金佰利周一完成了对泰诺制造商健美优的大手笔收购，给投资者提供了新的理由来看好这家拥有好奇、舒洁和可优比等品牌的公司。此次收购拓宽了金佰利在健康与保健品类的触角，正值消费者更加重视健康生活方式之际。这也是吉姆·克拉默于9月初将该股票纳入俱乐部投资组合的主要原因。此后我们已三次加仓，包括10月两次在每股98美元以下买入。
Kimberly-Clark on Monday completed its blockbuster acquisition of Tylenol maker Kenvue, giving investors new reasons to believe in the company behind Huggies, Kleenex and Cottonelle. The acquisition broadens Kimberly-Clark's reach into the health and wellness category, at a time when consumers are placing a greater emphasis on healthy lifestyles. And it's a major reason why Jim Cramer added the stock to the Club's portfolio in early September . We've since added to the position three times, including twice in October below $98 a share.
金佰利股价周一上涨0.3%，收于108.25美元。鉴于股价近期表现强劲，吉姆在周一的晨会上表示，将等待回调再考虑进一步买入。此次收购健美优的交易在宣布近一年后完成，连同债务在内对该公司的估值接近490亿美元。周一，金佰利重申了该交易的财务目标，包括在三年内削减19亿美元的成本和费用。还包括因收入增加带来的5亿美元增量利润，部分被3亿美元的再投资抵消。
Shares of Kimberly-Clark rose 0.3% in Monday's session, closing at $108.25. With the stock's strong performance of late, Jim said on Monday's Morning Meeting he would wait for weakness before looking to buy more shares. The Kenvue takeover closed almost a year to the day that it was announced , valuing the company at almost $49 billion when including debt. On Monday, Kimberly-Clark reaffirmed its financial goals for the deal, including $1.9 billion in reduced costs and expenses within three years. It also includes $500 million in incremental profits resulting from increased revenue, partially offset by $300 million in reinvestments.
尽管如此，关于金佰利将如何整合健美优、应对更高的投入成本，以及处理围绕热门非处方止痛药泰诺的法律麻烦，仍存疑虑。金佰利首席执行官徐迈克周一早些时候接受CNBC采访时，阐述了他对合并后公司未来发展的愿景，并回应了这些关键争议。加速健美优增长金佰利最大的优先事项之一是通过强化业务关键板块来加速健美优的增长。
Still, there are lingering questions about how Kimberly-Clark will integrate Kenvue, navigate higher input costs, and manage the legal troubles surrounding popular over-the-counter pain reliever, Tylenol. Kimberly-Clark CEO Michael Hsu joined Jim on CNBC earlier Monday, where he laid out his vision for the combined company moving forward and addressed these key debates. Accelerating Kenvue's growth One of Kimberly-Clark's biggest priorities is to accelerate growth at Kenvue by strengthening key pieces of the business.
吉姆此前曾指出健美优运营方面的疲软，特别是其电商战略，这为金佰利介入并进行改进创造了机会。
Jim has previously pointed out weakness in Kenvue's operations, particularly its e-commerce strategy, which creates an opportunity for Kimberly-Clark to step in and make improvements.
“过去10年里，我们在金佰利（Kimberly-Clark）非常专注于从根本上建立我所谓的世界级CPG能力，”许志强（Hsu）表示，CPG是消费品的缩写，即消费者定期使用和更换的日用品。这些努力包括加强金佰利与零售商的关系、数字化能力、广告和产品创新。虽然金佰利在这些领域的工作尚未完成，但许志强表示，公司的基础比健美（Kenvue）更稳固。
"We've been really focused the last 10 years at [Kimberly-Clark] to fundamentally build what I kind of term world-class CPG capability," Hsu said, using an abbreviation for consumer packaged goods, or everyday products that consumers regularly use and replace. Those efforts have included strengthening Kimberly-Clark's relationships with retailers, digital capabilities, advertising and product innovation. Though Kimberly-Clark's work isn't done in these areas, Hsu said the company is on stronger footing than Kenvue.
健美原为强生（Johnson & Johnson）的消费者健康部门，于2023年5月分拆为独立公司。“我仍会说我们处于开发该能力的早期阶段，但我认为我们比健美走得更远，”许志强说。“我认为通过合并，我们可以将一些能力结合起来，帮助我们加速增长。”许志强还看到健美现有产品类别有相当大的扩张空间，他将其描述为“非常、非常不发达”。
Previously the consumer health division of Johnson & Johnson, Kenvue was spun out into a stand-alone company in May 2023. "I still would say we're in the early innings of developing that capability, but I think we're further along than Kenvue," Hsu said. "And I think [by] combining, we can bring some of those capabilities together and help us accelerate growth." Hsu also sees considerable room for expansion across Kenvue's existing product categories, which he described as "very, very underdeveloped."
