Jiangsu Yanghe Distillery Co Ltd Class A

002304: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Demand Headwind Persists for Jiangsu Yanghe, but Dividend Commitment Lifts Investor's Value

Jennifer Song

Oct 31, 2025

Business Strategy and Outlook

Jiangsu Yanghe Brewery has become one of China's top five distilleries by revenue since 2008. Thanks to its strong brand equity and solid management execution, Yanghe has become the leader in the midrange to premium segment and enjoys sound profitability, with operating margin of 41% on average over the past 10 years.

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Jiangsu Yanghe Distillery Co Ltd Class A

Demand Headwind Persists for Jiangsu Yanghe, but Dividend Commitment Lifts Investor's Value

Business Strategy and Outlook

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