寶潔 (PG) 2022 Q3 法說會逐字稿

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

早安，歡迎參加寶潔公司季度末電話會議。本次會議將進行錄音，以便回放。

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

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

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

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

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

現在我將把電話交給寶潔公司的財務長安德烈‧舒爾滕。

Good morning, everyone. Joining me on the call today are Jon Moeller, President and Chief Executive Officer; and John Chevalier, Senior Vice President, Investor Relations. We will keep prepared remarks brief and then turn straight to your questions. This was another strong quarter, strong top line growth across categories and regions, sequential earnings growth progress in the face of significant and still increasing cost headwinds.

各位早安。今天與我一同參加電話會議的有總裁兼執行長喬恩·穆勒先生，以及高級副總裁兼投資者關係主管約翰·謝瓦利埃先生。我們將簡要地發言，然後直接進入問答環節。本季業績依然強勁，各品類和地區的營收均實現顯著增長，在成本持續上漲的嚴峻挑戰下，公司盈利也實現了環比增長。

Starting with a few highlights on the March quarter. Organic sales grew 10%. Volume contributed 3 points of sales growth. Pricing added 5 points as additional price increases began to reach the market. Mix added 2 points to sales growth for the quarter. These strong company results are grounded in broad-based category and geographic strength.

首先來看三月季度的幾個亮點。有機銷售額成長了10%。銷量成長貢獻了3個百分點。隨著更多產品漲價開始生效，價格上漲貢獻了5個百分點。產品組合的最佳化為本季銷售成長貢獻了2個百分點。本公司強勁的業績得益於其在各個品類和地域的廣泛優勢。

Each of the 10 product categories grew organic sales in the quarter. Personal Health Care grew more than 30%. Fabric Care was up low teens. Baby Care and Feminine Care grew double digits. Oral Care and Grooming up high singles. Home Care and Family Care up mid-single digits. Hair Care and Skin and Personal Care each grew low singles. Focus markets grew 9%, and enterprise markets were up 12%.

本季度，十大產品類別均實現了有機銷售額成長。個人健康護理產品成長超過30%。織品護理產品成長10%左右。嬰兒護理和女性護理產品成長兩位數。口腔護理和個人護理產品成長接近兩位數。居家護理和居家護理產品成長個位數中段。頭髮護理和皮膚及個人護理產品均增長個位數左右。重點市場成長9%，企業市場成長12%。

In focus markets, U.S. organic sales were up 11% on 7% growth in the base period. On a 2-year stack basis, U.S. organic sales up 18%. Focus markets in Europe were up 10% and Asia Pacific, up 8%. Greater China organic sales were down mid-single digits versus a comp period that was up 22%.

在重點市場中，美國有機銷售額較去年同期成長11%，而基期成長率為7%。以兩年累計計算，美國有機銷售額成長18%。歐洲重點市場成長10%，亞太地區成長8%。大中華區有機銷售額較去年同期下降5%（基期成長率為22%）。

Market conditions continued to soften in the March quarter due to COVID-driven lockdowns. In enterprise markets, Europe grew 18%; Latin America, up 16%; and Asia, Middle East, Africa grew 8%. Broad-based growth across geographies with 6 of 7 regions growing organic sales high singles or better.

受新冠疫情引發的封鎖措施影響，市場狀況在3月季度持續疲軟。企業市場方面，歐洲成長18%；拉丁美洲成長16%；亞洲、中東和非洲成長8%。各地區均實現全面成長，7個地區中有6個地區的有機銷售額實現了單月或以上的成長。

Global aggregate market share increased 50 basis points. 36 of our top 50 category country combinations held or grew share for the quarter. Our superiority strategy continues to drive strong market growth and in turn, share growth for P&G. All channel market value in the U.S. categories in which we compete grew nearly 9% this quarter. P&G value share continued to grow, up 1 point versus same quarter last year. Importantly, this share growth is broad-based. 9 out of 10 product categories grew share over the past 3-, 6- and 12-month period in the U.S. and globally.

全球整體市佔率成長了50個基點。在我們排名前50名的品類組合中，有36個品類組合在本季維持或成長了市場佔有率。我們的卓越策略持續推動強勁的市場成長，進而提升了寶潔的市場佔有率。本季度，我們在美國所有競爭類別的通路市場價值成長了近9%。寶潔的價值市佔率持續成長，較去年同期成長1個百分點。重要的是，這一市場份額增長是全面性的。在過去3個月、6個月和12個月期間，美國和全球10個產品類別中有9個品類的市佔率均有所成長。

Consumers continue to prefer P&G brands, recognizing the superior performance and value. On the bottom line, core earnings per share were $1.33, up 6% versus the prior year. On a currency-neutral basis, core EPS increased 10%. Within the EPS results, we estimate Ukraine, Russia was a negative impact of about $0.01 per share.

消費者仍青睞寶潔品牌，認可其卓越的性能與價值。核心每股收益為1.33美元，較上年成長6%。以固定匯率計算，核心每股收益成長10%。我們估計，烏克蘭和俄羅斯的營運對每股收益造成了約0.01美元的負面影響。

Core gross margin decreased 400 basis points, and currency-neutral core gross margin was down 380 basis points. Higher commodity and freight cost impacts combined were a 490 basis point hit to gross margins. Mix was 130 basis point headwind, mainly from product form and pack size mix impact.

核心毛利率下降400個基點，以固定匯率計算的核心毛利率下降380個基點。大宗商品和運費上漲合計導致毛利率下降490個基點。產品組合變化也對毛利率造成了130個基點的不利影響，主要來自於產品形態和包裝規格組合的變化。

Pricing and productivity savings of 260 basis points partially offset the gross margin headwinds. SG&A as a percentage of sales decreased 380 basis points due to strong top line leverage. Advertising investments remained strong as we continue to communicate the superiority and value of P&G offerings across price tiers.

價格和生產效率的節省節省了 260 個基點，部分抵消了毛利率的不利影響。由於營收成長強勁，銷售、管理及行政費用佔銷售額的比例下降了 380 個基點。我們持續加大廣告投入，持續宣傳寶潔產品在各個價格區間的卓越表現與價值。

Core operating margin decreased 10 basis points. Currency-neutral operating margin increased 20 basis points. Productivity improvements were 170 basis points [held] to this quarter. Free cash flow productivity was 74% as receivables and inventories increased due to strong sales results. We returned $3.4 billion of cash to shareowners, approximately $2.2 billion in dividends and $1.2 billion in share repurchase. Last week, we announced a 5% increase in our dividend, reinforcing our commitment to return cash to share owners, many of whom rely on the steady, reliable income earned with their P&G investment.

核心營業利益率下降10個基點。以固定匯率計算的營業利益率上升20個基點。生產力提升幅度與本季持平，為170個基點。由於強勁的銷售業績，應收帳款和存貨增加，自由現金流生產率為74%。我們向股東返還了34億美元現金，其中約22億美元為股息，12億美元為股票回購。上週，我們宣布將股息提高5%，這進一步體現了我們向股東返還現金的承諾，許多股東都依賴其寶潔投資所帶來的穩定可靠的收益。

This is the 66th consecutive annual dividend increase and 132nd consecutive year P&G has paid a dividend. So 3 quarters into the fiscal, organic sales up nearly 7% on broad-based growth across categories and geographies, solid global value share growth, sequentially improving EPS growth, strong cash productivity and an increased income commitment to owners of P&G shares.

這是寶潔連續第66年提高年度股息，也是連續第132年派發股息。本財年至今已過去三個季度，得益於各品類和地域的全面增長，有機銷售額增長近7%，全球市場份額穩步提升，每股收益環比增長，現金流充裕，並提高了對寶潔股東的收入承諾。

Moving on to strategy. Our team continues to operate with excellence and stay focused on the strategies that enabled us to create strong momentum prior to the COVID crisis and to make our business even stronger since the crisis began. We continue to step forward into the challenges and to double down on our efforts to delight consumers.

接下來談談策略。我們的團隊將繼續保持卓越的營運水平，並專注於那些在新冠疫情危機前幫助我們建立強勁發展勢頭，並在危機爆發後進一步鞏固業務的策略。我們將繼續迎難而上，加倍努力，力求讓消費者滿意。

The strategic choices we've made are the foundation for balanced top and bottom line growth and value creation; a portfolio of daily use products, many providing cleaning, health and hygiene benefits in categories where performance plays a significant role in brand choice. In these performance-driven categories, we've raised the bar on all aspects of superiority: product, package, brand communication, retail execution and value.

我們所做的策略選擇是實現營收和利潤平衡成長以及價值創造的基礎；我們擁有豐富的日常用品組合，其中許多產品在清潔、健康和衛生方面具有顯著優勢，而這些品類中，產品性能在品牌選擇中扮演著至關重要的角色。在這些以性能為導向的品類中，我們提升了產品、包裝、品牌傳播、零售執行和價值等各個方面的卓越標準。

Superior offerings delivered with superior execution drive market growth. This drives value creation for our retail partners and build market share for P&G brands. Noticeable superiority is perhaps the most important inflationary environment we are now facing -- is most important in the inflationary environment we are potentially facing.

卓越的產品和服務，加上卓越的執行力，推動了市場成長。這不僅為我們的零售合作夥伴創造了價值，也為寶潔品牌提升了市場佔有率。在當前我們面臨的通膨環境下，顯著的卓越性或許至關重要——尤其是在我們可能面臨的通膨環境下。

A great example is the formula innovation we've launched on Tide and Ariel laundry detergents to enable superior cleaning performance in cold water washing. We're strengthening the communication of the cost benefits to consumers and the environmental benefits for the planet on the package and in our advertising.

一個很好的例子是我們針對汰漬和碧浪洗衣液推出的配方創新，旨在提升冷水洗滌的清潔效果。我們正在加強產品包裝和廣告宣傳，向消費者傳遞其成本效益以及對地球環境的益處。

For consumers, the savings from switching from hot to cold washing can nearly offset the cost of Tide or Ariel liquid detergent in each load. The superior cold water performance is a strong competitive advantage, enables immediate energy cost savings for our consumers and avoids the cost of rewashing, which may be necessary with less effective detergents. In addition, washing with cold water improves sustainability by reducing the energy required to heat water in the process and by improving garment lifespans.

對消費者而言，從熱水洗滌改為冷水洗滌所節省的費用幾乎可以抵消每次洗滌使用汰漬或碧浪洗衣液的成本。卓越的冷水洗滌性能是一項強大的競爭優勢，能夠立即為消費者節省能源成本，並避免因使用效果較差的洗滌劑而可能需要的重複洗滌費用。此外，冷水洗滌還有助於提高永續性，因為它減少了加熱水所需的能源，並延長了衣物的使用壽命。

Superior innovation delivering multiple benefits and improved value for consumers even while we price to offset a portion of the cost increases we are absorbing. We've made investments to strengthen the health and competitiveness of our brands across innovation, supply chain and brand equity. And we'll continue to invest to extend our margin of advantage and quality of execution, improving solutions for consumers around the world.

