玉泽品牌进一步夯实与瑞金医院等国内知名三甲医院的医研共创，从品牌形象、包装视觉、产品配方到 专利科技全方位升级，推出第二代屏障修护面霜和大分子防晒。六神品牌提出"用六神，爽出神"全新品 牌Slogan，建立突破季节局限的"爽文化"，不断拓宽使用场景，进一步推动品牌年轻化、专业化。新品 六神驱蚊蛋全新升级配方与高颜值包装，更将其定义为具有驱蚊功能的香水；同时推出了全新清爽香氛 沐浴露。高夫品牌重新定义目标人群为18-25岁年轻男性。针对男生皮肤常见的油痘问题推出全新gf高 夫控油祛痘系列，该系列包括创新品"gf高夫控油洁面巾"。启初品牌重塑专业医研定位，以青蒿成分为 核心，推出婴童干敏红高功效护理赛道爆品青蒿霜，一经推出客单价获得明显提升。 得益于组织优化、战略聚焦、品牌重塑等一系列举措，今年618，上海家化主要品牌实现线上全渠道双 位数增长。林小海总结，今年618货盘和价盘规划大量获取平台在大促期间的资源，电商运营基本功到 位、发挥以品牌为作战单元敏捷组织的组织效率、中后台效率提升等因素也促成了线上运营结果表现优 异。 2024年，上海家化实现营业收入56.79亿元，公司董事会勤勉履职、规范运作，推动公司治理 ...

Core Viewpoint - Yanghe Co., Ltd. reported a revenue of 14.796 billion yuan and a net profit of 4.344 billion yuan for the first half of 2025, emphasizing a focus on long-term and rational development amidst a challenging external environment and market competition [2] Group 1: Business Strategy - The company is implementing a deep transformation strategy based on "four focuses": focusing on leading brands, mid-range and next-high-end price segments, provincial and external high-ground markets, and the main liquor business [2] - Yanghe has established a product matrix that includes high-end brands like the Dream Blue series, stable mid-range products, and mass-market offerings to cater to different consumer preferences [2][4] - The company is shifting from broad coverage to deep operation in its channels, utilizing precise marketing strategies to enhance terminal sales efficiency [4] Group 2: Market Expansion - Yanghe is pursuing a dual strategy of "deep cultivation in the home market and nationwide expansion," focusing on Jiangsu and the Yangtze River Delta while also breaking into potential markets like Hebei and Shandong [5] - The company added 11 new distributors in Jiangsu, enhancing its channel network and ensuring stability through regular communication and feedback mechanisms [6] Group 3: Marketing and Brand Engagement - Yanghe has actively engaged in sports marketing, notably sponsoring the Jiangsu Super League, which has strengthened its emotional connection with local fans [10][11] - The company has launched various promotional activities during matches, such as offering gifts to fans, which has successfully increased brand visibility and consumer interaction [12] - Yanghe's collaboration with Jiangsu TV for the "Seventh Generation Sea Blue Lobster Carnival" attracted over 150,000 visitors, generating significant direct and derivative consumption [13]

Core Viewpoint - Yanghe is focusing on consumer needs and product quality during the industry's adjustment period, as emphasized by its chairman Gu Yu, who states that "consumer-centric" decision-making is the guiding principle for the company [1][2]. Group 1: Strategic Focus - Yanghe is committed to a strategy of "four focuses": focusing on leading brands, mid-range and sub-high-end price segments, provincial and external high-ground markets, and the core white liquor business, which helps the company build resilience amid market challenges [2]. - The company views quality as its lifeline, ensuring rigorous standards in raw material selection, traditional brewing processes, and meticulous aging and blending to enhance consumer drinking experiences [2]. Group 2: Product Performance - The seventh generation of Hai Zhi Lan, a classic product with over 100 million bottles sold annually, has been relaunched and is receiving positive consumer feedback for its smooth taste and complex aroma profile, making it a market favorite in the hundred-yuan price range [2][3]. - The Gao Xian Light Bottle Wine, priced between 50-80 yuan, has quickly become popular, selling out online and being highly sought after in physical stores, demonstrating Yanghe's ability to meet consumer demand effectively [3]. Group 3: Innovation and Consumer Engagement - Yanghe is committed to innovation in product, marketing, and digital fields, which strengthens its competitive edge by continuously adapting to consumer needs [4]. - The company is enhancing user engagement through its "Dream Gathering" high-end membership platform and interactive marketing strategies, such as "scan to redeem" promotions, to connect with consumers in various settings [4]. Group 4: Industry Positioning - As the white liquor industry faces significant adjustments, Yanghe's clear and determined approach is to maintain quality, embrace innovation, and demonstrate strategic resilience, which positions the company favorably for future growth [6].

Core Viewpoint - Guizhou Moutai achieved stable growth in the first half of the year, with total revenue reaching 91.094 billion yuan, a year-on-year increase of 9.16%, despite a challenging industry environment [1][3]. Financial Performance - Total revenue for the first half was 91.094 billion yuan, with operating income at 89.389 billion yuan, both showing a growth of 9.16% and 9.1% respectively [1]. - Profit before tax reached 62.778 billion yuan, up 9.03%, while net profit attributable to shareholders was 45.403 billion yuan, reflecting an 8.89% increase [1]. - Sales volume continued to grow, indicating successful execution of the company's operational goals [1]. Market Strategy - Moutai's growth strategy during the industry adjustment period involved a series of targeted measures focusing on channel and product adaptations to better align with market demand [2][7]. - The company maintained strong performance in both direct sales and distribution channels, with direct sales revenue surpassing 40 billion yuan for the first time [4]. - Moutai added 160 new series wine distributors domestically and 11 internationally, showcasing its strong appeal to distributors [4]. Product Development - Moutai launched various new products, including different specifications of its flagship Moutai wine and cultural-themed products, to cater to diverse consumer preferences [5][8]. - The introduction of the 1.935L and 375ml versions of Moutai 1935 and the renewal of Moutai Prince wine contributed to expanding market reach [5][6]. E-commerce and International Growth - The e-commerce channel saw significant growth, with accounts receivable from online retail customers increasing by 33% year-on-year [9]. - International revenue reached 2.893 billion yuan in the first half, marking a 31% increase, driven by targeted market expansion efforts [9]. Corporate Governance and Recognition - Moutai received the EFQM Global Award and achieved an A-level ESG rating from MSCI, reflecting its commitment to corporate governance and sustainability [11]. - The company has been recognized as a leading representative of traditional manufacturing transitioning to modern practices in the liquor industry [11].