寶潔 (PG) 2026 Q2 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。今天的活動將被錄像，以便重播。

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，您會看到可能導致公司實際業績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.

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。寶潔公司認為這些措施能夠為投資者提供有關潛在業務趨勢的有用視角，並已在其投資者關係網站 www.pginvestor.com 上發布了非公認會計準則財務指標的完整調節表。

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 Shailesh Jejurikar, Chief Executive Officer, and Andre Schulten, Senior Vice President, Investor Relations. I will start with an overview of results for the second-quarter of fiscal '26, and Shailesh will discuss strategy, innovation and focus areas as we start calendar year 2026. I'll close with guidance for fiscal '26, and then we'll take your questions.

各位早安。今天與我一起參加電話會議的有執行長 Shailesh Jejurikar 和投資者關係高級副總裁 Andre Schulten。我將首先概述 2026 財年第二季的業績，然後 Shailesh 將討論我們在 2026 年伊始的策略、創新和重點領域。最後，我將對 2026 財年的情況作個展望，然後我們來回答大家的問題。

As we expected, second-quarter top line results heavily reflect underlying market trends and impacts from base period dynamics. As a reminder, the base period included trade and consumer pantry loading, driven by port strikes and hurricanes in early October and the fear of additional port strikes in late December. The biggest impacts were on the Baby, Feminine and Family Care sector and the Fabric and Home Care sector.

正如我們預期的那樣，第二季營收業績很大程度上反映了潛在的市場趨勢和基期動態的影響。需要提醒的是，基準期包括貿易和消費者食品儲備，這是由於 10 月初的港口罷工和颶風以及對 12 月下旬可能發生更多港口罷工的擔憂所致。受影響最大的是嬰兒、女性及家庭護理行業和織物及家居護理行業。

These base period impacts were concentrated in the US market. The balance of the company grew organic sales nearly 3% with almost all regions outside the US growing or accelerating in the quarter. Bottom line results follow the top line as we continue to prioritize full investment in the business. We anticipated this would be the softest quarter of the fiscal year and we remain confident in stronger growth in the back half.

這些基準期影響主要集中在美國市場。該公司其他業務的有機銷售額增長了近 3%，除美國以外的幾乎所有地區在本季度都實現了成長或加速成長。隨著我們繼續優先對業務進行全面投資，最終的獲利也緊跟著營收成長。我們預計這將是本財年最疲軟的季度，但我們仍然對下半年的強勁成長充滿信心。

So moving to the details. Organic sales were in line with prior year. Volume was down one point; pricing, upper point; and mix was flat for the quarter. 7 of 10 product categories held or grew organic sales. Hair Care grew mid-single digits, Skin and Personal Care, Personal Health Care, Home Care and Oral Care were each up low single digits.

接下來我們來看細節。有機銷售額與上年持平。銷售量下降1個百分點；價格達到最高點；產品組合與上季持平。十大產品類別中有七個類別實現了有機銷售額的維持或成長。頭髮護理用品實現了中等個位數的增長，皮膚和個人護理用品、個人健康護理用品、家居護理用品和口腔護理用品均實現了低個位數的增長。

Grooming and Fabric Care were each in line with a year ago. Baby Care and Feminine Care were each down low singles, and Family Care was down approximately 10%, primarily due to the base period dynamics we described.

男士護理和衣物護理兩項指標均與去年同期相當。嬰兒護理和女性護理用品的銷售量均大幅下降，家庭護理用品的銷售量下降了約 10%，這主要是由於我們所描述的基期動態所致。

As a side note, organic sales, excluding Family Care were up 1% for the quarter. 7 of 10 regions grew organic sales. Focus Markets were down 1%. Organic sales in North America were down 2%. Volume was down three points, including a roughly two-point headwind from the base period trade inventory impact I mentioned.

另外值得一提的是，不計家庭護理業務，本季有機銷售額成長了1%。 10個地區中有7個地區的有機銷售額實現了成長。重點市場下跌1%。北美地區的有機產品銷售額下降了2%。成交量下降了 3 個百分點，其中包括我之前提到的基期貿易庫存影響帶來的大約 2 個百分點的不利影響。

Price/mix added one point of growth. European Focus Markets organic sales were up 1%, a strong growth in France, Spain and Italy, largely offset by a softer period in Germany. Greater China organic sales grew 3%, another quarter of growth in what remains a challenging consumer environment, Pampers and SK-II led the growth, each up mid-teens or more.

價格/產品組合因素使成長率增加了一個百分點。歐洲重點市場有機銷售額成長 1%，法國、西班牙和義大利強勁成長，但德國市場疲軟的業績在很大程度上抵消了這一成長。大中華區有機銷售額成長 3%，在仍充滿挑戰的消費環境下，連續第二季成長。幫寶適和 SK-II 引領成長，各自實現了 15% 或以上的成長。

Enterprise Markets grew mid-single digits for the quarter. Latin America organic sales were up 8%, with solid growth across Mexico, Brazil and the balance of smaller markets in the region. Organic sales in the Europe Enterprise Markets region were up 6% versus prior year, and the Asia Pacific, Middle East, Africa enterprise region grew 2%. Global Enterprise Markets share was down 20 basis points. 25 of our top 50 category country combinations held or grew share for the quarter.

企業市場本季實現了中等個位數的成長。拉丁美洲有機產品銷售額成長了 8%，墨西哥、巴西以及該地區其他較小市場均實現了穩健成長。歐洲企業市場區域的有機銷售額比前一年成長了 6%，亞太、中東、非洲企業市場區域的有機銷售額成長了 2%。全球企業市佔率下降了20個基點。在我們排名前50的類別國家組合中，有25個組合的市場份額在本季度保持或有所增長。

On the bottom line, core earnings per share were $1.88, in line with prior year. On a currency-neutral basis, core EPS was $1.85. Our gross margin was down 50 basis points and core operating margin was down 70 basis points versus prior year, strong productivity improvement of 270 basis points with healthy reinvestment in innovation and demand creation. Currency-neutral core operating margin was down 80 basis points. Adjusted free cash flow productivity was 88% and we returned $4.8 billion of cash to share owners this quarter, $2.5 billion in dividends and $2.3 billion in share repurchases.

最終，核心每股收益為 1.88 美元，與上年持平。以固定匯率計算，核心每股收益為 1.85 美元。與前一年相比，毛利率下降 50 個基點，核心營業利潤率下降 70 個基點，但由於對創新和需求創造的穩健再投資，生產力大幅提高了 270 個基點。以固定匯率計算的核心營業利潤率下降了 80 個基點。經調整後的自由現金流生產力為 88%，本季我們向股東返還了 48 億美元現金，其中 25 億美元為股息，23 億美元為股票回購。

In summary, we've now completed what we fully expected will be the softest quarter of the fiscal year. We have strong innovation and productivity plans for the back half of the year. We continue to invest in creating superior propositions for our consumers and retail partners with relevant innovation, powerful brand campaigns across every touch point and continuously improving in-market execution across all channels and platforms. We are fully activated. It's working.

總而言之，我們已經完成了我們完全預料到的本財年最輕鬆的季度。我們為下半年制定了強而有力的創新和生產力提升計畫。我們將持續投資，透過相關的創新、在每個接觸點進行強而有力的品牌宣傳活動，以及持續改善所有通路和平台上的市場執行，為我們的消費者和零售合作夥伴創造更優的產品方案。我們已全面啟動。它奏效了。

So we move with confidence into half two of the fiscal year. And with that, I'll turn it over to Shailesh.

因此，我們充滿信心地進入本財年上半年。接下來，我將把麥克風交給沙伊萊什。

Thanks, Andre. Good morning, everyone. I want to start by underscoring the point Andre just made. We are confident the interventions and investments we are making now will improve our near-term performance, strong innovation supported by sharper consumer communication and retail execution. We are already seeing strong results in parts of the business that have made these near-term interventions.

謝謝你，安德烈。各位早安。首先，我想強調一下安德烈剛才提出的觀點。我們相信，我們現在採取的干預措施和投資將改善我們的近期業績，強大的創新能力將得到更精準的消費者溝通和零售執行的支持。我們已經看到，在採取這些短期幹預措施的業務部門中，已經取得了顯著成效。

Greater China Baby Care was one of the first categories to make a step change and continues to lead growth of the premium and super premium segments of the market behind consumer insight-driven innovation and brand communication.

大中華區嬰幼兒照護是最早實現變革的品類之一，憑藉消費者洞察驅動的創新和品牌傳播，持續引領高端和超高端市場的成長。

Chinese parents want only the best for their baby, softness and comfort in addition to dryness. The China team created a product that delivers on this insight from first seeing and touching the packaging to feeling the diaper on their baby.

中國父母只想給寶寶最好的，除了乾爽之外，還要柔軟舒適。中國團隊根據這項洞察，打造了一款能夠滿足消費者需求的產品，從看到和觸摸包裝，到感受尿布穿在寶寶身上的感覺，都體現了這一點。

They leveraged the Chinese history with silk. The shiny soft yet strong luxurious material has been a status symbol for more than 2,000 years. Pampers Prestige is the only leading diaper brand that has real silk ingredients in the product, delivering the ultimate experience of skin comfort and protection. The shiny, soft feel package conveys superiority at first touch. Re-framing our superior premium line has driven greater China Baby Care to double-digit organic sales growth over the past 18 months and increased share nearly three points.

他們利用了中國絲綢的歷史。這種光澤柔滑又堅韌的奢華材質，兩千多年來一直是身份的象徵。幫寶適尊貴系列是唯一在產品中添加真正蠶絲成分的領先紙尿褲品牌，為寶寶帶來極致的肌膚舒適和保護體驗。光滑柔軟的包裝觸感第一眼就能感受到其卓越品質。過去 18 個月，我們重新定位了高端產品線，推動大中華區嬰幼兒照護業務實現了兩位數的有機銷售成長，市佔率成長了近 3 個百分點。

More recently, our Mexico fabric enhancer team has disrupted a sleepy category through deep consumer understanding. Mexican consumers describe the gold standard smell of clean as rich, tasty, fruity and floral, like the scents from shampoos. Downy Intense leverages our internal perfume innovation expertise to create the new high-intensity perfume. The packaging highlights the intensity of fragrance blooming on the bottle like a flower. Brand communication drives awareness of an experience of 24/7 smelling like freshly washed hair.

最近，我們的墨西哥織物增強劑團隊透過對消費者的深刻了解，顛覆了一個沉寂已久的類別。墨西哥消費者將潔淨的黃金標準氣味描述為濃鬱、美味、果香和花香，就像洗髮精的香味一樣。Downy Intense 運用我們內部的香水創新專業知識，打造出這款全新的高濃度香水。包裝突顯了香水的濃郁香氣，瓶身上如同花朵般綻放。品牌傳播旨在提升人們對全天候散發如剛洗過頭髮般清香體驗的認知。

In-store execution of impactful displays with stopping power is increasing trial. These deep consumer insights driving innovation and executed with shopper brand communication and retail execution has spurred Mexico fabric enhancer category growth and led Downy to double-digit organic sales growth and over two points of value share growth.

店內實施具有強大吸引力的醒目陳列，可以提高試用率。這些深刻的消費者洞察推動了創新，並透過消費者品牌溝通和零售執行，促進了墨西哥織物柔軟劑品類的成長，並使 Downy 實現了兩位數的有機銷售成長和超過兩個百分點的價值份額成長。

Other examples where we've accelerated results include the Brazil Hair Care business, US Old Spice and US liquid laundry detergents businesses. Most of these interventions are starting now in the US, the biggest, most impactful part of the business. We'll go deeper on these at the CAGNY Conference next month.

我們加速取得成果的其他例子包括巴西護髮業務、美國 Old Spice 品牌和美國液體洗衣液業務。這些幹預措施目前大多在美國啟動，美國是該產業規模最大、影響最大的部分。我們將在下個月的 CAGNY 會議上深入探討這些問題。

While we work to improve our near-term results, we've also begun a longer-term reinvention of P&G. Think of this as the next important phase of constructive disruption that will create and extend our competitive advantages in each element of our strategy. We remain fully committed to the integrated growth strategy that has enabled us to deliver significant growth and value creation over the better part of the past decade and it will in the future, a portfolio of daily use products in categories where performance drives brand choice.

