (Chris Carey)。

Can you just talk about your playbook in Europe? You've noted European product label is delaying price increases a number of times on this call. We've heard similar commentary from others in [staples]. If price gaps to private label remain wide, do you simply accept that new level? Or you need -- do you need to do something about it to be a bit more offensive to close the gap?

能談談您在歐洲的策略嗎？您在這次電話會議上提到，歐洲產品品牌多次延遲漲價。我們也聽到史泰博其他公司也有類似的評論。如果與自有品牌的價格差距仍然很大，您會接受這個新的價格水平嗎？還是您需要採取一些措施，加大攻勢來縮小差距？

And I guess I say that in the context of Europe, of course, but also as a bit of a litmus test for price competition that could play out globally in the months ahead, the course ahead and just how you think about managing through that type of dynamic.

當然，我是在歐洲的背景下這麼說的，但也可以作為未來幾個月全球範圍內價格競爭的試金石，看看未來走勢如何，以及如何應對這種動態。

Yes, I'll start, Chris, and then I'm sure Jon will add. I think the team is accepting the reality of an extended or expanded price gap versus private label. That's the challenge they need to deal with.

是的，克里斯，我先說，然後我相信喬恩也會補充。我認為團隊正在接受與自有品牌價格差距擴大的現實。這是他們需要應對的挑戰。

And as Jon frequently says, we wake up every Monday morning and deal with the reality in front of us. This is the reality we need to deal with. So what that means is we need to create innovation, we need to create product and packaging innovation, communication strategies and in-market executions that are able to provide value to consumers and retailers. And that's what we're focused on.

正如喬恩常說的那樣，我們每個星期一早上醒來都要面對眼前的現實。這就是我們需要面對的現實。這意味著我們需要創新，我們需要創造能夠為消費者和零售商創造價值的產品和包裝創新、溝通策略和市場執行。而這正是我們關注的重點。

I don't think that trying to eliminate the price differential is a meaningful and helpful strategy for us. But if we can generate growth via innovation and via superiority, that's both helpful for us and the market and the path forward we're choosing.

我認為，試圖消除價格差異對我們來說並非一個有意義且有益的策略。但如果我們能夠透過創新和優勢來實現成長，那麼這對我們、市場以及我們所選擇的前進道路都是有益的。

I couldn't agree more. And frankly, while Andre rightly points to a difficult consumer environment, if you look at our results thus far in Europe, they're very encouraging, not just in the last quarter, but through last fiscal year as well. We're achieving growth rates in Europe that are higher than we've seen in a long time. And so now is not the time to back off, it's time to move forward and strengthen the execution just as Andre described.

我完全同意。坦白說，雖然安德烈指出的消費環境確實艱難，但看看我們迄今為止在歐洲的業績，你會發現它們非常令人鼓舞，不僅是上個季度，整個上個財年也是如此。我們在歐洲的成長率比長期以來都要高。所以現在不是退縮的時候，而是應該繼續前進，加強執行力，正如安德烈所說的。

That doesn't mean we have our heads in the sand. We've made several adjustments to price gaps, not just versus private label, but versus branded competition as we've gone through this period of pricing, and we need to continue to be sensitive to that. But first and foremost, we need to delight consumers and customers with the offerings that we're bringing to market and go from there.

這並不意味著我們對此視而不見。在經歷了這段定價時期後，我們多次調整了價格差距，不僅針對自有品牌，也針對品牌競爭對手，我們需要繼續保持這種敏感度。但最重要的是，我們需要透過我們推向市場的產品來取悅消費者和客戶，並以此為起點繼續前進。

The next question comes from Jason English of Goldman Sachs.

下一個問題來自高盛的傑森英格利甚。

Congrats on strong results. A couple of quick questions. So first, on pricing, can you give us some more quantification on perhaps breadth and magnitude? And when you blend it all together, what sort of order of magnitude should we expect at the consolidated level in terms of organic sales contribution going forward?

恭喜您取得如此佳績。我有幾個簡短的問題。首先，關於定價，您能否就廣度和規模提供一些更量化的數據？綜合考慮所有這些因素，我們預期未來合併後的有機銷售額貢獻將達到什麼樣的數量級？

And then secondly, SG&A. Love to see the reinvestment back in the business but really sharp sequential change, both in terms of year-on-year for overall SG&A and just sequential dollar step-up. Can you unpack a bit more kind of where the money is, what's -- where the extra investment is going?

