Core Viewpoint - The high-end liquor market in China, particularly for cognac, is experiencing significant price adjustments and competitive dynamics, especially among the "Big Three" brands: Hennessy, Martell, and Rémy Martin [2][3][6]. Group 1: Market Dynamics - The traditional peak consumption period for high-end liquor, including cognac, is approaching with the upcoming Spring Festival [1]. - Hennessy has historically positioned itself as the highest-priced brand among the "Big Three," but recent strategies have shifted towards competitive pricing to increase market share [3][6]. - Hennessy's VSOP and XO products have undergone packaging changes to enhance market presence and competitiveness [5][6]. Group 2: Pricing Strategies - Hennessy's VSOP 700ml is now priced competitively, with prices dropping to around 300-500 yuan, significantly lower than previous years when it was priced above 600 yuan [5][10]. - The price of Hennessy XO has also seen reductions, with third-party sellers offering it for under 1000 yuan, contrasting with its previous pricing of 1500-2000 yuan [11][13]. - The price adjustments reflect a broader trend in the market, where Hennessy has reduced prices to combat the influx of parallel imports and maintain competitiveness against Martell and Rémy Martin [15][20]. Group 3: Industry Challenges - The LVMH spirits division, which includes Hennessy, has faced declining revenues, with a reported 5% drop in overall revenue and a 9% decline in operating profit for 2025 [17][20]. - The cognac industry is experiencing a downturn, with exports hitting a low not seen since the 2008 financial crisis, and inventory levels reaching record highs [20][21]. - The shift in consumer preferences towards more affordable options, such as whiskey and mid-range brandies, has further impacted the sales of high-end cognac [20][21]. Group 4: Strategic Adjustments - In response to market challenges, LVMH has initiated significant restructuring, including a 10% workforce reduction and leadership changes within the Hennessy brand [21][23]. - The new leadership aims to expand distribution channels in China and invest in long-term market development, indicating a strategic pivot to adapt to changing market conditions [23].

记者丨肖夏 编辑丨陶力 距离春节还有不到十天，烈酒迎来消费旺季。 和高端白酒一样，干邑作为高端礼赠与商务宴请的传统选择，每年此时都会迎来节前上涨行 情。 在中国市场， 最受认可的干邑莫过于"三大洋"（马爹利、人头马、轩尼诗）。 在有白兰地消 费习惯的广东、福建市场，人头马VSOP、马爹利名士VSOP和轩尼诗VSOP是当地宴席上最常 见的产品。 近年来，"三大洋"之间的竞争格局正在变化。 轩尼诗曾长期是"三大洋"中价位最高的品牌。早在一百多年前，轩尼诗就已进入中国市场在上 海、广州打广告了，长期强调高端品牌调性。 但最近两三年，轩尼诗不再坚守高端价位，而是先后通过降价、放弃跟进涨价等方式"以价换 量"，缩小与其他两家的价格差距。此外轩尼诗的VSOP、XO去年均在中国市场更换了包装， 希望以产品迭代加强对渠道的引领作用。 到今年春节前夕，轩尼诗甚至有了价格优势。 21世纪经济报道记者查询京东、天猫、拼多多发现，以目前主流的VSOP为例，轩尼诗VSOP 700ml价格已经回落到持平或低于同档次竞品，第三方商家的报价甚至只有三百元出头甚至不 到两百元，轩尼诗XO虽然官方渠道价格稳定，第三方酒行却在以千元以下的价格出货 ...

Core Viewpoint - The article discusses the changing competitive landscape among the three major cognac brands in China—Hennessy, Martell, and Rémy Martin—especially in the context of price adjustments and market strategies leading up to the Chinese New Year, highlighting Hennessy's shift towards more competitive pricing to regain market share [1][18]. Group 1: Market Dynamics - The Chinese market for high-end cognac, particularly Hennessy, Martell, and Rémy Martin, experiences a seasonal increase in demand around the Chinese New Year [1]. - Hennessy has historically been the highest-priced brand among the three but has recently adjusted its pricing strategy to be more competitive, including lowering prices and changing packaging [1][3]. - Hennessy's VSOP 700ml is now priced competitively, with prices dropping to around 454 RMB on platforms like JD.com, which is lower than its previous price range of over 600 RMB [3][9]. Group 2: Pricing Strategies - Hennessy's pricing adjustments have resulted in its VSOP and XO products being offered at prices that are now comparable to or lower than those of Martell and Rémy Martin [4][6]. - The price of Hennessy VSOP has seen significant reductions, with third-party sellers offering it for as low as 300 RMB, contrasting sharply with its previous pricing strategy [4][6]. - The overall price positioning of Hennessy has shifted, with the brand now offering its XO at prices below 1,000 RMB in some channels, compared to its previous pricing of 1,500-1,700 RMB [7][9]. Group 3: Industry Challenges - The cognac market is facing challenges, including a significant decline in demand, with a reported 20% drop in cognac imports and exports in 2025, marking the lowest levels since the 2008 financial crisis [18][19]. - The overall performance of LVMH's wine and spirits division has been under pressure, with a 9% decline in revenue and a 25% drop in operating profit in 2025, primarily driven by the performance of Hennessy [14][18]. - The industry is experiencing a shift in consumer preferences, with many consumers opting for more cost-effective options like whiskey or mid-range brandies, leading to longer sales cycles for cognac [18][19]. Group 4: Strategic Adjustments - In response to market pressures, LVMH has initiated a global restructuring plan, including a 10% workforce reduction in its wine and spirits division to align costs with pre-2019 levels [19]. - New leadership has been appointed within LVMH's cognac division, indicating a strategic shift towards revitalizing the brand and expanding distribution channels in China [19][22]. - Hennessy plans to expand its distribution in China and invest in new markets, indicating a long-term commitment to regaining market share despite current challenges [22].