除了泰诺（Tylenol），健美的品牌还包括创可贴、Zyrtec、露得清和李施德林。“那些山头里还留有大量增长空间，”他说。KMB YTD mountain 金佰利年内迄今的股价表现。应对通胀 金佰利手头还有另一个挑战：应对伊朗战争导致的投入成本上升，同时为资金紧张的低收入和中等收入消费者保持价格亲民。许志强承认这是一个微妙的平衡术，因为高价格有将客户推向更便宜替代品的风险。
Besides Tylenol, Kenvue's brands include Band-Aid, Zyrtec, Neutrogena and Listerine. "There's a lot of growth left in those hills," he said. KMB YTD mountain Kimberly-Clark's year-to-date stock performance. Dealing with inflation Kimberly-Clark also has another challenge on its hands: managing higher input costs due to the Iran war, while keeping prices affordable for cash-strapped lower- and middle-income consumers. Hsu acknowledged that it's a delicate balancing act, given the risk that high prices could turn customers toward cheaper alternatives.
尽管如此，许志强将目前的局势描述为可控，特别是考虑到金佰利在新冠疫情后所面临的情况，当时美国通胀率飙升至数十年高位。“回溯后疫情时期，仅金佰利承受的通胀影响，两年内就约为34亿美元，”许志强说。
Nevertheless, Hsu painted the current situation as manageable, particularly considering what Kimberly-Clark faced coming out of the Covid-19 pandemic, when the U.S. inflation rate surged to multi-decade highs. "Back in post-Covid, the inflation that we took on, just in Kimberly-Clark, was about $3.4 billion over two years," Hsu said.
“目前两家公司合计面临的金额在几亿美元。虽然数额可观，但我们知道如何应对。”徐旭东表示，公司总体目标是通过定价在一段时间内抵消更高的大宗商品成本。“我们非常关注普通消费者的困境。我们知道中低收入消费者资金紧张，正努力做出艰难抉择。他们非常挑剔，”徐旭东说。对徐旭东而言，这意味着保持定价纪律。
"We're talking, at this point, between the two companies combined, a few hundred million. While it's significant, we know how to navigate this." Hsu said the company generally aims to offset higher commodity costs through pricing over time. "We're very sensitive to the plight of the average consumer. We know middle-income and lower-income consumers are cash strapped, trying to make difficult choices. They're very discerning," Hsu said. For Hsu, this means maintaining price discipline.
“更重要的是，我认为我们真正专注于降低成本，以便能够以实惠的价格提供优质产品。”在宣扬金佰利对价值的关注时，徐旭东提到，公司最近为其价值型产品线 Huggies Snug & Dry（好奇舒适干爽）引入了一些创新。该技术提升了纸尿裤的柔软度。“我们将最好的技术用在了价值型纸尿裤上，”徐旭东说。“我们知道消费者非常看重性能，对此非常挑剔。这正是我们想要赢得普通消费者信任的地方。”
"More importantly, I think we're really focused on reducing our cost so that we can afford to provide great products at an affordable price." In touting Kimberly-Clark's focus on value, Hsu mentioned the company recently brought some innovation to its value-tier Huggies Snug & Dry. The technology improves softness in the diapers. "We put our best technology into our value tier diaper," Hsu said. "We know consumers really value performance and they're very discerning about it. And that's where we want to earn the trust of the average consumer.
泰诺的法律麻烦在收购健美（Kenvue）的同时，金佰利也继承了泰诺（Tylenol）面临的法律和声誉风险，后者因涉嫌在孕期使用导致不良后果而面临诉讼和争议。早在 7 月，一家联邦上诉法院恢复了 500 多起诉讼，这些诉讼指控孕期使用泰诺导致儿童患自闭症或多动症（ADHD），理由是不当排除了专家证词。健美对该裁决提出抗争，但约两周前，一家美国上诉法院表示不会重新审议该裁决。
" Tylenol's legal troubles In acquiring Kenvue, Kimberly-Clark also inherits legal and reputational risks over Tylenol, which has faced litigation and controversy over allegations concerning its use during pregnancy. Back in July, a federal appeals court resurrected more than 500 lawsuits that alleged prenatal Tylenol use contributed to autism or ADHD in children, citing improper exclusion of expert testimony. Kenvue fought the decision, but about two weeks ago, a U.S. appeals court said it wouldn't reconsider the ruling.
