寶潔 (PG) 2026 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。今天的活動正在錄製以供重播。

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.

本次討論將包括一些前瞻性陳述。如果您參考寶潔最新的 10-K、10-Q 和 8-K 報告，您將看到有關可能導致公司實際結果與這些預測有重大差異的因素的討論。

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

根據 G 條例的要求，寶潔公司需要讓您知道，在討論過程中，公司將多次提及非公認會計準則和其他財務指標。寶潔公司認為這些指標為投資者提供了了解潛在業務趨勢的有用視角，並在其投資者關係網站 www.pginvestor.com 上發布了非公認會計準則財務指標的完整對帳表。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. Joining me on the call today is John Chevalier, Senior Vice President, Investor Relations. I will start with an overview of results for the first quarter of fiscal '26 and spend a few minutes on strategy and innovation. And we'll close with guidance for fiscal '26 and then take your questions.

早安.今天與我一起參加電話會議的是投資人關係資深副總裁 John Chevalier。我將首先概述 26 財年第一季的業績，並花幾分鐘時間討論策略和創新。最後，我們將提供 26 財年的指導，然後回答您的問題。

First-quarter results reflect strong execution of our integrated strategy in a difficult geopolitical, competitive, and consumer environment. This marks 40 consecutive quarters of organic sales growth and keeps us on track for the 10th consecutive fiscal year of core EPS growth.

第一季的業績反映了我們在艱難的地緣政治、競爭和消費者環境中綜合策略的有力執行。這標誌著有機銷售額連續 40 個季度成長，並使我們有望連續第 10 個財年實現核心每股收益成長。

Organic sales rounded up to 2%. Volume was in line with the prior year. Pricing and mix were each up 1%. Growth continues to be broad based across categories and regions, with 8 of 10 product categories growing or holding organic sales.

有機銷售額四捨五入至 2%。交易量與上年持平。定價和產品組合均上漲了 1%。各類別和地區的成長持續廣泛，10 個產品類別中有 8 個實現了成長或維持了有機銷售額。

Skin and Personal Care led the growth, up high single digits. Hair Care, Grooming, Personal Health Care, Home Care, and Baby Care each grew low singles. Oral Care and Feminine Care were in line with the prior year, and Fabric Care and Family Care were each down low single digits.

皮膚和個人護理產品引領了成長，增幅達個位數。護髮、美容、個人保健、家庭護理和嬰兒護理的單數均出現低增長。口腔護理和女性護理與去年持平，織物護理和家庭護理則均下降了個位數。

Six of seven regions held or grew organic sales. Focus markets were up more than 1%. Organic sales in North America were up 1%. Consumption in our categories decelerated throughout the quarter, with unit volumes essentially flat for both markets and P&G brands.

七個地區中有六個地區維持或成長了有機銷售額。焦點市場上漲逾1%。北美有機銷售額成長了 1%。整個季度，我們各類別產品的消費都在減速，市場和寶潔品牌的單位銷售量基本持平。

Price mix added a point of growth. The pricing for innovation and supply chain costs that was announced on June 15 went into effect on September 15. This caused some trade inventory volatility in the quarter, but shipments were largely in line with offtake for the full quarter.

價格組合增加了一個成長點。6 月 15 日宣布的創新和供應鏈成本定價於 9 月 15 日生效。這導致本季貿易庫存出現一些波動，但整個季度的出貨量與採購量基本一致。

European focused markets' organic sales were equal to prior year, with strong growth in France and Spain, offset by a softer period in Germany and Italy. Greater China organic sales grew 5%, another quarter of sequential improvement and positive momentum.

歐洲重點市場的有機銷售額與去年持平，其中法國和西班牙成長強勁，但被德國和義大利的疲軟期所抵消。大中華區有機銷售額成長 5%，再次呈現連續季度改善和正面動能。

Six of seven categories grew organic sales in quarter one, with Pampers and SK-II each growing double digits. This progress is the result of interventions made across the digital commerce and distributor business, along with strong innovation and execution of the integrated strategy.

第一季度，七個品類中有六個品類的有機銷售額均實現成長，其中幫寶適和 SK-II 均達到兩位數成長。這一進展是數位商務和分銷商業務幹預以及綜合戰略的強大創新和執行的結果。

Enterprise markets grew more than 1% for the quarter. Latin America organic sales were up 7%, with strong growth across Mexico, Brazil, and the balance of smaller markets in the region. Organic sales in the European enterprise region were in line with prior year, and the Asia Pacific, Middle East, Africa enterprise region was down low singles. Global aggregate market share was down 30 basis points. 24 of our top 50 category-country combinations held or grew share for the quarter.

本季企業市場成長超過 1%。拉丁美洲有機銷售額成長 7%，其中墨西哥、巴西以及該地區其他較小市場均實現強勁成長。歐洲企業區的有機銷售額與去年持平，亞太、中東、非洲企業區域的有機銷售額則出現低點下滑。全球整體市佔率下降了 30 個基點。本季度，我們排名前 50 位的類別-國家組合中有 24 個保持或增長了份額。

On the bottom line, core earnings per share were $1.99, up 3% versus prior year. On a currency neutral basis, core EPS also increased 3%. Core gross margin was down 50 basis points, and core operating margin was equal to prior year. Strong productivity improvements of 230 basis points, with healthy reinvestment in innovation and demand creation. Currency neutral core operating margin was up 40 basis points.

總體而言，每股核心收益為 1.99 美元，較上年增長 3%。以貨幣中性計算，核心每股盈餘也成長了 3%。核心毛利率下降 50 個基點，核心營業利潤率與前一年持平。生產力強勁提升 230 個基點，對創新和需求創造進行健康的再投資。貨幣中性核心營業利潤率上升了 40 個基點。

Adjusted free cash flow productivity was 102%, a very strong Q1 result. We returned $3.8 billion of cash to shareowners this quarter, $2.55 billion in dividends, and $1.25 billion in share repurchases. In summary, a solid quarter to start the year in what continues to be a challenging environment, including heightened competitive activity in the US and in Europe.

調整後的自由現金流生產力為 102%，這是第一季非常強勁的業績。本季我們向股東返還了 38 億美元現金、25.5 億美元的股息以及 12.5 億美元的股票回購。總而言之，儘管美國和歐洲的競爭日益激烈，環境仍然充滿挑戰，但我們仍取得了穩健的開局，為今年的開局奠定了良好的基礎。

Moving on to strategy, given the market and competitive challenges we face, now is the time for increased investment in and flawless execution of our integrated growth strategy, with the consumer firmly at the center of everything we do. We will drive superiority in every part of our portfolio across all value tiers where we play, all retail channels, and all consumer segments we serve to grow categories, provide value to consumers and customers, and create value for shareowners.

談到策略，考慮到我們面臨的市場和競爭挑戰，現在是增加投資和完美執行我們的綜合成長策略的時候了，消費者是我們一切工作的中心。我們將在我們所涉足的所有價值層級、所有零售管道以及我們所服務的所有消費者群體中，推動我們投資組合中每個部分的優勢，以擴大產品類別，為消費者和客戶提供價值，並為股東創造價值。

We will strengthen the integration of all vectors of superiority, starting with a very strong innovation program this year. Building stronger core brand propositions and growing bigger adjacencies and forms to enhance consumer delight, core and more.

我們將加強各種優勢載體的整合，今年首先實施一項非常強大的創新計畫。建立更強大的核心品牌主張，發展更大的鄰接和形式，以增強消費者的滿意度、核心等等。

In US Fabric Care, we recently started shipments of Tide's biggest upgrade to liquid detergent in 20 years. Tide's boosted formula combines its ultimate grease and stain fighting technology with an advanced perfume innovation, resulting in laundry that's cleaner, whiter, brighter, and fresher.

在美國織物護理部門，我們最近開始出貨汰漬 20 年來對液體洗滌劑的最大升級。汰漬的強化配方將其終極去油去污技術與先進的香料創新相結合，使衣物更乾淨、更潔白、更明亮、更清新。

The significant innovation on liquid detergent strengthens the core of the Tide franchise as we continue plans for expansion of Tide evo, our new laundry detergent developed on our breakthrough functional fibers platform. Evo has started its first stage of national expansion with an online launch of Tide evo Free & Gentle. Evo offers superior cleaning performance in a recyclable package, no plastic bottles or water.

隨著我們繼續計劃擴大 Tide evo（我們在突破性功能纖維平台上開發的新型洗衣液）的推廣，液體洗滌劑的重大創新增強了 Tide 特許經營的核心。Evo 已開始其全國擴張的第一階段，在線推出 Tide evo Free & Gentle。Evo 採用可回收包裝，提供卓越的清潔性能，無需塑膠瓶或水。

In test market stores, evo sales have been highly incremental to category growth, and retailer demand has been well above initial expectations. We're in the process of adding manufacturing capacity to prepare for an eventual national launch.

在測試市場商店中，evo 的銷售額對類別成長具有很大的增量，零售商的需求遠高於最初的預期。我們正在增加生產能力，為最終在全國推出產品做準備。

We have a strong bundle of innovation launching across the US Baby Care business this fall, including improvements on Pampers Easy Ups, Swaddlers, Cruisers, and the first phase of restage to our mid-tier Pampers Baby Dry line. Each are important upgrades to drive consumer trial and delight, especially considering the ramp up in competitive promotional activity in the category.

今年秋天，我們在美國嬰兒護理業務領域推出了一系列強大的創新產品，包括對幫寶適 Easy Ups、Swaddlers、Cruisers 的改進，以及對我們中端幫寶適嬰兒乾爽系列的第一階段重新升級。每一個升級都是推動消費者嘗試和愉悅的重要升級，特別是考慮到該類別競爭性促銷活動的增加。

In Greater China, premium body wash innovation on both the Safeguard and Olay brands drove 9% Personal Care growth in the quarter. Safeguard Detox body wash is designed to provide superior deep pore cleansing and skin transformation. The recent restage across all elements of superiority has accelerated market conversion from bars to liquids and from basic products to premium offerings.

