营收下滑，轩尼诗放下了高端的面子

21世纪经济报道02-07

新浪财经“酒价内参”重磅上线知名白酒真实市场价尽在掌握　　距离春节还有不到十天，烈酒迎来消费旺季。　　和高端白酒一样，干邑作为高端礼赠与商务宴请的传统选择，每年此时都会迎来节前上涨行情。　　在中国市场，最受认可的干邑莫过于“三大洋”（马爹利、人头马、轩尼诗）。在有白兰地消费习惯的广东、福建市场，人头马VSOP、马爹利名士VSOP和轩尼诗VSOP是当地宴席上最常见的产品。　　近年来，“三...

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700ml价格已经回落到持平或低于同档次竞品，第三方商家的报价甚至只有三百元出头甚至不到两百元，轩尼诗XO虽然官方渠道价格稳定，第三方酒行却在以千元以下的价格出货。\n　　要知道在前几年行情好的时候，轩尼诗VSOP 700ml价格多在六百元以上，一般会比马爹利名士VSOP、人头马VSOP贵上几十元乃至上百元，轩尼诗XO更是在千元乃至一度逼近2000元价格带，一般会比其他两家的XO产品贵上一两百元左右。\n　　价格定位的显著调整，背后是轩尼诗在华经营策略的变化，更是LVMH烈酒板块持续低迷的无奈。\n图片来源：IC photo\n　　供需逆转，轩尼诗也“随行就市”了\n　　有购买干邑习惯的消费者会发现，最近轩尼诗的价格颇具竞争力。\n　　以轩尼诗VSOP 700ml为例，京东上，京东自营的“轩尼诗Hennnessy京东自营旗舰店”给出的到手价454元，轩尼诗自营的“轩尼诗Hennessy官方旗舰店”给出的到手价是517元；淘宝上，轩尼诗官方旗舰店给出的到手价是535元，天猫超市的价格是484元。\n　　而在各家电商能看到，第三方店铺从海外渠道拿货的产品价格更低，普遍低至3字头，大批店铺给出的价格仅有300元出头乃至不到300元。\n　　比如轩尼诗和拼多多、美团没有直接达成官方合作，两大平台的货源都是来自酒商。这款大单品在拼多多百亿补贴后的到手价只要339元，在美团闪购频道补贴后价格也只有311元。\n　　这样一来，轩尼诗与竞品的价格显著拉近，甚至在部分渠道低于竞品。\n　　21世纪经济报道记者查询注意到，人头马VSOP 700ml这款产品，在京东人头马品牌自营的“人头马官方旗舰店”到手价是429元，京东自营的“人头马君度京东自营专区”到手价是434元。淘宝上，天猫超市给出的到手价是440元，人头马官方旗舰店价格是454元。\n　　马爹利名士VSOP 700ml，在天猫超市到手价521元，马爹利天猫官方旗舰店是576元，京东保乐力加京东自营门店是489元，马爹利京东官方旗舰店是546元。\n　　而无论是京东、淘宝、拼多多，人头马VSOP 700ml最低价格都在300元以上，仅有马爹利名士VSOP 700ml在淘宝有第三方酒行给出不到300元的低价，同样是非行货。\n　　“往年春节前，轩尼诗VSOP即便促销，价格也不会跌破450元，线上那种两百多都是水货，去年换了包装，老款要尽快出货。”21世纪经济报道记者以拿货为名咨询广州某洋酒经销商，对方如此解释。\n　　轩尼诗XO虽然官方渠道价格依旧稳定，和第三方的报价差距还在拉大。\n　　在京东、天猫的品牌旗舰店和平台官方频道/自营门店，轩尼诗XO 700ml依然保持着1500元—1700元的高价位，但不少第三方店铺给出的价格都回落到千元以内。\n　　这样的价格下行并非一朝一夕。\n　　2021年~2022年，轩尼诗的VSOP 700ml保持在600元+价格带，XO保持在1800元+价格带，高于马爹利、人头马同级别的产品。\n　　彼时轩尼诗也敢于小幅提价——在行情较好的时候，洋酒一般每年会小幅提价3%~5%。尤其2022年，中国白兰地整体进口量额出现20%的下滑，市场供不应求。\n　　但供需逆转的拐点正在悄然到来。\n　　眼看干邑火热，很多酒商从国外各类渠道引入了大批水货。但他们未能预期到市场行情的极速转变，当中很多随后转化为了渠道库存。\n　　2023年，白兰地强势回归中国市场，进口量、进口额同比实现两位数的增长。\n　　这一年，包括轩尼诗在内，洋酒企业纷纷拥抱电商大促，促销后到手价格下行，轩尼诗的价格也开始松动。