洋河股份：业绩持续下滑 困境待解

Core Viewpoint - Yanghe Co., Ltd. is facing significant financial difficulties, with declining revenues and profits, marking a stark contrast to its competitors in the liquor industry [1] Financial Performance - In 2024, Yanghe reported revenue of 28.876 billion yuan, a year-on-year decrease of 12.83%, and a net profit attributable to shareholders of 6.673 billion yuan, down 33.37% [1] - The fourth quarter of 2024 saw Yanghe enter a loss, with a net loss of 1.905 billion yuan and a revenue drop of 52.17% to 1.36 billion yuan [1] - In Q1 2025, the decline continued, with revenue down 31.92% to 11.066 billion yuan and net profit down 39.93% to 3.637 billion yuan [1] Market Position - Among five liquor companies with market capitalizations exceeding 100 billion yuan, Yanghe is the only one with declining performance, yet it has the highest valuation at 23.84 times earnings [1] - The company's market capitalization has decreased significantly, from a peak of 3,960 billion yuan to 1,014 billion yuan [1] Sales and Inventory - Yanghe's sales volume in 2024 was 139,100 tons, a decline of 16.3% year-on-year, with inventory increasing by 16.38% to 45,600 tons [1] - Sales revenue in the domestic market fell by 11.43% to 12.748 billion yuan, while revenue from outside the province decreased by 14.35% to 15.4998 billion yuan [1] Strategic Response - To address these challenges, Yanghe plans to strengthen quota management for its flagship product, Dream Blue M6+, and has launched the seventh generation of Sea Blue while optimizing product quality [1] - The company is also actively pursuing a "true vintage" strategy by introducing handcrafted vintage wines [1]