Group 1 - The company held its 10th meeting of the 8th Board of Directors on July 4, 2025, with all 9 directors present, including independent directors attending via video conference [2][3] - The board unanimously approved the nomination of Mr. Gu Yu as a non-independent director candidate for the 8th Board of Directors, pending shareholder approval [3][5] - The board also approved the convening of the 2025 Second Extraordinary General Meeting of Shareholders, scheduled for July 21, 2025 [6][11] Group 2 - The notice for the 2025 Second Extraordinary General Meeting of Shareholders was issued following the board meeting, confirming compliance with legal and regulatory requirements [11][12] - The meeting will include both on-site and online voting options, with specific timeframes for each voting method [12][23] - The meeting will address the election of one non-independent director, and the voting will not utilize cumulative voting [18][19] Group 3 - Mr. Gu Yu, the nominated candidate, has a background in various governmental roles and currently serves as the company's Party Secretary, with no conflicts of interest reported [9][10] - The company has ensured that the meeting's procedures and notifications comply with relevant laws and regulations [11][14] - Shareholders must register to attend the meeting, with specific requirements outlined for both corporate and individual shareholders [20][22]

Group 1 - The board of directors of Jiangsu Yanghe Brewery Co., Ltd. held its 10th meeting of the 8th session on July 4, 2025, in Suqian City, Jiangsu Province, with compliance to legal regulations and company bylaws [1][2] - The board approved the nomination of Mr. Gu Yu as a non-independent director candidate for the 8th board session, with his term aligning with that of the current board [1][2] - The total number of directors who also serve as senior management or employee representatives does not exceed half of the total number of directors [1] Group 2 - The proposal regarding the second extraordinary general meeting of shareholders in 2025 is pending approval by the shareholders [2] - The notice for the second extraordinary general meeting has been disclosed in various financial newspapers and on the official website [2] Group 3 - Mr. Gu Yu, born in May 1978, has held various governmental positions and currently serves as the party secretary of the company [4] - Mr. Gu does not hold any shares in the company and has no relationships with major shareholders or other board members [4] - He has not faced any administrative penalties from the China Securities Regulatory Commission in the last 36 months [4]

Core Viewpoint - The Chinese liquor industry is currently in a period of adjustment, facing challenges such as high inventory levels and price inversion, prompting major liquor companies to explore new strategies to navigate this cycle [1][3][7]. Group 1: Market Conditions - The white liquor industry is experiencing a weak performance in wholesale prices, with many top brands falling below their reference wholesale prices during the "618" promotional event [1][2]. - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with inventory levels rising by 25% [3]. - Price inversion is prevalent, affecting 60% of companies, indicating a significant supply-demand imbalance and increasing channel pressures [3]. Group 2: E-commerce Strategy - Major liquor companies are increasingly embracing e-commerce, with a notable rise in online sales, which exceeded 60 million bottles and generated over 30 billion yuan in sales from January to May 2025 [4]. - Companies like Moutai and Yanghe are actively engaging with major e-commerce platforms to enhance their online presence and sales strategies [3][4]. Group 3: Product Innovation - To attract younger consumers, several liquor companies are launching low-alcohol products, with Wuliangye and Shui Jing Fang planning to introduce new products with lower alcohol content [6]. - The market for low-alcohol liquor is significant, with a market size of approximately 450 billion yuan, accounting for nearly half of the total liquor consumption [6]. Group 4: Competitive Landscape - The current market environment is characterized by intense competition, with companies needing to innovate and adapt to survive, as evidenced by the historical context of previous downturns in the industry [7][8]. - The strategy of introducing lower-alcohol products is seen as a way to capture a broader audience and compete with other alcoholic beverages like beer and wine [8].

