2016

2016

 | |

1.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

2.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

3.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

4.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

 | |

 | |

GDP6.5-7%

106

26180%

2015
0.8%

20153.5%

201512.5%
3.6%2012

11.7%20.6%

2012 18
/20159.5%4%
13.2%4
35%42
201225%201543%

1 26123
4

 | |

2012

2015

2015
7.8%109%
1.4%

3-5%
2015

 | |

FMCG20153.5%
20150.9%4.4%
220145.4%12

201515.5%13.2%

1.5%9.5%
3201511.1%
2013201428.5%31%201534%
20150.4%
2%
20154.5%11.7%

1: 2015

( %)
20%

2016

15

10

0
2011Q2

2011Q4

2011Q3

2012Q2

2012Q1

2012Q4

2012Q3

2013Q2

2013Q1

2013Q4

2013Q3

2014Q2

2014Q1

2014Q4

2014Q3


106

2015Q2

2015Q1

2015Q4

2015Q3

2016Q1

 | |

2: 2015

(%201115)

(/201115)

(201115)

13%

5%

8%

11.8

10

4.1

7.4

7.4

3.8

5.4

4.4
4

5.4
5

3.4

2
3.5

0.1

201112 201213 201314 201415

201112 201213 201314 201415

201112 201213 201314 201415

0.9

3:

(201115)

(/201115)

(201115)

15%

10%

15%

11

11.3

11.2

201415

8.2

201314

201213

201112

9.5
7.8

11.1

7.0

6.2

4.1

2.9

4.3
3.0

10

6.1 6.0

6.1

2.3

4.7

1.6

5.2
4.1

0.1 0.2

1.5

0.6

 | |

201520141.1%20152.4%4
12.5%
11%
20.6%6%
201410%20155.6%
2015
20149%
20157%
17%
5.9%
4.8%

5
20150.8%8.2%
6

2011201535.4%28%
50%

4: 2015

(%201115)

(/201115)

(%201115)

15%

10%

15%

12.9
8

1.4

5.6
201415

201213

5.2

10.0

201314

10.9

201112

11

11.3

5.5

5.5

2.5 2.5
2.4
0.3 0.5

0.4

2.7

2.6

6.8

3.9

1.1

10.4

9.9

10

2.0

6.2

 | |

5:

(201115)

(201115)

(201115)

2.0

10

4.0

1.5

1.45

2.6%
1.57
1.53

1.49

2.8%
1.61

4.7%

8
9.0%

7.2

7.7

7.5

8.2%

0.8%
7.0%

7.8

9.7%
2.7

3.0
12.6%

6.6
6

3.1

2.9

2.5

2.2
2.0

1.0
4

1.0

0.5
2

2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

6:

(201115)
100%

80

1115

1415

40.9

39.6

9.5%

8.0%

18.0

16.8

7.1%

5.9%

60

43.6

41.1

2011

40

20

2012

2013

2014

10.5%

8.8%

2015


20159%

 | |

3-5%7
201529.2%
22.6%0.4%2015
8

7: 3-5%

1213

1314

1415

16.2%

8.3%

8.3%

5.4%

13.6%

7.9%

6.1%

2.7%

()
100%

80

10,680

11,470

12,090

12,510

15.3%

15.4%

15.9%

13.6%

13.6%

13.7%

60
31.7%

32.0%

32.7%

32.5%

8.4%

8.2%

2.6%

25.5%

25.5%

24.7%

25.0%

7.4%

2.3%

4.4%

3.5%

1.4%

2.1%

40

20

13.9%

13.4%

12.9%

12.8%

2012

2013

2014

2015

 | |

8:

201415<2%

2%<=201415<4%
4%<=201415<5%

201415=>5%

10

 | |

2683%1090%20122015
6
9
201220155.6%
4.5%
10

26
410
4
20122015
18
201211

UHT

12

33%20%13

11

 | |

9:
(201215)
3%
2
1

26

( 6.4%)

( 42.3%)

