聯合利華 (UL) 2024 Q2 法說會逐字稿

Good morning, and welcome to Unilever's half-one results announcement. We expect prepared remarks today to take about 25 minutes, leaving around 30 minutes for Q&A. All of today's webcast is available live transcribed on the screen. And in a moment, I will hand over to Fernando to take you through the details of the results. I will then return to give a brief update on the growth and action plan and some of our key priorities as we move into the second half of the year. After that, we will take questions.

早安，歡迎來到聯合利華半年業績公佈。我們預計今天準備好的發言大約需要 25 分鐘，剩下大約 30 分鐘用於問答。今天的所有網路廣播都可以在螢幕上即時轉錄。稍後我將讓費爾南多向您詳細介紹結果。然後，我將在進入下半年時簡要介紹成長和行動計劃以及我們的一些關鍵優先事項。之後，我們將接受提問。

First off, let me set out some of the performance highlights from the first half as I see them. Our focus has been and remains on delivering high-quality sales growth and expanding gross margin and thereby enabling a step-up in investment behind our brands. With that in mind, we made progress over the first half. Our underlying sales grew 4.1%. Volume growth was broad-based and accelerated to 2.6% with four of five business groups delivering positive volumes in quarter two.

首先，讓我列出我所看到的上半場的一些表演亮點。我們的重點始終是實現高品質的銷售成長和擴大毛利率，從而增加對我們品牌的投資。考慮到這一點，我們在上半場取得了進展。我們的基本銷售額成長了 4.1%。銷量成長基礎廣泛，並加速至 2.6%，五個業務集團中有四個在第二季度實現了正銷量。

Growth was led by our power brands with underlying sales growth of 5.7% and volumes up 4%. Focusing on these 30 brands is a core part of our plans, and so, we are encouraged by the progress here.

我們的強勢品牌帶動了成長，基本銷售額成長了 5.7%，銷量成長了 4%。專注於這 30 個品牌是我們計劃的核心部分，因此，我們對這裡的進展感到鼓舞。

Gross margin expansion was strong, up 420 basis points to 45.7%. We recorded lower material cost, which helped, but, we are also on track to achieve net cost productivity to tight cost control in our operations. Both these impacts supported the gross margin development in the first half. This allowed for nearly EUR700 million in extra brand and marketing investment, which went behind an increasingly strong and focused innovation program. Gross margin expansion also resulted in accelerated profit growth. Underlying operating profit increased 17.1% to EUR6.1 billion, with underlying operating margin up 250 basis points to 19.6%.

毛利率擴張強勁，上升 420 個基點至 45.7%。我們記錄了較低的材料成本，這有所幫助，但我們也有望實現淨成本生產率，以嚴格控制我們的營運成本。這兩項影響支撐了上半年毛利率的發展。這使得近 7 億歐元的額外品牌和行銷投資得以實現，從而支持了日益強大和集中的創新計劃。毛利率的擴張也帶來了利潤的加速成長。基本營業利潤成長 17.1%，達到 61 億歐元，基本營業利益率成長 250 個基點，達到 19.6%。

Over the last quarter, we have continued to implement our growth action plan at pace. As well as stepping up financial performance, the plan also incorporates sustainability leadership in our four priority areas: climate, plastics, nature, and livelihoods. And we make progress against all of these in the first half.

上個季度，我們持續快速實施成長行動計畫。除了提高財務績效外，該計劃還將永續發展領導納入我們的四個優先領域：氣候、塑膠、自然和生計。上半場我們在所有這些方面都取得了進展。

On climate, our Scope 3 emissions targets for 2030 were validated by the Science Based Targets initiative, or SBTi, and we are making steady progress towards delivery.

在氣候方面，我們的 2030 年範圍 3 排放目標已通過基於科學的目標倡議 (SBTi) 的驗證，並且我們正在穩步實現目標。

On nature, a series of newly agreed regenerative agriculture projects is expected to bring an incremental hectarage of 335,000 this year, keeping us on track towards our goal 1 million hectares.

在自然方面，一系列新商定的再生農業計畫預計今年將增加 33.5 萬公頃，使我們朝著 100 萬公頃的目標邁進。

On plastics, working with USAID, we were behind the launch of a new public-private collaboration, the CIRCLE Alliance, to scale solutions for reducing plastics and tackling wastes.

在塑膠方面，我們與美國國際開發署合作，發起了一個新的公私合作計畫——CIRCLE 聯盟，以擴大減少塑膠和處理廢棄物的解決方案。

And on livelihoods, over 20% of our procurement spend is now with suppliers who have signed our living wage pledge, putting us on track to reach 50% by 2026.

在生計方面，我們超過 20% 的採購支出現在是與簽署了我們的生活工資承諾的供應商進行的，這使我們預計在 2026 年達到 50%。

We have also been working to progress the two important announcements we made in March: separating ice cream and improving our productivity. There's lots to do; but the simple message today is, we are on track with both.

我們也一直在努力推進我們在三月發布的兩項重要公告：分離冰淇淋和提高我們的生產力。有很多事情要做；但今天要傳達的簡單訊息是，我們在這兩方面都走上了正軌。

As we go through the presentation, we will review the numbers for the first half and the progress against priorities in more detail. And whilst I do believe we have made progress against our stated ambitions, I am the first to acknowledge that we still have a lot to do to implement the changes that are needed to achieve a level of consistent performance.

在進行演示時，我們將更詳細地回顧上半年的數字以及優先事項的進展。雖然我確實相信我們已經在實現既定目標方面取得了進展，但我首先承認，我們仍然有很多工作要做，以實施實現一致績效水準所需的變革。

On competitiveness, for example, even though we do see some green shoots in the latest readings, we know this will take time and that it must remain an area of absolute focus. In addition to that, and as we said last quarter, we are making key changes in our ice cream business, with initial focus on North America and in Europe to drive sustainably better performance.

例如，在競爭力方面，儘管我們確實在最新的解讀中看到了一些萌芽，但我們知道這需要時間，而且它必須仍然是絕對關注的領域。除此之外，正如我們上季度所說，我們正在對冰淇淋業務進行重大變革，最初重點關注北美和歐洲，以可持續地推動更好的業績。

For the first half, this has led to better service to our customers, better pricing, and better competitiveness. But despite that, however, the business still had a disappointing quarter. And while market factors helped to explain a lot of this, the performance reinforces the importance of continuing to make these operational improvements; we will do just that.

上半年，這為我們的客戶提供了更好的服務、更好的定價和更好的競爭力。但儘管如此，該業務的季度業績仍然令人失望。雖然市場因素在很大程度上解釋了這一點，但業績強調了繼續進行這些營運改進的重要性；我們就會這麼做。

We will now go deeper on the results themselves, so I hand over to Fernando to take you through.

我們現在將更深入地探討結果本身，所以我將交給費爾南多來帶領您完成。

Thank you, Hein. Underlying sales growth in the first half was 4.1%, with second quarter at 3.9%, both with a strong volume contribution. We deliver on our third consecutive quarter of positive improving volume growth. Underlying volume growth was 2.9% in quarter two, up from 2.2% in quarter one, and 1.8% in quarter four of 2023. As expected, given the reversal in the commodity cycle during the last year, price growth has significantly slowed down to 1% in the first quarter.

謝謝你，海因。上半年的基本銷售成長為 4.1%，第二季為 3.9%，銷售貢獻強勁。我們連續第三個季度實現銷售量積極成長。2023 年第二季的基本銷售成長率為 2.9%，高於第一季的 2.2%，第四季的基本成長率為 1.8%。正如預期的那樣，鑑於去年大宗商品週期的逆轉，第一季價格增速大幅放緩至 1%。

Let's take now a closer look by business group. Beauty and well-being delivered a strong first half with underlying sales growth of 7.1%, underpinned by 5.5% volume growth. This is a third consecutive quarter in which beauty and well-being volume has been above 5%. The strong performance has been anchored in our beauty and well-being power brands that deliver double-digit growth. Sunsilk and Dove fueled hair care growths, while Vaseline and Ponds were strong contributors in skin care.

現在讓我們按業務組仔細研究一下。美容與保健業務上半年表現強勁，基本銷售額成長 7.1%，銷售成長 5.5%。這是美容和保健品銷量連續第三個季度超過 5%。強勁的業績源自於我們的美容和健康品牌，實現了兩位數的成長。夏士蓮 (Sunsilk) 和多芬 (Dove) 推動了護髮產品的成長，而凡士林 (Vaseline) 和 Ponds 則在皮膚護理領域做出了巨大貢獻。

For the 14th consecutive quarter, our combined health and well-being and Prestige and beauty businesses deliver double-digit growth. Health and well-being was particularly strong in this quarter, while Prestige beauty felt the impact of a slowdown in the beauty market in the US.

我們的健康與福祉以及名譽與美容業務已連續第 14 個季度實現兩位數成長。本季的健康與福祉尤其強勁，而 Prestige Beauty 則感受到了美國美容市場放緩的影響。

Personal care grew 5.6%, with a good balance between volume and price growth. Dove, Unilever's largest brand, achieved double-digit growth across its female and male franchises. On the back of strong innovation across both deodorants and skin cleansing, like the premium range of serum-infused body washes in the US.

個人護理品成長 5.6%，量價成長維持良好平衡。聯合利華最大的品牌多芬（Dove）的女性和男性特許經營權均實現了兩位數的成長。由於除臭劑和皮膚清潔方面的強勁創新，例如美國的優質精華沐浴露系列。

Deodorants, once again, delivered double-digit growth, with a strong contributions from the multiyear innovation platforms of Rexona and Axe, on top of Dove. Although tempered by market challenges in Indonesia, deflation in India, and subdued performance of our antibacterial brand, Lifebuoy, skin cleansing still delivered positive volume and price growth. Oral care continue to grow mid-single digit, with positive volume on price led by Close Up and Pepsodent.

除臭劑業務再次實現兩位數成長，這得益於 Rexona 和 Axe 以及 Dove 等多年創新平台的強勁貢獻。儘管受到印尼市場挑戰、印度通貨緊縮以及我們的抗菌品牌衛寶表現不佳的影響，皮膚清潔產品仍然實現了銷售和價格的積極成長。口腔護理產品繼續以中個位數成長，以 Close Up 和 Pepsodent 為首的價格成交量呈正成長。

Home care grew 3.3%, with volume up strongly at 4.6%. The impact of commodities deflation in the basket of home care materials to negative price of 1.3% in several emerging markets, particularly in laundry powders. Fabric cleaning grew low-single digit, and home and hygiene grew a high-single digit with very positive contribution from Europe in both. Our premium innovations in Europe like Persil Wonder Wash, Comfort Elixir, and Domestos Power Foam are all off to a promising start, and we are reinforcing our investment plans to accelerate momentum even more.

居家照護成長 3.3%，銷售量強勁成長 4.6%。受通貨緊縮的影響，一些新興市場的家庭護理材料一攬子商品價格出現負1.3%，尤其是洗衣粉。織物清潔成長了低個位數，家庭和衛生成長了高個位數，歐洲在這兩個方面都做出了非常積極的貢獻。我們在歐洲的優質創新產品，如 Persil Wonder Wash、Comfort Elixir 和 Domestos Power Foam 都已經有了一個良好的開端，我們正在加強我們的投資計劃，以進一步加速發展勢頭。

Nutrition return to positive volume growth in quarter two, which helped to deliver 3.2% underlying sales growth in the first half. Growth was driven by our power brands, including Knorr and Hellmann's, which represent two-thirds of nutrition turnover and grew a combined 5.2%. Both brands delivered positive volume growth, with Knorr leveraging local top dishes for cooking aids offering and Hellmann's successfully expanding its flavor mayonnaise ranges. Once again, Unilever Food Solutions delivered a strong performance, with high-single-digit growth led by China operation on the bulk of its successful digital B2B selling program.

