深度调整期是挑战，更是试金石和机遇期。2025年随着白酒深度调整的进一步持续，白酒企业的发展正 从追求业绩增速，转向构建可持续的高质量发展范式。8月18日晚，洋河股份公布了2025上半年业绩， 实现营业收入148亿元，归属于上市公司股东净利润43.4亿元，交出一份充满韧性的成绩单。 在业绩之外，2025年上半年，洋河管理团队深刻认识到本轮行业变迁的本质，以长期主义横渡周期，敢 于为长远牺牲短期利益，持续投入基础能力建设，维护健康生态，保持战略定力，也成为行业高质量转 型的白酒样本。 主动调整，业绩稳健 从业绩上看，洋河上半年的业绩增速有所下滑，但从财务数据上看，核心财务数据表现依然稳健。 上半年洋河实现收入148亿，从分地区看，2025年上半年洋河省内实现收入72.6亿元，占营业收入总比 例为49.1%，省外实现收入75.4亿元，占比为50.9%。其中，中高档酒销售依然占据主导地位，半年实现 收入126.7亿元，而面对上半年复杂的市场竞争环境，洋河中高档酒毛利率提升了近1个百分点，让整体 毛利率与上年同期持平。 面对目前市场上白酒供给过剩的局面，洋河主动调整了生产和发货进度，降低库存，上半年洋河生产白 酒4. ...

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].