This quarter's performance exceeded expectations, primarily driven by management's focus on growth and execution, with investment results becoming evident and market share improving significantly.

Key data: Market share rose from just 21% last year in categories that were stable or growing to 35% in Q1, reaching 58% in March; the Taste Elevation category surged from 24% to 81%, hitting 87% in March; marketing expenditure increased 37% year-over-year.

Business progress: Investments were concentrated in the Win Big categories (Power Mac & Cheese, Capri Sun Hydrate, etc.), with new flavor innovations launched; the operating model was simplified, strengthening frontline accountability and empowerment; the away-from-home business, despite macro pressures, continued to expand globally under the Heinz brand, with U.S. sauce market share already showing improvement.

Guidance and outlook: Full-year guidance was maintained, but Q2 revenue is expected to decline 3%-5% year-over-year (impacted by the Easter shift and a 100bps drag from SNAP cuts); inflation has intensified due to conflicts, and the company has hedged through Q3, with investments gradually rolling out in the second half.

Risk signals: Management remains cautious about inflation but emphasizes that if the environment remains unchanged, Q3 will face cost pressures; meanwhile, the impact of SNAP cuts on low-income consumers is already evident, and the company will respond through pricing initiatives.