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。 ...

Core Viewpoint - Diageo is considering various measures to divest its assets in China, including the potential sale of its stake in Sichuan Shui Jing Fang, as part of a strategy to streamline its global business portfolio [2][3][4]. Group 1: Asset Disposal Strategy - Diageo has engaged Goldman Sachs and UBS to evaluate its operations in China, particularly its over 63% stake in Sichuan Shui Jing Fang, and has begun exploratory discussions with local strategic investors and private equity firms [3][4]. - The discussions regarding the potential sale of Shui Jing Fang are still in the early stages, and no final decision has been made by Diageo [4]. Group 2: Market Context and Performance - Diageo has been in an asset divestment mode since last year, with its former CEO initiating a cost-saving acceleration plan, which has led to speculation about Shui Jing Fang's future [5]. - The Chinese white liquor market has faced significant challenges, impacting Shui Jing Fang's sales, as noted in Diageo's recent financial reports [5]. Group 3: Recent Transactions and Market Reactions - Over the past year, Diageo has been active in selling assets primarily in Europe, Africa, and Latin America, with notable transactions including the sale of a majority stake in its Ghana brewery for $81 million and a $2.3 billion deal with Asahi Group for East African breweries [6]. - In December, rumors surfaced about Jian Nan Chun potentially acquiring Shui Jing Fang, leading to a rapid increase in Shui Jing Fang's stock price, although the company later denied these reports [6]. Group 4: Leadership Changes - The appointment of new CEO Dave Lewis, known for decisive and aggressive decision-making, has kept market speculation alive regarding the future of Shui Jing Fang [7]. - Lewis has not yet publicly outlined his strategic plans, with expectations for more clarity during the mid-term financial report in February [7].

Core Insights - Diageo reported a slight decline in global net sales for the fiscal year ending June 30, 2025, with a total of $20.245 billion, down 0.1% year-on-year, but organic sales grew by 1.7%, slightly above market expectations of 1.4% [3] - The company experienced a significant drop in profits, with operating profit down 27.8% to $4.335 billion and net profit down 39.1% to $2.538 billion, leading to a decrease in earnings per share (EPS) from $1.73 to $1.06 [3][5] Financial Performance - The North American market, Diageo's largest region, saw net sales of $7.973 billion, an increase of 1.5%, while Europe recorded $4.821 billion, up 0.4%, with the UK market growing by 6.7% [7] - The Asia-Pacific region, particularly Greater China, faced a decline in organic net sales by 3.2%, with Greater China experiencing a drop from 4% in the first half to 9% for the full fiscal year [7][8] Product Category Performance - Sales of Scotch whisky and vodka faced challenges, with their net sales proportion decreasing to 76% of total revenue, while tequila and beer showed strong growth, with tequila's organic net sales up 16.9% and beer sales up 6% [8][9] - Guinness beer's success was attributed to brand building, product innovation, and global market expansion, maintaining strong growth even amid supply constraints [8] Cost Management and Strategic Adjustments - Diageo announced an increase in its cost-saving target from £500 million to £625 million over the next three years, aiming to improve profit margins and reinvest in growth areas [11] - The company is adjusting its strategic focus to cater to emerging consumer trends, particularly among Gen Z, who are shifting towards non-alcoholic beverages and ready-to-drink cocktails [13] Leadership Changes - Following the sudden departure of former CEO Debra Crew, the company is in a transitional phase, with the CFO Nik Jhangiani serving as interim CEO until a new leader is appointed by the end of October [13]