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]

显然，白酒行业目前仍处于深度调整期，库存积压、价格倒挂、经销商退出等现象在近两年似乎愈演愈 烈，白酒消费市场遇冷，市场复苏态势较弱等情况成为常态，几乎所有的白酒企业都面临新的挑战，此 时考验的便是企业穿越周期的能力，比起盲目激进，立足长远、拥抱长期主义才是头部酒企应有的担 当。 面对行业变局，作为头部酒企的洋河选择主动慢下节奏，积极调整经营策略，稳固提升产品品质，全面 推动营销转型。据悉，洋河在去年主动减少白酒产量，帮助经销商释放库存，减轻压力；同时优化产品 结构，创新文化表达，通过产品升级在高端及中高端市场实现新突破。 持续升级焕新产品 4月28日晚，洋河股份发布2024年报。2024年实现营业收入288.76亿元，归属于上市公司股东的净利润 66.73亿元。公司拟以现有总股本逾15亿股为基数，向全体股东每10股派发现金红利23.17元（含税）， 派发现金红利共计34.9亿元（含税）。 这样一份成绩单在引发讨论背后，也让更多人看到白酒行业当下的困境与企业的积极求变。从目前披露 2024年报的白酒上市公司来看，多家企业出现业绩下滑，其中不乏净利暴跌近一倍的企业，头部酒企也 普遍出现业绩增速放缓的情况。 构建完 ...