雀巢，蓄力“加速增长”

Core Insights - Nestlé Group reported total sales of 65.9 billion Swiss francs for the first nine months of 2025, with an organic growth rate of 3.3%, indicating accelerating growth momentum [1][2] - The new management team has implemented a "4D strategy" to enhance localization efforts in the Chinese market, focusing on long-term recovery despite short-term challenges [1][8] - The company aims to transform its business structure to ensure growth efficiency through cost reduction and targeted investments [1][14] Regional Performance - All regions and global management businesses achieved positive growth, with a real internal growth (RIG) of 0.6% and stable pricing contribution at 2.8% [2][3] - The organic growth rate for the third quarter reached 4.3%, the highest in recent times, showcasing strong internal business momentum [2] - Developed markets showed an organic growth rate of 2.1%, while emerging markets achieved 5.2%, primarily driven by pricing [3] Business Unit Performance - Coffee and confectionery businesses are the main growth drivers, with the confectionery segment showing significant resilience [4] - Most product categories achieved positive organic growth, indicating overall business health [4] Digital Transformation - Significant progress in digital transformation was noted, with e-commerce sales growing by 13.2%, accounting for 20.2% of total sales [6] - The company has increased investment in key business opportunities, doubling growth rates in some areas [6] Focus on China Market - The Greater China region contributed 80 basis points to the group's organic growth, with a third-quarter organic growth of -10.4% due to inventory reduction efforts [6][8] - The new management team is focusing on demand creation and inventory optimization to prepare for future market recovery [8][9] Long-term Strategy - Nestlé is committed to long-term value creation rather than short-term performance, emphasizing the need for correct long-term decisions [11] - The company plans to accelerate business structure changes and allocate resources to high-potential areas [11][14] Cost Reduction and Efficiency - The cost-saving target has been raised from 2.5 billion to 3 billion Swiss francs, expected to be achieved by the end of 2027 [14] - The company will optimize 16,000 positions over the next two years, focusing on enhancing human efficiency [16]