我們致力於提供卓越的創新，為消費者帶來多重益處和更高價值，同時透過合理的定價來抵銷部分成本上漲的影響。我們已在創新、供應鏈和品牌資產等方面進行投資，以增強旗下品牌的健康和競爭力。我們將持續加大投入，擴大優勢，提升執行質量，為全球消費者提供更優質的解決方案。

Building on the strength of our brands, we are thoughtfully executing tailored price increases. We closed a couple of price increases with innovation to improve consumer value along the way. The strategic need for investments to continue to strengthen the superiority of our brands, the short-term need to manage through this challenging cost environment and the ongoing need to drive balanced top and bottom line growth, including margin expansion, underscore the importance of ongoing productivity.

憑藉強大的品牌實力，我們正在審慎地執行有針對性的漲價。我們透過創新逐步提升了部分產品的價值，從而順利完成了部分漲價。為了持續鞏固品牌優勢，我們需要進行策略性投資；為了因應當前充滿挑戰的成本環境，我們需要在短期內有效管理成本；為了持續推動營收和利潤的均衡成長（包括利潤率的提升），我們需要不斷努力。這些都凸顯了持續提升生產力的重要性。

We are committed to driving cost savings and cash productivity in all facets of our business. No area of cost is left untouched. Each business is driving productivity within their P&L and balance sheet to support balanced top and bottom line growth and strong cash generation.

我們致力於在業務的各個方面降低成本並提高現金流效率。所有成本環節都經過嚴格把控。每個業務部門都在損益表和資產負債表中提升效率，以支持營收和利潤的均衡成長以及強勁的現金流。

Success in our highly competitive industry requires agility that comes with a mindset of constructive disruption, a willingness to change, adapt and create new trends and technologies that will shape our industry in the future. In the current environment, that agility and constructive disruption mindset are even more important.

在競爭激烈的產業中，成功需要敏捷性，而這種敏捷性源自於建設性顛覆的思維模式，即願意改變、適應並創造新的趨勢和技術，從而塑造我們產業的未來。在當前環境下，這種敏捷性和建設性顛覆的思考模式顯得格外重要。

Our organization structure yields a more empowered, agile and accountable organization with little overlap or redundancy, flowing to new demands, seamlessly supporting each other to deliver against our priorities around the world. Going forward, there are 4 areas in which we need to be even more deliberate and intentional to strengthen the execution of our strategies.

我們的組織架構打造了一個更具自主性、更敏捷、更負責任的組織，減少了職能重疊和冗餘，能夠靈活應對新的需求，並無縫協作，在全球範圍內實現我們的各項優先事項。展望未來，我們需要在以下四個領域中更加深思熟慮、更有針對性地加強策略執行。

Leveraging environmental sustainability as an additional driver of superior performing products and packaging innovations; increasing our digital acumen to drive consumer and customer preference; reduce costs and enable rapid and efficient decision-making; next-level supply chain capabilities to enable flexibility, agility, resilience and a new level of productivity adapted to a new reality. And our employee value equation for all gender identities, races, ethnicity, sexual orientations, ages and abilities for all roles to ensure we continue to attract, retain and to develop the best talent.

我們將環境永續性視為推動卓越產品和包裝創新發展的又一動力；提升數位化能力以贏得消費者和客戶的青睞；降低成本並實現快速高效的決策；打造更高水準的供應鏈能力，從而增強靈活性、敏捷性和韌性，並實現適應新形勢的更高生產力。此外，我們重視所有性別、種族、民族、性取向、年齡和能力的員工，確保我們能夠持續吸引、留住和培養最優秀的人才。

These are not new or separate strategies. They are necessary elements in continuing to build superiority in reducing cost to enable investment and value creation and strengthening our organization. They are part of the constructive disruption we must continue to lead. These strategic choices on portfolio, superiority, productivity, constructive disruption and organizational structure and culture are not independent strategies. They reinforce and build on each other.

這些並非全新的或獨立的策略。它們是持續提升成本優勢、促進投資和價值創造、強化組織架構的必要組成部分。它們是我們必須持續引領的建設性變革的一部分。這些關於投資組合、優勢、生產力、建設性變革以及組織結構和文化的策略選擇並非彼此獨立，而是相互促進、相互依存。

When executed well, they grow markets, which in turn grow share, sales and profit. These strategies were delivering strong results before the pandemic and have served us well during these volatile times. We're confident they remain the right strategic framework as we move forward.

如果執行得當，這些策略能夠拓展市場，進而提升市場佔有率、銷售和利潤。在疫情爆發前，這些策略就已經取得了顯著成效，並在當前動盪時期也發揮了重要作用。我們相信，這些策略仍然是我們未來發展的正確策略框架。

Moving on to guidance. We said each quarter that we will undoubtedly experience more volatility as we move through the fiscal year. We've seen another step in cost pressures, and foreign exchange rates have moved further against us. Transportation and labor markets remain tight. Availability of materials remain stretched in some categories and markets. Inflationary cost pressures are broad-based and continue to increase with little sign of near-term relief and have resulted in consumer price increases across CPG categories and beyond.

接下來談談業績展望。我們每季都提到，隨著財年的推進，我們無疑會面臨更大的波動。成本壓力進一步加劇，匯率也對我們不利。運輸和勞動市場依然緊張。部分品類和市場的原料供應仍緊張。通膨成本壓力普遍存在，且持續上升，短期內難以緩解，導致消費品及其他行業的消費者物價上漲。

The recent spike in virus cases in China and resulting lockdowns are affecting consumption and have caused temporary work stoppages in our operations and those of our suppliers. These costs and operational challenges are not unique to P&G, and we won't be immune to their impact. However, we think the strategies we've chosen, the investments we've made and the focus on execution excellence have positioned us well to manage through these challenges over time.

近期中國病毒感染病例激增以及由此導致的封鎖措施影響了消費，並造成我們及供應商的營運暫時中斷。這些成本和營運挑戰並非寶潔獨有，我們也無法倖免。然而，我們相信，我們所選擇的策略、我們所做的投資以及對卓越執行的重視，使我們能夠更好地應對這些挑戰。

Based on the current spot prices, we now estimate a $2.5 million after-tax commodity cost headwind in fiscal '22. Since our last update, we've seen continued cost increases in nearly every type of material we use and in diesel and in natural gas. Freight costs have continued to increase. We now expect freight and transportation costs to be a $400 million after-tax headwind in fiscal '22.

根據目前的現貨價格，我們預計2022財政年度稅後大宗商品成本將增加250萬美元。自上次更新以來，我們使用的幾乎所有類型的原材料以及柴油和天然氣的成本都在持續上漲。貨運成本也持續攀升。我們現在預計，2022財年貨運和運輸成本將造成4億美元的稅後成本增加。

Foreign exchange rate has also moved further against us since our last guidance. We now expect FX to be a $300 million after-tax headwind to earnings for the fiscal year. We are offsetting a portion of these cost pressures with price increases and with productivity savings.

自從我們上次發布業績指引以來，外匯匯率進一步對我們不利。我們現在預計，外匯波動將為本財年稅後獲利帶來3億美元的負面影響。我們將透過提價和提高生產效率來抵消部分成本壓力。

Since the start of the fiscal year, we've taken price increases in each of our 10 product categories in the U.S. You may recall, it was 1 year ago when we announced price increases in the Feminine Care and Baby Care categories. Over the last year, input costs have continued to increase substantially. And as a result, the Feminine Care business has announced an additional price increase in the U.S., which will be effective in mid-July.

自本財年開始以來，我們在美國的所有10個產品類別中都進行了價格上調。您可能還記得，一年前我們宣布了女性護理和嬰兒護理類別的價格上調。過去一年，原材料成本持續大幅上漲。因此，女性護理業務宣佈在美國再次調高價格，新價格將於7月中旬生效。

Also as a result of these increased cost headwinds, we recently announced price increases on certain items in the U.S. Home Care category that will be effective at the end of June and in the U.S. Oral Care business that will be effective mid-July. As always, each category in each market is continually assessing the cost impacts they face and the potential need for pricing. If there are decisions to price, the degree and timing of those moves will be very specific to the category, the brand and sometimes to the individual SKU. This is not a one-size-fits-all approach.

受成本上漲的影響，我們近期宣布對美國家庭護理類產品的部分商品進行價格調整，將於6月底生效；同時，對美國口腔護理類產品的部分商品進行價格調整，將於7月中旬生效。一如既往，每個市場的每個品類都在持續評估其面臨的成本影響以及潛在的價格調整需求。如果需要調整價格，調整的幅度及時機將根據品類、品牌，有時甚至具體到單一SKU而定。我們不會採取一刀切的方式。

Also, just as we've done over the past year, we'll look to close a couple of price increases with new innovation that offers our consumers more value, continue to drive category growth and maintain our competitive superiority advantage. As we said before, we believe this is a temporary bottom line rough patch to grow through, not a reason to reduce investment in the business. We're sticking with the strategy that has been working well before and during the COVID crisis.

此外，正如過去一年我們所做的那樣，我們將透過推出更有價值的新產品來彌補部分價格上漲，繼續推動品類成長，並保持我們的競爭優勢。正如我們之前所說，我們相信這只是暫時的業績下滑，需要時間才能成長，而不是減少業務投資的理由。我們將繼續執行在新冠疫情爆發前後行之有效的策略。

Moving to key guidance metrics. We now expect organic sales growth in the range of 6% to 7% for the fiscal year, a 2-point increase versus our prior guidance of 4% to 5%. Pricing was a sequentially stronger contributor to top line growth in the third quarter and will continue to be a driver again in the fourth quarter as we get the full effect of increases taken over the past few months.

接下來是關鍵績效指引指標。我們現在預計本財年有機銷售額成長在6%至7%之間，比先前4%至5%的預期上調了2個百分點。第三季度，價格因素對營收成長的貢獻環比增強，隨著過去幾個月提價措施的全面生效，價格因素將在第四季度繼續成為營收成長的主要驅動力。

We are closely monitoring consumption trends for signs of changes. So far, elasticities have been in line or better than our expectations. Demand for our best-performing, premium-priced offerings remain strong as do our market share trends. On the bottom line, we're maintaining the core earnings per share growth range of 3% to 6%. But given cost challenges we're facing, we now expect to be at the low end of the range at 3%.

我們正密切關註消費趨勢的變化跡象。目前來看，消費彈性符合或優於我們的預期。我們表現最佳的高價產品需求依然強勁，市佔率趨勢也維持穩定。在獲利方面，我們維持3%至6%的核心每股盈餘成長預期。但鑑於我們面臨的成本挑戰，我們現在預期實際成長率將處於該預期區間的下限，即3%。

Within this guidance, we expect an additional $0.04 per share of negative impact in the fourth quarter from higher costs and limited operations in Ukraine and Russia. The impact from commodities, freight and foreign exchange has increased significantly since the start of the fiscal year. Our initial guidance in July assumed $1.8 billion after tax or about $0.70 a share. This increased to $2.3 billion in our October outlook, $2.8 billion in January, now a $3.2 billion after-tax headwind to fiscal '22 earnings.

