帝亚吉欧做了一个直接带来短期阵痛的决定。 北京时间2月25日下午，酒业巨头帝亚吉欧披露了2026财年中期业绩：上半财年实现净销售额104.6亿美元，经营利润31.16亿美元，同比双双有机下滑 2.8%。 "2026财年上半年的业绩表现喜忧参半。"首次亮相财报会的帝亚吉欧新任CEO Dave Lewis表示，距离他今年1月1日正式上任还不到两个月。 21世纪经济报道记者翻看财报注意到，2026财年上半年（即2025年下半年），帝亚吉欧在欧洲、拉美及非洲地区表现强劲，但在美国、中国两大关键市场双 双遇冷，抵消了其他市场的增长表现。 受此影响，帝亚吉欧再次调低了2026财年的业绩指引，全年净销售额有机增速从原来的"持平到稍有下滑"调整为"下滑2%～3%"，经营利润有机增速从原来 的"低个位数增长"下调为"持平到低个位数增长"。此前披露一季报时帝亚吉欧已经下调过本财年业绩预期。 同时，帝亚吉欧董事会宣布，本财年中期股息将去年同期的40.5美分减半至每股20美分。 同时下调预期、削减股息的重大决定，引发市场强烈反应，帝亚吉欧25日大跌15%，也连带拖累了整个烈酒板块，保乐力加、人头马君度、金巴利等同行股 价整体下行。 ...

Group 1: Performance of Amer Sports - Amer Sports reported a revenue increase of 27% to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1] - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million compared to $90 million in the same period of 2024 [1] - The Greater China region was a significant growth driver, with annual revenue increasing by 43.4% to $1.86 billion and Q4 growth reaching 41.8% [1] Group 2: Comparison with Competitors - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline channels experiencing a mid-single-digit decline [2] - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [2] - The performance disparity may indicate that the high-end market, represented by brands like Arc'teryx, is more resilient compared to the mid-range market [3] Group 3: Market Trends and Competition - The outdoor sports market is perceived to have significant growth potential, prompting brands like Nike and Li Ning to increase their investments in this sector [4] - The competitive landscape in the domestic outdoor market is expected to intensify as major brands expand their presence [5]

2026.02.26 本文字数：1062，阅读时长大约2分钟 此前，帝亚吉欧管理层公布了一项"加速计划"用于恢复增长，其中也包括计划处置部分非核心资产。受此影响，水井坊在2025年底屡屡传出将被 出售的消息，但随即水井坊官方予以了否认。 作者 |第一财经栾立 中国酒业消费尚未走出深度调整期，洋酒巨头们的日子同样不好过。 近日，世界酒业巨头帝亚吉欧公布了截至2025年12月31日的2026上半财年报告。受中美市场表现拖累，帝亚吉欧半年销售额为105亿美元，同比下 降2.8%。在业绩说明会上，帝亚吉欧管理层再次回应了出售水井坊的传言。 帝亚吉欧管理层表示，上半财年欧洲、拉丁美洲和加勒比海地区、非洲等区域的销售业绩实现了较好增长，而集团业绩的下滑主要受美国烈酒和 中国白酒业务的影响。其中，中国白酒销售的持续下滑对亚太区域市场销售有所冲击，该区域销售额同比下降11%。如果剔除中国白酒业务的影 响，集团净销售额降幅将收窄至同比下降0.5%。 帝亚吉欧的白酒业务主要是此前收购的水井坊（600779.SH）。此前公布的业绩预告显示，2025年水井坊预计实现归母净利润3.9亿元，同比下降 71%；预计实现营业收入30.4亿元 ...

中国酒业消费尚未走出深度调整期，洋酒巨头们的日子同样不好过。 近日，世界酒业巨头帝亚吉欧公布了截至2025年12月31日的2026上半财年报告。受中美市场表现拖累， 帝亚吉欧半年销售额为105亿美元，同比下降2.8%。在业绩说明会上，帝亚吉欧管理层再次回应了出售 水井坊的传言。 帝亚吉欧管理层表示，上半财年欧洲、拉丁美洲和加勒比海地区、非洲等区域的销售业绩实现了较好增 长，而集团业绩的下滑主要受美国烈酒和中国白酒业务的影响。其中，中国白酒销售的持续下滑对亚太 区域市场销售有所冲击，该区域销售额同比下降11%。如果剔除中国白酒业务的影响，集团净销售额降 幅将收窄至同比下降0.5%。 帝亚吉欧的白酒业务主要是此前收购的水井坊（600779.SH）。此前公布的业绩预告显示，2025年水井 坊预计实现归母净利润3.9亿元，同比下降71%；预计实现营业收入30.4亿元，同比下降42%。 帝亚吉欧管理层也表示，白酒业务的业绩变化与中国宏观经济、市场政策变化有关。此外，2026年中国 农历春节日期较晚，销售数据的错位比较也带来一定影响。 记者了解到，一般春节备货会提前1至2个月进行。今年春节在2月中旬，备货时间较晚，这也会 ...

当天伦敦股市成分股中位于涨幅前五位的个股分别为：汇丰银行股价上涨7.94%，梅特伦能源与金属公司股价上涨7.73%，贵金属生产商弗雷斯尼洛股价 上涨7.29%，金融投资公司圣詹姆斯广场股价上涨6.63%，出版集团里德爱思唯尔股价上涨6.25%。 转自：新华财经 新华财经伦敦2月26日电（记者赵小娜）英国伦敦股市《金融时报》100种股票平均价格指数25日报收于10806.41点，较前一交易日上涨125.82点，涨幅为 1.18%。欧洲三大股指当天全线上涨。 当天伦敦股市成分股中位于跌幅前五位的个股分别为：酒业公司帝亚吉欧股价下跌12.70%，消费健康公司赫力昂股价下跌6.85%，化学品公司克罗达国际 股价下跌3.08%，企业服务外包商巴布科克国际股价下跌2.07%，超市连锁企业乐购股价下跌1.80%。 欧洲其他两大主要股指方面，法国巴黎股市CAC40指数报收于8559.07点，较前一交易日上涨39.86点，涨幅为0.47%；德国法兰克福股市DAX指数报收于 25175.94点，较前一交易日上涨189.69点，涨幅为0.76%。 编辑：胡晨曦 ...