在努力改善近期表現的同時，我們也開始了對寶潔公司的長期重塑。將此視為建設性顛覆的下一個重要階段，它將在我們策略的每個要素中創造和擴大我們的競爭優勢。我們將繼續全力投入整合成長策略中，該策略使我們在過去近十年中實現了顯著成長和價值創造，未來也將繼續如此。我們將推出一系列日常用品，這些產品在性能驅動品牌選擇的類別中佔據主導地位。

In these categories, P&G is uniquely positioned to deliver irresistible superiority across product, package, communication, retail execution and value. We will do this to drive market growth and create value for P&G and our retail partners. We will double down on productivity with multiyear visibility to fund capabilities, innovation and demand creation and to mitigate cost headwinds while delivering financial results at the levels you and we expect. Constructive disruption to stay ahead of and to create emerging trends and opportunities in our fast-changing industry. We will disrupt ourselves.

在這些類別中，寶潔公司擁有獨特的優勢，能夠在產品、包裝、溝通、零售執行和價值方面提供無可抗拒的卓越品質。我們將透過這種方式推動市場成長，為寶潔公司和我們的零售合作夥伴創造價值。我們將加倍努力提高生產力，並制定多年計劃，為能力建設、創新和需求創造提供資金，同時緩解成本壓力，並實現您和我們所期望的財務業績。在瞬息萬變的行業中，透過建設性的顛覆來保持領先地位，並創造新興趨勢和機會。我們將自我顛覆。

At the core of it all is our organization, fully engaged, enabled and excited to serve consumers and win in the marketplace. These strategies taken alone are just words that any company could say. The words alone have become a point of parody. P&G's point of difference, our competitive advantage comes from outstanding, integrated execution of these strategies across all activity systems in the company and from anticipating what is needed next.

這一切的核心是我們整個組織，我們全力以赴，充滿熱情地為消費者服務，並在市場競爭中取得成功。單就這些策略而言，任何公司都可以這麼說。光是這些字詞本身就成了諷刺的對象。寶潔的差異化優勢和競爭優勢來自於公司所有業務系統中這些策略的出色、一體化執行，以及對未來需求的預測。

We've executed the strategy well for many years. Now we see the landscape around us changing faster than it's ever been in recent memory. Neither we nor our industry in aggregate have adapted as fast as needed. This shows in the growth trends of our categories. Consumer media preferences and information collection are increasingly fragmented with new media platforms, including social media and retail media.

多年來，我們一直很好地執行這項策略。如今，我們周遭的環境正以前所未有的速度改變。我們以及整個產業都沒有以所需的速度進行調整。這點在我們各品類的成長趨勢中有所體現。隨著社群媒體和零售媒體等新媒體平台的出現，消費者的媒體偏好和資訊收集方式日益分散。

Inflation across food, energy, health care and many other areas of spending has taken a toll on consumers and how they assess value. This will continue to evolve. The retail landscape is changing more concentration but also brand proliferation. Retailers are becoming media platforms and media platforms are becoming retailers.

食品、能源、醫療保健和許多其他領域的通貨膨脹已經對消費者及其價值判斷方式造成了影響。這將持續發展演變。零售格局正在發生變化，集中度提高，但品牌數量也在激增。零售商正在轉型為媒體平台，媒體平台也正在轉型為零售商。

In summary, the consumer path to purchase is changing every day, is nonlinear and littered with millions of possible distractions. We expect an even more intense pace of change in the next three to five years. We will adjust to and leap ahead of these disruptions to invent the CPG company of the future. The way to break through consistently is to build the strongest brands in the industry. P&G has the capabilities and unique opportunity to redefine the brand-building framework to deliver consumer-relevant superiority every day, every week, every month, putting the consumer at the center of everything we do.

總而言之，消費者的購買路徑每天都在變化，並且非線性發展，而且充滿了數百萬種可能的干擾因素。我們預計未來三到五年內變化的速度會更快。我們將適應並超越這些變革，打造未來的消費品公司。要持續取得突破，關鍵在於打造業界最強大的品牌。寶潔擁有重新定義品牌建立框架的能力和獨特機遇，能夠每天、每週、每月提供與消費者相關的卓越產品和服務，並將消費者置於我們一切工作的中心。

Leading the consumer-relevant brand building and superiority at this space can and will only be delivered by leveraging superior data, superior technology and superior capabilities to create and extend competitive advantage with consumers and with retail partners. We define our strengths and opportunity here across three areas.

在這個領域，引領以消費者為中心的品牌建立和卓越地位，只能透過利用卓越的數據、卓越的技術和卓越的能力，來創造和擴大與消費者和零售合作夥伴的競爭優勢。我們在以下三個方面定義了我們的優勢和機會。

First, we know how to build brands rooted in deep connections with consumers and our industry-leading innovation capability. We have an enormous wealth of consumer data and understanding and we receive a continuous flow of new data every day. Our teams connect with consumers across more touch points than anyone in our industry: product research, shopper research, connected homes, ratings and reviews, social media posts, brand fan websites and many more.

首先，我們知道如何打造與消費者建立深厚連結的品牌，以及我們在業界領先的創新能力。我們擁有大量的消費者數據和洞察，每天都會收到源源不絕的新數據。我們的團隊與消費者的接觸點比業內任何人都多：產品研究、購物者研究、智慧家庭、評分和評論、社交媒體貼文、品牌粉絲網站等等。

We mine for insights that lead to new product innovation, brand ideas, performance claims, marketing campaigns. Now we are building the consumer connectivity, the integrated data platforms and the technologies that will enhance our team's ability to do this work better, faster and even more consumer-centric than ever before.

我們挖掘能夠帶來新產品創新、品牌理念、性能宣言和行銷活動的洞察。現在，我們正在建立消費者連接、整合數據平台以及相關技術，這將增強我們團隊的能力，使我們能夠比以往任何時候都更好、更快、更加以消費者為中心地完成這項工作。

We have a unique set of innovation capabilities in our industry, substrate technologies, formulaic chemistry, devices and now biology. We have years of experience integrating these capabilities to launch new platform technologies and innovations, and we see many more ways to bring combinations of these technologies to life in new consumer products. Tide evo is just one current example. Technologies like AI-enabled molecular discovery will enable faster and more powerful integration of innovation capabilities for faster growth.

我們在業界擁有獨特的創新能力，包括基材技術、配方化學、裝置以及現在的生物學。我們在整合這些能力以推出新的平台技術和創新方面擁有多年的經驗，我們看到了更多將這些技術組合應用於新的消費產品的方法。Tide evo只是目前一個例子。人工智慧驅動的分子發現等技術將能夠更快、更有效地整合創新能力，從而實現更快的成長。

The second and related opportunity is to create a deeper, holistic connection with consumers to build brand relationships with them in the new media reality. Media fragmentation and the emergence of new platforms creates an opportunity for brand builders who can best integrate across touch points. AI and Gen AI capability help our teams to discover consumer-relevant insights at every step of the consumer path to purchase, grounded in a unifying brand idea.

第二個相關的機會是在新媒體環境下，與消費者建立更深層、更全面的聯繫，從而建立品牌關係。媒體碎片化和新平台的出現為能夠最好地整合各個接觸點的品牌建立者創造了機會。AI 和 Gen AI 能力幫助我們的團隊在消費者購買路徑的每一步中發現與消費者相關的洞察，並以統一的品牌理念為基礎。

We are creating the individual touch point experiences for each consumer at a time. These ideas are activated in claims, demonstrations and visuals that communicate the performance and value of the brand across connected and broadcast TV, online video, social media, e-commerce sites and in stores, deep insights translated into a compelling brand idea repeated wherever consumers engage, making the brand easier to remember, reinforcing superior performance that is worth it for the price paid.

我們正在為每位消費者逐一打造個人化的接觸點體驗。這些理念透過宣傳、簡報和視覺效果得以激活，從而在連網電視、廣播電視、線上影片、社群媒體、電子商務網站和實體店等管道傳達品牌的表現和價值。深刻的洞察轉化為引人注目的品牌理念，並在消費者接觸的任何地方反覆出現，使品牌更容易被記住，並強化了物有所值的卓越性能。

The third opportunity is integration with retail partners across the full supply chain and merchandising activity system. Again, the consumer understanding and brand-building capabilities we have from initial brand impulse to purchase transaction and in-home consumption or valuable assets.

第三個機會是與零售合作夥伴在整個供應鏈和商品銷售活動系統中進行整合。再次強調，我們擁有從最初的品牌衝動到購買交易和家庭消費或有價值資產的消費者理解和品牌建立能力。

Integrating these with each retailer's category strategy and business model will enable our brands to create value across all retail formats. This includes activation of our brands in retail media to convey our superiority and value messages close to point of consumer purchase decision.

將這些與各零售商的品類策略和商業模式結合，將使我們的品牌能夠在所有零售業態中創造價值。這包括在零售媒體上啟動我們的品牌，以便在消費者做出購買決定時傳達我們的優越性和價值訊息。

Our supply chain capability is already a leader in the industry. Supply Chain 3.0 has driven a more complete system connection from purchase signal back through inventory systems to our production planning and material ordering to ensure consumers find the product they want each time they shop. We are well on our way in this journey across capabilities, data and technology. We are freeing up capacity and capabilities with the organization redesign we announced as part of the restructuring in June.

我們的供應鏈能力已處於行業領先地位。供應鏈 3.0 實現了從採購訊號到庫存系統再到生產計劃和物料訂購的更完整的系統連接，以確保消費者每次購物都能找到他們想要的產品。我們在能力、數據和技術方面的發展道路上已經取得了長足的進步。我們在六月宣布的重組計畫中，透過組織架構調整，釋放了產能和能力。

We have built a structured data lake stocked with petabytes of relevant data. We have built data platforms, AI capabilities, programmatic shelf tools and media creation and evaluation systems. We have supply chain platforms that can run autonomously, reacting to retail demand signals, consumer innovation needs or productivity opportunities faster than ever before.

我們建構了一個結構化資料湖，其中儲存了PB級的相關資料。我們已經建立了數據平台、人工智慧能力、程式化貨架工具以及媒體創作和評估系統。我們擁有能夠自主運作的供應鏈平台，可以比以往任何時候都更快地對零售需求訊號、消費者創新需求或生產力提升機會做出反應。

The next step is to connect the box to integrate the pieces from identifying consumer friction point to product idea to product design to supply the creative concept to purchase transaction to usage in home to post-use evaluation. We will close the loop and we believe this will create a different S-curve for our future growth and value creation centered around our consumer.

下一步是將整個流程整合起來，從識別消費者痛點到產品創意，再到產品設計，提供創意概念，直到購買交易、家庭使用以及使用後評估。我們將形成閉環，我們相信這將為我們未來的成長和以消費者為中心的價值創造創造一條不同的S曲線。

We are doing many things right in how we are innovating, operating and building brands today, and I'm confident in the near-term progress we are seeing. We know the opportunities ahead of us are even bigger, and we will capture them with conviction and discipline. It took years to build the underlying platforms and capabilities, and it will take some time to fully integrate and activate these assets across the company. We know what we need to do and we are excited by the opportunities ahead.

我們在創新、營運和品牌建立方面做了很多正確的事情，我對我們目前看到的近期進展充滿信心。我們知道，擺在我們面前的機會更大，我們將以堅定的信念和嚴明的紀律去掌握它們。建立底層平台和能力花了數年時間，而要將這些資產完全整合並啟動到整個公司，還需要一些時間。我們知道自己需要做什麼，並且對未來的機會感到興奮。

In summary, we are confident in the short-term delivery and excited about the mid- to long term as we leverage our strengths and unique capabilities to set us apart from the industry. We are inventing the CPG company of the future. We'll expand on these thoughts with some examples at CAGNY and even more as we get to Investor Day later this year.

總而言之，我們對短期交付充滿信心，並對中長期前景感到興奮，因為我們將利用自身優勢和獨特能力，使我們在行業中脫穎而出。我們正在打造未來的消費品公司。我們將在 CAGNY 會議上舉例說明這些想法，並在今年稍後的投資者日上進一步闡述。

With that, I'll hand it over to Andre to cover the guidance update.

接下來，我將把麥克風交給安德烈，讓他來介紹指導意見的更新。

Thank you, Shailesh. It's been a challenging start to the fiscal year with softer consumer markets, aggressive competition and a dynamic geopolitical landscape. We expect stronger results in the second half, which enables us to maintain fiscal year 2026 guidance ranges across organic sales, core EPS and adjusted free cash flow productivity. The growth rates embedded in our near-term guidance should return us to lower half of our long-term growth algorithm as we exit fiscal '26 and head in fiscal '27.