其次，銷售、一般及行政費用（SG&A）。很高興看到業務的再投資有所回升，但環比變化確實很大，無論是整體銷售、一般及行政費用的同比變化，還是環比增長。您能否更詳細地解釋一下資金的去向？額外的投資都用在哪裡了？

Yes. Pricing magnitude, the latest round of pricing is fairly consistent with what you would have seen in the past, but it's very tailored to the market, as we said before. Mid-single digits, I think, is the ballpark I would give you for the latest increase.

是的。最新一輪的定價幅度與以往基本一致，但正如我們之前所說，它非常符合市場需求。我認為，最新一輪的漲幅大概在個位數左右。

And I think pricing over time will move back to be a contributor to top line but not the sole contributor to top line. So we need and the market needs to find a balance here over the next few quarters to return to modest volume growth and pricing contribution to return these categories to mid-single-digit growth. That's what we're working towards.

我認為，隨著時間的推移，定價將重新成為營收的貢獻因素，但並非唯一因素。因此，我們以及市場都需要在未來幾季找到平衡，以恢復適度的銷售成長和定價貢獻，使這些品類恢復到中等個位數的成長。這正是我們正在努力的方向。

On the SG&A line, look, a lot of our reinvestment is driven by innovation timing, so when are the right initiatives in market to double down on. They are driven by pricing timing. So when do we and can we support our brands as we take pricing and drive innovation.

在銷售、一般及行政管理費用 (SG&A) 方面，我們許多再投資都是由創新時機驅動的，所以什麼時候才是市場上值得加倍投入的正確舉措呢？這些舉措是由定價時機所驅動的。那麼，在定價和推動創新的同時，我們何時以及能否支持我們的品牌？

What I would tell you is the latest push we had as a management team to our earlier discussion was to really double-click on our sufficiency in Europe and to see how high is up, what -- how hard can we push, especially the media and communication side in terms of value communication across Europe. So that's the one area I will give you where we paid a lot of attention over the last 3, 4 months.

我想告訴大家的是，作為管理團隊，我們最近的努力，就是認真審視我們在歐洲的自給自足能力，看看我們能做到什麼程度，能有多大力度地推進，尤其是在媒體和傳播方面，即在整個歐洲進行價值傳播方面。所以，我想說的是，這是我們在過去三、四個月裡非常關注的領域。

I would just add one thing. It's our category leaders that determine the level of investments that we're making at any point in time. And prior to this quarter, just as you go back in time, there were more situations where we weren't able to fully supply demand.

我只想補充一點。我們各個品類的領導者決定了我們在任何時間點的投資水準。在本季之前，就像你回顧過去一樣，我們經常無法完全滿足需求。

And obviously, those are situations that you -- you continue to invest in mental awareness and -- but not spike that investment because you can't supply it. And as we get into an increasingly better supply environment as we did the last quarter, you resume a level of spending now that you can fully support it. So that's a part of the dynamic in addition to the dynamic that Andre described.

顯然，在這些情況下，你會繼續投資於精神意識，但不會大幅增加投資，因為你無法提供。隨著我們進入一個越來越好的供應環境，就像上個季度一樣，你會恢復到能夠完全支持支出的水平。所以，除了安德烈所描述的動態之外，這也是動態的一部分。

The next question comes from Mark Astrachan of Stifel.

下一個問題來自 Stifel 的 Mark Astrachan。

Yes. Wanted to ask sort of related 2-part question, more about U.S., but I suppose you could talk globally if relevant. How sticky do you think this strategy of irresistible superiority is in terms of volumes? Obviously, we see that you're gaining share if you look at the U.S. So you're effectively trading consumers to higher-value products that work better than peer sets, right?

是的。我想問一個相關的問題，主要是關於美國市場，但我想如果相關的話，你也可以談談全球市場。你認為這種不可抗拒的優勢策略在銷售方面有多強？顯然，如果看看美國市場，我們就能發現你們的市佔率正在成長。所以，你們其實是在引導消費者購買那些比同類產品更好、價值更高的產品，對嗎？

So it would suggest that there's a stickiness here that perhaps didn't exist in kind of prior cycles. So I'd be curious how you think about that and how it flows through from a volume standpoint going forward.

所以這表明存在一種黏性，這種黏性在之前的周期中可能並不存在。我很好奇您對此有何看法，以及從交易量的角度來看，它在未來會如何延續。

And related to that on just the volumes, what's your best guess as to why volumes are down from a consumer standpoint? Is it pantry destocking, unloading? Does that imply that there potentially is reloading at a later time if and when consumer sentiment improves?