0
(23.9%)
1

5
6
7

65

70

75

80

85

90

95

100

(%2015)

x100%20152012

10:
(%201215)
13%
R2=0.79
12

10

8
10

8.0

6.0

4.0

2.0

2.0

(%201215)

12

4.0

6.0

8.0%

 | |

11: 4
(201215)
2.2%
4%

( 6.4%)

10
3

12

15%

(201215)

201220152.2%201220152.2%

12:

(201315)
60%

40

(111%)

20

23%

(42.3%)

20

40
0

9%

20%

40%

(2015)

26

13

 | |

13:
(2015)
40%

30

19% 20

10

0
5%

: 2.2%

5%

(2012-15)



14

10%

15%

 | |

14201513.2%/
9.5%4%

154.6%4.7%0.2%
8.5%
7-11Easy

35%2015
4
5

8.4%
2.7%16

65%34%

14:
()
100%

80

1213
7.4%

1314
5.4%

1415
3.5%

1.1%

0.1%

5.2%

40.9%
8.9%

34.1%
7.1%

36.5%
13.2%

10,680

11,460

12,090

12,510

23.1%

21.7%

20.6%

21.0%

2.0%
4.2%

2.6%
4.3%

3.3%
4.4%

4.3%
4.8%

10.0%

9.4%

9.0%

7.8%

1.1%

0.6%

10.4%

24.2%

23.6%

22.9%

22.1%

5.0%

2.2%

0.2%

36.5%

38.4%

39.8%

40.0%

12.8%

9.5%

4.0%

2012

2013

2014

2015

60

40

20

60007280%2015100-6000
16

15

 | |

15:

( 201215)

( /201215)

30

125

1.4%
26.3

25.9

0.6%

5.4%
24.5

4.6%
100

23.4

4.2%

102

102

4.7%
98

93

20
75

50
10
25

2013

2012

2014

2015

2012

2013

2014

2015

7280%

16:
(201415)
10%
8.4%
8
6.5%
6

2015

4.7%

2014

3.8%

3.6%
2.9%

3.6%

1.9%

2.7%

2.7%

16

 | |

20121718

17:
(2012 vs. 2015)
100%

437

168

1215
38%
........................................... 59%
........................................ 46%
.............................. 55%
........................................ 33%
........................................... 80%
........................................... 53%
........................................ 53%

80

60

........................................... 28%
................................. 38%

40

.............................. 18%

20
........................................ 26%

2015

2012

17

 | |

18:
(201215)
8.0%

(44.7%,17.4%)

7.0

6.0

5.0

2.0

(32.2%, 6.3%)

1.0
0.0

4.0
3.0

(24.4%, 17.2%)

(2015)

18

10

15%

 | |

26
20157.8%109%
1.4%1916
7320

2014
2015

19: 2015
2015
()
6000
343
345
4,587

5,027

291

5,423

53

5,691

1213 1314 1415
9.6%

7.9%

4.9%

23

95

4000
10.2%

7.8%

6.0%

3.2%

1.4%

11.4%

2000

2012

21%

79%

2013

13%

87%

2014

9%

109%

19

2015







 | |

20: 2015167
(201415)
2015

2015

10%

5.3
3.2

2.1

1.4

0.6 0.5 0.4 0.1 0.0

0.0 0.3 0.5 0.6

0.7 0.8 0.9 1.1
1.2 1.5
1.8

2.6

10

2015

65

80

21

10

92

11

35

19

31

33

77

22

44

25

3.3 3.4 3.6

77

38

5.5

71

4.6

51

33

84

29

201314

/
2015QQ

(Millward Brown)
100 2012201532%

4
201525

20

 | |

21

 | |

(Bruno Lannes)
: bruno.lannes@bain.com

: wei.yu@bain.com
(James Root)
: james.root@bain.com

: jason.ding@bain.com

: marcy.kou@kantarworldpanel.com

: jason.yu@ctrchina.cn

(Bain & Company) (Kantar Worldpanel)

22

Shared Ambition, True Results

19733453

/Results DeliveryTrue North

1993
4030

(Kantar Worldpanel) Inspiring Your Success

(CTR)

60 50

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