证券之星消息，1月12日非白酒板块较上一交易日上涨0.7%，中信尼雅领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600084 | 中信尼雅 | 5.50 | 3.58% | 8.81万 | | 4757.94万 | | 601579 | 会稳山 | 21.24 | 1.87% | 11.88万 | | 2.50亿 | | 600573 | 惠泉啤酒 | 12.14 | 1.76% | 11.45万 | | 1.38亿 | | 002568 | 百润股份 | 22.40 | 1.63% | 1 9.49万 | | 2.12亿 | | 600616 | 金枫酒业 | 5.49 | 1.48% | 15.10万 | | 8249.83万 | | 600600 | 顾些创恤 | 63.09 | 1.46% | 6.19万 | | 3.88亿 | | 6 ...

| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：127046 | 债券简称：百润转债 | | 上海百润投资控股集团股份有限公司 百润转债2025年第四季度转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于核准上海百润投资控股集团股份有限公司 公开发行可转换公司债券的批复》（证监许可[2021]2939号）核准，公司于2021 年9月29日公开发行了1,128万张可转换公司债券，每张面值100元，发行总额 112,800万元。本次发行的可转换公司债券向发行人在股权登记日收市后中国证 券登记结算有限责任公司深圳分公司登记在册的原股东优先配售，原股东优先配 售后余额部分（含原股东放弃优先配售部分）采用网上通过深交所交易系统向社 会公众投资者发行，认购金额不足112,800万元的部分由主承销商包销。 （二）可转换公司债券上市情况 2022年1月24日，公司202 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 食饮 产业专家一线跟踪 20260104 摘要 Q&A 百润公司在 2025 年 12 月份的整体销售业绩如何? 2025年 12月份,百润公司进行了大规模促销活动,并对经销商采取了压货措施。 整体上,公司完成率约为90%,相较于去年同期有小个位数的增长。尽管 10 月 百润股份四季度鸡尾酒业务受益于轻享和微醺果冻酒新品驱动,合计占比 ● 达 15%,但强爽系列略有下滑。威士忌业务在华南地区人事调整后业绩显 著提升,全年销售额达 2.5 亿元,并计划通过 020 活动和渠道拓展实现 2026年 4 亿元目标。 百润股份预计 2026年清享系列销售额增长 150%至 2.5 亿元,果冻酒系列 . 增长 70%-80%至 2 亿元,强爽系列维持 13 亿元,微醺系列维持 10 亿元。 同时,将重启与 M 品牌合作,并在湖南等地推广夜间售卖低度酒模式,预 计整体业绩增长 15%以上。 茅台调整产品结构,减少辅助性产品,增加飞天和精品等大单品供应,飞 . 天系列总量保持稳定,通过减少其他规格补充 500毫升飞天茅台。同时, 计划通过竞品和 15年系列补充减少的 ...

Market Overview - The non-liquor sector increased by 0.17% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up by 0.09%, while the Shenzhen Component Index closed at 13525.02, down by 0.58% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 21.81, with a rise of 2.11% and a trading volume of 102,200 shares, amounting to a transaction value of 222 million yuan [1] - ST XiFa (000752) closed at 66.01, up by 1.57%, with a trading volume of 26,400 shares [1] - GuYueLongShan (600059) closed at 9.26, increasing by 0.87% with a trading volume of 83,400 shares [1] - Other notable stocks include ZhongXinNiYa (600084) at 5.25 (+0.77%), ZhangYu A (000869) at 20.58 (+0.59%), and XianJing Beer (000729) at 11.23 (+0.45%) [1] Capital Flow - The non-liquor sector experienced a net outflow of 36.52 million yuan from institutional investors, while retail investors saw a net inflow of 54.50 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Qingdao Beer (600600) had a net inflow of over 9.80 million yuan from institutional investors, while retail investors had a net outflow of 9.96 million yuan [3] - WeiLong Co., Ltd. (603779) saw a net inflow of 4.23 million yuan from institutional investors, but a net outflow of 4.59 million yuan from retail investors [3] - Other stocks like ZhongXinNiYa (600084) and ZhangYu A (000869) also showed varied capital flows, with institutional and retail investors reacting differently [3]

