Yanghe(SZ:002304) Zhong Guo Ji Jin Bao·2025-10-30 12:12Core Insights - The Chinese liquor industry is experiencing a "bottoming out" phase in 2025, as reflected in the performance reports of companies like Yanghe, which reported a revenue of 18.09 billion yuan and a net profit of 3.975 billion yuan for the first three quarters [1][2]. Industry Overview - In 2025, nearly 80% of liquor companies are facing market challenges, with traditional peak seasons failing to generate expected sales, leading to high channel inventories and price inversions [2]. - The industry is transitioning from a phase of simultaneous volume and price growth to a focus on quality preservation among leading companies [2]. Company Strategy - Yanghe's strategy in 2025 emphasizes "de-inventory, enhancing capabilities, and stabilizing prices," with a focus on reducing channel inventory through various promotional measures, resulting in a double-digit reduction in overall market inventory [2][4]. - The company employs a unique approach to inventory reduction by promoting sales rather than merely pushing inventory, utilizing strategies like QR code red envelopes and tasting events to engage high-net-worth consumers [4]. Digital Transformation - Yanghe's digital infrastructure is enhancing efficiency by enabling promotional policies to reach terminals directly and using data analytics to match demand accurately, thereby reducing channel burdens and increasing effectiveness [4]. Product Strategy - Yanghe continues to implement a "dual famous liquor, multi-brand, multi-category" strategy, creating a comprehensive product matrix that spans all price ranges, which strengthens its risk resilience [5]. - Despite short-term revenue pressures, Yanghe maintains its investment in product quality, with significant resources dedicated to premium production facilities and traditional craftsmanship [5]. Market Positioning - Yanghe has launched six new products this year, including the upgraded "Sea Blue" and other innovative offerings, which are expected to resonate well with consumers and enhance market presence [7]. - The company's substantial raw liquor reserves and innovative capabilities provide a strong foundation for navigating industry challenges and preparing for future growth [7].