Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing low revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [10][11] - New consumption trends are emerging, driven by changes in business models and consumer perceptions. This is reflected in the food and beverage industry through new channels. Traditional offline retail channels are facing challenges, leading to opportunities for upstream brand suppliers. Retailers are adopting differentiated product selections and focusing on quality, which benefits suppliers with strong brand and product capabilities [11][12] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Health products, baked goods, and dairy products showed leading performance [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods saw significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales during banquets [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu is expected to have high growth certainty in the medium term, while Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is anticipated to improve profitability due to better raw material costs [4][51]

Group 1: Financial Performance - The company achieved a revenue of 3.048 billion CNY in 2024, with a net profit attributable to shareholders of 0.719 billion CNY [3] - The company aims to maintain a high gross margin while optimizing product structure and focusing on the stable operation of its pre-mixed cocktail and flavoring businesses [3] Group 2: Business Strategy - The company plans to actively develop new products and explore beneficial collaborations in the pre-mixed cocktail and whiskey sectors to expand consumption scenarios and increase market penetration [3] - The company is committed to building a digital operation system, integrating business operations with technology to enhance core value development [3] Group 3: Product Development - The company has developed pre-mixed cocktail products using its self-produced whiskey as a base, with plans for gradual market introduction [3] - The company is focused on strengthening brand positioning in the pre-mixed cocktail business and enhancing service capabilities in the flavoring sector [3] Group 4: Shareholder Engagement - The profit distribution plan requires approval from the annual general meeting before implementation, with updates to be disclosed in future announcements [3] - The company is considering adjusting the conversion price of its convertible bonds based on market conditions and operational performance [3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The pre-mixed cocktail segment is under short-term pressure, while the whiskey product line is expected to contribute positively to revenue growth [2][7] - The company launched new whiskey products, including "Bailide" blended whiskey and the "Laizhou" single malt whiskey series, which are anticipated to drive sales [2][7] - The company is focusing on seasonal new product launches to rejuvenate its brand positioning in the pre-mixed cocktail market [7] Revenue and Profitability - For 2024, the company expects revenue of 30.48 billion yuan, a decrease of 6.61% year-on-year, with a net profit of 7.19 billion yuan, down 11.15% [3][7] - The gross margin for 2024 is projected to be 69.67%, with a net margin of 23.50% [2][3] - The company anticipates revenue growth of 9% and 11% for 2025 and 2026, respectively, with net profit growth of 11% and 15% [2][3] Regional Performance - Revenue from different regions for 2024 is as follows: North China 5.56 billion yuan, East China 10.15 billion yuan, South China 9.30 billion yuan, and West China 5.13 billion yuan, with varying year-on-year changes [1][2] Channel Performance - Revenue from distribution and direct sales for 2024 is projected at 21.52 billion yuan and 8.62 billion yuan, respectively, with a year-on-year decrease of 13.30% for distribution and an increase of 19.92% for direct sales [2]

Core Viewpoint - Genki Forest is re-entering the low-alcohol beverage market with its new sparkling wine product "Lang," which has an alcohol content of 9 degrees and is packaged in 500ml cans, priced between 12.4 to 13.2 yuan per can [3][5][20]. Group 1: Product Launch and Market Positioning - The "Lang" product features two flavors: grapefruit and lemon, and is positioned to target male consumers and social drinking scenarios, contrasting with RIO's offerings which are more female-oriented [5][6]. - "Lang" is directly competing with RIO's Qiangshuang, which has been a significant revenue driver for its parent company, Bai Run [20][21]. - Genki Forest previously attempted to enter the low-alcohol market with "Pingye Xida," but it did not gain traction due to the company's developmental stage at that time [6][8]. Group 2: Brand Strategy and Challenges - Genki Forest employs a brand "migration" strategy, reusing brand names across different product types, as seen with the "Lang" brand which was previously used for a less successful carbonated juice [8][9]. - The company faces challenges in effectively managing both soft drink and alcoholic beverage segments, as few companies globally successfully operate in both markets [15][17]. - Establishing a dedicated alcoholic beverage division may be necessary for Genki Forest to succeed in this new market, but it remains uncertain if the company will make such a commitment [18][26]. Group 3: Competitive Analysis - RIO's Qiangshuang has a stronger cost control capability due to its in-house production, while "Lang" relies on external manufacturing, impacting pricing strategies [21][24]. - RIO has established brand recognition in the low-alcohol market, which poses a significant challenge for "Lang" to gain consumer awareness and market share [20][21]. - "Lang" does not currently present significant competitive advantages over RIO, but it may still find a niche if it can differentiate itself from other low-alcohol products [24][26]. Group 4: Future Prospects - Genki Forest is not stopping with "Lang" and plans to introduce more alcoholic products, including a milk foam wine, indicating a long-term strategy in the alcoholic beverage sector [27][28]. - The company’s ongoing investments and acquisitions in the alcoholic beverage space suggest a serious commitment to this market, although it still has a long way to go in terms of operational expertise [27][28].

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：2025-019 上海百润投资控股集团股份有限公司 关于参加 2025 年上海辖区 上市公司年报集体业绩说明会的公告 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。 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度的经营成果及财务指 标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:30 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 重要内容提示： 会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日（星期四）至 5 月 14 日（星期三）16:00 前登录上证 ...

