丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 解码威士忌系列报告二：透过进口数据，拆解中 国威士忌发展趋势 报告要点 [Table_Summary] 纵观近十年，中国进口威士忌实现了量价齐升，苏威、日威逐步培养起国内消费者对威士忌产 品的认知。2025 年，中国威士忌进口量首次超过白兰地进口量，问鼎进口烈酒新王。本文通过 分析烈酒进口数据，探索进口威士忌量、价、结构的变化，梳理威士忌发展脉络。 分析师及联系人 [Table_Author] research.95579.com 1 食品、饮料与烟草 cjzqdt11111 [Table_Title 解码威士忌系列报告二：透过进口数据，拆解中 2] 国威士忌发展趋势 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 中国进口威士忌十年间实现量价齐升 纵观近十年，中国进口威士忌实现了量价齐升。2024 年中国威士忌进口金额达到 451.43 百万 美元，对比 2015 年增长 2 ...

Core Viewpoint - The article highlights the significant impact of U.S. tariffs on the global alcohol industry, leading to job losses and financial strain for companies, including the closure of the historic Barrels Factory in Kentucky, which will result in 210 employees losing their jobs [2][3]. Group 1: Impact of Tariffs on Companies - The closure of the Barrels Factory is part of a broader strategy by Brown-Forman to cut costs, with an expected annual savings of at least $70 million and potential asset recovery exceeding $30 million [2]. - Brown-Forman's global workforce reduction plan includes laying off over 540 employees, indicating a significant shift in operational strategy due to tariff pressures [3]. - The global alcohol industry is experiencing a downturn, with many companies facing stagnant or declining sales, prompting them to adjust their strategies in response to tariff uncertainties [3][4]. Group 2: Market Dynamics and Trade - The U.S. is a major market for imported alcoholic beverages, with projected imports of distilled spirits at $11.42 billion, beer at $6.7 billion, and wine at nearly $6.8 billion in 2024 [6]. - Major international companies like Diageo and Pernod Ricard are adjusting their performance forecasts due to tariff uncertainties, with Diageo canceling mid-term guidance and others lowering expectations [6]. - The article notes that the previous tariff disputes led to a significant drop in U.S. whiskey exports to the EU, with exports declining by over 20% [10]. Group 3: Consumer Behavior and Industry Challenges - The article discusses the adverse effects of tariffs on consumer prices, particularly for European wines, which could see price increases of nearly 30% due to added tariffs [13]. - The U.S. alcohol market is facing its first decline in nearly 30 years, with a 2% drop in sales in 2023, affecting various categories except for tequila, American whiskey, and ready-to-drink cocktails [18]. - Smaller distilleries in the U.S. are particularly vulnerable, with nearly 50 whiskey distilleries filing for bankruptcy in 2023 due to liquidity crises and debt pressures [19]. Group 4: Global Trends and Regional Variations - The article highlights that the global alcohol market is experiencing a significant shift, with the U.S. market showing a decline while Australian wine exports to China are rebounding after tariff removals [20][21]. - European alcohol producers are also struggling, with the Scottish whiskey industry facing export declines and some distilleries halting production in response to reduced demand [20]. - The overall sentiment in the alcohol industry is one of caution, with many producers and consumers adopting a wait-and-see approach due to the uncertainties created by tariffs and economic conditions [23].