近期，雀巢集团对外发布 2025 财年完整业绩，这份跨越百年的食品巨头成绩单，呈现出鲜明的矛盾 性。全年实现销售额 894.9 亿瑞士法郎，同比下滑 2%；净利润 90.33 亿瑞士法郎，同比大幅回落 17%。若剔除汇率波动干扰，集团有机增长率达 3.5%，较 2024 年提升 1.3 个百分点，下半年增长动能 持续修复。一面是全球业务逐季回暖，一面是大中华区显著失速；一面靠提价勉强支撑增长，一面启动 史上最坚决的业务聚焦与组织精简，雀巢正站在战略转型的关键十字路口。 从业绩构成来看，全年 3.5% 的有机增长中，定价贡献达到 2.8%，实际内部增长仅 0.8%，高度依赖提 价对冲咖啡、可可等原材料成本上涨，成为集团增长的核心特征。随着四季度有机增长率升至 4%，实 际内部增长从上半年 0.2% 提升至下半年 1.4%，战略调整效果逐步显现，基础交易营业利润率稳定在 16.1%，自由现金流保持健康水平。 品类与区域的分化在财报中体现得尤为明显。固体及液体饮料、糖果品类分别实现 7.3%、8.2% 的有机 增长，成为核心增长引擎，雀巢咖啡、奇巧等品牌凭借定价策略支撑业绩；宠物护理业务稳健增长 2.2%，全球市场 ...

Core Viewpoint - The article emphasizes the importance of fundamental, income-oriented, long-term analysis in investment strategies across various sectors in developed markets [1]. Group 1 - Buy-side hedge professionals are focusing on conducting thorough analysis to identify investment opportunities [1]. - The analysis is aimed at understanding the long-term potential of companies and sectors, which is crucial for making informed investment decisions [1].

Weekly Chart: Germany's manufacturing sector expanded for the first time since mid-2022, providing a rare lift for Europe's largest economy.The HCOB Flash Manufacturing PMI rose to 50.7 in February from 49.1. This crossed the 50‑point threshold that separates contraction from growth, according to S&P Global. The Composite PMI climbed to 53.1, its highest since October, with services driving the improvement. Business activity reached a four‑month high.Why it matters: Germany's industrial cycle remains the an ...

在2025年上半年，面对咖啡豆和可可成本的翻倍增长，雀巢采取了激进的提价策略，这一策略对全年销售额的增长贡献了2.8%，而实际的销量增长率仅为 0.8%。这种依赖价格增长的模式给这个历史悠久的品牌带来了巨大压力。在欧美市场，雀巢的糖果和咖啡业务的提价分别达到了10.6%和6.0%，这种策略一 度有效，但市场对价格的敏感度有限。随着雀巢产品价格的上涨，消费者开始转向超市的自有品牌，导致客户流失加剧。 在销售额小幅下滑的同时，雀巢的净利润同比下滑17%至90亿瑞士法郎，这一下滑幅度较为罕见。为了稳定局面，雀巢新管理团队试图通过缩减战线来换取 更确定的增长逻辑。在2月19日的财报电话会上，雀巢明确了未来四大核心支柱：咖啡、宠物护理、营养品以及食品与零食。前三大业务占据了集团销售额 的70%，且具备更强的抗周期属性。同时，集团宣布了三个业务调整计划：一是整合营养品与雀巢健康科学业务单元，后者目前是被集团直接管理的业务单 元，随着架构调整，雀巢健康科学的全球直管业务架构被撤销。在雀巢的战略转型清单上，冰淇淋业务的剥离是继饮用水之后最大的动作。2月19日公布的 细节显示，雀巢正处于出售剩余冰淇淋业务的"高级谈判阶段"。据 ...

Group 1 - Nestlé has been characterized as a bond proxy, suggesting it is suitable for low-risk, low-reward investment strategies [1] - The investment strategy focuses on acquiring companies with strong qualitative attributes at attractive prices and holding them long-term [2] - The portfolio management approach aims to avoid underperforming stocks while maximizing exposure to high-potential winners, often resulting in a 'Hold' rating for companies with limited growth opportunities or high downside risks [2]

在当前全球经济面临通胀压力和市场需求波动的背景下，拥有160年历史的雀巢集团正经历一次重要的 战略转折。这家国际知名的食品和饮料公司，长期以来依靠的提价策略似乎已经达到了极限，并在全球 市场中逐渐失去效力。 2026年2月19日，雀巢集团发布了年度财务报告，报告显示该年的销售额为894.9亿瑞士法郎(约合7285.3 亿元人民币)，同比下降了2%。尽管这一降幅看似不大，但深入分析后会发现其中隐藏着不少隐患。据 披露，在2025年上半年，由于咖啡豆和可可的成本翻了一番，雀巢采取了激进的提价措施，这在一定程 度上推动了全年销售额增长了2.8%，然而实际销量的增长仅为0.8%。 由此可见，依靠价格上调来驱动业绩增长的方式给这个百年品牌带来了巨大的压力。除了全球市场的挑 战，雀巢在中国市场也遇到了一系列问题。在欧美市场，雀巢对糖果和咖啡产品的提价幅度分别达到了 10.6%和6.0%，这种做法在高通胀环境下曾一度奏效。然而，消费者的容忍度是有限的。当雀巢的产品 变得过于昂贵时，越来越多的家庭开始转向超市自有品牌的低价替代品，导致客户流失现象日益严重。 此外，非经营性损失也成为管理层的一大难题。2026年初，因全球供应商 ...

