The Coca-Cola Company (NYSE:KO) Consumer Analyst Group of New York Conference (CAGNY) 2025 February 18, 2025 10:00 AM ET
Company Participants
James Quincey - Chief Executive Officer
John Murphy - Chief Financial Officer
Conference Call Participants
会议电话参与者
Unidentified Company Representative
不具名公司代表
All right. If we can find our seats, please. It is my privilege once again to welcome the Coca-Cola Company back to CAGNY. Before we begin, please join me in thanking Coke for providing beverages all week. Once again, we genuinely appreciate it.
好了，如果我们能找到座位，请就坐。我很荣幸再次欢迎可口可乐公司回到CAGNY。在我们开始之前，请大家一同感谢可口可乐一周以来提供的饮料。我们再次真诚地表示感谢。
Our review of the company over its entire history would be underscored by assets and attributes, a strong brand portfolio, a massive global platform and the strength of the system allows Coke through its local bottling partners, to connect with most consumers around the world.
我们对该公司整个历史的回顾，将以其资产和特质、强大的品牌组合、庞大的全球平台以及依靠当地装瓶合作伙伴建立与全球大多数消费者联系的系统优势为重点。
CAGNY presentations over the last nine years would highlight evolution and iteration, revealing Coca-Cola's ongoing journey to be a more dynamic, growth-oriented and consumer responsive business.
过去九年中CAGNY的演示展示了其不断进化与迭代，揭示了可口可乐不断迈向更加充满活力、以增长为导向、且能更好地响应消费者需求的业务之路。
Even against an uneven backdrop, the results have been outstanding with top-tier returns and growth profile that stands out, against not only consumer staples, but also compared to most companies around the world.
即使在充满挑战的环境下，其业绩依然卓越，拥有一流的回报和显著的增长曲线，这不仅在消费必需品领域独树一帜，也与全球大多数公司相比更显突出。
Joining us today are Chief Executive Officer, James Quincey; and Chief Financial Officer, John Murphy. James, welcome back to CAGNY for presentation number 10. We look forward to learning more about the company's exciting path forward from here. Over to you.
今天与我们一同参加的有首席执行官James Quincey和首席财务官John Murphy。James，欢迎您再次回到CAGNY进行第十次演讲。我们期待了解更多关于公司激动人心的未来发展道路。现在请您开始。
James Quincey
Thank you, Tim. I guess my tenth CAGNY presentation at nothing. So - here we go. I know you'll be delighted to see this for only the third time today, many more to go, enjoy. See if you can spot the deliberate typo, no, I was just kidding. By the way, shot clock person, the shot clock has not started. In case you wanted me to just go on and on for hours and hours. Okay, there we go. Perfect. We're off and running now the forward-looking statement is done.
谢谢你，Tim。我想这是我在CAGNY的第十次演讲，就从这里开始。我知道今天你们只第三次看到这个内容，未来还会有更多，请尽情欣赏。看看你是否能发现那个故意的拼写错误——不，我只是在开玩笑。顺便说一句，计时器那边，计时器还没有开始运作。以防你们希望我不停地讲好几个小时。好了，开始了。完美。现在我们的前瞻性声明已经结束，演讲正式开始。
John and I want to talk you through three basic ideas. We want to talk about the company's story. Well, it's a story that's been going for over 138 years. And we've still got the mindset we're just getting started. And so, we want to talk about how we see the boundless and enduring opportunity for - the Coca-Cola Company.
John和我想向大家阐述三个基本理念。我们想讲述公司的故事。这是一个已经延续了138年以上的故事，而且我们的心态依然是——我们才刚刚开始。因此，我们要谈谈我们如何看待可口可乐公司那无限且持久的机遇。
How we're going to continue to capture that opportunity, by executing with excellence across everything we do in our system. And then, of course, talk about how we turn that into value. So it's obviously a combination of talking about the chapters of growth that are closing, and opening new chapters of growth going forward.
我们将如何通过在系统中卓越地执行各项工作，持续捕捉这一机遇。当然，还要谈谈我们如何将这一机遇转化为价值。这显然是关于结束过去增长篇章并开启未来新篇章的综合讨论。
So let me dive in. Let's go to the boundless opportunity. Three different ways of thinking about it. The first one is a reconstructed version of something we've been using for a number of years with the two bottles, or for the last few years, I think it was all the little people around the world on the page. But it's a very simple idea, which is the industry, the beverage industry is actually yet to be created.
那么让我直接切入主题。让我们来看这无限的机遇，有三种不同的思考方式。第一种是我们多年来一直使用的、关于两个瓶子的重构版本，或者说是过去几年中页面上展示的全世界的小人物图案。但这是一个非常简单的理念，即饮料行业实际上尚未被创造出来。
If you look at the world, the developed markets, the left-hand bottle represents about 20% of the world's population. And there, when people consume beverage, about 70% of them are commercial beverages of one shape or form, whether it's alcohol, hot drinks or nonalcoholic ready-to-drink. And of the total pie in money terms, we only have 14%.
如果你观察世界发达市场，左侧的瓶子代表约占全球人口的20%。在那里，当人们消费饮料时，大约70%的饮品以某种形式属于商业饮料，无论是酒精饮料、热饮还是非酒精即饮产品。而在货币总量上，我们仅占14%。
So there's still a huge ongoing opportunity for us to capture share in the developed markets, the U.S., Europe, Japan, Australia, et cetera. But the most interesting long-term feature of the beverage industry is the second bottle. And that's where 80% of the world's population sits.
所以，在发达市场——美国、欧洲、日本、澳大利亚等——中，我们依然有巨大的机会去占据份额。但饮料行业最有趣的长期特点是第二个瓶子，那里代表了全球80%的人口。
And there, the commercial beverage sector, which is actually, for those of you super-paying attention to this slide over time.
在那里，商业饮料部门实际上，对于那些持续关注这张幻灯片的人来说……
We'll notice that the sum of those three bars is now 32%. And that's up from 27% 10 years ago. So the industry continues to be created at about 0.5 point a year, but it's still only just over 30% of what people drink have they paid something for. And there, we have even more share opportunity.
我们会注意到，那三根柱状图的总和现在是32%，而10年前是27%。所以，饮料行业每年大约以0.5个百分点在不断创造，但人们付费购买的饮料仍然仅占30%以上。而在这一领域，我们还有更大的市场份额机会。
So - if you take the classic way we've looked at it, which is to talk about the creation of the industry around the world, there's still a massive opportunity yet ahead of us.
所以——如果按照我们传统的思考方式，即讨论全球饮料行业的创造，那么在我们面前依然存在巨大的机遇。
If you look at it from the second column, which is the consumer, do we have a huge section of people who - what we would call intenders. So we've got people who drink us on a weekly plus basis. And there are millions of people who have not, better said, hundreds of millions of people out there, who are intending who consumes slightly less than weekly plus.
从第二个角度看，也就是消费者，我们是否有一大批所谓的“意向消费者”。我们有每周至少消费一次的消费者，还有数以百万计，或者更确切地说，数以亿计的人，虽然他们的消费频率稍低于每周一次，但他们都是有意向的消费者。
And the last and third way of looking at it, is looking it through the customers' lens, the retailers' lens. Here, this massive industry, which sits across three broad channels from a beverage industry point of view, the mom-and-pop traditional trade, the modern retail boxes and the away-from-home.
最后，第三种看待方式是通过客户或零售商的视角来看。这一庞大的行业从饮料行业的角度分布在三个主要渠道：传统的小店经营、现代零售渠道以及非家庭场所渠道。
Each on their own huge industries. But yes, only six out of 100 baskets has a KO product in it. So a huge opportunity to continue to work with our retail partners, to create value for them and for us. So any way you slice it, there's a massive opportunity for the industry ahead of us.
