在宏观经济承压、消费场景受限的行业背景下，洋河股份在产品结构升级、品牌势能巩固、渠道效率优 化等方面展现出一定韧性，为企业持续发展注入新动能。 产品结构稳步优化 产品结构优化是成为洋河三季报最核心的优势。面对行业"量减价升"的结构性调整趋势，公司以高端化 战略为核心，推动产品矩阵向高附加值领域集中，为长远发展夯实基础。 洋河持续推进"双名酒、多品牌、多品类"协同发展战略，梦之蓝手工班、梦之蓝M9、梦之蓝M6+、梦 之蓝水晶版构筑高端矩阵；天之蓝、海之蓝延续国民经典；头排·苏酒、贵州贵酒各具特色，满足多元 需求，在全国范围加速产品结构升级进程，为洋河穿越发展周期注入新动力。其中，第七代海之蓝、高 线光瓶酒、洋河国宾、金梦九（M9），超级足球，微分子新品在南京秋糖全新亮相，强化与消费者的 情感链接与共鸣，进一步加速了全国市场的产品结构升级。 10月30日，洋河股份发布2025年第三季度报告。2025年前三季度实现营业收入180.9亿元，归属于上市 公司股东净利润39.75亿元。 今年夏天，洋河携手央视打造《苏超最前线》特别节目，助力"苏超"燃爆全国，借势足球赛事实现年轻 群体渗透。10月份，洋河超级粉丝节将"宠粉 ...

➢ 投资建议：公司短期内降速抒压，消化渠道库存，报表加速调整；中长期来 看，公司调整经营节奏，强化大本营市场运作，梳理海天梦主导产品价格体系， 同时持续扩展省外市场，静待需求修复重拾增长。我们预计公司 25-27 年归母净 利润分别为 37.9、44.3、54.4 亿元，EPS 分别为 2.51、2.94、3.61 元，当前股 价对应 P/E 分别为 28、24、20X，维持"推荐"评级。 ➢ 风险提示：省内市场竞争加剧、省外扩张不及预期、次高端修复不达预期。 延续深度调整，静待改善拐点 2025 年 11 月 02 日 ➢ 事件：公司于 2025 年 10 月 31 日发布 2025 年三季报，25Q1-3 实现营收 180.9 亿元，同比-34.3%；实现归母净利润 39.8 亿元，同比-53.7%；实现扣非 归母净利润 37.6 亿元，同比-55.3%。单季度看，25Q3 实现营收 33.0 亿元，同 比-29.0%；实现归母净利润-3.7 亿元，扣非归母净利润-4.8 亿元，同比由盈转 亏。 ➢ 禁酒令影响下持续调整，盈利能力承压。利润方面：2025Q1-3 公司毛利率 同比-2.7pcts 至 71 ...

白酒行业的三季度报告，如同一面多棱镜，折射出冰与火的两重天。行业分化的马太效应正以前所未有 的速度加剧，市场正从分散竞争向头部企业集中重构，中小酒企的生存空间被持续压缩，行业竞争逻辑 已经从"铺货即增长"转向"硬核内功"的较量。 10月30日，洋河股份发布2025年第三季度报告。财报数据显示，洋河股份前三季度实现营业收入180.90 亿元，归母净利润39.75亿元。在这一轮深度调整中，洋河股份不再单纯追求规模增长，而是回归本 质、苦练内功，通过产品创新与用户情感链接的"双引擎"，主动为未来的发展积蓄力量。 | 手续费及佣金支出 | | | | --- | --- | --- | | 退保金 | | | | 赔付支出净额 | | | | 提取保险责任准备金净额 | | | | 保单红利支出 | | | | 分保费用 | | | | 税金及附加 | 3.067.094,795.05 | 4,242,811,527.51 | | 销售费用 | 3, 400, 136, 973. 29 | 3,900,327,830.78 | | 管理费用 | 1.293.915, 398. 51 | 1, 417, 870, 94 ...

