21世纪经济报道记者 肖夏 "自6月到任以来，我花时间对业务进行了诊断。尽管环境持续严峻，我们仍有信心在下半财年恢复增 长。" 北京时间11月27日下午，人头马君度集团举行2025-26财年半年报沟通会，分析上半财年（2025年4月至 9月）的业务表现。 21世纪经济报道记者注意到，人头马君度集团新任CEO Franck Marilly今年6月上任后首次亮相财报发 布会，刚一亮相便在会上给出了要重回增长的表态，并介绍了包括削减成本和调整架构等一系列后续举 措。 Franck Marilly于今年6月正式接替Eric Vallat，担任这家有三百多年历史的著名跨国酒企的掌门人。来到 人头马之前，他先后在联合利华、香奈儿、资生堂就职，长期负责香水、化妆品等业务，在消费品和奢 侈品行业有近35年的工作经历，此前曾担任资生堂欧洲中东及非洲地区（EMEA）总裁兼任全球香水业 务CEO。 对新CEO的表态，市场给出积极回应。当地时间27日开盘后，人头马君度一度上涨6%，最终收盘上涨 2.5%。 （Franck Marilly亮相人头马君度财报会） 受到全球烈酒消费降温的影响，人头马君度近两个财年业绩回调，其股价也大幅回撤 ...

Core Viewpoint - The major shareholder of Huangtai Liquor Industry continues to support the company by increasing its shareholding, despite the company's declining stock price and performance [2][3]. Shareholding Changes - Gansu Shengda Group's shareholding in Huangtai Liquor has risen to 6.3%, with the total holding of Gansu Shengda and its concerted actions reaching 25% [2]. - The increase in shareholding began in April, with Gansu Shengda planning to invest between 60 million to 120 million yuan through secondary market transactions [3]. - In September, Gansu Shengda purchased 4.056 million shares at an average price of 14.69 yuan per share, amounting to an investment of approximately 59.6 million yuan [3]. Financial Performance - Huangtai Liquor's stock price has decreased by 15.39% year-to-date, underperforming the sector's decline of 1.24% [3]. - For the first half of the year, the company reported revenue of 57.74 million yuan, a year-on-year decline of 11.85%, and a net loss of 5.27 million yuan, worsening by 32.59% compared to the previous year [3]. Product and Market Overview - Huangtai Liquor is one of the few companies in the industry that produces both liquor and beer, with brands including "Huangtai" and "Liangzhou Huangtai" [4]. - The company's main revenue comes from mid-to-low-end products, which saw a revenue decline of 17.81% to 20.15 million yuan, while high-end products experienced slight revenue increases [4]. - The company has lost market share across all sales channels, with direct sales, distributors, and other channels all reporting declines [4]. Regional Performance - The company has been expanding outside Gansu province, with revenue from outside the province increasing from 7.35% to 21.81% year-on-year, while the share from within the province has decreased to 78.19% [4]. - In Gansu province, Huangtai Liquor's revenue fell to 45.15 million yuan, a nearly 26% decline compared to the previous year, significantly worse than competitors like Jinhui Liquor [5].

Group 1 - Berkshire Hathaway significantly increased its stake in Constellation Brands, a major U.S. beverage company, while selling various bank stocks [1] - Constellation Brands has a market capitalization of approximately 250 billion RMB, with 85% of its products being beer and 15% wine and spirits [1] - The company's revenue growth is stable but slow, ranging from 0% to 5% annually [1] Group 2 - Since early 2018, Constellation Brands' stock has decreased by 3%, while the S&P 500 has increased by 120%, indicating underperformance [5] - The stock price decline is part of a broader trend where global beverage companies have also seen poor stock performance [6][8] - Among the top 10 global beverage companies, 8 have experienced stock price declines since the end of 2021, with only 2 showing increases [7] Group 3 - Despite some companies experiencing declines in revenue, profit, or cash flow, overall profitability remains positive [9] - The primary reason for the stock price declines across the beverage sector is valuation compression, with significant reductions in price-to-earnings (PE) ratios [10][12] - For instance, the PE ratios of major companies like Moutai and Diageo have dropped from 40-50 times to 10-20 times [12][18] Group 4 - The COVID-19 pandemic has significantly impacted consumer behavior, leading to a decline in demand for high-alcohol beverages [14][16] - The shift in health consciousness has resulted in lower valuations for premium spirits, which were previously priced similarly to luxury goods [16][18] - Constellation Brands has a reasonable PE ratio of around 15, with a stable dividend and share buyback strategy, contributing to its attractiveness as an investment [22][24] Group 5 - If Chinese beverage companies increase their dividend payouts, they could achieve a dividend yield comparable to that of Constellation Brands, potentially reaching 5%-7% [24] - The overall potential return rate for A-share companies is high, but it is contingent on increasing dividend rates to fully materialize [30]

Market Overview - The market showed a positive opening with indices rising, but there was a slight decrease in trading volume, indicating some caution among investors [1] - The pharmaceutical sector experienced significant gains, with many investors selling off their positions during the rally [1] Economic Indicators - The current market adjustment is expected to last until the end of April, with seasonal trends indicating a higher success rate for small-cap growth stocks in February and large-cap value stocks in April [4] - The GDP growth for the first quarter is estimated at approximately 5.2%, with the primary, secondary, and tertiary industries growing at 4.0%, 5.7%, and 5.1% respectively [4] Sector Performance - The pharmaceutical sector led the market gains, particularly in innovative drugs, with several stocks hitting the daily limit [12] - The energy sector, particularly related to controlled nuclear fusion, saw a resurgence with strategic investments announced by the Shanghai Future Industry Fund [12] Stock Movements - Xiaomi's automotive project is under scrutiny, with reports of a working group formed but no significant updates, reflecting market sentiment through stock price movements [9] - The stock of Xiaomi Group fell by 5.49% to HKD 46.50, with a total market capitalization of HKD 1.21 trillion [10] Investment Trends - The net outflow of capital was noted in the computer sector, while the pharmaceutical, public utilities, and defense sectors saw net inflows [22] - The market is currently characterized by high uncertainty, leading to cautious behavior among short-term investors [11] Price Adjustments - Several companies in the liquor industry, such as Guyue Longshan and Kuaijishan, announced price increases ranging from 2% to 12% for their products, effective April 1, 2025 [18] - The price of photovoltaic silicon wafers has increased due to external factors, with TCL Zhonghuan raising prices for various sizes of wafers [17]