Yanghe(SZ:002304)2025-04-30 13:50Group 1: Company Strategy and Market Position - The company is focusing on enhancing brand strength, channel profitability, and inventory reduction amidst a complex external environment and intensified industry competition [1] - The core fundamentals of the company remain unchanged, with strong brand recognition and a well-structured sales organization [2] - The strategy for deep nationalization remains intact, with a focus on key regional markets such as Shandong and Henan, while also strengthening emerging markets like Inner Mongolia [2] Group 2: Product Performance and Development - The main product structure is stable, with "Hai Zi Lan" and "Meng Zi Lan" being the core products, while "Tian Zi Lan" and "Shui Jing Ban Meng Zi Lan" are more affected by market fluctuations [2] - The "Meng Zi Lan M6+" product is a leading brand in the mid-to-high-end price range, with efforts to manage supply and demand issues [3] - The company is actively implementing the "True Vintage" strategy to leverage production capacity advantages and enhance product quality [4] Group 3: Distributor and Market Engagement - The company is committed to cultivating large distributors and has established a tiered system for distributor classification to support growth [4] - The seventh generation of "Hai Zi Lan" is set to launch in the first half of the year, targeting the 100 yuan price range with a focus on youthful and fashionable branding [4]