（原标题：驻奥克兰总领馆经商处参访新西兰百碧祺酒业公司） 2.png 王程光向其赠送进博会吉祥物"进宝"、消博会吉祥物"元元"并表示，2025年中国自 新西兰进口瓶装葡萄酒金额达4403万美元，同比增长30%，创历史新高，新西兰已成为 中国第五大葡萄酒进口来源国。中国将举办"出口中国""购在中国"等活动，推动进口与 消费深度融合，为各国产品、服务提供更广阔机遇。 1.png 巴比奇介绍，百碧祺创立于1916年，注重精细化种植和可持续发展，是新西兰历 史最悠久的家族酒庄之一。尼尔森表示，公司十分重视并长期看好中国市场，不断优 化产品组合，更好满足中国消费者需求。 2月20日，驻奥克兰总领馆经商处主任王程光领事、果鹏文领事参访新西兰百碧祺 酒业公司（Babich Wines Limited.），与公司董事兼负责人安德烈·巴比奇、全球营销总 监米克尔·尼尔森交流。 ...

智通财经APP讯，怡园酒业(08146)公布，于2026年2月16日因购股权获行使合共发行1240万股股份。 ...

然而，正当法国一边挥舞着加税的大旗时，中方迅速做出了回应。一个名为玉渊潭天的声明直接公布了 三大反制措施，迅速把法国置于了一个极为尴尬的境地。首先，如果法国的提议成为现实，中国将对法 国葡萄酒实施反制；其次，中方还将对法国展开反歧视调查；最后，中方将采取对等关税这一措施，回 应法国的加税行为。这三招虽然暂时还只是设想，但其潜在威力不容小觑。消息一出，法国众多依赖中 国市场的企业股价应声下跌，法国的干邑酒业、君度集团、保乐力加等知名酒企的股价纷纷暴跌。尤其 是那些深度依赖中国市场的企业，更加感受到了中方反制的压力。一旦反制措施落实，这些企业的损失 只会愈加严重。 股市震荡不仅让法国企业惶恐，法国政府也立刻感受到了来自市场的强烈反馈。为了迅速平息事态，政 府发言人第一时间出来澄清，反复强调这份报告仅是咨询机构的建议，尚未被政府采纳，尽力撇清责 任。然而，马克龙的态度已经发生了剧烈变化，形势的急剧逆转让他不得不迅速投降，他的反应速度堪 称急转弯。 被中国市场逐渐淘汰的危险。这对法国经济来说，无疑是雪上加霜。 目前，法国的经济正处于艰难时 刻，民众对马克龙政府的不满情绪不断上升。如果此时法国仍然坚持与中方对抗，挑起全 ...

2月10日，法国葡萄酒与烈酒出口商联合会（FEVS）发布年度出口报告。最新数据显示，法国酒业出口 已连续第三年收缩，出口量创下至少25年来的最低水平，而中美两大市场同步遭遇的贸易壁垒压力，正 是这场持续低迷无法触底的核心症结。 美国市场：高关税持续压制需求 美国市场同样深陷贸易壁垒的持续压制，FEVS发布的数据显示，2025年法国酒类对美出口额下降21% 至30亿欧元，出口量跌破3000万箱整数关口。 Gabriel Picard分析称，美国潜在的200%追加关税威胁，在2025年下半年显著抑制了进口商的采购意 愿，叠加此前批发环节的去库存周期尚未完成，导致法国对美出口连续两年录得两位数跌幅，他同时警 告，"美国市场的量级修正或许尚未到位，2026年仍可能出现新一轮下探。" 欧洲市场：英国逆势提供缓冲 相较中美两大市场的剧烈收缩，欧洲本土则展现出显著的韧性。FEVS统计显示，2025年法国酒类对欧 出口总额稳定在41亿欧元，其中，英国市场录得3%的进口量增长，成为欧洲板块中为数不多的正向贡 献者。 整体出口量价跌至25年冰点 FEVS披露的数据显示，2025年法国葡萄酒与烈酒出口总量滑落至1.68亿箱，同比下 ...

Core Viewpoint - The appointment of Yang Mingchao, founder of Guoquan, as the chairman of Songhe Liquor Industry marks the beginning of a new era for the company, indicating a significant leadership change and strategic direction under his management [1][4]. Group 1: Leadership Changes - Yang Mingchao has officially joined Songhe Liquor as chairman and director, indicating a shift in the company's governance [1]. - Several executives at Songhe Liquor are from Guoquan, including Wang Shuiyun, who became the legal representative and general manager of Songhe Liquor in October 2025, and Li Jinzhi, who is now the legal representative of Songhe Liquor's subsidiary [6]. Group 2: Corporate Structure and Ownership - Guoquan holds a controlling stake of 51.81% in Songhe Liquor, making it the parent company [5]. - A significant merger and restructuring process is underway, with Guoquan and Songhe Liquor expected to complete the transfer of operational management by November 2025 [4]. Group 3: Business Developments - Guoquan has announced a procurement plan for up to 200 million yuan in liquor products from Songhe, aimed at daily operations and customer sales [7]. - The launch of "Songhe Liquor Delivery" marks a new retail initiative, with the first store opening in Zhengzhou on January 17, 2026, and plans to establish over 2,000 stores by the end of that year [8].