每个渠道本身都是巨大的行业。但事实上，100个购物篮中只有6个包含KO产品。因此，与我们的零售合作伙伴继续合作，为他们和我们创造价值的机会非常巨大。无论如何切分，都意味着在未来，整个行业都有巨大的发展机遇。
And how do we approach that? Well, of course, as we've been talking for many years, it's about starting with the consumer centricity. And in a way, that centricity is a functional loop. We're trying to anticipate consumers' needs, whether it be with products, the innovation, the marketing, the experiences or even where we meet them in terms of channel.
那么我们如何应对呢？当然，正如我们多年来所讨论的，这一切都始于以消费者为中心。从某种意义上说，这种以消费者为中心构成了一个功能性循环。我们努力预见消费者的需求，无论是产品、创新、营销、体验，还是在各个渠道中与他们接触的方式。
But then also working about re-elevating those insights, having engaged with the consumer, having seen something happen in the marketplace—a purchase or a non-purchase—and say, what can we do to make things better? So always starting and putting the consumer at the center of everything we do, and we'll talk about that in terms of brands when we get to execution.
但同时，我们也在不断地提升这些洞察力，与消费者互动，观察市场上发生的事情——无论是购买还是未购买——然后思考，我们能做些什么来改善现状？因此，我们始终将消费者置于我们所做一切的中心，等到谈及执行时，我们会从品牌角度详细阐述这一点。
But the other piece of the puzzle is working with our great retail partners. As I said a minute ago, we kind of see it as three main streams of channels, the traditional mom-and-pops, the large modern trade, whether they're large stores, club stores, value stores, drug stores, e-commerce, quick commerce, the main organized trade.
但谜题的另一部分是与我们出色的零售合作伙伴合作。正如我刚才所说，我们认为这可以分为三个主要渠道：传统的小店经营、大型现代贸易（无论是大型商场、会员店、折扣店、药店、电商、快递商业还是主要的有组织贸易）。
And then there's all the forms of away-from-home, places like the one we're in here now, quick service restaurants, full-service restaurants, the whole gamut of hospitality.
此外，还有各种非家庭场所的渠道，例如我们现在所在的地方、快餐店、全服务餐厅以及整个酒店业。
And we have been trying to create value with those retail partners. In fact, the little bubble on the top right says the Coca-Cola system has been the number one retail value creator in all CPG year-after-year. So we have been working with - our partners to create more value for them, than any other consumer product system.
我们一直在努力与那些零售合作伙伴共同创造价值。事实上，右上角的小气泡显示，可口可乐体系年复一年地成为所有消费品中首屈一指的零售价值创造者。因此，我们一直在与我们的合作伙伴携手，为他们创造比任何其他消费品体系更多的价值。
We also, this year, were the top ranked consumer products company in terms of fast-moving consumer goods, with the major retail customers, the advantage survey. So we have a very clear strategy that value we want to create, with consumers is best realized by creating value with and through retail partners.
今年，我们还在快速消费品领域的消费品公司中排名第一，根据主要零售客户的优势调查显示。因此，我们的战略非常明确，即我们希望为消费者创造的价值，最好通过与零售合作伙伴共同创造来实现。
And that's not a small number of retail partners. We're currently, as the Coca-Cola system servicing about 33 customer outlets, physical outlets around the world. And that's turning into all sorts of examples of value. So we've driven that, and you've got some of the examples there, whether it's the traditional trade, with how we're using ShopX to really leverage point of sale.
而且这并不是少数零售合作伙伴。作为可口可乐体系，我们目前服务全球大约33个实体客户网点。这正在转化为各种价值案例。因此，我们已经推动了这一进程，并且你们可以看到一些例子，无论是在传统渠道中，还是我们如何利用ShopX真正发挥销售点的作用。
Whether we're doing things on visible inventory in the modern trade, or even away-from-home, where we've, for example, in the U.S. here in the U.S., we were growing in away-from-home in the fourth quarter. So huge opportunity, start with the consumer, create value for the retailers.
无论是在现代贸易中对可见库存的管理，还是在非家庭场所中，例如在美国，我们在第四季度的非家庭渠道中实现了增长。这都是巨大的机遇，从消费者出发，为零售商创造价值。
And we do that through our franchise model. It is a system with truly unmatched potential. We reach right around the world. We have about 120,000 suppliers, 3,000 production lines, 5,000 warehouses, 30,000 red trucks and 14 million pieces of cold drink equipment in those 33 million customer outlets.
我们通过我们的特许经营模式来实现这一目标。这是一个拥有真正无与伦比潜力的体系，覆盖全球。我们拥有约120,000家供应商、3,000条生产线、5,000个仓库、30,000辆红色卡车以及在那3300万个客户网点中部署了1400万件冷饮设备。
The Coca-Cola franchise system serves 2.2 billion servings every day. And we believe this franchise model, which we have been optimizing over a number of years, and is almost at the end of the refranchising on the way to becoming ourselves the world's smallest Coke bottler, has allowed a tremendous amount of value creation.
可口可乐特许经营体系每天提供22亿份饮品。我们相信，这一特许经营模式经过多年的优化，现正接近再特许经营的尾声，即朝着成为全球最小的可口可乐装瓶商的方向迈进，从而创造了巨大的价值。
If you put together the Coca-Cola Company with the market caps, of the main public bottlers, Coca-Cola bottles that's a $400 billion market cap system. So it's a huge consumer product system that continues to grow. And the performance following that basic strategy with our system over time has yielded what we would describe as steadfast performance in a very dynamic world.
如果将可口可乐公司与主要上市装瓶商的市值合并考虑，可口可乐装瓶体系的市值达到4000亿美元。这是一个庞大的消费品体系，并且持续增长。遵循这一基本战略，长期以来我们的体系实现了稳健的业绩，在这个充满活力的世界中表现尤为坚韧。
We have, and this is a reprise of the chart we showed last time, continue to leave the beverage industry in all weather. Sometimes the economy goes well, sometimes it doesn't. There are all sorts of weird and wonderful things that happen in the beverage industry. It can be tumultuous at times.
我们一直在，不断重复我们上次展示的图表，无论在何种市场环境下，都能保持饮料行业的领先地位。有时经济表现良好，有时则不尽如人意。饮料行业中总会发生各种奇异而精彩的事情，有时甚至风起云涌。
But as we saw in 2024, yet again, we delivered on the results of '24, and made that an extended delivery over time for multiyears, multiyear driving volume growth, bringing people into the franchise, driving robust organic revenue growth, driving comparable margin expansion, and driving the 7% EPS despite all the currency headwinds and the impact of refranchising.
但正如我们在2024年所见，我们再次实现了2024年的业绩，并通过多年持续的交付推动了销量增长，使更多人加入特许经营体系，推动了强劲的有机收入增长，实现了可比利润率扩张，并在面对所有汇率逆风和再特许经营影响的情况下，实现了7%的每股收益。
So we think our ability, to capture that opportunity with our all-weather strategy, is working in all weathers. And of course, as you can see here, we continue to expand the leadership of the beverage industry as we continue to grow and win in the marketplace. So not just a leader, but the winner in the industry.
因此，我们认为，凭借我们全气候战略捕捉这一机遇的能力，无论环境如何，都能发挥作用。当然，正如你们在这里所看到的，我们在不断增长并在市场中获胜的同时，继续巩固我们在饮料行业的领导地位——不仅仅是一个领导者，而是行业的赢家。
So, good news is we soon, not yet, but soon, we'll no longer be talking about the years when the EPS was $2, $3 is now in the sideline. So our long-term model has been delivering, and that has allowed us to break out of that long period of $2 EPS, and we're on our way to being the $3 plus EPS Company. So we're confident about the next step in that journey, which is obviously our 2025 guidance.