在此預期範圍內，我們預計第四季度每股收益將因成本上升以及在烏克蘭和俄羅斯的業務受限而額外受到0.04美元的負面影響。自本財年開始以來，大宗商品、運費和外匯的影響已顯著增加。我們7月份的初步預期是稅後收益為18億美元，約每股0.70美元。 10月份的預期上調至23億美元，1月上調至28億美元，目前已達32億美元，這將對2022財年的獲利構成32億美元的稅後不利影響。

On an EPS basis, the headwinds are now approximately $1.26 a share or a 22% headwind to core EPS. So in the face of an incremental $0.56 per share of negative cost impact since the start of the year, we've held our going-in EPS range, and we've maintained strong investment superiority with new product innovation and fully funded advertising programs.

以每股盈餘 (EPS) 計算，目前面臨的不利因素約為每股 1.26 美元，或對核心 EPS 造成 22% 的負面影響。因此，儘管自年初以來每股成本增加了 0.56 美元，我們仍維持了年初預期的 EPS 目標，並透過新產品創新和資金充足的廣告項目保持了強大的投資優勢。

Of note, the majority of the recent $400 million increase in cost and foreign exchange headwinds will impact us in the fourth quarter, free cash flow productivity of 95% for the year. We continue to expect to pay $8 billion in dividends and now expect to repurchase approximately $10 billion of common stock, combined a plan to return $18 billion of cash to share owners this fiscal year.

值得注意的是，近期增加的4億美元成本和外匯匯率波動帶來的不利影響主要集中在第四季度，全年自由現金流效率預計為95%。我們仍計劃派發80億美元的股息，並計劃回購約100億美元的普通股，總計在本財年向股東返還180億美元的現金。

This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruptions, major supply chain disruptions and store closures are not anticipated within these guidance ranges.

此展望基於當前的市場成長率預估、大宗商品價格和匯率。預計在此指引範圍內不會出現貨幣大幅貶值、大宗商品成本上漲、地緣政治動盪、重大供應鏈中斷和門市關閉等情況。

To conclude, our business continues to exhibit strong momentum. And we believe P&G is well-positioned to grow through and beyond the immediate issues we are facing. We will manage through the near-term cost pressures and market volatility with the strategy we've outlined many times.

總之，我們的業務持續保持強勁成長勢頭。我們相信，寶潔已做好充分準備，能夠克服當前面臨的挑戰，並實現長遠發展。我們將運用已多次闡述的策略，應對短期成本壓力和市場波動。

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

我們將繼續掌握機遇，全力投入業務發展。我們始終致力於提升生產效率，為成長投資提供資金，應對投入成本挑戰，並維持營收和利潤的均衡成長。

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

那麼，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Lauren Lieberman with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Lauren Lieberman 的顧問專線。

Great. Andre, curious this quarter's revenue numbers surely show that there isn't really much that's happening in the way of trade down, and you just commented on elasticity. But I just was curious kind of what, if anything, P&G is doing to prepare for what feels like an inevitability for consumers becoming more sensitive to the pricing that is prevalent not just in your products, but across everything that they need to buy. So anything that you guys are doing proactively to help mitigate or think ahead to when trade down or substitution may become more of a factor.

太好了。安德烈，我很好奇，本季的營收數據確實表明，消費者並沒有出現太多降價消費，而且你剛才也提到了彈性。但我很好奇，寶潔公司是否採取了任何措施來應對消費者對價格日益敏感的趨勢——這種趨勢似乎不可避免，不僅體現在你們的產品上，也體現在他們需要購買的所有商品上。所以，你們是否採取了任何積極主動的措施來緩解或提前應對降價消費或替代品可能帶來的更大影響？

Sure, Lauren. Yes, so as you said, in the data at this point, we continue to see favorable price elasticities relative to historic elasticities we've observed. Elasticities are better by about 20% to 30% versus what historical data would have indicated. That's good.

當然，勞倫。是的，正如你所說，從目前的數據來看，我們仍然看到相對於歷史數據而言較為有利的價格彈性。彈性比歷史數據所顯示的要好大約20%到30%。這很好。

But looking forward, we certainly have our eyes wide open and watch for any change in terms of consumer behavior. And as you say, we prepare on multiple fronts. I think the first level of protection here is the portfolio we've chosen to play in. We've moved out of discretionary categories into categories that are daily use, health- and hygiene-focused, where performance truly drive brand choice.

但展望未來，我們當然會密切注意消費者行為的任何變化。正如您所說，我們從多個方面做好準備。我認為第一層保障是我們選擇進入的產品組合。我們已經從非必需消費品類別轉向日常使用、健康和衛生用品類別，在這些類別中，產品性能才是真正決定品牌選擇的關鍵因素。

That allows us to continue to invest in superiority, which we are doing consistently. Even though we see cost pressures, we continue to invest in superiority in every category and every proposition. That is probably the best protection. And consumers are rewarding us with continued trade-in and continuous trade up, which you see in the share numbers to date.

這使我們能夠繼續投資於卓越品質，而我們也一直在這樣做。儘管面臨成本壓力，我們仍在每個品類和每個產品方案中持續投資於卓越品質。這或許是最好的保障。消費者也以持續的以舊換新和升級換購來回報我們，這點從我們目前的市佔率數據中可見一斑。

The superiority also allows us to translate product superiority, for example, into value superiority more directly for the consumers. So that's the second intervention I would describe. So we are more proactively turning true product superiority into value claims that we put on tech, use in our advertising.

這種優勢也使我們能夠更直接地將產品優勢轉化為消費者可感知的價值優勢。這就是我要描述的第二個介入措施。因此，我們正在更積極地將真正的產品優勢轉化為我們用於科技產品和廣告宣傳的價值主張。

One example is the Ariel cold -- Ariel and Tide cold water wash that I have mentioned in the prepared remarks. There are other innovations like the ADW, the automatic dishwasher myth buster, stating that even with 8 dishes, it's more efficient to use the dishwasher than cleaning the dishes under running water, the latest easy squeeze innovation on Dawn that allows the consumer to use every last drop without any compromise on performance.

例如，我在準備的發言稿中提到的Ariel冷水洗滌劑－Ariel和Tide的冷水洗滌劑。還有其他創新，例如ADW（自動洗碗機），它打破了人們對洗碗機的固有印象，指出即使只有8個碗碟，用洗碗機清洗也比用流水沖洗更高效；還有Dawn最新的易擠壓式洗滌劑，讓消費者可以充分利用每一滴，而不會影響洗滌效果。

So those are examples that we're turning into value plays to have consumers understand more easily the value that is coming by using P&G propositions. We have intentionally built price levels in every brand and across brands to ensure that we have offerings for consumers. If they feel they are budget constrained, they can trade within the P&G brand offerings. So on diapers, we have multiple offerings, starting with the Pampers Pure at about $0.40 a diaper, Swaddlers at $0.35 a diaper, Baby Dry at $0.30 and (inaudible) at $0.20.

所以，我們正在將這些例子轉化為價值策略，以便讓消費者更容易理解使用寶潔產品所帶來的價值。我們有意在每個品牌以及品牌間設定不同的價格水平，以確保我們能為消費者提供合適的選擇。如果消費者預算有限，他們可以在寶潔品牌內進行選擇。例如，在紙尿褲方面，我們提供多種選擇，從每片約0.40美元的幫寶適純淨系列，到每片0.35美元的特級棉柔系列，再到每片0.30美元的乾爽系列，以及（聽不清楚）每片0.20美元的（聽不清楚）。

These price levels exist in all categories and offer the consumer a choice within the P&G portfolio. We are also, which is part of our pricing execution, protecting key price points, key value price points for each offering. So consumers can choose different cash outlays as they shop based on their available cash at the moment of shopping.

這些價格區間涵蓋所有產品類別，為消費者在寶潔產品組合中提供了更多選擇。同時，作為我們定價策略的一部分，我們也致力於保護每款產品的關鍵價格點和核心價值點。因此，消費者可以根據購物時的可用資金，選擇不同的消費金額。

The last element, we intentionally built distribution across all channels and invested in all channels. And that includes channels that consumers that are more budget constrained would migrate to like hard discounters in Europe, like the dollar channel in the U.S., for example. So building distribution across those channels to be able to serve the consumer where they want to shop is the last element I would call out. So all of those leave us in a better position than we've ever been to deal with the potential consumer that is more budget constrained. To date, we're not seeing that come through.

最後一點，我們有意在所有通路中建立分銷網絡並進行投資。這包括預算較緊張的消費者會選擇的管道，例如歐洲的折扣店，以及美國的「一美元店」。因此，在這些管道中建立分銷網絡，以便在消費者希望購物的地方提供服務，是我要強調的最後一點。所有這些舉措使我們比以往任何時候都更有能力應對預算較為緊張的潛在消費者。但迄今為止，我們尚未看到這種情況發生。

Your next question comes from the line of Bryan Spillane with Bank of America.

你的下一個問題來自美國銀行的布萊恩‧斯皮蘭。

So my question is about just the -- I guess, the path to stabilizing gross margins in particular. And I guess if we look at the quarter, right, the pricing and productivity covered about half of the inflation, so if you take the mix effect out of gross margins.

所以我的問題是關於——我想，特別是關於如何穩定毛利率。我想如果我們看一下這個季度，對吧，定價和生產力的提高大約抵消了通貨膨脹的一半，所以如果你排除組合效應對毛利率的影響。

And so, I guess, as we're modeling going forward, what are the levers that are going to -- that we should look to, to stabilize gross margins? Will there be a lot more incremental pricing? I know you've talked a little bit about that in the prepared remarks, a step-up in productivity. Just trying to understand what the levers are going to be as we kind of look forward over the next couple of quarters on gross margins.

所以，我想，在我們進行未來預測時，我們應該關注哪些因素來穩定毛利率？是否會有更多階梯式定價？我知道您在準備好的發言稿中已經提到過，提高生產效率也是一個重要因素。我只是想了解，在接下來的幾個季度裡，我們有哪些可以有效控制毛利率的因素。

Yes, Bryan. You're right. Over the past 3 quarters, you see pricing and productivity continue to increase a bigger portion of the commodity, foreign exchange and T&W gross margin impact. In quarter 1, this covered 37%. In quarter 2, we covered, I believe, 43%, and now we're at 53%. So you see a bigger portion being covered over time.

