新华社巴黎8月21日电 根据欧盟与美国21日公布的双方7月达成的新贸易协议细则，美国将对大多数欧 盟输美商品征收15%的关税。以美国为主要出口市场的法国酒业当天对此表示"非常失望"。 法国葡萄酒与烈性酒出口商联合会主席加布里埃尔·皮卡尔对法国媒体表示，法国酒业曾为争取美国关 税豁免付出巨大努力，该协议"令人非常失望"。 法国干邑企业负责人夏尔·布瓦诺指出，全球葡萄酒业的营销形势本已不容乐观，美国此举无疑是对行 业的"又一锤重击"。 法国南部朗格多克葡萄酒行业协会主席克里斯托夫·布斯凯说："美国进口商肯定会要求我们降价，否则 美国消费者就得多掏钱。而且，（商品）一旦涨价，销量就会下跌。" 法国媒体报道指出，美国加征关税将给法国和欧盟酒业造成巨大损失。据此前估算，如美方加征20%关 税，法国和欧盟酒业或将分别损失8亿和16亿欧元。 据法国葡萄酒与烈性酒出口商联合会统计，2024年欧盟对美出口的酒类产品总价值约80亿欧元，其中近 一半是法国产品。 （文章来源：新华社） ...

美印贸易冲突与印度的战略应对 王毅的访问并非偶然，恰恰是在印度调整其外交策略的关键时刻。当日，印度外长苏杰生启程前往莫斯科，计划与俄方讨论建立卢比计价的贸易机制。这个 同步展开的外交行动，清晰传递了一个信号：印度正通过与中俄合作，推动"去美元化"，寻求摆脱对美元的依赖。 在美国的强大压力下，莫迪展现了罕见的硬气姿态。在8月15日的独立日演讲中，尽管没有直接点名美国，莫迪却强烈谴责了"经济自私主义"，并坚决表示 要保护农民和渔民的利益，绝不以牺牲本国利益为代价。他宣布推进"自力更生"战略，誓言实现能源独立，并推动关键领域的产业建设。与此同时，印度还 宣布将在年底推出首款国产芯片，并计划建设六家新芯片厂。紧接着，印度对美国的反制措施接连出台：冻结与美国数十亿美元的军购订单，对美国威士忌 加征150%关税，甚至暂停了所有飞往华盛顿的航班。印度国防部长辛格公开宣称："美国的贸易战无法阻挡印度成为世界强国！"这一系列反制措施表明， 印度已放弃与美国妥协的幻想，转而采取更为强硬的立场。 美国对印度的关税大棒，出乎意料地失效了。就在印度总理莫迪即将赴华参加上合峰会的前夕，美国突然宣布取消了原定于8月25日访问新德里的计划。 ...

21世纪经济报道记者肖夏 热度爆了，市值涨了，业绩爆发却没来。 8月21日盘后，会稽山披露了2025年半年报：上半年实现营收8.17亿元，同比增长11.03%，实现归母净 利润9387.7万元，同比增长3.41%。 21世纪经济报道记者注意到，会稽山上半年的营收涨幅低于过去两年同期。2024年、2023年的上半年， 会稽山的营收同比分别增长18.24%和14.25%。扣除一季度的盈利后，二季度会稽山净利润只有十多万 元，二季度扣非净利润为亏损。在股吧、雪球等平台，不少散户投资者对该业绩表示失望。 上半年的业绩增长，也落后于会稽山今年全年的经营目标。会稽山2024年度股东大会资料显示，2025年 其力争酒类销售同比增长15%～20%——最终上半年酒类产品销售收入同比增长9.18%。 上半年的增长也低于全年机构的预期。同花顺数据显示，近半年多家机构对会稽山今年的业绩作出预 测，机构预计其2025年全年营收平均值为19.14亿元，年净利润平均额为2.41亿元。按此推算，今年会稽 山营收、净利的涨幅分别要超过17%和22%。 去年问世的气泡黄酒"一日一熏"，今年618加大了营销力度，找来吴彦祖"带货"，销售再创新高， ...

Core Viewpoint - The 91st Shandong Sugar and Wine Commodity Fair showcased Yunmen Liquor's innovative product matrix, emphasizing the cultural expression of "Yunmen Aesthetics" and enhancing the potential of the Shandong liquor market [1][13]. Group 1: Event Overview - The fair took place from August 16 to 18, 2025, in Weifang, with Yunmen Liquor participating as a representative of Shandong liquor brands [1]. - The opening ceremony featured Pan Xuesen, General Manager of Yunmen Liquor, who represented the co-organizing unit and hosted the event [1][2]. Group 2: Product Showcase - Yunmen Liquor's exhibition included classic products such as Yunmen Sauce Liquor, Yunmen Aged Liquor, Qingzhou Aged Liquor, and Yunmen Spring, highlighting the blend of tradition and modernity [3][7]. - The "Qingzhou Cong Shi" series was a focal point of the exhibition, attracting significant attention from attendees due to its unique design and cultural depth [7]. Group 3: Consumer Engagement - The company set up a live streaming room at the fair, engaging consumers with real-time broadcasts and offering attractive limited-time promotions and gifts to enhance participation [8]. Group 4: Awards and Recognition - During the thematic forum of the fair, Yunmen Liquor's "Yunmen Aged Liquor·Yubai 2025" was awarded "Most Promising New Shandong Liquor Product," while a recommended distributor received recognition for integrity [9]. Group 5: Future Outlook - Yunmen Liquor aims to drive innovation, focus on quality, and lead with culture to enhance brand influence and market competitiveness, contributing to the high-quality development of the Shandong liquor industry [13].