好消息是，很快——还不是现在，但很快——我们将不再讨论每股收益只有2美元、3美元的年代。我们的长期模式已经在交付业绩，这使我们摆脱了那段每股收益仅为2美元的漫长时期，并正朝着每股收益超过3美元的公司迈进。所以我们对这一旅程的下一步充满信心，这显然体现在我们的2025年指引上。
Obviously, the operational result is very strong as we - as you can see from the guidance, and it's offsetting not just the FX headwinds, but the tax rate from the Pillar 2 taxes that come into play in 2025. Otherwise, the EPS, again, growth would be close to the longer-term momentum. So continued delivery on the breakout on a multiyear momentum journey.
显然，从运营结果来看非常强劲——正如您从指引中所看到的，这不仅抵消了外汇逆风，还抵消了2025年将施行的Pillar 2税率的影响。否则，每股收益的增长将接近长期的增长势头。所以，我们将继续在多年增长的道路上实现突破性业绩。
So how have we done that? And what are we going to do to continue that going forward. The execution of the strategy really centers on these five pillars. We've got to have a portfolio of loved brands, we've got to do that through a transformed marketing, and innovation model.
那么，我们是如何做到这一点的？未来又将如何持续这一成就？战略执行真正的核心在于这五大支柱。我们必须拥有一个备受喜爱的品牌组合，并通过转型的营销与创新模式来实现这一目标。
We've got to be able to deliver it through the optimized ecosystem with our bottling partners. And of course, the company has to build the talents and capabilities, to make that happen and deliver a social license, within which to operate. So let's just explore each of those pieces of the puzzle.
我们还必须通过与装瓶合作伙伴构建的优化生态系统来实现这一目标。当然，公司必须培养相应的人才和能力，以确保这一目标的实现，并获得社会许可来运营。那么，让我们逐一探讨这些拼图碎片。
I said when we said in the opportunities, we always needed to start with the consumer. The result of starting with the consumer, is the building over time of $1 billion brands. We now have become a portfolio of $30 billion brands. Of course, it all started with Coca-Cola, the world's second most recognized word after okay, and we've expanded from there.
正如我们在讨论机遇时所说，我们始终必须从消费者出发。以消费者为起点，最终构建出价值10亿美元的品牌。而如今，我们已经拥有了价值300亿美元的品牌组合。当然，这一切始于可口可乐——世界上仅次于“好的”第二个最为人熟知的词汇，之后我们不断扩展。
And in doing so, we've continued over the recent years to make sparkling cool again, by driving industry growth. And our brands are both global and intensely local. And you can see that by some of the brand images that are on this page. How do I do this thing, it's jumping around.
在此过程中，近年来我们通过推动行业增长，再次让碳酸饮料变得酷炫。我们的品牌既具有全球性，又具有强烈的地方特色。从这一页上展示的一些品牌形象中你可以看出这一点。怎么把这说清楚呢，内容跳跃了……
And we have been trying to create value with those retail partners. In fact, the little bubble on the top right says the Coca-Cola system has been the number one retail value creator in all CPG year‐after‐year. So we have been working with – our partners to create more value for them, than any other consumer product system.
我们一直在努力与这些零售合作伙伴共同创造价值。事实上，右上角的小气泡显示，可口可乐体系年复一年地成为所有消费品中首屈一指的零售价值创造者。因此，我们一直与合作伙伴携手，为他们创造比任何其他消费品体系更多的价值。
We also, this year, were the top ranked consumer products company in terms of fast‐moving consumer goods, with the major retail customers, the advantage survey. So we have a very clear strategy that value we want to create, with consumers is best realized by creating value with and through retail partners.
今年，我们在快速消费品领域被主要零售客户的优势调查评为首屈一指的消费品公司。因此，我们的战略非常明确——我们希望为消费者创造的价值，最好通过与零售合作伙伴共同创造来实现。
And that's not a small number of retail partners. We're currently, as the Coca-Cola system servicing about 33 customer outlets, physical outlets around the world. And that's turning into all sorts of examples of value. So we've driven that, and you've got some of the examples there, whether it's the traditional trade, with how we're using ShopX to really leverage point of sale.
而且这并不意味着我们只有少数零售合作伙伴。作为可口可乐体系，我们目前服务全球大约33个实体网点，这转化为各种创造价值的案例。无论是在传统渠道中，还是通过使用ShopX充分发挥销售点作用，你都能看到这些例子。
Whether we're doing things on visible inventory in the modern trade, or even away‐from‐home, where we've, for example, in the U.S. here in the U.S., we were growing in away‐from‐home in the fourth quarter. So huge opportunity, start with the consumer, create value for the retailers.
无论是在现代贸易中管理可见库存，还是在非家庭渠道中，例如在美国，我们在第四季度的非家庭渠道实现了增长，这都表明了巨大的机遇。始于消费者，为零售商创造价值。
And we do that through our franchise model. It is a system with truly unmatched potential. We reach right around the world. We have about 120,000 suppliers, 3,000 production lines, 5,000 warehouses, 30,000 red trucks and 14 million pieces of cold drink equipment in those 33 million customer outlets.
我们通过我们的特许经营模式实现这一目标。这是一个具有无与伦比潜力的体系，遍及全球。我们拥有约12万家供应商、3000条生产线、5000个仓库、3万辆红色运输车以及分布在3300万个网点中的1400万件冷饮设备。
The Coca-Cola franchise system serves 2.2 billion servings every day. And we believe this franchise model, which we have been optimizing over a number of years, and is almost at the end of the refranchising on the way to becoming ourselves the world's smallest Coke bottler, has allowed a tremendous amount of value creation.
可口可乐特许经营体系每天提供22亿份饮品。我们相信，这一经过多年不断优化、正接近再特许经营尾声并朝着成为全球最小装瓶商方向迈进的特许经营模式，已经创造了巨大的价值。
If you put together the Coca-Cola Company with the market caps, of the main public bottlers, Coca-Cola bottles that's a $400 billion market cap system. So it's a huge consumer product system that continues to grow. And the performance following that basic strategy with our system over time has yielded what we would describe as steadfast performance in a very dynamic world.
如果将可口可乐公司与主要上市装瓶商的市值合并计算，可口可乐装瓶体系的总市值达4000亿美元。这是一个持续增长的庞大消费品体系，长期坚持这一基本战略所带来的业绩，在充满活力的世界中表现得稳健不变。
We have, and this is a reprise of the chart we showed last time, continue to leave the beverage industry in all weather. Sometimes the economy goes well, sometimes it doesn't. There are all sorts of weird and wonderful things that happen in the beverage industry. It can be tumultuous at times.
我们一直在——正如我们上次展示的图表重现——无论市场环境如何，都能使饮料行业保持领先。有时经济形势良好，有时则不尽如人意。饮料行业中总会发生各种奇异而美妙的事情，有时甚至风起云涌。
But as we saw in 2024, yet again, we delivered on the results of '24, and made that an extended delivery over time for multiyears, multiyear driving volume growth, bringing people into the franchise, driving robust organic revenue growth, driving comparable margin expansion, and driving the 7% EPS despite all the currency headwinds and the impact of refranchising.
但正如我们在2024年再次所见，我们兑现了2024年的业绩，并在多年内持续实现交付——推动销量增长、吸引消费者加入特许经营、促进强劲的有机收入增长、实现可比利润率扩张，并在所有汇率逆风和再特许经营影响下实现了7%的每股收益。
So we think our ability, to capture that opportunity with our all-weather strategy, is working in all weathers. And of course, as you can see here, we continue to expand the leadership of the beverage industry as we continue to grow and win in the marketplace. So not just a leader, but the winner in the industry.
因此，我们认为，凭借我们的全气候战略捕捉这一机遇的能力，无论环境如何，都能发挥作用。当然，正如大家所见，我们在不断增长并赢得市场竞争的同时，持续扩大了在饮料行业的领导地位——我们不仅仅是领导者，更是行业的赢家。
So, good news is we soon, not yet, but soon, we'll no longer be talking about the years when the EPS was $2, $3 is now in the sideline. So our long-term model has been delivering, and that has allowed us to break out of that long period of $2 EPS, and we're on our way to being the $3 plus EPS Company. So we're confident about the next step in that journey, which is obviously our 2025 guidance.