Core Viewpoint - The white liquor industry is experiencing a significant divergence, with a concentration of market power among leading companies, while smaller enterprises face increasing survival challenges. The competition has shifted from mere distribution to a focus on core competencies and product innovation [1][2]. Financial Performance - Yanghe Co. reported a revenue of 18.09 billion yuan and a net profit of 3.975 billion yuan for the first three quarters of 2025. The company is prioritizing internal capabilities over scale growth during this adjustment phase [1][5]. Strategic Focus - Yanghe is maintaining strategic consistency by emphasizing quality through traditional methods and focusing on consumer-defined value. The company is targeting younger consumers with a "bottle-opening" approach to enhance engagement [2][4]. Product Development - The company is diversifying its product offerings by introducing new products like the seventh generation of Hai Zhi Lan and low-alcohol beverages, while also exploring new consumption scenarios. This strategy aims to create a comprehensive product matrix that spans from high-end to mass-market segments [4][5]. Investment in R&D - Yanghe's R&D investment increased by 77.92% compared to the previous year, indicating a commitment to product upgrades and market share consolidation. The company's contract liabilities rose to 6.424 billion yuan, reflecting a positive outlook on channel confidence [5][6]. Brand Strategy - Yanghe is building a multi-dimensional brand communication system that integrates content, scenarios, and experiences to enhance brand recognition and consumer engagement. Initiatives like sponsoring sports events and cultural programs are designed to connect with consumers on a deeper level [7][9]. Market Insights - The main consumer demographic for white liquor is shifting, with younger generations (born between 1985-1994) becoming the primary market segment. Yanghe is adapting its branding and product strategies to resonate with this demographic's cultural identity [9]. Future Outlook - Analysts suggest that Yanghe's current strategic positioning may lead to a significant rebound in performance by the end of 2026, contingent on inventory management and pricing adjustments [9].

Core Insights - The Chinese liquor industry is currently experiencing a "bottoming out" phase, as evidenced by the performance reports of companies like Yanghe, which reported a revenue of 18.09 billion yuan and a net profit of 3.975 billion yuan for the first three quarters of 2025, reflecting a common trend during the industry's adjustment period [1][3]. Industry Overview - In 2025, nearly 80% of liquor companies are facing market challenges, with traditional peak seasons failing to generate expected sales, leading to high channel inventory and price inversions [1][3]. - The industry is transitioning from a golden era of simultaneous volume and price growth to a focus on quality preservation among leading companies [1][3]. Company Strategy - Yanghe's strategy for 2025 emphasizes "de-stocking, enhancing momentum, and stabilizing prices," with a focus on reducing channel inventory through various promotional measures, resulting in a double-digit reduction in overall market inventory [1][3]. - The company employs a unique approach to inventory reduction by promoting sales rather than imposing sales targets, utilizing strategies like QR code red envelopes and banquet policies to engage high-net-worth consumers [3][4]. Digital Transformation - Yanghe's digital infrastructure is enhancing efficiency by enabling promotional policies to reach terminals directly and using data analytics to match demand accurately, thereby reducing burdens on channels and increasing effectiveness [3][4]. Product Strategy - Yanghe continues to implement a "dual famous liquor, multi-brand, multi-category" strategy, creating a comprehensive product matrix that spans all price ranges, which strengthens its risk resilience [4][5]. - Despite short-term revenue pressures, Yanghe maintains its investment in product quality, with significant resources dedicated to premium storage and traditional craftsmanship, which fosters consumer loyalty [5][7]. Market Positioning - The company has launched six new products this year, including upgraded versions of existing lines and new entries that have generated excitement in the market, indicating a strong commitment to innovation [7]. - Yanghe's substantial raw liquor reserves and product innovation capabilities position it well for future growth, suggesting that the current challenging period may serve as a foundation for a new phase of expansion for long-term investors [7].

存量竞争下的转型样本 白酒行业分析师肖竹青认为,洋河先挤泡沫、再蓄动能,通过"破局—筑基—实现突围"逻辑清晰。他强调,与一般酒企不同,洋河是通过"以促动销"而不是"压任 务"的方式去化:通过扫码红包、宴席政策、品鉴等C端拉动高净值人群共鸣与共情——让货真正让目标消费者喝掉,而不是在渠道空转。 2025年白酒行业的"磨底"态势,在一份份业绩报告中留下了清晰注脚。 10月30日晚,洋河股份发布了2025年第三季度业绩报告,公司前三季度实现营业收入180.9亿元,归属于上市公司股东净利润39.75亿元。既折射出行业调整期的 共性趋势,更暗藏着企业锚定长期价值的战略定力。 2025年,白酒行业正经历新一轮业绩深蹲。 中酒协报告显示,近八成酒企遭遇市场寒流,传统旺季"旺不动了",渠道库存高企与价格倒挂并存。在宏观消费环境变迁与产业政策引导下,白酒行业正告别过去 量价齐升的黄金时代,头部酒企的战略重点普遍从"求增速"转向"保质量"。 洋河的转型样本同样值得研究。2025年,洋河整体以"去库存、提势能、稳价盘"为总体基调,降低渠道库存是重点工作,通过各项促动销措施的落地推进,整体市 场库存实现两位数去化,渠道整体压力有所减 ...