出售水井坊？世界酒业巨头回应

Core Viewpoint - The Chinese liquor market is still undergoing a deep adjustment, impacting the performance of global liquor giants like Diageo, which reported a 2.8% year-on-year decline in sales to $10.5 billion for the first half of the fiscal year ending December 31, 2025 [2]. Group 1: Sales Performance - Diageo's sales decline was primarily driven by poor performance in the U.S. spirits and Chinese liquor markets, with the Asia-Pacific region's sales dropping by 11% due to the ongoing decline in Chinese liquor sales [2]. - Excluding the impact of Chinese liquor, Diageo's net sales decline would have been limited to 0.5% year-on-year [2]. Group 2: Water Margin Business - Diageo's liquor business in China mainly consists of the previously acquired Shui Jing Fang (Water Margin), which is projected to see a 71% year-on-year drop in net profit to 390 million yuan and a 42% decline in revenue to 3.04 billion yuan for 2025 [2]. - The decline in Shui Jing Fang's performance is attributed to a combination of industry cycles and the company's proactive adjustments, including ongoing optimization of product structure and distribution channels [2]. Group 3: Strategic Considerations - Diageo's management indicated that the performance of the liquor business is influenced by China's macroeconomic conditions and market policy changes, with the timing of the Chinese New Year also affecting sales data comparisons [3]. - Diageo has initiated an "acceleration plan" aimed at restoring growth, which includes the potential disposal of non-core assets, although the company has denied any active pursuit to sell Shui Jing Fang [3][4]. - Analysts noted that Shui Jing Fang is not necessarily a non-sale asset, and Diageo may consider selling it if a compelling offer is made, but the intention is to reduce leverage rather than to sell brands at a low price [3][4].