Core Viewpoint - Yanghe Co., Ltd. is undergoing significant leadership changes, with Zhang Liandong resigning as chairman, raising questions about the company's future performance amid declining financial results and increased competition in the liquor industry [2][4][39]. Group 1: Leadership Changes - On July 1, 2024, Zhang Liandong announced his resignation from the position of chairman and other roles at Yanghe Co., Ltd. [2] - Zhang Liandong, who took over from the company's previous leader Wang Yao in February 2021, had a term set to end in April 2027 [3][4]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd. on the same day [6]. Group 2: Financial Performance - Yanghe's financial performance has seen a downturn, with 2024 revenues and net profits both declining significantly; revenues fell to approximately 289 billion yuan, a 13% year-on-year decrease, while net profits dropped to around 67 billion yuan, down 33% [9][10][12]. - The company's revenue growth has slowed over the past few years, with 2021-2023 revenues of 254 billion, 301 billion, and 331 billion yuan, reflecting growth rates of 20%, 19%, and 10% respectively [9][12]. - In 2024, Yanghe's revenue ranking in the liquor industry fell from third to fifth, losing its position as a top player for the first time in 14 years [16]. Group 3: Market Challenges - The liquor industry is experiencing intensified competition, particularly in the mid-range and premium segments where Yanghe's main products are concentrated [13]. - The company's mid-to-high-end liquor revenue declined by 15% in 2024, marking a significant drop compared to previous years [13]. - Yanghe's domestic market revenue fell by over 11%, while the external market saw a decline of more than 14% [14]. Group 4: Sales and Marketing Efforts - Yanghe has increased its number of distributors to 8,866, with a notable presence in both domestic and external markets [16]. - The company has invested heavily in sales expenses, amounting to 5.5 billion yuan in 2024, which is significantly higher than competitors like Shanxi Fenjiu and Luzhou Laojiao [19][21]. - Despite high sales expenses, the effectiveness of these investments has been questioned, as the company has not seen corresponding growth in performance [21]. Group 5: Innovation and Product Development - Yanghe's product innovation has been lacking, with R&D expenditures decreasing over the past four years, contrasting with competitors who have increased their R&D investments [27]. - The company's main products, such as "Dream Blue" and "Sky Blue," have been in the market for over 20 years, leading to market saturation [27]. - The need for innovative products is critical as the market for liquor is becoming increasingly competitive, especially with the introduction of lower-alcohol products by competitors [28]. Group 6: Stock Performance and Investor Sentiment - Yanghe's stock price has significantly declined, dropping 74% from its peak of 249.55 yuan per share in January 2021 to 64.80 yuan as of July 7, 2024 [30]. - The number of institutional investors holding Yanghe shares has decreased dramatically from 866 to 48 since 2022, indicating a loss of confidence among investors [33]. - The recent leadership change has sparked interest in whether the new management can reverse the company's fortunes and restore investor confidence [35][39].

Core Insights - The recent resignations of key executives in the Chinese liquor industry highlight the urgent need for strategic transformation amid deep industry adjustments [1][5][14] Group 1: Company Performance - Yanghe Co., under Zhang Liandong's leadership, experienced a revenue decline of 12.83% to 28.876 billion yuan in 2024, with net profit plummeting 33.37% to 6.673 billion yuan, dropping from third to fifth in industry rankings [2][4] - Jinzhongzi Liquor, led by He Xiuxia, saw revenue decrease from 1.186 billion yuan in 2022 to 925 million yuan in 2024, with a cumulative net loss of 633 million yuan [10][12] Group 2: Strategic Challenges - Yanghe's strategic missteps included outdated brand management and a rigid distribution model, leading to losses in market share against competitors like Jinshiyuan [4][15] - Jinzhongzi's challenges stemmed from a misalignment between beer and liquor market strategies, resulting in a lack of brand recognition and market penetration [10][12] Group 3: Management Changes - The resignations of Zhang Liandong and He Xiuxia reflect broader trends in the industry, with local governments influencing management changes to drive strategic shifts [7][16] - The new leadership at both companies faces significant challenges, including cash flow issues and the need to balance independence with corporate integration [12][18] Group 4: Industry Trends - The liquor industry is currently in a "shrinking competition" phase, with production among large enterprises declining by 6.8% in 2024, and revenue growth slowing significantly [15] - The departure of key executives signals a shift from "scale expansion" to "value cultivation," emphasizing the need for strategic innovation and organizational transformation [18]