在大中華區，舒膚佳和玉蘭油品牌的高端沐浴露創新推動了本季個人護理產品 9% 的成長。Safeguard Detox 沐浴露旨在提供卓越的深層毛孔清潔和皮膚改造。最近，所有優勢要素的重新調整加速了市場從酒吧到液體、從基本產品到高端產品的轉變。

Olay Premium body wash, launched in July, contains Olay facial skin essence and the first-ever sparkling liquid to provide visible skin benefits and an unforgettable showering experience. Since launch, the new premium line has grown over 30% in offline channels and 80% online, driving category growth and Olay share growth.

玉蘭油高級沐浴露於 7 月上市，含有玉蘭油面部護膚精華和首款閃亮液體，可為皮膚帶來明顯的益處和難忘的沐浴體驗。自推出以來，新的高階系列在線下通路成長超過 30%，線上成長超過 80%，推動了品類成長和玉蘭油份額的成長。

In Latin America, Personal Health Care grew organic sales 15%-plus in quarter one, driven by improved execution of the integrated superiority strategy. The combination of strong product and packaging innovation on the Vicks brand, compelling consumer communication, strong retail execution, and superior consumer value drove both growth across markets and the region. Brazil led the growth, up nearly 30%, along with growth in Mexico, Peru, Colombia, and smaller distributor markets.

在拉丁美洲，個人保健業務第一季的有機銷售額成長了 15% 以上，這得益於綜合優勢策略執行力度的加強。維克斯品牌強大的產品和包裝創新、引人注目的消費者溝通、強大的零售執行力以及卓越的消費者價值推動了整個市場和地區的成長。巴西引領了成長，成長了近 30%，同時墨西哥、秘魯、哥倫比亞和較小的經銷商市場也實現了成長。

Our innovation program is designed to strengthen the core brand propositions, combined with full media and in-store support across the portfolio. Where we add new elements to our brands, like we are doing with Tide evo, we ensure that more is sufficient in size to warrant full brand communication and go-to-market support. The priority integrated across all five vectors.

我們的創新計畫旨在加強核心品牌主張，並結合整個產品組合的全方位媒體和店內支援。當我們為品牌添加新元素時，例如我們對 Tide evo 所做的那樣，我們確保其規模足夠大，以保證全面的品牌溝通和市場支持。優先權綜合了所有五個向量。

We will continue to accelerate productivity in all areas of our operation, including the recently announced restructuring work to fuel investments in superiority, mitigate costs and currency headwinds, and drive margin expansion. We have an objective for gross savings in cost of goods sold of up to $1.5 billion before tax, enabled by platform programs with global application across categories with Supply Chain 3.0.

我們將繼續提高所有營運領域的生產力，包括最近宣布的重組工作，以推動優勢投資、降低成本和貨幣逆風，並推動利潤率擴張。我們的目標是透過供應鏈 3.0 跨類別全球應用平台程序，實現稅前銷售成本總節省高達 15 億美元。

We have line of sight to savings for improved marketing productivity, more efficiency, greater effectiveness, avoiding excess frequency and reducing waste while increasing reach. We're taking targeted steps to reduce overhead as we digitize more of our operations.

我們的目標是節省開支，提高行銷生產力，提高效率，提高效益，避免過度頻率，減少浪費，同時擴大影響力。隨著我們業務的數位化程度不斷提高，我們正在採取有針對性的措施來降低管理費用。

Visibility to more savings opportunities is increasing as the businesses continue to build their three-year rolling productivity master plans and as we accelerate productivity with our restructuring efforts. We will continue to actively manage our portfolio across markets and brands to strengthen our ability to generate US dollar-based returns in daily use categories where performance drives brand choice.

隨著企業繼續制定三年滾動生產力總體規劃，以及我們透過重組努力加快生產力，更多的節約機會正在增加。我們將繼續積極管理跨市場和跨品牌的投資組合，以增強我們在以性能驅動品牌選擇的日常使用類別中產生以美元為基礎的回報的能力。

The portfolio choices we are making as part of the restructuring program include different go-to-market choices in some geographies, surgical exits of some categories, brands and product forms in individual markets. We've announced several steps so far: redesigning our business model in Pakistan to an import model with local distributors, managing trade relationships, discontinuing laundry detergent baths in India and the Philippines, exiting several low-tier Oral Care products in some enterprise markets, focusing the Olay brand on the most productive European markets, and streamlining our Braun device portfolio and focus in enterprise markets. These steps are aimed at accelerating growth as we move further through the restructuring program.

作為重組計劃的一部分，我們所做的投資組合選擇包括在某些地區採取不同的市場進入方式，以及在個別市場中對某些類別、品牌和產品形式的精準退出。到目前為止，我們已經宣布了幾個步驟：將我們在巴基斯坦的業務模式重新設計為與當地分銷商合作的進口模式，管理貿易關係，停止在印度和菲律賓銷售洗衣液，退出一些企業市場的幾種低端口腔護理產品，將玉蘭油品牌的重點放在最俱生產力的歐洲市場上，並精簡我們的博朗設備組合併專注於企業市場。這些措施旨在隨著重組計劃的進一步推進而加速成長。

Also, these portfolio moves enable us to make related interventions in our supply chain, right-sizing, right-locating production to drive efficiencies, faster innovation, cost reduction, and even more reliable and resilient supply.

此外，這些投資組合措施使我們能夠對供應鏈進行相關幹預，調整規模，正確定位生產，以提高效率，加快創新，降低成本，甚至實現更可靠和更有彈性的供應。

As part of the two-year program, we are making additional organization, process, and technology changes to enable an even more agile, empowered, and accountable organization, making roles broader, teams smaller and faster, and work more fulfilling and more efficient; actively reducing, eliminating, or automating internal work processes; supporting teams with data and technology to increase capacity and capability to focus on integrated plans to deliver superior propositions to our consumers versus spending time internally.

作為這項為期兩年的計劃的一部分，我們正在進行額外的組織、流程和技術變革，以使組織更加靈活、更有權力、更負責，擴大角色範圍，縮小團隊規模，加快進程，使工作更加充實和高效；積極減少、消除或自動化內部工作流程；透過數據和技術支援團隊，提高能力和專注於綜合計劃的能力，為消費者提供更優質的服務，而不是將時間浪費在內部。

We expect to reduce up to 7,000 non-manufacturing roles, or up to 15% of our current non-manufacturing workforce over this fiscal year and fiscal '27. We're making very good progress with organization design to deliver this objective. While not easy, we firmly believe this will further empower our highly capable and agile organization that is ready to step forward to create value for all consumers, customers, and shareowners.

我們預計本財年和 27 財年將減少多達 7,000 個非製造業崗位，相當於目前非製造業勞動力的 15%。我們在組織設計方面取得了很大進展，以實現這一目標。雖然這並不容易，但我們堅信這將進一步增強我們高能力和敏捷的組織的能力，使其隨時準備為所有消費者、客戶和股東創造價值。

We will continue our efforts to constructively disrupt ourselves, our industry, changing, adapting, creating new ideas, technologies, and capabilities that will extend our competitive advantage. These strategic choices across portfolio superiority, productivity, constructive disruption, and our organization will continue to reinforce and build on each other. We remain confident in our strategy and its importance, especially in challenging times, to drive market growth and to deliver balanced growth and value creation.

我們將繼續努力，建設性地顛覆我們自己和我們的產業，改變、適應、創造新的想法、技術和能力，以擴大我們的競爭優勢。這些涵蓋投資組合優勢、生產力、建設性顛覆和我們組織的策略選擇將繼續相互加強和發展。我們對我們的策略及其重要性充滿信心，特別是在充滿挑戰的時期，以推動市場成長並實現平衡成長和價值創造。

The long-term focus on the strength of our brands and categories is the best way to position ourselves for stronger growth when the economic climate and consumer confidence improves. This starts with a strong innovation plan and healthy investment to drive trial and user growth, the plan we are executing. As we said in the July earnings call, there are times when bigger steps are needed to bolster growth and value creation. The teams are on it.

長期關注我們品牌和產品類別的實力是當經濟環境和消費者信心改善時實現更強勁增長的最佳方式。這始於強有力的創新計劃和健康的投資，以推動試用和用戶成長，這是我們正在執行的計劃。正如我們在 7 月財報電話會議上所說，有時需要採取更大的措施來促進成長和價值創造。各隊都在努力。

Moving on to guidance for fiscal 2026. As you saw in our press release this morning, we're maintaining all guidance ranges for the fiscal year, organic sales growth of in line to 4%-plus. Global market growth for our portfolio footprint is around 2% on a value basis at the center of our guidance range. As a reminder, this guidance includes 30 to 50 basis points headwind from product and market exits that are part of restructuring work.

繼續討論 2026 財年的指導。正如您在我們今天早上的新聞稿中看到的，我們維持本財年的所有指導範圍，有機銷售額成長率將達到 4% 以上。在我們的指導範圍中心，我們投資組合的全球市場成長率約為 2%。提醒一下，本指南包括重組工作中產品和市場退出所帶來的 30 至 50 個基點的阻力。

As you consider phasing of top-line growth, we call that Q2 last year benefited from two spikes in orders related to port strikes. The actual port strike that took place early October and the concern of another strike in January. These dynamics will likely result in quarter two this year being the softest growth quarter for the year, with stronger growth in the back half.

