寶潔 (PG) 2024 Q1 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。本次會議將進行錄音，以便回放。

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.

本次討論將包含一些前瞻性陳述。如果您查閱寶潔公司最新的10-K、10-Q和8-K報告，您會看到其中討論了可能導致公司實際業績與這些預測有重大差異的因素。

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，寶潔公司特此告知各位，在本次討論中，公司將多次提及非公認會計準則（non-GAAP）及其他財務指標。寶潔公司認為，這些指標能夠幫助投資者更了解公司業務的潛在趨勢，並已在其投資者關係網站www.pginvestor.com上發布了完整的非公認會計準則財務指標調節表。

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

現在我將把電話交給寶潔公司的財務長安德烈‧舒爾滕。

Good morning, everyone. Joining me on the call today is John Chevalier, Senior Vice President, Investor Relations. This fiscal year, Jon Moeller, Chairman, President and CEO, will join the mid-year and year-end calls and I'll be leading the Q1 and Q3 calls.

各位早安。今天和我一起參加電話會議的是投資人關係資深副總裁約翰·謝瓦利埃。本財年，董事長、總裁兼執行長喬恩·穆勒將參加年中和年終電話會議，我將主持第一季和第三季電話會議。

Execution of our integrated strategy drove strong results in the July to September quarter, broad-based organic sales growth across categories and regions, global aggregate market share growth, strong productivity savings, enabling increased investment in superiority of our brands while also delivering very strong earnings growth. These strong first quarter results put us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales growth and core earnings per share and continued strong cash productivity and cash return to shareowners.

我們整合策略的有效執行在7月至9月季度取得了強勁的業績，各品類和地區均實現了廣泛的有機銷售增長，全球市場份額整體提升，生產力顯著提高，從而使我們能夠加大對品牌卓越性的投入，同時實現了非常強勁的盈利增長。第一季強勁的業績使我們有望實現本財年有機銷售成長和核心每股收益預期範圍的高端目標，並持續保持強勁的現金流生產力和股東現金回報。

Now moving to first quarter numbers. Organic sales grew 7%. Pricing added 7 points to sales growth and mix contributed 1 point. Volume rounded down to a decline of 1 point with overall modest volume growth outside Greater China. Top line growth was broad-based across business units with each of our 10 product categories growing organic sales. Home Care grew low-teens. Personal Health Care was up double digits. Feminine Care, Oral Care, Fabric Care, Hair Care and Grooming each grew high single digits. Baby Care and Family Care were up mid-singles. Skin and Personal Care grew low singles.

現在來看第一季業績。有機銷售額成長7%。價格因素貢獻了7個百分點的銷售成長，產品組合調整貢獻了1個百分點。銷售量向下取整為下降1個百分點，大中華區以外地區整體銷售成長較為溫和。各業務部門的營收均實現全面成長，我們10個產品類別的有機銷售額均有所成長。家居護理業務成長10%左右。個人健康護理業務成長兩位數。女性護理、口腔護理、織物護理、頭髮護理和男士護理業務均實現了接近兩位數的成長。嬰兒護理和家庭護理業務成長15%左右。皮膚護理和個人護理業務成長10%左右。

Growth was also broad-based across geographies with 5 of 7 regions growing organic sales. Focus Markets grew 6% for the quarter. Organic sales in the U.S. were up 7%. And Europe Focus Markets were up 15%. Greater China organic sales were down 6% versus prior year. Underlying market growth is soft and choppy as consumer confidence remains weak. SK-II was down low-teens in Greater China due to soft market conditions and a temporary reduction in social retail merchandising.

成長遍及全球，7個區域中有5個區域的有機銷售額實現成長。重點市場本季成長6%。美國有機銷售額成長7%，歐洲重點市場成長15%。大中華區有機銷售額較去年同期下降6%。由於消費者信心依然疲軟，市場整體成長疲軟且波動較大。受市場疲軟和社群零售推廣活動暫時減少的影響，SK-II在大中華區的銷售量下降了10%左右。

Enterprise Markets were up 13% with Latin America up 19% and Europe Enterprise Markets up 15%. Shipment volume in the U.S. grew 3% again this quarter, and we returned to volume growth in Europe Focus Markets. Mexico, Brazil and India, some of our largest Enterprise Markets, continue to deliver solid volume growth. These gains largely offset volume declines in the Greater China, Asia-Pacific and European enterprise regions, primarily driven by underlying market contraction.

企業市場整體成長13%，其中拉丁美洲成長19%，歐洲企業市場成長15%。美國市場本季出貨量再次成長3%，歐洲重點市場也恢復了成長動能。墨西哥、巴西和印度等我們最大的企業市場持續保持穩健的出貨量成長。這些成長在很大程度上抵消了大中華區、亞太地區和歐洲企業市場的出貨量下滑，後者主要受市場整體萎縮的影響。

Global aggregate value share was up 40 basis points versus prior year with 32 of our top 50 category country combinations holding or growing share. In the U.S., all-outlet value share was up 50 basis points versus prior year with 7 of 10 categories holding or growing value share in the quarter. U.S. volume share was up 60 basis points, reflecting 3% volume growth. Value share in European Focus Markets was up 40 basis points over the past 3 months.

全球整體價值份額較上年同期成長40個基點，前50大品類組合中有32個品類組合的份額維持或成長。在美國，全通路價值份額較上年同期成長50個基點，其中10個品類中有7個品類的份額在本季維持或成長。美國銷售份額成長60個基點，銷量成長3%。過去三個月，歐洲重點市場的價值份額增加40個基點。

Moving to the bottom line. Core earnings per share were $1.83, up 17% versus prior year. On a currency-neutral basis, core EPS increased 21%. Core operating margin increased 240 basis points as 460 basis points of gross margin expansion were partially offset by increased marketing investments, wage and benefit inflation and foreign exchange impacts on SG&A. Currency-neutral operating margin increased 340 basis points. Productivity improvements were a 210 basis point help to the quarter.

再來看最終結果。核心每股收益為1.83美元，較去年同期成長17%。以固定匯率計算，核心每股收益成長21%。核心營業利潤率成長240個基點，毛利率成長460個基點的部分被行銷投入增加、薪資福利上漲以及匯率波動對銷售、管理及行政費用的影響所抵銷。以固定匯率計算，營業利益率成長340個基點。生產效率的提升對本季業績貢獻了210個基點。

Adjusted free cash flow productivity was 97%. We returned $3.8 billion of cash to shareowners, approximately $2.3 billion in dividends and $1.5 billion in share repurchase. In summary, against what continues to be a challenging and volatile operating environment, a very good start to the fiscal year across top line, bottom line and cash.

經調整後的自由現金流效率為97%。我們向股東返還了38億美元現金，其中約23億美元為股息，15億美元用於股票回購。總而言之，儘管經營環境依然充滿挑戰且波動不定，但本財年無論在營收、利潤或現金流方面都取得了非常良好的開局。

Our team continues to operate with excellence, executing the integrated strategy that has enabled strong results over the past 5 years. And that is 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.