謝謝你，沙伊萊什。本財年始便麵臨諸多挑戰，包括消費市場疲軟、競爭激烈、地緣政治格局多變。我們預計下半年業績將更加強勁，這將使我們能夠維持 2026 財年有機銷售額、核心每股收益和調整後自由現金流效率的預期範圍。我們近期業績指引中體現的成長率應該會在 2026 財年結束、2027 財年伊始之際，使我們回到長期成長演算法的下半部。

For fiscal '26, we continue to expect organic sales growth of in line to plus 4%. Global market growth for our portfolio footprint is around 2% on a value basis at the center of our guidance range. We're seeing progress in most regions, and we expect stronger growth in the US as interventions take hold. As a reminder, this guidance includes 30 to 50 basis points of headwind from product and market exits that are part of our restructuring work.

對於 2026 財年，我們繼續預期有機銷售成長將達到 4% 或更高。我們投資組合在全球市場的成長率（以價值計算）約為 2%，處於我們預期範圍的中間水準。我們看到大多數地區都取得了進展，隨著幹預措施的實施，我們預計美國將出現更強勁的成長。提醒一下，該指導意見包含了因產品和市場退出而導致的 30 至 50 個基點的不利影響，這是我們重組工作的一部分。

Our bottom-line outlook is for core EPS growth of in line to plus 4% versus prior year. This equates to a range of $6.83 to $7.09 per share. This guidance includes commodity costs roughly in line with prior year and a foreign exchange tailwind of approximately $200 million after tax, taken together, no change versus prior guidance.

我們預計核心每股收益將比上年增長 4% 或更高。這意味著每股價格區間為 6.83 美元至 7.09 美元。該指引包括與上年大致持平的商品成本以及稅後約 2 億美元的外匯利好，兩者合計與先前的指引相比沒有變化。

Our fiscal '26 outlook continues to expect approximately $500 million before tax and higher costs from tariffs. Below the operating line, we continue to expect modestly higher interest expense versus last fiscal 'year and a core effective tax rate in the range of 20% to 21% for fiscal ''26, combined, a $250 million after-tax headwind to earnings growth.

我們對 2026 財年的展望仍預期稅前收入約為 5 億美元，但關稅帶來的成本增加將影響收入。在營運成本方面，我們繼續預期利息支出將比上一財年略有增加，2026 財年的核心有效稅率將在 20% 至 21% 之間，這將對獲利成長造成 2.5 億美元的稅後不利影響。

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

我們繼續預測，今年的調整後自由現金流生產力將在 85% 至 90% 之間，其中包括資本支出的增加，因為我們在幾個類別中增加了產能，而這些類別的現金成本來自重組工作。我們預計將支付約 100 億美元的股息，並回購約 50 億美元的普通股，計劃在 2026 財年向股東返還約 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 or other cost increases, geopolitical disruption, major supply chain disruptions or store closures are not anticipated within the guidance ranges.

這項展望是基於當前市場成長率預測、商品價格和外匯匯率。預計在指導範圍內不會出現貨幣大幅貶值、大宗商品或其他成本上漲、地緣政治動盪、重大供應鏈中斷或門市關閉等情況。

With that, I'll hand it back to Shailesh for a few closing thoughts.

接下來，我將把麥克風交還給沙伊萊什，讓他做些總結發言。

We continue to believe the best path to sustainable balance growth is to double down on the strategy, stronger integrated execution to delight consumers with superior products at a superior value. Challenging markets like the ones we compete in today are an opportunity for P&G to step out from the back-end lead. We're focused on leveraging the industry's best insights, assets, capabilities and people to return to the levels of growth and market leadership that we and you expect.

我們仍然相信，實現永續平衡成長的最佳途徑是加倍投入該策略，加強整合執行，以卓越的產品和更高的價值取悅消費者。像我們今天所處的這種充滿挑戰的市場，為寶潔公司提供了一個擺脫後端領先地位的機會。我們致力於利用業界最佳的洞察力、資產、能力和人才，重回我們和你們所期望的成長水準和市場領導地位。

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)

（操作說明）

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

So two kind of clear themes in the remarks that I wanted to ask about. So Andre, first, kind of what gives you confidence in the near-term acceleration that you mentioned a couple of times? And to what degree is that about kind of comparisons and base period dynamics versus like real fundamental improvement in acceleration?

所以，我想問的是，在這些發言中，有兩個比較明顯的主題。安德烈，首先，你之前幾次提到的短期加速成長，是什麼讓你有信心實現這個目標？這在多大程度上是關於比較和基期動態，而不是關於加速方面的真正根本性改進？

And then Shailesh, I know we'll get a lot more from you at CAGNY, but what gets you excited about this longer-term reinvention of P&G? It was a notable choice of words in the press release and then also in the prepared remarks.

Shailesh，我知道在 CAGNY 大會上我們會聽到你更多的見解，但是什麼讓你對寶潔的這項長期改革感到興奮呢？在新聞稿和事先準備好的演講稿中，這都是一個值得注意的措辭。

Lauren, thanks for the questions. So let me start with half two accelerations. I think the first positive element of quarter two results is the strength of the business outside of the US. If you look at Latin America, 8% growth, Europe in aggregate growing 3%, China growing 3% on top of 5% growth last quarter. Asia, Middle East, Africa is up 2% and if you exclude the restructuring exits, it will be up 4%.

勞倫，謝謝你的提問。那麼，讓我先從兩次加速的一半開始。我認為第二季業績的第一個正面因素是美國以外業務的強勁表現。如果看拉丁美洲，成長8%；歐洲整體成長3%；中國在上一季5%的成長基礎上又成長了3%。亞洲、中東和非洲地區上漲了 2%，如果排除重組退出因素，則上漲了 4%。

So there's real underlying acceleration in the business outside of the US, and that is grounded in interventions that we've made in terms of innovation, in terms of commercial strategies and in terms of doubling down on the precision and quality of execution in those markets with Latin America really being ahead of the game here. And that's proof for us that the core strategies we're implementing, I think, are showing the results that we want to see.

因此，美國以外的業務確實出現了潛在的加速成長，這得益於我們在創新、商業策略以及加倍努力提高這些市場的執行精準度和品質方面所採取的干預措施，其中拉丁美洲在這方面確實處於領先地位。我認為，這證明我們正在實施的核心策略正在取得我們想要看到的結果。

The US underlying results, we believe, will improve because we don't have the base period headwinds that we saw in quarter two. As you point out, I think that's part of the acceleration we expect in half two versus quarter two, not having inventory headwinds to the degree that we saw in quarter two. But the main element here, I think, is the fundamental execution of the same interventions we made outside of the US earlier.

我們相信，美國的基本面業績將會改善，因為我們沒有像第二季那樣面臨基期不利因素。正如你所指出的，我認為這就是我們預計第二季下半年增速將比第二季加快的部分原因，因為我們沒有像第二季那樣受到庫存不利因素的影響。但我認為，關鍵在於從根本上執行我們先前在美國境外採取的干預措施。

If you recall, the US slowdown was really a little bit delayed versus the balance of the markets. So we started in the rest of the world earlier with the innovation, commercial interventions and execution. But that same playbook is being executed in the US. Early indications where we have done this, for example, the Tide Boost launch, that is now in full distribution as of December. We're seeing results that are giving us confidence.

如果你還記得的話，美國經濟放緩的步伐相對於其他市場而言確實稍晚了一些。因此，我們更早在世界其他地區開始了創新、商業幹預和執行。但同樣的策略也正在美國實施。早期跡象表明，我們已經在某些方面做到了這一點，例如 Tide Boost 的推出，該產品已於 12 月全面上市。我們看到的成果讓我們充滿信心。

The innovation we're launching on Olay just now on the jars with a new campaign and the launch of treatment at the same time with a new architecture gives us confidence. The innovation we have on Baby Care, first wave executed now, second wave coming later, Tide evo coming in the back half of the year. So there is a wealth of innovation we're launching.

我們現在在 Olay 的罐子上推出的創新，配合新的宣傳活動和同時推出的採用全新架構的護理產品，讓我們充滿信心。我們在嬰兒護理方面的創新，第一波已經實施，第二波稍後推出，汰漬 evo 將於今年下半年上市。因此，我們即將推出大量創新產品。

We've clearly identified with our North America leadership the opportunity in sharper execution across all retail channels. And the team is committed and is turning that into execution changes and then the simple opportunity to leverage the strength of our brands by staying fully invested across the second half in media with even better execution.

我們已與北美領導層明確認識到，在所有零售通路中，提高執行力是一個重要的機會。團隊對此充滿信心，並將這種信心轉化為執行上的改變，然後抓住這個簡單的機會，透過在下半年繼續全力投入媒體，並以更好的執行力來發揮我們品牌的優勢。

So all of those elements that we executed outside the US that are showing progress we feel we'll work in the US And if we don't see any one timers anymore in terms of base period headwinds, that will translate into stronger growth. And our objective clearly is to leave the year with share growth in the US.

因此，我們在美國以外地區實施的所有取得進展的措施，我們認為在美國也會奏效。如果我們不再看到任何一次性的、受基期不利因素影響的因素，將轉化為更強勁的成長。我們的目標很明確，就是在年底前實現美國市場份額的成長。

Shailesh, you take the second part?

沙伊萊什，你來回答第二部？

Yes. Thanks, Lauren. So first, what excites me is plenty of growth opportunities. We see that everywhere. But it's not going to happen on its own. It will require us to create our own tailwinds, be it playing in a growth segment and driving it like Personal Care or playing in a segment which wasn't growing like best with Zevo and then having that category grow high singles. So we see growth -- or you take China Baby Care another example where you take and put the odds of growth with the lowest birth rates and all of that and we'll find a way to grow there. So that's one thing that excites me.

是的。謝謝你，勞倫。首先，讓我感到興奮的是這裡有很多發展機會。這種情況隨處可見。但這不會自行發生。這將要求我們創造自己的順風，無論是進入成長型細分市場並推動其發展（例如個人護理），還是進入成長不佳的細分市場（例如 Zevo），然後推動該類別實現高成長。所以我們看到了成長——或者以中國嬰幼兒照護為例，考慮到最低的出生率等等因素，我們總能找到成長的途徑。這是讓我感到興奮的一件事。

The second one is a unique once-in-a-generation opportunity to leverage the shifts in the landscape and our unique strengths and capabilities to set ourselves apart. The media landscape is changing. The retailer landscape is changing. There's a tremendous amount of technology, both from a point of what is applicable using AI, enabling a lot of other things, but even fundamentally our own product and packaging technologies and then consumer preference and demographics, which are evolving.

第二個機會是千載難逢的機遇，可以利用格局的變化以及我們獨特的優勢和能力，使我們脫穎而出。媒體格局正在改變。零售業格局正在改變。無論是從人工智慧的應用角度來看，技術方面都存在著巨大的發展，它能夠實現很多其他功能，而且從根本上來說，我們自身的產品和包裝技術，以及不斷變化的消費者偏好和人口統計數據，都帶來了巨大的變化。

When you take those and take our strengths and capabilities, brands with large consumer base, if you have a large user base and you're really delivering amazing products, you probably have the biggest fan club already right off the bat. Consumer understanding and consumer data, we have so much data that we have put in. We can get an answer even before getting started. And that flow just continues and we are further strengthening that. Take the media spend leverage and take the different places we could be using it, that is another huge opportunity.

當你把這些因素，再加上我們自身的優勢和能力，擁有龐大消費群體的品牌，如果你擁有龐大的用戶群體，並且你確實提供了令人驚嘆的產品，那麼你可能一開始就已經擁有了最大的粉絲俱樂部。我們對消費者的理解和消費者數據非常豐富，我們已經收集了大量數據。我們甚至在開始之前就能得到答案。而這種勢頭還在持續，我們正在進一步加強這種勢頭。利用媒體支出優勢，並考慮我們可以將其用於哪些不同領域，這又是一個巨大的機會。

Our R&D spending and capability across multiple areas of technology from formulary chemistry, substrates, devices, biology, that just enables us to innovate much more broadly. You take the China Baby Care, it's one thing to get the insight, another thing to find a way to put silk in the product, another thing to be able to communicate it to consumers, bring it into packaging, bring it to life with user-generated content.

我們在配方化學、底物、裝置、生物學等多個技術領域的研發投入和能力，使我們能夠更廣泛地進行創新。以中國嬰兒護理為例，獲得洞察是一回事，找到將絲綢融入產品的方法又是另一回事，能夠將其傳達給消費者，融入包裝，並透過用戶生成的內容使其生動起來又是另一回事。

So it's the ability to bring all of that together and the technology platforms and applications we've been building, and Andre talked a bit about this. We are -- I would say we have been building a lot, and I would say the future is here. It's just a little uneven. So our job is to integrate and bring it all together.