當您考慮分階段實現營業收入成長時，我們認為去年第二季受益於與港口罷工相關的兩次訂單激增。十月初實際發生的港口罷工以及對一月再次罷工的擔憂。這些動態可能會導致今年第二季度成為全年成長最疲軟的季度，而下半年的成長將更加強勁。

On the bottom line, core EPS growth in line to 4%-plus, which equates to a range of $6.83 to $7.09 per share, or $6.96, up 2% of the center -- in the center of the range. While we delivered strong EPS growth in quarter one, we expect modest earnings growth over the balance of the year as investments in innovation and competitiveness increase, particularly in the US and in Europe.

從底線來看，核心每股收益成長率達到 4% 以上，相當於每股 6.83 美元至 7.09 美元的範圍，或 6.96 美元，上漲 2% - 處於範圍的中心。雖然我們在第一季實現了強勁的每股盈餘成長，但隨著對創新和競爭力的投資增加，尤其是在美國和歐洲，我們預計今年剩餘時間的利潤將保持溫和成長。

This outlook includes a commodity cost headwind of approximately $100 million after tax and a foreign exchange tailwind of approximately $300 million after tax. Our fiscal '26 outlook now includes approximately $500 million before tax in higher costs from tariffs. While this is an improvement to the isolated tariff impact, keep in mind that there are other offsetting impacts, including related supply chain investments and adjustments to pricing plans also assumed in our guidance.

這項前景包括稅後約 1 億美元的商品成本逆風和稅後約 3 億美元的外匯順風。我們對 26 財年的展望目前包括關稅導致的稅前約 5 億美元的增加成本。雖然這對單獨的關稅影響來說是一種改善，但請記住還有其他抵消影響，包括相關的供應鏈投資和定價計劃的調整，這些也在我們的指導中假設。

Below the operating line, we continue to expect modestly higher interest expense versus last fiscal year and the core effective tax rate in the range of 20% to 21% for fiscal '26, combined a $250 million after-tax headwind to earnings growth.

在營業線以下，我們繼續預期利息支出將比上一財年略高，26 財年的核心有效稅率將在 20% 至 21% 之間，這將為獲利成長帶來 2.5 億美元的稅後阻力。

We are forecasting adjusted free cash flow productivity in the range of 85% to 90% for the year. This includes an increase in capital spending as we add capacity in several categories and as we incur the cash cost from the restructuring work. We expect to pay around $10 billion in dividends and to repurchase approximately $5 billion in common stock, combined the plan to return roughly $15 billion of cash to shareowners in fiscal '26.

我們預測今年調整後的自由現金流生產力將在 85% 至 90% 之間。這包括隨著我們增加多個類別的產能以及重組工作產生的現金成本而增加的資本支出。我們預計將支付約 100 億美元的股息併回購約 50 億美元的普通股，計劃在 26 財年向股東返還約 150 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 or other cost increases, geopolitical disruptions, major supply chain disruptions, or store closures are not anticipated within the guidance ranges. So again, a solid start to the year, growing sales and earnings, and returning strong levels of cash to shareowners as we look to strengthen investment and demand creation throughout the balance of the fiscal year.

該展望基於當前的市場成長預測、商品價格和外匯匯率。指導範圍內預計不會出現顯著的額外貨幣疲軟、商品或其他成本上漲、地緣政治中斷、重大供應鏈中斷或商店關閉。因此，我們再次祝福今年有一個良好的開端，銷售額和收益不斷增長，並向股東返還大量現金，我們希望在整個財政年度加強投資和需求創造。

We continue to believe the best path to sustainable balanced growth is to double down on the strategy, excellent execution of an integrated set of market constructive strategies delivered with a focus on balanced top and bottom line growth and value creation, starting with a commitment to deliver irresistibly superior propositions to consumers and retail partners. We are taking proactive steps to improve the execution of the strategy and our ability to deliver our growth and value creation objectives. With that, we'll be happy to take your questions.

我們始終堅信，實現永續平衡成長的最佳途徑是加倍重視策略，出色地執行一套綜合的市場建設性策略，重點關注平衡的頂線和底線成長和價值創造，首先致力於向消費者和零售合作夥伴提供不可抗拒的優質服務。我們正在採取積極措施，改善策略執行情況，提高實現成長和價值創造目標的能力。我們很樂意回答您的問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作員指示）摩根士丹利的 Dara Mohsenian。

Hey, good morning. So I just wanted to touch on the restructuring you announced back in June, given you're now a few months into putting the initial plans into place. A, just how do you think the organizational changes are being received internally by your workforce, given there's a significant reorg and also rationalization of the job roles at P&G?

嘿，早安。因此，我只想談談您在六月宣布的重組，因為您現在已經實施了幾個月的初步計劃。答：鑑於寶潔公司對職位進行了重大重組和合理化，您認為員工內部對這些組織變革的接受程度如何？

And then just B, the context externally, is it a more difficult top-line environment in general in CPG that's also volatile, so I’d just love a high-level overview of what the reorg does for the organization and P&G's competitiveness relative to that challenging broader industry landscape.

然後，B，從外部背景來看，CPG 的整體營收環境是否更加困難，而且也更加不穩定，所以我很想從高層次概述一下重組對組織的影響，以及寶潔在充滿挑戰的更廣泛的行業格局中的競爭力。

Good morning, Dara. Thanks for the question. Yeah, so let me take both elements here in turn. Starting with the progress we are making, we are right now perfectly on track on all elements of the restructuring execution. This is never easy, especially when we're talking about reducing our enrollment.

早安，達拉。謝謝你的提問。是的，那麼讓我依序討論這兩個要素。從我們正在取得的進展來看，目前重組執行的所有環節都進展順利。這絕非易事，尤其是當我們談論減少招生人數時。

I think the organization is taking it in stride because the mission is clear. We have now constructive plans in every business around the world on which roles to reduce and how to organize ourselves with the vision of creating a more agile and better executing organization for the future.

我認為該組織正在從容應對這項挑戰，因為其使命很明確。我們現在對全球每個企業都制定了建設性計劃，包括減少哪些職位以及如何組織我們自己，以期為未來創建一個更靈活、執行力更強的組織。

So if you go through the three components of the restructuring program, on the portfolio side, this is just the regular execution of portfolio discipline. We have now reviewed all brand, country, and category combinations to ensure that we can add value. And in those where we found that we cannot add value, you see us changing the business model or reallocating resources.

因此，如果您了解重組計劃的三個組成部分，從投資組合方面來看，這只是投資組合紀律的常規執行。我們現在已經審查了所有品牌、國家和類別組合，以確保我們能夠增加價值。當我們發現無法增加價值時，我們就會改變商業模式或重新分配資源。

You heard us just talk about the projects that we can announce today, which is the business model change in Pakistan and some of the portfolio streamlining across our Fem Care business et cetera. So those elements are now clearly defined. We are working through the execution, and I feel very good about the progress we are making. We'll end up with a faster-growing and more effective portfolio when we're done.

您剛剛聽到我們談論了我們今天可以宣布的項目，即巴基斯坦的商業模式變革以及我們的女性護理業務等部分產品的投資組合精簡。因此這些元素現在已經明確定義。我們正在努力執行，我對我們所取得的進展感到非常滿意。當我們完成後，我們將擁有一個成長更快、更有效的投資組合。

On the supply chain side, these portfolio choices give us flexibility to take another look at our supply chain. And again, I think the product supply teams around the world now have firmly confirmed what the interventions are they want to make, and we are in execution mode. This will give us both a cost savings element but also an agility and supply assurance element which we feel very good about.

在供應鏈方面，這些投資組合選擇使我們能夠靈活地重新審視我們的供應鏈。而且，我認為世界各地的產品供應團隊現在已經明確確認了他們想要採取的干預措施，我們正處於執行模式。這不僅能為我們節省成本，還能提高靈活性和保證供應，對此我們感到非常滿意。

The third component, up to 7,000 loan manufacturing head count reduction really is the enabler for us to create smaller teams that are better set up. We are fully digitally enabled data access and analysis to focus on the consumer and focus on brand building. And those org designs have now been developed.

第三個因素是，貸款製造部門員工數量減少多達 7,000 人，這確實使我們能夠創造出更小、設置更完善的團隊。我們完全數位化地實現數據存取和分析，以消費者為中心並專注於品牌建立。這些組織設計現在已經發展。

They are slightly different in every category as they should be because the contacts and the work in every category is different but they have the consistent objective to create smaller teams that are focused on the brand. They are digitally enabled, and we're building some of these technologies and platforms globally.

他們在每個類別上都略有不同，這是理所當然的，因為每個類別中的聯絡人和工作都不同，但他們的目標一致，即創建專注於品牌的小團隊。它們都具備數位化功能，我們正在全球範圍內建立其中一些技術和平台。

Some of them are individual. And they will ultimately result in what I see as the third step of the organization evolution when we went from the ticket to fully enabled category end-to-end, now to smaller brand teams that are enabled by technology to be much faster and much more consumer-centric. And that, combined with Supply Chain 3.0, which will change the way that our supply chain operates via automation and digital towards is very exciting for us.

其中一些是個別的。它們最終將導致我所看到的組織演變的第三步，即我們從票據到完全啟用的端到端類別，現在到由技術支援的更小的品牌團隊，其速度更快，更加以消費者為中心。並且，與供應鏈 3.0 相結合，將透過自動化和數位化改變我們的供應鏈運作方式，這對我們來說非常令人興奮。

The short-term benefit is cost and fuel for us to be able to invest over the next 12 to 18 months into the very strong innovation programs that we're launching. I think the longer-term benefit is just an even strengthened portfolio and a strengthened organization.

短期利益是成本和燃料，使我們能夠在未來 12 到 18 個月內投資於我們正在啟動的非常強大的創新計劃。我認為長期利益只是更強化的投資組合和更強化的組織。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Andre, I just wanted to maybe click in a bit more on some of the subcategories in North America. And in particular, on Fabric Care, and Baby Care, where you noted a bit more, I think, competitive activity. Obviously, there's a list of innovation that you outlined over the coming year. But maybe you can just give us a bit more detail on what you're seeing real time from a competitive standpoint, both in North America Fabric Care and Baby Care.