營養品在第二季度恢復正銷量成長，這有助於實現上半年 3.2% 的基本銷售額成長。成長是由我們的強勢品牌推動的，包括家樂和好爾曼，它們佔營養品營業額的三分之二，合計增長了 5.2%。這兩個品牌都實現了銷量的積極增長，家樂利用當地頂級菜餚提供烹飪輔助品，而好爾曼則成功擴大了其風味蛋黃醬系列。聯合利華食品解決方案再次表現強勁，在中國業務的帶動下，其大部分成功的數位 B2B 銷售計劃實現了高個位數成長。

Ice cream grew 0.6% with price growth of 1.6%, partially offset by negative volume. We are disappointed with the ice cream performance that has been clearly below our ambition despite the operational improvements we have made in areas like customer service, competitive pricing, and execution of our innovation. These operational improvements have reflected in improved competitiveness in the US and several of European markets. However, performance has been seriously affected by shortfalls in China, where we face both tougher market conditions and competitive pressure and shortfalls in Europe, where poor weather negatively weighed on the start of the summer season.

冰淇淋成長 0.6%，價格成長 1.6%，部分被銷量負成長所抵銷。儘管我們在客戶服務、有競爭力的價格和創新執行等方面取得了營運改進，但我們對冰淇淋的表現感到失望，它的表現明顯低於我們的目標。這些營運改善反映了美國和幾個歐洲市場競爭力的提高。然而，業績受到中國短缺的嚴重影響，我們面臨更嚴峻的市場條件和競爭壓力，以及歐洲的短缺，惡劣的天氣對夏季的開始造成了負面影響。

We are responding to challenges in China with the shift of our portfolio to premium and with distribution expansion into provinces where we foresee high consumption potential.

我們正在應對中國的挑戰，將產品組合轉向高端，並將分銷擴展到我們預計具有高消費潛力的省份。

In Europe, we keep tightening our operational grip while innovating in our biggest and more premium brand with the launch of three new variants of Magnum Pleasure Express.

在歐洲，我們不斷加強營運控制，同時對我們最大、更優質的品牌進行創新，推出了 Magnum Pleasure Express 的三種新型號。

We run the business entirely through the lens of our five business groups. However, we believe it is important to provide also some color on performance in our different geographies.

我們完全透過五個業務集團的視角來經營業務。然而，我們認為提供一些關於我們不同地區的表現的資訊也很重要。

During the first half of the year, we delivered broad-based volume and price growth with positive contribution from all regions. We show strong performance in developed markets, reflecting the return-to-volume growth in Europe and our continued solid performance in North America despite a weakening of consumer sentiment there. The stronger innovation pipeline and increased level of brand investments are areas of our commitment to accelerate performance in this important hard currency markets.

上半年，我們在各地區的積極貢獻下實現了廣泛的量價成長。我們在已開發市場表現強勁，反映出歐洲銷售恢復成長，以及儘管北美消費者信心減弱，但我們在北美的持續穩健表現。更強大的創新管道和更高水準的品牌投資是我們致力於加速這項重要硬通貨市場績效的領域。

In Latin America, one of Unilever's strongholds, performance remains strong, with 7% volume growth in the first half, and a positive, if even more subdued, contribution from pricing, total USG of 8.8%. We expect consumption is slowed down in Argentina, but the strength of our brands and organization in Latin America region make us confident of our prospects there.

在聯合利華的據點之一拉丁美洲，業績依然強勁，上半年銷量增長了 7%，定價也做出了積極貢獻（儘管更加疲弱），總銷售收入為 8.8%。我們預計阿根廷的消費將會放緩，但我們在拉丁美洲地區的品牌和組織實力使我們對在那裡的前景充滿信心。

In Asia Pacific Africa, our biggest region, important to highlight the sequential improvement of our business in India. Our volume growth in India accelerated to 3.8% in quarter two as we consolidated the share gains achieved over the last three years. Growth in Southeast Asia also sequentially improved in quarter two despite the sales decline in Indonesia. Our long-standing issues in Indonesia have been exacerbated by the reaction by groups of consumers against multinational brands in response to the geopolitical situation in the Middle East. Fixing Indonesia will require significant portfolio initiatives and the rest of our route-to-market strategy. It will take time, and we do not expect to see significant benefit of operational changes in 2024.

在我們最大的地區亞太非洲地區，重要的是要強調我們在印度業務的持續改善。由於我們鞏固了過去三年的份額成長，第二季度我們在印度的銷售成長加速至 3.8%。儘管印尼的銷售額下降，但第二季東南亞的成長也持續改善。由於中東地緣政治局勢，消費者群體對跨國品牌的反應加劇了我們在印尼長期存在的問題。解決印尼問題需要重大的投資組合計劃以及我們的市場策略的其餘部分。這需要時間，而且我們預計 2024 年營運變革不會帶來顯著效益。

Last but not the least, African and Middle East delivered another period of a strong performance with double-digit underlying sales growth at both positive volume and positive price.

最後但並非最不重要的一點是，非洲和中東地區再次表現強勁，銷量和價格均實現兩位數的基本銷售成長。

Let me turn now to the performance at the group level. Turnover for the first half was EUR31.1 billion, up 2.3% versus the previous year. Underlying sales growth of 4.1% was the main contributor. Net impact of acquisition and disposal was negative 0.7%. Acquisitions added 0.5%, driven by Yasso and K18, both performing in line with acquisitions business cases. This was more than offset by a disposal impact of minus 1.2% driven by Suave, Dollar Shave Club, and one month of Elida Beauty, which sale was completed on the June 1, 2024.

現在讓我談談團體層面的表現。上半年營業額為311億歐元，較上年成長2.3%。4.1%的基本銷售額成長是主要貢獻者。收購和出售的淨影響為負0.7%。在 Yasso 和 K18 的推動下，收購成長了 0.5%，兩者的表現均符合收購業務案例。Suave、Dollar Shave Club 和 Elida Beauty 的出售影響在 2024 年 6 月 1 日完成，出售影響為負 1.2%，足以抵消這一影響。

Currency had an adverse impact in the half of minus 1.1%, which was a considerably smaller impact than the one in 2023 when the euro strengthened against most currencies. During the first half of 2024, we expanded our gross margin by 420 basis points to 45.7%, building up on the improvement of 330 basis points achieved in the second half of 2023. We continue to make progress in transforming Unilever into a structurally higher gross margin business by driving volume leverage, positive mix, transformation and procurement initiatives, and net productivity gains in production and logistics cost.

貨幣在上半年的負面影響為-1.1%，比2023年歐元兌大多數貨幣走強時的影響要小得多。2024 年上半年，我們的毛利率在 2023 年下半年提高 330 個基點的基礎上，提高了 420 個基點，達到 45.7%。透過推動銷售槓桿、積極組合、轉型和採購計劃以及生產和物流成本的淨生產率提高，我們繼續在將聯合利華轉型為結構性更高毛利率的業務方面取得進展。

In the first half of 2024, we also saw the combined benefit of deflation in some components of our commodity basket and the pricing carryover from a period of higher commodity inflation. This strong gross margin expansion gave us flexibility to both increase investment in our brands and expand underlying operating margin.

2024 年上半年，我們也看到了大宗商品籃子中某些組成部分的通貨緊縮以及大宗商品通膨較高時期的定價結轉帶來的綜合效益。毛利率的強勁成長使我們能夠靈活地增加對品牌的投資並擴大基礎營業利潤率。

We increased brand and marketing investment by 180 basis points to 15.1% of turnover, an increase of almost EUR700 million behind a much more focused innovation program and behind our 30 power brands in which we have allocated 85% of incremental investment.

我們將品牌和行銷投資增加了 180 個基點，佔營業額的 15.1%，增加了近 7 億歐元，這得益於更集中的創新計劃以及我們分配了 85% 增量投資的 30 個強勢品牌。

Our underlying operating profit was EUR6.1 billion, up 17.1%. The underlying operating margin improved 250 basis points to 19.6% on the back of the strong gross margin expansion, plus a tight control of overheads. Underlying earnings per share were EUR1.62, up 16.3%. Our operational performance, the combination of sales growth and strong margin expansion, contributed 20.4% to underlying EPS growth. An increase in finance cost had an adverse effect of minus 1%.

我們的基本營業利潤為 61 億歐元，成長 17.1%。由於毛利率強勁擴張，加上對管理費用的嚴格控制，基本營業利潤率提高了 250 個基點，達到 19.6%。每股基本收益為 1.62 歐元，成長 16.3%。我們的營運績效（銷售成長和利潤率強勁擴張相結合）為基本每股收益成長貢獻了 20.4%。財務成本的增加產生了-1%的不利影響。

As expected, higher interest rates impacted the cost of servicing, while interest income and interest credit from pensions were lower from than in the prior year. Net finance costs as a percentage of average net debt we 2.9% in the first half, and we now expect net finance cost to be around 3% of average net debt for the full year.

正如預期的那樣，較高的利率影響了服務成本，而利息收入和退休金利息抵免則低於前一年。上半年淨財務成本占平均淨債務的比例為 2.9%，目前我們預計全年淨財務成本將佔平均淨債務的 3% 左右。

Tax was a drag of 3.2% on underlying EPS as our underlying effective tax rate increased to 26%. This was driven primarily by lower benefits from tax settlements and other one-off items. We expect our underlying tax rate to remain at around 26% for the full year.

由於我們的基本有效稅率增至 26%，稅收對基本每股收益造成了 3.2% 的拖累。這主要是由於稅收結算和其他一次性項目的好處減少。我們預計全年基本稅率將維持在 26% 左右。

The impact of our share buyback program made a positive contribution of 1%. Negative currency effect in EPS was similar to a one experience at a lower level at around 1% and explains the difference between constant underlying EPS growth at 17.3% and current at 16.3%.

我們的股票回購計劃的影響做出了 1% 的積極貢獻。EPS 中的貨幣負效應與 1% 左右的較低水平的情況類似，並解釋了 17.3% 的基本 EPS 持續增長與當前 16.3% 之間的差異。

Our free cash flow in the first half was EUR2.2 billion, down EUR300 million versus previous year. The increase in operating profit was more than offset by a higher seasonal outflow in working capital, a step-up in capital expenditure, and higher income tax paid against the prior-year comparator that benefited from some refunds in India. For the full year, we will work towards maintaining the levels of negative working capital with which we operated in recent years. We continue to expect capital expenditure at around 3% of turnover in the full year.

上半年我們的自由現金流為 22 億歐元，比去年減少 3 億歐元。營業利潤的成長被季節性營運資本流出增加、資本支出增加以及相對於上年比較對象繳納的所得稅較高（受益於印度的一些退款）所抵消。全年，我們將努力維持近年來營運的負營運資本水準。我們仍預期全年資本支出佔營業額的 3% 左右。

As a result of the strong first-half performance, the Unilever Board has decided to increase a quarterly interim dividend by 3%, the first increase since quarter-four 2020. In February of this year, we announced a share buyback program of up to EUR1.5 billion to be conducted during 2024. The first tranche of EUR850 million commenced in May and is expected to complete on or before August 30, 2024.

由於上半年業績強勁，聯合利華董事會決定將季度中期股息提高 3%，這是自 2020 年第四季以來的首次上調。今年 2 月，我們宣布將於 2024 年實施高達 15 億歐元的股票回購計畫。第一期金額為 8.5 億歐元，於 5 月開始，預計於 2024 年 8 月 30 日或之前完成。

Turning now to the outlook for the remainder of the year, we continue to expect underlying sales growth for 2024 to be within our multiyear range of 3% to 5%, with the majority of growth coming from volume. We expect underlying operating margin for the full year to be at least 18%, with increasing investment behind our brands. Year-on-year margin progression in the second half is expected to be smaller than the one in the first half, given the stronger comparators and some increases in replenishment costs of our key materials given the moderate return of commodity inflation.

