2月9日，2026巴黎国际葡萄酒及烈酒展览会（Wine Paris）在巴黎开幕。作为全球规模最大的葡萄酒专 业展会，热度依旧。本次Wine Paris 2026中，WBO也观察到一些趋势，起泡酒、白葡萄赛道持续升温， 从无酒精饮品独立成馆，中国葡萄酒受到称赞，到中国进口商身影缩减，都蕴藏着全球酒饮市场的变 化，这些变化也意味着新的机会。 1 中国进口商面孔有所减少 从现场的展厅导览指示牌可见，展会的核心展馆布局清晰。5号馆与2.1号馆聚焦国际意大利产区，7号 馆主打法国产区，4/6号馆为国际综合展区，2.2/2.3号馆则以烈酒主题 "Be Spirits" 为特色，2.1同时也是 Be No无酒精饮品的独立首秀。 展会期间，中国进口商缺席现象尤为突出，从时间节点来看，展会举办正值中国传统春节前夕，这是进 口商缺席的直接客观因素。春节作为国内酒类消费的核心旺季，进口商此时的核心精力集中在国内终端 备货、库存消化及渠道动销上，参与国际展会的优先级大幅降低。有参展商告诉WBO："现场中国乃至 东亚面孔寥寥无几。"另外，也有往年观展的国内某大型进口酒运营商的采购负责人表示，今年并未观 展。 贝玛格雷相关负责人表示：" ...

Group 1 - Diageo reported preliminary results for the fiscal year 2025, with sales of $20.245 billion, slightly down 0.1% year-on-year, but better than the market expectation of $20 billion [1] - Organic sales grew by 1.7% year-on-year, surpassing the analyst consensus of 1.4% [1] - Operating profit fell by 27.8% to $4.335 billion, with an operating margin decline of 819 basis points to 21.4% [1] Group 2 - Diageo expects organic sales growth for fiscal year 2026 to be similar to that of fiscal year 2025, with operating profit anticipated to achieve mid-single-digit organic growth [1] - The company faces economic uncertainty and consumer inflation concerns due to tariffs imposed by former President Trump, with annual tariff costs now estimated at $200 million, up from a previous estimate of $150 million [1] - Diageo's interim CEO, Nik Jhangiani, announced an increase in the cost-saving target from $500 million to $625 million over the next three years [1] Group 3 - Nik Jhangiani took over as interim CEO after the departure of Debra Crew and indicated that the board may decide on a new CEO by the end of October [2] - Despite a challenging consumer environment, including preferences for non-alcoholic beverages and ready-to-drink cocktails, consumers, including Gen Z, continue to spend [2] - Analyst Ed Mundy from Jefferies noted that Diageo's sales growth target for fiscal year 2026 is in line with market expectations, and the company has maintained or grown market share in 65% of monitored markets, including the U.S. [2]