21世纪经济报道肖夏综合报道 年末经销商大会密集召开，来年生肖酒也纷纷亮相。 酒企动态 习酒集团党委书记、董事长汪地强称，过去一年大家都很不容易，但我们克服了很多意想不到的困难， 推进了很多务实管用的工作，取得了很多超过预期的突破，稳住了基本盘。 汪地强表示，2026年习酒将坚定不移做强品牌，继续推进"习酒+知交"双品牌战略，同时为顺应当下发 展形势、积极拥抱市场变化，习酒将开启营销2.0改革，重点推进"营""销"适度分离。 习酒2024年度销售额超过200亿元，据了解2025年受行情影响有所下行，不过开瓶表现、库存消化情况 较好。有习酒经销商透露，会上提到2025年开瓶率同比增长33.66%，社会库存降低了13.55%。 五粮液提出2026年目标：市场份额有效提升 五粮液12月18日召开第29届12.18共识共建共享大会在宜宾举行。21世纪经济报道记者在现场了解到， 五粮液集团（股份）党委书记、董事长曾从钦披露，五粮液2026年目标是推动高质量的市场动销、全力 实现市场份额的有效提升。 这一营销工作方针被归纳为"一核心三强化双目标"：持续提升五粮液品牌价值；强化营销变革、强化应 市策略、强化执行能力；推动高 ...

尽管封关引发广泛关注，但目前酒水市场尚未有明显反应，主因是酒水税率尚未调整。 酒业之于海南、中国酒之于全球酒市，这样的双向赋能，无疑是未来行业深度调整中不容忽视的变量。 文｜唐洪涛 12月18日，海南自由贸易港全岛封关，引发全民关注。从手机、化妆品到水果，多种进口产品掀起抢购热潮。 然而，当地酒水市场却显得"静水深流"。 "关注度高，动静很小"，多位经销商对云酒头条表示，封关对海南酒水市场"目前还没有那么大影响"。 这是为什么？ 在多位当地酒业人士看来，税率未变，是市场"慢热"的主要原因。 按照有关政策，此次封关，意味着海南成为我国唯一全岛建设的自贸港。作为当今世界最高水平的开放形态，自贸港以"零关税、低税率、简税制"显著降 低货物、资金、人才的流动成本，不仅吸引企业布局，更成为消费者的购物乐园。 对消费者而言，红利已然显现：本岛居民离岛一次后，可在免税店对部分商品"即买即提"；岛外游客离岛时亦可享受免税。因此，封关首日，进口手机、 美妆、服装、水果等热销。 但酒水市场却显得更为"慢热"。多位酒水品牌经销商反映，市场"没什么动静"，封关政策当前对酒水影响甚微。 中华酒海南总代理、海南奕亨实业总经理张柯友表示， ...

（央视财经《天下财经》）受关键市场需求疲软影响，澳大利亚葡萄酒知名品牌奔富的母公司——富邑 葡萄酒集团股价日前经历大幅下挫并引发停牌，17日该公司股票复牌后，开盘继续下挫，盘中跌幅一度 达到近17%。 新上任不久的集团首席执行官费舍尔表示，目前在美国等关键市场都面临销售增长疲软的问题，这将在 短期内影响公司的业务表现。此外，费舍尔还打算在未来两到三年，每年削减1亿澳元的成本。 据报道，富邑葡萄酒集团于12月1日发布公告称，鉴于美国葡萄酒市场前景趋弱，公司预计将对其美洲 业务计提非现金减值，共计6.87亿澳元（约合人民币32亿元），并可能进一步波及其他资产。此消息一 经发布，富邑股价便开始下挫，并于15日停牌。富邑葡萄酒集团的股价在过去12个月已累计跌超50%。 转载请注明央视财经 编辑：王昕宇 富邑葡萄酒集团17日宣布冻结了一项尚未完成的2亿澳元（约合人民币9.3亿元）的股票回购计划，并表 示正重新评估资本投资计划。在面临关键市场需求疲软挑战之际，该集团宣布将进行包括资产出售和削 减成本在内的重组计划。 ...

Core Viewpoint - Lululemon is undergoing significant adjustments, highlighted by the resignation of CEO Calvin McDonald amid criticism from founder Chip Wilson regarding poor decision-making and a substantial decline in brand value and stock price [1][2]. Financial Performance - In the latest fiscal quarter ending November 2, 2025, Lululemon's net revenue in the Americas decreased by 2% to $1.7 billion, accounting for 68% of total revenue, with comparable sales down by 5% [2]. - Conversely, Lululemon's revenue in the Chinese market grew by 46% to $465.4 million, representing 18% of total revenue, with comparable sales increasing by 24% [3]. - Other international markets also saw a revenue increase of 19% to $367.2 million, making up 14% of total revenue, with comparable sales up by 9% [3]. Market Challenges - The competitive landscape in the Chinese market is intensifying, as evidenced by Li Ning's retail revenue experiencing a mid-single-digit decline, and Nike's revenue in Greater China dropping by 10% to approximately $1.512 billion [4]. - The struggles in Lululemon's core Americas market raise concerns about potential brand perception issues in China [5]. Management and Strategic Direction - Chip Wilson emphasizes the need for Lululemon to accelerate its adjustments to address the challenges it faces [6].