我們的團隊持續高效運作，貫徹執行過去五年取得顯著成效的整合策略。這正是我們實現均衡成長和價值創造的基礎，我們擁有豐富的日用產品組合，其中許多產品在清潔、健康和衛生方面具有顯著優勢，而產品性能在這些品類中對品牌選擇起著至關重要的作用。

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

我們持續致力於在產品、包裝、品牌傳播、零售執行和價值這五大維度上打造無可匹敵的卓越優勢，並在每個價格層級都保持領先地位。為了體現這項策略的動態特性，我們再次提升了卓越標準。

Productivity improvement in all areas of our 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, especially important in the volatile environment we're in.

我們將提升所有營運領域的生產力，為卓越技術投資提供資金，以抵銷成本和匯率挑戰，擴大利潤率，並實現強勁的現金流。我們採取建設性顛覆的方式，勇於改變、適應並創造新的趨勢和技術，這將塑造我們產業的未來，這在當前動盪的環境中尤其重要。

Finally, an organization that is more empowered, agile and accountable. We continue to improve the execution of the integrated strategy with four focus areas: Supply Chain 3.0, digital acumen, environmental sustainability and the 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.

最終，我們打造了一個更具自主性、更敏捷、更負責任的組織。我們持續改善整合策略的執行，重點在於四大領域：供應鏈3.0、數位化能力、環境永續性和員工價值等式。這些並非新的或獨立的策略，而是我們持續提升競爭力、降低成本以促進投資和價值創造、並進一步強化組織的必要組成部分。

Our strategic choices on portfolio, superiority, productivity, constructive disruption and organization 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 this integrated strategy, starting with a commitment to deliver irresistibly superior propositions to consumers and retail partners, fueled by productivity.

我們在產品組合、卓越性、生產力、建設性顛覆和組織架構方面的策略選擇相輔相成，相互促進。如果執行得當，這些策略將拓展市場，進而提升市場佔有率、銷售額和利潤。我們始終堅信，實現永續的營收和利潤成長的最佳途徑是加倍投入這項整合策略，首先致力於為消費者和零售合作夥伴提供極具吸引力的卓越產品和服務，而這一切都離不開生產力的提升。

Moving to guidance. As I mentioned, we expect the environment around us to continue to be volatile and challenging from input costs to currencies to consumer and geopolitical dynamics. We attempt to reflect these realities in our guidance ranges. Based on current spot prices, we estimate commodities will be a tailwind of around $800 million after tax in fiscal '24. This is consistent with the outlook we provided in July.

接下來談談業績指引。正如我之前提到的，我們預期我們所處的環境將持續充滿波動和挑戰，涵蓋投入成本、匯率、消費者以及地緣政治動態等許多面向。我們力求在業績指引範圍內反映這些實際情況。基於目前的現貨價格，我們預期大宗商品價格將在2024財年帶來約8億美元的稅後收益。這與我們7月的預測一致。

However, within this estimate, there have been several moving parts. We've seen incremental relief on some commodities like pulp, which have been offset by higher costs in other commodities, such as fuel. Foreign exchange rates have moved sharply against us. And we now expect a headwind of approximately $1 billion after tax, an incremental $600 million impact since our initial guidance for the year.

然而，這項預估受到諸多因素的影響。我們看到一些大宗商品（例如紙漿）價格有所回落，但這些回落被其他大宗商品（例如燃料）價格上漲所抵消。外匯匯率也大幅波動，對我們不利。目前，我們預計稅後將面臨約10億美元的不利影響，比我們最初的年度預期增加了6億美元。

In addition to these impacts, we are also facing higher inflation in wages and benefits. And we expect higher year-on-year net interest expense of approximately $200 million after tax. As we are just 1 quarter to the fiscal year, we are maintaining our guidance ranges for organic sales, core EPS growth, cash productivity and cash return to shareowners with each solidly on track after a very strong first quarter.

除了上述影響外，我們還面臨薪資和福利通膨加劇的問題。我們預計稅後淨利息支出將比去年同期增加約2億美元。由於距離本財年僅剩一個季度，我們維持對有機銷售額、核心每股收益成長、現金流效率和股東現金回報的預期，在強勁的第一季之後，各項指標均穩步朝著既定目標邁進。

Guidance for organic sales is growth of 4% to 5% for the fiscal year. The range includes a normalization in underlying market growth rates that is likely to occur through calendar year '24 as the market laps the last wave of cost recovery pricing and as market volumes return to growth. For P&G, we expect 3 to 4 points less pricing benefit in each of the next 2 quarters compared to our first quarter results.

本財年有機銷售額預期成長4%至5%。這項預期區間已考慮了潛在市場成長率的正常化，預計在2024年全年，隨著市場逐步擺脫最後一波成本回收定價的影響，市場銷售也將恢復成長。對於寶潔公司，我們預計未來兩季的定價收益將比第一季減少3至4個百分點。

On the bottom line, our outlook for fiscal '24 core earnings per share is 6% to 9% growth versus last fiscal year. We're holding the range despite the incremental $600 million after-tax headwind from foreign exchange. With now a 7 point EPS impact from FX, this outlook translates to 13% to 16% core EPS growth on a constant currency basis.

總而言之，我們對2024財年核心每股收益的預期是較上財年成長6%至9%。儘管匯率波動帶來了6億美元的稅後不利影響，我們仍維持這一預期區間。目前匯率波動對每股盈餘的影響為7個百分點，以固定匯率計算，此預期相當於核心每股盈餘成長13%至16%。

We continue to forecast adjusted free cash flow productivity of 90%. We expect to pay more than $9 billion in dividends and to repurchase $5 billion to $6 billion in common stock. Combined, we plan to return $14 billion to $15 billion of cash to shareowners this fiscal year.

我們持續預測調整後自由現金流效率為90%。我們預計將支付超過90億美元的股息，並回購50億至60億美元的普通股。合計，我們計劃在本財年向股東返還140億至150億美元的現金。

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

此展望基於當前的市場成長率預估、大宗商品價格和匯率。預計指引範圍內不會出現貨幣大幅貶值、大宗商品成本上漲、地緣政治動盪或重大生產中斷等情況。

As you consider the cadence of earnings for the year, keep in mind that the back half of the year will see less pricing benefit as we progressively annualize prior year increases. We should also see less commodity benefit as we move through the year. Labor inflation continues throughout the supply chain and in our cost. FX headwinds will increase versus quarter 1. Also, with a strong start to the year, we'll be reinvesting to further strengthen our plans and to maintain strong momentum.

當您考慮全年獲利節奏時，請記住，隨著我們逐步將上年增長年化，下半年價格上漲帶來的收益將會減少。此外，隨著時間的推移，大宗商品價格上漲帶來的收益也會減少。勞動成本上漲將持續影響整個供應鏈和我們的成本。與第一季相比，匯率波動帶來的不利影響將會加劇。同時，鑑於年初的強勁開局，我們將進行再投資，以進一步加強我們的計劃並保持強勁的成長勢頭。

Finally, we'll be closely watching the health of the China market and the balance of regions. Energy costs are rising as we head into fall and winter. Household saving levels have reduced, especially in Europe. Slower economic growth, higher energy costs and higher interest rates for longer have an impact on consumer confidence.

