出售水井坊？帝亚吉欧业绩会上最新回应

Core Viewpoint - The Chinese liquor industry is still undergoing a deep adjustment period, affecting major international liquor companies like Diageo, which reported a decline in sales due to poor performance in the US and China markets [1][2]. Group 1: Financial Performance - Diageo's sales for the first half of the fiscal year ending December 31, 2025, amounted to $10.5 billion, representing a year-on-year decline of 2.8% [1]. - The Asia-Pacific region's sales dropped by 11% primarily due to the continuous decline in Chinese liquor sales, particularly affecting the performance of the acquired brand Shui Jing Fang [1]. - Excluding the impact of Chinese liquor sales, Diageo's net sales decline would have been reduced to 0.5% year-on-year [1]. Group 2: Shui Jing Fang Performance - Shui Jing Fang is projected to achieve a net profit of 390 million yuan in 2025, a significant year-on-year decrease of 71%, with expected revenue of 3.04 billion yuan, down 42% [1]. - The decline in Shui Jing Fang's performance is attributed to a combination of industry cycles and the company's proactive adjustments [1]. Group 3: Strategic Considerations - Diageo's management indicated that the performance of its liquor business is influenced by macroeconomic conditions and market policy changes in China [2]. - The timing of the Chinese Lunar New Year in 2026, which falls later in February, has also contributed to discrepancies in sales data [2]. - Diageo has initiated an "acceleration plan" aimed at restoring growth, which includes the potential disposal of non-core assets, although the company has not actively sought to sell Shui Jing Fang [2][3]. - Diageo currently holds approximately 63% of Shui Jing Fang's shares, and there is speculation that the company may consider selling if presented with an irresistible offer [3].