岁末寒风起，年味渐浓时。无论是企业年会的觥筹交错，还是老友重逢的推心置腹，中国人的年终欢聚 时刻，总少不了一瓶酒串联情谊。而今年，这个"酒桌C位"的答案似乎越来越清晰。 "格力经销商大会喝海之蓝，董明珠女士果然眼光独到！""格力都pick海之蓝，看来我这眼光跟董总一 样准！"近日，在黑龙江格力经销商大会的餐桌上，多位经销商如是说。 正如业内经销商所言，"年会季"覆盖了从公共商务到私人社交的全场景消费需求，而洋河完善的产品体 系总能精准匹配不同场合的饮用需求，无论是高端商务宴请还是亲友小聚，都能找到合适的选择。 可以说洋河将产品融入具体的生活场景，并提供超越产品本身的情感价值与服务体验，使得一瓶海之蓝 从"酒桌"走向"生活"，使得一个白酒消费品牌，升维为一种生活方式的倡导者。 宴席上的洋河海之蓝优雅大气，与这场汇聚行业翘楚的盛会相得益彰，尽显格调。大家都知道，董明珠 做人、做企业向来追求高品质、高性价比，注重实实在在的品质与体验。而这，恰恰也是洋河海之蓝二 十多年来深入人心的关键。 洋河海之蓝能成为高端企业年会的"座上宾"绝非偶然。在此之前，京东年会、小米家宴等众多知名企业 的欢聚场合，都能看到洋河酒的身影，这 ...

岁末寒风起，年味渐浓时。无论是企业年会的觥筹交错，还是老友重逢的推心置腹，中国人的年终欢聚时刻，总少不了一瓶酒串联情谊。而今年，这 个"酒桌C位"的答案似乎越来越清晰。 "格力经销商大会喝海之蓝，董明珠女士果然眼光独到！""格力都pick海之蓝，看来我这眼光跟董总一样准！"近日，在黑龙江格力经销商大会的餐桌上， 一瓶海之蓝成为了全场焦点，也成了社交平台上的热议话题。 镜头里，宴席上的洋河海之蓝优雅大气，与这场汇聚行业翘楚的盛会相得益彰，尽显格调。大家都知道，董明珠做人、做企业向来追求高品质、高性价 比，注重实实在在的品质与体验。而这，恰恰也是洋河海之蓝二十多年来深入人心的关键。 董明珠的认可、京东小米的力挺，本质上是品质消费时代的必然选择。二十多年来，洋河海之蓝坚守百元价位、升级绵柔品质、创新互动方式，早已融入 亿万国民的生活场景。 正如业内经销商所言，"年会季"覆盖了从公共商务到私人社交的全场景消费需求，而洋河完善的产品体系总能精准匹配不同场合的饮用需求，无论是高端 商务宴请还是亲友小聚，都能找到合适的选择。 可以说洋河将产品融入具体的生活场景，并提供超越产品本身的情感价值与服务体验，使得一瓶海之蓝从"酒桌 ...

洋河海之蓝能成为高端企业年会的"座上宾"绝非偶然。在此之前，京东年会、小米家宴等众多知名企业 的欢聚场合，都能看到洋河酒的身影，刘强东、雷军、马化腾等互联网大佬更是对其青睐有加，这也让 洋河酒在圈层中形成了独特的"口碑效应"。 岁末寒风起，年味渐浓时。无论是企业年会的觥筹交错，还是老友重逢的推心置腹，中国人的年终欢聚 时刻，总少不了一瓶酒串联情谊。而今年，这个"酒桌C位"的答案似乎越来越清晰。 "格力经销商大会喝海之蓝，董明珠女士果然眼光独到！""格力都pick海之蓝，看来我这眼光跟董总一 样准！"近日，在黑龙江格力经销商大会的餐桌上，一瓶海之蓝成为了全场焦点，也成了社交平台上的 热议话题。 镜头里，宴席上的洋河海之蓝优雅大气，与这场汇聚行业翘楚的盛会相得益彰，尽显格调。大家都知 道，董明珠做人、做企业向来追求高品质、高性价比，注重实实在在的品质与体验。而这，恰恰也是洋 河海之蓝二十多年来深入人心的关键。 可以说洋河将产品融入具体的生活场景，并提供超越产品本身的情感价值与服务体验，使得一瓶海之蓝 从"酒桌"走向"生活"，使得一个白酒消费品牌，升维为一种生活方式的倡导者。 "百亿大单品，年销一亿瓶"。好的产品， ...