所以，關鍵在於將所有這些因素整合起來，以及我們一直在建立的技術平台和應用程序，安德烈也談到了這一點。我們正在——可以說我們一直在建立很多東西，我認為未來已來。只是有點不平整。所以我們的工作就是整合並把所有東西整合起來。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

I'm going to ask a question that kind of follows the same structure as Lauren's question. So the first one, on the second half improvements. If we think about things by category segment versus by geography, I guess, maybe a little bit more detail on where you expect progress on sequential acceleration to manifest most clearly. It sounds like laundry, Baby and perhaps Skin Care from what you said, Andre. But maybe just if you could elaborate a bit more from that perspective.

我要問的問題和勞倫的問題結構有些類似。所以第一點是關於下半場的改進。如果我們按類別細分市場而不是按地理位置來考慮問題，我想，或許可以更詳細地說明您期望在哪些方面實現最明顯的循序漸進的加速。安德烈，聽你這麼說，好像是洗衣用品、嬰兒用品，或許還有保養品。不過，如果您能從這個角度再詳細闡述就更好了。

And then, Shailesh, as you think about all those different pieces of operational enhancement and reinvention initiatives, how do you think about the path and timeline from here for the company to put all of them together and create those own tailwinds and win in the marketplace across the portfolio with consistency? How long does that take in your mind?

Shailesh，當你思考所有這些不同的營運改善和重塑計劃時，你認為公司從現在開始應該採取什麼路徑和時間表，才能將所有這些計劃整合起來，創造自身的順風，並在整個產品組合中持續贏得市場？你覺得這需要多久？

Steve, if I look across the businesses, the innovation interventions, the commercial interventions, the execution focus is consistently applied across every part of the portfolio. I would tell you the base period effects are probably a strong help when you look at Family Care, Baby Care and even Fem Care. They were most heavily impacted in the first half of the year.

史蒂夫，如果我縱觀所有業務、創新舉措、商業舉措，執行重點始終貫穿投資組合的每個部分。我想說，基礎時期的影響在考慮家庭護理、嬰兒護理甚至女性護理時可能會有很大的幫助。他們在今年上半年受到的影響最為嚴重。

So Family Care, for example, we see strong growth in January, even turning into share growth now and we expect similar dynamics to happen across Baby and Fem. Baby at a global level is actually growing share, so has returned to share growth in the most recent reading. So the momentum is there. We continue to work on the mid-tier proposition.

例如，家庭護理領域在 1 月實現了強勁增長，甚至現在已轉化為市場份額增長，我們預計嬰兒護理和女性護理領域也將出現類似的動態。從全球範圍來看，嬰兒市場份額實際上正在增​​長，因此在最近的數據中，市場份額又恢復了增長。所以勢頭已經形成。我們將持續完善中階市場方案。

You recall, we had innovated on the top tier. That continues to work well. Swaddlers, Cruisers 360, we've made the innovation intervention from a year ago. That's working. On Baby Dry, we have a two-phased approach. Phase 1 is executed; phase 2 is coming later. So that's still work to be done.

你還記得嗎？我們曾在頂級產品領域進行創新。這種方法一直都很有效。Swaddlers、Cruisers 360，我們一年前就進行了創新幹預。這樣行得通。對於嬰兒乾爽護理，我們採用兩階段方法。第一階段已完成；第二階段稍後進行。所以，這方面還有工作要做。

On laundry and fabric enhancers, we have very strong innovation, Tide Boost that I mentioned before, the biggest laundry liquid upgrade in 20 years for consumers, and that is taking hold and working. And we're preparing for the Tide evo launch. We have strong innovation across fabric enhancers as well. And as you know, that's still a huge opportunity in terms of household penetration. So communication effectiveness and copy quality is improving.

在洗衣和織物柔軟精方面，我們擁有非常強大的創新能力，例如我之前提到的汰漬強效洗衣液，這是 20 年來消費者面臨的最大洗衣液升級，它正在逐漸普及並發揮作用。我們正在為 Tide evo 的上市做準備。我們在織物增強劑領域也擁有強大的創新能力。如您所知，就家庭滲透率而言，這仍然是一個巨大的機會。因此，溝通效率和文案品質都在提高。

In aggregate, Beauty is growing 4%, and we have an opportunity to strengthen growth in Skin Care in the US making strong progress on SK-II outside of the US, on Olay outside of the US and I think the new launch of Olay that is just coming out with strong retailer support, I think, will accelerate that business. Personal Care has momentum and will continue momentum in the US and globally.

總體而言，美容行業增長了 4%，我們有機會加強美國護膚品市場的成長，SK-II 和 Olay 在美國以外的市場都取得了強勁的進展，我認為 Olay 的新產品上市得到了零售商的大力支持，這將加速該業務的發展。個人護理行業在美國乃至全球都擁有強勁的發展勢頭，並將繼續保持這一勢頭。

So I can continue to go down the list, but I think I've given you enough depth to say this is really across the portfolio. It's the same idea, double down on the consumer, double down on the execution, a double down on the quality of the brand campaign.

所以我可以繼續往下列舉，但我認為我已經提供了足夠的細節，足以說明這確實涵蓋了整個投資組合。想法是一樣的，加倍重視消費者，加倍重視執行，加倍重視品牌宣傳活動的品質。

And I think that's where Shailesh is putting his focus, if I can speak for him. He's really doubling down in every review on the quality of the execution, the quality of the brand campaign, the quality of the architecture thinking. And it's stimulating thought; it's stimulating quality of execution. And I think that gives us confidence from a geographic standpoint, as we talked earlier to Lauren's question, but also from a category standpoint.

如果我沒理解錯的話，我認為沙伊萊什也把注意力放在這裡。在每一份評估報告中，他都格外強調執行品質、品牌宣傳品質和架構理念的品質。它能激發思考；它能提升執行品質。我認為這從地理角度（正如我們之前回答勞倫的問題時提到的那樣）以及類別角度都給了我們信心。

So, thanks, Andre. And I'll just bridge, Steve, from what Andre said to what I'm going to say. But some of it will be sequential just simply because in US also when we make the interventions, we are extremely deliberate about making sure those interventions also drive category growth. So that's also why some of this has to happen with big innovations.

謝謝你，安德烈。史蒂夫，我來把安德烈剛才說的話過渡到我要說的話。但其中一些措施會循序漸進，原因很簡單，因為即使在美國，當我們介入時，我們也會非常謹慎地確保這些幹預措施也能推動品類成長。所以，這也是為什麼有些事情必須透過重大創新才能實現的原因。

But switching to your question, so I think a lot of the way to think about the future is we have, in many cases, already built platforms. Take the core data lake that I talked about earlier. I mean, that did not happen overnight, cannot happen overnight, requires data capabilities, requires partnerships but, also importantly, requires internal cultural change. For people to work the data and systems in a certain way is not a change that you can just do overnight. Even if you have the technology solution, very often, the culture change needs to go along with it.

但回到你的問題，我認為思考未來的許多方式是，在很多情況下，我們已經建立了平台。以我之前提到的核心資料湖為例。我的意思是，這並非一朝一夕就能實現的，也不可能一朝一夕就能實現，它需要數據能力，需要合作夥伴關係，但更重要的是，它需要內部文化變革。要讓人們以某種特定的方式處理資料和系統，這不是一朝一夕就能完成的改變。即使有了技術解決方案，很多時候，文化變革也需要隨之而來。

And so a lot of that work has happened or is happening. The timeline, if you asked, as you specifically did ask, is I think by the time we really get the future evenly distributed, I think we're talking 12 to 18 months. But it is not one which is a line of demarcation. So you will see parts of the business and certain businesses better equipped to take on all aspects of the transformation. So some businesses may be ahead of others, some regions may get ahead of others.

因此，許多這類工作已經完成或正在進行中。如果你問了時間表，就像你確實問的那樣，我認為，當我們真正實現未來資源的公平分配時，我認為需要 12 到 18 個月的時間。但這並非一條分界線。因此，你會看到企業的部分業務和某些業務部門更有能力應對轉型​​的各個方面。因此，有些企業可能領先其他企業，有些地區可能領先其他地區。

But the simple answer to your question is really, I think, to get the future evenly distributed will be 12 to 18 months.

但我認為，對於你的問題，最簡單的答案是，要讓未來均勻分配，需要 12 到 18 個月的時間。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I wanted to ask about investment levels. P&G has recently announced a restructuring program and you're going through some initiatives today to media platforms and supply chain integration with an evolving retail landscape. Obviously, there's an expectation for improvement and sales growth, re-balancing of this, I guess, top line and move toward algorithm over time.

我想諮詢一下投資水準。寶潔公司最近宣布了一項重組計劃，今天你們正在經歷一些舉措，涉及媒體平台和供應鏈整合，以適應不斷變化的零售環境。顯然，人們期望業績能夠提升，銷售額能夠成長，我想，這將重新平衡營收，並隨著時間的推移向演算法驅動型業務轉型。

Can you give us a sense of the sort of cost of this progress, I suppose, and kind of the balance between the restructuring and some of the savings that, that's going to allow for you relative to what you feel like is going to be needed potentially, especially if you don't see that acceleration that you're going to be looking for in the coming months if you really want to stimulate the top line for this business over the next 12 to 18 months?

您能否大致說明一下這項進展的成本，以及重組和由此節省的資金之間的平衡，特別是如果您在未來幾個月內看不到您所期望的增長速度，而您又真的想在未來 12 到 18 個月內刺激公司營收增長的話？

Chris, let me take a crack at this. The first part of the answer is many of the investments have been made over the last decade. If you think about the amount of money it takes to build a consistent global ERP platform, the data lake, the data governance structure, data engineering, all of that has been done. So that was part of the results that we delivered over the past, I would say, 5 to 10 years.

克里斯，讓我來試試。答案的第一部分是，許多投資都是在過去十年中進行的。想想建立一個統一的全球 ERP 平台、資料湖、資料治理結構、資料工程需要多少錢，而這些都已經完成了。所以，這是我們在過去 5 到 10 年裡所取得的部分成果。

The investment to activate the technology, specifically around the innovation capabilities, the media capabilities won't be significant. It's an investment in scaling. But the underlying technology, the underlying data, that heavy investment is already done. So in that sense, I don't expect major capital or expense investments.

激活這項技術，特別是圍繞創新能力和媒體能力的投資，不會很大。這是對規模化發展的投資。但是底層技術、底層資料以及相關的巨額投資已經完成。所以從這個意義上講，我不認為會有重大的資本或支出投資。

On the supply chain side, you see us build capacity. And as we build capacity, that capacity is built in a way that it leverages automation, digitization, both on the manufacturing side and on the warehouse side. So the elevated investment level in terms of capital is really related to building capacity, building capacity in a different way but not fundamentally more expensive. So I don't expect again on the capital side a significant shift.

在供應鏈方面，你會看到我們正在提升產能。隨著我們產能的提升，這種產能的提升方式充分利用了自動化和數位化技術，無論是在生產環節或倉儲環節。因此，資本方面的投資水準提高實際上與產能建設有關，產能建設的方式有所不同，但本質上並不更昂貴。因此，我預計資本方面不會再次出現重大變化。

The restructuring we have announced in June, the two-year program, I think, will take us through the majority of the org changes and portfolio changes that we need to make. From there on out, if this works the way we want to, it will basically allow us to grow without incremental investments in organization or people.

我認為，我們在 6 月宣布的重組計畫（為期兩年）將幫助我們完成大部分需要進行的組織變革和業務組合變革。從那以後，如果一切按我們預期發展，基本上就無需在組織或人員方面進行額外投資，我們就能實現成長。

So if you think about it, the objective is to grow productivity sales per head disproportionately once these capabilities are implemented. But we don't think it requires another wave of significant restructuring beyond what we typically have as part of our core earnings. So I wouldn't look at a cliff of investment that comes with this.

所以仔細想想，目標是在這些能力實現之後，大幅提高人均生產力銷售額。但我們認為，除了我們通常作為核心收益一部分的重組之外，不需要進行另一輪重大重組。所以我不會考慮隨之而來的巨大投資風險。

The second part of your question on return to algorithm, I would say let us get through the next two quarters and focus on acceleration, and then we'll talk about where we see the next year and how close to algorithm we come once we have that reality under our belt.

關於您問題的第二部分，即回歸演算法，我的建議是，讓我們先度過接下來的兩個季度，專注於加速發展，然後再討論我們對明年的展望，以及一旦我們真正理解了這一點，我們離演算法還有多遠。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

So Shailesh, just wanted to dial down a bit more into the US market. There's always an opportunity under a new CEO to refocus the organization and tweak areas of emphasis. Obviously, there's broad changes in the retail environment as you mentioned, AI technology, consumer landscape, et cetera, et cetera. And also we're coming off a very difficult category growth environment in the US in calendar '25.

