2025年7月22日，2025年《财富》中国500强排行榜发布。共有5家头部白酒企业上榜，与上年数量相同，但内部位次已经发生了巨变。 金通社注意到，《财富》榜单中白酒企业排名，有以下几个突出特点： 第一，在这个榜单中，白酒老大不是茅台，而是五粮液。这是由于茅台与五粮液由于选取的排名实体不同，五粮液选取的是五粮液集团有限公司，而茅台 选取的是茅台股份有限公司。 第二，茅台虽在这个榜单不是营收老大，但牢牢占据利润率排名榜首，不仅是整个榜单利润率最高的公司，也是白酒行业最赚钱公司；而泸州老窖是利润 率排名第二的公司，仅次于茅台；五粮液的利润率排名，甚连前40名都没有进入。 第三，白酒"探花"生变。上一年是洋河，今年洋河被山西汾酒和泸州老窖反超，山西汾酒是新科"探花"。 第四，洋河名次下滑，不仅营收下滑严重，利润下滑更为严重，净利润被山西汾酒和泸州老窖超越更多。 这与上市公司贵州茅台和五粮液的排名恰好相反。上市公司2024年财报显示，贵州茅台实现营收1708.99亿元，是五粮液891.75亿元的近两倍；贵州茅台的 净利润是862.28亿元，是五粮液318.53亿元的近三倍。而且，贵州茅台2024年的营收净利增幅均为两 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Core Viewpoint - The appointment of Gu Yu as the new chairman of Yanghe Co., Ltd. comes after the resignation of Zhang Liandong, amid declining financial performance and the need for strategic brand upgrades [1][2][3] Group 1: Leadership Changes - Gu Yu has been elected as the chairman of the eighth board of directors of Yanghe Co., Ltd., with a term consistent with the current board [1] - Zhang Liandong resigned from his positions due to work adjustments, acknowledging the company's underperformance in the current liquor cycle [1][2] Group 2: Financial Performance - In Q1 2024 and Q1 2025, Yanghe Co., Ltd. reported revenues of 28.876 billion yuan and 11.066 billion yuan, representing year-on-year decreases of 12.83% and 31.92% respectively [2] - Net profits for the same periods were 6.673 billion yuan and 3.637 billion yuan, showing declines of 33.37% and 39.93% year-on-year [2] Group 3: Strategic Direction - Zhang Liandong admitted to shortcomings in brand building and the need for a comprehensive upgrade to meet modern market demands [2] - The company plans to focus on strict quality standards, enhance brand value, and maintain a strategy centered on major products while shifting towards a more commercial, popular, youthful, and international approach [2]

Core Viewpoint - Yanghe Co., Ltd. has officially entered the "Gu Yu Era" with the election of Gu Yu as the new chairman of the board, marking a significant leadership change amid declining performance in the competitive liquor industry [1][3]. Company Leadership Change - Gu Yu has been elected as the chairman of Yanghe Co., Ltd. and will also serve as the head of the strategic committee and a member of the nomination committee, with a term aligned with the current board [1][3]. - Gu Yu, born in May 1978, has a rich career background primarily in local government roles, which may provide new management insights for the company despite his lack of direct experience in the liquor or consumer industry [3][7]. - The leadership transition was unexpected, as the previous chairman, Zhang Liandong, had recently participated in public events promoting the company before submitting his resignation due to work adjustments [3][4]. Company Performance - Yanghe Co., Ltd. is projected to be the only major listed liquor company to experience negative growth in 2024, with revenue figures showing a decline from 331.26 billion yuan in 2023 to 288.76 billion yuan in 2024, representing a year-on-year decrease of 12.83% [5][6]. - Net profit also saw a significant drop, from 100.16 billion yuan in 2023 to 66.73 billion yuan in 2024, marking a decline of 33.37% [5][6]. - In the first quarter of 2025, the company reported further declines, with revenue of 110.66 billion yuan, down 31.92%, and net profit of 36.37 billion yuan, down 39.93% [6]. Industry Context - The liquor industry is currently facing a phase of adjustment, with intensified competition and changing consumer preferences impacting sales [7]. - Yanghe Co., Ltd.'s market position has weakened, dropping from third to fifth in revenue rankings among major liquor companies, overtaken by Luzhou Laojiao and Shanxi Fenjiu [7]. - The previous chairman had outlined a future strategy focused on high-quality products and expanding into various consumer markets, which will be critical for the new chairman to address [7].

