{"product_id":"danone-pestle-analysis","title":"Danone PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMake Smarter Strategic Decisions with a Complete PESTEL View\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore how regulatory shifts, consumer health trends, and sustainability pressures are reshaping Danone’s strategic playbook—our concise PESTLE summary highlights the key external forces investors and strategists must watch. Purchase the full PESTLE Analysis to access detailed drivers, quantified risks, and actionable recommendations you can use immediately.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Trade Tensions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOngoing US-China trade tensions and 2024‑25 protectionist measures have raised tariff volatility that can add 5–10% to cost of exported dairy and specialized nutrition, squeezing Danone’s margins on ~$6.2bn global dairy \u0026amp; plant‑based sales (2025 projected). \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory Pressure on Health and Nutrition\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGovernments are expanding sugar taxes and front-of-pack labeling—over 45 countries had sugar taxes by 2024—pressuring Danone to reformulate products to meet stricter national nutrition profiles; in 2023 Danone spent ~€300m on R\u0026amp;D and reformulation efforts. Non-compliance risks restricted marketing and higher fiscal costs, potentially reducing margins on core yogurt and beverage segments that made up ~56% of Danone’s 2024 revenue. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStability in Emerging Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDanone's exposure in politically volatile Latin America and Southeast Asia risks sudden currency devaluations and asset restrictions; between 2022–2024, FX swings shaved estimated EBITDA margins by up to 120 basis points in some emerging markets.\u003c\/p\u003e\n\u003cp\u003ePolitical shifts in countries like Colombia and Indonesia have reduced real consumer purchasing power—inflation averaging 6–8% in 2023–24—raising input costs and lowering local volumes.\u003c\/p\u003e\n\u003cp\u003eOperational security costs and contingency provisioning have increased capex and SG\u0026amp;A in fragile markets, adding an estimated 1–2% to the group's operating expense ratio and requiring strategic hedging to protect shareholder value.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAgricultural Policy and Subsidies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eChanges to the EU Common Agricultural Policy and global subsidy shifts affect raw milk and plant-input costs; CAP reform 2023-27 redirects ~25% of payments toward eco-schemes, influencing Danone’s input prices and farmer margins.\u003c\/p\u003e\n\u003cp\u003ePolitical subsidy decisions directly alter Danone’s procurement costs and supply-chain sustainability; milk price volatility rose ~18% in 2024, stressing supplier resilience.\u003c\/p\u003e\n\u003cp\u003eDanone lobbies for policies supporting regenerative farming transitions while safeguarding price competitiveness, investing €200m+ in farmer programs through 2022–25.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCAP eco-schemes reprioritize ~25% of payments (2023–27)\u003c\/li\u003e\n\u003cli\u003eMilk price volatility up ~18% in 2024\u003c\/li\u003e\n\u003cli\u003eDanone committed €200m+ to farmer transition programs (2022–25)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlastic and Waste Legislation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePolitical mandates to cut single-use plastics are tightening, notably the EU Circular Economy Action Plan which targets 55% reuse\/recycling for PET bottles by 2030; this forces Danone to boost R\u0026amp;D and capital spending—Danone invested ~€90m in packaging innovation in 2024 and aims for 100% reusable\/recyclable packaging by 2025.\u003c\/p\u003e\n\u003cp\u003eCompliance with rising recycled-content targets and extended producer responsibility schemes is mandatory to retain social license in bottled water, affecting margins via higher packaging costs and potential regulatory penalties.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEU 55% recycled PET target by 2030; Danone €90m packaging R\u0026amp;D (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePolitical shocks squeeze margins—€290m+ compliance and R\u0026amp;D hit, EBITDA down ~120bp\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical risks—trade tensions, sugar taxes, CAP reform, packaging mandates and volatile emerging‑market policies—raise costs and compliance needs, shaving margins (FX\/volatility cut EBITDA ~120bp in some markets 2022–24) and driving \u0026gt;€290m combined R\u0026amp;D\/packaging\/farmer investments (2023–24\/22–25 commitments).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003cth\u003eKey figure\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrade tariffs\u003c\/td\u003e\n\u003ctd\u003eHigher export costs\u003c\/td\u003e\n\u003ctd\u003e+5–10% cost on exported dairy\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSugar taxes\/labels\u003c\/td\u003e\n\u003ctd\u003eReformulation spend\u003c\/td\u003e\n\u003ctd\u003e~€300m R\u0026amp;D (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePackaging mandates\u003c\/td\u003e\n\u003ctd\u003eCapex\/R\u0026amp;D\u003c\/td\u003e\n\u003ctd\u003e€90m (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFarmer programs\u003c\/td\u003e\n\u003ctd\u003eSupply resilience\u003c\/td\u003e\n\u003ctd\u003e€200m+ (2022–25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX\/EM volatility\u003c\/td\u003e\n\u003ctd\u003eEBITDA hit\u003c\/td\u003e\n\u003ctd\u003e~120bp (2022–24)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental factors uniquely affect Danone across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with data-driven trends and region-specific examples highlighting risks and opportunities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Danone PESTLE summary that’s visually segmented by factor, easily dropped into presentations or strategy packs, and editable for regional or business-line nuances to speed risk discussions and cross-team alignment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflationary Pressure on Input Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePersistent inflation in energy, logistics and raw materials—milk up ~18% YoY and sugar ~12% in 2025—compressed Danone’s adjusted operating margin to about 9.1% H1 2025, down from 11.4% in H1 2024 as input cost inflation outpaced price realization.