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

关于召开2025年第二次临时股东大会的通知 证券代码：002304 证券简称：洋河股份 公告编号：2025-022 江苏洋河酒厂股份有限公司 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期和时间： (1)现场会议时间：2025年7月21日15:30。 (2)网络投票时间：2025年7月21日，其中通过深圳证券交易所交易系 统投票的具体时间为：2025年7月21日9:15－9:25，9:30－11:30和13:00－ 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年 1 7月21日9:15－15:00期间的任意时间。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会 第十次会议决议，公司决定于2025年7月21日（星期一）15:30召开2025 年第二次临时股东大会，现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：公司董事会。公 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-021 江苏洋河酒厂股份有限公司 第八届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第十 次会议，于 2025 年 7 月 4 日在江苏省宿迁市洋河酒都大道 118 号，公司 总部办公楼 19 楼会议室，以现场结合视频会议方式召开。会议通知于 2025 年 7 月 1 日以送达和通讯相结合方式发出，全体董事一致同意本次 会议豁免提前通知时限的要求。本次会议应到董事 9 名，实际出席董事 9 名，其中：独立董事聂尧先生、毛凌霄先生以视频会议方式出席，与 会人数符合《公司法》和《公司章程》的规定。本次会议由副董事长、 总裁钟雨先生召集和主持，会议的召集、召开符合《公司法》等有关法 律法规和《公司章程》的规定。 二、董事会会议审议情况 1、会议以9票同意，0票反对，0票弃权，审议通过了《关于提名顾 宇先生为公司第八届董事会非独立董事候选人的议案》。 经公司董事会提名委员会资格审核通过，董事会同意 ...

Core Insights - The recent resignations of key executives in the Chinese liquor industry highlight the urgent need for strategic transformation amid deep industry adjustments [1][5][14] Group 1: Company Performance - Yanghe Co., under Zhang Liandong's leadership, experienced a revenue decline of 12.83% to 28.876 billion yuan in 2024, with net profit plummeting 33.37% to 6.673 billion yuan, dropping from third to fifth in industry rankings [2][4] - Jinzhongzi Liquor, led by He Xiuxia, saw revenue decrease from 1.186 billion yuan in 2022 to 925 million yuan in 2024, with a cumulative net loss of 633 million yuan [10][12] Group 2: Strategic Challenges - Yanghe's strategic missteps included outdated brand management and a rigid distribution model, leading to losses in market share against competitors like Jinshiyuan [4][15] - Jinzhongzi's challenges stemmed from a misalignment between beer and liquor market strategies, resulting in a lack of brand recognition and market penetration [10][12] Group 3: Management Changes - The resignations of Zhang Liandong and He Xiuxia reflect broader trends in the industry, with local governments influencing management changes to drive strategic shifts [7][16] - The new leadership at both companies faces significant challenges, including cash flow issues and the need to balance independence with corporate integration [12][18] Group 4: Industry Trends - The liquor industry is currently in a "shrinking competition" phase, with production among large enterprises declining by 6.8% in 2024, and revenue growth slowing significantly [15] - The departure of key executives signals a shift from "scale expansion" to "value cultivation," emphasizing the need for strategic innovation and organizational transformation [18]

Core Viewpoint - Yanghe Co., Ltd. has maintained its position as the third-largest company in the liquor industry since 2010, but this ranking is expected to change in 2024 as it faces declining revenue and profit, becoming the only company among the top five in A-share liquor listings to experience such declines [6][10]. Group 1: Leadership Changes - On July 1, 2024, Yanghe announced the resignation of Chairman Zhang Liandong, who stepped down from multiple positions within the company, with the reason cited as "work adjustment" [2][3]. - Zhang Liandong had been in the role since February 2021 and oversaw a period of growth, with revenue reaching 331.26 billion yuan in 2023 [5][6]. Group 2: Financial Performance - Yanghe's revenue and net profit both declined in 2024, with net profit dropping to 6.666 billion yuan, lower than the 7.513 billion yuan recorded in 2021 [6]. - The company’s revenue ranking fell from third to fifth among A-share liquor companies, and its net profit ranking also dropped from fourth to fifth [6]. - The liquor industry has entered a phase of intense competition, with Yanghe's mid-range and premium products facing significant pricing pressure [7]. Group 3: Strategic Adjustments - In response to market challenges, Yanghe has implemented a "dual-name liquor, multiple brands, and multiple categories" strategy to enhance its brand positioning and increase marketing investments [8]. - Despite increased marketing expenditures, Yanghe's mid-to-high-end liquor revenue declined by 14.79% in 2024 [9]. - The company’s sales expense ratio rose from 12.3% in 2021 to 19.1% in 2024, indicating a potential inefficiency in marketing investments compared to competitors [8]. Group 4: Employee Incentives - Yanghe introduced its first employee stock ownership plan in August 2021, aimed at incentivizing core staff with a target of achieving a 15% revenue growth in 2021 and 2022, which was successfully met [12][13]. - However, the stock price has significantly declined since the plan's initiation, leading to potential losses for employees who participated in the plan [14][15]. Group 5: Future Outlook - The new chairman, Gu Yu, is expected to focus on developing high-priced flagship products to enhance market competitiveness [18]. - Industry experts suggest that the performance of liquor companies is more influenced by economic cycles than by the identity of the chairman [18].