7月1日晚，洋河股份（002304.SZ）发布公告称，董事长张联东辞去公司第八届董事会董事、董事长及董事会战略委员会主任委员、提名委员会委员职务。 辞职后，张联东不在公司担任任何职务。同日，洋河股份官网发布信息显示，顾宇任江苏洋河酒厂股份有限公司（苏酒集团）党委书记。 事实上，张联东任期尚未结束，离2027年4月任期结束还有近两年时间。6月22日，张联东还与京东集团创始人刘强东、中国酒业协会理事长宋书玉等人在内 蒙古沙漠营地，一同品鉴洋河为京东特别定制的光瓶酒。 公告中称，张联东离职的原因是"工作调整"。 排位变化 张联东自2021年2月起担任洋河股份董事长。洋河股份2019年、2020年的营收均呈下滑态势。但在张联东接手的前三年，洋河股份实现了高增长，2022年营 收突破300亿元，2023年更是达到营收最高点331.26亿元。 2010年起，洋河股份的营收一直保持行业第3的位置，第1名是贵州茅台，第2名是五粮液。十多年"茅五洋"的格局在2024年被改变。 2024年，洋河股份成为A股白酒上市公司前5强中唯一一家营收利润双降的企业，净利润跌至66.66亿元，甚至低于2021年的75.13亿元。这一年，以营收 ...

撰稿|多客 来源|贝多财经 洋河股份（SZ:002304），重大人事变动频发。 洋河股份于7月1日发布公告称，张联东因工作调整，申请辞去第八届董事会董事、董事长及董事会战略 委员会主任委员、提名委员会委员职务，辞职后不在洋河股份及控股子公司担任其他职务。 需要注意的是，这已是洋河股份发布2024年年报以来的第二位离任高管。就在不到一个月前，洋河股份 第八届董事会董事及战略委员会委员杨卫国申请辞去相关职务，辞职后不在该公司及子公司担任任何职 务，原因同样是"工作调动"。 业内人士纷纷猜测，洋河股份高管离职，很大程度上与该公司近年来面临的业绩困局有关，尤其是2024 年与其他白酒企业形成鲜明反差的营收、利润"跳水"，直接导致其失去了"白酒前三"的宝座，也使得高 管层的运营焦虑愈发显著。 洋河股份在公告中表示，该公司将尽快按照法定程序完成董事补选、新任董事长选举等相关工作。而新 任领导层人选的管理能力和经营策略，也将直接关系到身处低谷期的洋河股份未来的业绩走势与发展走 向。 一、营收利润开倒车，"白酒老三"之位失守 多措并举下，洋河股份业绩重回增长轨道，2020年至2023年的收入分别为211.01亿元、253.5 ...

沙漠篝火旁，张联东与刘强东举杯共饮定制光瓶酒的笑容还未散去，一纸辞呈已终结了他四年半的洋河掌舵生涯。 7月1日深夜，洋河股份突发公告：董事长张联东因"工作调整"辞去所有职务，彻底离开他执掌四年半的这家白酒巨头。就在一周前，他还在内蒙古 沙漠中与京东创始人刘强东畅饮洋河新品，为光瓶酒战略站台造势。 更耐人寻味的是，洋河官网几乎同步更新信息——47岁的宿城区委副书记、区长顾宇已接任党委书记职务，成为洋河新掌舵者。 张联东的离任提前了近两年，原定任期应至2027年4月。这场毫无预警的权力更迭，发生在洋河营收排名从行业第三滑落至第五、股价重挫的危局时 刻。 突然换帅：沙漠盛宴后的告别 张联东的告别充满戏剧性。6月23日，他刚与老乡刘强东在包头沙漠营地共同品鉴洋河为京东定制的两款光瓶酒，双方高调宣布达成深度合作。这场 精心策划的营销活动，被视为洋河发力年轻消费市场的重要落子。 七天后的7月1日，洋河股份突然发布公告：张联东辞去公司董事、董事长及所有董事会专门委员会职务，彻底脱离洋河体系。公告中程式化的"工作 调整"理由，无法解释为何要在任期还剩近两年时仓促换帅。 几乎同步，宿迁市政府网公示了顾宇的新任命。这位47岁的区 ...

Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. announced the resignation of Chairman Zhang Liandong due to work adjustments, marking another high-level personnel change within the company in a short period [1][8] Group 1: Leadership Changes - Zhang Liandong has resigned from his positions as Chairman, Director, and various committee roles, and will not hold any other positions within the company or its subsidiaries after his resignation [1] - The company has not yet disclosed a new chairman and will complete the necessary procedures for board member elections promptly [1] - The current Party Secretary is Gu Yu, and the Vice Party Secretary, Vice Chairman, and President is Zhong Yu [3][5] Group 2: Company Performance and Strategy - During Zhang Liandong's tenure, he implemented several reforms, including the "Dual Famous Liquor Strategy" and the establishment of a multi-brand matrix covering various price points [7] - The company reported a revenue increase of over 20% to 25.4 billion yuan in 2021, with net profit exceeding 10 billion yuan in 2023 [7] - However, the company faced a revenue decline of 12.83% to 28.876 billion yuan in 2024, with net profit dropping over 30% to 6.673 billion yuan [7][8] Group 3: Industry Context - The liquor industry is experiencing a deep adjustment period, with Yanghe Brewery ranking fourth in revenue among major liquor manufacturers, and fifth in net profit [7][8] - Zhang Liandong acknowledged the need for new methods and paths for development, citing management as a significant issue during a recent shareholders' meeting [8]

