财经外刊精读 · 互动版 · B1 入门

Nestlé sells more coffee and chocolate as price rises slow

雀巢卖得更多、涨价更慢：一杯咖啡背后的生意
2026 年 10 月 23 日 · 星期五 本期：雀巢 · 涨价与销量 · 业绩指引（CEFR B1）
Roasted coffee beans filling the frame
Cheaper beans this year, but the company says costs may rise again.
Photo: Unsplash (stock image, not the original news picture)

30 秒速读

先建立框架，再进原文。默认只给英文，点摘要段落（或右上角「译」）出中文对译，点数字卡展开中文。

Nestlé sold 4% more in the third quarter, but it raised prices only 1.1%. Shoppers bought more coffee and chocolate, and the company kept its plan for the year.

雀巢第三季度有机销售额增长 4%，但只涨价 1.1%。消费者买了更多咖啡和巧克力，公司也维持了全年目标——涨价退潮之后，增长要靠销量接棒。

4.0%
Organic sales growth, above the 3.4% that analysts had expected.
有机销售额增长，高于分析师预期的 3.4%。
2.8%
Real internal growth: how much more food and drink Nestlé actually sold.
实际内部增长：雀巢真正多卖出去的食物与饮料。
1.1%
Price growth, down from 1.9% in the previous quarter.
定价贡献，低于上一季度的 1.9%。
CHF 22.8bn
Reported sales for the quarter, up 5.2% in Swiss francs.
本季度报表销售额，按瑞郎计增长 5.2%。
12.3%
Growth in water, the fastest part of the business, helped by a hot summer.
水业务增速，为全公司最快，受益于欧洲炎热的夏天。
3–4%
The full-year organic sales target that the company repeated on Thursday.
公司周四重申的全年有机销售增长目标。