Core Viewpoint - The consumer sector has faced significant challenges in the past year, with many sub-sectors experiencing declines despite overall market growth. The focus on domestic demand and consumption has not translated into positive performance for many consumer-related industries [1][5]. Consumer Sector Performance - In the first half of the year, 10 out of 16 declining industries were from the consumer sector, indicating a broader trend of underperformance [1]. - The white liquor sector, a key component of the consumer market, has seen a year-to-date decline of 12.44%, with major brands like Wuliangye experiencing significant drops in revenue and profit [6][9]. - The professional chain sector has been particularly hard-hit, with a year-to-date decline of 14.72%, exemplified by the struggles of companies like Renrenle [16][20]. White Liquor Sector - The white liquor industry is facing its eighth consecutive year of production decline, with both volume and price dropping simultaneously [10]. - Wuliangye reported a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters, marking its first negative growth in a decade [9]. - The industry is shifting from a growth-driven model to one focused on consumer choice, with a need for companies to adapt to changing consumer preferences [15]. Professional Chain Sector - The professional chain sector is experiencing a crisis, with many physical stores closing and traditional business models failing [16][20]. - Renrenle, once a leading private supermarket, has seen its market value plummet and is now facing delisting due to ongoing financial struggles [21][24]. - The shift towards online shopping and personalized consumer demands has further exacerbated the challenges faced by traditional retail chains [24][25]. Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also faced declines, with the beer segment seeing a notable drop in sales and profits [27][32]. - Budweiser APAC reported an 8.2% decline in domestic sales and a 24.4% drop in net profit, reflecting broader industry challenges [32][33]. - The market is witnessing a trend of cross-industry competition, with liquor companies diversifying into new beverage categories [34]. Publishing Sector - The publishing industry has shown resilience despite a 10.4% decline in the overall market for printed books, with listed companies managing to increase net profits by 14.65% [43][44]. - However, leading companies like Zhongwen Media are struggling, with significant revenue and profit declines due to changes in educational material procurement policies [45][48]. Seasoning Sector - The seasoning industry has faced a 6.04% decline, with companies like Qianhe Flavor struggling due to falling revenues and a loss of consumer trust [51][55]. - The industry is experiencing a shift in consumer preferences and increased competition, necessitating a reevaluation of business strategies [60]. Traditional Chinese Medicine Sector - The traditional Chinese medicine sector is facing challenges, with companies like Pian Zai Huang reporting significant declines in revenue and profit due to rising costs and regulatory pressures [61][66]. - The industry is undergoing a transformation as companies seek to innovate and diversify their product offerings [70]. Digital Media Sector - The digital media industry has seen a 4.95% decline, with companies like Mango TV reporting significant drops in revenue and profit due to changing consumer behaviors and market dynamics [71][74]. - The sector is grappling with the need to adapt to new content consumption trends while facing pressure from traditional advertising models [75]. Kitchen and Bathroom Appliances Sector - The kitchen and bathroom appliance sector has experienced a 4.11% decline, largely due to reduced demand from the real estate market [78][79]. - Companies like Boss Electric are facing revenue declines for the first time in years, highlighting the challenges of adapting to a changing market landscape [79][80]. White Goods Sector - The white goods sector has seen a 2.02% decline, with major players like Gree Electric facing significant revenue and profit pressures due to increased competition and market saturation [83][84]. - The industry is shifting towards a focus on product quality and brand strength as external stimuli diminish [88]. Hotel and Restaurant Sector - The hotel and restaurant sector has faced a 1.37% decline, with revenue pressures stemming from changing consumer spending habits and increased competition from online platforms [89][92]. - Companies are beginning to adopt more refined operational strategies to navigate the challenging market environment [96].