是的，布萊恩，你說得對。過去三個季度，價格和生產效率的提升持續擴大了商品、外匯和運輸成本對毛利率的影響。第一季度，這部分影響佔比為37%。第二季度，我認為佔比為43%，而現在已達到53%。因此，隨著時間的推移，這部分影響的比例越來越大。

We are -- those effects. We will continue to drive all 3 levers to recover the dollar impact of commodity cost increases, foreign exchange and T&W. Productivity will continue to play a significant role. We have a lot of runway left on productivity. And as the supply situation stabilizes here over time, we have more line time and more resources available to reinvest in cost of goods savings. And that will allow us to strengthen our productivity muscle here sequentially, hopefully, over the next few quarters.

我們正在努力應對這些影響。我們將繼續運用三大槓桿，以彌補大宗商品成本上漲、外匯波動和運輸成本帶來的美元衝擊。生產率將繼續發揮重要作用。我們在生產力方面還有很大的提升空間。隨著供應情況逐漸穩定，我們將擁有更多的生產線時間和資源，用於降低商品成本。這將使我們能夠在未來幾季逐步提升生產力。

We will continue to drive innovation. We have prioritized innovation in our resource and line time allocations to ensure that we can continue to offer superior value to our consumers, which also enables us to take pricing and see these relatively benign elasticities at this point in time. So you continue to see us invest in innovation. With innovation, we will try to take pricing at a very granular level by market, by brand.

我們將繼續推動創新。我們已將創新置於資源和生產線時間分配的優先位置，以確保我們能夠繼續為消費者提供卓越價值，這也使我們能夠在當前階段保持相對溫和的價格彈性。因此，您會看到我們持續投資於創新。透過創新，我們將嘗試按市場和品牌進行更精細的定價。

A lot of the price increases that we have announced are yet to flow through. So you will see an incremental contribution to the top line and to gross margin recovery over the future. The other price increase is already announced, and we will have to carefully evaluate more opportunities to take pricing.

我們已宣布的許多價格上漲措施尚未生效。因此，未來您將會看到營收和毛利率逐步回升。另一項價格上漲措施已經宣布，我們將需要仔細評估更多調整價格的機會。

It will take time to recover the full dollar impact. And as we said before, it's more important to us to support the business model, support innovation, support superiority, execute pricing in the right way and recover gross margin and cost impact over time versus rushing to do this faster. So you should expect sequential progress. I won't give you a specific time line. We will continue to use all 3, productivity, innovation and pricing.

要完全彌補美元損失需要時間。正如我們之前所說，對我們來說，更重要的是支持業務模式、支持創新、保持領先優勢、以正確的方式執行定價策略，並隨著時間的推移逐步恢復毛利率和成本，而不是急於求成。因此，您應該期待循序漸進的進展。我不會給出具體的時間表。我們將繼續在生產力、創新和定價這三個方面同時發揮作用。

Your next question will come from the line of Dara Mohsenian with Morgan Stanley.

你的下一個問題將來自摩根士丹利的達拉·莫森尼安。

I was hoping to get a bit more detail on China. How much of the decline in the quarter do you think was specifically related to lockdowns and maybe the comp versus last year? And can you give us a bit more granularity on some of the performance by product category there? And any thoughts on China going forward with the continued lockdowns in April and how the business is positioned going forward?

我希望能更詳細地了解中國市場的情況。您認為本季業績下滑有多少是直接由封鎖措施造成的，又有多少是與去年同期相比造成的？能否更細緻地分析一下各產品類別的績效表現？鑑於4月份中國市場仍將持續封鎖，您對未來的發展有何看法？貴公司目前的業務定位如何？

Yes. Thanks, Dara. Look, China, the lockdowns had 2 impacts in China for us. One, on the supply side, we have 2 plants in the Shanghai area and the contract manufacturer. Those, obviously, were shut down for now an extended period of time. So we had to activate our business continuity plans to offset as much of that production impact as we could.

是的，謝謝，達拉。你看，中國的封鎖對我們造成了兩方面的影響。首先，在供應鏈方面，我們在上海地區有兩家工廠和一個代工生產商。很顯然，這些工廠目前都已停產，而且停產時間可能相當長。所以我們不得不啟動業務連續性計劃，盡可能地抵銷生產方面受到的影響。

And we're certainly seeing a significant impact in terms of consumer demand. About 25%, I think, was the Wall Street estimates of consumers are somehow impacted by lockdown. That is impacting our consumers' ability to reach stores, grocery stores, department stores. Even online shopping is significantly constrained due to the inability to deliver. So we certainly see a significant impact from lockdowns. Latest read of market size in our categories over the past 3 months through March was flat in terms of value in China. With the continued lockdown and the difficulties in the market, we would expect April to be flat to negative.

我們確實看到消費者需求受到了顯著影響。華爾街估計，約有25%的消費者受到封鎖措施的影響。這影響了消費者前往實體店、超市和百貨公司購物的能力。由於無法配送，即使是網上購物也受到了很大限制。因此，我們確實看到了封鎖措施帶來的顯著影響。過去三個月（截至3月份），我們各類別在中國的市場規模（以價值計）基本持平。鑑於封鎖措施的持續以及市場面臨的困境，我們預期4月的市場規模將持平或負成長。

In terms of category detail, Beauty is significantly exposed to China. As you know, a bigger part of Beauty is -- of the Beauty business is in China. SK-II continues to be under pressure due to the market effect and channel effects in China. So that dynamic has not changed.

從品類細節來看，美妝業務對中國的依賴程度非常高。眾所周知，美妝業務的大部分——或者說，大部分美妝業務——都在中國。 SK-II在中國市場持續面臨壓力，這主要是受到市場和通路因素的影響。因此，這種格局並未改變。

The longer-term story on China based on historical results, which have been extremely strong over the past 3, 4 years, as you know, we've grown high singles, low doubles in China. We believe the market continues to be a very attractive market for us. We expect categories to return to mid-single, high singles growth. We have a very strong organization, a very strong supply chain, a very strong R&D organization in China. So we remain confident, and we will continue to invest to capture the growth in the future.

根據過去三、四年來強勁的歷史業績，我們對中國市場的長期發展前景充滿信心。如您所知，我們在中國實現了高單價、低雙價產品的成長。我們相信，中國市場對我們而言依然極具吸引力。我們預計，各類別將恢復到中單價、高單價的成長水準。我們在中國擁有強大的組織架構、供應鏈和研發團隊。因此，我們充滿信心，並將繼續加大投資，以掌握未來的成長機會。

Next question will come from the line of Rob Ottenstein with Evercore.

下一個問題將來自 Evercore 的 Rob Ottenstein。

Just a point of clarification to start off. Can you tell us kind of what your pricing run rate was at the end of the quarter, given that the pricing was going in throughout the quarter and the year? I think you were at 5% on average, but just like to get a sense of what the run rate was.

首先我想澄清一點。鑑於價格調整貫穿整個季度和全年，您能否告知我們一下季度末的定價運行率大概是多少？我記得平均是 5%，但我還是想了解一下具體的運行率是多少。

And then I'd like to dig in a little bit more on the state of the consumer. You mentioned that elasticities were 20% to 30% better than what history has shown. But the current conditions, we've never had these kind of current conditions before at least in anybody's recent memory.

然後我想更深入地探討一下消費者的現況。您提到彈性比歷史水準高出20%到30%。但目前的狀況，至少在人們的記憶中，是前所未見的。

So I was wondering what your consumer panels are telling you about why the elasticities are better? Is it because of increased savings? Is it the low rates of unemployment? How much has maybe contributed to your superiority? Just trying to get a little bit better sense of your read on the consumer from your own internal research.

所以我想知道，你們的消費者調查小組是如何解釋彈性係數較高的？是因為儲蓄增加嗎？還是因為低失業率？究竟是什麼因素促成了你們的優勢？我只是想透過內部調查，更了解你們對消費者的洞察。

Okay. Thanks, Robert. So in terms of pricing run rate for the quarter, on average, we have a 5-point contribution to top line. As we said, pricing will continue to increase as more of the price increases flow through. So I would say exiting the quarter, I would see about a 6% run rate to top line from pricing contribution. So you will see more of the pricing that has been announced, and that will flow through in April for the flow through in quarter 4.

好的，謝謝羅伯特。就本季的定價運作率而言，平均而言，定價對營收的貢獻率為5個百分點。正如我們所說，隨著更多價格上漲措施的實施，價格將繼續上漲。因此，我認為到本季末，定價對營收的貢獻率將達到6%左右。所以，您將會看到更多已公佈的價格措施在4月實施，並在第四季逐步落實。

Pricing elasticities remain favorable. And within the portfolio that we offer to consumers, we broadly see a trade up into higher price propositions that offer better value and better product performance. So -- and that explains the mix effect that you see in gross margin, where we see higher unit sales items being chosen with higher penny profit but slightly lower gross margin.

價格彈性仍有利。在我們提供給消費者的產品組合中，我們普遍看到消費者傾向於選擇價格較高的產品，因為這些產品能提供更高的價值和更佳的產品性能。因此，這也解釋了您在毛利率中看到的混合效應：銷量較高的產品雖然利潤更高，但毛利率略低。

So consumers are trading into single unit dose detergents instead of liquid detergent. Consumers are trading into Swaddlers instead of Baby Dry in diapers. So we see consumers trading up even within our portfolio into higher-performing product propositions.

因此，消費者正在轉向使用單劑量洗滌劑而非液體洗滌劑。在尿布方面，消費者正在轉向使用嬰兒專用紙尿褲而非嬰兒乾爽紙尿褲。因此，我們看到消費者甚至在我們產品組合內部也轉向性能更高的產品。

The relevancy of -- or the relevance of product performance in our categories, we believe, is the reason why consumers are not trading down. We've had an extensive period of trial during the early COVID phases, where consumers have traded into P&G. They've experienced the superior performance of our propositions. They've seen the relative value that we provide.

我們認為，產品性能在我們產品類別中的相關性，正是消費者不願意降低消費等級的原因。在新冠疫情初期，我們進行了長時間的試用，消費者紛紛轉向寶潔產品。他們體驗了我們產品的卓越性能，也看到了我們提供的相對價值。

Even though the cash outlay might be higher, they see the higher efficacy of the product and the benefit that they gain from it. And we've seen repeat rates reaffirming that. We believe that a good portion of the resiliency of our demand is driven by the superiority of the product and packaging, clear communication of the benefits basis, clear communication of the value, good retail execution and carefully crafted price increases that allow consumers to choose the cash outlay they feel ready to afford, and to choose the brand and brand proposition that they are looking for. So I'll leave it at that.

儘管現金支出可能更高，但他們看到了產品更高的功效以及從中獲得的益處。而我們的複購率也印證了這一點。我們相信，我們需求的持久韌性很大程度上源於卓越的產品和包裝、清晰的產品益處和價值宣傳、良好的零售執行以及精心設計的定價策略，這些都讓消費者能夠根據自身經濟能力選擇合適的現金支出，並選擇他們心儀的品牌和品牌定位。我就說到這裡吧。

Robert, this is Jon. Just a couple of other pieces of perspective on this. And of course, it's a rapidly evolving situation, and this could change tomorrow. But if you look for data points to support Andre's comments on consumer resilience, you, obviously, see them within the internals of our income statement as you mentioned. Also, if you look at private label shares as a proxy for trade down, they remain below a year ago in the U.S. for the past 3, 6 and 12 months. They remain below a year ago in Europe for the past 3, 6 and 12 months.

