Yanghe(SZ:002304) Cai Jing Wang·2025-05-05 12:20Core Viewpoint - The company is undergoing a transformation amidst a complex external environment and intensified industry competition, focusing on brand enhancement, channel profitability, and inventory reduction [1][2]. Group 1: Company Strategy - By 2025, the company will concentrate on its leading brands, mid-range and sub-high-end price segments, domestic markets, and core liquor business, emphasizing brand renewal, product optimization, and market stability [1]. - The company is actively reducing channel inventory, which is a key focus for the upcoming period, while maintaining that its core fundamentals remain unchanged [2]. Group 2: Market Focus - The company has completed a nationwide sales organization and customer layout, with no changes to its deep nationalization strategy, despite a slowdown in growth in external markets due to local competitors' strategic contraction [2]. - The company will focus on key regional markets such as Shandong and Henan, while further strengthening its presence in markets like Hunan and Guangdong, and enhancing new markets like Inner Mongolia [2]. Group 3: Product Structure - The overall structure of the company's leading products remains stable, with "Hai Zhi Lan" and "Meng Zhi Lan" being the core products, while "Tian Zhi Lan" and "Shui Jing Ban Meng Zhi Lan" are more affected by market conditions [2]. - The M6+ product remains a leading brand in the sub-high-end price segment, with efforts to address supply-demand and pricing issues, including quota management and consumer engagement [3]. Group 4: Marketing and Distribution - The company aims to resolve product volume and pricing issues in the short term, while focusing on marketing transformation and consumer cultivation in the long term [4]. - Plans for the seventh generation of "Hai Zhi Lan" include a focus on the Jiangsu market, with a youthful and fashionable design, and an emphasis on enhancing the brand's image and sales foundation in the domestic market [4].