現在轉向今年剩餘時間的前景，我們繼續預計 2024 年的基本銷售成長將在 3% 至 5% 的多年範圍內，其中大部分成長來自銷量。隨著我們品牌背後的投資不斷增加，我們預計全年的基本營業利潤率將至少達到 18%。由於可比較性較強，加上大宗商品通膨溫和回升，我們的主要材料補貨成本增加，預計下半年利潤率年增幅將小於上半年。

With that, over to you, Hein.

就這樣，交給你了，海因。

Thank you, Fernando. I want to come back to the growth action plan or GAP, which we see as key to improving our performance and restoring competitiveness. In the nine months since it was launched, we have been implementing the plan at pace across all 10 action areas. As a reminder, those action areas fall under three broad priorities: one, to deliver faster high-quality growth; two, to create a more streamlined and productive business; and three, to embed within Unilever a sharper performance culture.

謝謝你，費爾南多。我想回到成長行動計畫（GAP），我們認為這是提高績效和恢復競爭力的關鍵。自啟動以來的九個月裡，我們一直在所有 10 個行動領域快速實施該計畫。需要提醒的是，這些行動領域屬於三大優先事項：一是實現更快的高品質成長；二、打造更精簡、更有效率的業務；第三，在聯合利華內部嵌入更敏銳的績效文化。

During previous results announcement, we've gone a little deeper on progress in specific areas. And today, I want to touch on two areas that are key to driving faster growth. I also want to say something further about productivity. On faster growth, we've been clear that this will come primarily from an increased focus on our power brands.

在先前的業績公佈中，我們對特定領域的進展進行了更深入的探討。今天，我想談談推動更快成長的兩個關鍵領域。我還想進一步談生產力。關於更快的成長，我們已經明確這將主要來自於對我們實力品牌的更多關注。

In practice, this means stepping up investment. And you see that with today's announcement and through the details Fernando shared earlier. BMI is up 180 basis points, with 85% of the incremental increase going behind power brands. But increased focus also means ensuring these brands are unmissably superior and that we scale innovations more effectively.

實際上，這意味著加大投資力度。您可以從今天的公告以及費爾南多之前分享的細節中看到這一點。BMI 上漲了 180 個基點，其中 85% 的增量來自強勢品牌。但更多的關注也意味著確保這些品牌具有無可比擬的優勢，並且我們更有效地擴大創新。

The two elements are closely linked, of course. Let me take them in turn, starting with unmissable superiority. The concept here is as clear as it is compelling, namely that brands need to win, not just on product superiority, but across multiple drivers of consumer preference. In our case, that means winning on product, but also on packaging, proposition, promotion, place, and price. The causal link between improvements in these six Ps and stronger brand performance is clear.

當然，這兩個要素是緊密相連的。讓我依序討論它們，從不容忽視的優勢開始。這裡的概念既清晰又引人注目，即品牌需要獲勝，不僅要在產品優勢上，還要在消費者偏好的多個驅動因素上獲勝。對我們來說，這意味著在產品上獲勝，而且在包裝、主張、促銷、管道和價格上獲勝。這六個 P 的改進與更強的品牌績效之間的因果關係是顯而易見的。

We have validated it now in more than 119 strategic cells. That process involves taking 21 proven drivers of market shares, everything from better quality perception to average price index to measuring the breadth and depth of distributed assortment, and then deploying these input metrics across the six Ps using both market and proprietary data.

我們現已在超過 119 個戰略單元中對其進行了驗證。該過程涉及採用21 個經過驗證的市場份額驅動因素，從更好的品質感知到平均價格指數，再到衡量分散式分類的廣度和深度，然後使用市場和專有數據在6 個P 中部署這些輸入指標。

The insights are very powerful and with this improved understanding of what drives market share changes and by monitoring developments continuously over time, we are able to move with speed and precision and taking the actions needed. Making our brands unmissably superior like this is a necessary, but not the only condition for faster growth. We also need to get better at scaling our innovations.

這些見解非常有力，透過更了解推動市場佔有率變化的因素，並透過持續監控一段時間的發展，我們能夠快速、準確地採取行動並採取必要的行動。讓我們的品牌如此卓越是實現更快成長的必要條件，但不是唯一條件。我們還需要更好地擴展我們的創新。

We have the brand strength and the R&D capabilities needed to do this. Our focus, therefore, has been on leveraging these strengths more effectively, specifically working on the big science and technology platforms that span our portfolio like biotechnology to ensure that we land innovations that are not only bigger in themselves, but that drive category growth.

我們擁有做到這一點所需的品牌實力和研發能力。因此，我們的重點是更有效地利用這些優勢，特別是在生物技術等涵蓋我們產品組合的大型科學和技術平台上開展工作，以確保我們的創新不僅本身更大，而且能推動類別成長。

Also here, we are making progress. The first half saw a number of examples of market-making innovations across all business groups with common themes around meeting consumer needs, premiumization, and differentiated technology. You see just some of them on the screen here. Personal Wonder Wash, as Fernando mentioned already, is a particularly good example. One, it's technology-based. The product is developed with our patented Pro-S technology. Two, it's differentiated. And this is the first-ever detergent for short-cycle washes. And three, it's scalable. Already launched and doing well in the UK, France, and China, the product is on track to be rolled out across other key markets over the next 18 months.

同樣在這裡，我們正在取得進展。上半年，所有業務部門都出現了許多做市創新的例子，其共同主題都是圍繞著滿足消費者需求、高端化和差異化技術。您在此處的螢幕上僅看到其中的一些。正如費南多已經提到的，Personal Wonder Wash 就是一個特別好的例子。第一，它是基於技術的。本產品採用我們的 Pro-S 專利技術開發。二是差異化。這是有史以​​來首款用於短週期洗滌的洗滌劑。第三，它是可擴展的。該產品已在英國、法國和中國推出並表現良好，預計將在未來 18 個月內推廣到其他主要市場。

Of course, we have a lot still to do, and it will take time for the benefits to come through. But based on the work we have done to date, I'm confident of meeting our ambition of doubling the average size of our innovations overall and driving a select number of top innovation projects to over EUR100 million in 2025 and beyond. We will come back to progress across all elements of the growth action plan later in the year. But I wanted to touch on the two areas today because of their importance in driving our overriding priority of faster, higher-quality growth.

當然，我們還有很多工作要做，效益的顯現還需要時間。但根據我們迄今為止所做的工作，我有信心實現我們的雄心壯志，即在 2025 年及以後將創新的平均規模增加一倍，並推動精選的一些頂級創新項目達到超過 1 億歐元。我們將在今年稍後回顧成長行動計畫所有要素的進展。但我今天想談談這兩個領域，因為它們對於推動我們實現更快、更高品質成長的首要任務非常重要。

In March, we announced two significant measures to accelerate the growth action plan and strengthen Unilever's position further over the long term. First, the launch of a company-wide productivity drive. We are currently consulting on the details of changes we want to make with employee representatives. However, I'm confident that the proposals offset the operational dis-synergies arising from the separation of ice cream.

三月份，我們宣布了兩項重大措施，以加速成長行動計畫並進一步鞏固聯合利華的長期地位。首先，啟動全公司範圍的生產力提升活動。我們目前正在與員工代表協商我們想要做出的改變的細節。然而，我相信這些提案可以抵消冰淇淋分離帶來的營運不協同效應。

More significantly, these measures will help to simplify Unilever. They will foster quicker decision-making, higher levels of accountability, and they will put operational power more directly in the hands of those in frontline roles. As such, we see and as an important part of the cultural change program we have embarked on, which also includes other measures we've taken, such as strengthening the link between performance and reward.

更重要的是，這些措施將有助於簡化聯合利華。他們將促進更快的決策、更高水準的問責制，並將營運權力更直接地交給第一線人員。因此，我們將其視為我們已啟動的文化變革計劃的重要組成部分，其中還包括我們採取的其他措施，例如加強績效和獎勵之間的聯繫。

The other part of the announcement in March concerned the separation of ice cream. We remain convinced that this is in the best long-term interest of both Unilever and ice cream. So, there's a huge amount of work ongoing, including the legal entity setup, designing the standalone operating model, preparing the carve-out financials, and so forth. This work is on track, and we are confident that separation will be complete by the end of 2025.

三月公告的另一部分涉及冰淇淋的分離。我們仍然相信，這符合聯合利華和冰淇淋的最佳長期利益。因此，大量的工作正在進行中，包括法人實體的設立、設計獨立的營運模式、準備分拆財務等等。這項工作正在按計劃進行，我們有信心在 2025 年底之前完成分離。

And with that, let me sum up. There is a lot to do, but we can point to progress over the first half of this year. For one, the growth action plan is now firmly established across the business. The benefits are building steadily not least in the performance of our power brands and the expansion of gross margin. And two, we are on track in progressing the two measures we've announced to accelerate the growth action plan and strengthen Unilever over the long term: a comprehensive productivity program and the separation of ice cream. Taken together, we are confident that these steps will help to transform Unilever over time into a consistently higher-performing business.

讓我總結一下。還有很多工作要做，但我們可以指出今年上半年的進展。其一，成長行動計畫現已在整個企業中牢固確立。效益正在穩步增強，尤其是我們的實力品牌的業績和毛利率的擴大。第二，我們正在按計劃推進我們已宣布的兩項措施，以加速增長行動計劃並加強聯合利華的長期發展：全面的生產力計劃和冰淇淋分離。總而言之，我們相信這些步驟將有助於將聯合利華隨著時間的推移轉變為始終保持更高績效的企業。

Thank you for your attention. We look forward now to taking your questions.

感謝您的關注。我們現在期待回答您的問題。

(Operator Instructions)

（操作員說明）

Thank you very much for joining the call. And our first question comes from Celine at JP Morgan. Celine, please do go ahead.

非常感謝您加入通話。我們的第一個問題來自摩根大通的席琳。席琳，請繼續。

Hi, good morning. Thank you for taking my question. Maybe my first question is on the outlook for growth you mentioned 3% to 5%. You mentioned earlier that you expect volume to drive most of that. Are you still expecting volume growth to accelerate in the second half versus the Q2 level of 2.9%. And if so, can you talk about where this acceleration coming from? Because I think, Fernando, in your remarks, you mentioned that Argentina will be tougher. I think Indonesia as well will take time and the comps is also more difficult for the second half? And that's my first question.

嗨，早安。感謝您回答我的問題。也許我的第一個問題是關於你提到的3%到5%的成長前景。您之前提到，您預計銷售將推動其中大部分。您是否仍預計下半年銷售成長將比第二季 2.9% 的水平加速？如果是這樣，您能談談這種加速來自哪裡嗎？因為我認為，費爾南多，在您的演講中，您提到阿根廷將會更強硬。我認為印尼也需要時間，下半年的比賽也更加困難？這是我的第一個問題。

And then second question, obviously a strong EBIT gross margin and EBIT in H1, you're probably going to be well above 44% gross margin for the full year. Could you elaborate about the potential for gross margin level going forward? And in terms of the EBIT margin at more than 18%, how much more upside do you see given the strength in the business and the productivity you are putting in place in the midterm? Thank you.

然後是第二個問題，顯然，上半年的息稅前利潤毛利率強勁，全年毛利率可能會遠高於 44%。您能否詳細說明一下未來毛利率水準的潛力？就超過 18% 的息稅前利潤率而言，考慮到中期的業務實力和生產力，您認為還有多少上升空間？謝謝。

Thank you, Celine, for the question. It's Hein. Appreciate it. What we'll do is I'll start with the first question on volume, and Fernando will take the question on the gross margin and EBIT margin.