羅伯特，我是喬恩。再補充幾點。當然，情勢瞬息萬變，明天就可能會改變。但如果你想尋找數據來佐證安德烈關於消費者韌性的觀點，正如你所提到的，顯然可以在我們的損益表內部數據中找到證據。此外，如果你將自有品牌份額作為衡量消費者下行趨勢的指標，那麼過去3個月、6個月和12個月，美國的自有品牌份額都低於一年前的水平。過去3個月、6個月和12個月，歐洲的自有品牌份額也低於一年前的水平。

And if you look at market shares across channels, Andre mentioned earlier that we're -- we've worked to improve our distribution in channels where consumers with more of a budget challenge are inclined to shop. Our share growth in those channels, entirely consistent with his points, are some of our highest share growth across retail banners.

如果看一下各通路的市場份額，正如安德烈之前提到的，我們一直在努力改善在預算較為緊張的消費者更傾向於購物的管道的分銷。我們在這些通路的市佔率成長與他的觀點完全一致，也是我們所有零售品牌中佔有率成長最高的。

So in the dollar channel, for example, significant share growth. Again, we'll have to monitor this very closely. Things can change tomorrow. But as we sit here today, it looks like the moves we've made to focus the portfolio in daily use categories where performance drives brand choice. Then deliver on the performance aspect across the vectors of superiority and be very granular in our pricing executions is holding up.

例如，在美元通路，市佔率顯著成長。當然，我們需要密切關注這一情況，因為明天情況可能會改變。但就目前而言，我們採取的策略——將產品組合聚焦於日常使用品類，在這些品類中，性能是品牌選擇的關鍵因素；在各個性能維度上都力求卓越，並在定價策略上做到精細化——似乎行之有效。

Next question will come from the line of Kevin Grundy with Jefferies.

下一個問題將來自 Jefferies 的 Kevin Grundy。

Great. My question relates to category growth rates, understanding the volatility of the environment. And I guess I'm coming at this from the angle, I'm trying to unpack the strength of the 10% organic sales growth in the quarter and just the areas of favorability versus your plan.

好的。我的問題與品類成長率有關，需要了解市場環境的波動性。我想從這個角度切入，分析本季10%的有機銷售成長背後的原因，以及哪些方面與您的計劃相比更有利。

We've covered a lot of this. Demand elasticity, clearly better. Trade up remains favorable despite the environment. You continue to gain market share, which is great, up 50 basis points globally. Though, I'm less certain that degree of market share gain would be very different than your plan.

我們已經討論了很多這方面的內容。需求彈性明顯改善。儘管市場環境不佳，但升級換代仍然有利。你們的市佔率持續成長，這很棒，全球市佔率成長了50個基點。不過，我不太確定這樣的市佔率成長幅度是否會與你們的計畫大不相同。

And then we haven't touched on this on the call. I'm not sure maybe there is some degree of inventory rebalancing with the trade because demand has outstripped supply in recent quarters. So where I'm going with this and understand the volatility of the environment, has there been any material change in your view for the categories as you look across your geographies and you look across the categories that you participate in, and we're thinking about our forecast going forward. Any material change to category growth rates based on what you're currently seeing? So your comments there would be helpful.

我們在電話會議上還沒有談到這一點。我不確定是否因為近幾季需求超過供應，所以貿易方面可能存在一定程度的庫存再平衡。鑑於當前環境的波動性，我想問的是，您從各個地區和各個類別來看，對未來預測的看法是否有任何實質變化？根據您目前觀察到的情況，品類成長率是否有任何實質變化？您的評論將對我們很有幫助。

Kevin, thank you. So category growth rates are holding up well. Fiscal year-to-date, global category growth in the categories we compete in is 5%. We expect that to continue at around 5%. Category growth in focus markets is 5%. Category growth in enterprise markets is 7%. So it's a strong 5% on a global level. It's fairly consistent. Enterprise markets have been growing past 3, 6 and 12 at 7%. Focus markets have gone between 4% and 5% over the past 3, 6 and 12 months. So if anything, in the most recent reading, we've seen strengthening of category growth.

凱文，謝謝。品類成長率保持良好。本財年迄今為止，我們所競爭品類的全球品類成長率為5%。我們預計這一成長率將繼續保持在5%左右。重點市場的品類成長率為5%。企業市場的品類成長率為7%。因此，全球整體成長率高達5%，相當穩定。企業市場在過去3個月、6個月和12個月中均維持了7%的成長率。重點市場在過去3個月、6個月和12個月的成長率在4%到5%之間。因此，從最近的數據來看，我們看到品類成長動能增強。

We're also pleased with the fact that we see P&G leading and disproportionately contributing to category growth in most of the markets we're competing in. We are innovation -- and we are leading innovation and thereby driving category growth and participating in that category growth via share growth. So overall, we feel good about the level of category growth. We're seeing slight acceleration across the period. P&G contributing via our strategy of driving market growth via superiority investment and innovation.

我們也很高興地看到，在大多數競爭市場中，寶潔都處於領先地位，並對品類成長做出了顯著貢獻。我們致力於創新－引領創新，從而推動品類成長，並透過市場佔有率的成長參與其中。因此，整體而言，我們對品類成長水準感到滿意。我們看到，在此期間，成長速度略有加快。寶潔透過「卓越投資和創新驅動市場成長」的策略，為品類成長做出了貢獻。

And that certainly is benefiting our growth and is in line with our growth model we want to drive because the only way to sustainably grow at these level's by driving market growth, and then participating in that growth via shared growth.

這無疑有利於我們的成長，也符合我們想要推動的成長模式，因為要實現這種水準的永續成長，唯一的辦法就是推動市場成長，然後透過共享成長參與這種成長。

Yes. Market growth is something that doesn't happen to us. We need to positively impact it ourselves, which is exactly what Andre just said. And that's what we're trying to do through our strategy. I would also say, Kevin, that if you look at the last quarter, there are several negatives within the quarter from a top line standpoint, several challenges that we've been working against. We've talked about China, our second-largest market, down mid singles. We've talked about the unfortunate situation in Russia and the Ukraine.

是的。市場成長並非唾手可得，我們需要主動推動，正如安德烈剛才所說。而這正是我們透過戰略努力的方向。凱文，我還想補充一點，如果你回顧上個季度，從營收角度來看，存在一些不利因素，我們一直在努力應對這些挑戰。我們之前談到中國市場，作為我們的第二大市場，其營收下滑至10月份中段。我們也談到了俄羅斯和烏克蘭的不幸局勢。

One thing we haven't talked about, except indirectly, is that we're still racing to catch up with demand in our largest market, the U.S. But we're not fully supplying the market's demand. And all of those, hopefully, over time or some of them, at least, offer even additional upside as they reverse themselves.

我們一直沒有直接談及的一點是，我們仍在努力滿足最大市場——美國——​​的需求。但我們尚未完全滿足市場需求。希望隨著時間的推移，所有這些因素，或至少其中一些因素，能夠扭轉局面，帶來更大的上漲空間。

Your next question comes from the line of Olivia Tong with Raymond James.

你的下一個問題來自 Olivia Tong 與 Raymond James 的合作系列。

Great. Just a little bit of a follow-up there. Could you just talk a little bit about where the supply constraints are most acute and where you're starting to see potentially some more capacity coming back across the category, particularly amongst private label players?

好的。還有一個小問題。您能否談談目前供應限制最嚴重的領域，以及您認為該品類（尤其是自有品牌品牌）哪些領域的產能可能正在逐步恢復？

You mentioned pricing in Feminine Care, Home Care, Oral Care. Can you talk about -- a little bit about your decision as you consider future rounds of price increases? And what categories you could potentially -- how you think about what categories you could potentially move on further?

您提到了女性護理、居家護理和口腔護理產品的定價。能否談談您在考慮未來幾輪價格上漲時所做的決定？以及您認為哪些品類可能可以進一步漲價？

All right, Olivia. Supply constraints -- maybe to start at the global level, supply constraints are only present in every potential bucket that you can think through. Being able to source raw and packed materials is still difficult in sufficient quantities. Getting raw and packed materials to the places we need to get them to continues to be costly and highly volatile.

好的，奧利維亞。供應限制——或許先從全球層面說起——幾乎在所有你能想到的領域都存在供應限制。充足的原料和包裝材料的採購仍然很困難。將原材料和包裝材料運送到我們需要的地方仍然成本高且波動性很大。

Labor availability is certainly a stretch, not for P&G directly, but more for our supplier base. And then getting finished product out to our retailers by being able to actually ship with truck availability in the U.S., for example, is difficult.

勞動力短缺確實是個難題，對寶潔公司本身來說倒不是什麼大問題，但我們的供應商群體面臨的挑戰更大。此外，如何運用美國境內的卡車運輸能力，將成品送到零售商手中也是個難題。

So it's across all aspects of the supply chain. We are making progress. Our on-shelf availability continues to be stable at around 93%, 94% even as we grow at these levels that we are happy to report we're growing at in Q3 and fiscal year-to-date. We have more and more categories coming off managed supply in the U.S. over the next 2 months. So we are carefully working with our retail partners to ensure that we do this in the right way to ensure best service and best on-shelf availability with our retail partners. And we're making progress.

因此，這涵蓋了供應鏈的各個環節。我們正在取得進展。即使我們在第三季和本財年迄今都保持著成長，我們的貨架供應率仍然穩定在93%到94%左右。未來兩個月，我們將逐步取消美國市場的管控供應，涵蓋更多品類。因此，我們正與零售合作夥伴密切合作，確保以正確的方式推進，從而為零售合作夥伴提供最佳服務和最佳貨架供應。我們正在取得進展。

Heavy -- the most investment in terms of capacity will be in our North America and European markets to ensure that we have sufficient capacity to keep up with increased demand we've seen. Those investments will take hold over the next 2 years. But we expect to be in a better situation over the next, call it, 3 to 6 months, specifically in the U.S. moving out of managed supply.

重型設備－產能的最大投資將集中在北美和歐洲市場，以確保我們有足夠的產能來滿足不斷增長的需求。這些投資將在未來兩年內逐步實施。但我們預計，未來三到六個月內，尤其是在美國市場，隨著供應管制措施的逐步解除，情況將會改善。

There is no -- to your second part of the question on pricing. I -- there is no formula-based approach to pricing in any of these categories. So we're carefully watching, number one, consumer behavior and the strength of our superiority relative to the market. We are looking at the cost pressures and cost headwinds that we are seeing. And you will have noticed that in our paper categories in Fem Care, in Baby Care, in Family Care and in our Fabric & Home Care categories, that's where we see the biggest impact from commodity cost increases, transportation warehouse but also foreign exchange impacts.

