品质为基、重塑价值，深度调整期里更能看清洋河的长期主义

Core Viewpoint - The deep adjustment period in the liquor industry presents both challenges and opportunities, with companies like Yanghe shifting focus from rapid growth to sustainable high-quality development as they navigate market changes [1][6]. Financial Performance - In the first half of 2025, Yanghe achieved a revenue of 14.8 billion yuan and a net profit of 4.34 billion yuan, demonstrating resilience despite a slowdown in growth [1][3]. - Revenue distribution shows that 7.26 billion yuan (49.1%) came from domestic sales, while 7.54 billion yuan (50.9%) was from outside the province, with mid-to-high-end liquor sales leading at 12.67 billion yuan [3]. - Yanghe proactively adjusted production and shipping schedules, resulting in a 34% reduction in inventory, while producing 49,000 tons of liquor [3][5]. Strategic Adjustments - Yanghe's management recognizes the need for long-term strategies, prioritizing sustainable practices over short-term gains, which includes maintaining healthy ecosystems and strategic focus [1][4]. - The company has increased its contract liabilities to 5.88 billion yuan, reflecting trust from distributors and a commitment to responsible supply chain management [3]. Consumer Insights and Product Innovation - The liquor industry is undergoing a shift in consumer demographics and preferences, necessitating adjustments in product offerings to meet diverse and rational consumption demands [6][12]. - Yanghe has accelerated its investment in high-quality, cost-effective products, launching new offerings like the seventh generation of Hai Zhi Lan and Gao Xian Guang Ping Jiu, which focus on quality and affordability [7][9]. Brand and Marketing Strategies - Yanghe is revitalizing its brand and marketing strategies by engaging with consumers through innovative campaigns and exploring new consumption scenarios [10]. - The company has successfully launched high-end products with genuine year certifications, addressing consumer demand for quality and authenticity in the premium segment [12][14]. Long-term Vision and Industry Position - Yanghe's extensive inventory of aged liquor, with a storage capacity of 1 million tons, positions it well to navigate market fluctuations and support its quality revolution [15][16]. - The company emphasizes a consumer-centric approach and continuous improvement in product quality and brand value, aiming to redefine the high-end liquor market in China [15][16].