Yanghe(SZ:002304) 经济观察报·2025-07-03 07:14Core Viewpoint - Yanghe Co., Ltd. has maintained its position as the third-largest company in the liquor industry since 2010, but this ranking is expected to change in 2024 as it faces declining revenue and profit, becoming the only company among the top five in A-share liquor listings to experience such declines [6][10]. Group 1: Leadership Changes - On July 1, 2024, Yanghe announced the resignation of Chairman Zhang Liandong, who stepped down from multiple positions within the company, with the reason cited as "work adjustment" [2][3]. - Zhang Liandong had been in the role since February 2021 and oversaw a period of growth, with revenue reaching 331.26 billion yuan in 2023 [5][6]. Group 2: Financial Performance - Yanghe's revenue and net profit both declined in 2024, with net profit dropping to 6.666 billion yuan, lower than the 7.513 billion yuan recorded in 2021 [6]. - The company’s revenue ranking fell from third to fifth among A-share liquor companies, and its net profit ranking also dropped from fourth to fifth [6]. - The liquor industry has entered a phase of intense competition, with Yanghe's mid-range and premium products facing significant pricing pressure [7]. Group 3: Strategic Adjustments - In response to market challenges, Yanghe has implemented a "dual-name liquor, multiple brands, and multiple categories" strategy to enhance its brand positioning and increase marketing investments [8]. - Despite increased marketing expenditures, Yanghe's mid-to-high-end liquor revenue declined by 14.79% in 2024 [9]. - The company’s sales expense ratio rose from 12.3% in 2021 to 19.1% in 2024, indicating a potential inefficiency in marketing investments compared to competitors [8]. Group 4: Employee Incentives - Yanghe introduced its first employee stock ownership plan in August 2021, aimed at incentivizing core staff with a target of achieving a 15% revenue growth in 2021 and 2022, which was successfully met [12][13]. - However, the stock price has significantly declined since the plan's initiation, leading to potential losses for employees who participated in the plan [14][15]. Group 5: Future Outlook - The new chairman, Gu Yu, is expected to focus on developing high-priced flagship products to enhance market competitiveness [18]. - Industry experts suggest that the performance of liquor companies is more influenced by economic cycles than by the identity of the chairman [18].