Yanghe(SZ:002304) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-18 15:24Core Viewpoint - Yanghe Co., Ltd. reported a revenue of nearly 14.8 billion yuan and a net profit of over 4.3 billion yuan for the first half of 2025, indicating a slight increase in the decline compared to the first quarter due to market conditions in the liquor sales sector [2] Group 1: Financial Performance - The revenue for the second quarter was just over 3.7 billion yuan, reflecting the impact of seasonal fluctuations in the liquor market [4] - The contract liabilities at the end of the first half stood at approximately 5.878 billion yuan, significantly higher than the 3.938 billion yuan recorded in the same period last year, indicating a positive sentiment among distributors [2][4] - The company has preserved room for performance in the third quarter by maintaining a high level of contract liabilities [5] Group 2: Market Strategy - Yanghe has focused on online channels to counteract the decline in traditional offline sales, managing to keep the decline in online direct sales to single digits [5] - The company has collaborated extensively with e-commerce platforms such as JD.com, Tmall, and Pinduoduo during the 618 shopping festival, achieving strong sales rankings in the liquor categories [5] - The introduction of upgraded products, such as the seventh generation of Hai Zhi Lan, has been successful in the Jiangsu province, with an increase in the number of local distributors by 11 [5] Group 3: Investor Sentiment - The recent rise in A-share indices has led to increased buying of liquor stocks, with Yanghe being a prominent choice among investors [6] - As of the end of the second quarter, the total number of shareholders for Yanghe exceeded 190,700, marking a continuous increase over two quarters [6]