Core Viewpoint - Yanghe Co., Ltd. is undergoing significant leadership changes, with Zhang Liandong resigning as chairman, raising questions about the company's future performance amid declining financial results and increased competition in the liquor industry [2][4][39]. Group 1: Leadership Changes - On July 1, 2024, Zhang Liandong announced his resignation from the position of chairman and other roles at Yanghe Co., Ltd. [2] - Zhang Liandong, who took over from the company's previous leader Wang Yao in February 2021, had a term set to end in April 2027 [3][4]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd. on the same day [6]. Group 2: Financial Performance - Yanghe's financial performance has seen a downturn, with 2024 revenues and net profits both declining significantly; revenues fell to approximately 289 billion yuan, a 13% year-on-year decrease, while net profits dropped to around 67 billion yuan, down 33% [9][10][12]. - The company's revenue growth has slowed over the past few years, with 2021-2023 revenues of 254 billion, 301 billion, and 331 billion yuan, reflecting growth rates of 20%, 19%, and 10% respectively [9][12]. - In 2024, Yanghe's revenue ranking in the liquor industry fell from third to fifth, losing its position as a top player for the first time in 14 years [16]. Group 3: Market Challenges - The liquor industry is experiencing intensified competition, particularly in the mid-range and premium segments where Yanghe's main products are concentrated [13]. - The company's mid-to-high-end liquor revenue declined by 15% in 2024, marking a significant drop compared to previous years [13]. - Yanghe's domestic market revenue fell by over 11%, while the external market saw a decline of more than 14% [14]. Group 4: Sales and Marketing Efforts - Yanghe has increased its number of distributors to 8,866, with a notable presence in both domestic and external markets [16]. - The company has invested heavily in sales expenses, amounting to 5.5 billion yuan in 2024, which is significantly higher than competitors like Shanxi Fenjiu and Luzhou Laojiao [19][21]. - Despite high sales expenses, the effectiveness of these investments has been questioned, as the company has not seen corresponding growth in performance [21]. Group 5: Innovation and Product Development - Yanghe's product innovation has been lacking, with R&D expenditures decreasing over the past four years, contrasting with competitors who have increased their R&D investments [27]. - The company's main products, such as "Dream Blue" and "Sky Blue," have been in the market for over 20 years, leading to market saturation [27]. - The need for innovative products is critical as the market for liquor is becoming increasingly competitive, especially with the introduction of lower-alcohol products by competitors [28]. Group 6: Stock Performance and Investor Sentiment - Yanghe's stock price has significantly declined, dropping 74% from its peak of 249.55 yuan per share in January 2021 to 64.80 yuan as of July 7, 2024 [30]. - The number of institutional investors holding Yanghe shares has decreased dramatically from 866 to 48 since 2022, indicating a loss of confidence among investors [33]. - The recent leadership change has sparked interest in whether the new management can reverse the company's fortunes and restore investor confidence [35][39].

Group 1 - The Jiangsu Province Urban Football League ("Su Super") has gained significant attention this summer, promoting tourism, dining, leisure, and sports consumption in various regions of Jiangsu, showcasing a successful integration of culture and tourism [2] - Yanghe Co., as a national brand rooted in Jiangsu, has fully sponsored the "Su Super" Suqian team, exploring innovative practices to empower regional cultural dissemination and support high-quality cultural tourism development [2][3] Group 2 - During a key match between Suqian and Yancheng, Yanghe Co. organized a fan group to enhance the atmosphere and showcase hospitality, while also creating industrial tourism routes for visiting fans to experience local culture [3] - Yanghe Co. has launched exclusive benefits for visiting fans, including free tours of two national 4A-level tourist attractions, enhancing the interaction between the event, brand, and fans [4] - The company has consistently invested in community sports, promoting sports culture and integrating it with liquor culture, thereby creating new consumption scenarios and supporting the development of cultural tourism [6]