Core Viewpoint - Zhang Liandong, the chairman of Yanghe Co., Ltd., resigned from his positions, citing "work adjustment" as the reason, despite his term not ending until April 2027 [2][3]. Company Performance - Under Zhang's leadership since February 2021, Yanghe's revenue grew significantly, reaching over 30 billion yuan in 2022 and peaking at 33.126 billion yuan in 2023 [3]. - However, in 2024, Yanghe became the only company among the top five A-share liquor firms to experience a decline in both revenue and profit, with net profit dropping to 6.666 billion yuan, lower than the 7.513 billion yuan recorded in 2021 [4]. - The company attributed its performance decline to strategic adjustments and intense market competition, particularly in the mid-range and premium segments [4]. Market Position - Yanghe has maintained the third position in industry revenue since 2010, but in 2024, it fell to fifth place in both revenue and net profit among A-share liquor companies [4]. - The liquor industry has shifted to a phase of inventory surplus and price inversion, impacting Yanghe's sales, especially in its mid to high-end products [4]. Strategic Initiatives - Zhang previously acknowledged Yanghe's weakness in the high-end market and proposed a strategy of "dual famous liquors, multiple brands, and diverse categories" to enhance brand value [5]. - Despite increasing marketing expenditures, Yanghe's revenue from mid to high-end products declined by 14.79% in 2024, indicating inefficiencies in marketing investments [5]. Employee Incentives - Yanghe implemented its first employee stock ownership plan in August 2021, aiming to motivate management and core personnel, with a total investment of 1 billion yuan [7][8]. - The stock was purchased at 103.73 yuan per share, significantly below the market price at the time, but the stock price has since fallen, leading to potential losses for employees [8][9]. Leadership Transition - Following Zhang's resignation, Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., with speculation about his potential role as chairman [10]. - Industry experts suggest that the new chairman should focus on developing high-value products and enhancing market responsiveness [10].

Core Viewpoint - The recent leadership change at Yanghe Co., with Gu Yu replacing Zhang Liandong as chairman, raises questions about the company's ability to regain its competitive edge in the increasingly challenging Chinese liquor market, particularly in the context of slowing growth and intensified competition in the baijiu industry [1][5]. Group 1: Leadership Transition - Zhang Liandong's tenure saw three main contributions: stabilizing distribution channels, promoting high-end product lines, and diversifying the product portfolio [3][4]. - Under Zhang's leadership, Yanghe's revenue grew from 25.3 billion to approximately 32 billion, with an annual growth rate of about 8%-10%, lagging behind competitors like Moutai and Fenjiu [4][5]. - Gu Yu, the new chairman, is a technically skilled executive with a strong background in production and quality control, which may facilitate internal reforms [6]. Group 2: Challenges Ahead - Yanghe faces four significant challenges: increasing market share outside its home province, responding to competition from strong sauce-flavor brands, optimizing its complex shareholding structure, and sustaining high-end product growth [7][8][9][10]. - The company must navigate a competitive landscape where it is pressured by both established brands like Moutai and emerging competitors like Fenjiu and Guqing [10].