出品：新浪财经上市公司研究院 作者：郝显 2月12日，百润股份发布公告，宣布公司董事会通过议案，提议向下修正"百润转债"转股价格，将债转 价格下修的问题推到了台前。 对于百润股份来说，在业绩增速放缓、现金流承压的情况下，急需通过下修转股价缓解偿付压力。 与此同时，公司实际控制人刘晓东仍持有29.93%的百润转债。一般来说下修转股价往往会带动转债价 格上涨，提高流动性，下修背后或许也有大股东减持的动机。 百润股份下修转股价 根据公告，从2026年1月23日2月12日，百润股份股价连续15个交易日收盘价低于当期转股价46.68元/股 的 85%，已触发"百润转债"转股价格向下修正条件。 这笔转债转股期截止日为2027年9月28日，距离到期仅剩1年零7个月。截至2月24日，百润转债的转股溢 价率仍高达 212.6%，这意味着投资者如果选择立刻转股，需要承担超三分之二的亏损。在这种情况 下，明显缺乏转股动力，未转股比例达到99.95%。如果不下修转股价格，2027年到期后，公司需要一 次性拿出超11 亿元现金完成兑付，这对于业绩增速放缓、现金流承压的百润股份而言，无疑是巨大的 财务负担。 截至2025年前三季度，百润 ...

食品饮料行业 超配（维持） 顺应趋势，开拓创新 预调酒行业深度报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 2026 年 2 月 25 日 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： 证 | 1. 预调酒简介 | 4 | | --- | --- | | 1.1 预调酒口感丰富，酒精含量适中 | 4 | | 1.2 预调酒行业产业链 | 4 | | 2. 我国预调酒行业市场规模稳步增长，消费群体以年轻女性为主 | 5 | | 2.1 我国预调酒行业市场规模稳步增长 | 5 | | 2.2 预调酒市场集中在一二线城市，消费群体以年轻女性为主 | 6 | | 2.3 我国预调酒渠道结构以 KA 为主 | 8 | | 3. 我国预调酒市场呈寡头垄断竞争格局 | 8 | | 4. 我国预调酒 ...

共研产业研究院通过对公开信息分析、业内资深人士和相关企业高管的深度访谈，以及分析师专业性判断 和评价撰写了《2026-2032年中国即饮酒精饮料市场深度调查与发展趋势研究报告》。本报告为即饮酒精饮 料企业决策人及投资者提供了重要参考依据。 为确保即饮酒精饮料行业数据精准性以及内容的可参考价值，共研产业研究院团队通过上市公司年报、厂 家调研、经销商座谈、专家验证等多渠道开展数据采集工作，并运用共研自主建立的产业分析模型，结合 市场、行业和厂商进行深度剖析，能够反映当前市场现状、热点、动态及未来趋势，使从业者能够从多种 维度、多个侧面综合了解当前即饮酒精饮料行业的发展态势。 即饮酒精饮料（RTD）是预先混合调配好的含酒精饮料，以即饮形式进行包装和销售，开瓶即可饮用，无 需额外调配。包括预调鸡尾酒、葡萄酒风味饮料、含酒精的苏打饮料、含酒精的咖啡/茶饮等。 即饮酒精饮料（RTD）产品特点 | | | 即饮酒精饮料(RTD)产品特点 | | | --- | --- | --- | --- | | 便捷性:即饮酒精饮料的 最大特点是开瓶即饮,无 | 多样性:产品口味丰富, | 低酒精度:多数即饮酒精 饮料的酒精含量较低( ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes a recovery in the food and beverage industry, focusing on upstream opportunities. It suggests that the consumption power, which has been constrained by debt cycles, is expected to improve significantly by the second half of 2026, leading to a recovery in traditional consumption [8] - The report identifies three main investment lines: 1. Agricultural processing, including sugar processing, juice processing, and livestock 2. Food raw material suppliers, focusing on bio-extraction and sugar substitutes 3. Food packaging, which is expected to benefit from cost increases and improved competitive dynamics [3][8] Summary by Relevant Sections Investment Suggestions and Targets - Focus on upstream sectors with three main lines: 1. Agricultural processing: - Sugar processing: Recommend COFCO Sugar (600737, Buy), related stock Crown Agricultural (600251, Not Rated) - Juice processing: Related stocks Andeli (605198, Not Rated), Andeli Juice (02218, Not Rated) - Livestock: Recommend Youran Dairy (09858, Buy), related stock Modern Farming (01117, Not Rated) 2. Food raw material suppliers: - Bio-extraction: Recommend Angel Yeast (600298, Buy), Bairun (002568, Buy), related stocks Chenguang Biotech (300138, Not Rated), Huabao International (00336, Not Rated), and Fujian Sunner Development (00546, Not Rated) - Sugar substitutes: Related stocks Bolinbao (002286, Not Rated), Sanyuan Bio (301206, Not Rated), and Bailong Chuangyuan (605016, Not Rated) 3. Food packaging: Related stock Aorui Jin (002701, Not Rated) [3]

