Moët Hennessy FY2026 First Half Revenue and Net Profit Decline; Meituan Flash Purchase: During the Spring Festival, sales of sauce-flavored white wine increased by 157% year-on-year | Wine Industry Morning Briefing

Thursday, February 26, 2026

NO.1 Treasury Wines Estates’ Revenue and Net Profit Decline in First Half of Fiscal Year 2026

Recently, Treasury Wines Estates released its half-year report for fiscal year 2026 (July 1, 2025 - December 31, 2025). The financial report shows that the company’s net sales for the first half of fiscal year 2026 were AUD 1.298 billion, down 16% year-over-year, and net profit was AUD 129 million, down 46.3% year-over-year. The Penfolds division achieved sales of AUD 501 million, a 10.1% decline. The report states that demand for Penfolds remains strong, with retail sales in China increasing by 17.2% year-over-year. Outside China, Asian markets remained flat compared to the same period last year.

Comment: Treasury Wines Estates experienced significant declines in revenue and net profit in the first half, with growth pressure on the Penfolds division, highlighting that the global wine industry is in a period of adjustment. Despite a 17.2% YoY growth in China’s retail sales, the overall decline persists. The company needs to continue optimizing inventory, strictly control parallel imports, and focus on core markets like China.

NO.2 Meituan Flash Purchase: Liquor Sales Increase 157% During Spring Festival

During the 2026 Spring Festival, instant retail of alcoholic beverages became a new choice for holiday shopping. Data from Meituan Flash Purchase shows that from Lunar New Year’s Eve to the sixth day of the first lunar month, driven by gatherings, gift-giving, and self-indulgence, festive celebrations boosted beverage consumption: sales of soy-sauce-flavored white liquor increased by 157% YoY; other aromatic white liquors grew over 100%. The demand for “healthy small sips and mild intoxication” was prominent, with non-alcoholic beer sales up 338%, dark beer up 114%, craft beer and brandy both up 100%.

Comment: The 2026 Spring Festival alcohol instant retail saw a nationwide surge, with categories like soy-sauce-flavored white liquor and non-alcoholic beer doubling. This confirms that instant retail has become one of the core new channels for alcohol consumption. Overall, instant retail is reshaping the alcohol distribution landscape, with clear trends toward scene-based, convenient, and healthy options, injecting new growth momentum into the industry.

NO.3 *ST Rock’s Subsidiary Contract Dispute First Trial Ruling: Ordered to Pay Approximately 290 Million Yuan in Construction Fees

On the evening of February 24, *ST Rock announced the progress of litigation, revealing the first trial result of a construction contract dispute involving its controlling subsidiary, Guizhou Gaojiang Liquor Co., Ltd. (hereinafter “Guizhou Gaojiang”). According to the announcement, the main claim involved about 300.055 million yuan. The court ordered the defendant to pay the plaintiff, China State Construction Fourth Engineering Bureau Co., Ltd., approximately 289.7 million yuan in construction fees, along with interest, suspension damages of 8.2864 million yuan, and other related costs such as case acceptance, preservation application, and appraisal fees.

Comment: The first-instance ruling requiring *ST Rock’s subsidiary Guizhou Gaojiang to pay about 290 million yuan in construction fees and related costs poses a significant negative impact on a company already at risk of delisting. The large amount involved will significantly increase the company’s financial pressure, further weaken its debt repayment and operational capacity. The company is already experiencing sluggish revenue and continuous losses. This defeat could sharply increase the risk of delisting and further erode investor confidence.

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