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 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]

Core Viewpoint - The company demonstrates strategic resilience amidst industry fluctuations, achieving a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan in 2024, indicating a shift from scale expansion to value creation [3] Group 1: Strategic Initiatives - The company employs a dual-driven strategy of "intensive cultivation within the province and breakthroughs outside the province" to accumulate momentum for a new growth cycle [3] - The strategic upgrade reflects the logic that "strategic patience is more important than short-term growth," focusing on deep market operations, structural upgrades in products, and continuous investment in quality [3][11] - The company has increased the number of distributors by 77 nationwide in 2024, with 39 new distributors in the province and 38 outside, enhancing both quality and quantity of the distributor system [11] Group 2: Product Development - The company is rapidly constructing a "golden matrix" of products under the "dual famous liquor, multiple brands, and multiple categories" strategy, with the seventh generation of "Hai Zhi Lan" being upgraded for quality enhancement [7] - The "Dream Blue M6+" targets the 600-800 yuan price range, enhancing market share in wedding scenarios, while the crystal version appeals to new middle-class consumers through innovative design and smart anti-counterfeiting [8] - The company has established a "three-true certification system" for its premium products, achieving a terminal premium rate of 45% in core markets and successfully breaking into the thousand yuan price range [10] Group 3: Digital Transformation - Digital innovation is accelerating channel empowerment through a "one product one code" system, creating a digital closed loop from consumption to user profiling and precise marketing, resulting in a consumer database of millions [13] - The company aims to leverage brand and product strength to enhance transformation and innovation, creating greater value for consumers and society [13]

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 08 日 ► 行业承压+主动调整致业绩下滑，Q1 主动控制发货节奏慢于回款。 2024 年，公司主力产品蓝色经典系列所处的中端及次高端价位段承压较大，为追求可持续发展，公司调整 了经营策略，由攻转守，围绕长期主义，将 2024 年定为调整之年，由此我们认为，行业承压+公司主动调整， 共同造成了 24 年收入业绩的下滑。 2025Q1，公司通过销售商品、提供劳务收到的现金同比-24.03%，期末合同负债同比+20.78%，据此我们推 测实际回款好于报表端收入确认，回款下滑幅度小于发货，公司为进一步降低渠道库存、平衡量价关系，主动 控制了发货节奏。 ► 次高端产品受影响大，成本摊多导致盈利能力下降。 [Table_Title] 坚定调整以待来日，股息率超 6%居行业前列 [Table_Title2] 洋河股份(002304) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002304 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 109. ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment period, with major companies reporting "growth under pressure" in their financial results for 2024 and Q1 2025, highlighting increased competition and market concentration [1][4]. Industry Overview - The white liquor industry is described as facing intensified competition, with a shift from "incremental competition" to "stock competition," leading to a consensus among leading companies that "value reconstruction" will be the main battleground moving forward [1][4]. - The production capacity of white liquor has decreased from a peak of 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024, a decline of over 60% [4]. Company Strategies - Yanghe Distillery views 2024 as a year of adjustment, with major companies like Moutai and Wuliangye emphasizing stability in their growth targets, with Moutai setting a 9% growth target for 2025, down from the previous 15% [4][5]. - Yanghe Distillery has adopted a strategy of "active deceleration and inventory reduction," focusing on long-term stability rather than short-term sales growth [5][10]. Competitive Strength - Yanghe Distillery has built a robust product matrix covering all price ranges, which serves as a strong risk mitigation barrier, allowing the company to adapt to consumer segmentation trends and maintain stable operations amid industry fluctuations [5][10]. - The company is implementing six major initiatives to strengthen its foundation, including brand renewal, product optimization, and strategic market focus [8][9]. Financial Performance and Shareholder Returns - Despite facing challenges in revenue and profit, Yanghe Distillery announced a cash dividend plan of 3.49 billion yuan, with a total cash dividend of 7 billion yuan for 2024, reflecting a commitment to shareholder returns [11][12]. - The company has maintained a consistent dividend policy since its listing in 2009, with cumulative dividends amounting to 56.34 billion yuan, representing 72% of its cumulative net profit since listing [11][12].