Group 1 - The company has elected Mr. Gu Yu as a non-independent director of the eighth board of directors, with his term aligned with the current board's term [1] - Mr. Gu Yu has also been elected as the chairman of the eighth board of directors, with the same term duration [1] - The company has appointed Mr. Gu Yu as the chairman of the strategy committee and a member of the nomination committee, with his term consistent with the current board's term [1] Group 2 - The composition of the strategy committee includes Gu Yu, Zhong Yu, Chen Jun, and Lu Guoping, with Gu Yu serving as the chairman [1] - The nomination committee consists of Nie Yao, Gu Yu, and Mao Lingxiao, with Nie Yao as the chairman [1] Group 3 - Mr. Gu Yu, born in May 1978, has held various governmental positions and is currently the party secretary and chairman of the company [3] - Mr. Gu Yu does not hold any shares in the company and has no relationships with major shareholders or other board members [3] - He has not faced any administrative penalties from the China Securities Regulatory Commission in the last 36 months [3]

Group 1 - The new chairman of Yanghe Co., Ltd., Gu Yu, has been elected following the departure of the previous chairman, Zhang Liandong, with his term aligning with the eighth board of directors [1][3] - Gu Yu has a strong background in local government and has previously held various positions in Suqian City, which provides him with deep insights into Yanghe's operations [3] - The company is facing significant performance pressures in 2024, with challenges in brand rejuvenation, profit transparency, inventory pressure, and the need for accelerated marketing transformation [4][5] Group 2 - Gu Yu's leadership will focus on reversing the decline in performance, restoring market confidence, and addressing inventory issues while enhancing brand strength [4][5] - Potential strategies may include strengthening government-enterprise collaboration and creating an ecological barrier in the production area, as well as integrating resources from small and medium-sized liquor companies [5]

担任洋河股份党委书记还未"满月"，顾宇今日出任洋河股份新一任董事长！眼下，洋河股份正面临品牌 势能下降、渠道利润空间收窄、产品库存压力犹存以及营销转型滞后等四大问题，作为当地"70后"杰出 代表的顾宇能为洋河股份带来怎样的改变，备受市场期待。 顾宇出任洋河董事长 与此同时，洋河股份7月21日下午召开的2025年第二次临时股东大会还审议通过了《关于选举顾宇先生 为公司第八届董事会非独立董事的议案》 。 洋河股份7月21日晚间发布《第八届董事会第十一次会议决议公告》，根据公告，洋河股份董事会审议 通过了《关于选举公司董事长的议案》，选举顾宇为公司第八届董事会董事长，任期与本届董事会任期 一致。 不过，张联东任内推动"洋河+双沟"双名酒战略与数字化转型，也为洋河股份奠定了未来竞争的基础。 上个月，洋河股份就与京东达成战略合作，宣布在供应链优化、新产品开发、数字化营销、人工智能应 用等领域发力，同时双方发布洋河大曲高线光瓶品牌营销战略规划，发力光瓶酒市场。 因此，顾宇此番履新，其能否将地方治理经验转化为企业经营效能，带领洋河穿越行业寒冬，将是检验 其管理智慧的关键。 （文章来源：每日经济新闻） 资料显示，顾宇1978 ...

智通财经7月21日电，洋河股份(002304.SZ)公告称，公司第八届董事会第十一次会议于2025年7月21日 召开，会议选举顾宇为公司第八届董事会董事长，任期与本届董事会任期一致。同时，顾宇被选举为公 司第八届董事会战略委员会主任委员和提名委员会委员。 洋河股份：选举顾宇为公司第八届董事会董事长 ...

2025 年 7 月 21 日，经公司第八届董事会第十一次会议审议通过， 选举顾宇先生为公司第八届董事会董事长，任期与本届董事会任期一致。 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、选举董事情况 2025 年 7 月 4 日，经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审议通过，公司董事会提名顾宇先生为公司第 八届董事会非独立董事候选人。2025 年 7 月 21 日，经公司 2025 年第二 次临时股东大会审议通过，选举顾宇先生为公司第八届董事会非独立董 事，任期与第八届董事会任期一致。董事会中兼任公司高级管理人员以 及由职工代表担任的董事人数总计不超过公司董事总数的二分之一。 二、选举董事长情况 证券代码：002304 证券简称：洋河股份 公告编号：2025-025 江苏洋河酒厂股份有限公司 关于选举公司董事、董事长 及董事会专门委员会成员的公告 2025 年 7 月 21 日，经公司第八届董事会第十一次会议审议通过， 选举顾宇先生为公司第八届董事会战略委员会主任委员和提名委员会委 员，任期与本届董事会任期一致。 本次选 ...

洋河股份 法律意见书 江苏世纪同仁律师事务所 关于江苏洋河酒厂股份有限公司 1、本次股东大会由董事会召集。2025 年 7 月 4 日，贵公司召开第八届董事 会第十次会议，决定于 2025 年 7 月 21 日召开 2025 年第二次临时股东大会。2025 年 7 月 5 日，贵公司在巨潮资讯网上刊登了该次董事会决议和《江苏洋河酒厂股 份有限公司关于召开 2025 年第二次临时股东大会的通知》的公告。 2025 年第二次临时股东大会的法律意见书 致：江苏洋河酒厂股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及公司《章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2025 年第二次临时股东大 会，并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表 决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决 ...