记者调查｜保乐力加中国销售额锐减 部分高端洋酒打五折

Core Insights - The high-end liquor market in Shenzhen is experiencing significant price reductions, contrary to expectations for a sales boom during the Spring Festival [1][4] - Major brands like Macallan and Martell are seeing steep declines in sales and prices, indicating a shift in consumer demand and market dynamics [6][10] Market Trends - High-end liquor prices have dropped dramatically, with Macallan 25-year whisky now priced below 20,000 yuan, down from a peak of 37,000 yuan [6][10] - Discounts on various premium liquors exceed 50%, with some products like the French Larsen XO gift box reduced from 1,780 yuan to 798 yuan, representing a 55% discount [8] Company Performance - Pernod Ricard reported a 5.9% organic decline in net sales for the first half of the 2026 fiscal year, with a staggering 28% drop in organic sales in the Chinese market [10] - The company's core brand, Martell, saw an 8% decline in sales volume and a 17% drop in net sales in China [10] Consumer Behavior - The demand for high-end cognac has sharply decreased due to reduced corporate gifting and banquet needs, leading to significant inventory buildup [10] - Online sales data indicates a contrasting trend, with liquor sales on platforms like Tmall showing double-digit growth, driven by changing consumer preferences towards health-oriented and lower-alcohol beverages [11] Future Outlook - Pernod Ricard has positioned the 2026 fiscal year as a transitional period, with expectations for gradual improvement in net sales in the latter half of the year [10] - The company anticipates an average annual growth rate of 3% to 6% in net sales from 2027 to 2029, alongside ongoing improvements in organic profit margins [10]