原文精读 · Full Text

25 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Nestlé sells more coffee and chocolate as price rises slow
雀巢卖出更多咖啡与巧克力因为涨价正在放缓
PARA 01
Nestlé, the world's largest food company, sold more coffee and chocolate in the last three months, as shoppers in Asia and Europe bought more of its brands, and as price rises slowed.
雀巢，全球最大的食品公司，卖出了更多咖啡与巧克力在过去的三个月里，因为亚洲和欧洲的消费者买了更多它的品牌，也因为涨价放缓了。
PARA 02
On Thursday, the Swiss company reported a 4 per cent rise in organic sales1 for the third quarter, above the 3.4 per cent that analysts expected.
周四，这家瑞士公司公布有机销售额增长 4%第三季度，高于分析师预期的 3.4%。
PARA 03
Nestlé is based in Switzerland, but most of its sales come from outside Europe: its brands are sold in almost every country, from Brazil to China.
雀巢总部设在瑞士，但大部分销售额来自欧洲以外：它的品牌几乎在每一个国家销售，从巴西到中国。
PARA 04
Organic sales leave out currency moves and takeovers, so the number shows how much a company sells, or charges, in its own shops. It is the cleanest measure of demand.
有机销售额剔除汇率变动与并购，所以这个数字显示一家公司在自己的门店里多卖了多少、或多收了多少。它是最干净的需求指标。
PARA 05
Nestlé's volume2 grew 2.8 per cent, while its prices rose only 1.1 per cent,3 down from 1.9 per cent in the previous quarter.
雀巢的销量增长了2.8%，而价格只上涨 1.1%，低于上一季度的 1.9%。
What grew, what did not Nestlé, organic sales growth by category, third quarter 2026 Water 12.3% Pet care 5.3% Food & snacks 5.0% Group 4.0% Coffee 3.4% Nutrition 0.3%
Chart 1 | Water led, nutrition stalled: the mix behind a 4 per cent quarter. Source: company results, 22 October 2026. Figures are organic growth, which excludes currency moves.
PARA 06
The company sold more, and charged a little more.
公司卖出更多，并且收得略贵一点。
PARA 07
That is a change from last year, when Nestlé raised prices quickly and sold less food.
这是相较去年的一个变化，去年雀巢快速提价，却卖出了更少的食品。
PARA 08
Coffee and cocoa prices fell this year, after two very expensive years. That helped food companies, because their main ingredients became cheaper.
咖啡与可可的价格下跌了今年，在经历了非常昂贵的两年之后。这帮助了食品公司，因为主要原料变便宜了。
PARA 09
But costs may rise again, the finance chief said, because input costs were under pressure once more. Coffee and cocoa are traded globally, and prices can turn quickly.
但成本可能再次上升，首席财务官说，因为投入成本再次面临压力。咖啡与可可在全球交易，价格可能很快转向。
PARA 10
Analysts had expected volume growth of only 1.5 per cent. Nestlé did almost twice as well.
分析师原本预计销量只增长 1.5%。雀巢做得几乎好一倍。
PARA 11
Coffee sales grew 3.4 per cent, as more people drank cold coffee in Asia. Cold drinks are a fast-growing habit among younger customers.
咖啡业务销售额增长3.4%，因为亚洲有更多人喝冷咖啡。冷饮是年轻消费者中快速增长的习惯。
Coffee is one of Nestlé's biggest categories; it grew 3.4 per cent this quarter.
Coffee is one of Nestlé's biggest categories; it grew 3.4 per cent this quarter. 咖啡是雀巢最大的品类之一，本季增长 3.4%。 Photo: Unsplash (stock image, not the original news picture)
PARA 12
Food and snacks grew 5 per cent, and frozen food in America improved. The company's chocolate and cooking brands did well.
食品与零食增长5%，美国的冷冻食品也有所改善。公司的巧克力与烹饪品牌表现不错。
Chocolate sits inside food and snacks, which grew 5 per cent, one of the faster categories.
Chocolate sits inside food and snacks, which grew 5 per cent, one of the faster categories. 巧克力所属的「食品与零食」增长 5%，为各品类中较快的一块。 Photo: Unsplash (stock image, not the original news picture)
PARA 13
Pet care grew 5.3 per cent, while water grew 12.3 per cent, helped by a hot European summer and strong sales of premium drinks.
宠物护理增长5.3%，而水业务增长 12.3%，得益于欧洲炎热的夏天与高端饮料的强劲销售。
PARA 14
Nutrition grew only 0.3 per cent, after a recall of baby formula. Baby food is a sensitive business: one recall can hurt trust for months.
营养品增长仅0.3%，在一场婴儿配方奶粉召回之后。婴儿食品是一个敏感的生意：一次召回就可能损害信任好几个月。
PARA 15
Asia, Africa and Oceania grew 6.4 per cent, and India grew 20 per cent. Greater China grew 4.2 per cent, a little faster than the group.
亚洲、非洲与大洋洲增长6.4%，印度增长 20%。大中华区增长4.2%，略快于集团整体。
PARA 16
Emerging markets grew 6.8 per cent, while developed markets grew 2.2 per cent.
新兴市场增长6.8%，而发达市场增长 2.2%。
PARA 17
The company sold CHF 22.8 billion of goods4 in the quarter, up 5.2 per cent in Swiss francs. A strong franc can make overseas sales look smaller.
公司卖出价值 228 亿瑞郎的商品在本季度，按瑞郎计增长 5.2%。瑞郎走强会让海外销售额看起来更小。
What analysts expected, and what Nestlé delivered Third quarter 2026, percentage change Organic: expected 3.4% Organic: actual 4.0% Volume: expected 1.5% Volume: actual 2.8% Price: expected 1.9% Price: actual 1.1%
Chart 2 | A beat on volume, a miss on price: shoppers bought more, but paid less extra. Source: company results and analyst forecasts, 22 October 2026.
PARA 18
Sales in the first nine months were almost flat at CHF 65.9 billion. Currency moves took 3.7 per cent off the top line.
前九个月的销售额为基本持平，为 659 亿瑞郎。汇率变动削去了3.7% 的销售额。
PARA 19
Philipp Navratil, the chief executive, said he was pleased with the progress, but not satisfied.
首席执行官菲利普·纳夫拉蒂尔，说他对进展感到满意，但并不满足。
Supermarket shelves: a food company can grow by selling more units, or by charging more for each one.
Supermarket shelves: a food company can grow by selling more units, or by charging more for each one. 超市货架：食品公司增长的两个来源——卖得更多，或者卖得更贵。 Photo: Unsplash (stock image, not the original news picture)
PARA 20
He has cut back ice cream and water brands, and moved some into joint ventures.7 The company wants fewer, faster-growing businesses.
他削减了冰淇淋与水的品牌，并把其中一些放进了合资公司。公司想要更少、但增长更快的业务。
PARA 21
Nestlé kept its plan for the year:5 growth of 3 to 4 per cent, a higher margin and more than CHF 9 billion of cash.68 Its shares rose about 1 per cent in early trading.
雀巢维持了全年计划：增长 3% 到 4%、利润率提升，以及超过 90 亿瑞郎的现金。其股价在早盘上涨约 1%。
PARA 22
For investors, the question is simple: if prices rise more slowly, companies must sell more to grow. That is why the 2.8 per cent volume number matters most.
对投资者来说，问题是简单的：如果价格涨得更慢，公司就必须卖得更多才能增长。这就是为什么 2.8% 的销量数字最重要。
PARA 23
Investors had worried that shoppers would buy less. The volume number eased that fear for now.
投资者原本担心消费者会买得更少。这个销量数字缓解了这种担忧——至少目前如此。
PARA 24
Two things could change the story: a new rise in cocoa and coffee costs, and slower growth in Asia. Both would make the volume number harder to keep, and the shares would feel it first.
两件事可能改变这个故事：可可与咖啡成本的新一轮上涨，以及亚洲增长放缓。两者都会让这个销量数字更难维持，而股价会最先感受到。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1organic sales/ɔːˈɡænɪk seɪlz/ 点击看中文解释 ↓

Sales growth that leaves out currency moves and takeovers. It shows what the company actually sold.

