【潮汐商业评论/文】 "还是这熟悉的味道，这么多年了，喝着就是舒坦。"在家庭聚会上，John的叔叔打开一瓶海之蓝，边倒酒边念叨，亲戚们纷纷点头附和。 但大家不清楚的是洋河这个"苏酒老大"正面临着前所未有的挑战。 7月初，洋河股份原董事长张联东请辞，之后，47岁的宿迁"体制内老将"顾宇火速当选新掌门，不过，没有卖过白酒的他却有一系列难题正等着解决。 当前，白酒行业正经历严峻考验，存量竞争持续加剧，行业整体增速明显放缓。同时，消费端承压，使得正处于周期底部的白酒板块，面临着前所未有的 挑战。 数据显示，2024年洋河取得上市以来最惨淡的成绩单，营收288.76亿元，同比下降12.83%；净利润66.73亿元，同比下降33.37%，净利润回到7年前水平。 对于业绩下行，洋河给出的解释依然是"主动降速"。这个词也成了洋河股份近年来常挂在嘴边的词。 不知洋河的"主动降速"，还要降到何时？ 在白酒行业，洋河曾经风光无限。2010年，洋河一跃进入白酒三强，仅次于茅台和五粮液，并占据这个位置多年。 凭借卓越的营销策略，洋河成功将海之蓝、天之蓝、梦之蓝等系列产品从江苏本土品牌推向全国市场。其倡导的"绵柔"口感不仅引领了浓香型白 ...

2025年白酒行业半年报陆续交卷，股价也跟着波动。 8月18日晚间，洋河股份（002304）发布了2025年半年报。2025年上半年实现营业收入147.96亿元，归 属于上市公司股东净利润43.44亿元。可别被短期数据迷惑，深入分析当下环境，再翻翻洋河"家底"， 可以发现：这只是调整路上小插曲，洋河手里攥着三张"王炸"，未来潜力依旧巨大。 尽管行业承压，洋河在核心根据地市场的优势依然稳固。从半年报中也可以看到，洋河在江苏省内市场 销售71.2亿元。 在江苏和长三角市场，洋河通过数十年的品牌渗透与渠道建设，从组织体系、经销商体系和终端强 化"内核"，已形成深厚的消费基础与市场壁垒。数据显示，在当地婚宴、节庆聚餐等场景中，洋河产品 的市场渗透率长期位居前列，消费者品牌认知度显著高于竞品。此前，江苏省婚庆行业协会经过行业分 析和市场调研，将"最受新人喜爱的喜宴用酒"颁发给梦之蓝水晶版。 同时，洋河的渠道覆盖广度和深度均保持行业领先，毛细血管已经延伸到县区和重点乡镇，与当地经销 商建立的长期战略合作关系，在行业调整期展现出强大的协同韧性，为市场份额的稳定提供了有力支 撑。 王牌二：核心大单品的市场穿透力 洋河的核心大 ...

2025年白酒行业半年报陆续交卷，股价也跟着波动。 8月18日晚间，洋河股份发布2025半年报。2025上半年实现营业收入147.96亿元，归属于上市公司股东 净利润43.44亿元。深入分析当下环境，再翻翻洋河"家底"，可以发现：这只是调整路上小插曲，洋河 手里攥着三张"王炸"，未来潜力依旧巨大。 王牌一：根据地市场构筑的"护城河" 尽管行业承压，洋河在核心根据地市场的优势依然稳固。半年报中也可以看到，洋河在江苏省内市场销 售71·2亿元。 在江苏和长三角市场，洋河通过数十年的品牌渗透与渠道建设，从组织体系、经销商体系和终端强 化"内核"，已形成深厚的消费基础与市场壁垒。数据显示，在当地婚宴、节庆聚餐等场景中，洋河产品 的市场渗透率长期位居前列，消费者品牌认知度显著高于竞品。此前，江苏省婚庆行业协会经过行业分 析和市场调研，将"最受新人喜爱的喜宴用酒"颁发给梦之蓝水晶版。 同时，洋河的渠道覆盖广度和深度均保持行业领先，毛细血管已经延伸到县区和重点乡镇，与当地经销 商建立的长期战略合作关系，在行业调整期展现出强大的协同韧性，为市场份额的稳定提供了有力支 撑。 王牌二：核心大单品的市场穿透力 行业寒冬：禁酒令与消 ...

