海通国际发布洋河股份研报：深度调整，静待破局

Group 1 - The core viewpoint of the report is that Haitong International has given Yanghe Distillery (002304.SZ) an "outperform" rating due to its resilient pricing at the consumer level and positive channel pressure release [1] - The report highlights that the significant decline in net profit margin is attributed to the gross sales difference, while contract liabilities have increased on a quarter-on-quarter basis [1]