好消息是，很快——虽然还不是现在，但很快——我们将不再讨论每股收益仅为2美元或3美元的时代。我们的长期模式已经证明了自己的价值，使我们摆脱了那段每股收益仅为2美元的长时期，并正朝着成为每股收益超过3美元的公司迈进。因此，我们对这一旅程的下一步充满信心，这显然体现在我们的2025年指引上。
Obviously, the operational result is very strong as we—as you can see from the guidance, and it's offsetting not just the FX headwinds, but the tax rate from the Pillar 2 taxes that come into play in 2025. Otherwise, the EPS, again, growth would be close to the longer-term momentum. So continued delivery on the breakout on a multiyear momentum journey.
显然，从运营结果来看非常强劲——正如大家从指引中看到的，这不仅抵消了外汇逆风，还抵消了2025年施行的Pillar 2税率的影响。否则，每股收益的增长将会接近长期的增长势头。因此，我们将继续在多年增长的道路上实现突破性业绩。
So how have we done that? And what are we going to do to continue that going forward. The execution of the strategy really centers on these five pillars. We've got to have a portfolio of loved brands, we've got to do that through a transformed marketing, and innovation model.
那么，我们是如何做到这一点的？未来又将如何持续实现这一目标？战略执行的核心在于这五大支柱。我们必须拥有一个深受喜爱的品牌组合，并通过转型的营销与创新模式来实现这一目标。
We've got to be able to deliver it through the optimized ecosystem with our bottling partners. And of course, the company has to build the talents and capabilities, to make that happen and deliver a social license, within which to operate. So let's just explore each of those pieces of the puzzle.
我们还必须通过与装瓶合作伙伴构建的优化生态系统来实现这一目标。当然，公司还必须培养相应的人才和能力，以确保这一目标的实现并获得社会运营许可。现在，让我们逐一探讨这些拼图碎片。
I said when we said in the opportunities, we always needed to start with the consumer. The result of starting with the consumer, is the building over time of $1 billion brands. We now have become a portfolio of $30 billion brands. Of course, it all started with Coca-Cola, the world's second most recognized word after okay, and we've expanded from there.
正如我们在谈论机遇时所说，我们始终必须从消费者出发。以消费者为起点，逐步打造出价值10亿美元的品牌。而如今，我们已拥有一个价值300亿美元的品牌组合。当然，一切始于可口可乐——世界上仅次于“好的”第二个最被认可的词汇，从那时起我们不断扩展。
And in doing so, we've continued over the recent years to make sparkling cool again, by driving industry growth. And our brands are both global and intensely local. And you can see that by some of the brand images that are on this page. How do I do this thing, it's jumping around.
在此过程中，近年来我们通过推动行业增长，再次让碳酸饮料变得酷炫。我们的品牌既具有全球影响力，又深植于本地市场。从这一页展示的品牌形象中你可以看出这一点——哦，怎么说呢，内容有些跳跃。
And what I think I'd like to just highlight, other than some of the – having some of the favorite brands on the map, is the bid at the bottom. The bid at the bottom, I think, is super important to pay attention to, because our portfolio of $30 billion brands, since the creation of Coca-Cola, we have created $15 billion brands organically ourselves from inception to the $1 billion of retail revenues, all being done organically from within the Coca-Cola Company.
我想特别强调的是，除了地图上那些大家喜爱的品牌之外，最值得关注的是底部的标价。我认为这个标价非常重要，因为自从可口可乐创立以来，我们已经在内部有机地打造了价值150亿美元的品牌，从创立到实现10亿美元的零售收入，均是通过有机增长完成的。
Of the ones that we have created through an M&A platform, 12 were bought very small and turned into $1 billion brands, and only three were bought as they are billion dollar brands. And I think that talks to the fact that the system has an incredible way of being able to both leverage consumer insights organically, and to execute on what is largely a bolt-on M&A strategy that delivers value through scaling around the world.
在通过并购平台创造的品牌中，有12个是以很小的规模收购后打造成为10亿美元品牌的，只有3个是在收购时即已是十亿美元品牌。这充分说明，该体系既能有机地利用消费者洞察，又能执行主要通过补充并购战略实现全球规模扩张、创造价值的战略，能力非凡。
And of course, it's an enviable track record of creating those $30 billion brands. In fact, if you look at the last number of years, 20 years or so, and start comparing the creation of those billion dollar brands versus the rest of the consumer products industry, I think you can find studies that show a pretty high percentage of the industry's billion dollar brands that have been created have actually been created by the Coca-Cola Company.
而且，我们在打造这些300亿美元品牌方面拥有令人羡慕的业绩记录。事实上，如果你看看过去大约20年的情况，并将这些十亿美元品牌的打造与其他消费品行业相比，你会发现研究表明，行业中被打造出来的十亿美元品牌中有很大比例实际上都是由可口可乐公司创造的。
So that massive portfolio of $30 billion brands was, of course, not an overnight success. The slightly ironic part of calling this industry the fast‐moving consumer goods industry is, of course, it may rotate quickly on the shelf from where it gets its name, but the structure of the industry actually does not change quickly. The creation of beverage brands is an incredibly long run process.
因此，这个庞大的300亿美元品牌组合当然不是一夜之间成功的。讽刺的是，虽然我们称这个行业为快速消费品行业，因为产品可能在货架上迅速更替，但行业结构实际上变化并不快。饮料品牌的打造是一个极其漫长的过程。
And if you look at this chart, for example, you can see that we've been driving Sprite and Fanta for many, many, many years since their inception. And yet now they've achieved some absolute scale. If you were to take Sprite and Fanta together, they would be the fourth largest NARTD Company, and among the top 10 brands in CPG. And yet we're still getting started.
例如，如果你看看这张图表，你会看到自从创立以来，我们一直在推动雪碧和芬达的发展，如今它们已经达到了绝对规模。如果把雪碧和芬达合在一起，它们将成为第四大非酒精即饮饮料公司，并位居消费品行业前十大品牌之列，而我们依然才刚刚起步。
If you compare the market share of our flavor brands, to the market share of Coca-Cola within the Cola category, of course, there is still a long way to go. So even though they've been around for many, many decades, they still have a huge opportunity ahead of them in the flavor category. So Coca-Cola has extended its lead. We've obviously built a total beverage portfolio with that including Coke Zero and Diet Coke. But we believe we have much more to do in the flavors category. So again, great success but not overnight.
如果你将我们风味品牌的市场份额与可口可乐在可乐类别中的市场份额进行比较，显然还有很长的路要走。所以，即使这些品牌已经存在了几十年，在风味类别中仍然拥有巨大的发展机遇。可口可乐因此进一步巩固了其领先地位。我们显然已经构建了一个完整的饮料产品组合，其中包括Coke Zero和Diet Coke，但我们相信在风味类别中还有更多工作要做。因此，成功虽显著，但绝非一蹴而就。
And the same is true with the stills brands that we've been building and that have now becoming the majority of the $30 billion brands. You can see that over the last decade, we have nearly doubled the retail sales of our portfolio in non-sparkling in the stills categories and the various credit [ph].
对于我们打造的静态饮品品牌也是如此，这些品牌现在已成为300亿美元品牌组合中的主要部分。从过去十年的情况来看，我们在非碳酸、静态饮品类别及相关领域的零售销售几乎翻了一番。
I think interestingly, if you pick apart the growth that's happening here, you can see the building of some truly powerful consumer franchises. For example, Simply has become the number one juice brand in the U.S. at the end of last year, but that has been several decades in the making.
有趣的是，细看这里的增长，你可以看到一些真正强大的消费者品牌正在形成。例如，Simply在去年年底已成为美国第一大果汁品牌，但这背后积累了数十年的努力。
Another stills category that doesn't always get a lot of attention, ready-to-drink tea. Ready-to-drink tea was actually the fastest-growing category in the industry. And Fuze Tea was growing at three times the industry. So not only have we seen the investments being some of these stills categories start to drive considerable growth, but we have been able to grow much more rapidly than the category.