關於您第二個問題，也就是定價，沒有標準答案。我們沒有任何定價公式。首先，我們會密切關註消費者行為以及相對於市場的優勢。其次，我們會關注成本壓力和成本逆風。您可能已經注意到，在女性護理、嬰兒護理、家庭護理以及織物和家居護理等紙品類中，大宗商品成本上漲、運輸倉儲成本以及匯率波動的影響最為顯著。

So the impacts are bigger. There is superiority, and then it becomes a matter of do we have the right innovation available? Or do we feel that it is right at this point in time to recover via pricing versus leveraging productivity and the balance between those 3 elements as we've talked before. So I wouldn't say there's any formulaic approach. But certainly, Fabric & Home Care and the paper categories are most exposed to the cost pressures. So the combination of all 3 elements needs to play out more aggressively in those categories than maybe in some others. Jon, anything you want to add?

所以影響更大。優勢確實存在，接下來就取決於我們是否擁有合適的創新？或者我們是否認為，目前透過價格戰來復甦才是明智之舉，而不是像之前討論的那樣，透過提高生產力來平衡這三個要素？因此，我認為並沒有什麼固定的模式。但可以肯定的是，織物和家居護理以及紙製品類別受成本壓力的影響最大。因此，這三個要素的結合需要在這些類別中比其他類別更積極地發揮作用。 Jon，還有什麼要補充的嗎？

No, I think you've covered it, and Olivia, first of all, it's great to hear your voice again. And obviously, we can't provide any more granularity than Andre already has in terms of where price -- future price increases would occur. That's not something that's legally permissible.

不，我覺得你已經說得很清楚了。奧利維亞，首先，很高興再次聽到你的聲音。顯然，關於未來價格上漲的具體情況，我們無法提供比安德烈更詳細的資訊。這樣做在法律上是不被允許的。

Your next question will come from the line of Wendy Nicholson with Citi.

你的下一個問題將來自花旗銀行的 Wendy Nicholson。

I guess not to beat a dead horse, but just to follow up on that point. As you think about the priority for the P&L, in those categories, I mean, I look at paper, I look at laundry or fabric. Those are categories where there is just to start with, maybe more competition, maybe less brand loyalty, maybe a little bit more private label just to start with, even though private label may not be gaining share yet. And so I'm wondering if your priority is to offset commodity headwinds as much as you possibly can to preserve gross margin? Or is it to preserve market share at this point?

我想就這一點繼續探討，雖然不想老生常談。在考慮損益表優先事項時，就我所關注的紙張、洗滌劑和布料等品類而言，這些品類本身就面臨著更激烈的競爭、更低的品牌忠誠度以及更多自有品牌產品（儘管自有品牌目前可能尚未獲得足夠的市場份額）。因此，我想知道，您目前的首要任務是盡可能抵消大宗商品價格上漲的不利影響以維持毛利率嗎？還是說，您目前的首要任務是保住市場佔有率？

And then relatedly, you haven't really talked that much about currency and what you're doing in some of the bigger emerging markets, not even just emerging markets, but Japan, for example, where currency is a significant headwind. Are you adopting a different stance with regard to taking prices to offset currency headwinds? And are you seeing any differences in elasticity maybe in some of those emerging markets?

另外，您似乎很少談到貨幣問題，以及您在一些較大的新興市場（不僅僅是新興市場，例如日本，貨幣波動是其面臨的一大不利因素）採取的策略。您是否採取了不同的定價策略來抵銷貨幣波動的影響？您是否觀察到這些新興市場在價格彈性上有差異？

Okay. In terms of priority, our priority remains a reasonable recovery time on the dollar impact of commodities, foreign exchange and T&W headwinds across all categories. We will do this in a way that provides value to the consumer, provides a superior proposition to the consumer by combining it with innovation.

好的。就優先事項而言，我們的首要任務仍然是盡快緩解大宗商品、外匯和運輸及物流等不利因素對美元的影響，並確保所有品類都能在合理的時間內恢復正常運作。我們將透過創新，為消費者創造價值，提供更優的產品與服務。

There is no time line for us that forces us to recover gross margin over a certain period of time. We want to return to margin expansion, and we will. Our balanced growth model requires us to drive top line, bottom line but also reasonable margin expansion.

我們沒有設定必須在特定時間內恢復毛利率的時間表。我們希望重回利潤率擴張的軌道，而且我們一定會做到。我們均衡的成長模式要求我們在提升營收和利潤的同時，也要達到合理的利潤率成長。

So there is continued commitment to return to that point, but we will do it in a way that provides the right value to the consumer in every brand in every market at any given point in time, so we can serve consumers in the best way possible and maintain business momentum. To your second question on foreign exchange rate pricing. Across markets, foreign exchange rate pricing is a reality we're dealing with every day, we've been dealing with for years. Nothing different to report in terms of elasticities.

因此，我們將繼續致力於重返巔峰，但我們將確保在任何時間點，每個品牌、每個市場都能為消費者提供合適的價值，從而以最佳方式服務消費者並保持業務成長勢頭。關於您第二個關於外匯匯率定價的問題。在所有市場中，外匯匯率定價都是我們每天都要面對的現實，而且我們已經面對多年。就彈性而言，沒有什麼特別之處需要說明。

It's being executed in some markets, more pronounced. You've seen us taking significant price increases, for example, in Turkey, significant price increases in Argentina. So those are being executed. The organizations know very well how to do those, and they are baked in our forecast and guidance.

在某些市場，這種做法正在實施，而且更為明顯。例如，您已經看到我們在土耳其和阿根廷大幅提價。這些提價措施正在執行。相關機構非常清楚如何做到這一點，而且這些措施也已納入我們的預測和指導中。

So just one other point, Wendy. You asked -- the question that you asked is the question that we get asked by the organization every day, which is, "Which of these matters most, essentially top line and continued share progression or bottom line and earnings recovery?" And the answer always is both. It's Andre's balanced point.

溫迪，還有一點。你問的這個問題——也是我們公司每天都會被問到的問題——就是：「究竟是營收成長和股價持續上漲更重要，還是獲利成長和獲利復甦更重要？」答案永遠是兩者兼顧。這就是安德烈提出的平衡觀點。

We need to do both or we get out of balance, and the wheels come off. So we need to continue, and we'll continue to invest in top line momentum as we recover the commodity costs through a combination of pricing, productivity, et cetera. So that's -- it's both.

我們需要雙管齊下，否則就會失去平衡，最終導致失敗。所以我們需要繼續努力，並將繼續投資以提升營收，同時透過價格、生產力等手段來彌補大宗商品成本。所以，兩者缺一不可。

All right. The next question comes from the line of Nik Modi with RBC Capital Markets.

好的。下一個問題來自加拿大皇家銀行資本市場的尼克莫迪。

Yes. I wanted to ask a different slant to the premiumization and trade-down question. Not necessarily on trade down, but just slowing momentum of premiumization because during the pandemic, you had a lot of low-income consumers with all that extra stimulus money engaging more in premium price tiers.

是的。我想從另一個角度探討高端化和降級消費的問題。不一定是降級消費，而是高端化趨勢放緩的問題，因為在疫情期間，許多低收入消費者拿著額外的刺激資金，更多地購買了高價位的產品。

So I was just curious on your observations on that. Kind of how do you think that's going to manifest in terms of that particular income strata and how they're behaving with food and gas inflation the way it is?

所以我很好奇你對此的看法。你認為這會對特定收入階層產生怎樣的影響，以及在目前的食品和汽油通膨情勢下，他們的消費行為會如何？

Yes. Nik, look, we're not seeing it. We've seen consumers trade into P&G brands and trade up within the P&G brand portfolio throughout the pandemic. Every quarter this fiscal year, we've seen consumers continue to trade up within the P&G brand portfolio into higher premium propositions across most categories.

是的，尼克，你看，我們並沒有看到這種情況。在整個疫情期間，我們看到消費者一直在轉向購買寶潔旗下品牌，並在寶潔品牌組合內進行高端升級。在本財年的每個季度，我們都看到消費者在大多數品類中持續轉向購買寶潔品牌組合內更高端的產品。

That's the mix effect you've seen on the gross margin and the positive mix effect on sales. So we continue to see consumers stay within the P&G portfolio and many consumers actually trading up within the P&G portfolio as they see the benefit of those higher premium propositions. As we've said before, we don't take that for granted. We don't assume that what we're seeing to date is necessarily an indication of what will happen in the future. We are very well aware that consumers might end up looking at budget constraints. Where we see, for example, private label losses reducing, we continue to see P&G growth. So even private label coming back so far is not impacting P&G's ability to grow within those markets or within those market category combinations.

這就是您看到的毛利率組合效應以及銷售額的正面組合效應。因此，我們看到消費者繼續留在寶潔的產品組合中，而且許多消費者實際上在寶潔產品組合中升級購買更高端的產品，因為他們看到了這些更高端產品的優勢。正如我們之前所說，我們不會對此掉以輕心。我們不會假設目前的情況必然預示著未來會發生什麼。我們非常清楚消費者最終可能會受到預算限制。例如，我們看到自有品牌虧損減少，而寶潔品牌仍在成長。因此，即使自有品牌目前有所復甦，也沒有影響寶潔在這些市場或這些市場類別組合中的成長能力。

Our best defense to serve the consumer in a more budget constrained environment, other point we've talked through from the portfolio focus that we're operating to superiority to value plays, cash outlay choices, price ladder choices, distribution across our channels. So I come back to those elements that we control. That will serve us well, I believe, even for consumers that are more budget constrained and moving for choices.

在消費者預算日益緊張的環境下，我們最好的因應策略是專注於產品組合，力求在價值、現金支出、價格階梯選擇以及通路分銷等方面做到卓越。我們之前也討論過這些我們能夠掌控的因素。我相信，即使對於那些預算更加緊張、渴望更多選擇的消費者來說，這些因素也能讓我們受益匪淺。

There are a lot of mileage benefits in some of the higher-priced products that we need to proactively communicate, as Andre mentioned earlier. That -- the assumption that just because something is higher priced, it costs me more per job is not a valid assumption, and we have to help people understand that.

正如安德烈之前提到的，一些價格較高的產品確實有很多里程方面的優惠，我們需要主動宣傳這些優惠。那種認為價格高的產品每次作業成本就更高的假設是不成立的，我們必須幫助人們理解這一點。

All right. Your next question will come from the line of Chris Carey with Wells Fargo Securities.

好的。下一個問題將來自富國證券的克里斯凱裡。

I wanted to ask a question about the Personal Health Care business. Organic growth over 30%, certainly impressive. I appreciate there's a dynamic here where there's some recovery from like basically a nonexisting cold, flu. But also conscious that this is one of those categories where you're particularly focused, and there's been some innovation.