安德烈，我只是想進一步了解北美的一些子類別。特別是在織物護理和嬰兒護理方面，我認為您注意到了更多的競爭活動。顯然，您列出了未來一年的創新清單。但也許您可以從競爭的角度向我們詳細介紹您在北美織物護理和嬰兒護理領域的即時情況。

Look, both are obviously big and important categories for us. And as you will -- have seen in the results, both are not delivering at the level that we want them to deliver. And as you pointed out, what we see is a heightened competitive environment, which is not unexpected, where consumers are a bit more careful in terms of purchase decisions and consumption. The market gets tighter. And some of the response -- competitive response is increased promotion and that's certainly what we're seeing both in Fabric Care and in Baby Care.

看，這兩個類別對我們來說顯然都是很大且重要的類別。正如您在結果中看到的那樣，這兩項舉措都沒有達到我們期望的水平。正如您所指出的，我們看到競爭環境更加激烈，這並不出乎意料，消費者在購買決策和消費方面更加謹慎。市場變得更加緊張。而一些反應——競爭反應就是增加促銷，這正是我們在織品護理和嬰兒護理領域所看到的。

Our response to a more competitive environment has to be a more integrated answer, which is what we are executing across both baby and Fabric Care. So when we talk about driving integrated superiority, that's what we mean. And while value or promotion might be a component to that answer, the real solution here to create sustainable growth is to drive innovation and drive superiority, communicate that innovation with the right claims, meaningful to the consumer, meaningful to the retailer, get the retailer support online and in physical stores and thereby create value for the consumer that is attractive.

面對更激烈的競爭環境，我們必須採取更全面的應對措施，這也是我們在嬰兒護理和織物護理領域所採取的措施。因此，當我們談論推動綜合優勢時，我們的意思就是這個。雖然價值或促銷可能是答案的一部分，但創造可持續成長的真正解決方案是推動創新和推動優勢，用正確的主張傳達創新，對消費者有意義，對零售商有意義，獲得零售商在線和實體店的支持，從而為消費者創造有吸引力的價值。

Where we've done that, specifically on Baby Care, we're seeing the results. So we've continued to innovate and stay ahead on Swaddlers, on Cruisers 360, on the pants business, and we continue to do so, and we see share growth.

我們這麼做了，特別是在嬰兒照護方面，我們看到了成果。因此，我們不斷創新，在 Swaddlers、Cruisers 360 和褲子業務上保持領先地位，我們繼續這樣做，並且看到了份額的增長。

We have intervened on the value tier with love Platinum innovation which we've launched in the fall of last year, and we have been able to grow share, even competing in what is probably the most pressured tier within the Baby Care portfolio. And we are now expanding that same approach to the mid-tier, launching the first wave of Baby Dry, which is our mid-tier innovation in the fall and the second part of that innovation in the spring. And we are confident that the share pattern will follow the same playbook as we've seen.

我們利用去年秋季推出的白金創新技術介入了價值層級，並且已經能夠擴大市場份額，甚至在嬰兒護理產品組合中壓力最大的層級中也能參與競爭。現在，我們正在將相同的方法擴展到中端產品，推出第一波 Baby Dry，這是我們秋季的中端創新，並在春季推出該創新的第二部分。我們相信，份額模式將遵循我們所見的相同劇本。

You've heard us talk about the innovation in Fabric here. The Tide liquid innovation is truly exciting. The biggest upgrade in 20 years, a significant investment, great commercialization. We believe that is the right answer to drive trade-up and continue to create category growth. We're adding on Tide evo, which will add a completely new form to the category. And again, that's the path forward to drive category growth, share growth in a sustainable way.

您已經聽過我們在這裡談論 Fabric 的創新。Tide 洗衣液的創新確實令人興奮。這是20年來最大的升級，巨大的投資，偉大的商業化。我們相信這是推動升級和繼續創造品類成長的正確答案。我們正在添加 Tide evo，它將為該類別添加一種全新的形式。再次強調，這是推動品類成長、以永續的方式實現份額成長的前進之路。

Last comment, this plan takes longer. It's not as easy as storing promotion funding out there. But again, we believe that is the way to both create value for our consumers and for our retail partners and shareholders.

最後一條評論，這個計劃需要更長的時間。這並不像儲存促銷資金那麼簡單。但我們再次相信，這是為我們的消費者、零售合作夥伴和股東創造價值的方式。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Just wanted to touch on the market share stats as the global market share down 30 basis points. I know that can be very impacted by geographic mix to some elements, but even just at the 24 of 50 category country combinations are holding or gaining share is on the low side.

我只是想談談市佔率統計數據，因為全球市佔率下降了 30 個基點。我知道地理分佈對某些要素的影響很大，但即使在 50 個類別中，只有 24 個國家的組合保持或獲得了較低的份額。

So I'm asking for you to walk through the 26 that are troubled. Maybe just where might you call out some particular hotspots of activity things where is it a matter of macro and positioning and relative affordability at this time? Is it a matter of the innovation that's yet to come, you think will be the answer, but it was a pretty stark statistic, and I'd love to get your thoughts on that.

所以我請求你走過這 26 個陷入困境的地方。也許您可以指出一些特定的活動熱點，目前這是一個宏觀、定位和相對可負擔性的問題？您認為這是尚未出現的創新的問題嗎？答案是肯定的，但這是一個非常嚴峻的統計數據，我很想聽聽您對此的看法。

Lauren. Yeah, global aggregate share, as you point out, is down 30 basis points over the past three and past six months. if you look the past one month, we're closer to flat. So the last reading is 0.1%-minus, but I would view that as normal variability.

勞倫。是的，正如您所指出的，全球總份額在過去三個月和六個月中下降了 30 個基點。如果您回顧過去一個月，我們會發現情況更接近持平。因此，最後的讀數是負 0.1%，但我認為這是正常的變化。

I think the hotspot. So let's talk with the US. Let's start with the US. I think we're coming from a very strong base period, and there are some categories where we clearly see increased promotional activity. We touched on Baby Care.

我認為是熱點。那麼就讓我們與美國談談吧。讓我們從美國開始。我認為我們正處於一個非常強勁的基期，我們清楚地看到某些類別的促銷活動增加。我們討論了嬰兒護理。

We've seen very aggressive rollbacks and promotion activity in the Baby Care mid-tier section. We also see very intense promotions in Fabric Care. We've seen a period of intense promotion in Oral Care. So certainly, the competitive aggressiveness has increased. And the way we respond is more structural.

我們看到嬰兒護理中端產品領域出現了非常激進的降價和促銷活動。我們也看到織物護理領域的促銷活動非常激烈。我們已經看到口腔護理領域出現了一段激烈的促銷時期。因此，競爭的激烈程度無疑地有所增強。我們的因應方式更加結構化。

It takes a bit more time. While we will remain value competitive in the short term, we truly believe the right answer here is to drive integrated superiority with innovation and investment in our brands. And the positive read of the US shares would be that if you look sequentially, we are actually increasing absolute share.

這需要多一點的時間。雖然我們在短期內仍將保持價值競爭力，但我們堅信，正確的答案是透過創新和對品牌的投資來推動綜合優勢。而美國股市的正面解讀是，如果你連續觀察，我們其實正在增加絕對份額。

So past 12, past 6, past 3, past 1 month, our absolute share in the US went from $33.6 to $33.9 to $34.1 to $34.9. So absolute shares are moving in the right direction. We are still annualizing a relatively high base period, but the plans are clearly in place, I think, to exit the year with share growth in the US.

過去12個月、6個月、3個月，以及1個月裡，我們在美國的絕對份額從33.6美元漲到33.9美元，再漲到34.1美元，最後漲到34.9美元。所以，絕對份額正在朝著正確的方向發展。我們仍在對相對較高的基期進行年化，但我認為，該計劃顯然已經到位，以便在年底實現美國市場份額的增長。

Europe is a very similar situation. Competitors have been not very active over the past years, and we see some of our competitors headquartered in Europe, get back in the arena which, if it's driven by innovation is a good thing in our mind. It drives attention to the categories. But in some cases, it's also very heavy promotion.

歐洲的情況非常相似。過去幾年，競爭對手不太活躍，我們看到一些總部位於歐洲的競爭對手重返賽場，如果這是由創新推動的，我們認為這是一件好事。它引起了人們對類別的關注。但在某些情況下，這也是非常大力的推廣。

So if you look at Fabric Care, for example, in our Germany business, we were up last year same quarter, 33%. We are down this year because we have competitive activity in the market. The playbook is the same. We will continue to invest in integrated superiority.

例如，如果你看一下織物護理業務，在我們的德國業務中，去年同一季度我們的銷售額成長了 33%。由於市場競爭激烈，我們今年的業績下滑。劇本是一樣的。我們將繼續投資於綜合優勢。

On the other hand, if I look at our China business, very strong progress. We probably started the right interventions in China because of a difficult market environment earlier about two years ago. And with the interventions in innovation, the interventions in go-to-market capability, we now see solid progress in a difficult market environment, again, China Mainland up 6%, SK-II Baby Care up 20%.

另一方面，如果我看一下我們的中國業務，就會發現進展非常強勁。大約兩年前，由於市場環境艱難，我們開始在中國採取正確的干預措施。透過對創新的干預和對市場進入能力的干預，我們現在看到在艱難的市場環境中取得了堅實的進展，中國大陸再次增長了 6%，SK-II 嬰兒護理增長了 20%。

So it gives us confidence that these interventions were driving. They take some time, but they ultimately result in what we want in terms of market growth and share growth. Last example I'll give you on the success. If we do this right, is Latin America, again, 7% growth in the quarter, broad-based in Mexico, in Brazil and in a lot of smaller markets driven by a strong portfolio with strong innovation.

