There are few rivalries in business as fierce and long-lasting as that between Coca-Cola and Pepsi. For more than a century the pair have battled for dominance of the fizzy-drink business, with witty ads, bold publicity stunts and new—occasionally disastrous—takes on their classic colas deployed in an effort to best each other.

在商业领域，很少有像可口可乐与百事可乐之间那样激烈且持久的竞争了。 一个多世纪以来，这两大巨头一直在碳酸饮料行业争霸，凭借巧妙的广告、大胆的公关噱头，以及对经典可乐产品不断推陈出新（偶尔也遭遇惨败），力求超越对方。

Over time, however, the two have become very different companies. Coca-Cola's various brands account for 17% of the American soft-drink market, compared with 11% for Pepsi's, according to Beverage Digest, a research firm. But Pepsi now makes more than half its revenue from packaged food, including brands such as Lay's and Quaker Oats. And unlike Coca-Cola, which around a decade ago shifted back to franchising out its American bottling operations, Pepsi has continued to make its own drinks in its home market. All this may soon change, however, as the underdog embarks on a turnaround effort that relies in part on becoming more like its rival.

然而，随着时间的推移，这两家公司已大相径庭。 据研究公司Beverage Digest的数据显示，可口可乐旗下各品牌占据美国软饮料市场17%的份额，而百事可乐则为11%。 但如今，百事可乐超过一半的收入来自包装食品，旗下拥有乐事（Lay's）和桂格燕麦（Quaker Oats）等品牌。 与大约十年前就转回特许经营其美国装瓶业务的可口可乐不同，百事可乐仍在美国本土市场自行生产饮料。 不过，随着作为弱者的百事可乐开始尝试转型，部分依靠模仿竞争对手的策略，这一切可能很快就会改变。

The last few years have been far bubblier for Coca-Cola, whose market value has risen by around 20% since the start of 2023, than for Pepsi, which has slumped by 15%. Pepsi's troubles stem in part from the hefty price rises it applied to its food and beverages amid the post-pandemic surge in inflation, exceeding even those of its competitors. That strategy has lately backfired as shoppers have fled to upstart brands and retailers' in-house alternatives.

过去几年，可口可乐的市场表现远比百事可乐更为亮眼。自2023年初以来，可口可乐的市值已上涨约20%，而百事可乐则下跌了15%。 百事可乐的困境部分源于其在后疫情时代通胀飙升期间对食品和饮料大幅提价，其涨幅甚至超过了竞争对手。 然而，随着消费者转而选择新兴品牌和零售商自有品牌，这一策略最近适得其反。

Pepsi is also suffering from the growing health-consciousness of consumers. Unease over ultra-processed foods has been bad for the snack business, as has the boom in weight-loss drugs. Slimming medicines may spell trouble for soda sales, too; Americans taking them reduce their purchases of soft drinks by about 7%, according to AlixPartners, a consultancy. That puts Pepsi at a disadvantage to Coca-Cola, which has a wide lead in the market for sugar-free cola: Americans imbibe about 2.5 times as much Diet Coke as they do Diet Pepsi. Coca-Cola was also much earlier to the market for protein shakes.

百事可乐还受到消费者健康意识增强的冲击。 人们对超加工食品的担忧对零食业务造成了不利影响，而减肥药的兴起更是雪上加霜。 咨询公司AlixPartners的数据显示，服用减肥药的美国人软饮料购买量减少了约7%，这可能也对苏打水销售构成威胁。 与可口可乐相比，百事可乐处于不利地位，因为可口可乐在无糖可乐市场占据绝对领先地位：美国人消费的健怡可乐（Diet Coke）是健怡百事（Diet Pepsi）的约2.5倍。 此外，可口可乐还更早地进入了蛋白奶昔市场。

In September Pepsi got a jolt in the form of a letter from Elliott Management, an activist investor that had taken a stake worth $4bn in the business. It demanded that Pepsi cut costs, trim its product range, focus on marketing its core soda line-up and outsource bottling in America, among other things. Although it fended off Elliott's attempts at securing a board seat, Pepsi agreed to various measures to appease the hedge fund, including lowering prices, axing a fifth of its snack brands and shutting some factories. Underperforming labels such as Quaker Oats may soon be sold off, too. And although the company still seems lukewarm about hiving off bottling, it is considering experimenting with doing so in a few American states.

去年9月，百事可乐收到激进投资者埃利奥特管理公司（Elliott Management）的一封信。 该公司已持有百事可乐价值40亿美元的股份，要求百事可乐削减成本、精简产品线、专注于营销其核心汽水系列，并在美国外包装瓶业务等。 尽管百事可乐成功阻止了埃利奥特管理公司谋求董事席位的企图，但还是同意采取多项措施安抚这家对冲基金，包括降价、砍掉五分之一的零食品牌以及关闭部分工厂。 表现不佳的品牌如桂格燕麦可能很快也会被出售。 尽管该公司对剥离装瓶业务仍持冷淡态度，但正在考虑在美国几个州进行试点。

There are early signs that the shift in strategy is paying off. On April 16th Pepsi reported that operating profits were up by 24% year on year in the first quarter of 2026, beating the 19% increase reported by Coca-Cola on April 28th. Fears that it might be displaced by Dr Pepper as America's second-biggest fizzy-drink pedlar have subsided. Pepsi's acquisition of Poppi, a buzzy prebiotic-soda brand, for $2bn in May last year is helping to boost beverage sales. The battle between the two soft-drink titans is far from over.

有初步迹象表明，这一战略转变正在取得成效。 4月16日，百事可乐公布2026年第一季度营业利润同比增长24%，超过了4月28日可口可乐公布的19%的增幅。 人们担心百事可乐可能被胡椒博士（Dr Pepper）取代，成为美国第二大碳酸饮料销售商的担忧已经消退。 去年5月，百事可乐以20亿美元收购了热门益生元汽水品牌Poppi，这有助于推动饮料销售增长。 两大软饮料巨头之间的较量远未结束。

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