面对通胀压力与需求波动，雀巢集团"涨价"策略目前已触及顶点，在全球市场正面临"失灵"的窘境。这 家拥有160年历史的知名国际食品和饮料品牌企业，这次似乎走到了一个"十字路口"。 2月19日，雀巢集团正式对外披露了2025年财报，报告显示，集团全年销售额达到894.9亿瑞士法郎(约 合7285.3亿元人民币)，同比下滑2%，尽管下滑幅度看似并不明显，但细查之下，却藏着诸多隐患。据 报道，2025年上半年，由于咖啡豆和可可成本翻倍上涨，雀巢采取了激进的"涨价"策略，这种策略为全 年销售额贡献了2.8%的增长，而反映真实销量的实际内部增长率仅为0.8%。 可以看出，定价驱动业绩增长的模式，让这个百年品牌承受了巨大的压力。在欧美市场，其糖果和咖啡 业务的定价驱动分别高达10.6%和6.0%，这种做法在通胀高企的欧美市场曾一度奏效。然而，消费市场 的耐受度是有限的。当雀巢的巧克力棒和胶囊咖啡变得昂贵，精打细算的家庭今年开始流向超市自营的 平替品牌，客户流失加剧。 在2月19日的财报电话会上，雀巢明确了未来四大核心支柱：咖啡、宠物护理、营养品以及食品与零 食。前三大业务占据了集团销售额的70%，且具备更强的抗周期属性。同 ...

Group 1 - The primary goal of the "High Income DIY Portfolios" service is to provide high income with low risk and capital preservation for DIY investors [1] - The service offers seven portfolios designed for income investors, including retirees, featuring three buy-and-hold portfolios, three rotational portfolios, and a conservative NPP strategy portfolio [1] - The portfolios include two high-income portfolios, two dividend growth investing (DGI) portfolios, and a conservative NPP strategy portfolio aimed at low drawdowns and high growth [1] Group 2 - The "High Income DIY Portfolios" service includes a total of 10 model portfolios with varying income targets and risk levels, along with buy and sell alerts and live chat support [2] - The investment approach focuses on dividend-growing stocks with a long-term horizon, aiming for 30% lower drawdowns and 6% current income [2] - The service is managed by a financial writer with 25 years of investment experience, emphasizing strategies for stable, long-term passive income [2]

Market Overview - US stock indices collectively declined, with the Dow Jones down 0.54%, Nasdaq down 0.31%, and S&P 500 down 0.28%. Major tech stocks mostly fell, including Apple, Netflix, and Intel, which dropped over 1% [4] - International oil prices surged, with WTI crude oil rising 2.49% to $66.67 per barrel, and Brent crude oil increasing 2.25% to $71.93 per barrel [5] - International precious metals futures generally rose, with COMEX gold futures up 0.12% to $5015.50 per ounce, and COMEX silver futures up 1.09% to $78.44 per ounce [6] - European stock indices mostly closed lower, with Germany's DAX down 0.93%, France's CAC40 unchanged, and the UK's FTSE 100 down 0.55% [7] Company News - Nvidia's CEO Jensen Huang announced that the upcoming GTC conference will unveil "unprecedented" new chips, indicating a competitive push in AI infrastructure [16] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the fiscal year ending December 2025, compared to Walmart's $713.2 billion [21] - Nestlé announced plans to sell its high-end beverage and ice cream businesses, as part of a strategy to focus on four core business areas amid declining sales and profits [23] Industry Developments - The National Development Bank of China issued over 360 billion yuan in loans for highway infrastructure in 2025, marking a 10% increase year-on-year, supporting the country's comprehensive transportation network [17] - Zhongke Shuguang upgraded its SothisAI platform to integrate with major AI models, enhancing its enterprise AI capabilities [18] - An Indian university faced backlash for presenting a Chinese-made robotic dog as a self-developed product, highlighting the competitive landscape in robotics technology [20]

每经编辑｜张明双 王晓波 1 隔夜市场 美股三大指数集体收跌，道指跌0.54%，纳指跌0.31%，标普500指数跌0.28%，大型科技股多数收跌，苹果、奈飞、英特尔跌超1%，微软、谷歌、英伟达 小幅下跌；亚马逊、特斯拉、Meta小幅上涨。中概股多数下跌，纳斯达克中国金龙指数跌0.35%，霸王茶姬跌逾2%，百胜中国、奇富科技跌超1%，禾赛科 技涨超2%，华住集团涨逾1%。 国际油价集体大涨，美油主力合约涨2.49%，报66.67美元/桶；布油主力合约涨2.25%，报71.93美元/桶。 国际贵金属期货普遍收涨，COMEX黄金期货涨0.12%，报5015.50美元/盎司；COMEX白银期货涨1.09%，报78.44美元/盎司。 欧洲三大股指收盘多数下跌，德国DAX指数跌0.93%报25043.57点，法国CAC40指数持平报8429.03点，英国富时100指数跌0.55%报10627.04点。 2 国务院安委会对湖北宜城烟花爆竹爆燃事故查处挂牌督办 据央视新闻2月19日报道，2月18日，湖北省襄阳市宜城市郑集镇一烟花爆竹零售店发生一起爆燃事故，造成12人死亡。根据《重大事故查处挂牌督办办 法》，国务院安委会决定对 ...