Yanghe(SZ:002304) Xin Lang Zheng Quan·2025-06-19 12:40Core Viewpoint - Yanghe Co. is facing significant challenges due to a 12.83% decline in revenue for 2024 and a continued drop of 31.92% in the first quarter, amid a weak overall demand in the liquor market [1][2] Group 1: Financial Performance - Yanghe's revenue decreased by 12.83% in 2024, with a further decline of 31.92% in Q1 2025 [1] - The overall liquor market is experiencing weak consumer demand, leading to a challenging environment for Yanghe [1] Group 2: Strategic Focus - Management emphasized focusing on the Jiangsu market, the Yangtze River Delta, and key markets, while concentrating on core products and major single products [1] - The company aims to enhance channel foundations by promoting sales and reducing inventory [1] Group 3: Product Strategy - The "Dream Six+" product has experienced fluctuations in volume and price, but remains a leading brand in the mid-to-high-end segment [2] - Yanghe is implementing strict quota control for "Dream Six+" to stabilize market prices, although reports indicate that its price has recently dropped below 600 yuan [2] Group 4: Market Competition - To address competition, Yanghe is enhancing regional network penetration, improving brand reputation, and optimizing terminal structures [3] - The company is also focusing on market share acquisition through group purchases and leveraging digital tools for consumer engagement [3] Group 5: Cost Management - Yanghe is actively managing costs by reinforcing budget management and optimizing expense structures since the second half of last year [3] - The company is committed to evaluating project processes and enhancing expense monitoring to improve overall efficiency [3]