徐旭东为这款止痛退烧药进行了辩护，称金佰利在推进收购过程中进行了广泛研究，并咨询了医学和法律专家。2025 年 9 月，在金佰利宣布收购健美交易一个多月前，特朗普政府提出了一个未经证实的关联，将自闭症与孕妇使用泰诺的活性成分对乙酰氨基酚联系起来。
Hsu defended the pain and fever reliever, saying Kimberly-Clark conducted extensive research and consulted with medical and legal experts as it pursued the acquisition. In September 2025, more than a month before Kimberly-Clark announced the Kenvue deal, the Trump administration drew an unproven link between autism and pregnant women's use of the active ingredient in Tylenol, acetaminophen.
Kenvue的股价当月遭遇重挫，并持续下滑至10月。随后，收购案正式公布。“我们的观点是，支持泰诺疗效和安全性的科学依据已被一再证实，我认为这一点非常一致，即使过去一年里出现了多项新研究，”徐志刚表示。“我们非常有信心，我们站在科学的正确一边。”徐志刚称，2025年升级的争议当时对泰诺销售产生了“温和”的影响，但他辩称该品牌已恢复并拥有增长势头。
Shares of Kenvue got crushed that month and continued sliding through October. Then the takeover was unveiled. "Our perspective is the science supporting the efficacy and the safety of Tylenol has been proven out, I think, consistently, even with multiple new studies coming out over the past year," Hsu said. "We feel really good that we stand on the right side of science." Hsu said the elevated controversy in 2025 had a "modest" impact on Tylenol sales at that time, but he argued that the brand has recovered and has momentum on its side.
他指出，近期消费数据实现了两位数增长。徐志刚还强调了泰诺布洛芬（注：原文为Naproxen，即萘普生钠），该产品于7月成为首个也是唯一一个获FDA批准的、将对乙酰氨基酚和萘普生钠结合的非处方止痛药。艾瑞（Aleve）由德国拜耳公司拥有，是萘普生钠的品牌名之一。
He pointed to recent consumption data up double-digits. Hsu also highlighted Tylenol with Naproxen , which in July became the first and only FDA-approved over-the-counter pain reliever combining acetaminophen and naproxen sodium. Aleve, which is owned by Germany's Bayer, is a brand name of naproxen sodium.
维护股息与资产负债表 金佰利的股息是Jim看好该股票的另一个原因。该公司是一家“股息贵族”，意味着其已连续至少25年增加股息派发。事实上，它实际上属于更为罕见的“股息国王”行列，已连续至少50年提高派息。基于周一的收盘价，该股股息收益率为4.73%。鉴于金佰利发行部分债务以帮助为这笔现金加股票的Kenvue收购提供资金，Jim询问徐志刚公司股息是否安全。
Protecting the dividend and balance sheet Kimberly-Clark's dividend is another reason that Jim likes the stock. The company is a "dividend aristocrat," meaning it has increased its dividend payout for at least 25 consecutive years. In fact, it actually belongs to more rarefied "dividend king" territory, having boosted its payout for at least 50 years in a row. Based on Monday's close, the stock has a dividend yield of 4.73%. With Kimberly-Clark issuing some debt to help fund the cash-and-stock Kenvue takeover, Jim asked Hsu whether the company's dividend was safe.
徐志刚迅速向投资者保证确实安全。“哦，是的，”徐志刚回答。这一承诺对长期将金佰利视为可靠派息股的收入导向型投资者尤为重要。“我们相信，我们将以股东友好的条款创造跨代价值，”徐志刚表示。“我认为到第二年，我们预计盈余将实现增厚，并将杠杆率降回约2.0倍，”徐志刚补充道。“因此我们的目标是……”“我们将维持我们的股息贵族地位。”
Hsu was quick to assure investors that it is. "Oh, yeah," Hsu responded. That commitment is particularly important for income-focused investors who have long viewed Kimberly-Clark as a reliable dividend-paying stock. "We believe we're going to create generational value creation on shareholder friendly terms," Hsu said. "I think by year two, we expect earnings to be accretive and to reduce our leverage back to about 2.0," Hsu added. "And so our goal is ... we're going to maintain our dividend aristocracy."
许志强还表示，金佰利打算维持其单A信用评级。（吉姆·克莱默的慈善信托持有KMB股票。）
Hsu also said Kimberly-Clark intends to maintain its single-A credit rating. (Jim Cramer's Charitable Trust is long KMB. )