所以，Shailesh，我只是想稍微減少一些在美國市場的業務。新任執行長上任後，總會有機會重新調整組織方向，並調整重點領域。正如您所提到的，零售環境顯然發生了廣泛的變化，例如人工智慧技術、消費者格局等等。而且，我們在 2025 年美國市場也經歷了非常艱難的品類成長環境。

So just as you look going forward, what are the most important priorities for the organization in terms of driving better execution, re-accelerating that organic sales growth, and specifically, P&G is part of driving category growth. And part of the question is I'd like to better understand what's changing in terms of the areas of emphasis or the strategy plans versus more where you're doubling down on execution in existing plans.

展望未來，對於組織而言，在推動更好的執行、重新加速有機銷售成長方面，最重要的優先事項是什麼？具體來說，寶潔公司是推動品類成長的一部分。問題的一部分是，我想更了解在重點領域或策略計畫方面發生了哪些變化，以及你們是否在現有計畫中加倍投入執行。

Sure. Thanks, Dara. A few areas. So I think the -- as Andre said, I think if we get the elements of our plan right, I think there is opportunity to grow the market. So I think that is doable.

當然。謝謝你，達拉。一些地區。所以我覺得——就像安德烈說的那樣，如果我們把計劃的各個要素都做好，我認為就有機會擴大市場。所以我認為這是可行的。

What are some of the changes, as Andre talked about, the interventions short to midterm that we are looking at, and which also bleed into the long term. So it isn't just one separate short and long-term intervention.

正如安德烈所談到的，我們正在考慮哪些短期到中期的干預措施，這些措施也會對長期產生影響？所以，這不僅僅是一項獨立的短期和長期幹預措施。

One is the media landscape has changed very dramatically over the last few years. I think probably driven somewhat by COVID habits, a bunch of other things, the way people consume media and content has changed dramatically. Adjusting our brand-building plans to fully reflect that change and leverage it is the first big intervention we are focused on as we review plans, including in the US.

一是媒體版圖在過去幾年發生了非常巨大的變化。我認為這可能在某種程度上是受新冠疫情的影響，以及其他一些因素的影響，人們消費媒體和內容的方式發生了巨大變化。調整我們的品牌建立計劃，以充分反映這種變化並加以利用，是我們審查計劃（包括在美國的計劃）時關注的首要重大舉措。

The second one linked to the retail landscape, there are a couple. But the first one is linked to when you see what channels are growing, where the growth is coming, we need to adjust the kind of innovation we do. The way we are calling it is stronger core, bigger more. Because by definition, what we are finding is just, given how challenging it is to get awareness, how important it is for the big items to be there, for instance, even on e-commerce where you can list everything, it's really the first screen or two that matters.

第二個與零售業相關的面向有兩個。但第一個問題是，當你看到哪些管道正在成長，成長來自哪裡時，我們需要調整我們所做的創新類型。我們稱之為更強的核心，更大更多。因為從定義上來說，我們發現，考慮到提高知名度有多麼困難，重點商品的展示有多麼重要，例如，即使在電子商務中你可以列出所有商品，真正重要的是前一兩個頁面。

And so having the item which has the velocity is extremely important. And so the way to think about it is a stronger core, for example is the Tide liquid relaunch. You have an amazing user base. You give them a delightful product. They continue using it, use more of it and attract other people to come use it as well. The bigger more, a good example is launch of something like Tide evo, which is transformational.

因此，擁有具有速度的物體至關重要。因此，思考這個問題的方式是打造一個更強大的核心，例如 Tide 液體洗衣液的重新上市。你們擁有龐大的使用者群體。你為他們提供了一款令人愉悅的產品。他們繼續使用它，使用量增加，並吸引其他人也來使用它。更大的例子就是像 Tide evo 這樣的產品的推出，它具有變革性意義。

So you are going to get consumer attention and engagement. So we're changing the innovation to reflect that both from a point of view of how the media is being consumed but also how the retail landscape is playing out.

這樣就能獲得消費者的關注與參與。因此，我們正在改變創新方式，以反映媒體消費方式的變化以及零售格局的變化。

The third area of change is, of course, very deliberate on consumer value. And particularly in a market like US, a lot of it is about strengthening our proposition. Again, Tide is a great example of it, but we are going to have that pretty much across every category where we significantly improve the value by significantly improving the product performance so that the consumer notices it and feels the value. So one of the areas that we're looking at across categories is significant strengthening of the propositions. And in many of these cases, that do not come with the change in price. So we will be significantly strengthening value.

第三個變革領域當然是經過深思熟慮的，那就是消費者價值。尤其是在像美國這樣的市場，很多時候都是為了加強我們的產品/服務優勢。汰漬就是一個很好的例子，但我們幾乎會在每個品類中都這樣做，透過顯著提高產品性能來顯著提高價值，讓消費者註意到並感受到價值。因此，我們正在各個類別中關注的一個領域是顯著加強產品主張。而且在很多情況下，價格變動並不會帶來這些好處。因此，我們將顯著提升價值。

So if I were to just summarize what I just said, it would be adjust to the new media landscape with how we do our brand campaigns, adjust how we innovate with much more emphasis on a strong core and a bigger more and then ensure we are delivering really good consumer value.

所以，如果讓我總結一下我剛才說的，那就是要調整我們開展品牌宣傳活動的方式以適應新的媒體環境，調整我們的創新方式，更加註重強大的核心和更大的規模，然後確保我們為消費者提供真正好的價值。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

nd I think you've kind of hinted at this, but let's just talk about the US and Amazon. Our data is showing that it's driving a disproportionate amount of the growth in your categories, depending on the category, anywhere from 60% to 80% or so. How specifically is that impacting your media efficiency and competitive dynamics against smaller brands? What do you need to do differently? And perhaps, do you have any particular learnings from China that are relevant here?

我覺得你已經暗示過這一點了，但我們還是來談談美國和亞馬遜吧。我們的數據顯示，它對您所在類別的成長貢獻了不成比例的份額，具體比例取決於類別，大約在 60% 到 80% 之間。這具體對您的媒體效率以及與規模較小的品牌之間的競爭格局產生了哪些影響？你需要做出哪些改變？或許，您從中國獲得的一些與此相關的經驗教訓可以藉鏡到我們這裡？

Andre, do you want.

安德烈，你想要嗎？

Yes. I can start here, Robert. A couple of points that I think Shailesh hinted towards. I think having the core brand as strong as possible by improving the performance, improving the claims, the e-content, all of that, I think, is the best and most urgent thing to do across the entire portfolio so when it shows up on the landing page, it shows up as strong as possible. I think that's number one.

是的。我可以從這裡開始，羅伯特。我覺得沙伊萊什暗示了兩點。我認為，透過提升產品性能、改進宣傳、優化電子內容等等，盡可能地強化核心品牌，是整個產品組合中最重要、最緊迫的事情，這樣當它出現在著陸頁上時，就能以最強大的姿態呈現。我認為那是第一點。

I think there's an opportunity specifically if you look at online businesses. The willingness of consumers to actually go into higher-priced items is still very, very strongly developed. If you think about categories like Hair Care, if you think about categories like Skin Care, where small brands tend to play is in the upper end of the spectrum from a price per usage component. I think that's an opportunity for us to innovate, which is stronger core and a bigger more. And the more, especially on online, I think, can be premium priced. So that's where you see innovation happening.

我認為，如果你專注於線上業務，你會發現一個機會。消費者購買高價商品的意願仍然非常強烈。如果你想想護髮產品這類類別，或想想護膚產品這類類別，你會發現小品牌往往在價格較高的產品類別中佔據主導地位。我認為這是一個讓我們進行創新、打造更強大核心、更廣闊發展空間的機會。而且，尤其是在網路上，商品越多，價格可能越高。所以，創新就發生在那裡。

And in general, the last thing I'll leave you with is taking smaller brands and looking at some of the ideas that these creators are bringing, I think, is good inspiration. So we're looking at some of these brands and saying, that could be an interesting idea maybe on some of our core business or it could be an interesting idea to replicate as a line extension.

最後，我想和大家分享的是，專注於一些較小的品牌，看看這些品牌的創辦人和他們帶來的一些想法，我認為這會是一個很好的靈感來源。所以我們正在研究這些品牌，並認為這可能是一個有趣的想法，可以應用到我們的核心業務中，或者可以將其複製為產品線延伸。

There's nothing unique if you think about the ability that the ecosystem of small brands can bring, not technology-wise, certainly not from a marketing scale perspective, certainly not from a supply chain perspective, but the creative stage is something interesting for us to look at.

如果你仔細想想小品牌生態系統所能帶來的能力，你會發現它並沒有什麼獨特之處，無論是技術面，還是行銷規模方面，亦或是供應鏈方面，但它的創意階段卻值得我們關注。

I'd just add a couple of points, Andre, on this to what you said, which is, firstly, at a broad strategic priority level, we are very, very deliberate about ensuring we win in the fast-growing segments, which may be channels or segments of a market. What is exciting to the point you made, Robert, about the e-commerce growth at a variety of retailers and a variety of countries is very often, if we can channel that right, it can dramatically grow the market size and category.

安德烈，關於你剛才說的，我只想補充幾點。首先，從廣泛的策略優先層面來看，我們非常非常注重確保在快速成長的領域（可能是通路或市場區隔）取得勝利。羅伯特，你剛才提到的電子商務在各種零售商和各種國家的成長令人興奮之處在於，如果我們能正確引導，它往往可以大大擴大市場規模和品類。

And if you want to take a stark example and move away from the US for a second, we go to India where our portfolio is slightly different and has been evolving differently, e-commerce is growing probably at 10 times the pace almost of off-line and our share is about 1.8x of our off-line business. So we are very deliberate about that, whether it's the US or India or any other market, to make sure that happens.

如果要舉一個鮮明的例子，暫時離開美國，我們來看看印度，那裡的業務組合略有不同，發展方式也不同，電子商務的增長速度可能是線下業務的 10 倍，而我們的市場份額約為線下業務的 1.8 倍。因此，無論是在美國、印度或其他任何市場，我們都非常重視這一點，以確保這種情況發生。

The drivers, as Andrew pointed out, of winning their needs certain things, which we are making sure we have across the board, which includes content, which includes the item specificity and making sure those are strong and growing and playing with the right portfolio. So those all become very critical elements, whether it's Amazon in US or any other e-comm player in the US or outside.

正如安德魯所指出的那樣，獲勝的驅動因素需要某些東西，我們正在確保我們全面擁有這些東西，包括內容，包括項目的具體性，並確保這些內容強大且不斷發展，以及運用正確的產品組合。因此，無論是美國的亞馬遜，還是美國境內外的任何其他電子商務公司，這些都成為了非常關鍵的因素。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

I'm now happy to be contributing very much to the Baby Care comps in the Galbo household. So I wanted to ask just regarding, Andre, your comments around returning to kind of the lower half of algorithm in the back half on the near term. Maybe a bit of clarification there. I think at one point in the prepared remarks, you talked about your categories growing at maybe two. Then there was another comment about if we took out the lap, you would have actually seen organic sales at 3%.

我現在很高興能為 Galbo 家的嬰兒護理比賽做出很多貢獻。所以我想問一下，安德烈，你之前關於近期內回歸演算法後半部（或是演算法的下半部）的評論。或許需要稍作澄清。我認為在事先準備好的發言稿中，您曾提到您的類別可能會增加到兩個。然後也有人評論說，如果我們去掉這個環節，有機銷售額實際上會達到 3%。

So Just maybe you can help clarify a bit on what you were trying to say with that comment as I've gotten some inbound from folks on that.

所以，或許您可以幫我稍微解釋一下您那條評論的意思，因為我收到了一些關於這方面的詢問。

Peter, glad to welcome you to the diapering household community. So if you look at our global categories, we see growth around 2% in terms of value. Enterprise Markets are growing at about mid-single digits. China is still negative by about one point. Europe, flat in volume, about 1% in value.

彼得，很高興歡迎你加入換尿布家庭大家庭。因此，如果您看一下我們的全球類別，我們會發現價值成長約為 2%。企業市場正以中等個位數的速度成長。中國目前仍落後約1個百分點。歐洲，交易量持平，交易額下降約 1%。

And the most recent reading in the US, all outlet read, so our data, would indicate about 1% to 2% of value growth. If you look specifically at the O&D quarter, there is a point of inventory within those numbers. So if you want to be optimistic, you could say the US structurally could be growing at two to three points. But we have to see where that goes.

