“酒业巨头”帝亚吉欧否认出售水井坊

Core Insights - Diageo reported a sales revenue of $10.5 billion for the first half of the fiscal year ending December 2025, reflecting a year-on-year decline of 2.8% [1] - The decline in performance is primarily attributed to the impact of the U.S. spirits market and the Chinese baijiu business, with sales in the Asia-Pacific region dropping by 11% [1] - Excluding the impact of the Chinese baijiu business, the group's net sales decline would narrow to 0.5% [1] Financial Performance - The baijiu business, mainly from Shui Jing Fang, is expected to achieve a net profit of 390 million yuan in 2025, a year-on-year decrease of 71%, with revenue expected to decline by 42% to 3.038 billion yuan [1] - Diageo's management indicated that the group has a plan for cost savings and deleveraging, which includes selective asset disposals over the coming years [1] Asset Disposal Strategy - Diageo's management emphasized that there has been no mention of selling the Shui Jing Fang asset, but they would consider "irresistible" offers for non-core assets [2] - The intention behind asset disposals is to reduce leverage rather than to sell brands at low prices [2]