一碗阳春面，让大使改观 在扬州瘦西湖的烟柳画桥间，新华网与梦之蓝手工班联合打造的《中国宴》首期节目，开启了一场特别的文化交流。波斯尼亚和黑塞 哥维那（波黑）驻华大使贝尔扬，在这里体验了地道的扬州味道，还被一瓶白酒圈了粉。 节目开场，淮扬菜大厨陶晓东端上一碗阳春面。清汤、白面、几点葱花，看起来平平无奇。贝尔扬大使忍不住发问："肉呢？配菜呢？" 可 尝过一口后，他立马被惊艳到：汤太鲜了！ 原来这碗面暗藏玄机，汤底是用老母鸡和猪骨熬了 4 小时的高汤，还加入了鲜味虾籽。扬州"三烫"绝活——碗烫、面烫、汤烫，更是锁住 了这份鲜美。 非遗刀工，惊艳大使 如果说阳春面是开胃菜，那接下来的非遗刀工展示，直接让大使惊叹不已。在趣园茶社，"90 后"淮扬菜厨师叶明骏现场展示绝活。 一块嫩豆腐，在他的刀下，变成了细如发丝、能穿针引线的"万缕菊丝"。 大使凑近仔细观察，还亲自尝试切豆腐。当品尝到用文思豆腐做成的羹汤时，他赞叹："口感太不可思议了，像艺术品一样，既舍不得 吃，又停不下来。" 真手工年份老酒，收获大使称赞 以为惊喜到此结束？重头戏来了！陶晓东大厨拿出一瓶美酒，这正是真手工年份老酒梦之蓝手工班！ 打开瓶盖，浓郁的酒香瞬间 ...

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 - The resignation of Zhang Liandong as chairman of Yanghe Co., Ltd. marks a significant leadership change amid the company's recent performance challenges, with the new leadership expected to navigate a critical period for the company and the industry [1][3][29]. Group 1: Leadership Changes - Zhang Liandong submitted his resignation from the board and various leadership roles due to work adjustments, effective immediately upon delivery to the board [1][3]. - The board confirmed that Zhang's departure would not affect the minimum number of board members required by law and would not disrupt normal operations [3]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., indicating a shift in leadership dynamics within the company [3][5]. Group 2: Company Performance - During Zhang's tenure from 2021 to 2023, Yanghe's revenue grew from 212.02 billion to 278.57 billion yuan, with a notable increase in net profit, reaching over 100 billion yuan for the first time in 2023 [11][13]. - However, the company faced a significant downturn in 2024, with revenue dropping to 288.8 billion yuan, falling below the 300 billion yuan threshold and trailing behind competitors [17][19]. - The decline continued into 2025, with Q1 revenue reported at 110.66 billion yuan, a 31.92% decrease year-on-year, and net profit down 39.93% [24][25]. Group 3: Strategic Challenges - Zhang acknowledged that the company's past success may have hindered its ability to adapt to current market demands, emphasizing the need for new strategies and management approaches [26][28]. - The company has been criticized for not effectively upgrading its brand and marketing strategies to engage younger consumers, leading to a loss of competitive edge [28][30]. - The leadership transition is seen as an opportunity for a "reset," with the new board expected to make critical decisions regarding the company's future direction and operational strategies [29][30]. Group 4: Recommendations for New Leadership - Industry experts suggest that the new chairman should focus on revitalizing the "Double Canal" brand to enhance market presence and drive growth [31]. - Recommendations include optimizing marketing strategies, enhancing talent acquisition, and improving operational efficiency to respond to competitive pressures in the industry [32][33].

Core Viewpoint - The leadership change at Jiangsu Yanghe Brewery Co., Ltd. (Sujiu Group) reflects the local government's expectations for the company's future growth amid a challenging period for the liquor industry [1][14]. Leadership Transition - Gu Yu has been appointed as the new Party Secretary of Jiangsu Yanghe Brewery, succeeding Zhang Liandong, who resigned due to work adjustments [1][3]. - Zhang Liandong served as the chairman for four and a half years, during which he significantly increased the company's revenue from over 20 billion yuan in 2020 to over 30 billion yuan in 2023 [6][9]. Zhang Liandong's Tenure - Under Zhang's leadership, the company adopted a "dual famous liquor, multi-brand, multi-category" strategy, enhancing the revenue contribution from the dual brands Yanghe and Shuanggou [10][11]. - Zhang also focused on high-end product development, launching premium products priced up to 4,699 yuan and introducing a series of aged wines [12]. - The company engaged in international marketing and aimed for younger consumer demographics, launching new products and participating in global forums [13]. New Leadership Challenges - Gu Yu, also from the Suqian government system, faces significant expectations to navigate the company through the current downturn in the liquor industry [15][16]. - Key performance indicators for Gu will include maintaining market leadership in the liquor sector and expanding the company's presence in core markets [17]. Financial Strategies - Yanghe Brewery has committed to a three-year dividend plan, ensuring annual cash dividends of no less than 70% of the net profit attributable to shareholders, with a minimum of 7 billion yuan each year [18]. - The company has also initiated a mid-year dividend of 3.5 billion yuan, marking its first such distribution since its listing [18].