因此，我們相信這些幹預措施正在發揮作用。雖然這需要一些時間，但最終會實現我們想要的市場成長和份額成長。我將向您提供最後一個例子來說明成功。如果我們做得對的話，拉丁美洲本季將再次實現 7% 的成長，主要得益於墨西哥、巴西和許多較小的市場，這些市場由強大的投資組合和強大的創新推動。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Andre, maybe talk a little bit more elaborating on China picking up on what you had just spoken to. A good result this quarter with Greater China, up 5%. Maybe just a little bit more perspective about what you've seen evolving on the ground in that market, how the business was trending entering the quarter versus how it exited. And just how confident you are in the relative progress you've seen so far just sustaining through the year?

安德烈，也許您可以更詳細地談談中國，延續您剛才所說的內容。本季大中華區業績表現良好，成長 5%。也許只是稍微多一點了解一下您所看到的該市場的實際發展情況，以及進入本季時業務的趨勢與退出時的業務趨勢。您對今年迄今所取得的相對進展有多大信心？

Thank you, Steve. Let me maybe start with the team on the ground and the interventions they have made. I think it was clear to the team that the consumer environment will not get easier. The competitive environment will not get easier. And therefore, we had to fundamentally change many of the variables that drive the business.

謝謝你，史蒂夫。讓我先從實地團隊及其採取的干預措施開始。我認為團隊很清楚消費者環境不會變得更輕鬆。競爭環境不會變得更容易。因此，我們必須從根本上改變推動業務發展的許多變數。

And that's, I think, what the China team has done very successfully. They basically lifted up every part of the business model across all categories. They completely changed the go-to-market model, including the incentive system for the distributor network, which is critical in China. They've launched consistently strong innovation grounded in local insights. When I think about our Baby Care business growing 20%, that certainly is driven by absolutely superior consumer insights and innovation that matches those insights.

我認為，這就是中國隊做得非常成功的事情。他們基本上提升了所有類別的商業模式的每個部分。他們徹底改變了市場進入模式，包括經銷商網路的激勵制度，這在中國至關重要。他們根據本地見解不斷推出強勁的創新。當我想到我們的嬰兒護理業務成長了 20% 時，這無疑是由絕對卓越的消費者洞察力和與這些洞察力相匹配的創新所推動的。

And lastly, they've changed the way we communicate with consumers and the way we collaborate with our most strategic customers, many of them online businesses. So all of that has resulted in, I think, a good turn of the business. It is China. So I'm not pretending that this will be a straight line. this can go up and down.

最後，它們改變了我們與消費者溝通的方式以及我們與最具戰略意義的客戶（其中許多是網路企業）合作的方式。所以我認為，所有這些都使業務取得了良好的轉變。這就是中國。所以我並不是假裝這是一條直線。它可以上下移動。

But now we have two points on -- that we can connect and both points are pointing in the right direction. But again, I would urge us to be also cognizant of the fact that we're dealing with a volatile market environment.

但現在我們有兩個點——我們可以連接，這兩個點都指向正確的方向。但我再次敦促我們認識到，我們正面臨著一個動盪的市場環境。

A couple of examples that we are particularly proud of, number one, SK-II, just the discipline with which the team worked on the brand fundamentals on strong innovation, having the courage to launch a super-premium in addition to the core I think is paying dividends. SK-II up 12%, and even the travel retail business has now turned positive.

有幾個例子讓我們特別自豪，第一，SK-II，團隊在品牌基本面上工作時所表現出的紀律性，強大的創新能力，以及除了核心產品之外還勇於推出超高端產品的勇氣，我認為這正在帶來回報。SK-II 成長了 12%，甚至旅遊零售業務現在也已轉為正值。

We have streamlined our Fabric Care portfolio, launched innovation that is truly superior. The business is up 5 points. The Hair Care business where we've been able to innovate is growing. And on the Skin Care business, the mass Skin Care business, Olay, is growing, and Skin & Personal Care in aggregate is growing 8%. And I mentioned Baby Care.

我們簡化了織物護理產品組合，推出了真正卓越的創新產品。生意上升了5個百分點。我們能夠創新的護髮業務正在不斷發展。在護膚品業務方面，大眾護膚品業務玉蘭油正在成長，皮膚和個人護理產品整體成長了 8%。我提到了嬰兒護理。

So while the consumer sentiment is still somewhat less confident. I think the team has found a way to break through. Don't expect it will be a straight line, but I feel very good about the progress we've made.

因此，消費者信心仍有些不足。我認為球隊已經找到了突破的方法。不要指望它會是一條直線，但我對我們的進展感到非常滿意。

Rob Ottenstein, Evercore.

奧滕斯坦 (Rob Ottenstein)，Evercore。

Great. I want to swing back to the US, and there was a lot of talk about the need for competitive promos that are going on in the market. And I guess my question is, as you look at the other side of that, which is the consumer side and the research you're doing on the consumer, has affordability become a bigger driver of consumer choice in the quarter? Do you expect that to continue?

偉大的。我想回到美國，有很多關於市場上需要進行競爭性促銷的討論。我想我的問題是，當你從另一個角度來看，也就是消費者方面，以及你對消費者所做的研究時，負擔能力是否已經成為本季消費者選擇的更大驅動力？您認為這種情況會持續下去嗎？

And then specifically, if that is the case, that it is a bigger driver, how do you look to address affordability apart from innovations, but looking at whether it's a change in shift in channel strategy, RGM, price pack architecture, other ways to get at affordability issues.

然後具體來說，如果情況確實如此，它是一個更大的驅動力，那麼除了創新之外，您如何解決可負擔性問題，而是看看它是否透過通路策略、RGM、價格包架構的轉變，或其他方式來解決可負擔性問題。

Thanks, Robert. I wouldn't call it affordability. I would say value is clearly in the center of the equation and value defined as price over integrated performance, which is the other four vectors that we're talking about. We continue to see consumers trade up. Price/mix is positive, mix is positive in the US, where the value equation is attractive for consumers.

謝謝，羅伯特。我不會稱之為可負擔性。我想說的是，價值顯然處於等式的中心，價值定義為價格除以綜合性能，也就是我們正在討論的其他四個向量。我們持續看到消費者的消費升級。價格/組合為正值，在美國，組合為正值，價值等式對消費者俱有吸引力。

In some channels, we see the majority of growth in our categories in the premium end, not in the value end of the lineup. We also see continued decline of private label. Actually, private label shares in the US are now down 50 basis points. So for the first time, private label shares dropping below 16%. And which was kind of the historical threshold.

在某些通路中，我們發現我們產品類別的大部分成長都集中在高端產品上，而不是價值產品。我們也看到自有品牌持續衰退。事實上，美國自有品牌股價目前已下跌 50 個基點。因此，自有品牌份額首次跌至 16% 以下。這是一種歷史性的門檻。

And as I mentioned, our sequential value share is actually improving by more than 1 point even though we've not quite caught the base period yet. I think the right answer to the environment we're in is to serve the consumer where they want to shop and with the cash outlay and the value tier that they are prepared to go after.

正如我所提到的，儘管我們還沒有完全趕上基期，但我們的連續價值份額實際上提高了 1 個百分點以上。我認為，針對我們所處的環境，正確的答案是在消費者想要購物的地方為他們提供服務，並提供他們願意追求的現金支出和價值層級。

And I think we have built very strong price letters across different tax sizes. We continue to optimize those. So we find in some channels that we might have cross price points relative to competitive offerings we need to adjust.

我認為我們已經針對不同的稅收規模建立了非常強大的價格信函。我們將繼續優化這些。因此，我們發現在某些管道中，我們可能存在與競爭產品相關的交叉價格點，我們需要進行調整。

We will adjust those quickly. But we are present in every channel across the US so we can compete with the right price points, both on shelves and in promotion as we need to. We continue to innovate across every value tier. You heard me talk about Love, for example, in baby dry -- in Baby Care, but we're also innovating at the top end, and both are successful if we do it if we do it right.

我們將迅速進行調整。但我們在美國各地都有銷售管道，因此我們可以在貨架和促銷方面以合適的價格競爭。我們不斷在各個價值層面進行創新。例如，您聽到我談論愛，談論嬰兒乾爽產品——嬰兒護理產品，但我們也在高端領域進行創新，如果我們做得正確，那麼兩者都會成功。

I think the channel play is interesting because the consumers continue to move into -- a good part of the consumer continues to move into larger pack sizes. They shop in mass in club and online. And so we need to make sure that we have the right value offering there, and we're working on that with all of our retail partners.

我認為通路運作很有趣，因為消費者不斷轉向——很大一部分消費者繼續轉向更大包裝的尺寸。他們在俱樂部和網上大量購物。因此，我們需要確保我們在那裡提供正確的價值，並且我們正在與所有零售合作夥伴一起工作。

And then some consumers continue to live paycheck to paycheck, and they are looking for smaller cash outlay. They're really looking at low promoted prices so they can stretch the paycheck a little bit longer and we're, again, very intentionally driving our competitiveness there.

而有些消費者則繼續靠薪水過活，他們希望減少現金支出。他們確實在尋找低促銷價格，以便他們可以延長薪水發放時間，而我們再次非常有意地提高我們的競爭力。

But again, I come back to where I started. I wouldn't say it's affordability. I think it's sharper value and how we present that value to the consumer is critical. And we don't believe it's just price. We believe it's the combination of all factors that we need to integrate.