謝謝席琳提出的問題。是海因。欣賞它。我們要做的是，我將從關於銷售的第一個問題開始，費爾南多將回答關於毛利率和息稅前利潤率的問題。

On volume, we have talked about our full year in the guidance 3% to 5%. We've talked about it being volume-led and volume to be the majority of our growth. And if you look at quarter two, that's exactly what's happening, and we expect a -- if you sort of take the first half year in terms of the percentage split, we expect roughly similar in the second half. And as we already said, we are sticking to our full-year guidance. So I would just take it as volume-led with no material changes in the split between volume and price as it stands today. Fernando, on the margins?

關於成交量，我們已經在指導中談到了全年的 3% 至 5%。我們已經討論過它是以銷量為主導的，銷量是我們成長的主要動力。如果你看看第二季度，這正是正在發生的事情，我們預計 - 如果你以百分比劃分來看待上半年，我們預計下半年的情況大致相似。正如我們已經說過的，我們將堅持全年指導。因此，我認為它是成交量主導的，目前成交量和價格之間的差距沒有重大變化。費爾南多，在邊緣嗎？

Yeah. Good morning, Celine. We are really very pleased with the development of our margins. Since Hein's arrival, I feel we have been very, very clear about our ambition to restore gross margin at pre-COVID levels and to structurally increase our gross margin. And when we talk about a structural increase in our gross margin, we mentioned four key drivers: volume leverage, positive mix, interventions in the value chain of some of our key materials, and finally, a higher allocation of capital expenditure to margin expansion initiatives that would allow us to really significantly increase productivity in production and logistics cost. And we have been really making significant progress in all these drivers, and this is reflected in the 420 basis points of expansion in the gross margin of the first half. And surely, you remember that we increased around 330 in the second half of last year.

是的。早安，席琳。我們對利潤率的發展感到非常滿意。自從海因上任以來，我覺得我們非常非常清楚我們的目標是將毛利率恢復到新冠疫情前的水平，並從結構上提高我們的毛利率。當我們談論毛利率的結構性成長時，我們提到了四個關鍵驅動因素：銷售槓桿、積極的組合、對我們一些關鍵材料的價值鏈的干預，以及最後，將更多的資本支出分配給利潤擴張計劃這將使我們能夠真正顯著提高生產效率和物流成本。我們在所有這些驅動因素上確實取得了重大進展，這反映在上半年毛利率擴張 420 個基點上。當然，您還記得去年下半年我們增加了約 330 名員工。

I want to recognize also that during the first half, we benefited from a more favorable scenario of commodities, and that has had an impact also. I feel the expansion of gross margin, we allocated around 40% of that to increase our brand and marketing investment, and 60% has gone into the bottom line.

我還想認識到，在上半年，我們受益於大宗商品更加有利的情況，這也產生了影響。我感覺到毛利率的擴大，我們分配了大約40%來增加我們的品牌和行銷投資，60%已經進入了利潤。

When it comes to full year delivery, we have set up a floor of 18% underlying operating margin. At this stage, we want to remain cautious, given three developments that we see in different areas. We see some increase in the level of competitive marketing spending, particularly in markets like US and India, and this can demand higher BMI in the next future.

就全年交付而言，我們設定了 18% 的基礎營運利潤率下限。鑑於我們在不同領域看到的三個進展，現階段我們希望保持謹慎。我們看到競爭性行銷支出水準增加，特別是在美國和印度等市場，這可能需要未來更高的BMI。

We see a return of moderate inflation to some key commodities of our big block materials. I can mention aluminum, palm, benzene, or cocoa. And we see some deterioration in the last few weeks on some emerging market currencies, even, if for the full year, we see negative currency effect to be much smaller than in previous years.

我們看到我們的大宗材料中的一些關鍵商品出現了溫和的通膨。我可以提到鋁、棕櫚、苯或可可。我們看到一些新興市場貨幣在過去幾週出現了一些惡化，即使對於全年來說，我們認為貨幣的負面影響也將比前幾年小得多。

In summary, we are very, very happy with the progress we are achieving in making Unilever a structurally higher margin business. We expect most gross margin improvement going forward after having achieved pre-COVID levels. And we remain cautious for the second half of the year, given the need of keeping investing behind our brands and the issues I have mentioned in terms of currency and materials inflation.

總之，我們對聯合利華在結構性利潤率較高方面所取得的進展感到非常非常滿意。我們預計毛利率在達到新冠肺炎疫情前的水平後將繼續改善。考慮到需要繼續投資我們的品牌以及我在貨幣和材料通膨方面提到的問題，我們對下半年仍保持謹慎態度。

Our next question comes from Olivier, Goldman Sachs. Go ahead.

我們的下一個問題來自高盛的奧利維爾。前進。

Hi, good morning. I've got two questions, please. First of all, on US beauty, you mentioned that you were seeing US beauty category slowing down, particularly in skincare. Why do you think is the underlying reason there, and do you think it's structural? And how do you think it can change the trajectory for Paula's Choice? That's the first question.

嗨，早安。我有兩個問題，請教。首先，關於美國美容，您提到您看到美國美容類別正在放緩，特別是在護膚品領域。您認為這是根本原因，您認為這是結構性的嗎？您認為它會如何改變 Paula's Choice 的發展軌跡？這是第一個問題。

And then just on the marketing investment increase strongly to 15.1% of net sales. When do you expect the business winning market share metrics to improve? Or is it just brought down in H1 because of a weak performance in ice cream? Thank you.

然後行銷投資強勁成長至淨銷售額的 15.1%。您預期企業贏得的市佔率指標何時會有所改善？還是只是因為冰淇淋表現不佳而導致上半年業績下滑？謝謝。

Thanks, Olivier. Let me first talk about North America and the somewhat slowdown and the Prestige beauty side. That's indeed what we're seeing. And notably in Sephora and Ulta, those type of change. By the way, we also see it in China. We don't think it's structural. And I should also point to there's still different performance by brands. So some brands continue to beat the trend, and obviously, some brands are sort of more going with the trend. So what we do is we stick to it. We believe we have strong brands. We have strong presence in the channels that I talked about. Quite a few of our brands, as you know, are digitally native. So we're capable of investing more behind them and control that. So we feel that it's a very positive part of our business, and we will continue to invest, and we don't believe that it's really structural. It may last for a bit, but we don't see long-term prospects in that sense changing.

謝謝，奧利維爾。讓我先談談北美和稍微放緩的以及 Prestige 美容方面。這確實是我們所看到的。尤其是在 Sephora 和 Ulta 中，這種類型的變化。順便說一句，我們在中國也看到了這一點。我們認為這不是結構性的。我還應該指出，不同品牌的表現仍然不同。因此，有些品牌持續戰勝潮流，顯然，有些品牌更順應潮流。所以我們要做的就是堅持下去。我們相信我們擁有強大的品牌。我們在我談到的管道中擁有強大的影響力。如您所知，我們的許多品牌都是數位原生的。因此，我們有能力在他們背後投入更多資金並對其進行控制。所以我們覺得這是我們業務中非常積極的一部分，我們將繼續投資，但我們不認為它真的是結構性的。它可能會持續一段時間，但我們認為長期前景不會改變。

When you think of the market shares, market shares, as we said last year, we're measuring that on an MAT basis or when we communicate about it. We don't expect -- we didn't expect major change in the first half, but indications over the last 12 weeks, so let's call it the last three months' MAT measurements, we are seeing green shoots, and that gives us confidence that in the second half of the year, which is also consistent with what we've said in October, that we start to see improvements.

當你想到市場佔有率時，正如我們去年所說，我們是在 MAT 的基礎上衡量的，或者當我們就它進行溝通時。我們預計上半年不會發生重大變化，但過去 12 週的跡象表明，所以我們稱之為過去三個月的 MAT 測量，我們看到了萌芽，這給了我們信心今年下半年，我們開始看到改善，這也與我們在10 月所說的一致。

We don't expect, by the way, for the full year to come into a significant positive territory, but we do see an improving trajectory in competitiveness. It is important that, as we've said a few times, when we look at market share development, it is approximately 70% of our portfolio is covered. 30% is not in that measure.

順便說一句，我們預計全年不會有顯著的正面成長，但我們確實看到競爭力的改善軌跡。重要的是，正如我們多次說過的那樣，當我們考慮市場份額的發展時，我們的投資組合大約有 70% 被覆蓋。 30%不在此範圍內。

Our next question comes from James Edward Jones at RBC. Go ahead, James.

我們的下一個問題來自加拿大皇家銀行的詹姆斯·愛德華·瓊斯。繼續吧，詹姆斯。

Thank you very much. Morning all. It's not your sector, I know, Hein, but Carlsberg is acquiring Britvic, a predominantly UK company, in preference to allocating capital to emerging markets. Do you see any reason to be concerned about the medium- to longer-term trajectory for emerging markets?

非常感謝。大家早安。我知道，這不是你的行業，Hein，但嘉士伯正在收購 Britvic（一家主要是英國的公司），而不是向新興市場配置資本。您認為有什麼理由擔心新興市場的中長期軌跡嗎？

Thanks for the question. If you look at it over the last couple of years, we have consistently invested capital in North America, behind our Prestige beauty business in particular, and behind our health and well-being business. Since the time that I've been here and together with Fernando, I mean, we've made some clear investment decisions there as well. We've acquired Yasso, we've acquired K18, and we believe that both of these brands fit us very well.

謝謝你的提問。如果你看看過去幾年，我們一直在北美投資，特別是在我們的高端美容業務以及我們的健康和福祉業務背後。我的意思是，自從我來到這裡並與費爾南多一起，我們也在那裡做出了一些明確的投資決定。我們收購了Yasso，我們收購了K18，我們相信這兩個品牌都非常適合我們。

So the way we look at it is, first of all, we're looking for brands that have the ability to scale across the globe. And North American brands tend to sort of have that opportunity to scale across a large geography, the US, and internationalize as well. So, that we think, is very attractive.

因此，我們的看法是，首先，我們正在尋找有能力在全球擴展的品牌。北美品牌往往有機會在美國等廣大地區擴張，並實現國際化。所以，我們認為，這是非常有吸引力的。

Of course, it helps us on the hard currency side as well, which is important for us, and I think we've mentioned this a few times. But if the right opportunities would, of course, come along in geographies that are very important to us, think of India, for example, we will, of course, take a hard look. But I would call out those criteria. It should be strategically in the categories in which we play, or in the channels in which we play, should be capable to scale up, and should be in the geographies where we put our priority.

當然，它在硬通貨方面也對我們有幫助，這對我們很重要，我想我們已經提到過幾次了。但是，如果合適的機會出現在對我們非常重要的地區，例如印度，我們當然會認真考慮。但我會指出這些標準。它應該在我們所從事的類別或我們所從事的管道中具有策略性，應該能夠擴大規模，並且應該在我們優先考慮的地區。

Let me add, Hein, the fundamentals that make emerging markets attractive remain there. When you look at population growth, when you look at the emergence of the middle class, when you look at rapid urbanization, they are all there. We continue very optimistic about our prospects in emerging markets where we have very, very strong positions in all the biggest markets. I feel in 16 of the top 20 world's fastest-growing economies, Unilever is a leading player. So we continue seeing emerging markets as a key pillar for our strategy.

海因，我要補充一點，新興市場具有吸引力的基本面仍然存在。當你觀察人口成長、中產階級的出現、快速城市化時，它們都在那裡。我們對新興市場的前景仍然非常樂觀，我們在所有最大的市場中都擁有非常非常強大的地位。我認為，在全球成長最快的 20 個經濟體中，有 16 個經濟體中，聯合利華處於領先地位。因此，我們繼續將新興市場視為我們策略的關鍵支柱。

Our next question comes from Tom Sykes at Deutsche Bank. Go ahead, Tom.

