We Expect Yanghe to Outstrip the Baijiu Sector
Wide-moat Jiangsu Yanghe Brewery, or Yanghe, reported 2018 full-year preliminary results largely in line with our forecasts, with revenue and operating profit up 21% and 22% year on year, respectively, to CNY 24.1 billion and CNY 10.8 billion. As we expected, fourth-quarter revenue growth decelerated to 3.8% down from a 24% increase in the first three quarters, owing to the company’s shipment controls strategy to ensure retail inventory level is healthy. Meanwhile, fourth-quarter operating profi...Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. is a China-based company, principally engaged in the production and distribution of liquor and related products. The Company produces liquor products and red wine products. The Company's major liquor offerings include Yanghe, Shuanggou and Siyang series. The Company primarily distributes its products within domestic markets, with Jiangsu Province as its main market.
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