最後，我們將密切關注中國市場的健康狀況和區域平衡。隨著秋冬季的到來，能源成本正在上漲。家庭儲蓄水準有所下降，尤其是在歐洲。經濟成長放緩、能源成本上漲以及利率長期維持在高位，都將對消費者信心產生影響。

To conclude, while we expect volatile consumer and macro dynamics to continue, we remain confident in our strategy and the results that it delivers. We are focused on driving growth in our categories. And we are committed to delivering balanced top and bottom line growth and value creation for our shareowners.

總之，儘管我們預期消費者和宏觀經濟情勢的波動性將持續，但我們對我們的策略及其帶來的成果仍然充滿信心。我們將專注於推動各品類的成長，並致力於實現營收和利潤的均衡成長，為股東創造價值。

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

那麼，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from Steve Powers of Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的史蒂夫鮑爾斯。

I guess, just picking up on your comments on organic growth over the balance of the year, maybe you could talk a little bit more about how you're thinking about the progression of price versus volume versus mix over the remainder of the year. And then I'm curious as to whether your approach to balancing those various drivers differs at all between your focus markets, particularly the U.S. and the Enterprise Markets, where you're experiencing more of the currency headwinds.

我想，就您剛才提到的今年剩餘時間的有機增長，您能否再詳細談談您是如何看待今年剩餘時間裡價格、銷量和產品組合之間的關係變化的？另外，我很好奇您在平衡這些不同驅動因素方面，針對不同的重點市場（尤其是美國和企業市場，因為這兩個市場受匯率波動的影響更大）採取的方法是否有所不同。

As we said in the prepared remarks, we expect the market to return to a lower, more sustainable growth rate, more in line with historical growth at around 4%. That will have a stronger contribution on the volume side. We would expect that to be around 2% -- 1% to 2% of pricing and maybe 1 point of mix impact. That will occur over the next few quarters. And as always, P&G is intending to grow ahead of the market.

正如我們在事先準備好的演講稿中所述，我們預期市場將回歸到更低、更永續的成長速度，更接近4%左右的歷史成長水準。這將對銷售產生更大的影響。我們預計這將對價格產生約2%的影響－價格方面的影響約為1%至2%，產品組合方面的影響可能約為1個百分點。這種情況將在未來幾季逐步顯現。寶潔一如既往地致力於超越市場成長。

So really, our expectation for the year is to be slightly ahead of the market in terms of volume and slightly ahead in terms of price. We continue to believe that we can price with strong innovation. And we have gained even more confidence over the past 2 years that our strategy of pricing with innovation to drive superiority and create value for the consumer is working.

所以，我們預計今年的銷售量和價格都將略高於市場平均。我們始終堅信，憑藉著強大的創新能力，我們能夠制定合理的價格策略。過去兩年，我們更加確信，我們以創新為導向、以價格優勢提升產品品質、為消費者創造價值的策略是行之有效的。

And so we fully expect to return to that pattern. And again, pricing has been a core component of our growth for 18 out of the last 19 years, so we expect that to continue. Specifically, I think the pricing will start to lap in quarter 2. So you will see probably the price contribution drop to -- by 3 to 4 points in quarter 2. And that was expected. And we then sequentially expect volumes to pick up and offset part of that but do expect a lower overall market growth rate for the balance of the year.

因此，我們完全預期會恢復到先前的模式。而且，在過去19年中，價格一直是推動我們成長的核心因素，其中有18年都是如此，所以我們預計這種情況會持續下去。具體來說，我認為價格因素會在第二季開始趨於平緩。因此，您可能會看到價格對成長的貢獻在第二季下降3到4個百分點。這也在我們的預期之中。之後，我們預期銷售量會逐步回升，抵銷部分價格因素的影響，但我們預期今年剩餘時間的整體市場成長率將會降低。

To your second part of the question, Enterprise Markets versus focus markets, I think the only differential would be foreign exchange. And we'll continue to price for foreign exchange. We've done that very successfully across the world. Turkey is a major example, where we've been able to price for the significant devaluation of the Turkish lira.

關於您問題的第二部分，即企業市場與重點市場的區別，我認為唯一的區別在於外匯。我們會繼續對外匯因素進行定價。我們在全球範圍內都成功地做到了這一點。土耳其就是一個典型的例子，我們已經成功地將土耳其里拉的大幅貶值納入了定價考量。

But we are able to grow share, grow sales, grow profit. We'll continue that model. Outside of that, we'll continue to do and drive the same business model we're driving in focus markets, innovate, drive superiority, price, grow markets and thereby grow sales, profit and share.

但我們能夠擴大市場佔有率、提高銷售、增加利潤。我們將繼續沿用這種模式。除此之外，我們將繼續在重點市場推行並執行同樣的商業模式：創新、提升產品優勢、優化價格、拓展市場，進而提高銷售額、利潤和市場佔有率。

Next question comes from Dara Mohsenian of Morgan Stanley.

下一個問題來自摩根士丹利的達拉·莫森尼安。

So just to follow up on that, can you characterize what you're seeing competitively in terms of the pricing environment? Obviously, it will be different by geography and product category. But in general, what type of behavior are you seeing from your competitors? And any thoughts around retailer pushback as commodities have turned favorable year-over-year?

那麼，為了進一步探討這個問題，您能否描述一下您目前在價格競爭方面觀察到的情況？顯然，不同地區和產品類別的情況會有所不同。但整體而言，您觀察到競爭對手有哪些行為？隨著大宗商品價格年增，您對零售商的抵制情緒有何看法？

And just then in terms of volume growth, it sounds like we should expect a return to volume growth. Just what you think your level of visibility is around that and how much comfort you have in ultimately returning to volume growth as pricing drops off?

就銷售成長而言，聽起來我們應該會預期銷售成長回歸市場。您認為您對銷售成長的預期有多高？您對價格下降後銷量最終回歸市場有多大信心？

When you look at the total market, it's very consistent with previous periods. You still see average market growth of around 6% to 7%. And you see still the price component being a significant driver. Volumes are stabilizing at a global level, minus 1 point to flat, depending on the geography you look at, the only exception being Greater China. So the price component and the price rollover is consistent period-over-period. So no differentiation there from a competitive standpoint, at least not that we see it.

從整體市場來看，情況與以往時期非常一致。平均市場成長率仍在6%到7%左右。價格仍然是重要的驅動因素。全球銷售趨於穩定，根據不同地區的不同，銷售量略有下降或持平，大中華區除外。因此，價格因素和價格滾動效應在各個時期都保持穩定。從競爭角度來看，至少我們目前沒有發現任何差異。

Promotion continues to be -- promotion levels and other indicator continue to be below pre-COVID levels. In the U.S., for example, volumes sold on deal is now at about 29%. Overall promotion levels still [indexed 80] versus pre COVID. In Europe, we also see promotions still down and actually sequentially decreasing. Now it's a different dynamic by market obviously but only aggregate up. It looks like over the past few quarters, promotion activity is actually still decreasing.