我們的下一個問題來自德意志銀行的湯姆賽克斯。繼續吧，湯姆。

Yeah, thank you. Morning. Firstly, just exploring the six Ps a bit. By the end of the year, what percentage of your portfolio will have some kind of renewal in it, either innovation or packaging change? I think you've highlighted packaging before as an area of particular gain for you. So what would that be by the end of the year? And what would your view be on how that should be on an annual basis compared to history?

是的，謝謝。早晨。首先，稍微探討一下 6 P。到今年年底，您的投資組合中有多少百分比將進行某種更新，無論是創新還是包裝變化？我認為您之前已經強調過包裝是您特別受益的一個領域。那麼到今年年底會是什麼情況呢？與歷史相比，您對每年的情況有何看法？

And then just on your productivity and capacity utilization, I think you previously released in annual report. So you've got about 280 factories, about 1,000 third-party supplier sites, you use about 80 or so are dedicated to Unilever. What does that infrastructure look like in three years' time, please?

然後，關於您的生產力和產能利用率，我認為您之前在年度報告中發布過。所以你有大約 280 個工廠，大約 1,000 個第三方供應商站點，你使用大約 80 個左右是專門為聯合利華服務的。請問三年後該基礎建設會是什麼樣子？

Thanks, Tom, for the question. Let me first talk about unmissable brand superiority. So first of all, we believe that towards the end of the year, we will, I mean, in terms of the methodology, roughly two-thirds to 70% of the portfolio will -- we're looking at unmissable brand superiority as the sort of the primary benchmark for taking actions, and of course, to see if our actions lead to the right results.

謝謝湯姆提出這個問題。先說不可忽視的品牌優勢。因此，首先，我們相信，到今年年底，我們將，我的意思是，就方法論而言，大約三分之二到 70% 的投資組合將——我們正在將不可忽視的品牌優勢視為這是採取行動的主要基準，當然，也是為了看看我們的行動是否會帶來正確的結果。

When you ask what is the -- what are we changing to -- what percentage of the portfolio will see change in terms of innovation and packaging? Well, I mean, if you look at unmissable brand superiority, we're looking at indeed six Ps. And of course, when we see gaps to where we need to be or where the consumer wants us to take action, of course, we take action. And the first results, I mean, we've tested it, we're rolling it out now. And when there is always something to improve, so I would say, essentially, on the whole assortment, we will continue to take actions, whether it's price, whether it's proposition, whether it's place, or whether it's an innovation. So I think that's sort of a dynamic thing, and we will continue to do that.

當你問什麼是——我們要改變什麼——產品組合中有多少百分比會在創新和包裝方面改變？好吧，我的意思是，如果你看看不容忽視的品牌優勢，我們確實看到了六個 P。當然，當我們發現我們需要達到的目標或消費者希望我們採取行動的目標有差距時，我們當然會採取行動。我的意思是，我們已經對其進行了測試，現在正在推出第一個結果。當總是有一些東西需要改進時，所以我想說，本質上，在整個品種上，我們將繼續採取行動，無論是價格、主張、地點還是創新。所以我認為這是一個動態的事情，我們將繼續這樣做。

When it comes to innovation, there, we have made a bit of a change. I mean, we have two goals. First of all, we want to make sure that the average size of our innovations in totality would double this year. And that means doing fewer, bigger, and better. The second thing that we've talked about on innovations is that we're very keen that we will grow a select set. Roughly, you have to think about somewhere between 10 and 12 to platforms of more than 100 million, and that's very important to make these bigger bets that we can scale across the globe. And we're on track on achieving that.

在創新方面，我們做了一些改變。我的意思是，我們有兩個目標。首先，我們希望確保今年創新總量的平均規模翻倍。這意味著做得更少、做得更大、做得更好。我們談論的關於創新的第二件事是，我們非常熱衷於發展一組精選的產品。粗略地說，你必須考慮 10 到 12 個到超過 1 億的平台，這對於我們在全球範圍內擴展這些更大的賭注非常重要。我們正在實現這一目標。

Good. I can cover the questions in our supply chain. We are happy with the current setup of our supply chain, but we are investing fundamentally in increasing productivity. As I mentioned before, we are allocating around more than 50% of our CapEx now to margin expansion initiatives that will fuel our gross margin development.

好的。我可以回答我們供應鏈中的問題。我們對供應鏈目前的設定感到滿意，但我們正在從根本上投資於提高生產力。正如我之前提到的，我們現在將超過 50% 的資本支出分配給利潤擴張計劃，這將推動我們毛利率的發展。

And we have a good balance between our own manufacturing and three Ps and co-packers. I think co-packers are fundamentally used in categories where it is required decentralized manufacturing due to the low value density of our products. A clear example, for example, is India home care, or where the level of innovation is very, very high. It requires a lot of changeovers. Let's take as an example of that, Prestige beauty.

我們在自己的製造與三家 P 和代加工廠之間保持著良好的平衡。我認為代加工廠基本上用於由於我們產品的價值密度較低而需要分散製造的類別。例如，一個明顯的例子是印度的家庭護理，或者說那裡的創新水平非常非常高。它需要大量的轉換。讓我們以威望之美為例。

So we have around EUR11 billion of net book value of assets. We believe that with a consistent volume growth of around 2%, around 30% of our CapEx will be allocated to capacity increase or innovation activities. And as I mentioned before, between 50% and 60%, it will be allocated to margin expansion initiatives.

因此，我們的資產帳面淨值約為 110 億歐元。我們相信，隨著銷售量持續成長 2% 左右，我們將約 30% 的資本支出分配給產能增加或創新活動。正如我之前提到的，50% 到 60% 之間將分配給利潤擴張計劃。

Our next question comes from Jeff Stent at BNP. Go ahead, Jeff.

我們的下一個問題來自法國巴黎銀行的傑夫·斯坦特。繼續吧，傑夫。

Thank you, Jemma. And good morning. Two questions, if I may. The first one is, Heiko Schipper has now had a few months to get his feet under the nutrition desk. I'm just wondering if you could share on behalf of Heiko what his thoughts are or what he wants to do with nutrition. And the second question is, could you just shed a bit more granularity on ice cream and what actions are really being taken across Europe, North America, and China? Thank you.

謝謝你，傑瑪。早安.如果可以的話，有兩個問題。第一個是，Heiko Schipper 現在有幾個月的時間在營養台下站穩腳步。我只是想知道你是否可以代表 Heiko 分享他的想法或他想在營養方面做什麼。第二個問題是，您能否更詳細地介紹冰淇淋以及歐洲、北美和中國正在採取哪些行動？謝謝。

Thanks, Jeff. First of all, on nutrition, and indeed Heiko has, as you said, feet under the desk, but he made a good and a flying start. So very happy that Heiko is on board.

謝謝，傑夫。首先，在營養方面，正如你所說，Heiko 確實在桌子底下，但他取得了良好的開局。非常高興 Heiko 加入。

What he's done is obviously he's looked at the business, traveled around, made sure that he got very familiar with our operations. His first observations are that we have actually a very healthy and a very sound nutrition business. It is quite concentrated and it focuses on condiments, it focuses on cooking aids, it focuses on food solutions, and we have a strong functional nutrition business or healthy nutrition business in India with its domestic brands. So those are sort of the four pillars that he identified and where he's keen to grow and where he's keen to make the difference.

他所做的顯然是他觀察了業務，四處走訪，確保他非常熟悉我們的營運。他的第一個觀察結果是，我們實際上擁有非常健康、非常健全的營養業務。它相當集中，專注於調味品，專注於烹飪助劑，專注於食品解決方案，我們在印度擁有強大的功能性營養業務或健康營養業務及其國內品牌。因此，這些就是他所確定的四大支柱，也是他渴望成長、做出改變的地方。

If you look at the first three pillars, so condiments, cooking aids, and food solutions, the similarity between them is that, one brand in each of those verticals, in cooking aids, that's Knorr, which is the second biggest brand of the company; in condiments, it's Hellmann's; and actually, food solutions is the combination of two. But these key brands, these two brands, are the vast majority of nutrition sales, and we're keen to grow them. And that's exactly what we did, by the way, in the first half.

如果你看一下前三個支柱，即調味品、烹飪助劑和食品解決方案，它們之間的相似之處在於，在烹飪助劑的每個垂直領域都有一個品牌，那就是家樂，它是該公司的第二大品牌;在調味品方面，它是赫爾曼的；事實上，食品解決方案是兩者的結合。但這兩個關鍵品牌佔據了營養品銷售的絕大多數，我們熱衷於發展它們。順便說一句，這正是我們上半場所做的。

So these two brands, together they grew 5.2%, which was ahead of the company average and very close to the overall, the top 30 power-brand story. So he's very much aligned with that. He's keen to streamline the nutrition business further, making sure that we scale those brands, and that we roll out the strong innovations there.

因此，這兩個品牌合計成長了 5.2%，高於公司平均水平，並且非常接近 30 強品牌的整體情況。所以他非常同意這一點。他熱衷於進一步簡化營養業務，確保我們擴大這些品牌的規模，並在那裡推出強大的創新。

I can take the ice cream part if you want, Hein. We know that the ice cream after a very poor year last year, there were many elements to fix in our operations. And we have done, we have implemented actions in several areas. Our service has improved significantly. We have restored competitiveness in our pricing strategy and our promotion strategy, particularly in US and Europe. And we believe the level of execution in point of sale of our innovation is much better than the one last year. And as a result, we are seeing our competitiveness, our shares, both in US and in several of our markets in Europe, to get better. This being said, there are much more work to do in fixing some of our execution and operations. We are working on that.

如果你願意的話我可以承擔冰淇淋的部分，海因。我們知道，冰淇淋在經歷了去年非常糟糕的一年之後，我們的運作中有許多因素需要解決。我們已經做到了，我們在幾個領域採取了行動。我們的服務有了顯著改善。我們恢復了定價策略和促銷策略的競爭力，特別是在美國和歐洲。我們相信，我們的創新在銷售點的執行程度比去年好得多。因此，我們看到我們在美國和歐洲幾個市場的競爭力和份額都在變得更好。話雖如此，在修復我們的一些執行和操作方面還有很多工作要做。我們正在努力解決這個問題。

The disappointing performance has been fundamentally driven by what I would call a very weak performance in China, where the market conditions has been tougher and where we have been under competitive pressure, and many actions are being taken in order to premiumize our portfolio and expand distribution in the regions in which we see more consumption growth potential.

令人失望的業績從根本上來說是由我所說的中國市場表現非常疲軟造成的，中國的市場條件更加嚴峻，我們一直面臨競爭壓力，我們正在採取許多行動，以提高我們的投資組合併擴大分銷我們看到消費成長潛力更大的地區。

And of course, some bad conditions of weather in Europe, but the weather sometimes plays good, sometimes plays bad. We will not hide ourselves behind that. So many, many actions in place. We expect sequential improvement quarter on quarter in ice cream. And our intention is to really put this business in a very good footing prior to a separation that, as we have mentioned before, it will be completed by the end of 2025.

當然，歐洲的天氣條件也有些惡劣，但天氣有時會好，有時會很壞。我們不會隱藏自己的背後。採取了很多很多行動。我們預計冰淇淋季度將比去年同期有所改善。我們的目的是在分拆之前真正讓這項業務處於良好的基礎，正如我們之前提到的，分拆將於 2025 年底完成。

Our next question comes from Guillaume at UBS. Go ahead, Guillaume.

我們的下一個問題來自瑞銀集團的紀堯姆。繼續吧，紀堯姆。

Thanks, Jemma. Morning, Hein, Fernando.

謝謝，傑瑪。早安，海因，費爾南多。

Good morning.

早安.