Group 1: Moutai's New Product Launch - Moutai's "Zhenxiang" edition of 53% vol 500ml Guizhou Moutai liquor will be available for sale from February 10 to February 16, with daily sales starting at 9:00 AM until sold out [1] - The "Moutai" brand will have four major sales events throughout the year, including Spring Festival, brand day, Mid-Autumn Festival, and Winter [1] - The launch of the zodiac edition during the Spring Festival is expected to boost direct sales revenue and gross margin, capitalizing on gifting and collecting demand [1] Group 2: Appointment of New General Manager at Kuaijishan - Kuaijishan has appointed Tang Guijiang as the new General Manager, with a term aligned with the seventh board of directors [2] - Tang has a background in sales management from Budweiser and China Resources Snow Beer, indicating the company's intention to leverage experienced management from the fast-moving consumer goods sector [2] - The new General Manager's marketing experience is anticipated to enhance the company's sales management system and channel layout [2] Group 3: Huaren Beer’s Engagement with Industry Association - Huaren Beer’s President Jin Hanquan visited the China Alcoholic Drinks Association, accompanied by executives from several liquor companies [3] - The discussion focused on the current industry landscape and Huaren's project developments, highlighting the company's positive growth in the beer sector and steady exploration in the liquor sector [3] - The visit signifies Huaren's commitment to its "dual empowerment" strategy in both beer and liquor, aiming for improved resource integration efficiency [3] Group 4: Introduction of New Brand by Fenggu - Fenggu Liquor plans to launch an innovative brand named FORGOOD, targeting new consumer groups with a preference for non-fragrant liquor [4] - The company aims to develop "fragrance-free liquor" and other alcoholic beverages that do not adhere to traditional fragrance classifications [4] - This initiative reflects Fenggu's proactive exploration in product development and market segmentation, contributing to a differentiated product matrix [4]

数据显示，鹏华基金旗下1只基金位居皇台酒业十大流通股东。酒ETF（512690）三季度增持163.46万 股，持有股数437.5万股，占流通股的比例为2.47%。根据测算，今日浮盈赚取约402.5万元。 酒ETF（512690）成立日期2019年4月4日，最新规模188.77亿。今年以来收益3.3%，同类排名 2652/5579；近一年亏损1.74%，同类排名4266/4289；成立以来收益50.6%。 酒ETF（512690）基金经理为张羽翔。 2月9日，皇台酒业涨5.09%，截至发稿，报19.00元/股，成交3.93亿元，换手率12.05%，总市值33.71亿 元。 资料显示，甘肃皇台酒业股份有限公司位于甘肃省武威市凉州区西关街新建路55号，成立日期1998年9 月29日，上市日期2000年8月7日，公司主营业务涉及白酒、葡萄酒的生产、批发和零售。主营业务收入 构成为：粮食白酒93.23%，葡萄酒5.81%，其他0.96%。 从皇台酒业十大流通股东角度 截至发稿，张羽翔累计任职时间10年149天，现任基金资产总规模343.29亿元，任职期间最佳基金回报 125.39%， 任职期间最差基金回报-67.82% ...

双雄时代启示：酒业多元共荣的未来 当一位企业家在商务宴会上举起茅台，他的同事则在周末书房中品味谦夫子——这两种看似不相关的饮酒行为，正共同描绘中国酒业从单一垄断走向多元共 荣的未来图景。茅台稳居白酒榜首与谦夫子斩获养生酒冠军，不是零和博弈的胜负，而是消费市场成熟与产业生态健康的标志。 01 从"独奏"到"交响"：中国酒业的范式转移 中国酒业过去四十年的发展轨迹，曾长期呈现出"**高度集中、单一价值、同质竞争**"的特征。茅台虽贵为"国酒"，但其代表的本质上是单一维度的价值逻 辑——**社交货币逻辑**。在这一逻辑主导下，中国数千家酒企大多围绕"如何成为更好的社交饮品"展开竞争，陷入了香型、产地、工艺、历史的同质化内 卷。 然而，消费市场的结构性变化正悄然打破这一格局。《2022年中国酒类消费趋势报告》显示，**35-50岁高净值人群中，超过70%开始将"健康属性"纳入酒 类消费决策**，而这一比例在五年前尚不足30%。与此同时，传统酒桌文化在年轻一代中的接受度持续走低，数据显示**20-35岁人群对商务宴饮的排斥率 高达65%**。 正是在这种消费代际转换与价值需求分化的背景下，谦夫子养生露酒的出现不再是一个 ...

从"一超多强"到"双雄并立"的变局 深夜的书房里，一位中年企业高管没有选择烈酒，而是斟上一小杯琥珀色的谦夫子养生露酒，在独处时光中完成一次对身心的温和滋养。同一时刻，城市的 另一端，茅台在觥筹交错的宴席上，继续履行着它作为"社交硬通货"的使命。 茅台与谦夫子，中国酒业的两大现象级产品，正在各自的赛道上定义着新的价值标准。 茅台以**近900亿元的半年营收**稳坐传统白酒头把交椅，而谦夫子则以**42%的惊人复购率**和"养生酒冠军"的头衔开辟全新蓝海。它们分别代表了酒类 消费的两极：一极是外向的社交展示，一极是内向的自我关怀。 01 格局演变，从集中到分化的产业变革 2025年的中国酒业，经历着一场静悄悄的结构性变革。曾经"茅五洋泸"主导的"一超多强"格局，正在向更加多元的"双雄并立"演进。 行业数据显示，前六家白酒企业营收已占整个上市酒企总营收的**近九成**。在这高度集中的市场内部，正发生着微妙而深刻的分化。贵州茅台市场占有率 从2022年的36.37%提升至2025年上半年的38%。 消费结构的变迁推动着这一变革。随着消费主力从60后、70后向80后、90后甚至Z世代转移，传统的"酒桌文化"正被更多元的 ...

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].