促銷活動持續低迷－促銷力道和其他指標仍低於新冠疫情前的水準。例如，在美國，促銷活動的銷售量佔目前約為29%。整體促銷力道仍低於疫情前水準（指數為80）。在歐洲，我們也看到促銷活動持續低迷，而且實際上還在逐季下降。當然，不同市場的具體情況有所不同，但整體而言，促銷活動仍在減少。過去幾個季度，促銷活動似乎仍在持續下降。

And that makes sense. If you look at the relatively little or small help to commodity costs, we see about $800 million after-tax help offset by about $1 billion of foreign exchange. And recall, we're coming from 2 years, which combined have an impact of $7 billion of headwinds. So I think everybody is still recovering, so the current pricing dynamic makes sense.

這合情合理。如果考慮到大宗商品價格受到的相對較小的影響，稅後約8億美元的援助將被約10億美元的外匯損失抵銷。而且別忘了，我們剛經歷了兩年，這兩年加起來造成了70億美元的不利影響。所以我認為大家都在復甦，目前的定價機制也算合理。

We have not experienced retailer pushback beyond normal discussions on how to maximize value for their shoppers and for consumers overall. And again, our model of driving innovation and therefore superiority and sales while we price and create value for retailers and shoppers seems to be resonating.

除了就如何最大程度提升顧客和消費者的價值進行常規討論之外，我們並未遇到零售商的阻力。而且，我們透過創新驅動產品，從而提升產品優勢和銷量，同時為零售商和顧客創造價格和價值的模式，似乎正在引起他們的共鳴。

On the volume side, we feel very good about where we are in the trajectory of volume growth. Again, excluding China, we're already seeing volume growth of 20 basis points, sequential improvement in -- versus the prior quarters, which we would have expected. And again, that's in the context of 7% pricing still flowing into the market. We expect volumes will continue to grow. U.S., strong, as we said, Europe, strong, Latin America and India are strong. So we continue to see us progressing on that trajectory.

銷售方面，我們對目前的銷售成長動能非常滿意。再次強調，剔除中國市場後，銷售量已成長20個基點，較上季有所改善，符合我們的預期。而且，這還是在市場仍有7%價格波動的情況下實現的。我們預計銷售量將持續成長。正如我們先前提到的，美國市場表現強勁，歐洲市場也表現強勁，拉丁美洲和印度市場同樣表現強勁。因此，我們預計銷量將繼續沿著既定軌道穩定成長。

The next question comes from Rob Ottenstein of Evercore ISI.

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

I want to drill in on China a little bit. Number one, kind of in the short term, how is the business there progressing? Any visibility or improvement there? And when do you think that may turn positive? And a little bit longer term or kind of strategically, we are hearing from some of the other companies we talk to that the Chinese market may not be as profitable and attractive as perhaps they may have thought a number of years ago and that perhaps the nature of competition is changing in China again, so love to get your thoughts on both China in the short term and the long term.

我想更深入地探討一下中國市場。首先，就短期而言，貴公司在中國的業務進展如何？是否有任何明顯的改善跡象？您認為何時情況會好轉？其次，從更長遠的戰略角度來看，我們從一些其他公司了解到，中國市場可能不像幾年前他們預想的那樣有利可圖且具有吸引力，而且中國的競爭格局可能正在改變。因此，我很想聽聽您對中國市場短期和長期發展的看法。

Thanks, Rob. I think we said all along that we don't expect the China recovery to be quick, extensive or linear. And I think that's playing out. The business health in China is really all driven by market dynamics right now. So total market volume continues to be down. It has been down over the past few quarters, between 7% and 9%. Value is down around 5% over the past few quarters. And that's the market I'm describing. So we're operating within a market that is still contracting post-COVID reopening.

謝謝，羅伯。我們一直都說，預計中國經濟的復甦不會迅速、全面或線性。我認為現在的情況正是如此。目前，中國的商業健康狀況完全取決於市場動態。因此，市場總成交量持續下降，過去幾季一直下降，降幅在7%到9%之間。成交額在過去幾季也下降了約5%。這就是我所描述的市場現況。所以，我們目前所處的市場在新冠疫情後重新開放的背景下，仍在持續萎縮。

That said, we do believe that China continues to be an attractive place for us to do business. We've been there for 30 years. We have a very strong organization on the ground, R&D capability, supply chain capability and commercial capability. The Chinese consumer is a demanding consumer. The Chinese retail environment is a demanding retail environment. And that generally plays to our strength. So we believe that, a, we can play a value-creating role in China, and we expect the Chinese market to return to mid-single-digit growth here over the coming periods.

儘管如此，我們仍然相信中國對我們而言是一個極具吸引力的經商之地。我們在中國已經深耕30年，擁有強大的本地團隊、研發能力、供應鏈能力和商業能力。中國消費者要求很高，中國的零售環境也同樣充滿挑戰。而這恰恰是我們的優勢所在。因此，我們相信，我們能夠在中國市場發揮創造價值的作用，我們預計未來一段時間內，中國市場將恢復到中等個位數的成長水準。

If you just look at the consumer structures, middle-income consumers, we have about 450 million, we estimate, in China today. That will grow probably north of 700 million over the next 5 years. So there is a class of consumers that we believe are attractive for our businesses. And therefore, we believe that our business in China can create significant value over the next few years. And we'll continue to remain invested.

如果只看消費結構，就中等收入消費者而言，我們估計目前中國約有4.5億人。未來五年，這個數字可能會成長到7億以上。因此，我們認為這部分消費者對我們的業務極具吸引力。所以，我們相信未來幾年我們在中國的業務能夠創造巨大的價值。我們將繼續加大投資。

The next question comes from Lauren Lieberman of Barclays.

下一個問題來自巴克萊銀行的勞倫·利伯曼。

You've mentioned a return to volume growth in European Focus Markets, which is great to see. And obviously, market shares have generally held up well. But we started to see some pickup in private label share trends across Europe. You mentioned the European consumer being under pressure. So just kind of curious, maybe some more broad thoughts there on Europe on market share trends that you're seeing more real time versus what's kind of already transpired in the reported results, more the go-forward look, on European shares and volume trends?

您提到歐洲重點市場銷售恢復成長，這令人欣喜。顯然，市場佔有率整體保持良好。但我們開始看到歐洲各地自有品牌市佔率出現回升趨勢。您提到歐洲消費者面臨壓力。所以我想問，您能否就歐洲市場份額趨勢，分享一些更宏觀的看法？這些看法是即時觀察到的，而非僅限於已公佈的業績，而是著眼於未來，對歐洲市場份額和銷售趨勢有何展望？

Thank you. Look, the European -- let me focus here on the Western European side because I think that's where your question is relevant. Look, we've seen 15% organic sales growth in Europe Focus Markets, which is incredibly strong, a combination of 2% volume growth and strong price/mix. We have 40 basis points of share growth across the same geographies, which is very encouraging. The market is returning to volume growth. And that generally are positive signs.