Two questions for me, please. The first one is on pricing. I mean, not Unilever specific, but we are seeing a rapid normalization of pricing. In your case, it's particularly visible in Europe and North America in the quarter with a marked sequential deceleration. So I'm wondering here what the outlook is for pricing? I mean, would you expect a further softening over the coming quarters? And particularly, could we return to negative pricing in developed markets, as it's been the case in the past? And generally, do you see major changes in consumer behavior? I mean, be it around trading down, buying more on promo, or still some fast adoption of private label?

請問我兩個問題。第一個是關於定價。我的意思是，不是聯合利華特有的，但我們看到定價正在迅速正常化。就您的情況而言，本季歐洲和北美的情況尤其明顯，並且出現明顯的連續減速。所以我想知道定價前景如何？我的意思是，您預計未來幾季會進一步疲軟嗎？特別是，我們能否像過去那樣在已開發市場恢復負定價？整體而言，您認為消費者行為會發生重大變化嗎？我的意思是，無論是降價促銷、透過促銷購買更多商品，還是快速採用自有品牌？

And then my second question is on the key growth engines of health and well-being and Prestige beauty. I mean, just wondering if you could provide some color on what's happening on health and well-being, because continued strong performance, you start to roll out some of your brands internationally outside of the US, so wondering how this is going? And on Prestige beauty, does the muted development of the Chinese beauty market change a little bit your plan for the rollout of your brands there? Thank you.

然後我的第二個問題是關於健康和福祉以及名譽美容的關鍵成長引擎。我的意思是，只是想知道您是否可以提供一些關於健康和福祉方面發生的情況的信息，因為持續強勁的表現，您開始在美國以外的國際市場上推出您的一些品牌，所以想知道這是怎麼回事？至於 Prestige Beauty，中國美容市場的低迷發展是否會稍微改變您在中國推出品牌的計劃？謝謝。

Thanks, Guillaume. Let me tackle them one by one. I think it's a -- there's various questions here. But first of on pricing. We have indeed seen lower pricing in the first half of the year and as well as in Q2. But it was quite regional for us. We had negative pricing in South Asia and in Southeast Asia in some categories. So where we have seen real commodity deflationary impacts, we've adjusted pricing accordingly to also, of course, give back to the consumers where that's needed and to focus on our competitiveness and ensuring a volume-led growth story that we've talked about. So we've been really very close to pricing and making sure that we stick very -- stick close to what we want to achieve.

謝謝，紀堯姆。讓我一一解決它們。我認為這是一個——這裡有各種各樣的問題。但首先是定價。我們確實在今年上半年和第二季看到了較低的價格。但這對我們來說是非常地區性的。我們在南亞和東南亞的某些類別中出現了負定價。因此，在我們看到真正的大宗商品通貨緊縮影響的地方，我們相應地調整了定價，當然，也是為了回饋有需要的消費者，並專注於我們的競爭力，並確保我們談到的以銷量為主導的成長故事。因此，我們在定價方面非常接近，並確保我們非常接近我們想要實現的目標。

If you look forward, we expect inflation to go back to more normalized levels. Now, you have to think somewhere in the globally, and I'm not talking particular commodities, but think of a level of somewhere between 2% and 3%. And that means that I would say over time towards the end of the year and possibly in the beginning of next year, we would need to start preparing for slightly higher pricing levels, but not close, of course, to the levels that we've seen in 2021 and 2022 in times of the very heavy inflation. So I think we're now seeing sort of that negative pricing in pockets. I think that will rebound a bit based on moderate inflation in our key commodities overall.

如果展望未來，我們預期通膨將回到更正常化的水平。現在，你必須考慮全球範圍內的某個地方，我說的不是特定的商品，而是考慮 2% 到 3% 之間的水平。這意味著我想說，隨著時間的推移，到今年年底，可能到明年初，我們需要開始為略高的定價水平做準備，但當然不會接近我們已經達到的水平。通貨膨脹非常嚴重。所以我認為我們現在看到了某種負定價。我認為，基於我們主要商品整體的溫和通膨，這一數字將會反彈。

When you look at consumer behavior, look, there is additional, there is somewhat heightened promotional activity in Europe. So if you look at the market, there we're seeing more promotional activity in Europe. US is actually pretty constant. And for us, we have participated in that, but not to a significant extent, so we didn't promote much more than the market did. And in fact, we scaled here, and there, we scaled down a little bit.

當你觀察消費者行為時，你會發現，歐洲還有額外的、加強的促銷活動。因此，如果你觀察市場，我們會發現歐洲有更多的促銷活動。美國實際上相當穩定。對我們來說，我們也參與了其中，但參與程度並不高，所以我們的推廣力道並沒有比市場多得多。事實上，我們在這裡縮小了規模，在那裡，我們縮小了一點。

And I think the European consumer, as we said, of course, they some look for value. We've also seen increased market share of private label brands in Europe over the last years, and that continued somewhat in the first half of 2024. But I believe that going forward and in a more normalized inflationary environment, things will settle there a bit.

我認為歐洲消費者，正如我們所說，他們當然會尋找價值。我們也看到過去幾年歐洲自有品牌的市佔率增加，而且這種情況在 2024 年上半年有所持續。但我相信，展望未來，在更正常化的通膨環境中，事情將會有所解決。

On health and well-being, on Prestige beauty, just a few words, but asking Fernando to add, we are indeed internationalizing our health and well-being brands. We introduced Liquid I.V. in Canada. We did that in the UK. We did it in Australia and in a few other European countries that will take a little bit because Liquid I.V. grew in the US over a period of seven years to what it is today, so it will take a bit of time for Europe as well.

關於健康和福祉，關於 Prestige Beauty，只是幾句話，但請費爾南多補充一下，我們確實正在將我們的健康和福祉品牌國際化。我們推出了液體 I.V.在加拿大。我們在英國就是這麼做的。我們在澳洲和其他一些歐洲國家做了這件事，這需要一點時間，因為 Liquid I.V.美國花了七年的時間才發展到今天的水平，所以歐洲也需要一些時間。

And on Prestige beauty, it's a similar story. I mean, if you look at the brands, we have actually rolled them out in some other markets, but our exposure on Prestige beauty in China is very limited. So let me be quite clear; we've actually introduced Auli the health and wellbeing brand in China. That's going pretty well for us, but the Prestige beauty exposure to China is very low.

在 Prestige Beauty 上，情況也類似。我的意思是，如果你看看這些品牌，我們實際上已經在其他一些市場推出了它們，但我們在中國的 Prestige Beauty 曝光度非常有限。讓我說得很清楚；事實上，我們已經在中國推出了Auli這個健康保健品牌。這對我們來說進展順利，但名牌美容在中國的曝光率非常低。

Yeah. I feel, Guillaume, regarding some -- what is behind the success of our health and well-being business and our Prestige business, we have built a portfolio of what we believe are very, very strong brand equities, digitally native brands, brands that are authentic, and lifestyle brands. We are riding the wellness trend in areas like hydration or hair fall, for example. And we believe that this is an advantage portfolio, the one that we have built in the US and that we are rolling out internationally.

是的。紀堯姆，我覺得，關於我們的健康和福祉業務以及聲望業務成功背後的一些因素，我們已經建立了一個組合，其中包括我們認為非常非常強大的品牌資產、數位原生品牌、是正宗的生活方式品牌。例如，我們在補水或掉髮等領域順應了健康趨勢。我們相信，這是一個優勢組合，我們在美國建立並正在國際上推廣。

Just about China, I feel Hein has mentioned that, we have a very focused internationalization plan for our health and well-being and Prestige business. In China, two key brands for us are Hourglass and Auli. Both are doing very, very well in a market that is muted, I would say, in terms of the growth rate today. But we are very, very selective where we send our brands. In the case of China, we are absolutely focused in the high end of Prestige beauty and in a brand like Auli that is really riding in the female health trend.

就中國而言，我覺得海因提到過，我們對健康、福祉和信譽業務有一個非常有針對性的國際化計劃。在中國，我們的兩個主要品牌是Hourglass 和Auli。我想說，就目前的成長率而言，在一個低迷的市場中，兩者都表現得非常非常好。但我們對品牌的投放地點非常非常挑剔。就中國而言，我們絕對專注於高端美容產品，以及像 Auli 這樣真正順應女性健康潮流的品牌。

Our next question is from Bruno at Bernstein. Go ahead, Bruno.

我們的下一個問題來自伯恩斯坦的布魯諾。繼續吧，布魯諾。

Hi, good morning. My first question is on product superiority. Hein, you sort of mentioned brands need to win. Indeed, clearly your competitiveness data was at the low-30s, so you're actually not winning most of the time. And obviously, it can be a timing element, but I'm also remembering Alan, your predecessor, who was talking about the high levels of product superiority. So I'm trying to understand the mismatch between on the one hand, product superiority saying your products are winning, market share data isn't saying you're winning. Is this an element of you having redefined product superiority and, therefore, this will get better, it's an improved measure. Is it a matter of timing? We just need to wait a bit longer for that to come true? Or how long would you have to wait before you start out and whether product superiority is the right way to measure it?

嗨，早安。我的第一個問題是關於產品優勢。海因，你提到的品牌需要獲勝。事實上，很明顯你的競爭力數據處於 30 左右，所以大多數時候你實際上並沒有獲勝。顯然，這可能是一個時間因素，但我也記得你的前任艾倫，他談到了高水準的產品優勢。因此，我試圖理解一方面，產品優勢表明你的產品正在獲勝，但市場份額數據並不表明你正在獲勝之間的不匹配。這是您重新定義產品優勢的一個因素嗎？這是時間問題嗎？我們只要再等一段時間就可以實現嗎？或者您需要等待多長時間才能開始以及產品優勢是否是衡量它的正確方法？

My second question is on volumes. I mean, from my understanding, you have price mix in there as well. I think from my sort of estimates, most of it is price mix. Can you just quantify how big the mix component is out of your volume measure for the quarter? Thank you.

我的第二個問題是關於數量。我的意思是，根據我的理解，那裡也有價格組合。我認為根據我的估計，大部分是價格組合。您能否量化該季度的銷售指標中的混合成分有多大？謝謝。

Thanks, Bruno. I'll take the first question and asking Fernando to take the second question on mix. I mean, yes, we have made quite a change on looking at our brands. So you're absolutely right to use the right words. I mean, we looked previously, we did look at product superiority as the most important metric. And product superiority is about a functional benefit. Does the product, what it's supposed to do.

謝謝，布魯諾。我將回答第一個問題，並請費爾南多回答有關混合的第二個問題。我的意思是，是的，我們在看待我們的品牌方面做出了很大的改變。所以你使用正確的字眼是絕對正確的。我的意思是，我們之前確實將產品優勢視為最重要的指標。產品優勢在於功能優勢。產品，它應該做什麼。

What we introduced in October is a framework called unmissable brand superiority. And that looks much more holistic at our brand performance, but always through the eyes of the consumer. So not just product superiority, that's part of it, but also the proposition. So is the marketing campaign and is it clear, is it working, and is it clear what the brand stands for? It looks at place. So is it distributed in the right way? And does it have the right varieties on the shelf? It looks at price. Does the price -- is the price actually the price back architecture? Is that at a good place versus competition? And I can go on.

我們在十月推出了一個名為「不可錯過的品牌優勢」的框架。我們的品牌表現看起來更全面，但始終是透過消費者的眼睛。因此，不僅是產品優勢，這是其中的一部分，也是主張。行銷活動是否清晰、是否有效、品牌所代表的意義是否清晰？它看起來在地方。那麼它的分配方式正確嗎？貨架上有合適的品種嗎？它看的是價格。價格－價格實際上是價格背後的架構嗎？與競爭相比，這是否處於有利地位？我可以繼續。

So we look at it much more holistic. We're looking at in total 21 metrics behind these six Ps. And we are very convinced that by looking more holistically and therefore improving the execution power in the entire organization that, that is the recipe for success.