另一个常被忽视的静态饮品类别是即饮茶。事实上，即饮茶是行业中增长最快的类别，而Fuze Tea的增长速度是整个行业的三倍。因此，我们不仅看到对这些静态饮品类别的投资开始推动可观的增长，而且我们的增长速度远快于该类别整体。
Another one that was a decade or so in the making, Fairlife. In 2014, the retail value of Fairlife was $10 million. Last year, it was nearly $4 billion. And of course, it's a compounding business. It still looks small five years into that journey. But eventually, if you've got the consumer proposition exactly right, that compounding will turn into a huge and profitable business, which is Fairlife.
还有一个花费了大约十年时间打造的品牌——Fairlife。2014年，Fairlife的零售价值为1000万美元，而去年接近40亿美元。当然，这是一个复利型业务，五年后看起来仍然很小，但最终如果消费者定位完全正确，这种复利效应将转化为一个巨大的、盈利丰厚的业务，也就是Fairlife。
And of course, we still have an enduring value-creating partnership with Monster that has created six points, for example, of share just in the last five years. So – the portfolio was not just growing in aggregates, but it's deepening its leadership positions in a number of categories, and really driving the way forward. Of course, there are categories where everything is not working.
而且，我们仍然与Monster保持着持久的价值创造合作伙伴关系，仅在过去五年中就创造了约6个百分点的市场份额。所以——我们的品牌组合不仅在总量上增长，而且在多个类别中不断巩固其领导地位，真正推动了前行。当然，也有一些类别表现不佳。
We still have much more to do, both to find the path to a winning proposition, and then deliver at scale, whether that be coffee, or some of the other categories. But we will continue with patience and persistence, to pursue these opportunities to create value across all the beverage categories.
我们还有更多工作要做，无论是找到赢得竞争的路径，还是实现大规模交付——无论是咖啡还是其他类别。但我们将继续以耐心和坚持，抓住这些机会，在所有饮料类别中创造价值。
Now behind the scenes and really what has been the key part of pillar number two, which is the marketing innovation has been the marketing transformation. We did, of course, streamline the portfolio of brands in the middle of COVID. We went down from 400 plus to about 200, and we've really found that that focus and reduction has allowed us to get more clarity, and really drives the quality leadership of those brands and their positioning.
现在，幕后真正关键的第二大支柱——营销创新，已经转变为营销转型。当然，在COVID期间我们精简了品牌组合，从400多个减少到约200个，我们发现这种聚焦和缩减让我们更加清晰，并真正推动了这些品牌及其定位的质量领导力。
The discipline around the innovation has made a huge difference, driving up success rates a lot over the last five years. Similarly, with the marketing efficiency, driving more of the spend into digital, like many other people have seen increased speed, effectiveness and efficiency and a new marketing model. And let me perhaps dive into that.
围绕创新的这种纪律性产生了巨大影响，过去五年中大大提高了成功率。同样，在营销效率方面，我们将更多支出投入到数字化上，正如许多人看到的那样，速度、效果和效率均有显著提升，同时形成了全新的营销模式。让我来详细介绍一下。
[Video Presentation]
So it had to be a cool video. It's been a couple of years since we did a video. But what's behind that is actually, in a way, the interesting part to really get to groups with why this is an enduring advantage, because it's an enduring capability. We've talked about Studio X a number of times before, but it's really been a key component in helping unlock our marketing transformation.
【视频展示】
这必须是一段很酷的视频。自从我们上次制作视频已经有几年了。但其背后实际上是揭示这一持久优势的有趣部分，因为这是一种持久的能力。我们之前多次谈及Studio X，它确实是帮助我们解锁营销转型的关键组成部分。
In essence, there are nine studios around the world, all interconnected and nine, because we have nine operating units. They of course, increasingly use the digital ecosystem around them, to deliver experiences and they drive growth. There are not many things you can come on to the stage, and talk about where you get all of the first three things on the left-hand side.
本质上，我们在全球拥有九个工作室，彼此互联，因为我们有九个运营单位。当然，这些工作室越来越多地利用周边的数字生态系统来提供体验，并推动增长。很少有事物能够像左侧前三项那样登台讲述其来源。
It has made our marketing faster from idea inception to execution. It has made it more effective with consumers, and it is more efficient, i.e., cheaper. Not many things can deliver on all those three and actually come to life at scale. And so, it's been a huge help to unlock the obvious speed, effectiveness and productivity.
这使我们的营销从构思到执行的速度更快，使其对消费者更为有效，同时更具效率，即更低成本。很少有事物能同时在这三个方面取得成果并实现大规模落地，因此它极大地提升了我们的速度、效果和生产力。
And there are lots of examples out there, and it allows us to drive things that are not just things that we create—for example, the food festivals around the world, which is that little example and the top right, top left, top left, whether it's Vietnam, India et cetera. So we are out there creating experiences and multiplying the effect of them, around the world.
外面有许多例子，这使我们能够推动一些不仅仅是我们自己创造的事物——例如，全球各地的美食节，无论是在右上角、左上角还是其他地方，无论是越南、印度等等，我们都在创造体验并将其效应在全球范围内倍增。
But also, you have people out there doing their own stuff. Lots of people are out there creating things. The example here is Dua Lipa's Diet Coke recipe. For those of you who haven't tried it, look it up on TikTok and give it a go, see what you think. There are all sorts of variance of that going around. And yet they're organically created, but we can expand their reach across TikTok and other platforms.
此外，还有很多人自己在创造东西。这里的例子是Dua Lipa的Diet Coke配方。对于那些还未尝试过的人，可以在TikTok上搜索看看，试一试，看看效果如何。类似的创意层出不穷，它们虽然是有机产生的，但我们可以通过TikTok及其他平台扩大其影响范围。
And then, of course, you get into much more personalized forms of digital experiences. So really, Studio X, the implementation of this, both through the things that we do, the things that we connect into, and can amplify has really allowed us to go on the marketing transformation journey. And as we talked earlier or last week in the earnings call, we're starting to see some of those productivity benefits come through, not just by driving the top line, but some of those in the back half of the year into the P&L as well.
然后，当然，还会涉及更为个性化的数字体验。因此，Studio X的实施，无论是通过我们自身的举措，还是通过我们所接入和能够放大的资源，都真正使我们走上了营销转型的道路。正如我们之前或上周的财报电话中所谈到的，我们开始看到一些生产力效益的显现，这不仅体现在推动收入增长上，也在年度后半段反映到利润表中。
Our ecosystem. It's not just an incredible physical system, as I talked about in the opportunity about the factories and the trucks and the sheer reach across all those consumers. But it has an incredible ability to lift and shift the best ideas and so the creation of the nine operating units and the Studio X ideas, has increased our ability to lift and shift ideas to go from siloed ideas that worked in certain places, but to really take them around the world.
我们的生态系统不仅仅是一个令人惊叹的实体体系，就像我之前谈到的工厂、卡车以及覆盖所有消费者的广泛网络一样，它还具有极强的能力，将最好的创意提升并传播出去。正因为我们拥有九个运营单位和Studio X的理念，这大大提升了我们将原本仅在局部地区有效的孤岛式创意传播到全球的能力。
We've put up some of those programs, and ideas here that we've moved around, whether it be things like the universal returnable glass bottle, which started in Brazil and has moved around Europe, Asia Pacific. Some of the digital experiences that our bottlers have been doing around order taking and digital platforms have moved much more quickly, around our system than they ever used to do. And so the combination of the refranchise system with the capabilities and the Studio X platforms, is helping ideas move around our system much more quickly.