整理｜云酒头条团队 ▎五粮液基金签约多家资本机构 7月4日，宜宾市2025京津冀投资推介暨项目合作协议签署仪式举行。期间，弘毅投资、高瓴资本与宜发展集团，中移资本、鼎晖投资与五粮液基金携手合 作，现场举行宜宾市资本招商合伙人联盟成立仪式，首批联盟成员包括中金公司、中信证券、中信建投、宜发展集团、五粮液基金公司等，旨在通过汇聚顶 级资本力量，构建"资本+产业智库"协同生态圈，推动宜宾现代化产业建圈强链，实现高质量发展。（五粮液集团） ▎洋河海之蓝助力"苏超"嘉年华 ▼上下滑动查看更多 | 店铺名称 | 店铺链接 | | --- | --- | | 世最姓民族分分 | httn://mtivi.id com | 1. 茅台酱香公布官方电商授权店铺名单 2. 五粮液基金签约多家资本机构 3. 洋河海之蓝助力"苏超"嘉年华 4. 珍酒李渡年内捐赠助学达1200万 5. 珍酒生肖文创酒获博物馆永久收藏 6. 河南省酒类电商专业委员会成立 7. 刘仪伟将出任1919美好生活官 8. 大张伟任燕京子品牌代言人 9. 格鲁吉亚拟扩大葡萄酒对华出口 10. 天津新港口岸进口啤酒增长13.7% | オロ酉日治県肥白 | וווח ...

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Core Insights - The recent resignations of key executives in the Chinese liquor industry highlight the urgent need for strategic transformation amid deep industry adjustments [1][5][14] Group 1: Company Performance - Yanghe Co., under Zhang Liandong's leadership, experienced a revenue decline of 12.83% to 28.876 billion yuan in 2024, with net profit plummeting 33.37% to 6.673 billion yuan, dropping from third to fifth in industry rankings [2][4] - Jinzhongzi Liquor, led by He Xiuxia, saw revenue decrease from 1.186 billion yuan in 2022 to 925 million yuan in 2024, with a cumulative net loss of 633 million yuan [10][12] Group 2: Strategic Challenges - Yanghe's strategic missteps included outdated brand management and a rigid distribution model, leading to losses in market share against competitors like Jinshiyuan [4][15] - Jinzhongzi's challenges stemmed from a misalignment between beer and liquor market strategies, resulting in a lack of brand recognition and market penetration [10][12] Group 3: Management Changes - The resignations of Zhang Liandong and He Xiuxia reflect broader trends in the industry, with local governments influencing management changes to drive strategic shifts [7][16] - The new leadership at both companies faces significant challenges, including cash flow issues and the need to balance independence with corporate integration [12][18] Group 4: Industry Trends - The liquor industry is currently in a "shrinking competition" phase, with production among large enterprises declining by 6.8% in 2024, and revenue growth slowing significantly [15] - The departure of key executives signals a shift from "scale expansion" to "value cultivation," emphasizing the need for strategic innovation and organizational transformation [18]

2010年起，洋河股份的营收一直保持行业第3的位置，第1名 是 贵 州 茅 台 ， 第 2 名 是 五 粮 液 。 十 多 年 " 茅 五 洋 " 的 格 局 在 2024年被改变。 作者：郑淯心 封图：东方IC 7月1日晚，洋河股份（002304.SZ）发布公告称，董事长张联东辞去公司第八届董事会董事、董事 长及董事会战略委员会主任委员、提名委员会委员职务。辞职后，张联东不在公司担任任何职务。 同日，洋河股份官网发布信息显示，顾宇任江苏洋河酒厂股份有限公司（苏酒集团）党委书记。 事实上，张联东任期尚未结束，离2027年4月任期结束还有近两年时间。6月22日，张联东还与京 东集团创始人刘强东、中国酒业协会理事长宋书玉等人在内蒙古沙漠营地，一同品鉴洋河为京东特 别定制的光瓶酒。 公告中称，张联东离职的原因是"工作调整"。 排位变化 张联东自2021年2月起担任洋河股份董事长。洋河股份2019年、2020年的营收均呈下滑态势。但在 张联东接手的前三年，洋河股份实现了高增长，2022年营收突破300亿元，2023年更是达到营收最 高点331.26亿元。 2010年起，洋河股份的营收一直保持行业第3的位置，第1名是贵 ...