Group 1: Event Overview - The China International Import Expo (CIIE) serves as a significant platform for global businesses to engage with the Chinese market, showcasing the country's openness and investment potential [2][3][4] - The event features various international exhibitors, highlighting China's role as a fertile ground for global commerce and investment [2][3] Group 2: Market Opportunities - The Ministry of Commerce launched the "Shared Big Market · Export to China" initiative, emphasizing the importance of collaboration and mutual benefits in the global market [3] - General Electric Medical has successfully introduced over 50 precision medical innovations to the Chinese market, indicating strong demand and growth potential in the healthcare sector [3] - Procter & Gamble showcased new products tailored for the Chinese market, reflecting a consumer-centric approach to innovation and sustainable growth [4] Group 3: Investment and Innovation - The CIIE is viewed as a strategic platform for companies like Michelin to deepen their connection with the Chinese market and foster innovation [5] - China is accelerating its green, digital, and intelligent development, with international cooperation being essential for driving innovation [5][6] - The event facilitates significant procurement agreements, such as those by China National Offshore Oil Corporation, focusing on clean and low-carbon supply chains [4][5] Group 4: Global Collaboration - The CIIE promotes free and fair trade, with participants expressing a strong desire for collaboration and shared growth [7] - The event has attracted diverse international exhibitors, showcasing products from various countries and enhancing trade relations [8] - The 10th anniversary of the China-Australia Free Trade Agreement highlights the ongoing commitment to deepening market engagement and brand development in China [8]

Core Viewpoint - The company, Treasury Wine Estates, has announced the withdrawal of its profit guidance for the fiscal year 2026 due to weak consumer demand in the Chinese market, alongside the suspension of a AUD 200 million share buyback program [2][5]. Group 1: Financial Performance - Treasury Wine Estates reported a net sales revenue of AUD 2.938 billion for the fiscal year 2025, marking a 7.2% year-on-year increase [5]. - The company's earnings before interest and taxes (EBIT) reached AUD 770 million, reflecting a 17% year-on-year growth [5]. - The Penfolds brand generated net sales of AUD 1.074 billion globally, with the Asian market accounting for approximately 70% of this figure, amounting to AUD 750 million and a year-on-year increase of 19.1% [5]. Group 2: Market Challenges - The withdrawal of the fiscal year 2026 guidance is attributed to lower-than-expected shipment volumes of the Penfolds brand in China, despite a slight increase in September [5][6]. - The Chinese wine market faces structural challenges, with wine primarily perceived as a beverage for business banquets and gifting, limiting broader consumer adoption [6]. - The preference for high-end baijiu (Chinese liquor) during banquet and gifting occasions further competes with wine consumption [6]. Group 3: Consumer Trends - Post-pandemic, there has been a noticeable decline in banquet scenarios, leading to a shift towards more rational consumption, with consumers favoring cost-effective baijiu over premium wines [6]. - Younger consumers, who are becoming the main drinking demographic, show a preference for lower-alcohol beverages and social drinking settings, which has accelerated the growth of lower-alcohol and fruit wine products [6]. - The lack of established wine consumption habits among Chinese consumers, combined with an increasing variety of alcoholic beverages, may further weaken wine demand [6]. Group 4: Strategic Moves - Treasury Wine Estates has made efforts to adapt to the Chinese market by acquiring a 75% stake in Ningxia Wangyue Stone Winery for AUD 130 million, indicating a move towards local production [6]. - The company aims to blend local flavors with international brand characteristics to explore new growth avenues, although achieving this will require time [6]. - The new CEO faces the challenge of addressing the underperformance in the Chinese market as part of the leadership transition [7].

Core Viewpoint - JD.com is launching a promotional campaign for the Mid-Autumn Festival, featuring discounts on various alcoholic beverages and gift sets to meet consumer demand for festive gatherings and gifting [1][4]. Group 1: Promotional Activities - Starting from September 16, JD.com will offer a "Moon Black Price" discount on well-known liquor brands such as Wuliangye, Yanghe Dream Blue, and Martell, with prices starting from 50% off [1][4]. - The "JD Tasting Event" will be held on September 16, featuring the same discounted liquor available during the event, providing consumers with high-quality drinking options [2][4]. - The promotional activities will last until September 30, with nightly offers on various famous liquors, including both domestic and international brands [4]. Group 2: Gift Options and Features - JD.com is introducing high-value gift options for the Mid-Autumn Festival, including premium mooncakes and seafood gift boxes at significantly reduced prices, such as a mooncake set priced at 49 yuan, down from 139 yuan [5]. - A "One-Click Gifting" feature will be available, allowing consumers to send gifts easily while enjoying discounts of at least 15% on their orders [5]. - The platform will support customized electronic greeting cards and group gifting options, enhancing the gifting experience for consumers during the festival [5].

