CBC(600132) 21世纪经济报道·2025-04-20 23:42Core Insights - The tariff war initiated by the United States has negatively impacted consumer sentiment, leading to a decline in the financial performance of major beverage companies like Heineken, Pernod Ricard, and LVMH in Q1 of this year [1][13][14][15] - Domestic liquor companies have also reported a general downturn in performance, with significant declines in revenue across various segments including baijiu, beer, and wine [1][3][7][12] - However, recent industry data indicates a positive trend, with beer production showing a year-on-year increase in March, and the decline in baijiu production slowing down significantly [1][3] Industry Performance - In March, the production of baijiu reached 378,000 kiloliters, down 0.8% year-on-year, a significant improvement from the previous two months' decline of 11.2%. The cumulative production for the first three months was 1,032,000 kiloliters, down 7.3% [3] - Beer production for March was 3,128,000 kiloliters, reflecting a growth of 1.9%, with a cumulative production of 8,541,000 kiloliters for the first three months, down 2.2% year-on-year [3] - The wine sector saw a significant decline, with March production at 9,000 kiloliters, down 25% year-on-year, and a cumulative production of 24,000 kiloliters for the first three months, also down 25% [3] Company Highlights - Chongqing Brewery and Wusu Brewery were the only beer companies to have two brands selected in the first batch of China's consumer brand list, highlighting their market presence [2] - Heineken reported a Q1 revenue of €7.784 billion, a decrease of 4.9% year-on-year, with a volume decline of 2.35% [14] - LVMH's wine and spirits division saw a 9% organic revenue decline in Q1, with the Asia region (excluding Japan) experiencing an 11% drop [15] - Pernod Ricard's Q1 net sales fell by 3% year-on-year, with declines across all major markets [13] - Huichuan Brewery reported a 5.44% increase in revenue for 2024, with a net profit growth of 33.58% [8] - Jinhui Wine achieved a 3.04% revenue growth in Q1 2025, with a net profit increase of 5.77% [9] - Zhangyu's revenue decreased by 25.26% in 2024, with a net profit decline of 42.68% [7] - Huarun Wine's revenue fell by 6.49% in 2024, with a significant net profit drop of 81.11% [11] - Tongtian Wine reported a 42.91% revenue decline in 2024, with a net loss of 347 million yuan [12]