\n　　由于水货与行货价差扩大，直接影响了价格秩序。\n　　2024年，轩尼诗率先提出降价，几款1L装产品拿货价有50元~400元的下调，目的是强化行货竞争力，打击泛滥的水货。这样一来，轩尼诗VSOP部分渠道价格首次低于马爹利名士VSOP，XO价格与马爹利基本持平。\n　　此时市场已经有些涨不动价了。2024年中国白兰地进口量、进口额双双出现了20%的大幅下滑，2025年下滑势头还在拉大。\n　　2025年，马爹利、人头马均继续小幅提价，但轩尼诗没有跟进。\n　　“前几年是渠道求着拿，现在都是品牌主动找渠道商，很多还有老款库存，怎么涨价？”上述酒商表示。\n　　经过几年的逆向调控，轩尼诗整体价格与竞品拉近，从而保持住了市场竞争力。\n　　轩尼诗拖累LVMH业绩 新帅表态长期投入\n　　轩尼诗的价格下行，背景是LVMH烈酒板块持续承压。\n　　2025年，LVMH集团整体的营收同比下滑5%、经常性营业利润和净利润分别同比下降9%和13%。\n　　四大业务板块中，酒类业务是整个LVMH集团下滑最为严重的业务板块。\n　　“葡萄酒与烈酒”部门2025年营收同比下滑9%（有机下滑5%），连续两年营收下跌，盈利能力更是持续回调，2025年经常性营业利润同比暴跌25%，远超集团整体经常性营业利润9%的下滑幅度。\n　　与2022年利润高点相比，葡萄酒与烈酒部门三年内的利润规模近乎腰斩，营业利润率从2024年的23.1%降至2025年的19%，较2022年超过30%的利润率明显回落。\n　　而进一步分析业务可以看出，真正拖累酒类业务的正是轩尼诗为代表的烈酒业务——“香槟与葡萄酒”2025年稳住了局势，有机营收与前一年持平。而“干邑与烈酒”过去一年营收下滑15%（有机下滑12%）。\n　　LVMH在财报中表示，在美国、中国两大核心市场环境依然充满挑战，是拖累酒类业务尤其是干邑表现的主因。轩尼诗在中美两大核心市场的销量占其全球销量一半以上，需求疲软叠加关税成本增加削弱了价格竞争力，导致经销商缩减订货量，直接冲击了其业绩表现。\n　　需求疲软并非轩尼诗一家的困境，是整个干邑行业的困境。\n　　法国国家干邑行业管理局（BNIC）称，2025年干邑出口量创下2008年金融危机以来的最低值，仅1.41亿瓶，行业库存水平达到创纪录的11年。\n　　在中国市场，近一两年高端干邑依赖的商务宴请、礼赠场景情况进一步下行，不少消费者转向性价比更高的威士忌或者中端价位的白兰地，干邑整体动销周期拉长。\n　　为应对业绩困境，LVMH启动了大规模调整。\n　　2025年5月起，LVMH葡萄酒及烈酒部门就开启了全球裁员，提出裁员约10%，试图将人力成本拉回2019年前水平。\n　　管理层也迎来“重整”。\n　　2025年2月，LVMH集团首席财务官出任酩悦轩尼诗董事会主席兼CEO，LVMH集团主席Bernard Arnault的二儿子Alexandre Arnault出任酩悦轩尼诗副首席执行官。\n　　5月，Charles Delapalme正式接替Laurent Boillot担任轩尼诗总裁兼CEO。他是从时装行业跨界而来，此前曾担任过Christian Dior Couture、Miu Miu的CEO。\n　　在去年11月的进博会上，Charles Delapalme首次亮相，除了宣布首发2026丙午马年新春限量版干邑、生肖系列马年限量版等新品外，还透露将扩大中国分销渠道，向华东、华西和华北地区拓展，并表示会有耐心长期投入培育新市场。\n　　“全球市场都有周期性，我们在160多个国家都有业务，有些呈现快速增长，有些增长相对平缓，但周期最终总会走向上行。在烈酒行业，时间是站在我们这边的。”Charles Delapalme说。\n　　（作者：肖夏 编辑：陶力）\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：石秀珍 SF183","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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