处于行业深度调整期的白酒行业，随着A股20家白酒企业2024年年报以及2025年一季报披露的收 官，给市场递交了一份"增长承压"的成绩单。 几 乎 所 有 的 白 酒 企 业 ， 都 以 " 产 业 波 动 加 大 、 存 量 竞 争 加 剧 、 市 场 集 中 加 快 、 结 构 分 化 加 剧"来描述这个被视为"白酒行业最为艰难的一年"。此前召开的第十四届中国白酒T9峰会上， 国内头部白酒企业就此展开过一次深度探讨，大家的共识是：面对市场从"增量竞争"转向"存 量博弈"的形势转变，"价值重构"才是白酒这个经典产业接下来的主战场。 以 洋 河 股 份 为 例 ， 作 为 行 业 黄 金 十 年 期 间 强 势 回 归 的 中 国 名 酒 ， 曾 以 管 理 与 创 新 " 两 架 马 车"齐头并进的打法，短短数年之间便从一家历史包袱沉重的老名酒一跃成为国内头部酒企之 一，打造了让外界叹为观止的洋河样本。面对行业变化，这家公司如今又以何种心态与行动 去继续书写自己的故事，于观察整个行业而言，都有着极强的参考意义。 行业承压，"主动降速" 展现头部韧性 来自于国家统计局的数据显示，白酒产能从2 0 1 6年高峰 ...

Core Viewpoint - Yanghe Co., Ltd. achieved a net profit of 6.673 billion yuan in 2024, demonstrating operational resilience amidst a challenging liquor industry cycle [1] Group 1: Financial Performance - In 2024, Yanghe Co., Ltd. reported an operating income of 28.876 billion yuan and a net profit attributable to shareholders of 6.673 billion yuan [1] - The company’s performance is notable given the overall decline in earnings or losses reported by many liquor companies during the same period [1] Group 2: Strategic Adjustments - Yanghe Co., Ltd. has proactively slowed its growth to build a more comprehensive product matrix, focusing on quality and consumer segmentation [3] - The company has successfully positioned itself in the high-end market, with its "Dream Blue Handcrafted Class" being the first to receive certification as a high-end vintage liquor [3] Group 3: Product Development - In 2025, Yanghe Co., Ltd. plans to launch the seventh generation of "Sea Blue," featuring high-quality aged liquor, and a new line of affordable bottled liquor [4] - The company emphasizes a differentiated competitive edge through its "old cellar, old craft, old liquor" strategy, supported by significant production and storage capabilities [4] Group 4: Market Trends and Innovations - The liquor industry is shifting from growth driven by scale to enhancing consumer value, with Yanghe Co., Ltd. adapting to this trend by innovating its product offerings [6] - The company has introduced products targeting younger consumers and international markets, including creative cultural products [7] Group 5: Corporate Social Responsibility and ESG - Yanghe Co., Ltd. has been recognized for its commitment to social responsibility and environmental sustainability, including donations to disaster relief and youth development initiatives [7][8] - The company has achieved zero-carbon certification for its production facilities, becoming a model in the liquor industry [8] Group 6: Stakeholder Relations - Yanghe Co., Ltd. is focused on building a "manufacturer-distributor community" to strengthen relationships with distributors and ensure their rights [11] - The company plans to distribute at least 70% of its net profit as cash dividends to shareholders from 2024 to 2026, with a total cash dividend of over 7 billion yuan expected for 2024 [11]

12月20日23:00，任泽平年终秀" 点燃希望·再出发——2025中国经济十大预测 "圆满收官。 精彩回看路径："泽平宏观"视频号——直播回放 *以下为任泽平博士在12月20日点燃希望年终秀的演讲精华整理： 尊敬的各位来宾，女士们，先生们，大家好！我是任泽平！ 今天，我演讲的题目是： 点燃希望·再出发——2025中国经济十大预测 。 为什么再出发？因为时代变了，我们需要看到变化，顺势而为，重新出发。 为了今天的这场演讲，我调研了上百家企业，看了几十本书，希望对你看清时代的趋势、把握未来的机遇有帮助。在这里，我要感谢深圳人 才集团、深圳广播电影电视集团、洋河梦之蓝·手工班等合作伙伴对本次活动的大力支持！ 2024年即将过去，展望2025，未来将有哪些新趋势？发生什么大事件？诞生哪些新机遇？让我们一起点燃希望，勇敢出发！ 第一大预测 所以，我希望今天这场演讲能达到两个目的，一是讲些干货，能帮大家解决现实问题，二是年底给大家打打气，让我们振奋精神迎接新的一 年！ 朋友们，我们这个时代，不仅是变化，堪称巨变。 百年未有之大变局，旧秩序开始瓦解，逆全球化、民粹主义、地缘冲突、国际秩序调整等现 象涌现。 新秩序正在重建 ...