Why it matters here ▸ Nestlé's organic sales rose 4 per cent, above the 3.4 per cent analysts expected.

有机销售额：剔除汇率变动与并购影响后的销售增长，只看现有业务本身卖得多不多。

拓展知识：食品公司几乎都先报 organic growth，因为汇率一年能差好几个点。雀巢本季报表口径增长 5.2%，有机只增 4.0%——差别就是汇率与并购。
Extended note: Reported growth was 5.2 per cent; organic growth was 4.0. The gap is currency and deals.
2volume/ˈvɒljuːm/ 点击看中文解释 ↓

The amount of product sold, not the money received. Also called real internal growth.

Why it matters here ▸ Volume grew 2.8 per cent, much faster than the 1.5 per cent analysts expected.

销量：实际卖出的商品数量（而非金额），公司口径叫「实际内部增长」（RIG）。

拓展知识：销量增长说明消费者真的多买了；如果增长全靠涨价，说明只是把成本转嫁给顾客，迟早会丢份额。
Extended note: Volume growth means more units sold. Price-led growth can hide falling demand.
3pricing/ˈpraɪsɪŋ/ 点击看中文解释 ↓

The part of sales growth that comes from charging more, rather than selling more.

Why it matters here ▸ Pricing added only 1.1 per cent, down from 1.9 per cent in the second quarter.

定价贡献：销售增长中来自提价的部分，与销量贡献相对。

拓展知识：涨价贡献下降通常被解读为好消息：通胀在降温。但对公司来说，这意味着增长必须靠销量接棒。
Extended note: Lower pricing is good news for shoppers and central banks, but it puts pressure on volume.
4reported sales/rɪˈpɔːtɪd seɪlz/ 点击看中文解释 ↓

Sales in the company's reporting currency, after currency moves. It is the number in the accounts.

Why it matters here ▸ Reported sales were CHF 22.8 billion, up 5.2 per cent in francs.

报表销售额：按公司报告货币计算的销售额，已包含汇率影响，是财报上的那行数字。

拓展知识：雀巢用瑞郎记账，收入大半来自海外。瑞郎走强时，海外赚的钱换回瑞郎就变少——这叫「汇率逆风」。
Extended note: A strong franc shrinks overseas sales when they are translated back home.
5guidance/ˈɡaɪdns/ 点击看中文解释 ↓

The company's own forecast for sales and profit, usually for the full year.

Why it matters here ▸ Nestlé kept its guidance of 3 to 4 per cent organic growth for 2026.

业绩指引：公司自己对全年营收、利润的预测，通常与管理层目标一起发布。

拓展知识：指引比单季数字更重要。公司可以靠一次性因素做漂亮一个季度，但指引代表管理层对未来一年的判断。
Extended note: Guidance is a forward-looking promise; a single quarter is only a snapshot.
6operating margin/ˈɒpəreɪtɪŋ ˈmɑːdʒɪn/ 点击看中文解释 ↓

Operating profit divided by sales. It shows how much the company keeps from each franc of sales.

Why it matters here ▸ Nestlé said its margin would be higher than in 2025, even with slower price rises.

营业利润率：营业利润占销售额的比例，衡量每卖出一块钱能留下多少。

拓展知识：提价能立刻抬高利润率，销量增长则要靠规模摊薄固定成本。两者对利润率的作用路径不同。
Extended note: Price rises lift the margin immediately; volume needs scale to do the same.
7joint venture/dʒɔɪnt ˈventʃə/ 点击看中文解释 ↓

A company owned by two or more firms, which share the cost, the risk and the profit.

Why it matters here ▸ Nestlé moved some ice cream and water brands into joint ventures.

合资公司：由两家或多家公司共同持股、共担成本与风险、共享利润的实体。

拓展知识：把增长慢的业务放进合资公司，可以不再合并进报表，同时保留一部分收益——这是大型食品公司「瘦身」的常用手法。
Extended note: Putting a slow business into a JV removes it from the accounts but keeps a share of the profit.
8free cash flow/friː kæʃ fləʊ/ 点击看中文解释 ↓

Cash left after running the business and paying for new equipment. It pays dividends.

