证券研究报告 | 2025年08月19日 洋河股份（002304.SZ） 中性 2025H1 报表持续释放压力，公司聚焦主导产品控量挺价 2025Q2 公司收入及净利润降幅环比扩大，持续释放压力。2025H1 公司实现营 业总收入 148.0 亿元/同比-35.3%，归母净利润 43.4 亿元/同比-45.3%；其 中 2025Q2 营业总收入 37.3 亿元/同比-43.7%，归母净利润 7.1 亿元/同比 -62.7%；第二季度行业需求下降较多，收入及净利润降幅环比 25Q1 扩大。 公司重视主品控量挺价，产品结构略有下移。分产品看，2025H1 中高档酒/普 通 酒 收 入 分 别 126.7/18.4 亿 元 ， 同 比 -36.5%/-27.2% ， 毛 利 率 同 比 +0.87/-3.65pcts，预计主品蓝色经典渠道促销政策减少，海之蓝升级换代 后略有提价，洋河大曲等低价位产品投放力度加大。分量价看，2025H1 白 酒销售量同比-32.4%/吨价同比-4.5%。我们预计第一季度水晶梦、M6+等受 益于春节宴席销售表现较好，第二季度在政策影响下，海之蓝及以下价位产 品抗风险能力较好，结构或有沉 ...

Core Viewpoint - The recent "ban on alcohol" has limited short-term impact on the liquor industry, but it may significantly influence the strategic layout of liquor companies and alter the industry landscape [1][2][3]. Summary by Sections Impact of the New Ban - The new ban is issued by the central government, marking a shift from previous local regulations, and it imposes stricter standards on alcohol consumption in government settings [1][2]. - The 2025 revised regulations explicitly prohibit all alcoholic beverages in work meals, affecting state-owned enterprises and financial institutions [2][3]. Market Reaction and Consumption Trends - The proportion of government consumption in liquor sales has decreased from 40% in 2011 to around 5% currently, suggesting that the direct revenue impact of the new ban will be minimal [2][5]. - The new regulations are linked to recent incidents involving officials and alcohol, which may lead to temporary market volatility but are not expected to fundamentally alter investment logic in the liquor sector [2][3]. Brand and Market Dynamics - The new ban is unlikely to replicate the severe market downturn seen after the 2012 "Eight Regulations," as high-end brands like Moutai remain essential in business settings [3][5]. - Moutai's sales from government channels are estimated to be around 2% of total sales, indicating limited exposure to the new regulations [5][6]. - The ban may disproportionately affect mid-tier brands that rely on government consumption for brand prestige, while high-end brands maintain their market position [5][6]. Long-term Industry Evolution - The series of alcohol bans over the years has gradually shifted the liquor industry from policy dependence to market-driven dynamics, leading to significant changes in industry structure [7][8]. - Current consumption scenarios show that family gatherings, social events, and business dinners are the top three contexts for liquor consumption, highlighting the need for brands to adapt to changing consumer preferences [8][11]. Future Outlook - The industry is expected to continue evolving, with companies like Moutai and Wuliangye exploring new consumption scenarios and lifestyle branding to maintain relevance [11][12]. - Investors are advised to monitor the sector for potential recovery signals, with expectations for a market turnaround possibly extending to late 2025 or 2026 [12].

Core Viewpoint - Yanghe Co., Ltd. is facing significant growth challenges, with declining revenue and profit in 2024, leading to a drop in industry ranking to fifth place, reflecting both industry cycles and internal strategic issues [1][4][5] Financial Performance - In 2024, Yanghe's revenue decreased by 12.83% to 28.876 billion yuan, and net profit fell by 33.37% to 6.673 billion yuan [4][8] - The first quarter of 2025 saw further declines, with revenue and net profit dropping by 31.92% and 39.93% respectively [4][8] - Yanghe's production volume in 2024 was 145,000 tons, down 8.4% year-on-year, while sales volume decreased by 16.3% [8] Market Position and Competition - Yanghe is the only company in the 30 billion yuan revenue group to experience a decline, being surpassed by Shanxi Fenjiu and Luzhou Laojiao [5][6] - The overall white liquor market is entering a phase of "stock competition," with Yanghe's main products under pressure in the mid-range and sub-high-end segments [8][9] - Competitors like Moutai and Wuliangye have established strong market positions, while Yanghe struggles in both high-end and low-end markets [9][10] Channel and Strategy Issues - Yanghe's traditional "deep distribution" model has led to inventory pressure and reduced dealer profits, prompting a shift to a new channel strategy [13][14] - Despite attempts to reform, the transition has not alleviated channel conflicts, resulting in a significant number of dealers exiting the market [15][19] - As of 2024, Yanghe had 8,866 dealers, but the average revenue contribution per dealer was only 3.14 million yuan, significantly lower than competitors [15] Internal Governance and Management - The company has experienced multiple leadership changes since 2019, leading to a lack of strategic continuity [21][22] - The current board lacks representation from individuals with grassroots experience in Yanghe, which has contributed to governance challenges [22][23] - Yanghe's stock price has dropped over 70% since 2021, reflecting market skepticism about its future growth and management capabilities [20][21] Dividend Policy - In an effort to boost investor confidence, Yanghe announced cash dividends totaling 7 billion yuan in 2024, with a commitment to maintain annual dividends of at least 70% of net profit [26] - However, there are doubts among investors regarding the sustainability of these dividends given the company's declining revenue and profit [26]

Core Viewpoint - Yanghe Co., Ltd. has reported its 2024 annual results and 2025 Q1 results, showing resilience and strategic adjustments in a challenging industry environment [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 28.876 billion yuan and a net profit attributable to shareholders of 6.673 billion yuan [1] - For Q1 2025, the operating revenue was 11.066 billion yuan, with a net profit of 3.637 billion yuan [1] Product Strategy - The company is focusing on product innovation with a "golden matrix" strategy, emphasizing "soft quality" and "aged liquor" [1] - Key brands such as "Blue Classic," "Dream Blue," and "Handcrafted Class" are prioritized for product iteration and market adaptation [1] - The seventh generation of the mid-range product "Sea Blue" has been upgraded, enhancing its market position [2] - The "Dream Blue" series continues to penetrate the sub-premium market, with "Dream Blue M6+" maintaining a central market position [1][2] Market Positioning - Yanghe is expanding its product layout for high-end light bottle liquor, targeting quality, convenience, and affordability [2] - The company is also introducing creative products aimed at younger consumers, such as micro-molecule and zodiac wines [2] Channel and Distribution Strategy - The company is implementing a "provincial cultivation, external breakthrough" strategy, adding 77 new distributors throughout the year [2] - Marketing strategies have shifted from "deep distribution" to "precise marketing," enhancing sales efficiency [2] Production Capacity - Yanghe has established over 20 square kilometers of brewing industrial parks across various provinces, with a production capacity of 160,000 tons of raw liquor and a storage capacity of 1 million tons [2] - The company holds the largest inventory of aged liquor in the industry at 700,000 tons, supported by a Guinness-certified pool of wine cellars [2] Long-term Strategy - The company is focusing on building a solid foundation during the industry's adjustment period, emphasizing systematic resource accumulation and capability development [3] - Yanghe aims to strengthen its product, channel, and organizational foundations to prepare for the next growth cycle [3]