穿越周期！洋河，蓄势待发

Core Viewpoint - Yanghe Co., Ltd. achieved a net profit of 6.673 billion yuan in 2024, demonstrating operational resilience amidst a challenging liquor industry cycle [1] Group 1: Financial Performance - In 2024, Yanghe Co., Ltd. reported an operating income of 28.876 billion yuan and a net profit attributable to shareholders of 6.673 billion yuan [1] - The company’s performance is notable given the overall decline in earnings or losses reported by many liquor companies during the same period [1] Group 2: Strategic Adjustments - Yanghe Co., Ltd. has proactively slowed its growth to build a more comprehensive product matrix, focusing on quality and consumer segmentation [3] - The company has successfully positioned itself in the high-end market, with its "Dream Blue Handcrafted Class" being the first to receive certification as a high-end vintage liquor [3] Group 3: Product Development - In 2025, Yanghe Co., Ltd. plans to launch the seventh generation of "Sea Blue," featuring high-quality aged liquor, and a new line of affordable bottled liquor [4] - The company emphasizes a differentiated competitive edge through its "old cellar, old craft, old liquor" strategy, supported by significant production and storage capabilities [4] Group 4: Market Trends and Innovations - The liquor industry is shifting from growth driven by scale to enhancing consumer value, with Yanghe Co., Ltd. adapting to this trend by innovating its product offerings [6] - The company has introduced products targeting younger consumers and international markets, including creative cultural products [7] Group 5: Corporate Social Responsibility and ESG - Yanghe Co., Ltd. has been recognized for its commitment to social responsibility and environmental sustainability, including donations to disaster relief and youth development initiatives [7][8] - The company has achieved zero-carbon certification for its production facilities, becoming a model in the liquor industry [8] Group 6: Stakeholder Relations - Yanghe Co., Ltd. is focused on building a "manufacturer-distributor community" to strengthen relationships with distributors and ensure their rights [11] - The company plans to distribute at least 70% of its net profit as cash dividends to shareholders from 2024 to 2026, with a total cash dividend of over 7 billion yuan expected for 2024 [11]