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[1] "2024 10-K," P&G, 2025, https://assets.ctfassets.net/oggad6svuzkv/4lA5e7QkCISorQmxhQBe3X/8186cff979400f1a251e0bacb949745a/2024_form_10k.pdf.
[2] "Top 100 Consumer Goods Companies of 2024," Consumer Goods Technology, February 2025, https://consumergoods.com/top-100-consumer-goods-companies-2024.
[3] "P&G's Awards and Recognitions: Shaping Careers, Inclusion and Consumer Impact," P&G, February 11, 2025, https://us.pg.com/blogs/pg-awards-and-recognitions/; "The 100 Most Influential Companies of 2025," Time, June 26, 2025, https://time.com/collections/time100-companies-2025/; "Full List of Fortune Global 500 Companies (2025)," Fortune, 2025, https://us500.com/fortune-global-500?q=Procter.
[4] Michael J. Enright, "P&G in China," Asian Case Research Centre, University of Hong Kong, 12/524C, 2012, https://www.acrc.hku.hk/Case/Detail/901.
[5] Michael J. Enright, "P&G in China 2022," Asian Case Research Centre, University of Hong Kong, 22/732C, 2022, https://www.acrc.hku.hk/Case/Detail/1116.
[6] Enright, 2012; Enright, 2022.
[7] Michael J. Enright, "P&G's 30-year contribution to China through FDI," Hinrich Foundation, September 5, 2017, https://www.hinrichfoundation.com/media/msifrgpl/hinrich-foundation-fdi-in-china-pg-case-study-9-5-17.pdf.
[8] "Adapting to Change: The New Consumer Dynamics in China’s FMCG Sector," Kantar WorldPanel and Bain & Company, 2024, https://www.bain.cn/pdfs/202412121036454820.pdf.
[9] "China FMCG: Still Volatile—but with Signs of Hope," Kantar WorldPanel and Bain & Company, 2022, https://www.bain.cn/pdfs/202212080249504472.pdf; Kantar and Bain, 2024.
[10] Enright, 2022.
[11] Enright, 2022.
[12] Derek Deng, Bruno Lannes, and Rachel Lee, "Striving for Growth: FMCG Consumption Improves, Giving Way to Cautious Optimism for 2025," Bain & Company, June 2025, https://www.bain.com/insights/china-shopper-report-2025-volume-1/. The share figures included packaged food, beverages, personal care, and home care, a wider range than P&G’s portfolio.
[13] "Beauty: China’s beauty era: Science, scenarios, 'skintellectuals' lead," InsightTrendsWorld, May 26, 2025, https://www.insighttrendsworld.com/post/beauty-china-s-beauty-era-science-scenarios-skintellectuals-lead.
[14] Serena Ng and Laurie Burkitt, "P&G Tripped Up by Its Assumptions About Diapers in China," The Wall Street Journal, August 13, 2025, https://www.wsj.com/articles/p-g-tripped-up-by-its-assumptions-about-diapers-in-china-1439445897.
[15] Eric Zhou, "Lessons from the sales decline of Procter & Gamble in the China Market," LinkedIn, February 17, 2017, https://www.linkedin.com/pulse/lessons-from-sales-decline-procter-gamble-china-market-eric-zhou-%E5%91%A8%E6%AD%A6/.
[16] Danielle Long, "Brands must localise and adopt a local flavour in order to succeed in China," The Drum, June 11, 2018, https://www.thedrum.com/news/2018/06/11/brands-must-localise-and-adopt-local-flavour-order-succeed-china; Frank Lavin, "Can the Procter & Gamble China Model Work in the E-Commerce Era?," Forbes, April 22, 2020, https://www.forbes.com/sites/franklavin/2020/04/22/can-the-procter--gamble-china-model-work-in-the-e-commerce-era/.
[17] Enright, 2022.
[18] MarketLine Reports, "Men’s Toiletries in China," July 2024; "Haircare in China," October 2024; "Personal Hygiene in China," April 2024; "Oral Hygiene in China," April 2025; "Baby Personal Care in China," August 2024; "Feminine Hygiene in China," October 2024; "Skincare in China," May 2025; https://www.marketline.com/.
[19] MarketLine, "Haircare in China," October 2021; "Personal Care in China," September 2021; "Baby Personal Care in China," January 2020. https://www.marketline.com/
[20] "Annual Reports," P&G, various years, https://pginvestor.com/financials/annual-reports/default.aspx.
[21] Venya Patel, "P&G’s SK-II sales drop amid China boycott of Japanese brands due to Fukushima wastewater," Personal Care Insights, January 25, 2024, https://www.personalcareinsights.com/news/pgs-sk-ii-sales-drop-amid-china-boycott-of-japanese-brands-due-to-fukushima-wastewater.html.
[22] "P&G streamlines brand portfolio after China sales fall," WARC, October 21, 2024, https://www.warc.com/content/feed/pg-streamlines-brand-portfolio-after-china-sales-fall/en-GB/9990; Jessica DiNapoli, "Procter & Gamble doubles down on China’s TikTok to reverse sales slump," Reuters, November 22, 2024, https://www.reuters.com/business/retail-consumer/procter-gamble-doubles-down-chinas-tiktok-reverse-sales-slump-2024-11-22/.
[23] Daniel Foelber, "Is China Dragging Down This Dow Jones Dividend King Stock?," The Motley Fool, January 26, 2025, https://www.fool.com/investing/2025/01/26/china-dragging-down-dow-jones-dividend-king-stock/.
[24] "Annual Report-2024," Unilever, March 13, 2025, https://www.unilever.com/files/unilever-annual-report-and-accounts-2024.pdf; "Unilever Trading Statement - First Quarter 2025," Unilever, April 24, 2025, https://www.unilever.com/files/ir-q1-2025-full-announcement.pdf.
[25] "P&G Announces Fiscal Year 2025 Third Quarter Results," P&G, April 24, 2025, https://us.pg.com/newsroom/news-releases/PG-Announces-Fiscal-Year-2025-Third-Quarter-Results/.
[26] Wang Zhuoqiong, "Beauty giants adapting to Chinese preferences," China Daily, August 9, 2024, https://www.chinadaily.com.cn/a/202408/09/WS66b57280a3104e74fddb9322.html; "P&G (PG) Q3 2025 Earnings Call Transcript," Motley Fool Transcribing, April 24, 2025, https://www.aol.com/finance/p-g-pg-q3-2025-214530508.html.