Core Viewpoint - Yanghe Co., Ltd. has been facing significant challenges in the white liquor market, with declining sales and profits, despite continuing to invest heavily in advertising partnerships, such as being the exclusive timekeeping partner for the 2026 Spring Festival Gala for the seventh consecutive year [2][4]. Group 1: Financial Performance - In Q3 2024, Yanghe reported revenue of 3.295 billion yuan, a year-on-year decline of 29.01%, and a net loss of 373 million yuan, marking a significant downturn compared to leading competitors like Kweichow Moutai and Wuliangye [5][6]. - The company's sales volume in 2024 was 139,076.05 tons, down 16.3% from 2023, while production decreased by 8.4% to 145,494.73 tons [8]. - In the first half of 2025, Yanghe's sales volume fell to 78,192.32 tons, a decrease of 32.35%, and production dropped to 48,891.12 tons, down 51.63% [10]. Group 2: Market Position and Competition - Yanghe has dropped out of the top three in the white liquor industry, currently ranking fifth, facing increasing competition from regional brands like Jinshiyuan and Gujinggongjiu [5][6]. - In Jiangsu Province, Yanghe's revenue fell by 11.43% to 12.748 billion yuan, while Jinshiyuan experienced a 16% growth to 10.551 billion yuan, narrowing the revenue gap significantly [12][14]. - The number of Yanghe's distributors decreased by 257 to 8,609, indicating weakened market presence and a potential impact on future sales [15]. Group 3: Strategic Challenges - Yanghe's high-end brand, Dream Blue, struggles to establish itself in the market compared to established products from competitors like Moutai and Wuliangye, limiting its appeal as a collectible item [19]. - The company has faced challenges in brand positioning and channel management, leading to a decline in distributor enthusiasm and market share [16][18]. - The new leadership under Gu Yu lacks experience in corporate management and the liquor industry, raising concerns about the effectiveness of future strategies [17]. Group 4: Future Outlook - Yanghe may need to focus on maintaining its mid-range product line while exploring new consumer segments, particularly younger demographics, to adapt to changing market dynamics [21]. - The company has seen a slight increase in average price per ton, indicating potential for maintaining profit margins despite declining sales volume [21].

"海7不愧是国民蓝朋友，好喝又好玩。" "为了乒超门票，是时候展现真正的技术了！" "颠乒乓、赢门票，喝海7、看乒超！" …… 近日，"海之蓝花式颠球挑战赛"热潮席卷全网，消费者纷纷炫出自己的"绝技"，创意十足，热情满满。 备受瞩目的2025乒超总决赛即将在南京迎来巅峰对决，继"洋河海之蓝"2025中国乒乓球俱乐部超级联赛 总决赛赛事情况通报会在南京洋河文化艺术中心举行，掀起超燃氛围后，作为该项赛事的冠名商，洋河 股份又推出"喝海7 乒一局 花式颠球挑战赛"活动！ 喝海7 乒一局 作为一项顶级赛事，2025乒超总决赛开票即秒空的火热状态让消费者一票难求。为让更多体育爱好者能 够走进赛场感受乒乓球的魅力，与顶级球员"会面"，洋河贴心策划了此次活动。 如何参与？怎么玩？ 12月14日-18日，参与者只要拍摄一段用洋河海之蓝酒瓶(可用空瓶)颠乒乓球的创意短视频，并将视频发 布到抖音、微信视频号或小红书任一平台，就有机会赢取洋河海之蓝·2025赛季中国乒乓球俱乐部超级 联赛总决赛门票！ 所有视频需在活动时间内发布，以平台显示为准。评奖规则也非常严格和公正，洋河将从视频创意、内 容质量、颠球技术等多个维度进行综合考量， ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Core Viewpoint - The 113th National Sugar and Wine Fair will take place in Nanjing from October 16 to 18, showcasing the vibrant culture and products of the Jiangsu region, with Yanghe as the chief partner, highlighting its status in the industry and commitment to quality and cultural heritage [1][4][5]. Group 1: Event Overview - The National Sugar and Wine Fair is set to be a grand event in Nanjing, with the city adorned in festive decorations to welcome guests [1]. - Yanghe will create an immersive experience at the fair, featuring classic and innovative products, along with special events like the "Autumn Tasting of Soft Aroma" and the "2025 Super Fan Festival" [4][5]. Group 2: Yanghe's Industry Position - Yanghe is recognized as the "ancestor of soft aroma" liquor, establishing a new quality style in the industry and representing the typical characteristics of strong aroma liquor [4]. - The brand is not only a symbol of Jiangsu but also a national icon, reflecting its deep cultural roots and consumer connection [5][8]. Group 3: Consumer Engagement - Yanghe has become a cultural symbol in the hearts of consumers, associated with celebrations and family gatherings, making it a national brand deeply embedded in consumer sentiment [8]. - The "Billion Dollar Product, Annual Sales of 10 Million Bottles" Yanghe Sea Blue has maintained high quality and warmth, becoming an essential classic for consumers [10].