謝謝。關於歐洲市場－我這裡主要談談西歐市場，因為我覺得您的問題與此相關。我們在歐洲重點市場實現了15%的有機銷售成長，這非常強勁，是2%的銷售成長和強勁的價格/產品組合策略共同作用的結果。在同一地區，我們的市佔率也成長了40個基點，這非常令人鼓舞。市場正在回歸銷量成長。這通常都是正面的訊號。

Yes, private label shares in Europe are growing. They continue to grow at about an 80 basis point clip month-over-month. But that still enables us to grow share in the same geographies. And I think that share growth is enabled by a strong portfolio across different brand tiers, across different cash outlays. The fact that we are present in all relevant channels across Europe, and that allows us to effectively compete. Even as consumers look at the private label versus branded value creation, the balance seems to be still in our favor.

是的，歐洲自有品牌市佔率正在成長，每月較上季成長約80個基點。但這仍然使我們能夠在相同的地區擴大市場份額。我認為，市場佔有率的成長得益於我們強大的產品組合，涵蓋不同品牌層級和不同的資金投入。我們在歐洲所有相關管道均有佈局，這使我們能夠有效地參與競爭。即使消費者開始專注於自有品牌與品牌產品的價值創造，目前看來，我們仍佔優勢。

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 guess, I have two connected questions. One is if we look at first quarter and even your commentary about guidance maybe higher end of the range, I know you've talked a lot -- you've talked a bit about some of the risks in the market. But just like what's been better so far this year is one question, so just that. And then related to that also, you talked about reinvestment. So if you can just give us some sense of kind of the sizing of that reinvestment and maybe where those dollars are going.

我想問兩個相關的問題。第一個問題是，如果我們回顧第一季度，甚至考慮到您對業績指引的評論，例如可能在預期區間的較高水平，我知道您已經談了很多——您也談到了一些市場風險。但今年到目前為止，哪些方面表現較好，這是一個問題，所以就問這個。第二個問題也與此相關，您談到了再投資。所以，能否簡單介紹一下再投資的規模，以及這些資金的流向？

If you look at the first quarter, I think the -- we are encouraged by the combination of factors here on the consumption side. Again, volume -- return to volume growth outside of China, we expect China to be choppy as we said all along. But even with China down, we've been able to grow -- and that certainly has been encouraging to us. And the depth and breadth of that growth, both across value and volume outside of China, is really encouraging us and giving us confidence that the model will continue to drive results that point to the upper end of the guidance ranges.

回顧第一季度，消費方面的許多因素令我們感到鼓舞。銷量方面，除中國以外，銷量已恢復成長。正如我們之前所說，我們預計中國市場仍將波動。但即便中國市場下滑，我們依然實現了成長，這無疑令人振奮。而且，除中國以外，無論從價值或銷售來看，成長的深度和廣度都讓我們倍感鼓舞，也讓我們更有信心，該模式將繼續推動業績成長，最終達到預期範圍的上限。

On the reinvestment side, we will continue to look for opportunities to invest when the return of that investment is attractive. It won't be driven by availability of funds. It will be driven by ability to create an attractive return. Our first priority, as you can imagine, in this current environment is to invest in ideas that drive market growth. So investing in products, investing in innovation that is driving new jobs to be done, investing in media spending that is driving household penetration, investing in communication to the consumer that drives usage in the right way to drive better delight for the consumer will be key.

在再投資方面，我們將持續尋找回報可觀的投資機會。這並非取決於資金的可用性，而是取決於創造可觀回報的能力。正如您所想，在當前環境下，我們的首要任務是投資於能夠推動市場成長的理念。因此，投資於產品、投資於能夠創造新就業機會的創新、投資於能夠提高家庭滲透率的媒體支出、投資於能夠以正確方式引導消費者使用並提升消費者滿意度的溝通方式，都將是關鍵所在。

A couple of examples. Ninjamas in bedwetting was a sleepy category. We entered a couple of years ago. The category is growing 7%. We were able to drive 60% of that growth, which is 6x our fair share. Those are great examples where we can continue to invest, drive growth for the business, drive for our retailers and create value for shareholders. We continue to see opportunities in media. As we get sharper and sharper on our targeting across media around the world and our capabilities of scale, the ROI gets better. So we'll continue to drive up reach. We continue to drive up frequency. And again, that is a core driver for us, to drive household penetration, drive trial, which will turn into loyalty and repeat.

舉幾個例子。尿床護理睡衣曾經是個沉寂的類別。我們幾年前進入了這個領域。如今，這個品類正以7%的速度成長。我們貢獻了其中60%的成長，是我們應佔份額的6倍。這些都是很好的例子，說明我們可以繼續投資，推動業務成長，協助零售商發展，為股東創造價值。我們持續關注媒體領域的機會。隨著我們在全球媒體投放的精準度不斷提高，規模化能力不斷增強，投資報酬率也隨之提升。因此，我們將繼續擴大覆蓋面，提高頻率。再次強調，這是我們的核心驅動力：提高家庭滲透率，促進試用，最終轉化為忠誠度和重購率。

The last bucket I will give you is investing in supply resilience and productivity. Our supply chain resilience, we see as a core competitive advantage for our retail partners and for ourselves. So we'll continue to ensure that our capacity to demand ratio is where we want it to be. And investing in productivity, we believe, has a high payout and is critical for us to continue the investment in superiority, which is part of the business model. So those are the headlines. But be reassured, we'll do it on a very disciplined basis with return on investment as the top priority.

最後一點是投資於供應鏈韌性和生產力。我們認為供應鏈韌性是我們本身以及零售合作夥伴的核心競爭優勢。因此，我們將持續確保產能與需求比率達到預期目標。我們相信，投資生產力能夠帶來豐厚的回報，並且對於我們持續投資於卓越營運至關重要，而卓越營運正是我們商業模式的重要組成部分。以上就是重點。請放心，我們將以嚴謹的態度推進各項工作，並將投資報酬率放在第一位。

The next question comes from Andrea Teixeira of JPMorgan.

下一個問題來自摩根大通的安德烈亞·特謝拉。

Andre, your comments about volume, I would like to drill down a little bit. You mentioned China. I believe you are still looking to a mid-single-digit growth. And obviously, I understand the choppiness of the market. And you had SK-II down in the low-teens. So I'm assuming for that to happen, you're expecting SK-II to gradually improve or lap easier comps as we go through the balance of the year. And then when you mentioned -- like doing the math when you said pricing, as we decompose your guidance, right, the 4% to 5% for organic total company, you mentioned expect sequential 3% to 4% decline in the benefit of pricing, right?