根據美國所有媒體的最新數據（也就是我們的數據），價值成長約為 1% 至 2%。如果專門查看 O&D 季度，會發現這些數字中存在庫存點。所以，如果你想保持樂觀，你可以說美國經濟結構性成長可能達到兩到三個百分點。但我們得看看事情會如何發展。

From our point of view is the actual results, we've delivered 3% growth outside of the US. So that's roughly in line with market growth outside of the U and we have delivered minus 2% in the US, which is below the market and a good part of that is the inventory effect, but there is a component of reduced share. So I don't want to loss over the fact that we have work to do to recover share.

從我們的角度來看，實際結果是，我們在美國以外地區實現了 3% 的成長。因此，這與美國以外的市場成長大致一致，而我們在美國實現了-2%的成長率，低於市場水平，其中很大一部分是庫存效應，但也存在市場份額下降的因素。所以我不想因為我們還需要努力才能恢復市場佔有率而感到沮喪。

Partially, that's already in progress. I talked about Family Care. We're making progress on laundry. But the recovery in the second half will include both the base period effect moving out of the market and us recovering share. So our objective is really to leave the fiscal year with share momentum out in the US and at a global level.

部分工作已經在進行中。我談到了家庭護理。我們在洗衣方面取得了進展。但下半年的復甦將包括基期效應（即企業退出市場）以及我們自身市場份額的恢復。因此，我們的目標是在本財年結束時，在美國和全球範圍內保持市場份額的成長勢頭。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Shailesh, I wanted to take a step back and ask for your assessment overall on the portfolio from a strategy perspective. So it's been over a decade since P&G completed its portfolio review. Success, as you know, didn't come right away but ultimately did and set the company on a very strong path for growth. But now as we talked about on this call, the company finds itself in more of a transitional sort of phase of a reinvention, if you will, as growth has slowed.

Shailesh，我想退一步，請你從策略角度評估整個投資組合。寶潔公司完成產品組合評估至今已超過十年。如你所知，成功並非一蹴而就，但最終還是實現了，並使公司走上了強勁的成長道路。但正如我們在這次電話會議中討論的那樣，隨著成長放緩，公司發現自己正處於轉型重塑的階段。

So with that as context, I'd like your view here on whether you are generally pleased with the current portfolio. Is Procter still in the right segments within big total addressable markets, attractive returns on capital and stronger growth? Or do you see it possible that certain business may make less sense today in P&G's portfolio than they may have in years past? So your thoughts there would be appreciated.

基於以上背景，我想聽聽您對當前投資組合的看法，您是否總體上感到滿意。寶潔是否仍處於目標市場規模大、資本報酬率高、成長動能強勁的正確細分市場？或者您認為，在寶潔公司的業務組合中，某些業務如今可能不如過去幾年那麼有意義？所以，如果您有什麼想法，我們將不勝感激。

Thanks, Kevin. I'd split it into a few parts. So first is I think we are clear that we play in daily use categories where performance matters. So I think we feel very good about that choice. We feel very good about that choice because it's extremely well integrated with the total strategy. That's where superiority becomes critical. The whole model works well when we are in categories where -- daily use categories where performance matters. So I think that is one part of it.

謝謝你，凱文。我會把它分成幾個部分。首先，我認為我們很清楚，我們玩的是日常使用類遊戲，這類遊戲對效能要求很高。所以我覺得我們對這個選擇非常滿意。我們對這個選擇感到非常滿意，因為它與整體策略完美契合。正是在這種情況下，優勢變得至關重要。整個模型在日常使用場景中效果很好，因為在這些場景中，表現至關重要。所以我覺得這是其中一部分原因。

Second part of it is what we call the day one look. If we were starting our company today, we would look at our portfolio and say, okay, are we in the right places? That has been really the genesis or driver of the restructuring that we talked about six months back where we said we need to get out of certain parts of the business because simply them being a drag or we're not where we saw future growth. So there's another part of it, which is just disciplined look, a continuous review of which are the right segments and are we playing adequately in higher-growth segments or not.

第二部分就是我們所說的第一天的造型。如果我們今天創辦公司，我們會審視我們的投資組合，然後問自己：好吧，我們是否選對了方向？這正是我們六個月前談到的重組的真正起源或驅動力，當時我們說我們需要退出某些業務，因為它們拖累了我們，或者我們沒有看到未來的成長。所以還有另一部分，那就是嚴謹的審視，不斷審查哪些是正確的細分市場，以及我們是否在高成長細分市場中發揮了足夠的作用。

There's a third element of it, which is when we look at categories, are we playing in the right segments? And something Andre just talked about, which is if you look at e-comm, you see which category, what segments are growing and are we present enough in some of those. If you look at social commerce in some categories in CRB, well represented in all segments and we actually find a lot of opportunity at some of the higher price points in some of the categories and things like social commerce. So that's another aspect of the portfolio that we continue to strengthen.

還有第三個要素，那就是當我們審視各個類別時，我們是否在正確的細分市場中開展業務？安德烈剛才也談到了一點，那就是如果你觀察電子商務，你會發現哪些類別、哪些細分市場正在成長，以及我們是否在這些領域有足夠的市場佔有率。如果你觀察CRB中某些類別的社交電商，你會發現它在各個細分市場都有很好的表現，而且我們實際上發現，在某些類別的較高價格點上，以及社交電商等領域，存在著很多機會。所以這是我們持續加強的投資組合的另一個面向。

And the final point I would make is we continue to look at where we can build greater strength. And we've always talked about the fact that health and beauty are two areas where we find we have still opportunity to build a stronger presence, and we continue to look at opportunities which come our way there.

最後一點是，我們將繼續尋找可以增強自身實力的領域。我們一直認為，健康和美容是兩個我們仍有機會加強自身影響力的領域，我們將繼續尋找這方面的機會。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So I guess I just wanted to follow up on the US. And I guess you sound confident in your ability to see performance improve. But I guess I was trying to just pin down what you're expecting in terms of category growth for the back half of the year.

所以我想我只是想了解美國的情況。聽起來你對提升業績的能力很有信心。但我猜我只是想弄清楚您對今年下半年該品類的成長有何預期。

And I wasn't sure, in your response to Peter's question around 1% to 2% growth, whether that's kind of the right run rate we should expect moving forward or whether the guidance expects to get back to that 2% to 3%. So maybe if you could just elaborate on that, that would be helpful.

在您回答彼得關於 1% 到 2% 成長率的問題時，我不太確定這是否是我們應該預期的未來成長速度，或者指導意見是否預期會回到 2% 到 3%。如果你能詳細解釋一下，那就太好了。

And then I guess, just related, at CAGNY last year, there's a lot of discussion around inventory destocking. So just any thoughts or comments on what investors should expect as we anniversary those impacts.

然後，我想，順便提一下，去年在紐約國際消費品展 (CAGNY) 上，還有很多關於庫存去庫存的討論。那麼，各位對於投資人在這些影響週年紀念日之際應該預期什麼，有什麼想法或評論嗎？

Peter, yes, thanks for the push on clarifying US category growth. Our base expectation is 2% category growth in the back half. That's what we know and that's what we're planning on. From an inventory standpoint, hard to predict. The only thing I'll leave you with is I would not expect any significant inventory built in the second half. That's not part of our plan. We expect some level of inventory efficiency to be driven across retailers, like they always do. Some of our retail partners are finishing up supply chain interventions and that will probably lead to some efficiency in terms of inventory levels.

Peter，是的，謝謝你推動我們澄清美國品類成長情況。我們的基本預期是下半年品類成長2%。這就是我們所知道的，也是我們計劃要做的事。從庫存角度來看，很難預測。最後我想說的是，預計下半年不會有任何大規模的庫存增加。那不在我們的計劃之內。我們預計零售商會像以往一樣，在一定程度上提高庫存效率。我們的一些零售合作夥伴正在完成供應鏈幹預措施，這可能會在庫存水準方面帶來一些效率提升。

So I would tell you a slight headwind from inventory is probably adequate to assume on a market base that has about 2% of value growth.

因此，我認為，在市場價值成長約 2% 的情況下，庫存帶來的輕微不利影響可能是可以接受的。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

I wanted to shift maybe to margins. For the second half of the year, is the right expectation to think that we should see an improving margin trajectory as well? considering the assumed improvement that you're embedded in the US market, which is your highest margin business, and given the commodity outlook looks a little bit more favorable in your guidance?

我想或許可以轉向邊際效益。對於下半年，我們是否可以合理預期利潤率也會呈現改善趨勢？考慮到您在美國市場（您利潤最高的業務）的業務預計會有所改善，而且您的業績指引中大宗商品前景似乎也更加樂觀？

And then below the gross margin line, Shailesh, you mentioned a lot about the interventions that you're planning, including the US business. Can you help us quantify where the sizing of this intervention, where would they show up, whether it's with more advertising, with more R&D, more promotional investment. Any help, like sizing and quantifying these impacts will be helpful. Thank you.

沙伊萊什，在毛利率下方，你提到了很多你正在計劃的干預措施，包括美國業務。您能否協助我們量化這項介入措施的規模，以及它們將體現在哪些方面，例如增加廣告投入、增加研發投入或增加推廣投資？任何幫助，例如評估和量化這些影響，都將有所裨益。謝謝。

Filippo, let me start. At the risk of disappointing you, I will not give you margin guidance for the back half. I think the margin will be an outcome, and we will have to tactically maneuver to see where we want to invest for the strongest possible growth. We focus on top line and we focus on EPS.

菲利波，讓我先開始。恐怕要讓您失望了，我不會提供下半年的利潤率指引。我認為利潤率將是一個結果，我們需要採取策略性措施，看看我們應該在哪些方面進行投資才能實現盡可能強勁的成長。我們關注營收，也關注每股盈餘。

And as you will have noticed, our guidance ranges on both are relatively wide. And they are wide because the outcomes will vary. There's still a lot of variability. And the most important variability to the margin line will be our conviction and need to invest. And so it's hard for me to give you a good indication of where that's going to land because it's going to be entirely driven by our ability and conviction to continue to invest in the brands.

正如您所注意到的，我們在這兩方面的指導範圍都相對較寬。它們之所以範圍很廣，是因為結果會各不相同。仍然存在很多變數。而影響利潤率最重要的因素將是我們的投資信念和需求。因此，我很難向你準確預測最終結果，因為這完全取決於我們是否有能力和決心繼續投資這些品牌。

Where that investment comes, I can start, Shailesh, and you jump in, I think it's mostly in the range of again the innovation we're launching. And Shailesh talked about improving value by driving significant performance improvements on the core propositions. That will be an investment we are making. That's baked into our assumptions. And the second component is to communicate those investments effectively and consistently across the balance of the year.

關於這筆投資的來源，我可以先說說，Shailesh，然後你再補充，我認為它主要還是在我們正在推出的創新產品的範圍內。Shailesh 談到，要透過大幅提升核心業務的績效來提高價值。這將是我們的一項投資。這已經根植於我們的假設之中。第二個組成部分是在今年剩餘的時間裡，有效地、持續地傳達這些投資訊息。

So the media side is an important part. I wouldn't expect a significant increase year-over-year but consistent media spend across the second half. And the third one is trade-related spending to drive trial, create display, visibility, secondary placement in store. Again, our path chosen is not heavy investment in promotion depth and price. We don't believe that's market constructive. But it will be to drive trial of those superior propositions. So that's the third bucket. So product, media and communication and in-store visibility and trial.

所以媒體方面是重要的一環。我預計下半年媒體支出不會大幅成長，但會保持穩定。第三項是與貿易相關的支出，用於推動試用、創造展示、提高可見度、在店內進行二次陳列。再次強調，我們選擇的道路不是在推廣深度和價格上進行大量投資。我們認為這不利於市場發展。但其目的是為了推動這些更優方案的試驗。這是第三個桶子。因此，產品、媒體和傳播以及店內可見性和試用。

So, I think you covered it. The only thing I would say is the ratios of that vary based on the category. So the mix of which one needs a little more on product, which one needs a little more on advertising or visibility will vary. So that's the only point I would add to what you said, Andre.

所以，我覺得你已經涵蓋到了。我唯一要補充的是，這些比例會根據類別而有所不同。因此，哪些企業需要更多投入產品，哪些企業需要更多投入廣告或曝光度，具體情況會因企業而異。所以，這就是我想補充的唯一一點，安德烈。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I guess I had a question on your Grooming segment. Organic sales were flat in the quarter, which was a pretty big deceleration versus last quarter with volumes inflecting negative and then margins contracting nearly 300 bps. So could you provide a little more color, I guess, on what drove the weakness on volumes and if there are any other factors behind the margin contraction outside of volume deleverage? And then maybe lastly, how should we think about the segment for the second half in terms of whether it's innovation and whether the business can accelerate?

