Recently, TIANYOUDE (002646) held an annual performance briefing, addressing key issues of market concern such as the phase fluctuations in performance, national channel expansion, operational quality improvement, and brand influence breakthroughs. In the face of a market environment pressured by the industry off-season and intensified competition among regional liquor companies, the company has abandoned the extensive expansion approach, firmly returning to the essence of its main business, comprehensively solidifying its operational core, and addressing development shortcomings, aiming to reshape the long-term growth value of the enterprise with a prudent and pragmatic operational strategy.

Regarding the widely discussed issue of national layout not meeting expectations, TIANYOUDE pointed out that the company has officially established a refined market strategy of "deepening local roots, focusing on the Northwest, and precise external expansion," which will completely reverse the situation of inefficient expansion. The company stated at the performance briefing that as a regional specialty liquor company, it has a strong brand regional attribute and a long cultivation cycle for consumers outside the province; blind all-encompassing layout can easily lead to resource dispersion and imbalance between input and output. Based on this, the company will comprehensively retract inefficient channels and ineffective investments outside the province, prioritizing deep cultivation of the core market in Qinghai, and listing Shanxi, Shaanxi, and Henan as strategic core markets in the nationalization process, focusing on key regions and resources, and striving to create model markets. At the same time, TIANYOUDE will deepen penetration in the county and township markets within the province, comprehensively solidifying the operational foundation, relying on core price range essential products to stabilize the basic market, providing stable cash flow support for the company's operations. Data shows that in the first quarter of 2026, the net cash flow from operating activities reached 146 million yuan, a year-on-year increase of 45.81%, with cash flow resilience continuing to stand out, inventory turnover and collection efficiency steadily optimizing, and operational quality continuously recovering.

Focusing on the core ideas of "adjusting structure, increasing profits, controlling costs, and enhancing efficiency," TIANYOUDE is comprehensively optimizing its product, channel, and marketing systems to pragmatically adjust and hedge against industry cycle pressures, continuously solidifying its operational core. The company stated that sales of products priced below 100 yuan were relatively stable in the first quarter, and starting this year, it will focus on products priced between 200 yuan and 300 yuan, especially investing more resources in core items such as the red box JiaZhiDe. At the same time, the company will deepen BC linkage and C-oriented operations, accelerate digital and AI marketing innovations, consolidate its base in Qinghai while orderly advancing pilot projects outside the province, striving to enhance performance and profitability.

In terms of brand building, the company leverages its unique advantages in the barley category and plateau production areas to specifically address regional brand barriers, continuously innovating brand expression methods, shaping a differentiated, youthful, and distinctive brand image, while bridging the gap with young consumer groups and breaking through the limitations of regional consumption circles.

It is noteworthy that since the beginning of this year, the company's controlling shareholder has successively released over 31.5 million pledged shares, continuously alleviating shareholder liquidity pressure and significantly reducing equity pledge risks. The steady improvement of the actual controller's financial situation provides a solid equity and governance environment for the company to focus on its main business and steadily advance strategic implementation.

In this regard, industry analysts have stated that the current liquor industry has entered a new stage of stock competition and structural optimization, with refined, specialized, and high-quality development becoming the core trend for regional liquor companies. TIANYOUDE's strategic adjustment aligns precisely with the logic of industry development, and with the optimization of product structure, enhancement of channel efficiency, and continuous release of brand differentiation advantages, the company is expected to gradually fulfill performance recovery expectations, relying on its unique barley category track to forge a path of steady growth with its own characteristics