安德烈，關於你提到的銷售量，我想深入探討。你提到了中國市場。我相信你仍然預期公司整體能實現個位數中段的成長。當然，我也理解市場的波動性。你之前預測SK-II的銷售量會跌到10%左右。所以我假設，為了實現這個目標，你希望SK-II的銷量能夠逐步回升，或者在今年剩餘的時間裡能夠跟上相對較低的同店銷售額。然後，你提到了定價——就像我們計算一下你對公司整體有機成長的預期一樣，你預測公司整體有機增長4%到5%，但你也提到價格因素帶來的收益會環比下降3%到4%，對嗎？

So it was a good 7%, so you would be implying towards 3% to 4% in the next 2 quarters. So with that being said, it implies in the next 2 quarters, some sort of improvement in volume, right, or at least some sort of inflection. So I was trying to figure that out in the context of what you said about China and what you said about total company, basically what it regresses to, it regresses to an improvement in China? Is that what we should be thinking?

所以，7%的增幅相當不錯，這意味著未來兩季將達到3%到4%。也就是說，這意味著未來兩季銷售會有所改善，或至少會出現某種轉折點。我一直在思考，結合您之前提到的中國市場和公司整體情況，這最終會如何體現？是指向中國市場的改善嗎？我們該這樣理解嗎？

So first part of your question, we obviously want to see SK-II return to growth. But the volume impact of SK-II is relatively limited. Because the volume-to-organic sales ratio obviously is very high unit sales. So China, we believe, will return to mid-single-digit growth. When exactly that's going to happen is really hard to predict. And I would say, like we have delivered 7% organic sales growth in the first quarter with China down, I think we'll continue to operate and not counting on China recovery as the core catalyst to growth for the coming quarters.

針對您問題的第一部分，我們當然希望SK-II能夠恢復成長。但SK-II的銷售影響相對有限，因為其銷售量佔有機銷售額的比例非常高。因此，我們認為中國市場將恢復到個位數中段的成長。至於具體何時實現，則很難預測。而且，考慮到我們在第一季中國市場下滑的情況下仍實現了7%的有機銷售成長，我認為我們將繼續保持目前的營運模式，不會將中國市場的復甦作為未來幾季成長的主要驅動力。

On your sequential question on volume, you're right. As we said, the pricing contribution to organic sales growth will decrease 3 to 4 points over the coming quarters. And we expect volume to progress sequentially. The exact trajectory of that progression, I think, is questionable. And I won't make a prediction here. But I'll tell you that the progress we're seeing from minus 6 to minus 3 to flat -- to minus 1 to now flat is pointing in that right direction. So we see we're on the right path. And we will continue to invest to drive wholesale penetration and create that volume growth in our business.

關於您提出的銷量環比問題，您說得對。正如我們所說，未來幾個季度，價格因素對有機銷售成長的貢獻將下降3到4個百分點。我們預計銷量將環比增長。至於具體的成長軌跡，我認為目前還難以預測，所以我不會在此做出預測。但我可以肯定的是，我們看到的銷售成長趨勢——從-6個百分點到-3個百分點，再到持平，然後是-1個百分點，現在又回到持平——都指向正確的方向。因此，我們認為我們正走在正確的道路上。我們將繼續增加投資，以提升批發通路的滲透率，並推動業務的銷售成長。

The next question comes from Olivia Tong of Raymond James.

下一個問題來自 Raymond James 公司的 Olivia Tong。

Andre, you talked about the changes in FX and how you've been able to absorb that into the fiscal year outlook. Can you discuss what's embedded in your outlook in terms of the consumer, the economy? Obviously, increasing risk or concerns around trade-downs, lower volumes and macros in general, so if you could talk about that. And then also your ability and -- your agility to switch between spending that is either net to sales versus operating in light of potentially volatile conditions.

安德烈，您談到了外匯市場的變化以及您如何將這些變化納入本財年的展望中。您能否談談您對消費者和經濟前景的展望？顯然，風險增加或對降級消費、銷售下降以及宏觀經濟整體狀況的擔憂都在上升，所以如果您能談談這些方面就太好了。此外，您能否靈活地在銷售淨支出和營運支出之間進行調整，以應對潛在的市場波動？

Yes. Thanks, Olivia. Look, the consumer continues to be remarkably resilient. As we said in the U.S., the consumption levels are actually stable. Our volume share and our value share are growing. And that's true in Europe and in most parts of the world. And I interpret that as our portfolio doing exactly the job that it's supposed to do. And building a portfolio that is grounded in superiority in daily-use categories that are nondiscretionary, I think, is serving us extremely well.

是的，謝謝你，奧莉維亞。你看，消費者依然展現出驚人的韌性。正如我們在美國所說，消費水準實際上很穩定。我們的銷量份額和銷售額份額都在成長。這種情況在歐洲和世界大部分地區也是如此。我認為這表明我們的產品組合發揮了應有的作用。我認為，建立一個以非必需品日常用品類別中的卓越優勢為基礎的產品組合，對我們非常有利。

We're able to add value, bring value to the consumer. And we are doing that in every tier, not just in the premium tier but in the mid-tier and in value tiers across the world, which allows us to serve the consumer even as their spending preferences might change. Now we haven't seen a significant change in their preference yet. If anything, consumers that are choosing P&G products continue to trade up within our portfolio.

我們能夠為消費者創造價值，帶來價值。而且，我們在每個產品層級都做到這一點，不僅在高端層級，也在全球範圍內的中端和低端層級，這使我們能夠在消費者消費偏好發生變化時依然滿足他們的需求。目前，我們尚未看到消費者偏好有顯著變化。相反，選擇寶潔產品的消費者會繼續在我們產品組合中選擇更高端的產品。

But you can see our ability to grow in markets even when we see private label shares expand. And so we don't expect a significant change in that profile. And we believe we are well set up to grow even if the consumer feels a bit more of a pinch here going into the fall or winter season. The main intervention for us continues to be investing in innovation and continue to invest in media supports to communicate the strength and the value that our brands can provide.

但即便自有品牌市佔率擴張，我們也能看到自身在市場中持續成長的能力。因此，我們預期這一格局不會發生顯著變化。我們相信，即使消費者在秋冬季節感受到一些壓力，我們也能做好充分準備，實現成長。我們的主要策略仍然是持續投資創新，並加大媒體投入，以更好地展現我們品牌的實力和價值。

We don't see a significant need to drive price promotion. Our focus, if we promote, if we look for in-store support is really to drive regimen. So we view it as a strategic tool to drive either trial or habit formation, i.e., regimen steps added to the laundry regime or the hair care regime, for example. Because that drives incremental consumption. It drives growth for our retail partners and for us. In many cases, our innovation is strong enough to get in-store support. And that's really what we're after. When the product in and of itself generates enough traffic and consumption, so retailers want to support it, that's the goal we're going after.

我們認為沒有必要大力推行價格促銷。如果我們要進行促銷，或尋求店內支持，我們的重點實際上是推廣日常護理流程。因此，我們將其視為一種策略工具，旨在促進試用或習慣養成，例如，將護理步驟添加到洗衣或護髮流程中。因為這會促進增量消費，從而為我們的零售合作夥伴和我們本身帶來成長。在許多情況下，我們的創新足以獲得店內支援。而這正是我們所追求的。當產品本身能夠帶來足夠的客流量和消費量，促使零售商願意支持它時，這就是我們努力的目標。

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。

I was wondering if you could expand on two categories, which have been important for volume growth and seemingly should be important ahead. Just first on laundry, we've seen an improvement, a reacceleration in trends. Can you just expand on what's driving that and the durability?

