财务负责人凯西·史密斯虽认同改革方向正确，但也坦言："财务目标的兑现仍需时日。"分区域看，北 美大本营因客流量下滑导致同店销售跌幅超预期;国际市场表现相对稳健，可比销售额增长2%;作为战略 重点的中国市场实现销售额企稳，较上季度显著改善。 值得关注的是，全球可比销售额环比呈现改善态势——较上季度4%的降幅明显收窄，但公司已连续五 个季度面临销售下滑压力。 为应对外部风险，星巴克正多管齐下：通过拓展咖啡豆采购渠道、优化物流体系降低关税影响，同时增 加战略库存储备以缓冲阿拉比卡咖啡豆价格波动。这些举措折射出管理层在逆境中谋求突围的决心。 尼科尔向客户保证，在接下来的一段时间(直到公司财年结束，大概是9月末)，商品或服务的价格不会 上涨，保持当前的价格水平不变。 智通财经APP获悉，星巴克(SBUX.US)新任首席执行官布莱恩·尼科尔坦言，尽管这家咖啡连锁巨头在业 务复苏进程中显现积极信号，但最新季度的财务表现仍低于预期，给新管理层带来严峻考验。财报显 示，截至3月30日的2025财年第二季度，星巴克全球同店销售额同比下降1%，逊于市场预期均值。当季 每股收益(EPS)同样未达预期，引发资本市场强烈反应：纽约股市盘 ...

Core Viewpoint - The financial report for Q1 2025 from Huazhi Wine shows a significant decline in both revenue and net profit, indicating challenges faced by the liquor distribution industry in the current environment [1][3]. Financial Performance - In Q1 2025, Huazhi Wine achieved revenue of approximately 2.85 billion yuan, a year-on-year decrease of about 31% [2]. - The net profit attributable to shareholders was approximately 85.39 million yuan, down 34% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was 75.02 million yuan, reflecting a 41.27% decrease year-on-year [2]. - The basic and diluted earnings per share were both 0.21 yuan, a decline of 32.26% from the previous year [2]. Operational Insights - The decline in revenue is attributed to adjustments in promotional policies by e-commerce platforms and supermarket clients, leading to reduced demand for the company's products [1][5]. - As of the end of Q1 2025, the company's contract liabilities decreased to less than 138 million yuan, down approximately 67% from the end of 2024, indicating a reduction in prepayments from customers [5]. Strategic Initiatives - Huazhi Wine has developed three core business models: Huazhi Wine, Huazhi (Ming) Wine Cellar, and Huazhi Preferred, aiming to cover diverse market demands through a dual-driven product and service approach [6]. - The company is focusing on improving operational efficiency and profitability, expanding market share, and achieving sustainable, high-quality growth to create long-term value for shareholders [6]. - Continuous business reforms are being implemented, including optimizing product structure, expanding market channels, and strengthening brand development to enhance core competitiveness [6]. - The company plans to adjust product policies dynamically based on market conditions and consumer demand, aiming to develop cost-effective new products while maintaining market share [6].