但我又回到起點了。我不會說這是可以承受的。我認為它具有更鮮明的價值，而我們如何向消費者呈現這種價值至關重要。我們認為這不僅僅是價格問題。我們相信我們需要整合所有因素。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

I wanted to follow up on your commentary in China, Andre, I think it sounds like SK-II and Olay and as such, our broader Personal Care business in China were similar to last quarter. Correct me if that's wrong, but I do think it implies then that you're seeing improvement in businesses outside of that Skin & Personal Care segment in China.

安德烈，我想跟進你在中國的評論，我認為這聽起來像 SK-II 和玉蘭油，因此，我們在中國的更廣泛的個人護理業務與上一季度相似。如果我說錯了，請糾正我，但我確實認為這意味著你看到中國皮膚和個人護理領域以外的業務有所改善。

Would you agree with that assessment? And are you seeing signs that improvement is durable? Or were there any factors that are specific to the quarter that may have helped that business. So I just wanted to test that just a little bit.

您同意這個評估嗎？您是否看到了改善具有持久性的跡象？或本季是否存在可能對該業務有幫助的特定因素。所以我只是想稍微測試一下。

Yeah. Chris, no, good pressure test. You're right. I think we're seeing our Skin and Personal Care business is moving along. It's slightly accelerating in terms of growth rate, but we see consistency in terms of results getting better.

是的。克里斯，不，良好的壓力測試。你說得對。我認為我們的皮膚和個人護理業務正在順利發展。就成長率而言，它略有加快，但就結果而言，我們看到一致性不斷改善。

We also see the other categories picking up pace. As I mentioned, Fabric Care is up now 5%. We made portfolio interventions. We have strong innovation out there. We're driving distribution.

我們也看到其他類別的成長速度正在加快。正如我所提到的，織物護理價格目前上漲了 5%。我們進行了投資組合幹預。我們擁有強大的創新能力。我們正在推動分銷。

Our Fem Care business is growing. Our Hair Care business is growing with a more streamlined and focused portfolio. Baby Care continues to accelerate with 20% growth. So the breadth is comforting. And the other comforting fact is that we understand what we did and what it's doing in the market.

我們的女性護理業務正在成長。我們的護髮業務正在不斷發展，產品組合更加精簡、更加集中。嬰兒護理產品持續加速成長，成長率達到 20%。因此，廣度令人欣慰。另一個令人欣慰的事實是，我們了解我們做了什麼以及它在市場上產生了什麼影響。

So our approach to how we define the priority and how we execute it, I think it's paying dividends. So that's reassuring that better consumer understanding, innovation that is grounded in that understanding with better shelf and retail execution, online and in stores is paying dividends.

因此，我認為我們確定優先事項和執行優先事項的方法正在帶來回報。因此，令人欣慰的是，更好地理解消費者、以這種理解為基礎的創新以及更好的貨架和零售執行（無論是在線還是在商店中）正在帶來回報。

So I have a high level of comfort with the results and the breadth of results and how we accomplish them. It's still China. So we will continue to observe. I would -- we continue to expect some volatility here. We continue to expect strong competitive activity. But if I had to summarize, I think we are well positioned to continue to build the business in China. The market, hopefully, will strengthen over time, which will be a tailwind, and we'll keep track of where we are over the next two quarters.

因此，我對結果、結果的廣度以及我們如何實現這些結果感到非常滿意。依然是中國。因此我們將繼續觀察。我會——我們繼續預期這裡會出現一些波動。我們繼續期待激烈的競爭活動。但如果我必須總結的話，我認為我們已準備好繼續在中國開展業務。希望市場能夠隨著時間的推移而增強，這將成為順風，我們將在接下來的兩個季度中追蹤市場的發展。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I was trying to -- Andre to dive into a little bit more on the price/mix and then by categories. I know you had invested more in Loves and in particular, in diapers in the US. So I was hoping to see if you've seen response from the consumer. You did say that consumers in general have been into premiumization, but obviously, that's a picture -- overall picture.

我試圖——安德烈更深入地探討價格/組合，然後按類別進行探討。我知道您在 Loves 上投入了更多資金，特別是在美國的尿布上。所以我希望看看您是否看到了消費者的反應。您確實說過，消費者普遍已經接受了高端化，但顯然，這只是一個整體情況。

I wonder if you can kind of give us some examples of ways the Procter has been more active in pivoting for that low-income consumer and in categories where they are looking for value not only in diapers but also in paper goods.

我想知道您是否可以給我們舉一些例子，說明寶潔如何更積極地針對低收入消費者進行轉型，以及他們不僅在尿布而且在紙製品中尋求價值的類別。

Thanks, Andrea, for the question. The first part of my answer will sound familiar, but where we choose to play, we choose to be superior. And that's across all value tiers. So when we innovate, we innovate across all tiers. So for example, the most recent auto dish innovation on Cascade was a formula upgrade across the super-premium, the premium and the mid-tier.

謝謝安德里亞提出的問題。我的回答的第一部分聽起來很熟悉，但是我們選擇在哪裡玩，我們就選擇在哪裡表現得更優秀。這涵蓋了所有價值層級。因此，當我們創新時，我們會在各個層面進行創新。例如，Cascade 上最新的自動選菜創新是對超高階、高階和中階車型的配方升級。

As we've talked many times on this call already, we've upgraded our product lineup on the super-premium, the premium side and diapers the value side of diapers and we are about to upgrade the mid-tier.

正如我們在這次電話會議中多次談到的那樣，我們已經升級了超高端、高端和價值型尿布的產品線，並且我們即將升級中階產品線。

The same is true across categories. In Olay, for example, the most successful lineup is the super serum lineup right now, and that's at a premium to the market. And we're driving innovation on the Jars business with better execution, better packaging, a shelf reset, which is going into the market starting in O&D.

不同類別的情況也一樣。以玉蘭油為例，目前最成功的產品線是超級精華系列，而且該系列產品在市場上有溢價。我們正在透過更好的執行、更好的包裝、貨架重置來推動罐裝業務的創新，這些將從 O&D 開始進入市場。

And when we get this right, the consumer responds. We see volume share growth and value share growth, and we see trade in and trade up, which is ultimately what we're trying to accomplish.

當我們做對了，消費者就會做出反應。我們看到銷售份額和價值份額的成長，我們看到以舊換新和升級，這正是我們最終想要實現的目標。

So when we're upgrading Tide liquid, we're also upgrading the other forms and tiers within the laundry lineup, for example, we're upgrading the gain lineup as well. And that combination of tier approach with the right tax sizes, as Robert pointed out, with the right channel distribution and the right promotion strategy to drive trial is what that drives the reports.

因此，當我們升級汰漬洗衣液時，我們也在升級洗衣產品線中的其他形式和層級，例如，我們也在升級增益產品線。正如羅伯特所指出的那樣，分層方法與正確的稅收規模相結合，加上正確的通路分銷和正確的促銷策略來推動試用，這就是推動報告的因素。

Now we've not done that across the full portfolio in the US. And that's really the work that we are approaching over quarter two, quarter three, and quarter four that is enabled by the productivity progress, by the restructuring that allows us to push the investment, and I feel very good about the aggregate of the plan.

目前，我們還沒有在美國的整個投資組合中做到這一點。這確實是我們在第二季、第三季和第四季要開展的工作，這是透過生產力的進步和使我們能夠推動投資的重組來實現的，我對整個計劃感到非常滿意。

But you're pointing exactly at the right thing. We need to be sharp on integrated superiority in every value tier in which we play. If we do that, the consumer response, and we have the examples that I just mentioned to confirm that, that still works.

但你指出的確實是正確的。我們需要敏銳地掌握我們所處的每一個價值層級的綜合優勢。如果我們這樣做，消費者的反應，以及我剛才提到的例子來證實這一點，都是有效的。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Andre, I wanted to ask on some of the items that you called out in the guidance. You clearly lowered the headwind from commodities and tariffs. So maybe if you can give us some more color on what drove that lower headwind on those two items.

安德烈，我想詢問您在指南中提到的一些事項。您明顯降低了商品和關稅帶來的阻力。因此，您能否向我們詳細介紹一下導致這兩個項目逆風減弱的原因。

And then if you sum up all the items that you call out, it's now like a $0.19 headwind before it was $0.39. So you have some flexibility about $0.20, but obviously, the EPS guidance is unchanged.

然後，如果你把所有提到的項目加起來，它現在就像是0.19美元的逆風，之前是0.39美元。所以你在0.20美元左右有一定的彈性，但顯然，每股盈餘指引保持不變。

So can you walk us through like what is the offsetting factor? It seems like there's probably more investment in promotion in marketing to offset some of the competitive environment that you're seeing in the promotional environment. But maybe help us understand where is the incremental $0.20 of benefit being invested in.

那麼，您能向我們解釋一下抵銷因素是什麼嗎？看起來，可能需要在行銷促銷方面投入更多資金，以抵消促銷環境中看到的一些競爭環境。但也許可以幫助我們了解增量的 0.20 美元收益被投資到哪裡。

Thanks, Filippo. The commodity headwinds, you see the news on the petro complex oil is not -- is coming down. That's helping us from the energy side. And the tariff environment continues to be volatile, but the biggest help on tariffs has been exclusion of materials, natural materials, and ingredients that cannot be grown in the US.

謝謝，菲利波。大宗商品逆風，你看有關石油綜合體的消息，石油價格並沒有下降。這從能源方面對我們有幫助。關稅環境持續動盪，但對關稅的最大幫助是排除材料、天然材料和無法在美國種植的成分。

So when you think about eucalyptus pulp, when you think about psyllium, which is the core ingredient in some of our PHC products that is imported from India.

因此，當您想到尤加利漿時，當您想到車前子時，它是我們從印度進口的一些 PHC 產品的核心成分。

So the administration having an open year to adjust policy where product or ingredients cannot be produced in the US. Retaliatory tariffs coming down, Canada, resending retaliatory tariffs of 25% which just happened before the last quarterly call. And so those components in aggregate are representing the commodity and tariff headwinds.