就銷售量而言，您認為從消費者的角度來看，銷售量下降的原因是什麼？是因為食品儲藏室去庫存、清倉了嗎？這是否意味著，如果消費者信心好轉，之後可能會重新進貨？

Mark, I'll take a first crack. I think the concept of irresistible superiority is A, dynamic and must be dynamic; and B, is relevant across value tiers. So as consumers get more careful with their spending, for example, that just means we need to double down on our view of what superiority in some of our lower-value tiers means.

馬克，我先來談談。我認為「不可抗拒的優越感」的概念是：A，動態的，而且必須是動態的；B，適用於所有價值層級。因此，例如，隨著消費者在消費方面更加謹慎，這意味著我們需要加倍重視對某些低價值層級的優越感的理解。

So you think about diapers in the U.S., for example. We have Luvs, which is about half the price of a Swaddlers diaper. And that means that we need innovation on Luvs because we're now competing with private label, that we need to make sure as consumers look for value, that brand can stand on its own from a product, packaging, communication and retail execution standpoint to provide value to those consumers.

以美國的尿布為例。我們有Luvs，價格大約是Swaddlers尿布的一半。這意味著我們需要在Luvs上進行創新，因為我們現在正在與自有品牌競爭，我們需要確保在消費者追求價值的當下，該品牌能夠在產品、包裝、溝通和零售執行方面獨樹一幟，為這些消費者提供價值。

So it's really not a strategy that by default drives trade-up. It's a strategy that follows the consumer and is grounded in what the consumer needs and wants over time. So if we get more stress, that just means we need to double-click on the type of innovation and investment we need.

所以，這其實並非一種預設推動消費升級的策略。它是一種跟隨消費者需求、根植於消費者長期需求和願望的策略。因此，如果我們面臨更多壓力，那隻是意味著我們需要重新審視我們所需的創新和投資類型。

From a consumption standpoint, as pricing goes into the market, we generally see consumers reacting with what you've described. If there are pantry inventories available, they, for a period of time, draw down those inventories. And recall, coming out of the pandemic, I think Jon mentioned this earlier, there were increased pantry inventories available across multiple categories.

從消費角度來看，隨著價格進入市場，我們通常會看到消費者對你所描述的情況做出反應。如果食品儲藏室有庫存，他們會在一段時間內減少這些庫存。回想一下，疫情結束後，我記得Jon之前提到過，多個品類的食品儲藏室庫存都有所增加。

So I think that's part of the effect that we've seen. I wouldn't expect any major restocking because I think we're just returning to more normal levels. As supply stabilizes, as kind of the COVID pandemic goes more into the past, I think consumers return to their normal behaviors.

所以我認為這是我們已經看到的影響的一部分。我預計不會出現大規模補貨，因為我認為我們只是恢復到更正常的水平。隨著供應趨於穩定，隨著新冠疫情逐漸消退，我認為消費者的行為會恢復正常。

The other element we're seeing is more careful usage. If you're overall made aware of inflation in everyday media, every day, you look twice before you use another paper towel, et cetera. And partially, that's part of our value communication, right?

我們看到的另一個因素是更謹慎地使用。如果你每天都在日常媒體上了解到通貨膨脹，那麼在使用下一張紙巾之前，你就會多看幾眼，等等。這在某種程度上也是我們價值觀溝通的一部分，對吧？

When we talk about Charmin rollback because the product is more absorbent and has more strength, we explicitly talk about the ability for consumers to use less. So it's really driven in those elements.

當我們談到Charmin回滾產品時，因為產品吸收性更強、強度更高，我們明確地提到了消費者能夠減少用量。所以它確實是由這些因素所驅動的。

Again, I think the job that we have as market leaders in many of our categories is to drive volume growth back to sustainable levels, and there are many levers. We still have huge household penetration opportunities around the world in many of our categories. We can create new usage occasions, create regimen use across many of our categories. So those are the things we're focused on.

再次強調，我認為身為眾多品類的市場領導者，我們的任務是推動銷售成長回到永續水平，而這其中有很多途徑。我們在許多品類中仍擁有龐大的全球家庭滲透機會。我們可以創造新的使用場合，在眾多品類中創造規律性使用。所以，這些都是我們關注的重點。

The next question comes from Nik Modi of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的尼克莫迪。

I just wanted to follow up quickly on China. Jon, maybe just given that you were there recently, just on-the-ground consumer behavioral insights, like what are they going through right now? Are they just hesitating, and it's kind of like a choppy, hey, maybe I'll check out outside and see if I get sick? I mean just any perspective on kind of how the consumer is actually behaving on the ground.