Core Viewpoint - Zhang Liandong has resigned from his positions at Jiangsu Yanghe Brewery Co., Ltd., marking a significant leadership change amid the company's performance challenges in the liquor industry [1][5]. Group 1: Leadership Changes - Zhang Liandong applied for resignation from the board of directors, chairman, and various committee roles due to work adjustments, with his term originally set to end in April 2027 [1][2]. - The company has not disclosed information regarding Zhang's successor, stating that it will complete the necessary procedures for board elections promptly [5]. Group 2: Company Performance - Under Zhang's leadership, Yanghe's revenue grew significantly, reaching 25.35 billion yuan in 2021, a 20.14% increase, and surpassing 30 billion yuan in 2022, with 33.13 billion yuan in 2023 [2]. - However, the company faced a revenue decline of 12.83% in 2024, dropping to 28.88 billion yuan, and net profit fell over 30% to 6.67 billion yuan [3]. Group 3: Strategic Initiatives - Yanghe has implemented a "dual famous liquor, multi-brand" strategy, focusing on three core growth areas: Yanghe, Shuanggou, and Guijiu, while enhancing its digital transformation and international expansion [3]. - The company is developing high-end products like the "Handmade Class" vintage liquor and has introduced two new high-line light bottle liquors aimed at the mass consumer market [3]. Group 4: Industry Context - The liquor industry is undergoing a deep adjustment phase, presenting challenges for Yanghe's successor in achieving growth amidst changing consumer preferences and market dynamics [7].

7月1日，洋河股份发布公告称，公司董事会近日收到董事长张联东的书面辞职申请，张联东因工作调 整，申请辞去公司董事、董事长等职务，辞职后不在公司及控股子公司担任其他职务，辞职申请自送达 公司董事会时生效。张联东原定任期至公司第八届董事会届满时止，辞职后不在公司及控股子公司担任 其他职务。 对于即将接任的董事长，中国酒业独立评论人肖竹青提出了九点建议： 第一，江苏洋河股份拥有两大中国名酒"洋河""双沟"，建议新任洋河股份董事长通过重振"双沟"品牌来 谋求洋河股份渠道破局，市场破局，团队破局，实现洋河股份可持续发展的"第二增长极"。 "双沟"品 牌在中国老百姓心目中家喻户晓，通过重启"双沟"品牌势能，可以吸引更多行业超级代理商扩容洋河股 份大商阵营，通过新品牌招商实现业绩增量可以立竿见影 。 第四，优化人才引进/考核/激励机制，吸引更多全国化人才进入洋河股份，促进洋河股份品牌提升与品 牌运营与时俱进。 第五，优化洋河股份互联网平台营销策略，防止电商平台破价放量对线下渠道代理商价格体系冲击的影 响，防止影响洋河股份线下代理商主动推荐洋河产品的积极性。 第六，优化贵州贵酒和湖北梨花春等洋河股份对外投资项目运营和管理，通 ...