Why it matters here ▸ Nestlé still expects more than CHF 9 billion of free cash flow this year.

自由现金流：经营赚到的现金减去资本开支后剩下的部分，用来分红、回购或还债。

拓展知识：利润可以靠会计处理变好看，自由现金流很难。看一家公司能不能持续分红，先看这个数。
Extended note: Profit can be adjusted; free cash flow is harder to dress up.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 8 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
leave out/liːv aʊt/

to not include something in a number or a calculation

Organic sales leave out currency moves and takeovers.

把……排除在外、不计算在内

有机销售额剔除了汇率变动与并购。
down from/daʊn frɒm/

lower than an earlier level or figure

Prices rose only 1.1 per cent, down from 1.9 per cent in the previous quarter.

低于（此前的水平）

价格只上涨 1.1%，低于上一季度的 1.9%。
a change from/ə tʃeɪndʒ frɒm/

something different from what came before

That is a change from last year, when the company raised prices quickly.

与……相比的变化

这与去年相比是一个变化，当时公司快速提价。
under pressure/ˈʌndə ˈpreʃə/

being pushed up or put under strain

He said input costs were under pressure once more.

面临压力、承受压力

他说投入成本再次面临压力。
helped by/helpt baɪ/

made better or stronger by something

Water grew 12.3 per cent, helped by a hot European summer.

得益于、在……帮助下

水业务增长 12.3%，得益于欧洲炎热的夏天。
cut back/kʌt bæk/

to reduce the amount of something

He has cut back ice cream and water brands.

削减、缩减

他削减了冰淇淋与水的品牌。
keep its plan/kiːp ɪts plæn/

to keep a target or forecast unchanged

Nestlé kept its plan for the year.

维持原计划、不改变目标

雀巢维持了全年计划。
above expectations/əˈbʌv ˌekspekˈteɪʃnz/

better than analysts had forecast

Organic sales rose 4 per cent, above the 3.4 per cent that analysts expected.

高于预期

有机销售额增长 4%，高于分析师预期的 3.4%。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1What did Nestlé report for the third quarter?
正确答案：A
第一段与第二段给出的核心数字是有机销售额增长 4%，高于预期的 3.4%。B 项与原文相反（亚洲、印度都在增长）；C 项把 4% 的销售增长误当成涨价幅度，实际涨价只有 1.1%；D 项与最后一段相反，公司维持了全年计划。
On Thursday, the Swiss company reported a 4 per cent rise in organic sales for the third quarter, above the 3.4 per cent that analysts expected. A is the only figure the text supports. B, C and D each swap one number or one verb.
Q2Why did Nestlé's prices rise more slowly this year?
正确答案：@
第七段直接给出原因：咖啡与可可价格在连涨两年后回落，食品公司因此不必再大幅提价。B 项与第四段相反（销量增长 2.8%，消费者买得更多）；C 项原文未提；D 项原文未提，且瑞郎走强通常压低报表销售额，与涨价无关。
Coffee and cocoa prices fell this year, after two very expensive years. The cause is a cost story, not a demand story: cheaper beans meant smaller price rises.
Q3What does the chief executive mean when he says he is not satisfied?
正确答案：B
「满意但不满足」是管理层常用的说法：肯定当期成绩，同时承认还有提升空间。A 项与数字相反（有机增长 4%、销量 2.8% 都高于预期）；B 项原文未提；D 项与全文方向相反，涨价正在放缓。
Philipp Navratil, the chief executive, said he was pleased with the progress, but not satisfied. Pleased but not satisfied: a standard formula for 'good quarter, more to do'.
财经外刊精读 · 互动版 · 2026-10-23-B1 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
Adapted for B1 readers from the Reuters report and the same-day earnings call coverage: figures and names are unchanged; sentences were shortened and the Russia-related accounting section was left out. 英文正文：Reuters《Nestle third quarter organic sales beat forecast》（2026-10-22，Alexander Marrow）；Food Ingredients First 同日财报电话会报道。正文按精读节奏切分为 25 段（含标题），直接引语改为间接引语，事实与数字未作改动。
转载源与交叉核对：Reuters 稿提供三季度全部数字（有机增长 4.0%、实际内部增长 2.8%、定价 1.1%、报表销售额 227.56 亿瑞郎、全年指引 3–4%）；Food Ingredients First 补首席财务官 Anna Manz 关于成本与销量的表述、首席执行官 Philipp Navratil 的原话，以及咖啡、食品与零食、宠物护理、水、营养品五个品类的增速。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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