Yantai Changyu Pioneer Wine, the leading winemaker manufacturer in China, has released its H1 2023 report. Revenue remained static at 2 billion yuan (US$270 million).
Changyu is losing momentum. Despite a minuscule revenue increase, sales in the first half declined by 7.8 percent for wine and 1.4 percent for brandy, despite an 8.4 percent rise in sales expenses.
As grape production is closely linked to climate the future is more uncertain than ever.
After a few years of hype, domestic wine consumption has collapsed, leading to losses and even bankruptcies for many wine companies. Changyu has attempted to shift its focus to the high-end, but this is wine, and high-end wine is more than just a jazzy label.