我想請您詳細談談兩個對銷售成長至關重要且未來似乎仍將重要的類別。首先是洗衣產品，我們看到銷售量有所改善，成長趨勢再次加速。您能否詳細說明一下推動這一趨勢的因素以及耐用性方面的因素？

And then second, in Personal Health Care, I believe that was an important driver of volume growth in the quarter. Can you just expand on what exactly was driving that in the quarter and if you think those trends are also sustainable go-forward? So I'm just trying to get a sense of some of the volume durability that we saw in the quarter go-forward, specifically in the context of potentially some volatility out of China likely to persist.

其次，在個人健康護理領域，我認為這是本季銷售成長的重要驅動因素。您能否詳細說明本季推動銷售成長的具體因素，以及您認為這些趨勢是否能夠持續？我只是想了解本季銷售成長的持續性，尤其是在中國市場可能持續波動的情況下。

Yes. Thanks, Chris. The laundry business is very encouraging. Results around the world are very strong. Let me focus on the U.S. market because that's -- it's the biggest market and you have the highest visibility to. But if you look at the trends, they are very encouraging. We are now growing value and volume share in U.S. Fabric Care. Value share has been flat over the past 3 months. Volume share has been up 1.6 points. So we continue to push the laundry business forward. We have record-high fabric enhancer shares. And we have record-high laundry consumption in the U.S.

是的，謝謝，克里斯。洗衣業務前景非常樂觀。全球業績都非常強勁。我重點談談美國市場，因為它是最大的市場，也是你們最容易觀察到的市場。但如果你觀察趨勢，你會發現它們非常令人鼓舞。我們在美國織物護理領域的價值和銷售份額都在成長。過去三個月，價值份額保持穩定，而銷售份額則增加了1.6個百分點。因此，我們將繼續推動洗衣業務的發展。我們的織物柔軟精市佔率創歷史新高，美國洗衣產品的消費量也創歷史新高。

Most importantly, I think, is the fact that we're driving 70% of the category growth in laundry. And we're driving 100% of the category growth in fabric enhancers. And it's really driven by strong innovation, strong superiority and doubling down on consumer-relevant communication and in-store support. So I fully believe that this will only accelerate. And to your question, yes, it is sustainable because it's just in line with the business model.

我認為最重要的是，我們推動了洗衣用品類別70%的成長，以及織物柔軟精品類100%的成長。這主要得益於我們強大的創新能力、卓越的產品優勢，以及對消費者相關溝通和門市支援的持續投入。所以我堅信，這種成長動能只會加速。至於你問的可持續性問題，是的，這完全符合我們的商業模式。

PHC is doing extremely well around the world. And obviously, the seasonality here plays a key role. Going into the season, we see strong results, which is part of the strength in volumes that you see. And the last part I'll leave you with is we've invested significantly and continue to invest in strengthening our supply capability in Personal Health Care, which will be needed to support that strong growth going forward. But feel good about both businesses, and yes, I think the trajectory is absolutely sustainable.

個人健康護理業務在全球範圍內表現非常出色。顯然，季節性因素在其中發揮了關鍵作用。進入銷售旺季後，我們看到了強勁的業績，這也是銷售成長的部分原因。最後一點是，我們已經投入大量資金並將繼續增加對個人健康護理業務供應鏈能力的投入，這對於支持未來的強勁成長至關重要。我對這兩個業務都充滿信心，而且我認為這種成長勢頭完全可持續。

The next question comes from Filippo Falorni of Citi.

下一個問題來自花旗銀行的菲利波·法洛尼。

Just a question on gross margin, clearly very strong, the performance in the quarter, big inflection in terms of the year-over-year increase. You seem like you have pretty good visibility in the first half, at least on the commodity front. Can you give us a sense of how you're thinking the second half will play out, especially as pricing contribution comes down?

關於毛利率，我有個問題。顯然，本季的毛利率非常強勁，較去年同期成長幅度很大。您似乎對上半年的業績，至少在商品方面，有著相當清晰的預期。您能否談談您對下半年的預期，尤其是在價格貢獻下降的情況下？

Yes, when we talked about the cadence of earnings, I think it's important to understand the drivers of the gross margin expansion we saw in quarter 1. And we expect some normalization of gross margin. We were certainly benefiting from a high price contribution in quarter 1. And as we said, that price contribution will ease over the coming quarters.

是的，當我們討論獲利節奏時，我認為了解第一季毛利率擴張的驅動因素非常重要。我們預期毛利率會逐漸恢復正常。第一季我們確實受益於較高的價格貢獻。正如我們所說，未來幾季價格貢獻將會下降。

The biggest part of the commodity help, about 33% of the $800 million after-tax commodity help has materialized in quarter 1. So that's a positive to gross margin relative to the balance of the year. And the foreign exchange rate headwinds will accelerate over the coming quarters.

大宗商品價格上漲帶來的提振作用中，約佔8億美元稅後大宗商品價格上漲提振作用的33%，主要集中在第一季。因此，相對於今年剩餘時間，這對毛利率而言是一個利好因素。此外，未來幾季匯率波動帶來的不利影響將會加劇。

On the other hand, we will accelerate and continue to drive strong productivity. We will continue to drive trade-up and innovation. And we continue to drive every other element of productivity, not only in gross margin but across the P&L and the balance sheet. But I want you to take away that the gross margin expansion in quarter 1 is very strong. But we have headwinds going into the balance of the year.

另一方面，我們將繼續加快步伐，保持強勁的生產力成長。我們將繼續推動產品升級和創新。我們也將繼續提升生產力的其他各個方面，不僅體現在毛利率上，也體現在損益表和資產負債表的各個方面。但我想強調的是，第一季的毛利率成長非常強勁。然而，進入下半年，我們將面臨一些不利因素。

The next question comes from Peter Grom of UBS.

下一個問題來自瑞銀集團的彼得‧葛羅姆。

So I wanted to ask specifically on Latin America, 19% growth in the quarter, very strong. And you may have alluded to this. But are you already seeing a return to volume growth in the region? And then just thinking through the performance in the quarter, can you maybe just unpack what you're seeing in terms of broader category performance versus how much of this growth is a function of share gains?

所以我想具體問一下拉丁美洲的情況，本季成長了19%，非常強勁。您可能也提到過這一點。但您是否已經看到該地區的銷量開始恢復成長？另外，從本季的業績來看，您能否分析一下整體品類表現，以及其中有多少成長是市場佔有率提升的結果？

Look, the Latin America business is on fire. And I think it is on fire because we've chosen maybe opposite to the market to double down on superiority. When we saw the need to price for foreign exchange and commodity impacts in Latin America, the team made the choice to double down on innovation and price for the innovation and to offset foreign exchange rate, inflation and commodities. And that clearly has played out well. We are seeing growth in our categories. And we are seeing share growth in Latin America.

