Core Insights - The high-end liquor market in Shenzhen is experiencing significant price reductions, contrary to expectations for a sales boom during the Spring Festival [1][4] - Major brands like Macallan and Martell are seeing steep declines in sales and prices, indicating a shift in consumer demand and market dynamics [6][10] Market Trends - High-end liquor prices have dropped dramatically, with Macallan 25-year whisky now priced below 20,000 yuan, down from a peak of 37,000 yuan [6][10] - Discounts on various premium liquors exceed 50%, with some products like the French Larsen XO gift box reduced from 1,780 yuan to 798 yuan, representing a 55% discount [8] Company Performance - Pernod Ricard reported a 5.9% organic decline in net sales for the first half of the 2026 fiscal year, with a staggering 28% drop in organic sales in the Chinese market [10] - The company's core brand, Martell, saw an 8% decline in sales volume and a 17% drop in net sales in China [10] Consumer Behavior - The demand for high-end cognac has sharply decreased due to reduced corporate gifting and banquet needs, leading to significant inventory buildup [10] - Online sales data indicates a contrasting trend, with liquor sales on platforms like Tmall showing double-digit growth, driven by changing consumer preferences towards health-oriented and lower-alcohol beverages [11] Future Outlook - Pernod Ricard has positioned the 2026 fiscal year as a transitional period, with expectations for gradual improvement in net sales in the latter half of the year [10] - The company anticipates an average annual growth rate of 3% to 6% in net sales from 2027 to 2029, alongside ongoing improvements in organic profit margins [10]

马爹利干邑作为保乐力加核心高端品牌，在中国市场的销量同比下滑8%，净销售额下降17%。 正月初九（2月25日），年味尚未散去，但深圳的洋酒市场已感受到阵阵寒意。记者走访深圳福田CBD 多家酒行发现，这个春节高端洋酒并未迎来预期的销售旺季，反而迎来了大幅降价促销，曾经被热捧 的"液体黄金"如今不得不放下身段。 在福田区一家1919门店，各类洋酒柜台前贴满了醒目的春节促销标签。其中，澳大利亚奔富三桶陈酿15 年白兰地原价729元，现促销价已降至668元。 面对仍存不确定性的宏观环境，保乐力加明确了2026财年作为"过渡年"的定位，预计下半年净销售额趋 势将逐步改善。中期来看，保乐力加预计2027至2029财年净销售额年均增幅将在3%至6%之间，并伴随 有机利润率持续提升。保乐力加首席执行官亚历山大·里卡德（Alexandre Ricard）表示："基于2023年启 动的转型，我们在2026年~2029年10亿欧元运营效率计划上已取得显著进展，包括'Fit for Future'运营模 式的推广。我对行业的吸引力、保乐力加的战略以及我们运营模式的韧性充满信心，坚信能够持续创造 长期价值。" 记者调查发现，在中国市场 ...