可口可乐10年来首现“销量零增长”，去年四季度亚太市场营业利润下滑36%

红星资本局02-13

红星资本局2月13日消息，可口可乐2025年全球单箱销量10年来首次出现零增长，公司第四季度净营收五年来首次不及华尔街预期，当季亚太市场营收与营业利润分别同比下降7%和36%。　　据可口可乐日前发布的第四季度及全年业绩，可口可乐一直采用的“量价齐涨”市场策略似乎出现了变化。2025年，在产品均价（Price/mix）提升4%的背景下，其全年全球单箱销量持平，主要是因为中亚、北非及巴西市场的增长，被...

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year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KO":1.96},"content_text":"红星资本局2月13日消息，可口可乐2025年全球单箱销量10年来首次出现零增长，公司第四季度净营收五年来首次不及华尔街预期，当季亚太市场营收与营业利润分别同比下降7%和36%。　　据可口可乐日前发布的第四季度及全年业绩，可口可乐一直采用的“量价齐涨”市场策略似乎出现了变化。2025年，在产品均价（Price/mix）提升4%的背景下，其全年全球单箱销量持平，主要是因为中亚、北非及巴西市场的增长，被美国、墨西哥和泰国市场的下滑所抵消。　　2025年，可口可乐净营收479.41亿美元，同比增长2%，净利润131.37亿美元，同比增长23%。也就是说，可口可乐去年的所有增长都来自涨价，而非销量提升。据北京商报报道，这创下了可口可乐十年来首次“销量零增长”纪录。　　2月13日，凌雁管理咨询首席咨询师、食品及餐饮行业分析师林岳告诉红星资本局，“量价齐涨”是通胀周期的产物，当下来看策略已触达天花板，而且副作用开始显现。过去，可口可乐借全球通胀，以“大包装提价、小包装缩水、糖税传导”等方式，在销量持平时拉高了利润。　　“但现在底层逻辑变了，欧美等市场的消费者开始拒绝4美元一瓶的可乐，提价已没有空间；另外，1美元的百事和区域品牌成了可口可乐的平替，单纯靠涨价已经跑不通了，未来必须靠‘量’来分担成本，否则会陷入‘越涨越没人买’的循环。”林岳认为。　　另一方面，可口可乐去年第四季度净营收118.22亿美元，同比增长2%，略低于华尔街预测的120.3亿美元。据北京商报报道，这是可口可乐五年来营收首次未达华尔街预期。　　在亚太市场，可口可乐去年第四季度营收同比下降7%，营业利润同比下滑36%。值得注意的是，在可口可乐营收利润双降的背景下，农夫山泉（09633.HK）2025年上半年实现营收256.22亿元，同比增长15.6%，茶饮料营收首次超越包装水成为第一大品类。　　此前，东鹏饮料（605499.SH；09980.HK）发布2025年度业绩预告，预计全年营收207.6亿元至211.2亿元，归母净利润43.4亿元至45.9亿元，同比分别增长31%至33%、30%至38%。　　林岳表示，可口可乐在亚太市场面临综合挑战，“竞品有价格优势，王牌的餐饮渠道被国产汽水瓜分，除了红黑罐没有其他爆款，渠道变得多样化，对手在变强，可口可乐需要针对性地做改革，如封死价格带，在300-500ml的即饮装要死守3元底线。一旦消费者养成了‘买水不买可乐’的习惯，地位就难保了，另外继续深耕渠道，锁定冰柜，在无糖领域做出爆款。”（文章来源：红星资本局）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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