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].

Group 1: Company Strategy and Market Position - The company is focusing on enhancing brand strength, channel profitability, and inventory reduction amidst a complex external environment and intensified industry competition [1] - The core fundamentals of the company remain unchanged, with strong brand recognition and a well-structured sales organization [2] - The strategy for deep nationalization remains intact, with a focus on key regional markets such as Shandong and Henan, while also strengthening emerging markets like Inner Mongolia [2] Group 2: Product Performance and Development - The main product structure is stable, with "Hai Zi Lan" and "Meng Zi Lan" being the core products, while "Tian Zi Lan" and "Shui Jing Ban Meng Zi Lan" are more affected by market fluctuations [2] - The "Meng Zi Lan M6+" product is a leading brand in the mid-to-high-end price range, with efforts to manage supply and demand issues [3] - The company is actively implementing the "True Vintage" strategy to leverage production capacity advantages and enhance product quality [4] Group 3: Distributor and Market Engagement - The company is committed to cultivating large distributors and has established a tiered system for distributor classification to support growth [4] - The seventh generation of "Hai Zi Lan" is set to launch in the first half of the year, targeting the 100 yuan price range with a focus on youthful and fashionable branding [4]