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

Core Insights - The low-alcohol beverage market in China has rapidly expanded, with market size projected to grow from 200 billion yuan in 2020 to over 570 billion yuan by 2024, and globally reaching 634.17 billion yuan in 2023, expected to exceed 740 billion yuan by 2025 [1][4][6] - The shift in consumer preferences from traditional high-alcohol beverages to low-alcohol options is driven by younger generations seeking healthier and more enjoyable drinking experiences [5][6][8] - The market is becoming increasingly competitive with new brands entering, including traditional liquor companies and retail chains launching their own low-alcohol products [5][9][12] Market Trends - The rise of low-alcohol beverages is characterized by a cultural shift from "drinking for social obligation" to "drinking for personal enjoyment," with 50% of consumption occurring at home and a 56% increase in outdoor activities like camping [5][6] - Young consumers aged 18-35 account for 68% of sales, with a significant portion being female [5][6] - Health concerns are a primary motivator for Gen Z consumers choosing low-alcohol options, as traditional high-alcohol spirits are viewed as outdated [6][8] Competitive Landscape - Established brands like RIO and emerging players such as Mei Jian and Bei Rui Tian Xin are competing for market share, with RIO facing challenges due to declining sales and brand fatigue [2][9][11] - Traditional liquor companies like Moutai and Wuliangye are diversifying into low-alcohol products, while retail chains like Hema and Haidilao are also launching their own offerings [5][9] - The market is characterized by a lack of standout brands, with many new entrants struggling to differentiate themselves in a crowded space [12] Consumer Behavior - Young consumers prefer low-alcohol products that are smooth and sweet, contrasting with the strong flavors of traditional spirits [8] - The use of social media has significantly increased the visibility and popularity of low-alcohol beverages, with discussions on platforms tripling in 2020 [4] - The trend towards low-alcohol beverages is not just a passing fad; it reflects a deeper cultural shift in drinking habits among younger generations [5][6]

截至9月30日，百润股份股东户数4.17万，较上期增加20.70%；人均流通股17345股，较上期减少 17.15%。2025年1月-9月，百润股份实现营业收入22.70亿元，同比减少4.89%；归母净利润5.49亿元，同 比减少4.35%。 分红方面，百润股份A股上市后累计派现26.73亿元。近三年，累计派现8.33亿元。 机构持仓方面，截止2025年9月30日，百润股份十大流通股东中，酒ETF（512690）位居第五大流通股 东，持股1679.30万股，相比上期增加578.90万股。兴全合润混合A（163406）退出十大流通股东之列。 责任编辑：小浪快报 12月29日，百润股份涨0.09%，成交额1.28亿元。两融数据显示，当日百润股份获融资买入额899.64万 元，融资偿还1200.92万元，融资净买入-301.28万元。截至12月29日，百润股份融资融券余额合计2.71 亿元。 融资方面，百润股份当日融资买入899.64万元。当前融资余额2.62亿元，占流通市值的1.16%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，百润股份12月29日融券偿还800.00股，融券卖出1.49万股，按 ...

证券之星消息，12月29日非白酒板块较上一交易日下跌1.42%，惠泉啤酒领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002568 | 百润股份 | 21.49 | 0.09% | | 5.94万 | 1.28亿 | | 600543 | 草高股份 | 5.43 | 0.00% | | 5.90万 | 3193.09万 | | 600059 | 古越龙山 | 9.20 | -0.43% | | 5.60万 | 5170.45万 | | 601579 | 会稽山 | 20.66 | -0.48% | | 4.09万 | 8461.16万 | | 603779 | 威龙股份 | 6.49 | -0.61% | | 5.11万 | 3302.76万 | | 600238 | *ST椰岛 | 6.48 | -0.61% | | 7.07万 | 4575.6 ...

上海百润投资控股集团股份有限公司 关于为全资子公司提供担保额度的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、解除担保情况 （一）担保情况概述 上海百润投资控股集团股份有限公司（以下简称"公司"）与招商银行股份 有限公司上海分行（以下简称"招行上海分行"）签订了《最高额不可撤销担保 书》（编号：540224110101），为公司之全资子公司上海巴克斯酒业营销有限公 司（以下简称"巴克斯营销"）承担最高限额为 3 亿元的连带保证责任；公司与 招行上海分行签订了《最高额不可撤销担保书》（编号：5402241102），为公司 之全资子公司上海锐澳商务咨询有限公司（以下简称"锐澳商务"）承担最高限 额为 1 亿元的连带保证责任，详见 2024 年 11 月 28 日登载于《证券时报》《上 海证券报》《证券日报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 的《百润股份：关于为全资子公司提供担保额度的进展公告》（公告编号： 2024-073）。 （二）解除担保情况 1．近日，公司接到锐澳商务、招行上海分行通知，锐澳商务已 ...