我想問一下關於你們的儀容部分的問題。本季有機銷售額持平，與上一季相比成長大幅放緩，銷量出現負成長，利潤率也下降了近 300 個基點。那麼，您能否更詳細地說明一下，是什麼因素導致了成交量疲軟，以及除了成交量槓桿化之外，利潤率收縮背後是否還有其他因素？最後，我們該如何看待下半年的業務成長，是創新還是業務加速發展？

Bonnie, I think you answered the first part of the question. I think the margin component and the bottom-line component is an outcome of the top line. It's obviously a high-margin business. And so it's the volume slowing that translates into the bottom line slowing specifically since we don't curtail the investment in the business. Superiority investment across Grooming is very important.

邦妮，我覺得你已經回答了問題的第一部分。我認為利潤率和淨利潤都是營收的結果。這顯然是一個高利潤的行業。因此，銷量放緩直接導致利潤放緩，因為我們並沒有減少對業務的投資。在美容護理領域進行優質投資非常重要。

The timing of the Grooming business is heavily related to initiative timing. So year-over-year, the phasing of brand initiatives, female grooming and male grooming initiatives is a driver in the quarterly profile that you see. On the second half, like other businesses, we expect modest acceleration in Grooming related mostly to the US. And I think the biggest opportunity for our Grooming business is continued activation of the portfolio in the US and quality of execution in US stores, and that's what the team is entirely focused on.

美容業務的時機與專案啟動的時機密切相關。因此，與往年相比，品牌推廣計劃、女性美容和男性美容計劃的分階段實施是您所看到的季度業績成長的一個驅動因素。下半年，與其他行業一樣，我們預計男士美容行業將出現溫和增長，這主要與美國市場有關。我認為我們男士護理業務最大的機會在於繼續在美國激活產品組合，並提高美國門市的執行質量，而這正是團隊目前全力關注的重點。

I'd just add maybe a couple of points, Bonnie, to that. One is we see within Grooming a huge opportunity in continuing to drive Venus. That has upside in pretty much every region. In many regions, that's growing in the 10s and 20s percent growth. So we see a lot of upsides on the female grooming side.

邦妮，我只想補充幾點。一方面，我們看到在美容產業中存在著巨大的機遇，那就是繼續推動 Venus 的發展。這在幾乎所有地區都有利有好因素。在許多地區，這一數字以百分之十幾到百分之二十幾的速度成長。因此，我們看到女性美容護理方面有很多積極的方面。

We see a lot more on appliances as well. And then we are working on innovation, which comes in calendar '26, which should further drive category growth. And probably the last point I would make is in the US, we are also looking at changing the way our shelves are in many of the retailers and significantly improving how grooming comes across as a shopping experience.

我們在家用電器上也看到了許多類似的情況。然後，我們正在致力於創新，預計將於 2026 年推出，這將進一步推動品類成長。最後我想說的是，在美國，我們也正在考慮改變許多零售商的貨架擺放方式，並大幅改善個人護理產品的購物體驗。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

If we could talk a bit about usage and volumes because there's many puts and takes on your quarter. But to the extent that you're able to calculate what actual usage is in the households, has that sort of trended off as we got into the front half of this fiscal year? Is it about the same and the rest sort of within it is just noise?

我們能否稍微談談使用量和交易量，因為你們這個季度有很多看漲和看跌的因素。但是，如果你能夠計算出家庭的實際使用量，那麼隨著本財年上半年的到來，這種趨勢是否有所下降呢？是不是差不多，其他部分都只是噪音？

I think, Kaumil, that is still a huge opportunity in our categories. Usage volume growth is slow, too honestly flat if you look at the front half of the year and even in the last quarter both in the US and in Europe. So re-accelerating household penetration, re-accelerating user growth is a big part of what we're focusing on.

考米爾，我認為，在我們這個領域，這仍然是一個巨大的機會。使用量成長緩慢，坦白說，如果你看一下今年上半年，甚至上個季度，無論是在美國還是歐洲，使用量成長幾乎停滯不前。因此，重新加速家庭滲透率、重新加速用戶成長是我們關注的重點之一。

And if you think about it, a lot of the growth in the past few years has been price driven as we came through the inflationary cycle, the supply chain crisis in all of our categories. And so I think the opportunity for us now is exactly what Shailesh described. It is to improve the value proposition for consumers by diligently constructing propositions that have a perfectly matching performance profile, well communicated and executed without raising the price so we can make the proposition attractive to more households, more consumers more consistently.

仔細想想，在過去幾年裡，許多成長都是由價格驅動的，因為我們經歷了通貨膨脹週期以及所有類別的供應鏈危機。所以我認為我們現在的機會正如沙伊萊什所描述的那樣。我們的目標是透過精心建構性能完美匹配、溝通到位、執行到位且不漲價的方案，來提升消費者的價值主張，從而使方案能夠更持續地吸引更多家庭、更多消費者。

So the volume component will have to be a part of how we grow markets. As we talked about the second half, we believe this will take time. So we don't think this is an easy fix nor will it come quickly. So our growth trajectory that I just highlighted, the 2% value growth in the US, which is the assumption for half two, largely assumes that the volume component remains slow.

因此，銷量因素必須成為我們拓展市場方式的一部分。正如我們之前討論的下半程，我們認為這需要時間。所以我們認為這不是一個容易解決的問題，也不會很快解決。因此，我剛才強調的成長軌跡，即美國 2% 的價值成長（這是對第二年上半年的假設），很大程度上假設銷售部分仍然成長緩慢。

Just to add one point, reinforcing, Andre, what you said. As we get on the journey of growth, I think user growth will be one which we place a lot of emphasis on. As Andre said, between user usage and price/mix, I think the last five years probably had, due to inflation, a bigger component of price/mix. We think the future is going to be a lot more about user growth as the foundation. And then that typically, when we get that, we also get the usage growth.

我再補充一點，重申你剛才說的話，安德烈。隨著我們進入發展階段，我認為用戶成長將是我們非常重視的一個面向。正如安德烈所說，在用戶使用情況和價格/組合之間，我認為由於通貨膨脹，過去五年價格/組合的佔比可能更大。我們認為，未來將更加以用戶成長為基礎。通常情況下，當我們獲得這種增長時，使用量也會隨之增長。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

So was hoping if you -- I have a clarification on one question. On the interventions you just mentioned, Shailesh and Andre, like you're assuming that your category growth. But are you thinking you can stabilize or even perhaps have share gains with the interventions you were making? And within that, are you still seeing some trade down within your brands from, let's say, pods to liquid or if that has stabilized.

所以，我希望您能幫我解答一個問題。關於你剛才提到的干預措施，Shailesh 和 Andre，就像你假設你的品類增長一樣。但您是否認為透過您採取的干預措施，可以穩定市場，甚至可能獲得市場份額的成長？在這個過程中，您是否仍然看到一些品牌的產品從煙彈轉向電子煙油，或者這種情況是否已經穩定下來？

And my real question is on the productivity reinvestment as you had a very strong productivity in the quarter. So are you thinking of like as you go in terms of reinvestment's and all the media initiatives, innovation you've made and perhaps by spec architecture for affordability, should we expect that to be canceled out? Or perhaps as you see this environment and the opportunity to lean into more of value proposition, how are you thinking of like the balance between top line and bottom line?

我真正的問題是關於生產力再投資，因為你們本季的生產力非常強勁。那麼，您是否在考慮，隨著您進行再投資、所有媒體措施、創新，以及可能為了降低成本而採用的規範架構，這些投入是否會被抵銷？或者，當您看到當前的環境以及有機會更加重視價值主張時，您是如何看待營收和利潤之間的平衡的？

Thanks, Andrea. From a share perspective, it certainly is our objective to leave the year with share growth both in the US and in the rest of the world. But we also acknowledge that, that is an outcome of how well we execute, the competitive environment, other factors in terms of geopolitical dimensions, consumer health.

謝謝你，安德里亞。從市場佔有率的角度來看，我們的目標當然是在今年實現美國和世界其他地區的市佔率成長。但我們也承認，這是我們執行力、競爭環境、地緣政治因素、消費者健康狀況等其他因素共同作用的結果。

So that's why we still maintain the range. And within the range, if we end up in the mid- to higher section, that will probably have an element of share growth. If we end up in the lower section, it won't. But be assured, our team's energy is exactly that. We need to grow share by growing more users, growing more households, and that's where all the innovation and the investment is focused.

所以這就是我們仍然維持該系列產品的原因。在這個範圍內，如果我們最終處於中上區間，那可能會有份額成長的趨勢。如果我們最終落到下半區，那就不會了。但請放心，我們團隊的活力絕對不容小覷。我們需要透過增加用戶數量、擴大家庭用戶群來提高市場份額，而這正是我們所有創新和投資的重點。

On the balance between productivity flow through top line and bottom line, I'll go back to what I said earlier. It depends on what we see happening. We will certainly err on the side of more investment to drive more user growth, drive household penetration in the short term if we are convinced that we have the right innovation, if we are convinced that we have the right marketing program, the right commercial program. We will double down but we would be diligent in that assessment. So if we feel we've got the right program, we absolutely will continue to reinvest productivity.

關於生產力流向營收和利潤之間的平衡，我還是回到我之前說過的話。這取決於我們看到的情況。如果我們相信我們擁有正確的創新、正確的行銷計劃和正確的商業計劃，那麼我們肯定會傾向於增加投資，以推動用戶成長，並在短期內提高家庭滲透率。我們會加倍投入，但也會認真進行評估。所以，如果我們認為我們擁有正確的方案，我們一定會繼續提高生產力。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

I want to talk a little bit about the margin. With productivity savings, about 270 basis points this quarter, you reinvested 220 of that, which I think highlights your pricing productivity and reinvestment even as demand remains slower. So could you drill into that a little bit more in terms of what limitations there could be over the balance of the year on the price and productivity levers, particularly on price? Your implied second half guidance assumes some fairly strong margin leverage. But I want to understand those moving parts.

我想稍微談談利潤率。本季度，你們透過提高生產效率節省了約 270 個基點，其中 220 個基點被重新投資，我認為這凸顯了你們在定價、生產效率和再投資方面的實力，即使需求依然放緩。那麼，您能否更深入地探討一下，在今年剩餘的時間裡，價格和生產力槓桿方面可能存在哪些限制，尤其是在價格方面？你隱含的下半年業績指引假設了相當強勁的利潤率槓桿作用。但我想要了解這些運作機制。

And then in terms of the guidance range, you mentioned to an answer to another question that you can grow even without additional headcount, leveraging sales per employee. What's the risk that you might need to adjust those investment levels as you think about delivering on EPS.

至於指導範圍，您在回答另一個問題時提到，即使不增加員工人數，也可以透過提高每位員工的銷售額來實現成長。在考慮實現每股盈餘目標時，您可能需要調整這些投資水準的風險是什麼？

I'll give it a shot, Olivia, but you can certainly follow up with the IR team to get you more detail. I think the margin productivity side, I feel very good about. We will continue to deliver in the range that we've delivered on. We have visibility to the productivity components for the next two to three years and we have the effect of the restructuring program kicking in. So I feel good about our ability to continue to drive productivity at the level we need to deliver investment and a reasonable EPS outcome.

我會試試的，奧利維亞，但你當然可以聯繫投資者關係團隊以了解更多詳情。我覺得利潤率方面的情況非常好。我們將繼續以以往的交付範圍進行交付。我們可以預見未來兩到三年的生產力構成要素，而重組計畫也將開始產生影響。因此，我對我們繼續提高生產力，達到我們所需的水平，從而實現投資和合理的每股盈餘結果感到樂觀。

Again, I won't get into guidance for next year, but it's certainly our objective to make progress towards algorithm over the next few quarters. The extent of that progress will not depend on our ability to deliver productivity. I feel very confident about that. But it will entirely deliver -- depend on our ability to stimulate top line growth in the market conditions we're facing and the level of confidence and conviction we have to invest behind that growth in the market. So I'll leave it there.

我不會再對明年的業績做出預測，但我們的目標肯定是在接下來的幾季裡在演算法方面取得進展。這項進展的程度並不取決於我們提高生產力的能力。我對此非常有信心。但這完全取決於我們能否在當前市場環境下刺激營收成長，以及我們對市場成長的投資信心和信念。我就說到這兒吧。

For the longer term, I'll tell you I am fairly convinced, and Shailesh will jump in here, that with the restructuring program, the way we're approaching the organization design, the way we're integrating technology into the way we work and the way we want to decrease functional barriers, we think that's a powerful path forward to continue to drive organizational effectiveness and, honestly, free up a ton of capacity of our teams from internal work to focus on what really matters, which is the consumer innovation and execution.