我们推出了一些项目和创意，无论是始于巴西并已推广到欧洲、亚太地区的通用可回收玻璃瓶，还是我们的装瓶商在订单处理和数字平台方面开展的数字体验，都比以往传播得更快。因此，再特许经营体系与我们的能力以及Studio X平台的结合，正在帮助创意在我们的体系中更迅速地流动。
And all of that, as pillar four laid out, is powered by the people. From our point of view, we have to continue to drive an enterprise‐wide capability agenda investing in digitally savvy leadership, driving the capabilities that we need, but also the shared capabilities we will have with our bottling partners, and across the system and really building the futures of leaders.
而这一切，正如第四支柱所阐述的，是由人来推动的。从我们的角度来看，我们必须继续推动全企业能力建设议程，投资于数字化精明的领导力，打造我们所需的能力，同时与我们的装瓶合作伙伴共享能力，构建整个体系，共同培养未来的领导者。
And we've just thrown up a few statistics here that highlight, the passion and the motivation behind the growth agenda, and how network this model is to making it happen. And you can see that in all sorts of statistics here.
我们刚刚展示的一些统计数据突显了推动增长议程背后的热情和动力，以及这一模式在实现目标方面的网络效应。从这里的各类统计数据中您都可以看出这一点。
The last column was about solidifying our social license to operate, as we look to manage an ever more dynamic world. And we've just put here a few ideas on how that comes to life, because at the end of the day, there is a need for a social license to operate, and it cannot be taken for granted. So whether you want to look at it through a regulatory lens, geopolitical lens, community lens.
最后一栏是关于巩固我们运营的社会许可，作为我们在应对日益动态的世界时的一项工作。我们在这里提出了一些如何将其落实的思路，因为归根结底，运营社会许可是必须具备的，它绝不能被视为理所当然。无论您是从监管、地缘政治还是社区的角度看待这一点……
There's always something that needs to be done, to be nurtured and to be driven into the future. And if you would take, for example, the bottom line here, the packaging one. We have made great progress. 95-plus percent of all our packaging is recyclable. Actually, 62% of it was collected for recycling in 2023. We haven't yet published the '24 numbers, which is why the '23 number.
总有一些事情需要做、需要培养，并推动进入未来。举例来说，这里底部的包装部分，我们已经取得了巨大进展。我们所有包装中有95%以上可回收，实际上2023年回收率达62%。由于还未公布2024年的数据，因此这里显示的是2023年的数字。
And of that, we use 27% recycled material back in our own packages, including recycled PET. So we continue to look to solidify that license, by being up to date, whether it's through the circular economy around packaging, which is now – but that need to kind of manage waste and to manage the environmental impact. It was true 50 years ago, when it was the litter campaigns, the pickup litter in the U.S. So there's been an enduring feature of this, and that will continue to be so.
而在这些包装中，我们在自己的产品中使用了27%的再生材料，包括再生PET。因此，我们将继续努力巩固这种社会许可，通过保持最新状态，无论是通过包装循环经济还是管理废弃物及环境影响。这一需求早在50年前美国的垃圾捡拾运动时期就已存在，并将持续下去。
So one of the key takeaways before I hand over to John. We have a fantastic industry. We believe we're still well over a century in, just getting started on the ability and the need to continue to create this industry. And of course, as the industry leaders, we invest to create the industry. And there's so much left to be done.
在我交给John之前，主要有两个关键点要说明。首先，我们拥有一个极佳的行业。我们相信，即使经过了一个多世纪的发展，我们依然刚刚开始发挥并满足持续创造这一行业的能力和需求。当然，作为行业领导者，我们一直在投资创造这个行业，还有很多工作亟待完成。
Secondly, we've been building and furthering our competitive advantages, to make sure that we are not just a leader in the industry, but we're gaining share as we go forward. And that we continue to drive. Because we're executing our all‐weather strategy and doing that, not just with our bottling partners, but with our retail partners so that value is created for everyone. And so that allows us to scale our total beverage portfolio with a local edge, and we can truly be global and local, the leaders and the winners.
其次，我们一直在构建和强化我们的竞争优势，确保我们不仅仅是行业领导者，而是在未来不断赢得市场份额。我们将持续推动这一目标，因为我们正在执行全气候战略，这不仅体现在与装瓶合作伙伴的合作上，也体现在与零售合作伙伴的协同上，从而为所有人创造价值。这使得我们能够以本地优势扩大全球饮料产品组合，真正实现全球化与本地化的完美结合，成为行业的领导者和赢家。
So with that, let me hand over to John, who will talk to you about how that creates enduring value. John?
那么，接下来请允许我把话筒交给John，他将讲述这一切如何创造持久价值。John?
John Murphy
约翰·墨菲
Thank you, James. Good morning, everybody. This is number seven from me, so still somewhat of a novice compared to the man here on my left, but great to be back. As we move to this next area where we want to talk about the enduring value of our proposition.
谢谢你，James。大家早上好。这是我第七次发言，所以与我左手边这位相比，我仍然算是新手，但很高兴能回来。接下来，我们将进入下一个话题，探讨我们主张的持久价值。
A critical focus area this past few years has been to create a very clear linkage between the pillars of the all-weather strategy that James has just talked us through, and how they build enduring value over time, and being able to engage our organization down to the front of the organization in the marketplace to appreciate that and to focus on the key drivers behind it.
过去这几年，我们的一个关键关注点是，在James刚刚介绍的全方位战略支柱之间建立非常清晰的联系，并阐明这些支柱如何随着时间的推移构建持久价值，同时能够让我们在市场一线的组织全面参与其中，理解这一点并专注于其背后的关键驱动因素。
So to help us stay focused, we - like many of us, we have dashboards. And what I'd like to do for the next few minutes is just to drill in a little bit to the dashboard that we are using to make sure that linkage I just refer to stays present and continues to deliver on, as I say, on the proposition.
为了帮助我们保持专注，我们——就像很多人一样——也使用仪表板。接下来的几分钟里，我想详细介绍一下我们所使用的仪表板，以确保我刚才所提到的这种关联依然存在，并继续实现我所说的这一主张。
The work that we have been doing to curate a growth portfolio of brands, is reflected in the longevity of top line momentum that we have been enjoying for a number of years now, at 9% over the last five years, even taking into account the impact of some of the hyperinflationary markets, we're still at or slightly above our long-term algorithm.
我们一直在打造品牌增长组合，这项工作体现在我们多年来保持的可持续营收增长上。过去五年的增速为9%，即使考虑到某些高通胀市场的影响，我们依然能达到或略高于我们的长期算法水平。
And having closed 2024 with good momentum, we are confident in being able to continue to deliver at this pace as we go forward. The interesting in the last four years, we've had an even greater focus on the importance of driving transactions, and we're seeing transactions around the world growing ahead of volume. So I often use the expression more for less when it comes to productivity.
在2024年以良好势头收官后，我们相信在未来仍能以同样的节奏继续前进。有意思的是，在过去四年里，我们更加关注推动交易的重要性，并观察到全球交易量的增速超过了总体销量。因此，在谈到生产力时，我常用“用更少资源做更多事情”这一说法。
But if you, again, remember the $30 billion brand slide, it also works for the top line. And paradoxically, doing more with less brands is one of the key drivers behind this separation that we're seeing in the - with the 9% CAGR growth over the last few years. And those big brands also allow us to bring scale into the equation better than most. Scale is our friend when it comes to translating this momentum into margin expansion.
如果你还记得那个300亿美元品牌的幻灯片，同样可以应用在营收层面。而且看似矛盾的是，使用更少的品牌却取得更多成果，正是过去几年里我们实现9%复合年增长率的重要驱动因素之一。而这些大型品牌还让我们更好地利用规模效益，将这种增长势头转化为利润率扩张，规模对我们而言是有利的。
Our operating margin reached 30% at the end of 2024, and we know we can continue to drive underlying expansion, not always in a straight line. This year, it will be more in the back half of the year, but we know we have a number of levers. We have on the right-hand side here a number of areas that we've talked about consistently. Let me give you just a few examples to bring in a little bit more to life.