帝亚吉欧美股盘前跌超10%，现报91.87美元。 来源：滚动播报 ...

核心要点 他写道："作为美国总统，我即刻将全球 10% 关祱上调至法律允许且经司法检验的 15% 水平。数十年 来，许多国家一直在'剥削'美国，却从未付出代价（直到我上任！）。" 个股动态 美国最高法院裁定推翻特朗普大部分 "对等" 关祱政策后，欧洲股市上周收涨。 特朗普周末宣布，将推出新的全球统一 15% 关祱，取代此前的 10% 税率。 JD 体育因股份回购消息股价上涨。 罗尔斯・罗伊斯在周四财报发布前股价下跌。 美国股指期货预示开盘走弱。 法国 CAC 40 指数：8，517.14 点，+1.65 点（+0.02%） 意大利富时 MIB 指数：46，810.64 点，+337.66 点（+0.73%） 英国富时 100 指数：10，688.66 点，+1.77 点（+0.02%） 德国 DAX 指数：25，147.66 点，-113.03 点（-0.45%） 西班牙 IBEX 35 指数：18，308.80 点，+122.80 点（+0.68%） 泛欧斯托克 600 指数：629.01 点，-1.55 点（-0.25%） JD 体育：英国运动零售商 JD 体育股价领涨斯托克 600 指数，涨幅近 4%。 ...

来源：滚动播报 欧洲奢侈品和酒类股飙升，此前美国最高法院裁定总统特朗普发布的全球关税为非法。鉴于在美国业务 规模庞大，且生产基地通常设在本国，奢侈品公司是受特朗普关税影响最大的企业之一。在该裁决公布 后不久，一篮子欧洲奢侈品股飙升1.3%，行业领头羊LVMH集团股价跳涨1.3%。法国同行保乐力加、 爱马仕和盟可睐的股价也大幅走高。Guinness啤酒和烈酒生产商帝亚吉欧的股价飙升超过1%。 ...

Core Viewpoint - The company, Shui Jing Fang (600779), confirmed that there are no undisclosed significant information regarding major events such as asset restructuring, share issuance, or major transactions as of the current date [1] Group 1 - The company responded to investor inquiries on its interactive platform [1] - The company has communicated with its controlling shareholder, Sichuan Chengdu Shui Jing Fang Group Co., Ltd., and its actual controller, Diageo, regarding the status of disclosures [1] - There are no significant matters pending disclosure, including but not limited to major asset restructuring, share issuance, major transactions, business restructuring, share buybacks, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1]

Core Insights - Constellation Brands reported a dramatic turnaround in Q2 FY2026, achieving a net profit of $466 million compared to a loss of $1.2 billion in the same period last year, despite a 15% decline in net sales to $2.481 billion [1][2]. Financial Performance - Net sales decreased by 15% to $2.481 billion, primarily due to declines in the wine and spirits segments [2]. - Operating profit improved significantly to $874 million from a loss of $1.229 billion in the previous year, driven by cost control and asset divestiture [2]. - Net profit reached $466 million, reversing from a net loss of $1.2 billion, with earnings per share (EPS) rising from -$5.86 to $2.17 [2]. Business Segmentation - Beer business generated $2.345 billion in net sales, down 12%, but accounted for 94.5% of total revenue, with strong demand for brands like Corona and Modelo in the U.S. market [3]. - Wine and spirits segment saw a drastic decline in net sales to $136 million, a 47% drop, which was the main reason for the overall sales decline [3]. Strategic Adjustments - The company has focused on divesting non-core assets, selling approximately 30 low-end wine brands for $2.65 billion to E.&J. Gallo, allowing a shift towards high-end wine and spirits [4]. - The beer segment, while experiencing a sales decline, managed to offset some losses through a 3% price increase and a shift towards higher-end products [5]. - Selling, general, and administrative expenses decreased by 22% due to reduced spending after asset divestitures, alongside improved supply chain and logistics efficiency [6]. Challenges Ahead - The wine business is facing a steep decline, with its revenue share dropping from 15% to 5%, and the transition to high-end products has yet to show results [7]. - The spirits segment remains small and lacks competitive strength compared to larger players like Diageo and Brown-Forman [7]. - The beer market is experiencing slower growth, and future expansion may depend on emerging markets, which carry risks related to tariffs and currency fluctuations [7]. Future Outlook - Management is cautiously optimistic for FY2026, projecting a mid-single-digit decline in net sales and a mid-single-digit increase in operating profit [8]. - EPS target is set between $8.50 and $9.00, a significant increase from $7.20 in FY2025 [8]. Strategic Focus - Accelerating high-end product offerings in the wine sector and utilizing data-driven marketing strategies [9]. - Expanding ready-to-drink channels to cater to home consumption trends [9]. - Increasing investments in emerging markets like Mexico and Brazil to replicate U.S. market success [9]. Industry Comparison - Compared to peers, Constellation Brands appears to be lagging in its transformation efforts, with a heavy reliance on its beer business, which constitutes over 90% of its revenue [11]. - Competitors like Diageo and Brown-Forman have stronger positions in the spirits market, while Constellation's wine and spirits segments have not yet developed into significant growth drivers [11].