"老酒更足更绵甜"、"开瓶即爆单"...，最近洋河焕新升级的海之蓝和火遍线上线下（300959）的大众"口粮酒"高线光瓶酒，频频被酒友们提起，成了餐桌上 的热门选择。 这背后，是洋河在行业调整期的一个坚定信念：把消费者的实际需求放在中心，用品质说话。正如其董事长顾宇所言，无论市场风向如何流转，"以消费者 为中心"始终是其决策的核心灯塔。 战略定力："四个聚焦"筑牢韧性根基 当前，白酒行业正经历着"政策约束+库存周期+代际变迁"的三重叠加，在行业整体承压的背景下，洋河展现出难能可贵的战略定力，坚定执行"四个聚焦"的 核心方针：即"聚焦洋河主导品牌、聚焦中端和次高端主价格带，聚焦省内市场和省外高地市场、聚焦白酒主营业务"，在理性布局中稳步积蓄穿越行业周期 的强大势能。 面对万变的市场，洋河始终坚守两大初心：对消费者需求的敬畏，对产品品质的执着，这是企业最深厚的护城河。而主动拥抱创新，在产品、营销、数字化 领域的持续探索，则为这条护城河注入源源不断的活水。 圈层深耕：洋河依托"梦想荟"高端会员平台，通过高尔夫、网球等精英活动强化用户粘性，为商务人群提供定制化增值服务，精准触达高端消费圈层； 场景革命：深化C端互动， ...

Core Viewpoint - The Chinese liquor industry is undergoing significant adjustments while presenting new development opportunities, with Yanghe Co., Ltd. leveraging "product renewal, brand elevation, and technological empowerment" to navigate the competitive landscape and achieve high-quality growth [1] Product Renewal - Yanghe has established a multi-dimensional product matrix centered around "soft quality" and "aged liquor," focusing on both high-end and mass-market segments [2] - The seventh generation of Hai Zhi Lan has been relaunched, achieving annual sales of 100 million bottles and reaching 300 million consumers, with significant improvements in quality standards [2] - The new Yanghe High-Line Light Bottle Wine, priced at 59 yuan, has become the first light bottle wine with genuine vintage certification, achieving remarkable sales figures upon launch [4] - Yanghe is constructing a diversified product matrix with a pyramid structure, covering all price ranges from premium to mass-market offerings [6] Brand Elevation - Yanghe has engaged in cross-industry collaborations, such as sponsoring the Jiangsu City Football League, enhancing brand visibility and consumer engagement [7] - The "Seventh Generation Hai Zhi Lan Lobster Carnival" attracted nearly 150,000 visitors and generated significant consumer spending, integrating food, wine, and culture [9] - Yanghe has partnered with CCTV to promote Chinese liquor culture through various cultural programs, enhancing brand penetration in key cultural locations [11] Development Momentum - Yanghe's strong foundation is supported by a substantial reserve of quality base liquor, with over 70,000 fermentation pits and an annual production capacity exceeding 160,000 tons [12] - The company has invested in technical talent, achieving top rankings in national tasting competitions, which reflects its industry-leading technical capabilities and commitment to quality [12] - Yanghe's strategic initiatives in product differentiation, brand activation, and technological investment are positioning the company for sustained growth in the high-quality development of the liquor industry [13]

Core Viewpoint - The report highlights the financial performance of Yanghe Co., which achieved a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan in 2024, while also addressing the challenges faced by the liquor industry, including inventory buildup and declining consumption [2][5]. Financial Performance - In 2024, Yanghe Co. reported a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan [2]. - The company plans to distribute a cash dividend of 23.17 yuan per 10 shares, totaling 3.49 billion yuan [2]. Industry Challenges - The liquor industry is currently undergoing a deep adjustment period, with many companies experiencing declining performance, including some with nearly 50% drops in net profit [2]. - The overall market for liquor consumption is cooling, and recovery appears weak, presenting new challenges for all liquor companies [2][5]. Strategic Adjustments - Yanghe Co. has chosen to slow down its growth pace and actively adjust its business strategies, focusing on improving product quality and transforming marketing efforts [2][5]. - The company reduced liquor production last year to help distributors relieve inventory pressure and optimized its product structure [2][5]. Product Development - Yanghe Co. has successfully upgraded its product matrix, with mid-to-high-end products generating 24.317 billion yuan in revenue, accounting for 86% of liquor revenue and approximately 84% of total revenue [3]. - The company launched the "Dream Blue Handcrafted Class," recognized as China's first high-end vintage liquor, enhancing its position in the premium market [3][6]. Marketing and Branding - Yanghe Co. is focusing on younger, fashionable, and low-alcohol products, introducing innovative cultural products to meet diverse consumer needs [4]. - The company is optimizing its marketing organization and enhancing brand collaboration to adapt to external changes and navigate industry cycles [6]. Future Outlook - Yanghe Co. aims to strengthen quality expression and brand reputation while focusing on core products and key markets for sustainable development [6].