Industry Overview - The liquor industry is experiencing a seasonal recovery, with premium brands like Moutai and Wuliangye seeing improved sales, while overall market conditions remain challenging [1][2] - Moutai's sales have reportedly increased significantly, with a year-on-year growth of over 20% and a month-on-month increase of approximately 100% in September [1] - Despite the recovery in premium liquor sales, the overall sales performance across the industry is still below previous years, indicating a disparity between leading brands and the broader market [3] Production Data - In September, the national liquor production dropped by 18.2% year-on-year, totaling 20.7 million tons, with a cumulative production of 235.2 million tons for the first nine months, reflecting a 9% decline [4] - Beer production also saw a slight decrease of 1.8% in September, with a total of 358.3 million tons produced, and a cumulative production of 2,683.3 million tons for the first nine months, down by 0.2% [5] Company Developments - Gujing Gongjiu launched a new product line named "Han, Tang, Song, Ming," aimed at the international market, featuring a 26-degree alcohol content that balances flavor and smoothness [6][7] - Jian Nan Chun plans to reduce its stake in Huaxi Securities by up to 26.25 million shares, representing 1% of the company's total shares, to meet liquidity needs, potentially raising around 250 million yuan [9][10] - Moutai 1935 has intensified its marketing efforts by sponsoring events such as the "Bay Area Moonrise" film music concert and partnering with the Golden Rooster and Hundred Flowers Film Festival [11] - Dazhen Zhenjiu has signed over 3,000 alliance merchants, significantly increasing its market presence across 30 provinces and 212 cities [13] - Qingdao Beer is enhancing its international presence through a strategic partnership in Thailand, building on its established sales network [14] - Asahi Beer has announced price increases for certain imported products in response to rising operational costs [15]

Core Viewpoint - The event highlighted the strong connection between Liu Qiangdong and his hometown of Suqian, showcasing the partnership between JD.com and Yanghe Distillery through a wedding ceremony that featured Yanghe's products as a symbol of local pride and community support [3][4][11]. Group 1: Event Highlights - On August 29, a wedding ceremony for 66 couples was held at the Suqian JD customer service center, with Liu Qiangdong personally blessing the newlyweds [1][3]. - The wedding featured Yanghe's "Hai Zhi Lan" as the celebratory drink, emphasizing the local heritage and Liu's connection to his hometown [3][4]. Group 2: Liu Qiangdong's Connection to Hometown - Liu Qiangdong, a native of Suqian, has consistently shown support for his hometown, including financial contributions to local elders and community events [3][4]. - His commitment to local products is evident as Yanghe has been a staple at JD's events, reinforcing the bond between the company and the local culture [4][11]. Group 3: Business Collaboration - Yanghe Distillery has customized products for JD.com, including 211ml and 618ml bottles, which are now available for exclusive pre-sale on JD's platform [7][10]. - The partnership is characterized by mutual respect and shared values, with both companies emphasizing quality and affordability in their offerings [9][10].

Group 1 - The core event of the news is the collective wedding organized by JD.com, which gained popularity online, showcasing Liu Qiangdong's affection for his employees and his hometown [1][2] - The wedding featured Yanghe's Hai Zhi Lan liquor, highlighting the strong partnership between JD.com and Yanghe, which has been established since 2012 [1][2] - Hai Zhi Lan has become a top choice for consumers during gatherings and weddings, achieving significant sales milestones, including a "billion-dollar product" status with annual sales of 10 million bottles [1] Group 2 - Liu Qiangdong personally engages with employees during gatherings, fostering a friendly atmosphere while serving Yanghe liquor, which enhances the experience of company events [2] - The collaboration between JD.com and Yanghe has evolved over the years, with recent exclusive pre-sales of Yanghe's high-line products on JD's platform, indicating a growing partnership [2] - Liu Qiangdong's presence at local sports events further emphasizes his commitment to supporting his hometown and the Yanghe brand [2]