洋河的2025：筑底蓄力，洋河的2026：静水流深，蓄力风起时

Core Insights - The Chinese liquor industry is entering a deep adjustment phase in 2025, characterized by multiple pressures including policy constraints, weak consumption, high inventory, and price inversion [1] - Yanghe Co. is proactively addressing these challenges with a comprehensive adjustment strategy focused on stabilizing prices, reducing inventory, and promoting sales, with expected results to be seen in 2026 [1] Group 1: Strategic Adjustments - In 2025, Yanghe has adopted a dual-track strategy of "deepening the home market and nationwide expansion," shifting resources towards its core market in Jiangsu to counteract declining market share [2] - The company has implemented a "regional network penetration" model to strengthen coverage in county and township markets, achieving recognition as the "most favored wedding wine" by the Jiangsu Wedding Industry Association [2] - This strategic focus has led to a significant reduction in inventory turnover in Jiangsu, decreasing from 3 months to 2.5 months, and a 12% quarter-on-quarter increase in contract liabilities, restoring channel confidence [2] Group 2: Inventory and Channel Management - Yanghe's core strategy for 2025 centers on "inventory reduction and profit stabilization," reforming its channel system to eliminate previous inventory pressure and establish a win-win profit structure [3] - The company has shifted to a consumer-driven approach for inventory management, utilizing digital marketing strategies to stimulate sales and reduce channel stockpiling [3] - Yanghe's product strategy for 2025 includes a comprehensive product matrix across all price ranges, with high-end products like Dream Blue M6+ implementing a "controlled quantity and stable price" strategy to alleviate inventory pressure [3][4] Group 3: Product Development and Market Positioning - Yanghe's diverse product offerings, including high-end and mid-range products, are designed to mitigate risks from market fluctuations while maintaining a long-term focus on premiumization [4] - The introduction of high-line bottled liquor has achieved impressive sales, demonstrating the effectiveness of a full-price range strategy in maintaining competitiveness in various consumption scenarios [4] - The company's strong production capabilities, including 70,000 premium fermentation pits and 1 million tons of storage capacity, ensure product quality and support innovation, even amidst industry-wide investment reductions [4] Group 4: Future Outlook - The liquor industry is expected to enter the final phase of adjustment in 2026, with positive signals from policy and a recovery in consumption, setting the stage for overall industry revival [5] - Yanghe's adjustments in 2025 are anticipated to translate into growth momentum in 2026, with a stabilized core market and improved product structure contributing to revenue recovery [5][6] - The revitalization of channel dynamics, driven by reduced inventory pressure and improved profitability expectations, is expected to enhance sales activity in 2026 [6][7]