Group 1 - The core point of the article is that the company, BaiRun Co., announced a downward adjustment of the conversion price for its convertible bonds due to the stock price being below the threshold for 15 consecutive trading days [2] - The current conversion price for the "BaiRun Convertible Bonds" is set at 46.68 yuan per share [2] - The adjustment will be submitted for shareholder approval, and the new conversion price will not be lower than the higher of the average trading price over the last 20 trading days prior to the shareholder meeting and the previous day's average price [2]

Group 1 - The company Baorun Co., Ltd. announced on February 12 that its sixth board meeting was held to discuss the proposal to lower the conversion price of "Baorun Convertible Bonds" [1] - Notable investors Ge Weidong and Fang Wenyuan each invested 1 billion yuan in the company, leading to a significant increase in the stock price [1] - Historical analysis indicates that participation of prominent investors in private placements has resulted in both gains and losses [1]

Core Viewpoint - The company Baijun Co., Ltd. (002568.SZ) announced that Mr. Liu Xiaodong will transfer a total of 1.2 million shares of "Baijun Convertible Bonds" through competitive trading from November 3, 2021, to February 11, 2026, which accounts for 10.66% of the total issuance of the company's convertible bonds [1] Group 1 - The total number of convertible bonds to be transferred is 1.2 million [1] - The percentage of the total issuance represented by the transferred bonds is 10.66% [1] - The transfer period spans from November 3, 2021, to February 11, 2026 [1]

证券代码：002568 证券简称：百润股份 公告编号：2026-008 债券代码：127046 债券简称：百润转债 具体变动情况如下： 误导性陈述或重大遗漏。 一、可转换公司债券发行上市及配售情况 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。经深交所"深 证上[2021]1056号"文同意，公司112,800万元可转换公司债券于2021年11月3日起在深 交所挂牌交易，债券简称"百润转债"，债券代码"127046"。 公司实际控制人刘晓东先生通过配售认购"百润转债"4,579,332张，占公司可转债 发 行 总 量 的 40.60% ， 具 体 内 容 详 见 公 司 于 2021 年 11 月 2 日 登 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《公开发行可转换公司债券上市公告书》。 二、本次债券持有人可转债持有比例变动情况 近日，公司接到刘晓东先生的通知，获悉其于2021年 ...

债券代码：127046 债券简称：百润转债 证券代码：002568 证券简称：百润股份 公告编号：2026-005 上海百润投资控股集团股份有限公司 关于董事会提议向下修正"百润转债"转股价格的公告 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： ● 自2026年1月23日起至2026年2月12日，上海百润投资控股集团股份有限公司（以 下简称"公司"）股票已有15个交易日的收盘价格低于当期转股价格的85%，已触发 "百润转债"转股价格向下修正条件。 2026 年 2 月 12 日，公司召开第六届董事会第七次会议，审议通过《关于董事会提 议向下修正"百润转债"转股价格的议案》，公司董事会提议向下修正"百润转债"转 股价格，并提交公司股东会审议。现将相关事项公告如下： 根据相关规定和《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募 集说明书》（以下简称"《募集说明书》"）的约定，本次发行的可转换公司债券转股 期限自可转换公司债券发行结束之日起满六个月后的第一个交易日起至可转换公司债 券到期日止，即2022年4月12日至2027年9月28日。 ...