洋河股份去年净利预降超六成，董事长顾宇兼任公司总裁

Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. (Yanghe) expects a significant decline in net profit for the fiscal year 2025, with projections indicating a decrease of 62.18% to 68.30% compared to the previous year, primarily due to challenges in the mid-range and high-end product segments [1][3]. Financial Performance - The projected net profit attributable to shareholders is estimated to be between 2.116 billion yuan and 2.524 billion yuan, down from 6.673 billion yuan in the previous year [3]. - The net profit after excluding non-recurring gains and losses is expected to be between 1.853 billion yuan and 2.261 billion yuan, a decline of 66.92% to 72.89% from 6.835 billion yuan last year [3]. - Basic earnings per share are projected to be between 1.40 yuan and 1.68 yuan, compared to 4.43 yuan in the previous year [3]. Industry Challenges - The white liquor industry is undergoing a deep adjustment period, characterized by intensified competition and a significant change in market dynamics, leading to reduced market demand, weakened brand strength, increased channel inventory, and declining channel profits [3]. - The mid-range and high-end product segments are particularly under pressure, with noticeable declines in sales volumes due to market challenges [3]. Strategic Response - In response to the challenging sales environment, Yanghe's marketing strategy for 2025 will focus on inventory reduction, price stabilization, and enhancing brand strength, with specific measures including quota control on major products and allocation of expenses aimed at inventory clearance and brand enhancement [3]. Management Changes - Yanghe announced the resignation of its Vice Chairman and President, Zhong Yu, due to retirement, with the transition of responsibilities completed without affecting normal operations [4]. - Gu Yu has been appointed as the new President, with his term aligned with the current board's tenure [4]. Dividend Policy - Yanghe plans to maintain a cash dividend policy for the years 2025 to 2027, committing to distribute a total cash dividend amount not less than 100% of the net profit attributable to shareholders for each year, subject to the company's profit distribution policy [5]. Company Background - Yanghe, known as the "King of Su Liquor," has a rich history and is recognized for pioneering the soft and mellow style of liquor, with multiple production bases and a diverse product range [6]. - The company has distributed a total of 563.44 billion yuan in cash dividends since its listing, with an average dividend payout ratio of 55.52% [6]. Recent Stock Performance - As of January 23, Yanghe's stock closed at 62.55 yuan per share, reflecting a decline of 1.53%, with a total market capitalization of 94.2 billion yuan [7].