Core Viewpoint - The article highlights the strategic marketing initiatives by Yanghe Co., Ltd. to promote its products and enhance brand visibility through cultural events and sports sponsorships, particularly in the context of the Jiangsu Province City Football League. Group 1: Marketing and Cultural Integration - Yanghe has launched creative activities such as "gift wine + tourism" to engage football fans visiting Suqian, enhancing their experience and promoting local culture [2] - The company has partnered with Jiangsu Broadcasting Corporation to host the seventh-generation Hai Zhi Lan Lobster Carnival, merging food, wine, and football culture [2] - Yanghe's "goal scoring sends wine" campaign during the football matches incentivizes fan engagement by distributing 1,000 bottles of the seventh-generation Hai Zhi Lan for every goal scored [2] Group 2: Product Development and Innovation - The seventh-generation Hai Zhi Lan has gained significant attention, featuring an upgraded product design and quality, with annual sales exceeding 100 million bottles [4] - The new product includes a modernized bottle design and a built-in chip for production traceability, addressing market concerns about counterfeit products [4] - The core improvement in the product's base liquor has been extended from three years to over three years, incorporating aged flavoring spirits to enhance taste [4][5] Group 3: Comprehensive Product Matrix - Yanghe has developed a diverse product matrix that caters to various consumer segments, from high-end vintage wines to affordable light bottle wines, capturing the trend of consumer segmentation [7] - The company has introduced new high-end products at the twelfth sealing ceremony, leveraging its substantial reserve of high-end ceramic jar liquor [7] - Yanghe's commitment to consumer-centric product evolution is emphasized as a key competitive advantage for sustainable growth in the industry [7][8]

6月23日，洋河股份在其官方微博发文称："很荣幸与东哥在沙漠欢聚，共话桑梓。这么多年，东哥对宿 迁念兹在兹，对家乡、对洋河的支持，我们铭记于心……"配图中出现了刘强东、张联东及中国酒业协 会理事长宋书玉等人。 据了解，洋河与京东双方将在供应链优化、新产品开发、数字化营销、人工智能应用等多个维度发力。 此次洋河还针对居家小酌、朋友聚会等场景，为京东定制了211ml小瓶装、618ml装光瓶酒，并结合京 东到家提供"小时达"服务，提升消费便捷性。目前洋河光瓶酒新品已在京东开启独家预售。 对此，行业人士认为，洋河光瓶酒新品"绑定"京东，可以利用京东6亿活跃用户、3000万酒类消费人群 资源，通过AI推荐、直播带货等精准触达目标客群。 从消费趋势来看，当前白酒消费呈现"饮酒量理性、价格理性、风格理性"的特征，定位平价的光瓶酒在 此背景下迎利新机遇。据行业预测，光瓶酒市场规模约950亿元，年增速10%-15%，未来或突破1500亿 元。 名酒品牌"降维"布局低端市场？洋河近日推出的光瓶酒新品受到行业关注。 6月22日，"兄弟携手共创未来"洋河大曲高线光瓶酒战略发布会在内蒙古包头举行。发布会现场，洋河 大曲高线光瓶酒亮相， ...

Core Viewpoint - The white liquor industry is undergoing a transformation from traditional marketing channels to diversified digital marketing strategies, driven by the rise of younger consumer groups and the experience economy [3][9][11]. Group 1: Digital Marketing Innovations - Shanxi Fenjiu launched the first "3D holographic" marketing advertisement in the white liquor industry on JD.com, allowing consumers to view the product in 360 degrees and place it in their environment using augmented reality [1][4]. - Wuliangye introduced a "digital wine certificate" that ensures authenticity through blockchain technology, with over 68,000 certificates created and a repurchase rate of 26.1% among users [4][12]. - Yanghe Distillery is shifting from deep distribution to precision marketing by launching three cultural liquor products targeting specific consumer groups, such as military enthusiasts and golf lovers [8][12]. Group 2: Changing Consumer Demographics - The main consumer demographic for white liquor is shifting from older generations to younger consumers born between 1985 and 1994, who are less responsive to traditional advertising methods [9][10]. - Young consumers prefer interactive and engaging marketing strategies, moving away from passive consumption of brand information [10][11]. - The rise of social media platforms has led to a significant increase in online engagement, with 83% of consumers using online channels to gather information about liquor [10]. Group 3: Impact on Industry Competition - The competition in the white liquor industry is intensifying as traditional marketing methods face challenges from digital strategies [11]. - Digital marketing is becoming a new competitive dimension, allowing leading companies to build stronger market positions while enabling regional brands to reach national markets more effectively [11]. - The transformation in marketing strategies is reshaping the sales ecosystem, with immersive experiences like 3D displays and AR technology enhancing consumer engagement [11][12].

(Please see APPENDIX 1 for English summary) 研究报告 Research Report 17 Jun 2025 洋河股份 Jiangsu Yanghe Brewery Joint-Stock (002304 CH) 洋河股份跟踪报告：以长期主义应对下行周期 Responding to down cycles with long-termism [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb65.88 目标价 Rmb84.00 HTI ESG 3.3-3.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb99.24bn / US$13.82bn 日交易额 (3 个月均值) US$58.07m ...