截至发稿，马鹏飞累计任职时间5年134天，现任基金资产总规模6.59亿元，任职期间最佳基金回报 16.82%， 任职期间最差基金回报-29.26%。 从基金十大重仓股角度 数据显示，光大保德信基金旗下1只基金重仓百润股份。光大保德信消费股票A（008234）二季度持有 股数25.39万股，占基金净值比例为4.04%，位居第九大重仓股。根据测算，今日浮亏损失约17.77万 元。连续3天下跌期间浮亏损失53.57万元。 9月3日，百润股份跌2.62%，截至发稿，报26.03元/股，成交2.24亿元，换手率1.18%，总市值273.15亿 元。百润股份股价已经连续3天下跌，区间累计跌幅7.5%。 光大保德信消费股票A（008234）成立日期2020年4月23日，最新规模1.57亿。今年以来收益11.91%， 同类排名3409/4222；近一年收益32.11%，同类排名2958/3783；成立以来收益16.8%。 资料显示，上海百润投资控股集团股份有限公司位于上海市康桥工业区康桥东路558号，成立日期1997 年6月19日，上市日期2011年3月25日，公司主营业务涉及香精香料产品研发、生产和销售;预调鸡尾酒 业务。 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 09 02 年 月 日 食品饮料 啤酒旺季平稳，饮料龙头势强 啤酒：收入环比略降速，成本红利稳兑现 软饮料：竞争加剧，龙头势强 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2024-09 2025-01 2025-05 2025-08 食品饮料 沪深300 作者 分析师 李梓语 执业证书编号：S0680524120001 邮箱：liziyu1@gszq.com 分析师 陈熠 执业证书编号：S0680523080003 邮箱：chenyi5@gszq.com 分析师 黄越 执业证书编号：S0680525050002 邮箱：huangyue1@gszq.com 相关研究 1、《食品饮料：大众品 25H1 总结：收入修复，业绩分 化》 2025-09-01 2、《食品饮料：零食板块 2025 中报总结：行业成长分 化，个股亮点显著》 2025-09-01 3、《食品饮料：用出清换改善——白酒行业 2025H1 中 报总结》 2025-08-31 ➢ A 股：啤酒 A+H 股：25H1 行业整体稳健，成本下降稳定贡献利润。 ...

消费疲软，曾创造销量神话的RIO鸡尾酒也不好卖了？ 2024年，公司销售费用涨到7.5亿，营收却下滑6.61%，净利润也跌了11.15%。 预调酒卖不动了，百润怎么办？它开始讲一个新故事：烈酒，说要"做中国自己的威士忌"。 据不完全统计，从2017年布局烈酒至今，百润已经投资超30亿元。今年上半年，公司陆续推出了十几款 威士忌产品。但目前，这块业务还没带来明显收入。 RIO母公司百润股份，正在经历一场艰难的转型。财报显示，上半年公司营收14.89亿元，同比下滑 8.56%，归母净利润3.89亿，同比下滑3.32%。 那么问题来了：白酒巨头都在进军低度酒，百润却冲进重资产的威士忌赛道——这场30亿的豪赌，还能 不能复制RIO当年的奇迹？ 要知道，百润接近九成的收入都靠酒类产品。但今年上半年，以RIO为代表的酒类业务同比下滑 9.35%，直接少卖了218万箱。 说到RIO，很多人不知道，它的母公司百润股份最早其实是卖香精的。创始人刘晓东偶然发现，夜场的 鸡尾酒比香精赚钱多了，才在2003年推出了RIO。不过一开始定位不清，负债一度高达2500万元。 后来RIO定位"小姐妹聚会的青春小酒"，并开启疯狂营销。2014 ...

公 华福证券 司 研 究 百润股份（002568.SZ） 酒类主业承压调整，期待威士忌成长放量 公 司 财 事件：公司发布 2025 年半年报，上半年公司实现营业收入 14.89 亿元，同 比-8.56%；实现归母净利润 3.89 亿元，同比-3.32%；实现扣非归母净利润 3.56 亿元，同比-9.04%；经营活动现金流净额 4.91 亿元，同比增长 67.06%。 其中 Q2 单季度实现营收 7.52 亿元，同比-8.98%；归母净利润 2.08 亿元， 同比-10.85%，扣非归母净利润 1.78 亿元，同比-22.61%。 报 点 评 酒类主业仍处调整期，线下渠道需求阶段性承压。分产品看，25H1 公 司酒类产品板块主营业务收入 12.97 亿元，同比-9.35%；香精业务收入 1.69 亿元，同比-3.91%。分渠道看，25H1 公司线下渠道收入 13.11 亿元，同比 -9.63%；数字零售渠道收入 1.55 亿元，同比-0.57%。公司期末经销商数量 合计 2268 家，较期初净增 200 家，渠道深度广度稳步提升。 Q2 毛利率小幅下行，整体盈利能力维持稳健。2025Q2 公司实现毛利 率 7 ...

Company Overview - Shanghai Bairun Investment Holding Group Co., Ltd. was established on June 19, 1997, and listed on March 25, 2011. The company is primarily engaged in the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails. The revenue composition is as follows: alcoholic products 87.14%, food flavoring 11.34%, and others 1.52% [1]. Stock Performance - As of September 1, the stock price of Bairun fell by 2.03%, trading at 27.57 CNY per share, with a total market capitalization of 28.931 billion CNY. The stock has decreased by 0.52% year-to-date, dropped 3.30% over the last five trading days, increased by 13.60% over the last 20 days, and decreased by 2.34% over the last 60 days [1]. - The trading volume on September 1 was 254 million CNY, with a turnover rate of 1.26%. The net outflow of main funds was 12.5903 million CNY, with large orders buying 44.0565 million CNY (17.36%) and selling 51.3180 million CNY (20.23%) [1]. Financial Performance - For the first half of 2025, Bairun reported a revenue of 1.489 billion CNY, a year-on-year decrease of 8.56%. The net profit attributable to shareholders was 389 million CNY, down 3.32% year-on-year [2]. - Since its A-share listing, Bairun has distributed a total of 2.673 billion CNY in dividends, with 833 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 15.89% to 34,500, while the average circulating shares per person decreased by 13.14% to 20,936 shares [2]. - Among the top ten circulating shareholders, XINGQUAN HURUN MIXED A (163406) is the seventh largest with 12.4106 million shares, marking a new entry. The Wine ETF (512690) is the tenth largest with 11.0040 million shares, an increase of 1.3389 million shares compared to the previous period [3].