怡园酒业(08146)发布截至2025年6月30日止6个月业绩，该集团期内取得收益1877.5万元人民币，同比增 加42.5%;公司拥有人应占期内亏损274.5万元，同比收窄22.26%;公司拥有人应占每股基本及摊薄期内亏 损0.34分。 ...

Core Viewpoint - The company is launching a new strategic initiative called "Wan Shang Alliance" centered around its new product "Da Zhen·Zhen Jiu" to navigate the current industry downturn and enhance market presence [3][5][15]. Group 1: Product Launch and Strategy - The new product "Da Zhen·Zhen Jiu" is positioned as a "superior quality, mid-range price" offering, with a group purchase price set at 600 yuan per bottle, targeting the 3000 yuan product quality level [8][9]. - The "Wan Shang Alliance" aims to unify pricing control and implement a continuous dividend mechanism to align the interests of alliance merchants, with over 2100 merchants signed up since its inception [3][12]. - The company has conducted approximately 50 "Wan Shang Alliance Wealth Creation Forums" in about 100 days to promote this initiative [3][13]. Group 2: Market Context and Challenges - The white liquor industry has been experiencing a downward trend since the first quarter of the year, with no signs of recovery as of May [6][9]. - The current market trend shows a shift towards lower-priced liquor, with popular price ranges now between 300 to 500 yuan, raising questions about the viability of the 888 yuan price point for "Da Zhen" [9][11]. - The company is focusing on middle-class families and small business owners who value quality but are price-sensitive, indicating a potential new growth point in the 600 yuan price range [11][15]. Group 3: Business Model and Market Response - The "Wan Shang Alliance" features a unique business model that includes price control, profit-sharing, and stock options for alliance merchants, which has generated mixed reactions in the market [13][14]. - Some merchants who attended the forums have signed contracts and are actively expanding their market reach, while others remain skeptical [14][15]. - The company emphasizes that its model is not a pyramid scheme, highlighting the absence of a multi-level referral system [15]. Group 4: Financial Performance and Future Outlook - The stock price of the company increased by 24.9% from August 11 to 15, indicating positive market sentiment towards its recent initiatives [15][16]. - The company aims to leverage its existing production capacity of 44,000 tons per year and storage capacity of 120,000 tons to support the launch of new products [11].

【导读】2022年豪掷超百亿元收购金沙酒业以来，华润系的白酒雄心正遭遇前所未有的拷问 见习记者 夏天 金沙酒业业绩"变脸" 2022年，华润啤酒以高达123亿元的对价，将贵州金沙窖酒酒业有限公司（以下简称 金沙酒业 ）55.19%股权收入囊中，创下当时中国白 酒并购史上最大交易纪录。 在华润啤酒的蓝图里，这绝非一次简单的财务投资，而是其构建"啤酒+白酒"双轮驱动战略的核心支点，旨在切入利润更丰厚、抗周期性更 强的白酒赛道。收购完成后，华润啤酒迅速派驻高管团队，启动对金沙酒业的深度整合，从管理架构到渠道体系进行大刀阔斧的改革，试 图将啤酒领域的成功模式复制到白酒领域。 然而，理想很丰满，现实却很骨感。自被收购后，金沙酒业的业绩并未如预想般迎来大发展。 华润啤酒 公布的一组数据显示， 收购前 的 2019 年 — 2021年， 金沙酒业 营收分别为 8.78亿元、17.67亿元和36.41亿元，同期税后 利润分别为1.56亿元、6.15亿元和13.15亿元。 而 到了2023年，华润啤酒年报显示，其白酒业务 的 营业额、未计利息及税项前盈利分别为20.83亿元、1.3亿元。 由于在华润啤酒的白酒板块中，只并表了金 ...

王朝酒业(00828)公布，该集团预期 2025年上半年取得未经审核的综合盈利范围约740万港元至930万港 元，同比减少约50%至60%。 董事会认为，盈利下降主要归因于集团截至2025年6月30日止期间：一)受中国宏观经济及消费市场波动 的影响，销售收入适度下跌致经营溢利减少;及二)增加市场营销和推广费用。集团已密切关注市场状 况，调整其业务策略，以降低对运营的负面影响。集团亦已加强控制成本，并及时采取适当措施。 ...

Core Viewpoint - Dynasty Fine Wines Group (00828) expects to report an unaudited consolidated profit range of approximately HKD 7.4 million to HKD 9.3 million for the first half of 2025, representing a year-on-year decrease of about 50% to 60% [1] Group Summary - The decline in profit is primarily attributed to two factors: 1) A moderate decrease in sales revenue due to fluctuations in the Chinese macroeconomic and consumer market, leading to reduced operating profit 2) Increased marketing and promotional expenses [1] - The company is closely monitoring market conditions and adjusting its business strategies to mitigate negative impacts on operations [1] - The company has also strengthened cost control measures and taken appropriate actions in a timely manner [1]

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while also unveiling new investments in healthcare, steel, and real estate sectors [2][5]. Group 1: New Investments - Berkshire initiated positions in six new stocks during Q2, including UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [2][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6]. Group 2: Reduction in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of about 6.67%, while still maintaining it as the largest holding [9]. - Additionally, Berkshire sold over 26.3 million shares of Bank of America, representing a reduction of approximately 4.17% [9]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [3]. Group 4: Investment Strategy - The new investments are viewed as defensive positions with potential for valuation recovery, aligning with Buffett's investment philosophy of seeking companies with a "moat" [7].