我想問一個關於個人健康護理業務的問題。超過30%的自然成長率確實令人印象深刻。我知道這其中存在一些動態因素，例如感冒和流感疫情幾乎消失殆盡，現在正在復甦。但我也意識到，這是你們重點關注的領域之一，也湧現了一些創新。

I wonder if you can just comment on how much of the strength in the business was just recovery versus things you're doing a bit more offensively that have a bit more legs long term? And just connected to that, fiscal Q4 implied organic sales guidance is for strength but deceleration on a 2-year stack. And I wonder if you're baking in any normalization there or if there's other puts and takes that we should keep in mind?

我想請您談談，公司業務的強勁成長有多少是復甦的功勞，又有多少是你們採取的更具前瞻性、更持久的舉措所致？另外，第四財季的隱含機銷售額預期雖然強勁，但兩年期成長速度放緩。我想知道您是否已將這種放緩預期納入考量，或者還有其他需要我們關注的因素？

All right. Thanks, Chris. PHC had a fabulous quarter, as we point out. Part of that certainly is the stronger cold, cough and flu season. It's 57% stronger in our estimation than last year's season, which was abnormally low driven by the mask mandates and everything else going on. A slightly stronger season than average by about 4%. But importantly, North America Vicks, for example, was able to outpace that season growth, plus 123% growth versus the season, which drove about 1.9 share points over the period. So within respiratory, season recovery is certainly a big point, but mix growing ahead of the season recovery and building share. The growth is also broader than just respiratory. Digestive organic sales are up mid-teens, and fleet is up nearly 30%. So the breadth of the portfolio is performing even beyond just the season recovery. So we continue to be very pleased with the results of the PHC portfolio and certainly see significant future runway there.

好的，謝謝克里斯。正如我們之前提到的，PHC本季業績非常出色。這其中一部分原因當然是感冒、咳嗽和流感季的強勁增長。據我們估計，今年的流感季比去年同期增長了57%，而去年同期由於口罩強制令和其他因素的影響，流感季異常低迷。今年的流感季比平均值略高，約高出4%。但更重要的是，例如，北美地區的Vicks產品不僅超越了去年同期的成長，也實現了123%的年成長，這推動了該季度約1.9個百分點的市佔率成長。因此，在呼吸系統產品方面，季節性復甦固然是重要因素，但產品組合的成長速度超過了季節性復甦，市場份額也不斷擴大。而且，增長範圍不僅限於呼吸系統產品。消化系統有機產品的銷售額成長了15%左右，而其他產品的成長接近30%。因此，產品組合的整體表現甚至超越了季節性復甦的範疇。所以我們對PHC產品組合的業績仍然非常滿意，並且相信它未來還有很大的成長空間。

On quarter 4 sales guidance. The only thing I would say is as we mentioned before, we do not assume the favorable price elasticities to hold. In our forecasting, we assume price elasticities to return to normal levels that we've seen historically. That's the only thing I'll let you know. And the rest, I think, is fairly clear.

關於第四季銷售預期，我只想補充一點，正如我們之前提到的，我們並不假設有利的價格彈性會持續下去。在我們的預測中，我們假設價格彈性會恢復到歷史正常水準。這就是我要告訴大家的全部內容。其餘的，我想大家都很清楚了。

The next question will come from the line of Kaumil Gajrawala with Credit Suisse.

下一個問題將來自瑞士信貸的 Kaumil Gajrawala。

I'd like to maybe just follow up on a comment from earlier on sequential gross margin improvement. Was that a -- just a general comment on something that you expect over time? Or are you kind of indicating that gross margins we see today are trough margins in 4Q, and as we get into the beginning of the next fiscal year is when we'll start to see it?

我想就之前關於毛利率環比改善的評論再補充一點。您剛才說的只是對未來一段時間內毛利率改善的整體預期嗎？還是說您暗示我們目前看到的毛利率是第四季的低谷，要到下一個財年年初才會開始回升？

General comment over time, Kaumil. We're not forecasting gross margin or gross margin guidance here. Too many moving pieces. But over time, we remain committed to building gross margin as part of the balanced growth model.

Kaumil，關於長期發展，我們目前不做毛利率預測或毛利率指引，因為影響因素太多。但我們會始終致力於在均衡成長模式下逐步提升毛利率。

The next question comes from the line of Mark Astrachan with Stifel.

下一個問題來自 Stifel 的 Mark Astrachan 一線。

I wanted to ask specifically a bit more about Beauty. So volume's negative. I guess I was curious, how much of it is category shift? It seems a bit away from Skin Care, given pandemic effect there into some more discretionary categories. How much is market share challenges for SK-II around Asia and China specifically? And how do you think about how much of what I just said could be transitory versus needing more change from your standpoint to improve trends?

我想更詳細地了解美妝方面的狀況。銷量呈下降趨勢。我很好奇，這其中有多少是因為品類轉移造成的？考慮到疫情的影響，銷量似乎更多地從護膚品轉向了其他一些非必需品類。 SK-II在亞洲，特別是中國，面臨多大的市佔率挑戰？您認為我剛才提到的這些情況中，有多少是暫時的，又有多少需要從您的角度來看待，才能扭轉目前的趨勢？

Yes. Thanks, Mark. We're very confident in the Beauty portfolio. If you look at the performance of this portfolio over the past 5 years, it's been just outstanding, right?

是的，謝謝，馬克。我們對美妝產品組合非常有信心。如果你看看過去五年這個產品組合的表現，你會發現它非常出色，對吧？

The core portfolio has grown sales more than $3 billion over the past 5 years, profits more than $1 billion, significant shareholder value creation and 26 quarters of uninterrupted growth. So the core portfolio has been performing extremely well.

過去五年，核心業務組合的銷售額成長超過30億美元，利潤成長超過10億美元，為股東創造了顯著價值，並實現了連續26個季度的成長。因此，核心業務組合的表現非常出色。

And as you say, there are a number of headwinds that we see as temporary. China and the dynamics in China, certainly being one of those significant dynamics, which is impacting the broader Hair Care and Skin Care portfolio but also the broader impact on SK-II as it comes to the travel retail shutdown during the COVID period. And the impact of China on the SK-II consumption with department stores being closed down and even some of the online business being hampered.

正如您所說，我們面臨一些暫時的不利因素。中國及其經濟動態無疑是其中一個重要因素，它不僅影響我們更廣泛的護髮和護膚產品組合，也對SK-II品牌本身造成了影響，因為新冠疫情期間旅遊零售通路的關閉導致了這一影響。此外，百貨公司的關閉以及部分線上業務的受阻也對SK-II的消費產生了影響。

So there are a number of temporary effects that we see. We -- you have seen us announce a few portfolio additions, acquisitions over the past months that are focused on the premium and super premium segments in the category. We believe that's a growth opportunity beyond the core portfolio in specialty channels. So we've proven that strategy with previous acquisitions like First Aid Beauty. And so we want to build out the portfolio in the premium and super premium segment in addition to restrengthening the core.

因此，我們看到了一些暫時性的影響。過去幾個月，您也看到了我們宣布了一些產品組合的新增和收購，這些收購主要集中在高端和超高端市場。我們相信，在專業通路中，這為核心產品組合之外的成長提供了機會。我們先前對First Aid Beauty等品牌的收購已經證明了這項策略的有效性。因此，我們希望在強化核心產品組合的同時，進一步拓展高階和超高階市場的產品組合。

So there's certainly work to do to address the opportunities in China on the core business, rebuild strength and momentum on SK-II and further help our business to serve premium and super premium consumers and specialty channels in the U.S. and outside the U.S. But we're very confident in the core focused portfolio and some targeted additions via acquisition that we tucked in, which set us up well for future growth in the Beauty category.

因此，我們當然還有很多工作要做，以把握中國核心業務的機遇，重振SK-II的實力和發展勢頭，並進一步幫助我們的業務服務於美國及其他地區的高端和超高端消費者以及專業管道。但我們對以核心業務為中心的投資組合以及透過收購進行的一些有針對性的補充非常有信心，這些都為我們在美容品類的未來成長奠定了良好的基礎。

Next question comes from the line of Peter Grom with UBS.

下一個問題來自瑞銀集團的 Peter Grom。

So in the release, there were a few comments around lapping pandemic-related consumption. And I think you called out appliances and cleaning specifically. I just would be curious, when you look at performance in those categories, how does the recent performance compare versus your expectations?

所以在新聞稿中，提到了一些與疫情相關的消費成長。我想您特別提到了家電和清潔用品。我很好奇，當您審視這些類別的表現時，近期的表現與您的預期相比如何？

I guess what I'm trying to understand is, are you seeing a normalization that is in line with your expectations in some of those categories that saw significant growth over the past couple of years? Or has demand held up better or been worse than you would have anticipated?

我想了解的是，在過去幾年成長顯著的某些類別中，您是否看到了符合您預期的正常化趨勢？或者，需求是否比您預期的更好或更差？

Yes, I can start, Peter, and then maybe Jon wants to add a few points here. But overall consumption is holding up, as I mentioned. Market growth, 5% in focus markets, 7% in enterprise markets. That's certainly an indication that overall consumption in all categories is holding up well.

是的，我可以先說，彼得，然後喬恩也許想補充幾點。但正如我之前提到的，整體消費保持穩定。市場成長方面，重點市場成長了5%，企業市場成長了7%。這無疑表明所有類別的整體消費都保持良好狀態。

There are some natural -- not natural, but logical switches. So when we think about, for example, our Grooming business, the Appliances business has experienced significant growth during the pandemic as more and more jobs that were done in salons and barbershops moved in-house. So folks -- people bought these appliances, experienced the fact that they can do the job themselves, and they continue to do so.

有些轉變是自然而然的──或者說，並非完全自然，而是合乎邏輯的。例如，就我們的美容業務而言，隨著越來越多的工作從沙龍和理髮店轉移到家庭，家電業務在疫情期間經歷了顯著增長。所以，人們購買了這些家電，體驗到了自己動手的便利，而且他們也一直這樣做。

But once that need is satisfied, appliances sees a decline versus that peak in terms of incremental job growth and incremental overall growth. At the same time, there's a natural hedge within the Grooming portfolio. So blades and razors were under pressure as more people worked from home and stayed at home. With reopening, that part of the category resumed growth. So there's a hedge component within Grooming, for example.

但一旦這種需求得到滿足，家電產業的就業成長和整體成長都會低於高峰。同時，個人護理用品組合中存在著一種天然的對沖作用。例如，隨著越來越多的人居家辦公和居家生活，刀片和刮鬍刀的需求承壓。隨著疫情後人們重新開始工作，這部分需求也恢復了成長。因此，個人護理用品組合中就包含著一種對沖作用。

Within anything that is health and hygiene-related, I think consumers continue to put more emphasis on jobs to be done. They spend more time at home. So we continue to see our categories to benefit from both effects . Paper towel consumption continues to be increased by more than 10%. We'll see where bath tissue ends up once supply is unconstrained, but more time at Home certainly would speak to more in-home consumption versus away-from-home consumption.

