---
title: "雀巢 (ADR) 股價自互聯網泡沫破裂以來出現最大跌幅，因疲軟的銷量打破了對公司扭轉局面的高度期望"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/293609941.md"
description: "雀巢 (ADR) 的股價暴跌至自互聯網泡沫破裂以來的最低水平，原因是北美銷售量疲軟削弱了對首席執行官 Philipp Navratil 重振公司努力的信心。儘管有超過預期的 3.7% 的有機銷售增長，但北美的實際內部增長下降了 0.6%，受到嬰兒配方奶粉召回和地緣政治衝突的影響。股價下跌反映了對反彈的希望停滯，儘管公司維持了其利潤率指引，並宣佈了水業務的合資企業"
datetime: "2026-07-23T11:45:50.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293609941.md)
  - [en](https://longbridge.com/en/news/293609941.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293609941.md)
generator: "portal-rs"
---

# 雀巢 (ADR) 股價自互聯網泡沫破裂以來出現最大跌幅，因疲軟的銷量打破了對公司扭轉局面的高度期望

Nestlé shares in Switzerland tumbled the most in 24 years after North American sales volumes unexpectedly contracted, undercutting investor confidence in CEO Philipp Navratil's turnaround efforts.

Organic sales rose a better-than-expected 3.7% in the second quarter, but real internal growth in North America fell 0.6%, while an infant formula recall and the Gulf conflict weighed on operations.

"**Given the rally, we don't think the real internal growth print is quite good enough and expect some profit taking**," Barclays analyst Warren Ackerman said in a note.

Ackerman said, "**NESN's turnaround is a work in progress, and expectations were too elevated, which explains the steepest fall in the shares since 2020**."

If the 7.2% decline holds through the European close, it would mark Nestlé's steepest one-day loss since July 22, 2002, according to Bloomberg data.

Shares peaked around 127 euros in late 2021 and have since fallen 44% into a 4.5-year bear market. Any upside momentum seen this year has stalled - for now - as hopes of a turnaround dim.

Ackerman added, "**Coffee and Petcare remained strong, but were not sufficient to offset weakness elsewhere**."

Here's what other institutional desks are saying (courtsey of Bloomberg):

**Citi (neutral)**

-   *Cedric Besnard doesn't expect changes to consensus expectations on the back of the print "as the end of the sequential H2 margin acceleration narrative is actually aligned with current expectations"*
-   *"Especially after a relatively strong share price performance recently, we would not expect a re-rating," Besnard writes*

**Vontobel (buy)**

-   *"Nestle is showing clear execution on the key priorities, marking a meaningful milestone in this new strategic roadmap," Jean-Philippe Bertschy writes*
-   *Adds accelerating RIG, cost savings and improving cash generation are particularly reassuring given higher advertising and marketing spend*

Nestlé also agreed to sell half of its Perrier and S.Pellegrino water business to Platinum Equity for 3 billion euros in cash, creating a 50-50 venture valued at 4.9 billion euros. The **deal advances Navratil's plan to shed underperforming assets and refocus the company heavily on coffee, pet care, nutrition, food and snacks**.

**Navratil is pulling every lever to stabilize the sinking ship**, and the strategy appears to be working.

As CFO Anna Manz told investors on an earnings call earlier today: *"You see us manage, as we have in the first half, any elements that come our way quite consistently, and that's why we're maintaining our margin guidance today."*

### 相關股票

- [NSRGY.US](https://longbridge.com/zh-HK/quote/NSRGY.US.md)
- [BCS.US](https://longbridge.com/zh-HK/quote/BCS.US.md)
- [C.US](https://longbridge.com/zh-HK/quote/C.US.md)
- [NSRGF.US](https://longbridge.com/zh-HK/quote/NSRGF.US.md)
- [BARC.UK](https://longbridge.com/zh-HK/quote/BARC.UK.md)
- [C-R.US](https://longbridge.com/zh-HK/quote/C-R.US.md)

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> **免責聲明: 本文僅供參考，不構成任何投資建議。**