逆周期突围！洋河股份“固本正源”重塑经典产业新标杆

Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment period, with major companies reporting "growth under pressure" in their financial results for 2024 and Q1 2025, highlighting increased competition and market concentration [1][4]. Industry Overview - The white liquor industry is described as facing intensified competition, with a shift from "incremental competition" to "stock competition," leading to a consensus among leading companies that "value reconstruction" will be the main battleground moving forward [1][4]. - The production capacity of white liquor has decreased from a peak of 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024, a decline of over 60% [4]. Company Strategies - Yanghe Distillery views 2024 as a year of adjustment, with major companies like Moutai and Wuliangye emphasizing stability in their growth targets, with Moutai setting a 9% growth target for 2025, down from the previous 15% [4][5]. - Yanghe Distillery has adopted a strategy of "active deceleration and inventory reduction," focusing on long-term stability rather than short-term sales growth [5][10]. Competitive Strength - Yanghe Distillery has built a robust product matrix covering all price ranges, which serves as a strong risk mitigation barrier, allowing the company to adapt to consumer segmentation trends and maintain stable operations amid industry fluctuations [5][10]. - The company is implementing six major initiatives to strengthen its foundation, including brand renewal, product optimization, and strategic market focus [8][9]. Financial Performance and Shareholder Returns - Despite facing challenges in revenue and profit, Yanghe Distillery announced a cash dividend plan of 3.49 billion yuan, with a total cash dividend of 7 billion yuan for 2024, reflecting a commitment to shareholder returns [11][12]. - The company has maintained a consistent dividend policy since its listing in 2009, with cumulative dividends amounting to 56.34 billion yuan, representing 72% of its cumulative net profit since listing [11][12].