Yanghe(SZ:002304) Zheng Quan Zhi Xing·2025-06-13 02:48Core Viewpoint - Yanghe Co., Ltd. held its 2024 annual shareholders' meeting, discussing key issues such as development opportunities, challenges, and future strategies in the context of the liquor industry [1] Industry Analysis - The liquor industry experienced a "first rise then fall" trend over the past year, with a notable shift in consumption patterns. The first half saw a decrease in volume but an increase in price, while the second half is expected to show increased concentration and differentiation [4] - Government consumption accounts for less than 5% of the liquor market, with mass and business consumption becoming the primary sources [4] - Chairman Zhang Liandong emphasized the resilience of the liquor industry, stating that its cultural attributes ensure its value remains stable despite environmental changes [4] Strategic Layout - Yanghe Co., Ltd. outlined a new strategic plan focusing on long-term value creation, emphasizing consumer operations and brand development [5] - The company proposed "Five Persistences": 1. Persist in brewing quality liquor for consumers 2. Persist in quality as the foundation, integrating cultural and historical elements into brand value 3. Persist in developing major products, focusing on core offerings like "Sea Blue" and "Dream Blue M6+" while expanding into mass and young consumer markets 4. Persist in consumer-centric approaches, adapting to changes in consumption patterns and scenarios 5. Persist in mutual prosperity with distributors to ensure long-term stability [5] Brand Development - The company aims to enhance brand culture and reputation through four key aspects: deepening dream culture, promoting national softness, strengthening brand IP, and enhancing positive publicity [6] - Management addressed investor concerns regarding product quality, shareholder returns, and national expansion, providing detailed responses that align with the company's future strategic direction [6]