证券分析师 证券研究报告 食品饮料 | 非白酒 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 01 日 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 市场表现： | 基本数据 | 年 | 08 | 月 29 日 | | | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 28.14 | | | | | | 一 年 内 高 最 | | | 31.70/15.73 | 最 | / | | 低 | | （元） | | | | | | | | | 总市值（百万元） | | | 29,529.24 | | | | | | 流通市值（百万元） | | | 20,338.42 | | | | | | 总股本（百万股） | | | 1,049.37 | | | | | | 资产负债率（%） | | | 42.77 | | | | | | 每股净 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained a stable net profit margin and improved operating cash flow, indicating a focus on high-quality and steady operations amidst challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year - The net profit margin was 26.13%, an increase of 1.41 percentage points year-on-year - In Q2 2025, revenue was 752 million yuan, a decline of 8.98% year-on-year - The net profit for Q2 was 208 million yuan, down 10.85% year-on-year - The net profit margin for Q2 was 27.62%, a decrease of 0.58 percentage points year-on-year [1][2]. Business Strategy and Growth - The company is focusing on high-quality and steady operations while actively adjusting to market conditions and cultivating new business areas - Sales cash collection in Q2 increased by 32.67%, and operating cash flow improved by nearly 600% year-on-year - The pre-mixed beverage segment is expected to see improved growth in the second half of the year, with new product launches such as jelly wine and a light series with 12% alcohol content - The whisky business is steadily expanding, with new products launched and an increasing number of partnerships to enhance sales channels [2][3]. Future Outlook - The company anticipates a dual-driven growth from the pre-mixed beverage and whisky segments, with a solid focus on product, channel, and brand development - Revenue projections for 2025-2027 are 3.133 billion yuan, 3.520 billion yuan, and 4.106 billion yuan, representing year-on-year growth of 3%, 12%, and 17% respectively - Net profit forecasts for the same period are 747 million yuan, 841 million yuan, and 981 million yuan, with corresponding EPS of 0.71 yuan, 0.80 yuan, and 0.93 yuan, and PE ratios of 40, 35, and 30 times [3].

食品饮料 2025 年 08 月 31 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《白酒中报加速出清，大众品优先成 长性—行业周报》-2025.8.24 《进入业绩披露期，关注绩优股表现 —行业周报》-2025.8.17 《白酒预期回归，新消费重获青睐— 行业周报》-2025.8.10 中报承压下微光渐显，业绩分化中孕育新机 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 推荐组合：贵州茅台、山西汾酒、西麦食品、万辰集团、百润股份 （1）贵州茅台：短期白酒需求下移，但公司将深化改革进程，以更加务实的姿 态，强调未来可持续发展。公司分红率提升，此轮周期后茅台可看得 ...

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company experienced pressure on performance in the first half of 2025, with revenue of 1.49 billion yuan, down 8.6% year-on-year, and a net profit attributable to shareholders of 390 million yuan, down 3.3% year-on-year. The second quarter saw revenue of 750 million yuan, down 9.0% year-on-year, and a net profit of 210 million yuan, down 10.9% year-on-year. The performance aligns with expectations. The company has proactively adjusted its channel development strategy for ready-to-drink beverages, leading to a slight downward revision of profit forecasts for 2025-2027. Expected net profits for 2025-2027 are 790 million yuan (-40 million), 900 million yuan (-60 million), and 1.03 billion yuan (-60 million), representing year-on-year growth of 10.3%, 13.4%, and 14.4% respectively. The current stock price corresponds to P/E ratios of 37.0, 32.6, and 28.5 for the respective years [4][5][6] Financial Performance Summary - In the first half of 2025, the company's liquor product revenue was 1.3 billion yuan, down 9.4% year-on-year. The fluctuation in ready-to-drink beverages was due to proactive adjustments, including channel optimization and credit contraction, which reduced channel inventory significantly, leading to healthier and more stable development. The second half is expected to see improvements with the stabilization of the 358 series and the full rollout of new products [5][6] - The online retail channel revenue remained stable at 150 million yuan, down 0.6% year-on-year, while offline channel revenue was 1.31 billion yuan, down 9.6% year-on-year, primarily due to the company's proactive adjustments. Revenue in different regions showed varied performance, with significant declines in North and West China [6][7] Profitability and Cost Analysis - The gross margin in Q2 2025 slightly decreased by 0.79 percentage points to 71.00%, mainly due to product mix adjustments and commercial discounts. The management expense ratio increased significantly, primarily due to rising salary and depreciation costs. Consequently, the net profit margin in Q2 decreased by 0.42 percentage points to 27.63% [7][8] Financial Projections - The financial summary indicates projected revenues of 3.237 billion yuan for 2025, with a year-on-year growth of 6.2%. The net profit attributable to shareholders is expected to be 793 million yuan, reflecting a year-on-year increase of 10.3%. The gross margin is projected to be 69.9%, and the net margin is expected to be 24.5% [8][10]