\u003c\/p\u003e\n\u003cp\u003ePassing costs risks volume declines in price-sensitive dairy and plant-based categories where price elasticity is high; Danone reported flat organic volumes in Q3 2025 despite 6.5% net price increases.\u003c\/p\u003e\n\u003cp\u003eManagement is prioritizing productivity programs and revenue growth management, targeting €400m–€500m of savings in 2025–2026 to protect margins amid volatile input inflation and FX headwinds.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency Exchange Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a multinational in 120+ countries, Danone faces material currency risk as the euro fluctuates versus the US dollar, Chinese yuan and multiple emerging-market currencies; FX swings trimmed reported sales by about 2.5% in 2023 and could do more in 2024–25 given tightening USD strength. Adverse rates can distort consolidated net sales and EPS during translation. Danone uses forward contracts, natural hedges and selective FX debt issuance to limit volatility; hedging covered roughly €6–8bn of exposures in 2023.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Consumer Purchasing Power\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eGlobal slowdowns—Eurozone GDP growth fell to 0.5% in 2024 and US real consumer spending rose just 1.1%—push consumers toward private-label dairy and plant-based substitutes; Danone saw Q4 2024 organic sales growth of 1.2% as trading-down pressures hit essentials. Danone must balance premium specialized nutrition (2024 revenue ~€10.5bn) with affordable dairy SKUs, adopting tiered pricing as Gini coefficients rise in key markets to capture value across segments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rate Environment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe rising interest rate environment through 2024–2025 raised Danone’s weighted average cost of capital, constraining financing for M\u0026amp;A and CAPEX and increasing interest expense on €8.7bn net debt (FY2024).\u003c\/p\u003e\n\u003cp\u003eHigher rates elevate debt servicing costs, potentially delaying investments in production technology; analysts track Danone’s 0.9x debt-to-equity and BBB credit outlook amid central bank tightening.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNet debt: €8.7bn (FY2024)\u003c\/li\u003e\n\u003cli\u003eDebt-to-equity: ~0.9x\u003c\/li\u003e\n\u003cli\u003eCredit rating: S\u0026amp;P\/BBB outlook (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor Market Dynamics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRising labor costs and shortages in food science and digital supply chain roles are pressuring Danone’s margins; global wage inflation averaged 6.0% in 2024 and EU wages rose ~5% year-on-year, increasing payroll outlays across operations.\u003c\/p\u003e\n\u003cp\u003eDanone must raise wages\/benefits to retain talent amid 2024–25 tight global markets, with employee costs representing ~20–25% of COGS in packaged food firms, stressing operating profit.\u003c\/p\u003e\n\u003cp\u003eHigher personnel expenses require trade-offs with cost-cutting and pricing strategies to protect competitiveness and consumer affordability as input inflation persists.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 global wage inflation ~6.0%\u003c\/li\u003e\n\u003cli\u003eEU wage growth ~5% YoY (2024)\u003c\/li\u003e\n\u003cli\u003eEmployee costs ≈20–25% of COGS for sector\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDanone margins squeezed by input inflation; €8.7bn net debt, €400–500m savings plan\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePersistent input inflation (milk +18% YoY, sugar +12% in 2025) and rising wages (~6% global, 5% EU in 2024) squeezed Danone margins to ~9.1% H1 2025; net debt €8.7bn (FY2024), debt\/equity ~0.9x, S\u0026amp;P BBB outlook. Management targets €400–500m savings (2025–26) while hedging €6–8bn FX exposure.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdj. op. margin H1 2025\u003c\/td\u003e\n\u003ctd\u003e9.1%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt FY2024\u003c\/td\u003e\n\u003ctd\u003e€8.7bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMilk YoY (2025)\u003c\/td\u003e\n\u003ctd\u003e+18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eDanone PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact document you’ll receive after purchase—fully formatted and ready to use.\u003c\/p\u003e\n\u003cp\u003eThe Danone PESTLE Analysis visible in this preview is the final file, containing the same content, layout, and professional formatting you’ll download immediately after payment.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or teasers—what you see is the complete, ready-to-use report you’ll own upon checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751345795449,"sku":"danone-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/danone-pestle-analysis.png?v=1772230473","url":"https:\/\/matrixbcg.com\/products\/danone-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}