Group 1: Industry Insights - The liquor industry is currently undergoing a new adjustment cycle with intensified market competition, but the overall economic outlook remains positive [1] - The liquor market is not lacking in quantity but is facing a long-term shortage of quality and aged liquor, emphasizing the need for quality improvement and brand cultivation [1][2] - The production value of the liquor industry in Suqian, Jiangsu, has increased by 6.4% in 2024, contributing significantly to the region's economic goals [3] Group 2: Company Developments - Luzhou Laojiao is focusing on enhancing cooperation with CITIC Construction in areas such as grain trade and equity cooperation to leverage mutual strengths [5] - Jinshiyuan is targeting the 400-500 RMB price range for its products in the Yangtze River Delta region, adapting to both consumption upgrades and downgrades [6] - Light Good Wine's marketing campaign linked to the popular drama "Da Feng Da Geng Ren" has resulted in significant brand exposure and sales growth, with a 198% increase in product sales [6][7] Group 3: Market Trends - The production of large-scale beer enterprises in China saw a 4.8% year-on-year increase in April 2025, indicating a recovery trend in the sector [3] - New Zealand wine exports to China have seen a substantial increase, with a 52.8% rise in volume and a 39.5% rise in value in early 2025 [8]

Core Insights - The China-Australia Free Trade Agreement (ChAFTA) has significantly reduced tariff barriers between China and Australia, enhancing trade, innovation, and growth capabilities, particularly for South Australia [1][12] - South Australia has seen a remarkable increase in exports, with a 50% growth compared to 2019, and a record-breaking 33% increase in exports to China in 2024 [2][4] Trade and Economic Cooperation - South Australia's total exports in 2024 exceeded 17 billion AUD (approximately 79.3 billion RMB), with exports to China reaching 4.39 billion AUD, marking a historical high [2][4] - The South Australian government emphasizes the importance of deepening economic cooperation with China, particularly through key trade regions like Shanghai, Guangzhou, and Shandong [1][4] Product Export Growth - South Australia's seafood exports to China surged nearly 500% in one year, with Southern Rock Lobster exports reaching 47.1 million AUD, accounting for 74% of seafood exports [8][9] - Wine exports from South Australia to China reached a record high of 790 million AUD, contributing significantly to the overall Australian wine export figures [8][9] Economic Diversification and Challenges - Despite being vulnerable to commodity price fluctuations, South Australia is focusing on economic diversification, particularly in decarbonization, innovation, and advanced manufacturing [5][12] - The South Australian government is committed to supporting local businesses, especially in sectors like renewable energy, with a goal of achieving 100% renewable energy generation by 2030 [5][12] Bilateral Trade Relations - The bilateral trade relationship between China and Australia has reached historical highs, with total trade exceeding 320 billion AUD in 2023, more than doubling since 2015 [11][12] - The restoration of exports for various Australian products, including barley, coal, and wine, indicates a full recovery of trade relations following previous restrictions [6][11] Future Prospects - South Australia aims to tailor its products for the Chinese market, enhancing the diversity of its exports and responding to market expectations [9][12] - The ongoing discussions for direct flights between Adelaide and Shanghai are expected to further boost trade and economic ties [10][12]

Core Viewpoint - The case highlights the protection of an unregistered well-known trademark, specifically the "奔富" (Penfolds) brand, against malicious registration attempts by other companies [1][2][3]. Summary by Sections Basic Case Facts - 南某公司 is the rights holder of the well-known wine brand "Penfolds" and has used "奔富" as its Chinese name since the 1990s, achieving significant recognition among consumers [2]. - The brand "奔富" has been widely recognized and reported in various media, establishing a strong association with "Penfolds" [2]. Trademark Registration Attempts - Due to the commercial value of the "奔富" trademark, there were attempts by third parties to maliciously register similar trademarks, leading to a legal dispute [3]. - 南某公司 faced rejection from the trademark office when attempting to register "奔富" due to similarities with existing trademarks, prompting a series of legal actions that ultimately led to a favorable ruling from the Supreme People's Court [3]. Infringement Actions - 淮安华某公司 attempted to register similar trademarks and used them in their products, which led to a lawsuit from 南某公司 for trademark infringement [4]. - The court ruled in favor of 南某公司, ordering the defendants to cease their infringing activities and to compensate for damages [5]. Legal Reasoning - The court identified three main issues: whether "奔富" qualifies as an unregistered well-known trademark, whether the defendants' actions constituted trademark infringement, and the civil liabilities of the defendants if infringement was established [7]. - The court concluded that "奔富" could be recognized as an unregistered well-known trademark due to its established market presence and consumer recognition [8]. - The defendants' actions were deemed to constitute trademark infringement, as they knowingly used similar trademarks to benefit from the established reputation of "奔富" [9]. Legal Responsibilities - The court mandated the defendants to stop their infringing activities and to compensate 南某公司 for economic losses, affirming the legal rights of unregistered well-known trademarks [10]. Judicial Principles - The court established that unregistered trademarks widely known but not registered due to malicious attempts can be recognized and protected based on various factors, including duration of use and promotional efforts [12]. - It emphasized that actions taken in bad faith to register similar trademarks can lead to legal consequences, including the obligation to cease use and compensate the rightful trademark owner [12].