富邑集团撤回2026财年业绩指引，奔富品牌在中国市场销售疲软

Core Viewpoint - The company, Treasury Wine Estates, has announced the withdrawal of its profit guidance for the fiscal year 2026 due to weak consumer demand in the Chinese market, alongside the suspension of a AUD 200 million share buyback program [2][5]. Group 1: Financial Performance - Treasury Wine Estates reported a net sales revenue of AUD 2.938 billion for the fiscal year 2025, marking a 7.2% year-on-year increase [5]. - The company's earnings before interest and taxes (EBIT) reached AUD 770 million, reflecting a 17% year-on-year growth [5]. - The Penfolds brand generated net sales of AUD 1.074 billion globally, with the Asian market accounting for approximately 70% of this figure, amounting to AUD 750 million and a year-on-year increase of 19.1% [5]. Group 2: Market Challenges - The withdrawal of the fiscal year 2026 guidance is attributed to lower-than-expected shipment volumes of the Penfolds brand in China, despite a slight increase in September [5][6]. - The Chinese wine market faces structural challenges, with wine primarily perceived as a beverage for business banquets and gifting, limiting broader consumer adoption [6]. - The preference for high-end baijiu (Chinese liquor) during banquet and gifting occasions further competes with wine consumption [6]. Group 3: Consumer Trends - Post-pandemic, there has been a noticeable decline in banquet scenarios, leading to a shift towards more rational consumption, with consumers favoring cost-effective baijiu over premium wines [6]. - Younger consumers, who are becoming the main drinking demographic, show a preference for lower-alcohol beverages and social drinking settings, which has accelerated the growth of lower-alcohol and fruit wine products [6]. - The lack of established wine consumption habits among Chinese consumers, combined with an increasing variety of alcoholic beverages, may further weaken wine demand [6]. Group 4: Strategic Moves - Treasury Wine Estates has made efforts to adapt to the Chinese market by acquiring a 75% stake in Ningxia Wangyue Stone Winery for AUD 130 million, indicating a move towards local production [6]. - The company aims to blend local flavors with international brand characteristics to explore new growth avenues, although achieving this will require time [6]. - The new CEO faces the challenge of addressing the underperformance in the Chinese market as part of the leadership transition [7].