我只是想快速跟進中國的情況。喬恩，考慮到你最近去過那裡，想了解當地的消費者行為，例如他們現在的情況如何？他們還在猶豫，感覺有點波濤洶湧，所以想問，我是不是應該出去走走，看看自己會不會生病？我的意思是，想了解消費者在當地的實際行為。

Yes. You can imagine with what many of them have been through, there's a bit of a whiplash aspect to -- for 3 years, I was told that going outside was dangerous. And now I'd be encouraged to reemerge. I'm living probably in a relatively small dwelling, many times with multi-generations. And I don't want to negatively impact my family. So there is a degree of hesitance and questioning.

是的。你可以想像他們中的許多人經歷過什麼，這其中肯定有種鞭策的感覺——三年來，我一直被告知外出很危險。現在，我卻被鼓勵重新出門。我住的房子可能比較小，很多時候是幾個世代住在一起。我不想給我的家人帶來負面影響。所以，我多少會有些猶豫和疑慮。

On the same time, there's an overwhelming feeling, at least as I experienced it, of liberation, of hope. And I was in Beijing one sunny Saturday afternoon, and the streets were packed. It was absolutely wonderful and joyous.

同時，至少在我體驗到的時候，我感受到了一種壓倒性的解放和希望。一個陽光明媚的星期六下午，我在北京，街道上擠滿了人。那種感覺真是美妙而快樂。

So I continue to hold on and believe in the mid- and long-term opportunities that China presents us with. It's certainly -- plus 2 is a lot better than a negative number that we had in the last couple of quarters. So there is clear improvement. But I think it will be a little bit choppy. And all it will take is a little bit of nervousness to stop the reacceleration of the growth. But I would -- my takeaway, Nik, is a positive one but with near-term caution.

因此，我將繼續堅持並相信中國經濟為我們帶來的中長期機會。當然，成長2%比過去幾季的負成長好得多。所以，情況明顯好轉。但我認為未來會有些波動。只需要一點點緊張情緒就能阻止經濟成長的再次加速。但我——尼克，我的看法是正面的，但短期內也需謹慎。

Our final question comes from Edward Lewis of Atlantic Equities.

我們的最後一個問題來自 Atlantic Equities 的 Edward Lewis。

Yes. I guess I just -- covered a lot of ground, but I'd be interested just on the Enterprise Market performance. Just looking in particular at Latin America, I think you said, Andre, something like 30% growth this quarter. And I think that will be an acceleration of around 20% in the first half. Presumably, there's a healthy element of price behind that, but would be -- just be interested to hear on what's driving this improved performance in that region.

是的。我想我已經談了很多，但我主要想了解企業市場的表現。特別注意拉丁美洲，Andre，我記得你說過，本季成長了30%左右。我認為上半年的成長速度會加快20%左右。這背後可能存在一些價格因素，但我還是想了解推動該地區業績成長的因素。

There is a very healthy element of pricing there like in every other region because we're pricing not only for commodities, but we're also pricing for foreign exchange rate exposure in all of these markets. I think the positive effect is the volume is holding much better than in some of our focus markets.

與其他地區一樣，那裡的定價機制非常健康，因為我們不僅針對大宗商品進行定價，還針對所有這些市場的外匯風險進行定價。我認為積極的一面是，交易量保持得比我們一些重點市場好得多。

The consumer strength is there. I think the overall strength of the brands is better than we've ever seen. In-market execution is better than we've ever seen. Retail partnerships are better than we've ever seen. So all of that, I think, is contributing to a strong price component with a positive volume component, and that drives the 30% result of that number.

消費者的實力就在那裡。我認為品牌的整體實力比以往任何時候都好。市場執行力比以往任何時候都要好。零售合作關係也比以往任何時候都好。所以，我認為所有這些因素都促成了強勁的價格因素和正面的銷售因素，推動了30%的成長。

Yes. Just for perspective, in our 2 largest markets in Latin America, Brazil and Mexico, as Andre is saying, we're seeing volumes high single digit. So I don't want you to take away that all of the sales growth, as Andre has already said, is pricing. It's a healthy combination. And I also need to give a nod to the team in Latin America, who is just doing a fantastic job.

是的。就我們目前在拉丁美洲最大的兩個市場——巴西和墨西哥——的銷售來看，正如安德烈所說，我們的銷售量都達到了個位數的高點。所以，我不希望大家忽略這一點：正如安德烈所說，銷售額的成長完全歸功於價格。這是一個健康的組合。我也要對拉丁美洲的團隊表示讚賞，他們做得非常好。

Listen, I want to close up with just a couple of comments and reflections. And the first relates to what we've been through and what I think it portends for the future. And then I'll come in and talk a little bit more about the quarter that we just completed.

