Zhangyu A H1 Revenue Up 6.94% to RMB1.573 Billion, Net Profit Down 24.29%

Zhangyu A disclosed its 2026 interim report on August 20, 2026. In the first half, the company achieved operating revenue of RMB1.573 billion, up 6.94% year-on-year; net profit was RMB141 million, down 24.29% year-on-year; basic earnings per share was RMB0.21, down 25% year-on-year. Despite revenue growth, profitability indicators declined significantly, showing a pattern of increased revenue without increased profit.

Financial data show that in the first half of 2026, Zhangyu A's selling expenses reached RMB459 million, up 14.06% year-on-year, exceeding revenue growth. Among them, marketing expenses were RMB165 million, up 26.71% year-on-year. In the second quarter, the company's operating revenue was RMB695 million, up 5.29% year-on-year, but net profit was a loss of RMB7.991 million, down 130.36% year-on-year, turning from profit to loss in the single quarter. The company stated that during the reporting period, the decline in the domestic wine market slowed somewhat, but market demand remained insufficient, competition was fierce, wine companies' profitability declined, and the industry as a whole remained at a low level.

International wine company Treasury Wine Estates released its FY2026 results, covering the period from July 1, 2025 to June 30, 2026. The group achieved revenue of A$2.626 billion, down 12.17% year-on-year; net profit of A$492 million, down 36.1% year-on-year, but results were above the previous guidance range. Treasury Wine Estates explained that the overall decline was mainly due to weakening global wine consumption trends and proactive inventory structure adjustments. Its core brand Penfolds performed outstandingly in the Chinese market, growing 34.7% year-on-year during the period, the fastest-growing regional market. Penfolds' online market share in China increased by 2.4 percentage points to 15.7%, and offline market share increased by 0.5 percentage points to 8.5%. Core products Bin389 and Bin407 maintained growth, and terminal sell-through in the fourth quarter improved year-on-year.