水井坊作为帝亚吉欧持股约63%的白酒上市公司，日前预告2025年归母净利润预计同比下降71%，营业收入同比下降42%。水井坊将原因归结为行业周期与 公司主动调整的叠加效应，产品结构和渠道优化仍在持续进行中。 面对业绩压力，关于帝亚吉欧可能出售水井坊的传言再度甚嚣尘上。在近日的业绩说明会上，管理层再次回应了这一市场猜测。帝亚吉欧方面表示，从未提 及要出售水井坊资产，但如果有人针对不属于核心战略的资产提出"无法拒绝"的报价，其也会有兴趣参与其中。这番表态被业内解读为"并非主动求售，但 也不排除放手可能"。 雪上加霜的是，中国农历春节的时间错位也给销售数据带来扰动。今年春节在2月中旬，备货时间较晚，导致部分销售计入下一财季，进一步放大了上半年 的数据落差。 对于这家正在经历管理层交接的百年巨头而言，大中华区的"失速"绝非短期问题。从苏格兰威士忌消费降温，到白酒行业深度调整，帝亚吉欧在中国市场面 临的或是一场系统性挑战。 日前，全球烈酒巨头帝亚吉欧交出了一份惨淡的成绩单。截至2025年12月31日的2026上半财年，这家拥有尊尼获加威士忌、水井坊白酒等品牌的行业龙头， 在大中华区的销售额同比暴跌42.3%，成为拖累亚 ...

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]