7月1日晚，洋河股份（002304.SZ）发布公告称，董事长张联东辞去公司第八届董事会董事、董事长及董事会战略委员会主任委员、提名委员会委员职务。 辞职后，张联东不在公司担任任何职务。同日，洋河股份官网发布信息显示，顾宇任江苏洋河酒厂股份有限公司（苏酒集团）党委书记。 事实上，张联东任期尚未结束，离2027年4月任期结束还有近两年时间。6月22日，张联东还与京东集团创始人刘强东、中国酒业协会理事长宋书玉等人在内 蒙古沙漠营地，一同品鉴洋河为京东特别定制的光瓶酒。 公告中称，张联东离职的原因是"工作调整"。 排位变化 张联东自2021年2月起担任洋河股份董事长。洋河股份2019年、2020年的营收均呈下滑态势。但在张联东接手的前三年，洋河股份实现了高增长，2022年营 收突破300亿元，2023年更是达到营收最高点331.26亿元。 2010年起，洋河股份的营收一直保持行业第3的位置，第1名是贵州茅台，第2名是五粮液。十多年"茅五洋"的格局在2024年被改变。 2024年，洋河股份成为A股白酒上市公司前5强中唯一一家营收利润双降的企业，净利润跌至66.66亿元，甚至低于2021年的75.13亿元。这一年，以营收 ...

撰稿|多客 来源|贝多财经 洋河股份（SZ:002304），重大人事变动频发。 洋河股份于7月1日发布公告称，张联东因工作调整，申请辞去第八届董事会董事、董事长及董事会战略 委员会主任委员、提名委员会委员职务，辞职后不在洋河股份及控股子公司担任其他职务。 需要注意的是，这已是洋河股份发布2024年年报以来的第二位离任高管。就在不到一个月前，洋河股份 第八届董事会董事及战略委员会委员杨卫国申请辞去相关职务，辞职后不在该公司及子公司担任任何职 务，原因同样是"工作调动"。 业内人士纷纷猜测，洋河股份高管离职，很大程度上与该公司近年来面临的业绩困局有关，尤其是2024 年与其他白酒企业形成鲜明反差的营收、利润"跳水"，直接导致其失去了"白酒前三"的宝座，也使得高 管层的运营焦虑愈发显著。 洋河股份在公告中表示，该公司将尽快按照法定程序完成董事补选、新任董事长选举等相关工作。而新 任领导层人选的管理能力和经营策略，也将直接关系到身处低谷期的洋河股份未来的业绩走势与发展走 向。 一、营收利润开倒车，"白酒老三"之位失守 多措并举下，洋河股份业绩重回增长轨道，2020年至2023年的收入分别为211.01亿元、253.5 ...

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 ...

智通财经记者 | 宋佳楠 7月1日晚间，白酒龙头企业江苏洋河酒厂股份有限公司（洋河股份，002304.SZ）发布公告称，董事会 于近日收到公司董事长张联东的书面辞职申请。 公告显示，张联东因工作调整，申请辞去公司第八届董事会董事、董事长及董事会战略委员会主任委 员、提名委员会委员职务，辞职后不在公司及控股子公司担任其他职务。这也是该公司半个多月内再次 出现高层人事变动。 洋河股份方面暂未披露新的董事长人选，仅在公告中表示，将尽快按照法定程序完成董事补选、新任董 事长选举等相关工作。 7月2日，智通财经注意到，洋河股份官网的领导简介页面中，现任党委书记为顾宇，党委副书记、副董 事长、总裁为钟雨。张联东的名字已不在其中。 河股份现任党委书记为顾宇。图片来源：洋河股份官网 公开资料显示，张联东出生于1968年，是江苏宿迁人。其职业履历丰富，早期在宿迁市支口乡担任党委 组织干事、组织委员，后升任宿城区经济开发区管委会主任、招商局局长等职。随后，张联东相继担任 宿城区副区长、宿迁市政府副秘书长、宿迁市城管局局长等职位。2018年3月，其任宿迁洋河旅游度假 区（市洋河新区）党工委书记、洋河镇党委书记。 洋 洋 张联东被选 ...