因此，政府有一年的時間來調整不能在美國生產的產品或原料的政策。報復性關稅即將下調，加拿大重新徵收 25% 的報復性關稅，這發生在上次季度電話會議之前。因此，這些因素總體上代表了商品和關稅方面的不利因素。

On the question of guide impact. I will tell you there's really -- you called it out, right? Number one, we're in quarter one. So it's still very early. And as you can see, the tariff environment can change very quickly. You heard the administration's comments on Canada. And so there's still volatility in the impact for the year.

關於引導影響的問題。我會告訴你真的有——你說出來了，對吧？首先，我們處於第一季。所以現在還為時過早。如您所見，關稅環境變化非常快。您聽到了政府對加拿大的評論。因此，今年的影響仍存在波動。

Number two, a lot of the commodity -- a lot of the tariff changed. So for example, Canadian tariff we tended was linked to pricing. So as the tariff goes out, so does the pricing. So the net effect on the P&L within the year is limited.

第二，很多商品的關稅都改變了。例如，我們傾向的加拿大關稅與定價掛鉤。因此，隨著關稅的出台，價格也會隨之出台。因此，對年度損益的淨影響是有限的。

So volatility, it's still early, and you're very right, we want to absolutely preserve our ability to continue to invest because we have proof and we continue to be convinced based on the consumer reaction to where we successfully invested in integrated priority that this is the right path forward.

因此，波動性還為時過早，您說得非常正確，我們希望絕對保留繼續投資的能力，因為我們有證據，並且根據消費者對我們成功投資綜合優先級的反應，我們繼續確信這是正確的前進道路。

It is the path to stimulate category growth back to 3% to 4%. And within that, the path for P&G share growth in a sustainable way. So early in the year, still volatile reserve investment.

這是刺激品類成長回升至 3% 至 4% 的途徑。在此基礎上，寶潔的份額將持續成長。因此年初至今，儲備投資仍波動較大。

Peter Grom, UBS.

瑞銀的 Peter Grom。

So I wanted to ask a follow-up on North America. Andre, I think you mentioned consumption decelerated throughout the quarter, and you alluded to some of the phase-in considerations related to the port strike a year ago.

所以我想問一下有關北美的後續問題。安德烈，我想你提到整個季度的消費都在減速，並且你提到了與一年前港口罷工有關的一些分階段考慮。

So just maybe first, how do you see underlying category demand evolving from here? I know it might be a little bit harder now because you're lapping some of the impact, but just curious whether you would expect this deceleration to continue?

那麼首先，您認為未來基礎類別需求將如何發展？我知道現在可能會有點困難，因為你正在承受一些衝擊，但我只是好奇你是否預計這種減速會持續下去？

And then just related on the comment on the port strikes that will make 2Q the soft this quarter. Is there a way to frame how much of an impact these labs will have? Or maybe how much of a step back you would expect from where we started the year.

然後只是與港口罷工相關的評論，這將導致本季第二季表現疲軟。有沒有辦法確定這些實驗室會產生多大的影響？或者也許你會認為與年初相比我們倒退了多少。

Look, I think the North America consumption decelerated. So that's correct. We are -- we probably entered the year at about a strong 2%, 2.4% value consumption. We're now a week or two, so 1.8%, 1.9%.

看起來，我認為北美的消費正在減速。這是正確的。我們—我們今年的消費價值可能達到強勁的 2%、2.4%。現在已經是一兩週了，所以是 1.8%、1.9%。

Some of that is just variability of base periods. But I do believe that for the next two quarters, the consumption will be around the 1.5% to 2% range. And as you said, particularly in quarter two, because of the port strike in October and then the threatened port strike in January, what we expect to see is that the run rates of consumption, both on the market side and P&G side is probably going to continue. But you have a point higher base period. So that's probably the best way I can describe what we're expecting.

其中一些只是基準期的變化。但我相信未來兩季的消費將在1.5%到2%左右。正如您所說，特別是在第二季度，由於十月份的港口罷工以及一月份的港口罷工威脅，我們預計市場和寶潔方面的消費運行率可能會持續下去。但你有一個更高的基期。這可能是我能描述我們所期望的最好方式。

And if there's two things you need to take away is quarter two is going to be lower than quarter one and half two is going to be higher than half one. That's about the best logic I can give you.

如果有兩件事你需要記住，那就是第二季將低於第一季度，而第二季度的一半將高於第一季的一半。這是我能給你的最好的邏輯。

Over time, maybe last comment in the not too far future, if we are successful with everything we're doing with the investment, we expect category growth to return to percent, both in the US and at a global level. And again, that's job 1, 2 and 3, drive more users in the category, drive more usage and drive value per use. That's how we get back to 3%.

隨著時間的推移，也許在不久的將來，如果我們所做的一切投資都取得成功，我們預計類別成長率將恢復到百分比，無論是在美國還是在全球範圍內。再說一遍，這是工作 1、2 和 3，吸引更多該類別的用戶，推動更多使用並提高每次使用的價值。這就是我們如何回到 3% 的。

Olivia Tong, Raymond James.

奧利維亞·童，雷蒙德·詹姆斯。

Two questions for you, Andre. First, in terms of the regional outlook. Obviously, you just talked about the US, you've been pretty guarded in terms of China. But what about rest of world, just thinking through dynamics with respect to demand? How the consumer is doing in Western Europe and Latin America, in particular?

安德烈，我想問你兩個問題。第一，從區域前景來看。顯然，您剛才談到了美國，您對中國一直非常謹慎。但是，僅從需求動態的角度來思考，世界其他地區的情況又如何呢？西歐和拉丁美洲的消費者狀況如何？

And then in terms of some of the restructuring actions that you've taken, you mentioned some of the portfolio changes in the Middle East and then also in Fem Care. If you -- can you expand on that a little bit in terms of potentially bigger changes to the portfolio to make a step change in terms of the growth trajectory, either more culling -- more substantial culling of the portfolio or potentially looking the opposite way in terms of filling some of the gaps with inorganic growth?

然後，就您採取的一些重組行動而言，您提到了中東以及女性護理領域的一些投資組合變化。如果您——您能否就投資組合可能出現的更大變化稍微展開一下，以便在增長軌跡方面做出重大改變，無論是進行更多淘汰——更大規模地淘汰投資組合，還是可能從相反的角度來填補無機增長的一些空白？

Thanks, Olivia. Dynamics in Western Europe, very similar to North America, volume growth in the categories that we're in about 1%, value growth, around 2% week 2 and effectively, the same dynamics I described in North America.

謝謝，奧莉維亞。西歐的動態與北美非常相似，我們所涉及類別的銷售成長約為 1%，價值成長約為第 2 週的 2%，實際上，這與我在北美描述的動態相同。

LA continues to be strong. We saw 7% growth in the quarter. Last quarter was very strong. and we continue to drive market growth in the region. Strength in Brazil, up 6% or 7%, Mexico up 4%. So the LA region is doing well from a consumer standpoint and from a P&G standpoint.

洛杉磯繼續保持強勁勢頭。本季度我們實現了 7% 的成長。上個季度表現非常強勁。我們將繼續推動該地區的市場成長。巴西表現強勁，上漲 6% 或 7%，墨西哥上漲 4%。因此，從消費者和寶潔的角度來看，洛杉磯地區的表現都很好。

Asia, Middle East, Africa and Europe enterprise markets more muted, both geopolitically from a consumer standpoint and from a competitive standpoint, I expect that not to change. So in aggregate, I would say, enterprise markets probably around 3%, 4% developed markets, Europe, North America, around 2%. China is the wild card, still negative in terms of market growth. But again, we're making good progress. So that's as much perspective as I can give you.

亞洲、中東、非洲和歐洲的企業市場更加低迷，無論從消費者的地緣政治角度還是從競爭的角度來看，我預計這種情況不會改變。因此，總的來說，我認為企業市場大概佔 3% 左右，已開發市場佔 4%，歐洲和北美佔 2% 左右。中國是一個不確定因素，市場成長仍呈現負成長。但再次強調，我們正在取得良好進展。這就是我能給你的全部觀點。

On the bigger portfolio changes, look, the portfolio actions we are executing are really on the fringes, right? We are making sure that we do what we should do is ensure that we can create value in every category country combination in which we are, and if not, make the appropriate changes. And the type of change you've seen us announce in this release, that's about the type of change you should expect.

關於更大的投資組合變化，你看，我們正在執行的投資組合行動確實處於邊緣，對嗎？我們正在確保我們所做的是確保我們能夠在我們所處的每一個類別國家組合中創造價值，如果不能，就做出適當的改變。您在此版本中看到我們宣布的變更類型正是您所期望的變更類型。

There's nothing more dramatic that we're planning to do. We're very comfortable with the core portfolio that we're in. We've chosen these 10 categories very carefully and we continue to believe these are attractive categories in which P&G can continue to drive growth.

我們計劃要做的一切沒有比這更戲劇性的了。我們對自己的核心投資組合非常滿意。我們非常謹慎地選擇了這 10 個類別，我們仍然相信這些都是具有吸引力的產品類別，寶潔可以透過這些產品繼續推動成長。

We have talked about the growth opportunities within the existing portfolio across regions driving our brands in North America, serving underserved consumers in North America is a $5 billion opportunity, getting Europe consumption in the European markets to best-in-class in Europe from a household penetration standpoint is $10 billion.

