Yanghe(SZ:002304) 中国基金报·2025-08-20 00:30Core Viewpoint - The article discusses the challenges and strategic adjustments of Yanghe Co., highlighting its focus on quantity control and price stability in response to the ongoing adjustments in the liquor industry, with an emphasis on the growth of the light bottle liquor market and the introduction of new products [2][5][9]. Industry Overview - The liquor industry is currently in a "stock competition" phase, characterized by a rational demand for high-end liquor and increased pressure on mid-range prices, while the mass consumption market shows a dual trend of "quality upgrade" and "cost-performance pursuit" [4][5]. - The industry is experiencing a continuous decline in overall market sentiment, with a trend towards concentration and differentiation as rational consumption becomes more prevalent [5][6]. Company Performance - In the first half of 2025, Yanghe Co. reported revenue of 14.796 billion yuan and a net profit of 4.344 billion yuan, indicating a proactive approach to managing performance amid industry challenges [2]. - The company has begun to lower its growth expectations since the second half of 2023 to address high channel inventory and price inversion issues, positioning itself as a leader in the industry [6][7]. Strategic Adjustments - Yanghe Co. has implemented a policy of quantity control and price stability for its main products, such as Meng Liu and Hai Zhi Lan, to help reduce inventory and stimulate sales [7]. - The company reported a 49.26% year-on-year increase in contract liabilities, indicating a recovery in confidence among distributors [7]. Product Development - The light bottle liquor market has been growing, with expectations to reach 200 billion yuan in 2025, particularly in the 50-100 yuan price range, which is projected to grow over 40% [9]. - Yanghe Co. has launched the seventh generation of Hai Zhi Lan and developed the Yanghe Daqu high-line light bottle liquor, targeting the mass consumption market with a focus on quality and cost-effectiveness [9][10]. Quality and Brand Strategy - The company emphasizes quality as its lifeline, maintaining strict standards in raw material selection and brewing processes to enhance consumer experience [10]. - The strategic adjustments made by Yanghe Co. have shown early signs of success, indicating potential for future growth despite ongoing industry adjustments [10].