继董事杨卫国离任后，短短半个多月，洋河股份再现高层人事变动，这次是董事长张联东离任。 首先是"双名酒战略"： 推动"洋河+双沟"双品牌协同发展，强化双沟作为独立名酒品牌的定位，挖掘其 历史底蕴；其次是打造了多品牌矩阵，不仅打造了"海之蓝、天之蓝、梦之蓝、双沟、贵酒"的全价位覆 盖，还主导"梦之蓝·手工班"升级为超高端独立品牌。在产品结构的优化方面，张联东主张缩减低效产 品，重点打造梦之蓝M6+（核心大单品）、梦之蓝M9等高端产品。 洋河在公告中表示，张联东在公司任职期间，恪尽职守，勤勉尽责，在生产经营、市场营销、品牌品质 等方面勇于创新，董事会对他为公司经营发展作出的贡献表示衷心感谢。 但在业绩表现上，洋河近年来却陷入增速下滑的困局中。业内人士多认为，洋河业绩下滑是张联东提前 离任的主要原因。2021年-2024年，洋河的营收分别为253.5亿元、301.05亿元、331.26亿元、288.76亿 元，分别同比增长20.14%、18.76%、10.04%、-12.83%；净利润分别为75.08亿元、93.78亿元、100.16亿 元、66.73亿元，分别同比增长0.34%、24.91%、6.8%、-33.37 ...

Core Insights - The article discusses the rising popularity and marketing opportunities surrounding the Suzhou Super League (苏超), highlighting how local teams and brands are leveraging the event for increased visibility and engagement [1][4][42] Group 1: Marketing Strategies - Brands are increasingly adopting innovative marketing strategies to capitalize on the Suzhou Super League's popularity, with local businesses like a barbecue shop gaining significant attention despite being a small player [4][35] - Major brands such as JD.com and Yili have quickly engaged with the event through timely and relevant marketing campaigns, setting a high standard for audience engagement [5][8] - The competition among sponsors has led to a variety of creative marketing tactics, with some brands focusing on emotional connections and local sentiments to resonate with audiences [20][41] Group 2: Brand Engagement - The involvement of local businesses in the marketing landscape of the Suzhou Super League demonstrates a shift towards grassroots marketing, where authenticity and local culture play a crucial role [40][41] - Brands like Starbucks have launched promotional activities that encourage fan interaction, enhancing the overall spectator experience and driving foot traffic to their locations [26][33] - The article notes that the marketing landscape is evolving, with brands needing to continuously adapt their strategies to maintain audience interest and avoid fatigue from repetitive content [8][42] Group 3: Consumer Behavior - There has been a notable increase in consumer engagement with brands during the Suzhou Super League, as evidenced by significant spikes in search interest for related products and services [25][41] - The article highlights the importance of aligning marketing efforts with consumer behavior trends, particularly in relation to sports events where specific consumption patterns emerge [25][41] - Local sentiment and community involvement are key drivers of consumer engagement, as brands that tap into these elements tend to see better results [20][41]

公司研究 证 券 研 究 报 告 洋河股份（002304）2024 年股东大会点评 强推（维持） 直面挑战，积极调整 事项： ❖ 公司于 6 月 12 日召开 2024 年度股东大会，会上公司领导真诚务实，客观分析 过去经营不足及当前调整举措，同时详细回答投资者经营规划、费用投放、区 域布局等问题。我们前往参会，核心反馈及分析如下。 评论： ❖ 风险提示：消费复苏放缓、省内竞争加剧、库存去化不及预期。 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：田晨曦 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,876 | 23,409 | 24,586 | 26,416 | | 同比增速(%) | -12.8% | -18.9% | 5.0% | 7.4% | | 归母净利润(百万) | 6,673 | 5,587 | 6,143 | 6,985 | | 同比增速(%) | -33.4% ...

研究报告 Research Report 4 Jun 2025 中国必需消费 China (A-share) Staples 中国必选消费 6 月投资策略：布局"高股息+基本面改善"的股票 Layout stocks with high dividends and improved fundamentals [Table_yemei1] 观点聚焦 Investment Focus 价格：5 月茅台散瓶飞天批价延续回落态势，五粮液、国窖 1573 等高 端产品价格企稳；次高端市场分化明显，洋河 M3 水晶版、天之蓝价 格小幅回升，而 M6+价格继续回调。中低价位带整体保持平稳，市场 进入传统淡季调整期。5 月仅婴配粉代表产品较 4 月末折扣力度有所减 小，啤酒、液态奶、软饮料、方便食品与调味品的折扣力度均加大。 成本：5月软饮料/调味品/乳制品/速冻食品/啤酒/方便面现货成本指数 分别变动+0.34%/+0.30%/+0.03%/-0.57%/-0.81%/-1.22%，期货成本指数 变动分别为-0.78%/-2.70%/+0.33%/-0.74%/-2.84%/-1.26%。包材现货方 面，和去年同期相比，除 ...