到2024年年底，我们的营业利润率达到了30%，我们相信仍能继续推动内在的扩张，虽然不一定总是直线攀升。今年主要会集中在下半年，但我们知道手上有多项可用杠杆。右侧列举了一些我们一直在讨论的领域，我来举几个例子，让它更加具体一点。
Seven years ago, our approach to logistics was to optimize the opportunity locally. Today, we have a global network that takes into account total system spend, across the world on ocean, on air, on rail, across the road, third-party logistics. And so with that massive scale, we're able to both drive greater efficiencies over time, but also and importantly, in the world we're living in today have greater assurance in certainty of supply in our many markets around the world.
七年前，我们在物流方面的做法是针对本地优化。而如今，我们拥有一个全球网络，综合考虑在海运、空运、铁路、公路及第三方物流的全系统支出。如此庞大的规模不仅能让我们随着时间推移提高效率，更重要的是，在当今的世界里，我们也能在全球众多市场更好地确保供应的稳定性。
We currently have a terrific forum with our many bottling partners around the world, to benchmark each other's performance. Culturally, this was not something that everybody enjoyed over the years. But today, we're seeing a mindset of wanting to learn wanting to understand, who's doing it best and then being able to transfer those practices in, and it's delivering real savings to both the company and to our bottling partners.
目前，我们与全球许多装瓶合作伙伴有一个极佳的平台，用来互相对标各自的绩效。从文化上讲，这在过去并非所有人都喜欢。但如今，我们看到了一种愿意学习、想要了解谁做得最好的态度，然后将这些最佳实践移植过去，这给公司和装瓶伙伴都带来了切实的成本节省。
We've talked in the past about the impact that the commodities world can have on businesses like ours. And yet with hedging strategies that again have been cut and paste across the system, to leverage the better practices with long-term and I mean long-term way out agreements with a number of key suppliers, and with a very clear connection between the role of innovation, to continue to look for more productive ways to deliver quality products.
我们过去也讨论过大宗商品市场对我们这样的企业可能产生的影响。然而，通过运用全系统共享的套期保值策略，以及与多个关键供应商达成长期——我指的是真正长期的——协议，再加上创新在其中发挥的重要作用，我们能够不断探索更高效的方式来提供优质产品。
These are all adding to this equation whereby scale opens the doors for new opportunities on productivity, and the hunger within our system then to go after it is, is adding to what you're seeing here on the slide, the expansion over time in recent years and our belief that it will continue to be an opportunity going forward.
这些共同促成了这样一个方程式：规模为生产力创造了新的机会，而我们的系统内部也有着追逐这些机会的渴望，正如你在幻灯片上所看到的，近几年的持续扩张让我们相信这在未来仍将是一大机遇。
For a number of years now, I've maybe bore some of you, but talked a lot about the importance of resource allocation. Again, it's an area that can sometimes be more conceptual in its attractiveness versus being able to drill down into making it really work in the - in our P&Ls.
过去几年里，我也许让有些人听得有点厌烦了，但我一直在谈资源分配的重要性。这方面有时看起来更具概念吸引力，而让它真正落地到我们的损益表里却并非易事。
The marketing transformation that James referred to earlier, was designed not only to become better, and to become closer to our consumers, but it was also designed to do it more efficiently. And over the last few years, since we have embarked in this program. We have been able to create, create new value for the company over $1 billion, some of which has been reinvested back into our brands, and gives us the confidence that we'll continue to support them in the way that they're needed. But by the same token being judicious and been well positioned, to take it to the bottom line when needed.
James之前提到的营销转型，目的不仅是做得更好、更贴近消费者，同时也要更高效。在过去几年里，自我们启动这个项目以来，已经为公司创造了超过10亿美元的新价值，其中一部分被再投资到我们的品牌中，让我们有信心持续以所需的方式支持这些品牌。同时，我们也能在需要时保持审慎并处于良好位置，将其转化为利润。
Generative AI is a good drill down example of a small area that's starting to prove very beneficial, to companies like ours. And while I don't think anybody is clear on, where we will be in five years' time or in 10 years' time, I think what's important is to stay grounded in the opportunity that's available today, and to have a very discrete area of focus to bring to life the value that's possible.
生成式AI是一个很好的例子，作为一个小范围的应用，已经开始为像我们这样的公司带来很大益处。虽然我认为没人能确切预见五年或十年后会是什么样子，但重要的是要扎根于当下可行的机遇，专注于具体的应用领域，来实现可能的价值。
Our Christmas campaign in 2024, is one great example of being able to drive at scale, a creative solution that was very well received across by our consumer set across the world, but produce much faster and on a much lower cost base. And more of that is in the works.
我们在2024年的圣诞营销活动就是一个很好的例子。我们在全球范围内以大规模方式推行了一项创意方案，受到消费者的热烈欢迎，同时制作速度更快、成本更低。这类工作还在继续推进中。
So when you've got top line momentum, you've got a productivity equation that's helping to expand margins over time. You've got a good basis to manage our cash reserves more effectively. In addition to that, there are other opportunities that we have been deploying. Our cash conversion cycle today is one-sixth, one-sixth of what it was in 2017. And we continue to eke out opportunities across that line of work.
因此，当你拥有营收增长势头时，加上可以随着时间推移提升利润率的生产力模式，就有了更好的基础来更高效地管理我们的现金储备。除此之外，我们还在利用其他机会。我们目前的现金转换周期仅为2017年的六分之一，且仍在这一方面不断挖掘潜力。
Our focus to invest to grow our businesses around the world can sometimes, be a headwind to accruing cash. And yes, a mindset of scarcity has promoted a tremendous amount of creativity, to enable us to continue to invest appropriately, by the same token, have the cash pile continue to grow in our favor.
我们专注投资以在全球范围内推动业务增长，有时会对现金积累形成阻力。然而，稀缺思维反而激发了极大的创造力，使我们能够在继续合理投资的同时，让我们的现金储备也持续增长，形成有利局面。
We highlighted last week, the anomalies, we have in 2025 with the Fairlife payment coming due soon, and also the final year of the tax from the 2017 Tax Act. So '26, '27, '28, we are looking to see this line continue to move forward.
我们在上周提到过，2025年会有一些特殊情况，比如Fairlife的付款即将到期，以及2017年税收法案的最后一笔税款。因此，在2026年、2027年、2028年，我们希望看到这一数字继续向前推进。
Which allows us to continue to build out a balance sheet that, is an enormous advantage for us to continue to deliver on the strategies that we just talked about under the all-weather strategy. Our balance sheet is stronger than it has been for many years. We see here the impact of our refranchising efforts since 2015.
这使我们得以继续壮大资产负债表，为在全方位战略下继续推进我们刚才谈到的各项策略提供巨大优势。我们的资产负债表比多年来任何时候都更强健。这也体现了自2015年以来我们在特许经营重新布局方面的成果。
The company's net revenue contribution from its core business is 87% today, versus 48% in 2015. That's been a driver to our return on invested capital, going up six points in that same period. And our debt capacity continues to grow, to create opportunities for us to invest as the business demands.
公司核心业务对净收入的贡献目前为87%，而在2015年是48%。这推动了我们在同期内的投资回报率上升了6个百分点。同时，我们的债务承载能力也在不断增长，为我们根据业务需求进行投资创造了更多机会。
And the business is demanding. As we have highlighted the priority number one, is to continue to support the five growth pillars through the appropriate investments, whether it's in our core concentrate business, we have new production facilities in progress around the world, or whether it's to support those bottling operations that we continue to own for now in particularly in Africa and in India.
而且业务本身需求旺盛。正如我们所强调的，首要任务是通过恰当的投资持续支持这五大增长支柱，无论是核心浓缩业务（我们在全球各地都有新的生产设施在建），还是继续持有的装瓶业务，尤其是在非洲和印度的装瓶运营。
We also, in parallel, have maintained an unwavering commitment to our dividend and have seen it grow now at 62 consecutive years, and we continue to have that very much at the top of our list. It still allows us to stay both opportunistic and flexible when it comes to our overall capital allocation approach in the next few years. We think that the acquisitions and the divestitures that we have thus far delivered against, are ones that are strengthening the company.
