China’s Changyu reports revenue growth in Q3

China’s biggest domestic winery and a major importer, Changyu Pioneer, is seeing a slight uptick in revenue in Q3, while its net profits still suffered moderate decrease due to increasing operational costs, the company has announced in its latest financial report.

The Shandong-based company generated RMB 3.798 billion in revenue in Q3, which represents a year-on-year increase of 0.91%. Its net profits stood at RMB 816 million, a year-on-year decrease of 1.04%.

The drop is a more moderate decline compared with the 4.62% reduction in profits the company saw in 2016, as it pivoted from a domestic wine-only offering towards developing a global network of wine brands.

In recent years, the company has purchased a few overseas wineries in Spain, France and most recently in Chile, selling wines back to domestic market. Following previous acquisitions of two wineries in France and one in Spain, earlier this year, Changyu signed a deal with Chile’s Bethia group to acquire an 85% stake in its wine division, Bethwines, for US$50 million.

In the meantime, Changyu is also accelerating its exports to Europe with its Cabernet Sauvignon from Chateau Moser XV that has recently been added to Tesco in the UK, and its Cabernet Gernischt reds as well sweet wines carried by Berry Bros & Rudd.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Retail Manager

Friarwood Fine Wines
SW London, UK

Assistant Manager

Seven Cellars
Brighton, UK

Key Account Manager

MMI Dubai
Dubai, UAE

Head of Supply Chain

Lanson International UK Ltd
London W1, UK

National Account Executive

Home Based working in Central Belt. Glasgow/Edinburgh, UK

Global Brand Manager - Ableforth’s (Bathtub Gin etc)

ATOM Supplies
Tunbridge Wells, UK

Trade Sales Manager

Wine Source Group
Central London, UK

Prowein 2018

18th Mar 2018

The City Wine Show

London,United Kingdom
13th Apr 2018

Prosecco Springs

London,United Kingdom
26th Apr 2018
Click to view more

The Global Rosé Masters 2018

Deadline : 19th March 2018

The Prosecco Masters 2018

Deadline : 19th March 2018

Click to view more

The Global Malbec Masters 2017

the drinks business is proud to announce the inaugural Global Malbec Masters 2017

The Global Sparkling Masters 2017

the drinks business is thrilled to announce the launch of The Global Sparkling Masters.

Click to view more