聽著，最後我想說幾點評論和感想。首先，我想談談我們經歷過的事情，以及我認為這預示著未來會發生什麼。然後，我會再談談我們剛結束的這個季度。

But if we had a conversation 3 or 4 years ago, and you told me, look, here's what's going to happen. We're going to have this thing called the global pandemic. People are going to die. Borders are going to be closed. You aren't going to be able to get to your largest markets, and they aren't going to be able to get to you. You're going to have difficulty in getting your colleagues into manufacturing facilities, innovation centers, sales offices.

但如果三、四年前我們有聊過，你告訴我，接下來會發生什麼事？我們將面臨一場全球大流行。人們將會死去。邊境將被關閉。你將無法進入最大的市場，而他們也無法進入你。你將很難讓你的同事進入製造工廠、創新中心和銷售辦公室。

But don't worry, that's not all. We'll have the largest land war in Europe since World War II. The combination of foreign exchange and commodity cost inflation is going to wipe out half your earnings. You're going to see dramatic channel shift in some of your largest markets in terms of where consumers are doing their shopping. And when all that's over, you're going to find that it's difficult to get people to come back to work.

但別擔心，這還不是全部。我們將在歐洲經歷二戰以來最大規模的陸戰。外匯和大宗商品成本上漲的雙重打擊將抹去你們一半的收入。你們將看到一些最大的市場，消費者的購物管道將發生巨大的轉變。而當這一切結束後，你們會發現很難讓人們重返工作崗位。

How do you think you're going to do? And my answer to that 3 or 4 years ago would be that -- wow, do you think you can grow top line, bottom line, deliver cash and return that to shareholders through all that?

你覺得你會怎麼做？三、四年前，我的答案是——哇，你覺得你能透過所有這些來增加營收和利潤，創造現金流，並將這些回報回饋給股東嗎？

Without taking you through the details, what you know very well, that's exactly what this team has done. Over the 4 years that ended last fiscal year, they created $13 billion in incremental sales, $5 billion in incremental profit.

不用多說，你們也很清楚，這就是這個團隊所做的。在截至上一財年的四年裡，他們創造了130億美元的增量銷售額和50億美元的增量利潤。

Now if you bring that forward and look at what happened, what they accomplished in the last quarter, broad-based sales growth, sequential progress in shipment volume, value share, volume share, a return to gross margin expansion, strong productivity savings, at the same time, a healthy reinvestment in the top line and advancing our level of superiority, our margin of difference, in-market growth in household penetration. If those are the kinds of things our investors want to see, they're there in spades in the quarter that we just delivered.

現在，如果你把這些放在前面，看看發生了什麼，看看他們在上個季度取得了什麼成就：廣泛的銷售額增長，出貨量、價值份額和銷量份額的環比增長，毛利率的恢復擴張，生產力的大幅提升，同時，對營收進行了健康的再投資，提升了我們的優勢水平，我們的差異化利潤率，以及家庭滲透率的市場增長。如果這些都是我們的投資者希望看到的，那麼在我們剛剛發布的這個季度裡，這些都得到了充分的體現。

Last point, I promise, but we've talked several times, both Andre and I, about the challenges ahead, and they're real. We will continue trying our level best to do -- to serve consumers, customers, each other, society and clearly, share owners. But it's going to be, just as it has been, a bit choppy.

最後一點，我保證，我和安德烈已經多次討論過未來的挑戰，這些挑戰是真實存在的。我們將繼續竭盡全力——服務消費者、客戶、彼此、社會，當然還有股東。但正如過去一樣，未來會有些坎坷。

And we're taking a long-term approach here. And if there are choices that are right for the long term that cause bottom line difficulty in the near term, we're going to make those choices. And we'll talk more about that as we approach guidance for next year.

我們採取的是長遠的策略。如果某些選擇對長期而言是正確的，但在短期內會為公司獲利帶來困難，我們也會做出這些選擇。在製定明年的業績指引時，我們會進一步討論這個問題。

But if you're thinking across mid and longer periods of time, I think we've got a great setup here, a great strategy, a great set of capabilities that should enable us to serve all those constituents that I mentioned very effectively. But we're thinking about that in years, not quarters. Thank you very much.

但如果從中期和長期來看，我認為我們擁有良好的組織架構、卓越的策略和強大的能力，這些應該能夠讓我們有效地服務我所提到的所有客戶。但我們是以年為單位來考慮的，而不是以季度為單位。非常感謝。

That concludes today's conference. Thank you for your participation. You may now disconnect, and have a great day.

今天的會議到此結束。感謝您的參與。現在您可以斷開連接，祝您有美好的一天。