The Economist | May 27th 2026
今天的文章来看看全球最大避孕套制造商马来西亚康乐公司，梳理其跌宕的经营现状。文章剖析地缘政治、美国政策、供应链危机对企业业绩的冲击，同时介绍其新品布局的突围机遇。一起来学习吧~
The world’s top condom-maker is getting squeezed
Will Karex break under pressure?
全球顶级避孕套制造商正深陷压力困境
康乐公司会不堪重压、就此落败吗？
condom /ˈkɒndəm/n. 避孕套；安全套
squeeze /skwiːz/ v. 挤压；压榨；使陷入困境 Rising costs have squeezed corporate profits. 成本上涨挤压了企业利润。
break under pressure /breɪk ˈʌndəˈpreʃə(r)/ 不堪压力崩溃、垮掉 Most firms won’t break under short-term pressure. 大多数企业不会在短期压力下崩盘。
Malaysia has long been one of the world’s biggest rubber producers. The country no longer accounts for as high a share of global supply as it did under British colonial rule, but one consequence of around 150 years of experience working with the material is that the country is home to the world’s largest condom-maker.
马来西亚长期以来都是全球主要橡胶生产国之一。如今该国的全球橡胶供给占比已不如英国殖民时期，但凭借近150年的橡胶加工产业积淀，马来西亚孕育出了全球最大的避孕套生产企业。
account for /əˈkaʊnt fɔː(r)/ 占（比例）；占据 This industry accounts for 30% of the country’s economy. 该行业占据该国经济的30%。
Karex, which also makes rubber gloves, among other things, produces more than 5bn condoms each year—around a fifth of the global total. It sells its own and also supplies other brands such as Durex and Trojan, as well as public-health services.
康乐公司除生产橡胶手套等各类产品外，每年可生产超50亿只避孕套，约占全球总产量的五分之一。该公司既售卖自有品牌产品，也为杜蕾斯、特洛伊等知名品牌代工供货，同时为公共卫生机构提供产品。
among other things /əˈmʌŋˈʌðə θɪŋz/ 除其他事物之外；此外 The factory produces masks, among other things. 这家工厂还生产口罩等产品。
supply /səˈplaɪ/ v. 供应；供货 The firm supplies goods for many international brands. 这家企业为众多国际品牌供货。
Lately, however, the firm has been looking flaccid. Its share price is down by a third since the start of the year. On May 25th it reported its second quarterly operating loss in a row. Sales in the first three months of 2026 were down by more than a fifth from a year ago.
但近期这家企业发展态势疲软。其股价年内已下跌三分之一，并于5月25日公布财报，出现连续第二个季度的经营性亏损。2026年第一季度销售额同比下滑超两成。
flaccid /ˈflæsɪd/ adj. 疲软的；乏力的 The company’s performance remains flaccid this year. 这家企业今年业绩持续疲软。
in a row /ɪn ə rəʊ/ 连续地；接连 He has won three games in a row. 他连续赢得三场比赛。
Karex can blame Donald Trump for its failure to perform. Spending on contraceptives by international health agencies has shrivelled thanks to cuts to America’s aid budget. Tariffs and the weakening dollar have also sapped the company of virility.
康乐业绩低迷可归咎于特朗普政策。受美国援助预算削减影响，国际卫生机构的避孕用品采购支出大幅缩减。关税壁垒与美元贬值，也彻底削弱了企业的经营活力。
contraceptives /ˌkɒntrəˈseptɪvz/n.（复数）避孕药；避孕器具（统称）
shrivel /ˈʃrɪvl/ v. 萎缩；缩减 Domestic demand shrivelled amid policy changes. 受政策变动影响，国内需求大幅萎缩。
sap /sæp/ v. 消耗；削弱High costs sap the company’s profits. 高昂成本不断侵蚀企业利润。
virility /vəˈrɪləti/ n. 活力；盈利能力 Poor management destroyed the company’s virility. 管理不善磨灭了企业的经营活力。
More recently, Mr Trump’s war with Iran has left the company exposed. In April Goh Miah Kiat, its boss, warned that the costs of several raw materials—including silicone oil, used as a lubricant, and aluminium, for packaging—were rising because of the conflict. For protection, he said that the firm would increase prices by 20-30%, though that may turn off customers.
近期，特朗普政府与伊朗的冲突，让这家企业陷入经营风险。公司负责人吴铭杰在4月预警，受地缘冲突影响，硅油、包装用铝等多种原材料价格持续上涨。为对冲成本压力，公司计划涨价20%至30%，但此举大概率会流失客户。
exposed /ɪkˈspəʊzd/ adj. 易受影响的；暴露于风险的 Small firms are more exposed to market risks. 中小企业更易受到市场风险冲击。
turn off /tɜːn ɒf/ 使失去兴趣；使流失 High prices will turn off potential buyers. 高昂的价格会劝退潜在消费者。
Karex had only just recovered its mojo. At the start of the covid-19 pandemic some thought that lockdowns might bring a boom in condom sales. Instead, they brought supply-chain snags that pushed up costs and pulled down profits. Karex plunged to a loss in its 2021 and 2022 fiscal years.
康乐此前刚重拾发展势头。疫情初期，不少人认为封控措施会带动避孕套销量暴涨，结果却遭遇供应链故障，导致成本攀升、利润缩水，企业在2021、2022财年连续陷入亏损。
mojo /ˈməʊdʒəʊ/ n. 活力；势头；好运 The brand finally regained its market mojo. 该品牌终于重拾市场活力。
supply-chain snags /səˈplaɪ tʃeɪn snæɡz/ 供应链故障、阻碍 Global supply-chain snags hit manufacturing hard. 全球供应链受阻重创制造业。
plunge to /plʌndʒ tuː/ 骤降至；陷入 The company plunged to a huge loss last year. 这家企业去年陷入巨额亏损。
Still, the firm is likely to rise up once again. It recently rolled out the first condoms made with synthetic nitrile, which are less likely to trigger allergic reactions and will be cheaper to produce than traditional rubbers (though their cost has spiked because nitrile is petroleum-based). Investors would be foolish to pull out now.
即便如此，这家企业仍有望再度崛起。公司近期推出首款合成丁腈材质避孕套，该产品不易引发过敏，生产成本也低于传统橡胶避孕套。不过受丁腈这种石油基原料涨价影响，其成本现已大幅飙升，投资者此刻撤资并非明智之举。
roll out /rəʊl aʊt/ 推出（新产品、新政策） The brand rolled out new products for the overseas market. 该品牌面向海外市场推出新品。
trigger allergic reactions /ˈtrɪɡəəˈlɜːdʒɪk rɪˈækʃnz/ 引发过敏反应 Low-quality products may trigger allergic reactions. 劣质产品可能会引发过敏反应。
spike /spaɪk/ v. 急剧飙升 Oil prices spiked amid geopolitical conflicts. 地缘冲突下油价大幅飙升。
pull out：撤资、退出投资