同时，我们一直坚持派发股息，并且已经连续增长了62年，这仍是我们高度重视的事项。这也让我们在未来几年中，能够在整体资本配置方面保持机会导向和灵活性。我们相信，迄今为止所实施的收购和剥离，都在加强公司的实力。
Not all brands grow at the same - have the same life cycle of growth. We've seen Fairlife and Costa and BODYARMOR, Topo Chico, these are all fantastic brands that we've great belief in going forward. Our divestitures have brought in $18 billion of gross proceeds over the last number of years. And we expect more to come in the next couple of years.
并非所有品牌都以相同的速度或在相同的生命周期内增长。我们已经看到Fairlife、Costa、BODYARMOR和Topo Chico等品牌都非常出色，我们对它们的未来充满信心。多年来，我们的资产剥离已经带来了180亿美元的总收益，未来几年还会有更多进展。
The two other areas that we're very mindful of net share repurchases apart from a blip in 2023, we've been primarily focused on repurchasing to offset dilution. And our debt structure is one that we are very keen to keep optimal, and are confident that we can do so in the next period ahead.
我们非常关注的另外两个方面是净回购股份——除2023年曾出现过一次短暂波动外，我们主要通过回购来抵消稀释。我们的债务结构是我们非常希望保持在最佳状态的一环，我们也有信心在下一阶段做到这一点。
So I said through '25 and '26, we'll have a continued focus not only on refranchising, but partnering with our bottlers, to optimize our system configuration around the world. And we believe that, that will open up even further opportunities for us when it comes to capital availability and deployment.
因此，我说过，在2025年和2026年期间，我们会继续专注于特许经营重新布局，并与装瓶伙伴合作，在全球范围内优化系统配置。我们相信这会为我们在资本的可用性和部署方面带来更多机会。
You saw our guidance for 2025 last week. We continue to be very committed to our long-term algorithm, and we continue to look to not just meet it, but to exceed it on a sustained basis over time.
上周你们看到了我们对2025年的指引。我们会继续坚定地执行长期算法，并力争在这一算法的基础上长期保持超越。
So to close out today's section, we have a few points maybe to leave you with, first of all, to reinforce the industry that we're in has an incredible opportunity ahead, no matter which way, what lens you look through. We have and - we continue to create new levers to drive both the top line, and expand margins over time. We're investing smartly to drive quality growth for the future and with great discipline.
最后，总结一下今天的内容，我想给大家留下几点：首先，不管你以何种方式或视角来看，我们所处的行业都拥有巨大的机遇。我们已经并将继续创造新的杠杆来推动营收增长，并在未来逐步扩大利润率。我们以谨慎且高效的方式进行投资，为未来实现高质量增长。
We're not the only ones who see the opportunity in this industry. It's a competitive world out there, not only here in the United States, but in other regions where we're very active in. And we relish it, we relish the competition. I think it makes us all better.
并不只有我们看到了该行业的机会。在美国以及我们积极参与的其他地区，这都是一个竞争激烈的世界。我们乐于参与竞争，我认为这会让我们所有人都变得更好。
And finally, the ecosystem that we are part of, and one that we have the privilege to orchestrate, has never been in better shape. Not only when I think about our bottling partners, but I also think about our supplier base. I think about many of our - the 33 million customers James mentioned I include them in there too. I don't think it's ever been in better shape. And in that regard, we're poised I believe, to continue to deliver enduring value over time.
最后，我们所身处并有幸协同运作的生态系统从未像现在这样充满活力。不仅仅是我们的装瓶合作伙伴，我也会考虑我们的供应商网络。我还想到James提到的我们所拥有的3,300万个客户——他们也包括在内。这个生态系统前所未有地稳健。从这个角度看，我相信我们能够继续在未来创造持久价值。
So thank you for your time and attention. And I think we have a few minutes left for maybe a question or two. One question, maybe.
非常感谢各位的时间与关注。我想我们还剩几分钟时间，也许能回答一个问题。也许就一个问题吧。
Question-and-Answer Session
问答环节
Q - Unidentified Analyst
问 - 未具名分析师
You called out the transactions versus volume performance in the last four years. And so I was curious about in the context of everything you laid out in terms of category development opportunity long-term, the natural diversification of your portfolio that's happening as that happens and things you're doing. So how should we think about transactions versus volume, and what sort of the internal and system-wide philosophy around that?
你提到了过去四年中交易量相对于销量的表现。结合你们长期来看在品类发展机会方面所做的所有规划，以及你们在实现产品组合自然多元化过程中的举措，我很好奇我们应该如何看待交易量与销量之间的关系？在公司内部和整个系统层面，对于这点的理念是什么？
James Quincey
詹姆斯·昆西
Clearly, from - just to back up a second. One of the reasons that we focus on transactions relative to volume, is it implies a more individual relationship with the brand than just volume. In other words, if you sell one big bottle, and everyone shares it, then everyone didn't get to have their own point of view on, which brand they wanted. But if everyone buys an individual package, which is a transaction, then clearly, you've got more strength of relationship with the brand.
让我先倒回一点来解释。我们之所以关注交易量与销量之间的关系，原因之一是相较于总销量，这代表与品牌之间更加个体化的关系。换句话说，如果你卖出了一瓶大包装，然后所有人一起分享，那么每个人对自己想要的品牌就没有单独的选择。而如果每个人都购买单独包装，这就构成一次交易，那么显然消费者与品牌之间的关系会更加紧密。
That then also means it's more likely to be an immediate consumption package, which has generally speaking, around the world tends to be more favorable for revenue and profitability for the system. So there are lots of reasons to, on a long-term basis, want the relationship with the consumer to be as individual package as possible rather than multi-serve packages.
这也意味着它更可能是即饮包装，从全球范围来看，这通常对系统的收入和盈利能力更有利。因此，从长期来看，有许多理由希望与消费者之间的关系尽可能通过单人份包装来体现，而不是多人共享包装。
And so yes, we would look to see transactions grow. Now having said all that, it's a massive system. We're selling 2.2 billion servings every day. So you're only likely to see a small variation of transactions growing slightly faster than volume on a global basis. There are other underlying trends that tend to drive that to be true. The more people eat away-from-home, the more it tends to be more individual transaction led rather than multi-serve led.
所以没错，我们希望看到交易量不断增长。不过话说回来，这是一个非常庞大的系统。我们每天售出22亿份产品，所以在全球范围内，交易量的增速只会比销量略微快一些。还有很多潜在趋势会推动这一点，比如消费者在外就餐越多，交易也越偏向单人份包装，而不是多人共享包装。
But I think it's something we always seek for all the strategic reasons behind it. It just doesn't develop radically on any short-term basis. And actually, it's said another way, it's a way of making sure the thing doesn't suddenly go in reverse, because sometimes it's easier to sell the bigger packages. They're easier to discount, they're easier to promote. And so it's a way of, it's a way of pushing against the natural tendency sometimes to look for a shorter route to the answer.
但我认为这始终是我们追求的目标，背后有多方面的战略考虑。它并不会在短期内出现大幅增长。换句话说，这也是为了确保我们不会突然逆转，因为有时大包装更好卖，折扣和促销都更方便。所以这也是在抵御一种天然倾向：有时人们会寻找更简单快捷的做法。
Unidentified Company Representative
未具名公司代表
So as Robert indicated, I think we're going to pause there and take the conversation over to the breakout room. As we do, please join me again in thanking the Coca-Cola Company for a great presentation and sponsorship in beverages this week.
正如Robert所说，我想我们就在这里先告一段落，之后会转到分会场继续讨论。在此，请各位再次与我一起感谢可口可乐公司本周的精彩演示以及对饮料环节的赞助。