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China’s wine market continues to face significant headwinds, as reflected in the recent performance of its industry leader, Changyu. The company’s latest financial report reveals a sharp decline in net profit, underscoring deeper challenges within the domestic wine sector.

In the first half of 2025, Changyu reported a 3.4% year-on-year decrease in total revenue, while net profit attributable to shareholders plummeted by 16.09%. More notably, the second quarter alone saw net profit fall by 57.71%, indicating a severe and accelerating downturn.

The core of the problem lies in the declining performance of Changyu’s wine business, which accounts for 74.4% of total revenue. Sales in this segment dropped by 7.97% compared to the same period last year. While the brandy division showed modest growth of 8.99%, it was insufficient to offset the losses in the wine segment.

A key issue is the widening gap between high gross margin and low net profit. Despite maintaining a gross margin of nearly 60%, rising operating expenses—particularly in sales and promotion—have severely eroded profitability. This suggests that increased marketing efforts are failing to stimulate corresponding revenue growth.

Changyu is not alone in its struggles. The broader Chinese wine industry is experiencing a prolonged slump. Recent data indicates that nearly 60% of wine distributors saw profits decline over the past three years, and over 45% face liquidity challenges. Although Changyu managed to improve its operating cash flow, this improvement appears to be due to short-term financial management rather than a fundamental business recovery.

The company’s efforts to attract younger consumers through products like low-alcohol and fruit-flavored wines have so far yielded limited success. Imported wines and emerging niche brands remain more appealing to this demographic. Additionally, Changyu’s slow progress in digital transformation and channel development has hindered its ability to capture new growth opportunities in instant retail and lower-tier markets.

While international sales saw a slight increase, they remain a small portion of overall revenue and face stiff competition from global brands. The return of Australian wines to the Chinese market, along with tariff-free imports from countries like Chile and New Zealand, further intensifies pressure on domestic producers.

In summary, Changyu’s difficulties mirror those of the wider Chinese wine industry: weak demand, strong import competition, and ineffective strategic responses. Without innovative products and more agile market strategies, domestic wine producers may continue to struggle in an increasingly competitive landscape.