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].

江苏洋河酒厂股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 □业绩说明会 | | 关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑其他（电话会议） | | | 洋河股份：李笋、陈胜圣、姚忠明、陆红珍、祝海慧 | | 活动参 与人员 | 投资者：兴业证券、中信证券、国泰君安证券、浙商证券、中金公司、 | | | 银河国际、中信里昂等券商分析师及机构投资者共计 153 人 | | 时间 | 2025 年 4 月 29 日 | | 地点 | / | | 形式 | 电话会议 | | | 1、公司今年转型调整的举措？目前渠道出清的效果如何？ 当前，外部发展环境较复杂，叠加行业存量竞争加剧，地产酒收缩 | | | 聚焦，对公司发展有所影响，公司在提升品牌势能、渠道利润和渠道库 | | 交流内 | 存去化等方面工作还需要强化。 | | 容及具 | 年公司将坚持"聚焦洋河主导品牌、聚焦中端和次高端主价 2025 | | 体问答 记录 | 格带、聚焦省内市场和省外高地市场、聚焦白酒主营 ...