在所有與健康和衛生相關的領域，我認為消費者越來越重視待辦事項。他們待在家裡的時間也更多了。因此，我們看到我們的產品類別持續受益於這兩種趨勢。紙巾的消費量持續成長超過10%。一旦供應不再受限，我們將觀察衛生紙的最終走勢，但可以肯定的是，居家時間的增加意味著家庭消費量將高於外出消費量。

The only part where we saw a little bit of a decline was anything that has to do with household -- surface disinfection, surface cleaning. That's a relatively smaller part of our portfolio. But as consumers get more used to the right balance there, we saw a little bit of a decline. But overall, all categories still benefiting from more time at home and higher focus on health and hygiene and certainly Beauty and Personal Care-related categories benefiting from reopening.

唯一略有下滑的領域是與家居相關的產品——例如表面消毒和清潔用品。這部分在我們產品組合中所佔比例相對較小。但隨著消費者逐漸適應這種平衡，我們看到這部分產品銷售量略有下降。不過整體而言，所有品類都受益於居家時間增多以及人們對健康和衛生的日益關注，尤其是美容和個人護理類產品，它們更是受益於疫情後的重新開放。

Your next question comes from the line of Andrea Teixeira with JPMorgan.

你的下一個問題來自摩根大通的 Andrea Teixeira。

I was hoping if you can please comment on the Baby, Fem Care and Family Care. Seems that you continue to regain share in the U.S. and also potentially in China despite the challenges there. And similar to this question, you had an impressive growth in the cold and flu brand franchises. But you start to lap those comps there. So do you think the growth is still sustainable with the innovation you've made in other franchises in health care?

我希望您能就嬰兒護理、女性護理和家庭護理業務發表一些看法。儘管面臨挑戰，您似乎仍在持續收復美國市場份額，並且在中國市場也可能取得進展。與此類似的是，您在感冒和流感品牌特許經營方面也取得了令人矚目的成長。但您開始逐漸超越競爭對手。您認為，憑藉您在其他醫療保健特許經營領域所做的創新，這種成長是否還能持續？

Yes. Thanks, Andrea. So Baby Care share is improving significantly in Europe and in North America driven by major innovation that was launched in the market, both in Europe and in North America. We will continue to build on that share momentum. We will continue to drive superiority via incremental innovation, investment in brand communication, go-to-market execution.

是的，謝謝安德里亞。嬰兒護理產品在歐洲和北美的市佔率正在顯著提升，這主要得益於我們在歐美市場推出的重大創新產品。我們將持續保持這一成長勢頭，並透過持續的創新、品牌傳播投入和市場推廣執行，不斷提升自身競爭力。

We've also been able to enter some new parts and grow some new segments within the Baby Care category. When you think about Ninjamas launches, for example, in North America, that's a category that has been relatively quiet. It serves children between 5 and 12 with all the night bed-wetting issues. And reentering that category with a creative and relevant proposition allowed us to grow the category mid-teens. And at the same time, build an 8% -- 8% to 9% share position within the category.

我們也成功進入了一些新的領域，並在嬰兒護理類別中拓展了一些新的細分市場。例如，在北美，Ninjamas（一種嬰兒睡衣）市場一直相對冷清。它主要針對5至12歲有尿床問題的兒童。我們以創意十足且切合實際的產品重新進入這一市場，成功實現了15歲左右年齡段消費者的增長，並同時在該品類中佔據了8%至9%的市場份額。

We continue to build share in pants. Pants is a trade-up category in Europe and an opportunity in North America. That allows us to grow our position as well. So broad innovation in terms of true product innovation but also new jobs to be done and communication. Fem Care, we are seeing big success in both adult incontinence, but also in the most premium propositions in Fem Care. The biggest growth, for example, in Fem Care pads in North America is driven by Infinity, our most premium proposition, which is a unique proposition from P&G form-based pad, delivering superior comfort and absorbency.

我們在褲裝領域持續提升市場佔有率。褲裝在歐洲屬於高端消費品類，在北美則蘊藏著巨大的發展機會。這使我們能夠進一步鞏固市場地位。因此，我們不僅在產品創新方面取得了顯著進展，也在新的工作和溝通管道方面做出了貢獻。在女性護理領域，我們不僅在成人尿失禁產品方面取得了巨大成功，在高端女性護理產品方面也表現不俗。例如，北美女性護理護墊銷售成長最快的是我們的高階產品Infinity，它是寶潔公司獨創的塑形護墊，擁有卓越的舒適度和吸收力。

Again, same formula. Significantly innovating in relevant ways for the consumer, investment in communication, retail execution, allows us to drive overall market growth and share growth. On cold and flu, I don't have much more to add, Andrea, versus what we said before. We are growing ahead of the segment in terms of respiratory with strong innovation in Vicks. And we are growing the balance of the portfolio in terms of absolute sales growth and share growth, be it sleep or digestive. So overall, we feel there's significant runway left on our PHC portfolio, and it's playing out in the market.

還是同樣的策略。透過對消費者真正感興趣的方式進行重大創新，加大溝通投入，優化零售執行，我們就能推動整體市場成長和市場佔有率提升。關於感冒和流感，Andrea，我沒什麼要補充的，跟我們之前說的差不多。在呼吸系統方面，我們憑藉著Vicks的強勁創新，實現了領先於其他細分市場的成長。同時，無論是睡眠還是消化系統產品，我們的其他產品組合在絕對銷售和市場份額方面也都在成長。總而言之，我們認為我們的個人健康護理產品組合還有很大的成長空間，而市場也正在印證這一點。

And your final question will come from the line of Jonathan Feeney with Consumer Edge.

最後一個問題將來自 Consumer Edge 的 Jonathan Feeney。

I give you a lot of credit. I mean, there hasn't been a lot of discussion about retailer pushback to pricing. And maybe that's just because the results are good overall.

我非常佩服你。我的意思是，關於零售商對定價的抵制，目前還沒有太多討論。或許是因為整體結果不錯。

But just looking at the U.S. market, why is it that your relationships with retailers seem so good that elasticities are better? It's really a consumer level discussion. And do you expect that to continue? Can you give me any color around why that particular -- is it maybe just simply that they're short product, and there's more demand versus supply, so you're kind of in the driver's seat? What allowed this pretty good series of very good relationships to emerge? And what the -- how sustainable do you think that proves if we need another round of significant pricing second half of the year?

但就美國市場而言，為什麼您與零售商的關係如此良好，以至於需求彈性也更高？這其實是一個消費者層面的問題。您預計這種情況會持續下去嗎？您能否具體說明原因－是不是因為他們的產品短缺，供不應求，所以您掌握了主動權？是什麼促成了這些良好的合作關係？如果下半年我們需要再次大幅漲價，您認為這種良好的關係能持續多久？

I'll start, and I'm sure Jon has a few points to add here. But generally, discussions with retailers work better if your business comes from a position of strength. Consumers are looking for your propositions. Velocity at shelf is strong. You have innovation programs that are credible and tangible and meaningful for consumers.

我先來，我相信Jon也會有一些補充。但總的來說，如果你的企業處於優勢地位，與零售商的談判會更加順利。消費者正在尋找你的產品。你的產品上架速度很快。你的創新項目既可信又切實可行，並且對消費者有意義。

You have in-store programs that are meaningful for retailers and consumers. You have an ability to communicate and support the advertising, both in digital as well as in mass advertising. And all of those things hold true as we entered this commodity inflation cycle.

你們擁有對零售商和消費者都意義重大的店內推廣活動。你們有能力在數位媒體和大眾廣告領域進行溝通並支持廣告宣傳。所有這些優勢在我們進入當前的商品通膨週期後依然適用。

P&G came from a relatively strong position in terms of superiority. We continue to invest in innovation. Products on shelf, we're doing well. And that sets up a good discussion with retailers about future growth potential, the need for pricing, which is very clear, given the inflation cycle and the reality that it's broad-based within multiple industries.

寶潔公司在競爭優勢方面擁有相對強勢的地位。我們持續投資創新。目前，我們的產品在貨架上的銷售情況良好。這為與零售商探討未來的成長潛力以及定價的必要性奠定了良好的基礎。鑑於當前的通膨週期以及通膨在多個行業普遍存在的現實，定價的必要性顯而易見。

No guarantee that, that will continue. It will also -- it will always be, as we said before, a very careful balance for us between productivity, innovation and pricing.

我們無法保證這種情況會持續下去。而且，正如我們之前所說，我們始終會在生產力、創新和定價之間尋求非常謹慎的平衡。

Yes. Our retail partners are also competitors in most cases, with their own label offerings. And because the increases and costs are so significant, they need to be able, in most cases, obviously, entirely at their discretion. But they need to be generally able to raise pricing on their own brands.

是的。我們的零售合作夥伴在大多數情況下也是競爭對手，他們也銷售自有品牌產品。由於價格上漲和成本增加幅度巨大，他們顯然需要在大多數情況下擁有完全的自主權。但他們通常需要有權提高自有品牌的價格。

And when that's true, that becomes less of an issue, not a nonissue, but less of an issue for us. And I think the biggest change that's occurred over the last several years in our dialogue has been a more deliberate and overfocus on our part on market growth and on being -- and a commitment to be a disproportionate contributor to market growth.

如果情況確實如此，那麼這個問題就不那麼重要了——並非完全不重要，但對我們來說確實不那麼重要了。我認為過去幾年我們對話中最大的變化是我們更有意識、更專注於市場成長，並致力於成為市場成長的主要貢獻者。

At the end of the day, a retail partner doesn't care what our share is. What they care about is what their sales are and are they growing or not. And we need to be a source of that growth. And when we do that dependably and reliably, as Andre said, it changes the nature of the conversation, and that becomes the focus of the conversation as opposed to other things. We have an opportunity in better serving our retail partners with supply as we've talked about several times, and we're working to address that. That's important in terms of continuing to serve them effectively. But that contribution to market growth sustainably and dependently changes world.

歸根究底，零售合作夥伴並不關心我們的市場佔有率。他們關心的是銷售額，以及銷售額是否在成長。我們需要成為他們成長的動力。正如安德烈所說，當我們能夠可靠且穩定地做到這一點時，對話的本質就會改變，而這將成為對話的焦點，而不是其他因素。正如我們多次討論過的，我們有機會透過更好的供應來更好地服務我們的零售合作夥伴，我們也正在努力解決這個問題。這對於我們持續有效地服務他們至關重要。但這種對市場成長的可持續且穩定的貢獻，將會改變整個世界。

All right. I think that concludes the call. Thank you for spending time with us today. John Chevalier and I will be available all day if you have any other questions, so please feel free to call. You know where to find us. Have a wonderful rest of the day.

好的，我想通話到此結束。感謝您今天抽空與我們通話。如果您還有其他問題，我和約翰·謝瓦利埃今天全天都在，歡迎隨時致電。您知道怎麼聯絡我們。祝您今天餘下的時間愉快。

And ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。祝您有美好的一天。