Soochow Securities Co., Ltd.: Maintains "Buy" rating on Yanghe, reports continue to clear, focus on marketing transformation

Soochow Securities Co., Ltd. research report points out that Yanghe's financial statements continue to clear up, focusing on marketing transformation. In the first half of the year, the liquor industry's prosperity continued to be under pressure, and the pattern of existing competition accelerated its evolution, with further highlighting of industry concentration and differentiation trends. The company is grasping the operational rhythm in light of the current environment, guiding its main products and key markets with a policy orientation towards opening bottles, increasing inventory reduction and promoting sales, while continuing deep adjustments in the short term and focusing on subsequent marketing transformations. Based on three judgments: first, the financial statements are clearing quickly, and the company is lightly positioned in the liquor industry; second, the launch of the seventh generation of Hai Zhi Lan/High Line Clear Bottle Liquor and proactive operational transformation; third, the dynamic dividend yield reaches 6.7%, with a balanced offensive and defensive position, maintaining a "buy" rating