從長遠來看，我相當確信（Shailesh也會補充這一點），透過重組計劃，我們採取的組織設計方法，我們將技術融入工作方式的方法，以及我們希望減少職能壁壘的方法，我們認為這是一條強有力的前進道路，可以繼續提高組織效率，並且坦率地說，可以釋放我們團隊的大量精力，讓他們從內部工作中解放出來，專注於真正重要的事情。

I agree with everything, Andre. I would just add a couple of points to frame what we are trying to do, which is productivity as fuel for growth, growth as a fuel for EPS. So we really think productivity enables us to do what we need to get the growth, which gives us balanced and strong bottom line growth. So that is really the effort.

安德烈，我完全同意你的觀點。我只想補充幾點，以闡明我們正在努力的方向，那就是將生產力作為成長的動力，將成長作為每股收益的動力。因此，我們認為生產力的提高使我們能夠實現成長所需的一切，從而為我們帶來均衡而強勁的獲利成長。這才是真正的努力。

So as you think of that, and that's really what Andre was also saying is, we're doing the productivity -- we're very confident, by the way, in the productivity. The success from that is getting us growing top and bottom line.

所以當你想到這一點時，這其實也是安德烈所說的，那就是，我們正在提高生產力——順便說一句，我們對生產力非常有信心。由此帶來的成功正在推動我們營收和利潤的成長。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Procter & Gamble probably does more than any CPG company to grow categories through innovation and improving performance. That's always been your mantra. But when you look at the data in terms of like the past 12 weeks or even the past year, the percent of products sold on promotion at Procter is substantially higher by about 200, 300 basis points.

寶潔公司在透過創新和提升業績來拓展品類方面，可能比其他消費品公司都做得更多。這始終是你的座右銘。但如果你查看過去 12 週甚至過去一年的數據，寶潔公司促銷產品的銷售百分比要高出約 200 到 300 個基點。

So I'm wondering, do you think this data like accurately represents what your approach is in market because it would indicate that there is more need to move volume? Or Is it inaccurately depicting what you're trying to do to improve the volume?

所以我想知道，你認為這些數據是否準確地反映了你們在市場上的策略，因為它表明需要提高成交量？或者，它是否錯誤地描述了您為提高音量所做的嘗試？

obert, I'll give you a two-part answer here. Good question. I think I've repeatedly said that I don't see a reason why the categories will not move back to pre-COVID levels of promotion, which are around 30%. That will happen. It's just a competitive dynamic, a retailer dynamic, consumer dynamic and it's happening sequentially over time.

奧伯特，我分兩部分回答你。問得好。我認為我已經多次說過，我看不出有什麼理由解釋為什麼這些類別的促銷力度不會恢復到新冠疫情前的水平，也就是大約 30%。那件事一定會發生。這只是競爭動態、零售商動態和消費者動態，而且是隨著時間的推移而逐步發生的。

The promotion read you're getting is not wrong, but it only captures part of what the market reality is. It doesn't capture forward gift cards. It doesn't capture layered couponing, which is a significant part of competitive promotion that we're seeing.

你看到的宣傳資料並沒有錯，但它只反映了市場現實的一部分。它無法接收轉發的禮品卡。它沒有涵蓋多層優惠券的使用，而多層優惠券的使用是目前我們看到的競爭性促銷活動中非常重要的一部分。

You're right. Our promotion volume is increasing and probably will increase in the second half. As we execute the innovation, part of creating trial for those innovations is to deliver promotion visibility. Not all of those promotions come with deep price discounting. In many cases, they don't. But they show up in the promotion line.

你說得對。我們的促銷活動正在增加，而且下半年可能會繼續增加。在實施創新過程中，為這些創新創造試驗環境的一部分就是提高推廣可見度。並非所有促銷活動都會提供大幅折扣。很多情況下，他們並沒有這麼做。但他們出現在了促銷名單上。

So what I'll tell you is our objective is to grow categories. Have we done this consistently over the past 12 months? No. When Shailesh talks about, we need to grow users and we need to grow usage, that is the part of category growth that we're striving to drive.

所以我要告訴大家的是，我們的目標是拓展品類。在過去 12 個月裡，我們是否一直堅持這樣做？不。Shailesh 所說的“我們需要增加用戶，我們需要提高使用率”，正是我們努力推動的品類成長的一部分。

And part of that has to be to generate trial because if you don't have new users try superior propositions, you don't get repeat and you don't get the growth.

其中一部分工作必須包含產生試用用戶，因為如果沒有新用戶嘗試更優的方案，就不會有重複購買，也不會成長。

Thanks. I'll just add one thing to this, which is that as we strengthen our propositions, it should strengthen our promotion elasticities as well, so which means we will be less impacted as our propositions get stronger. So that is always something we look for. So there's a balance between ensuring we are building a future business which is less dependent on promotions, but making sure we are not completely losing the plot on competitiveness.

謝謝。我還要補充一點，那就是隨著我們不斷加強自身的產品/服務，我們的促銷彈性也會隨之增強，這意味著隨著產品/服務越來越強，我們受到的影響也會越來越小。所以這始終是我們關注的重點。因此，我們需要在確保我們打造的未來業務減少對促銷的依賴，並確保我們不會完全喪失競爭力之間取得平衡。

Edward Lewis, Rothschild & Redburn.

愛德華·劉易斯，羅斯柴爾德和雷德伯恩。

Yes. I just should I just wanted to touch on the regional mix of the business. Clearly, your elevated presence in the US has served you well of late. But as the US growth slows back to sort of, I guess, more normalized levels and we see continued growth in emerging markets, for example, what you're seeing in Latin America, how do you think about the regional mix of the business? And the advantages that you see the business is having, are those regionally agnostic or can they be applied globally?

是的。我只是想簡單談談公司在區域上的組成。顯然，你近期在美國日益提升的影響力對你大有好處。但隨著美國經濟成長放緩至相對正常的水平，而新興市場（例如拉丁美洲）持續成長，您如何看待業務的區域組成？您認為該企業所擁有的優勢，是否具有地域性，還是可以應用於全球？

Great question. Let me take a crack at it. So I would say our task always, given our business size and other things is, first and foremost, to get US growing faster and I believe it is doable and we have plans to try and do it. That is really part of what we talk about when we say we want to create the future.

問得好。讓我來試試。所以我認為，鑑於我們的業務規模和其他因素，我們的首要任務始終是讓我們的業務成長更快，我相信這是可以實現的，我們也有計劃去嘗試實現它。這正是我們所說的要創造未來的一部分。

But similarly, we think there are tremendous opportunities outside the US, which we are very focused on. And what we have tried to do is get very deliberate about which markets have that potential and then really double down and making sure we are playing to the future there.

但同樣地，我們認為美國以外也蘊藏著巨大的機遇，這也是我們非常關注的領域。我們努力做的，就是認真思考哪些市場有這種潛力，然後加倍投入，確保我們著眼於未來。

So a lot of the portfolio choices we have made over the past six to nine months have really been to put us in a position that we are playing in winning segments. Even if I take Latin America, we made the choice to change our business model in Argentina. A large part of that enabled us to much better focus on Mexico and Brazil. And we changed the organization structure in the rest of Latin America, which then enabled us to be much more consumer focused and now we are seeing, as Andre mentioned earlier, 9% growth in Brazil. That's not the pace the market is growing. Double digit in Mexico, that's definitely not the pace the market is growing at.

因此，在過去六到九個月裡，我們所做的許多投資組合選擇，實際上都是為了讓我們處於能夠贏得市場的有利位置。即使以拉丁美洲為例，我們也選擇在阿根廷改變我們的商業模式。這在很大程度上使我們能夠更好地專注於墨西哥和巴西市場。我們改變了拉丁美洲其他地區的組織結構，這使我們能夠更加以消費者為中心，現在正如安德烈之前提到的那樣，我們在巴西實現了 9% 的成長。市場成長速度並非如此。墨西哥的成長率是兩位數，但這絕對不是市場的實際成長速度。

So I talked about India a bit earlier in a different context. But again, playing to the future growth there, which is heavily e-comm, I mean, having spent a lot of my life there, it's staggering to see the pace of change over the last five years in that space. So we're very deliberate on the big markets outside the US on how we're going to get the growth. Of course, China still remains a big one, has a slightly different profile of where it's coming from, but still a lot of future opportunities.

之前我在另一個場合稍微談到了印度。但話說回來，考慮到那裡的未來成長潛力，尤其是電子商務，我的意思是，我一生中的大部分時間都花在了那裡，看到過去五年裡該領域的變化速度，真是令人震驚。因此，我們對美國以外的大市場，在如何實現成長方面，都進行了非常周密的思考。當然，中國仍然是一個大國，其經濟來源略有不同，但未來仍有許多機會。

So we do believe many of these large markets, we are well positioned to play to where the future is going.

因此，我們相信，在許多大型市場中，我們已經做好了充分的準備，可以順應未來的發展趨勢。

And I would just say it's an end. We need to get the US growing and we need to grow outside. And I think the good news is, maybe only one point to add, is the margin structure that Jon and then Shailesh have built in Enterprise Markets allows consistent investment because we can cover the cost of capacity, the cost of capital. So it's not dilutive. It funds itself. And that's the core idea behind expansion and growth in Enterprise Markets.

我只想說，一切都結束了。我們需要促進美國經濟成長，也需要拓展海外市場。我認為好消息是，或許只有一點需要補充，Jon 和 Shailesh 在企業市場建立的利潤結構允許持續投資，因為我們可以涵蓋產能成本和資本成本。所以它不會稀釋溶液。它能自籌資金。這就是企業市場擴張與成長的核心理念。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Just wanted to come back to some of the share opportunities and how to think about it relative to value for the consumer. You've talked about the importance of that, but also it sounds like no real price changes are under consideration. You've pointed out some of the premiumization some smaller brands are doing effectively and maybe delivering better benefits and value in that way, but you've also had, of course, some private label strength and share pressure.

我只是想再談談一些股票投資機會，以及如何從消費者的角度來考慮這些機會的價值。您談到了這一點的重要性，但聽起來似乎並沒有考慮任何真正的價格變動。您指出了一些小品牌正在有效地進行高端化，並可能以這種方式提供更好的利益和價值，但當然，您也面臨著一些自有品牌實力和市場份額壓力。

I guess how do we reconcile all of it? And maybe is it as simple as just a waiting game for the consumer health to improve? Or is there more to do to move the needle on how the consumer sees value other than just sort of trading them up?

我想問的是，我們該如何調和這一切？或許只需等待消費者健康狀況改善即可？或者，除了單純以舊換新之外，還有什麼方法可以改變消費者對價值的看法？

Yes. No, great question. I would say it's not one thing because a very critical part of our strategy of delivering value is also having a portfolio. So [loves] plays an important role in Baby Care in that sense. Similarly, on laundry, we have a portfolio with Gain and Tide Simply. So across markets, we do build that portfolio to ensure we are playing at a variety of price points and making our products accessible.

是的。不，問得好。我認為這不是單一因素造成的，因為我們創造價值策略中一個非常關鍵的部分就是擁有投資組合。所以從這個意義上講，愛在嬰兒護理中扮演著重要的角色。同樣，在洗衣方面，我們擁有 Gain 和 Tide Simply 的產品組合。因此，我們在各個市場建立產品組合，以確保我們的產品涵蓋各種價格點，並使我們的產品易於取得。

But if I were to look at the largest opportunities to address growth through value, I would say a bulk of them are really in strengthening propositions. And if I look at probably one of our largest core items, which will be Tide liquid, which is a huge, huge business, we are seeing real momentum as we've just significantly improved the product performance. So it's a combination to answer your question.

但如果我著眼於透過價值實現成長的最大機遇，我會說其中大部分機會實際上在於加強產品主張。如果我看一下我們最大的核心產品之一，也就是汰漬液體洗衣液，這是一個非常龐大的業務，我們看到了真正的成長勢頭，因為我們剛剛大幅提高了產品性能。所以，答案是多種因素綜合起來的。

With that, it looks like we have no further questions. So just thank you for joining us this morning and look forward to seeing you at CAGNY next month. Have a great day.

這樣看來，我們沒有其他問題了。非常感謝您今天上午的參與，期待下個月在CAGNY與您相見。祝你有美好的一天。

Thanks, everyone.

謝謝大家。

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

今天的會議到此結束。感謝您的參與。現在您可以斷開連接了，祝您今天過得愉快。