你看，拉丁美洲的業務現在非常火熱。我認為它火爆的原因在於，我們選擇了與市場可能相反的做法，即加倍投入優勢。當我們意識到需要在拉丁美洲調整定價以應對匯率和商品價格波動時，團隊決定加大創新投入，並根據創新本身定價，以此來抵銷匯率、通貨膨脹和商品價格的影響。事實證明，這一策略非常有效。我們看到各個品類都在成長，在拉丁美洲的市佔率也在成長。

The growth is both on the volume side and on the value side in the biggest markets, in Brazil, Mexico, for example. I think the biggest headwind that we have to acknowledge is Argentina, where it's very difficult to make progress at this point in time, given the level of inflation, some constraints in terms of ability to price. So outside of Argentina, I can only paint a very positive picture of the Latin America growth construction. And again, it's grounded in the superiority of our brands. And I feel very strong about the sustainability of that model.

在巴西、墨西哥等最大的市場，銷量和銷售額均實現了成長。我認為我們必須承認，目前最大的阻力來自阿根廷。鑑於當地的通貨膨脹水平以及定價能力方面的一些限制，在阿根廷取得進展非常困難。因此，除了阿根廷以外，我對拉丁美洲的成長前景充滿信心。這再次印證了我們品牌的卓越優勢。我對這種模式的可持續性非常有信心。

The next question comes from Mark Astrachan of Stifel.

下一個問題來自 Stifel 公司的 Mark Astrachan。

Two sort of unrelated follow-ups. One, just on China, given your commentary about the middle class, I think everybody is obviously aware that there's just a growing middle class and that they'll ultimately consume more. But any sort of changes in your view about how quickly the middle class premiumizes purchases? Obviously, SK-II is maybe sort of a one-off. But any changes there in terms of how quickly you think that they can go for more premium-priced products? Does that potentially change how Procter thinks about its product positioning or portfolio positioning in the market?

兩個看似無關的後續問題。首先，就中國市場而言，鑑於您先前對中產階級的評論，我想大家都很清楚，中產階級正在不斷壯大，他們的消費能力最終也會提升。但您對中產階級消費高端化的速度有何看法？當然，SK-II或許是特例。但您認為他們接受更高價位產品的速度會有什麼變化嗎？這是否會改變寶潔公司在市場上的產品定位或產品組合定位策略？

And then on the gross margin versus marketing spend sort of decision tree, if gross margin moderates, how do we think about the incremental reinvestment or marketing investment from an SG&A standpoint through the year? Would that inversely kind of move with gross margin? Or I should say, would it move with gross margin, meaning less gross margin expansion, less reinvestment?

然後，在毛利率與行銷支出之間的決策樹中，如果毛利率趨於平穩，我們該如何從銷售、管理及行政費用（SG&A）的角度考慮全年的增量再投資或行銷投資？這是否會與毛利率呈反向變動？或者應該說，它是否會隨著毛利率的變動而變動，這意味著毛利率成長越慢，再投資就越少？

Yes. Look, I really don't have any more insights on the China recovery timing. You see the volatility in the market. That will directly correlate with consumer confidence, income levels and therefore recovery timing. I think we're hoping for faster, but we're prepared for longer would be my answer here.

是的。說實話，我對中國經濟復甦的時間真的沒什麼更深入的了解了。你看，市場波動很大。這直接關係到消費者信心、收入水平，進而影響復甦時間。我們都希望經濟復甦得更快，但我的回答是，我們也做好了經濟復甦時間更長的準備。

On the gross margin versus marketing spending side, when I say we're ROI-driven, I really mean we're ROI-driven. So there's no direct correlation between availability of funds and investment levels. If we continue to see strong response to the marketing spend, increases that we deliver in quarter 1, I think there's a strong incentive for us to continue that level of investment.

就毛利率與行銷支出而言，我所說的「以投資報酬率為導向」絕非虛言。因此，資金可用性與投資水準之間並無直接關聯。如果我們持續看到市場對第一季行銷支出成長的強勁反應，我認為我們有充分的理由繼續維持目前的投資水準。

I also expect that our gross margin expansion and our overall growth contribution availability will continue to enable us to drive strong innovation and drive strong support of those innovations. That's part of the business model. That's why again it has to be a combination of driving very strong productivity to reinvest in superiority, to grow markets. And we have to keep that cycle spinning.

我還預計，毛利率的提升和整體成長貢獻的增加將繼續使我們能夠大力推動創新，並為這些創新提供強有力的支持。這是我們商業模式的一部分。因此，我們必須透過提高生產力來再投資於卓越技術，從而拓展市場。我們必須保持這種良性循環。

The next question comes from Edward Lewis of Redburn Atlantic.

下一個問題來自 Redburn Atlantic 公司的 Edward Lewis。

Another strong quarter in the U.S., seeing both volume and value growth. Just looking back at 2020, where we were dealing with obviously a lot of COVID headwinds, you were talking about growing about 4% to 6% as a sustainable rate of growth in the U.S. In light of all that's gone on in the past few years and seeing where we are in the U.S. at the moment with the consumer, are you still comfortable with that range over the longer term?

美國市場又迎來一個強勁的季度，銷售和銷售額均實現成長。回顧2020年，當時我們顯然受到了新冠疫情的諸多不利影響，您曾表示美國市場的可持續增長率約為4%至6%。鑑於過去幾年發生的一切，以及目前美國消費者的消費狀況，您是否仍然認為這個成長率區間在長期內是可行的？

Look, I won't give you guidance on a market-by-market basis. I think the -- what is proving out is that the business model we're driving in the U.S. is very successful. If we are successful in continuing to drive market growth, that will continue to drive sales ahead of that market growth for us while being sustainable because we create business instead of taking business from somebody else.

聽著，我不會針對每個市場給予具體的指導。我認為，目前證明的是，我們在美國推行的商業模式非常成功。如果我們能夠持續推動市場成長，那麼銷售額的成長速度就會超過市場成長速度，而這種成長是可持續的，因為我們是自己創造業務，而不是從別人手中搶生意。

If that model is successful, which I believe it will, I feel very strongly about the growth prospects of the U.S. And again, we're doubling down in every dimension of superiority. We're doubling down in every dimension of market execution. So my overall confidence in the U.S. market capability and growth trajectory is very high.

如果這種模式成功（我相信它會成功），我對美國的成長前景非常有信心。而且，我們正在各方面加倍投入，提升自身優勢。我們正在各方面加倍投入，提升市場執行力。因此，我對美國市場的潛力和成長軌跡充滿信心。

There are no further questions at this time.

目前沒有其他問題了。

Okay. Thank you very much for joining us today. Again, very strong first quarter in the year, and we'll look forward to speaking with you. If you have any questions, John and I will be available all day. So please feel free to call or e-mail. Thank you very much.

好的。非常感謝您今天參加我們的活動。今年第一季業績非常強勁，我們期待與您交流。如果您有任何問題，我和約翰今天都會在線，歡迎隨時致電或發送電子郵件。非常感謝。

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

今天的會議到此結束。感謝您的參與，您可以斷開連接了。祝您有美好的一天。