所以我們會更全面地看待它。我們正在研究這 6 個 P 背後的總共 21 個指標。我們堅信，透過更全面地審視並提高整個組織的執行力，這就是成功的秘訣。

Now, if you look at competitiveness, you're right. Competitiveness on an MAT basis, as I explained, and as what we expected. This is not something that you turn easily, certainly not on a global scale. We're encouraged by some recent improvements that we've seen in the last quarter, and we're all focused on making improvements in the second half of the year, which we believe are likely to materialize.

現在，如果你看看競爭力，你是對的。正如我所解釋的，基於 MAT 的競爭力也符合我們的預期。這不是一件容易改變的事情，尤其是在全球。我們對上個季度看到的一些近期改進感到鼓舞，我們都專注於在今年下半年進行改進，我們相信這很可能會實現。

On UAG, Bruno, we usually don't disclose the breakdown between volume and mix. But given the fact that we are really printing numbers in volumes that are very strong, I will give you the number for the quarter two. 75% of the contribution of UAG comes from volume and 25% from mix.

關於 UAG，Bruno，我們通常不會透露音量和混音之間的細目。但考慮到我們確實正在大量印製數字，我將為您提供第二季的數字。 UAG 75% 的貢獻來自數量，25% 來自組合。

Our next question comes from Jeremy at HSBC.

我們的下一個問題來自匯豐銀行的傑瑞米。

Hi, morning. Jeremy HSBC here. So a couple of questions for me. The first one is just following up on the previous question on health or wellness. Can you tell us what the health and wellness business specifically grew at in the quarter and a half? And also, what kind of what the scale of that business is on sort of half-year basis?

嗨，早安。傑里米匯豐銀行在這裡。問我幾個問題。第一個問題只是對上一個有關健康或保健的問題的後續。您能告訴我們健康和保健業務在這個季度半的具體成長嗎？另外，該業務的半年規模是多少？

And the second one is on China. I'm just not commenting to you, but it seems as though that market has really become very, very difficult in the course. So can you talk a little bit about what you're seeing in the consumer there and whether you think that this is going to remain the case over the balance of the year or whether there is any hope that the market starts to improve in the second half? Kind of what your current assumptions are for that market. Thanks.

第二個是關於中國的。我只是不想對你發表評論，但在這個過程中，這個市場似乎真的變得非常非常困難。那麼，您能否談談您在那裡的消費者中看到的情況，以及您是否認為這種情況會在今年餘下的時間裡持續下去，或者市場是否有希望在第二年開始改善一半？您目前對該市場的假設是什麼。謝謝。

Thanks, Jeremy. Let me first talk first talk about health and wellness. I mean, we are -- what we're saying is, the combination of our health and wellness business, as well as the Prestige beauty business, we grew double digit in its combination. We don't disclose the individual ones. But, I mean, we were quite clear that Prestige beauty was muted. We talked about shopping behavior and consumer behavior in the US, particularly behind luxury, and we are seeing that. But, and Fernando explained it, I think before we are we are very excited about the -- our health and well-being brands, Liquid I.V., Nutrafol, and they more than compensated for that. So the combination still strong for us and more than 5% of our turnover in the company.

謝謝，傑里米。我先講講健康養生。我的意思是，我們所說的是，我們的健康和保健業務以及 Prestige 美容業務的組合，我們的組合實現了兩位數的成長。我們不會透露具體的情況。但是，我的意思是，我們很清楚，聲望之美被削弱了。我們討論了美國的購物行為和消費者行為，特別是奢侈品背後的行為，我們正在看到這一點。但是，費爾南多解釋說，我認為在此之前，我們對我們的健康和福祉品牌 Liquid I.V.、Nutrafol 感到非常興奮，他們的表現足以彌補這一點。因此，這種合併對我們來說仍然很強大，占我們公司營業額的 5% 以上。

If you look at China, China, indeed, muted, and market growth in China is truly on the on the low side. We believe that is not going to be obviously forever. But we believe that it will take quite a bit before that rebounces.

如果你看看中國，中國確實很平靜，中國的市場成長確實偏低。我們相信這顯然不會永遠持續下去。但我們認為，反彈還需要相當長的一段時間。

Rather than talking sort of about the China dynamics, because there's so many, and I'm sure you have a very clear view about it yourself, I would like to talk a bit about our business. You know, if you look at China, as I said, we don't have massive exposure to the Prestige or to the luxury side of things. We are the market leader in hair care with our Clear brand; that's pretty mainstream. I mean, it's sort of on the upper side of mainstream. Dirt is good in our home care business, still really developing, and we just introduced Wonder Wash. We also introducing in China.

我不想談論中國的動態，因為有很多，而且我相信您自己對此有非常清晰的看法，我想談談我們的業務。你知道，如果你看看中國，正如我所說，我們並沒有大量接觸聲望或奢侈品。我們以 Clear 品牌成為護髮市場的領導者；這是相當主流的。我的意思是，它有點處於主流的上層。污垢在我們的家庭護理業務中表現良好，而且仍在發展中，我們剛剛推出了 Wonder Wash。我們也在中國引進。

But if you think of -- and if you think of nutrition, it's primarily a food solutions business, and we don't see major changes in terms of restaurant visits by the China consumer, at least not in the type of restaurants that we supply to. So I feel pretty good, I mean, yeah, I feel pretty good about our China business. It's not a fast growth story, but it is clearly holding. And we will continue to invest behind the brands as we have done before. So in an organic way, we will continue to invest, we will continue to bring innovation to the China market. And selectively, we will introduce some of our Prestige and health and wellness brands there.

但如果你想到——如果你想到營養，它主要是食品解決方案業務，我們沒有看到中國消費者光顧的餐廳發生重大變化，至少我們提供的餐廳類型沒有重大變化。所以我感覺很好，我的意思是，是的，我對我們的中國業務感覺很好。這不是一個快速增長的故事，但它顯然是有說服力的。我們將像以前一樣繼續對品牌進行投資。因此，我們將繼續以有機的方式進行投資，並繼續為中國市場帶來創新。我們將有選擇地在那裡介紹一些我們的 Prestige 和健康保健品牌。

Yeah. Health and wellness is around EUR2.5 billion for the year. Nutrafol, Liquid I.V. are in the top 25 brands of the company now.

是的。全年健康與保健支出約 25 億歐元。Nutrafol，液體靜脈注射目前已躋身公司品牌前25名。

Next question comes from David at Jefferies. Go ahead, David.

下一個問題來自 Jefferies 的 David。繼續吧，大衛。

Thanks. Good morning, all. Two for me, one on margin broadly and then one specific question on cost saving. So just on the margin more broadly, you obviously substantially increased BMI and R&D, but this commitment to 18% margin -- or over 18% margin this year, then over 19% for what you said earlier. Is there a risk that you should be doing more to spend back on BMI and R&D even now to try and arrest or improve these trends that you struggle with on market share and volumes for a few years now?

謝謝。大家早安。對我來說有兩個問題，一個是廣義的利潤問題，然後是一個關於成本節約的具體問題。因此，就更廣泛的利潤率而言，您顯然大幅增加了BMI 和研發，但這項承諾是18% 的利潤率——或者說今年利潤率超過18%，然後是您之前所說的超過19 %。是否存在這樣的風險：即使是現在，您也應該在 BMI 和研發上投入更多資金，以嘗試阻止或改善這些年來您在市場份額和銷售方面掙扎的趨勢？

And then how are you making that decision on short-term pressure to deliver versus a long-term focus? How have you made that decision in the first half and then with your plans in the second half? And I guess just to push on that, I say margin-wise, beyond this year, obviously, the company was looking at over 20% margin back in the Kraft Heinz approach days of 2017. Is that when you look back on it, the right ambition for this company? Was that the right thing, but it was just challenged to get there, but that's where this company could end up?

那麼，您如何根據短期交付壓力和長期關注做出決定？您是如何在上半場做出這個決定以及下半場的計劃的？我想，為了推動這一目標，我想說的是，在今年之後的利潤率方面，顯然，該公司在 2017 年卡夫亨氏進場日時就希望將利潤率提高到 20% 以上。當你回顧過去時，這對這家公司來說是正確的抱負嗎？這是正確的事情嗎？

And then the second question, much shorter, is just on the savings levels in the first half. Is that -- was that number net-wise, productivity-wise? Was it all in cost of goods sold? And is it all pre the EUR800 million program that you talked about in the last release? Thanks so much.

第二個問題較短，只是關於上半年的儲蓄水準。那是——這個數字是淨值、生產力方面的嗎？全部計入銷售成本嗎？這一切都是在您在上次發布中談到的 8 億歐元計劃之前嗎？非常感謝。

Thanks a lot. I'll take the first part of the question. Fernando takes the second part of the question. I mean, very importantly, we have -- we're shying away from an operating margin target. I think I was really keen to change that in October. So we're talking -- we talked about underlying operating profit growth and initially in our guidance, and that's really what we want to stick to. It's super important that we talk about profit growth and not about an operating margin target for the reason that you talked about. We were seeing good gross margin expansion, but we're keen to continue to invest behind our brands.

多謝。我將回答問題的第一部分。費爾南多回答問題的第二部分。我的意思是，非常重要的是，我們正在迴避營業利潤率目標。我想我真的很想在十月改變這一點。所以我們正在談論——我們最初在我們的指導中討論了基本的營業利潤成長，這確實是我們想要堅持的。出於您所說的原因，我們談論利潤成長而不是營業利潤率目標非常重要。我們看到了良好的毛利率擴張，但我們熱衷於繼續投資我們的品牌。

And I think, that's something that is a bit of a journey. We increased 180 basis points already in the first half. We're now at 15.1% of turnover, and that represented an increase of EUR700 million. So quite substantially. And yes, for the second half, as Fernando has explained before, we do see opportunities to spend -- to increase our spend. But it has to go behind strong plans. We're not looking for a particular brand and marketing investments percentage as turnover. We don't have a target percentage there. We want to look at, hey, where do we have momentum? Where do we have strong plans? And then we will continue to invest behind it. So we're not afraid at all to spend, but we're not spending for the sake of spending. I guess that's the message that we want to give. And we're not looking at a particular underlying operating margin target or guidance that we want to give today.

我認為，這是一段旅程。上半年我們已經升息了 180 個基點。我們現在佔營業額的 15.1%，這意味著增加了 7 億歐元。所以相當重要。是的，正如費爾南多之前解釋的那樣，下半年我們確實看到了支出的機會——增加支出。但它必須有強有力的計劃支持。我們並不是尋找特定的品牌和行銷投資百分比作為營業額。我們沒有目標百分比。我們想看看，嘿，我們的動力在哪裡？我們在哪裡有強而有力的計劃？然後我們將繼續對其進行投資。所以我們一點也不害怕花錢，但我們不是為了花錢而花錢。我想這就是我們想要傳達的訊息。我們並不是考慮今天想要給的特定基本營業利潤率目標或指引。

Yeah. As a reminder, 40% of the gross margin expansion was allocated to increase investment in our brands. So in the first half, as Hein said is, we do it behind 85% in our power brands incremental spending. We do it behind a very focused innovation plan on productivity. We announced in mid-March an EUR800 million plan of savings in general overheads and supply chain overheads. The plan is in motion.

是的。需要提醒的是，毛利率擴張的 40% 用於增加對我們品牌的投資。因此，正如 Hein 所說，上半年我們的實力品牌增量支出落後於 85%。我們在一個非常專注於生產力的創新計劃的基礎上做到了這一點。我們在 3 月中旬宣布了一項 8 億歐元的一般管理費用和供應鏈管理費用節省計劃。該計劃正在進行中。

Regi Ecclissato, our Head of Supply Chain, and myself are leading this plan together. We have several pillars on that; the clear geographical and technological segmentation, radical standardization of process, leverage and amplification of our cost of our operational hubs. We have eight around the world there.

