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]

Core Viewpoint - Yanghe Co., Ltd. reported a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan for 2024, indicating a strategic transformation aimed at high-quality development amidst structural changes in the liquor industry [1] Group 1: Product Strategy - The company has developed a comprehensive product matrix, combining the "old liquor strategy" with product renewal to achieve a dual drive of "quality + consumption segmentation" [2] - In the high-end market, the "Dream Blue Handcrafted Class" has become the first Chinese high-end vintage liquor to receive authoritative certification, initiating a quality revolution [2] - The upcoming seventh generation of "Sea Blue" aims to redefine standards with a focus on high-quality aged liquor, while also introducing a high-line light bottle liquor to enhance competitive differentiation [2] Group 2: Supply Chain and Management - Yanghe boasts the world's largest liquor cellar group, with an annual production capacity of 160,000 tons and a raw liquor storage capacity of 700,000 tons, establishing a differentiated competitive edge [3] - The company has optimized its marketing organization and focused on brand regionalization, enhancing brand collaboration and market management [3] - Yanghe has categorized markets into four types and is strategically focusing resources on its home market and the Yangtze River Delta region [3] Group 3: Brand Value and Cultural Heritage - As one of the "Old Eight Famous Liquors," Yanghe holds significant brand value, ranking third in the Chinese liquor industry with a brand value of 90.979 billion yuan [4] - The company has launched the "Soft Year Vintage Liquor Strategy," redefining the value of Chinese high-end liquor through genuine quality [4] - Yanghe's commitment to cultural depth and product quality has solidified its competitive position in the high-end market [4] Group 4: Investor Relations and Governance - Yanghe is focusing on long-termism and has made adjustments to its governance structure, including the establishment of new independent director work systems [7] - The company actively engages with investors through annual reports and shareholder meetings to enhance understanding of its value [7] - Yanghe has implemented a cash dividend plan, distributing 7.02 billion yuan in dividends for 2023, which is 70.09% of its net profit [8] Group 5: Resilience and Future Outlook - Amidst deep differentiation in the liquor industry, Yanghe is leveraging its old liquor strategy to build a quality foundation and create a strategic depth across all price ranges [8] - The company is exploring pathways for traditional industries to transition towards high-quality development, emphasizing a balance between traditional craftsmanship and new consumer trends [8]

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]