我們已經討論了現有產品組合在各個地區推動我們品牌在北美的成長機會，為北美服務不足的消費者提供服務是一個 50 億美元的機會，從家庭滲透率的角度來看，讓歐洲市場的消費達到歐洲最佳水平是一個 100 億美元的機會。

And driving enterprise market penetration in those markets that are similar to GDP per capita is Mexico, to the same level of consumption in those categories in Mexico is about $15 billion. And as I said last time, these are numbers on the piece of paper until you start allocating resources to those ideas, and that's exactly what we're doing. That's exactly why we want flexibility to invest.

推動企業市場滲透到與人均 GDP 相似的市場中的是墨西哥，墨西哥這些類別的消費水準約為 150 億美元。正如我上次所說，這些只是紙上的數字，直到你開始為這些想法分配資源，而這正是我們正在做的。這正是我們希望投資具有靈活性的原因。

So we can drive the consumer insights, we can drive the innovation that goes after these growth opportunities. And if you add them up, you find that they will allow us to grow with an algorithm for the next 5 to 10 years. So there's no need to have any transformational acquisition on inorganic growth opportunity added. If there is an attractive opportunity, we'll always look at it.

因此，我們可以推動消費者洞察，我們可以推動追求這些成長機會的創新。如果你把它們加起來，你會發現它們將使我們在未來 5 到 10 年內透過演算法實現成長。因此，沒有必要透過任何轉型收購來增加無機成長機會。如果有有吸引力的機會，我們就會一直關注。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場。

Andre, I was hoping maybe you can just kind of opine on agentic commerce and how you think P&G can leverage some of the advantages you have in kind of the brick-and-mortar shopping environment to this kind of new world that we're walking into, especially given the announcement with OpenAI and Walmart.

安德烈，我希望你能對代理商商務發表一些看法，以及你認為寶潔如何利用你們在實體購物環境中的一些優勢來進入我們正在進入的這個新世界，特別是考慮到與 OpenAI 和沃爾瑪的合作聲明。

So just any thoughts you have. I mean, the big question I have is just how do suppliers get their products in the actual basket if people are shopping through comps? Any thoughts would be helpful.

所以只要您有想法就可以。我的意思是，我最大的疑問是，如果人們透過商店購物，供應商如何將他們的產品放入實際的購物籃中？任何想法都會有幫助。

Thank you, Nik. Indeed an interesting question. And the way I think about it is it is all opportunity, right? I mean if you think about it, we're in business for 187 years. We went from Kendall store to supermarkets to hypermarkets to online shopping to social commerce, all an opportunity.

謝謝你，尼克。確實是一個有趣的問題。我認為這一切都是機遇，對嗎？我的意思是，如果你想想的話，我們已經營業 187 年了。我們從肯德爾商店到超市、大賣場、線上購物、社交商務，所有這些都是機會。

We went from newspaper ads to radio to TV to Internet to social media, all an opportunity. So I think it's about getting ready for that reality. And I do believe that it opens up new possibilities for brands to make themselves visible. And it all comes back to the underlying fundamentals, do you understand the consumer, do you understand how they look for information, how the agent will find your product, how the agent will extract the information to decide whether your product should be in the basket or not and how you work with your retail partners to ensure that you have the best understanding and the best access to these algorithms so that you can communicate your superior brand proposition every day and every shopping opportunity.

我們從報紙廣告到廣播、電視、網路、社群媒體，所有這些都是機會。所以我認為這是為了應對現實而做好準備。我確實相信它為品牌展示自身形象開啟了新的可能性。而這一切都回歸到根本問題，您是否了解消費者，您是否了解他們如何尋找信息，代理商如何找到您的產品，代理商如何提取信息來決定您的產品是否應該放在購物籃中，以及您如何與您的零售合作夥伴合作，以確保您對這些演算法有最好的理解和最佳的訪問權，以便您可以在每天和每個品牌購物機會中傳達您的卓越。

And that's the path forward. I feel we're well positioned. I feel our data infrastructure, our consumer understanding, our collaboration with retail partners is very good. And so again, for me, this is all opportunity.

這就是前進的道路。我覺得我們處於有利地位。我認為我們的數據基礎設施、我們對消費者的理解以及我們與零售合作夥伴的合作都非常好。所以，對我來說，這都是機會。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Just a couple of clarifying questions. There was a commentary around tariffs and sort of natural products being exempted as -- were there any particular deals or maybe just that the threat wasn't as much as perhaps you had estimated earlier. And then on China, a lot of conversations around distribution and distribution changes. Was there anything onetime in there as it relates to sort of a near-term benefit from flipping into a new distribution structure? Or is what we're seeing more related to an improvement in consumption.

只需澄清幾個問題。有關於關稅和天然產品豁免的評論——是否有任何特定的交易，或者可能只是威脅並不像你之前估計的那麼大。然後談到中國，有很多關於分銷和分銷變化的討論。其中是否存在與轉變為新的分銷結構所帶來的短期利益有關的事情？或者我們所看到的更多與消費改善有關。

Thanks, Kaumil. The change on the tariff side was before these products or these materials and ingredients were included in the overall tariff structure. And I think what the administration that has done is basically grant exceptions, broad exceptions in some of these tariff frameworks for those materials that cannot be grown in the US, which is highly appreciated and makes sense.

謝謝，考米爾。關稅方面的變化是在這些產品或這些材料和成分被納入整體關稅結構之前發生的。我認為政府的做法基本上是給予例外，在某些關稅框架中對那些不能在美國種植的材料給予廣泛的例外，這是值得高度讚賞的，也是有道理的。

On the China question, we've made these interventions on distribution network in the fall -- summer and fall of last year. I know there were not any one-time distribution gains that drive these results. It is just a streamlining and changing the incentive system for the distributor network.

關於中國問題，我們在去年秋季（夏季和秋季）對配電網路進行了乾預。我知道沒有任何一次性的分配收益可以推動這些結果。這只是對經銷商網路激勵制度的精簡和改變。

So we have fewer distributors. They are better aligned to what we're trying to do in terms of quality execution in stores and online, and that is starting to pay dividends. So this is not a onetime effect or onetime bump. This is actually the new go-to-market approach starting to pay dividends. And if everything goes well, I expect that benefit to actually slowly accelerate over time.

因此我們的分銷商較少。它們與我們在商店和網路上的品質執行方面所做的努力更加一致，並且開始帶來回報。所以這不是一次性的效果或一次性的衝擊。這實際上是新的市場進入方法開始產生效益。如果一切進展順利，我預計這種好處實際上會隨著時間的推移而慢慢增加。

Robert Moskow, TD Cowen.

羅伯特·莫斯科 (Robert Moskow)，TD Cowen。

This is Victor on for Rob Moskow. Two for me as well. So I think previously, there was a discussion of taking a mid-single-digit pricing on about 25% of your US SKUs to mitigate the tariff impact. So now that the tariff impact is half of what it was before, curious on how that affects your pricing strategy, if at all?

這是 Victor 代替 Rob Moskow 上場。我也有兩個。因此我認為，之前曾討論過對大約 25% 的美國 SKU 採取中位數個位數定價，以減輕關稅的影響。現在關稅的影響只有以前的一半，好奇這會對您的定價策略產生什麼影響嗎？

And then on LATAM, we've heard from competitors of consumer weakness. And from a challenging macro backdrop, are you seeing this impact your trends at all? And if so, how are you performing so well? And did you gain other category share in the region?

然後在拉丁美洲，我們從競爭對手那裡聽說了消費者的弱點。從充滿挑戰的宏觀背景來看，您是否看到這對您的趨勢有影響？如果是的話，為何表現得如此出色？您在該地區是否獲得了其他類別的份額？

On the pricing question, yeah, we've taken -- in the US, we've announced pricing in July. It's gone into effect in September. Most of the pricing was innovation-driven. And in aggregate, it's about a 2%, 2.5% price increase across the entire portfolio.

關於定價問題，是的，我們已經在美國採取了行動——我們已在 7 月公佈了定價。該法案已於九月生效。大多數定價都是由創新驅動的。總體而言，整個投資組合的價格上漲了約 2% 至 2.5%。

The underlying tariffs that have contributed to the need for pricing has not really changed. The biggest change in the tariff exposure has been retaliatory tariffs on the other side. And those pricing effects have been taking out, I was talking about Canada. But in the US, the majority of the pricing was underlying innovation-based with tariffs being a contributor, but not the main contributor. So no change to pricing approach.

導致定價需求的根本關稅其實並沒有改變。關稅風險的最大變化是對方的報復性關稅。這些定價效應已經消失，我說的是加拿大。但在美國，大部分定價都是基於基礎創新的，關稅是其中一個因素，但不是主要因素。因此定價方法沒有改變。

I think we've talked about the consumer backdrop in the US, plenty. We've talked about the share development. While we haven't fully annualized our base, we continue to make sequential progress in absolute share, and we expect to exit the US with neutral share growth by-continuing to give the consumers better value propositions. We are integrated superiority every day, so I'll bring it back to integrated superiority to end the call.

我想我們已經充分討論了美國的消費者背景。我們已經討論了股票發展問題。雖然我們還沒有完全實現年度化，但我們在絕對份額方面繼續取得連續進展，並且我們預計透過繼續為消費者提供更好的價值主張，以中性的份額增長退出美國市場。我們每天都在進行綜合優勢討論，因此我將回到綜合優勢討論以結束通話。

So if there are no more questions, I want to thank you for your time, and thank you for your support of the company. We continue to double down on the strategy. We feel we are well set up, both from a funding standpoint, from a strategy standpoint with the right innovation at hand, and we'll continue to drive forward. Thank you very much.

如果沒有其他問題的話，我想感謝您抽出時間，也感謝您對公司的支持。我們將繼續加倍實施這項策略。我們認為，無論從資金角度或策略角度，我們都已做好充分準備，擁有正確的創新，我們將繼續向前邁進。非常感謝。

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

——今天的會議結束。感謝您的參與。現在您可以斷開連接並享受美好的一天。