我們的供應鏈主管 Regi Ecclissato 和我自己正在共同領導這個計畫。我們對此有幾個支柱；明確的地理和技術細分、流程的徹底標準化、營運中心成本的槓桿和放大。我們在世界各地有八個。

During the first half, we have made some progress, but basically, I would say of the EUR800 million, you can say that only 5% to 10% it has been implemented until now. We have kicked off consultation process in Europe on July 10. We are working in cooperation with the European Works Council on that, and we are doing really good progress. You will see the benefits of productivity really coming more in 2025 than during this year and beyond that, of course.

上半年，我們取得了一些進展，但基本上，我想說，8億歐元，到目前為止只實施了5%到10%。我們已於 7 月 10 日在歐洲啟動磋商進程。我們正在與歐洲工作委員會就此進行合作，並且取得了非常好的進展。當然，到 2025 年，您將看到生產力帶來的好處確實比今年及之後更多。

Next question is from Sarah Simon at Morgan Stanley. Go ahead, Sarah.

下一個問題來自摩根士丹利的莎拉·西蒙。繼續吧，莎拉。

Hi. Sorry, I have a couple of questions. On personal care, you previously alluded to the desire to premiumize, and you've said that you weren't sure whether the existing brands are the right place to do that. Given the sort of slowdown in Prestige beauty, are you still focused on premiumization in personal care? And if so, can you give us an update on what you're thinking?

你好。抱歉，我有幾個問題。在個人護理方面，您之前提到了對高端化的渴望，並且您說過您不確定現有品牌是否適合這樣做。鑑於高端美容業務的放緩，您是否仍然專注於個人護理的高端？如果是這樣，可以為我們介紹一下您的最新想法嗎？

And then on China, B2B generally is more of a lagging business than B2C. So I'm just wondering if there is any risk on that nutrition in terms of the services business and thoughts on that?

而在中國，B2B 業務整體上比 B2C 業務更加落後。所以我只是想知道在服務業務和對此的想法方面，這種營養是否有任何風險？

And then finally, just in terms of we're thinking about 0 to 100. On the net productivity in the cost of goods sold, where would you say you are as of H1 in terms of that 0 to 100 range? Thanks.

最後，我們考慮的是 0 到 100。就銷售商品成本的淨生產力而言，您認為上半年的 0 到 100 範圍處於什麼位置？謝謝。

Thanks, Sarah. I'll take the first two questions, and Fernando will talk about net productivity. When it comes to the desire to premiumize, yes, that continues to be there. As I said before, we are seeing some slowdown in premium luxury in the US as well as in China, but we don't believe that is in itself is structural. I think the consumer in the US, we see a strong demand, actually, in a segment that we would call masstige. So that is between that premium luxury and mainstream. So the consumer is still really looking for brands that provide that bit of extra, that bit of extra in terms of experience, in terms of convenience, and particularly in the personal care and in the beauty categories.

謝謝，莎拉。我將回答前兩個問題，費南多將討論淨生產力。是的，當談到高端化的願望時，這種願望仍然存在。正如我之前所說，我們看到美國和中國的高端奢侈品產業有所放緩，但我們認為這本身並不是結構性的。我認為美國消費者實際上在我們稱之為「大眾」的細分市場中看到了強勁的需求。所以這是介於高端奢華和主流之間的。因此，消費者仍然真正在尋找能夠在體驗、便利性方面，特別是在個人護理和美容類別方面提供額外、額外的品牌。

So yes, when you look at our innovation, so we just entered the market with a whole body deodorant that's more under the Dove brand. So that is more in that segment. Shea Moisture, a very important hair care brand for us in North America, is more in that segment. So we are premiumizing and we're premiumizing there.

所以，是的，當你看到我們的創新時，我們只是進入市場，推出了多芬品牌的全身除臭劑。所以這部分內容更多。Shea Moisture 是我們在北美非常重要的護髮品牌，更涉足這一領域。所以我們正在高端化，我們正在那裡進行高端化。

We also upgraded our treatments and styling range on the TRESemmé brand in a bit more premium way. So yes, we look for that premiumization. But of course, with our brands, you do that gradually. And when the right opportunity comes along, we will also look inorganically.

我們也以更優質的方式升級了 TRESemmé 品牌的護理和造型系列。所以，是的，我們尋求這種高端化。但當然，透過我們的品牌，您可以逐漸做到這一點。當合適的機會出現時，我們也會以無機的方式看待。

So we believe long term, that trend is very important, North American market, Europe. And for the short term, as we talked about China a few times, probably not so much. That's a good bridge, I think, to the nutrition question that you asked. Yes, usually B2B is lagging. That is correct. I think if I look at the delivery of our products, think of cooking aids to restaurants, more mainstream restaurants, we're not yet seeing that slowdown. Our food solutions business is still high-single digit up in China. And look, even over the last couple of weeks, we're not seeing a major change in that behavior. But we stay, of course, very close to it for sure. Fernando?

所以我們相信，從長遠來看，這種趨勢非常重要，北美市場，歐洲。就短期而言，正如我們多次談到中國那樣，可能不會那麼多。我認為這是解答您提出的營養問題的一個很好的橋樑。是的，通常 B2B 是滯後的。這是正確的。我認為，如果我看看我們產品的交付，想想餐廳、更主流餐廳的烹飪輔助工具，我們還沒有看到這種放緩。我們的食品解決方案業務在中國仍保持高個位數成長。看，即使在過去幾週內，我們也沒有看到這種行為有重大變化。但當然，我們仍然非常接近它。費爾南多？

Yeah. When it comes to net productivity and our cost of goods sold, I believe that there are two fundamental components that we have mentioned many, many, many times. One is the interventions that we are doing in the value chain of some of our key materials. I mentioned before the example of surfactants, for example, in the US, in which we are really integrating vertically there to ensure that we don't have any kind of material disadvantage versus key competitors in PC and beauty liquids. But there are many other streams of work in value chains of materials in which we are working.

是的。當談到淨生產力和我們的銷售成本時，我相信有兩個基本組成部分我們已經多次提到。一是我們正在對一些關鍵材料的價值鏈進行幹預。我之前提到過表面活性劑的例子，例如在美國，我們實際上是在垂直整合，以確保我們與 PC 和美容液領域的主要競爭對手相比不存在任何材料劣勢。但我們正在從事的材料價值鏈中還有許多其他工作流程。

When it comes to production costs and logistic costs, as I mentioned before, we are allocating more than 50% of our CapEx to this kind of initiatives. If you think in a logical, I would say, payback period of three to four years, you can make your mouth about what is the kind of ambition we have in terms of gross margin improvement in this kind of area. I know -- I will not give you now a percentage of where we are in terms of delivery versus our plans. We look at this as a continuum, and we will try to do it quarter-in/quarter-out.

當談到生產成本和物流成本時，正如我之前提到的，我們將超過 50% 的資本支出分配給此類措施。如果你照邏輯思考，我想說的是，三到四年的投資回收期，你可以說出我們在這一領域毛利率改善的雄心壯志。我知道——我現在不會告訴你我們的交付情況與計劃的百分比。我們將其視為一個連續體，並且我們將嘗試四分之一進/四分之一出。

Our final question comes from Fulvio at Berenberg. Go ahead, Fulvio.

我們的最後一個問題來自貝倫貝格的富爾維奧。繼續吧，富爾維奧。

Yes. Good morning and thank you for taking my questions. I've got just a couple of quick ones. The first one is on the gross margin development. I was just wondering if you can share some comments on how this progressed for the power brands, given that these are the products that have been receiving more of the incremental allocation of investment.

是的。早上好，感謝您回答我的問題。我只有幾個快速的。第一個是毛利率的發展。我只是想知道您是否可以分享一些關於強勢品牌的進展的評論，因為這些產品已經獲得了更多的增量投資分配。

And then my second question is on Europe. I mean, Europe has been stronger than expected for you guys, but also some of your peers. Can you maybe just give us a quick outline of your expectations for the European consumer as we look ahead? Thank you.

我的第二個問題是關於歐洲的。我的意思是，歐洲比你們以及你們的一些同行所預想的要強大。您能否簡要介紹一下您對未來歐洲消費者的期望？謝謝。

Thank you, Fulvio, for the question. I'll start with Europe, and Fernando will take the gross margin question on the power brand. Look, I think what we're seeing in Europe is the consumer is responding well to significant innovation. We have introduced in Europe, as we talked, we've introduced Wonder Wash, but we've also introduced new deodorant varieties. In fact, our new flavored mayonnaise ranges in Europe are responding very well. So I think the European consumer, after a couple of years with high inflation and being more cash strapped and, of course, migrating to private label, I think there is genuine more appetite for meaningful and strong innovation behind our brands, and that is exactly what we're doing. I obviously can't talk about -- I won't talk about what peers are doing. But overall, Europe has been pretty stable for us in the last couple of months. And the growth that we're seeing in Europe is primarily behind the innovations that I talked about.

謝謝富爾維奧提出的問題。我將從歐洲開始，費爾南多將回答有關電力品牌的毛利率問題。聽著，我認為我們在歐洲看到的是消費者對重大創新反應良好。正如我們所說，我們已經在歐洲推出了Wonder Wash，但我們也推出了新的除臭劑品種。事實上，我們在歐洲的新口味蛋黃醬系列反應非常好。因此，我認為歐洲消費者在經歷了幾年的高通膨、現金更加短缺以及轉向自有品牌之後，我認為他們對我們品牌背後有意義和強大的創新真正有更大的興趣，而這正是我們正在做什麼。我顯然不能談論——我不會談論同行們正在做什麼。但總體而言，過去幾個月歐洲對我們來說相當穩定。我們在歐洲看到的成長主要是我談到的創新背後的。

Fernando, on the gross margin and the power brands?

費爾南多，關於毛利率和實力品牌？

Yeah. The gross margin progression of power brands has been very, very similar to the one of the rest of the portfolio. But just to remind you that our power brands operate at, I would say, 400 to 500 basis points higher gross margin than the rest of the portfolio.

是的。實力品牌的毛利率進展與投資組合的其他品牌非常相似。但我想提醒您的是，我們的強勢品牌的毛利率比其他品牌的毛利率高 400 到 500 個基點。

Thank you, Fernando. And thanks, everyone, for joining our call. I think it's important for us that we have focused so far on delivery, high-quality sales growth, and we are focused on the expansion of our gross margin. That is very much at the heart of our growth action plan. And that enables a step up in the investment behind our brands to improve our competitiveness. And we did make progress on those ambitions in the first half, and this continues to be our focus in the second half, very much guided by the plan that we laid out to you last year in October.

謝謝你，費爾南多。感謝大家加入我們的電話會議。我認為對我們來說很重要的是，到目前為止我們一直專注於交付、高品質的銷售成長，並且我們專注於毛利率的擴大。這是我們成長行動計畫的核心。這使得我們能夠加大對品牌的投資，以提高我們的競爭力。我們在上半年確實在這些目標上取得了進展，這仍然是我們下半年的重點，很大程度上是以我們去年 10 月向你們制定的計劃為指導的。

We believe that the benefits are building steadily, and we are confident that these steps will help to transform our company over time into a more consistent and in a higher-performing business.

我們相信效益正在穩步增長，我們相信這些步驟將有助於隨著時間的推移將我們的公司轉變為更一致和更績效的企業。

As you know, we look forward to updating you on the progress through the rest of the year. But for now, we wish you a very good day. Thanks all for dialing in.

如您所知，我們期待向您通報今年剩餘時間的最新進展。但現在，我們祝福您有個愉快的一天。感謝大家撥通電話。

Thanks for joining and have a good day.

感謝您的加入，祝您有美好的一天。