Investment Rating - The investment rating for the company is upgraded from "Hold" to "Buy" [1][7] Core Views - The company has shown stabilization in its pre-mixed beverage revenue and is expected to see growth from its whiskey products in the upcoming quarters [3][5] - The financial performance for FY24 and Q1 FY25 indicates a decline in total revenue and net profit, but the market expectations were met [2][6] - The company is focusing on enhancing its whiskey business, with significant developments in its supply chain and product offerings planned for 2025 [5][6] Summary by Sections Financial Performance - For FY24, the company achieved total revenue of 3.05 billion yuan, a year-on-year decrease of 6.6%, and a net profit of 720 million yuan, down 11.2% [2] - In Q4 FY24, total revenue was 660 million yuan, a decline of 18.0%, while net profit was 140 million yuan, slightly up by 0.5% [2] - For Q1 FY25, total revenue was 740 million yuan, down 8.1%, and net profit was 180 million yuan, up 7.0% [2] Revenue Breakdown - Pre-mixed cocktails and food flavoring generated revenues of 2.68 billion yuan and 340 million yuan respectively in FY24, with year-on-year changes of -7.2% and +6.4% [3] - Offline, digital retail, and ready-to-drink channels reported revenues of 2.71 billion yuan, 270 million yuan, and 40 million yuan respectively, with year-on-year changes of -1.5%, -30.8%, and -43.6% [3] Profitability and Costs - The gross margin for FY24 and Q1 FY25 was 69.7%, reflecting an increase of 3.0 and 1.3 percentage points year-on-year, attributed to cost optimization and a higher proportion of high-margin offline channels [4] - The net profit margin for FY24 and Q1 FY25 was 23.5% and 24.6%, showing a year-on-year change of -1.2 and +3.7 percentage points [4] Strategic Focus - The whiskey business is a key strategic focus, with the company planning to launch new products and enhance its brand positioning in 2025 [5][6] - The company aims to strengthen its product matrix for pre-mixed beverages while gradually rolling out whiskey products, anticipating that the consumer base from pre-mixed beverages will support whiskey sales [5][6] Earnings Forecast - The revenue forecast for FY25 and FY26 has been adjusted down to 3.46 billion yuan and 3.91 billion yuan respectively, with net profit estimates revised to 830 million yuan and 970 million yuan [6][7] - The earnings per share (EPS) for FY25 and FY26 are projected to be 0.79 yuan and 0.93 yuan, respectively [7]

Summary of Key Points Core Viewpoint - The company, BaiRun Co., is proceeding with the repurchase and cancellation of a portion of its restricted stock incentive plan due to the departure of certain incentive targets and unmet performance criteria. Group 1: Incentive Plan Approval and Implementation Review - On December 3, 2021, BaiRun Co. held meetings to approve the 2021 restricted stock incentive plan, with independent directors and the supervisory board expressing their agreement [2] - The plan was subsequently authorized by the shareholders on December 29, 2021, allowing the board to handle related matters [2] - Between 2022 and 2024, the company held multiple meetings to adjust, grant, and repurchase stocks related to the incentive plan, all of which received approval [2] Group 2: Details of the Repurchase and Cancellation - On April 25, 2025, BaiRun Co. approved the repurchase and cancellation of 200,900 shares due to 20 incentive targets leaving the company, which disqualified them from the incentive plan [3] - Additionally, 619,500 shares will be repurchased from 138 incentive targets who did not meet the performance criteria, as the revenue growth did not reach the required 53.75% [3] - The repurchase price is set at 20.81 yuan per share plus bank interest, funded by the company's own resources [3] Group 3: Legal Compliance - The legal opinion issued confirms that the incentive plan is lawful and valid, and the repurchase and cancellation have received the necessary approvals [4]

证券代码：002568 证券简称：百润股份 公告编号：2025-018 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 更正公告 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。 上海百润投资控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日在指定信息披露媒体《证券时报》《上海证券报》《证券日报》《中国证券 报》和巨潮资讯网（www.cninfo.com.cn）上发布了《第六届董事会第三次会议决 议公告》（公告编号：2025-006）、《关于回购注销 2021 年限制性股票激励计划 部分限制性股票的公告》（公告编号：2025-012）、《公司章程》（2025 年 4 月）、 《公司章程修正案》（2025 年 4 月）和《上海市锦天城律师事务所关于上海百润 投资控股集团股份有限公司回购注销 2021 年限制性股票激励计划部分限制性股 票的法律意见书》。 经核查发现，上述公告中"拟回购注销 2021 年限制性股票激励计划部分限 制性股票"的数量计算有误，现对相关内容更正如下： 一、《第六届董事会第三次会议决议公告 ...

上海百润投资控股集团股份有限公司（以下简称"公司"或"百润股份"） 于 2025 年 4 月 25 日召开了第六届董事会第三次会议、第六届监事会第三次会 议，审议通过了《关于回购注销 2021 年限制性股票激励计划部分限制性股票的 议案》。鉴于公司 2021 年限制性股票激励计划首次授予激励对象 20 人因个人原 因离职，已不符合激励条件，公司拟将其所持有的已获授但尚未解除限售的限制 性股票合计 200,900 股（对应转增前 143,500 股）进行回购注销；公司 2021 年限 制性股票激励计划首次授予部分限制性股票第二个解除限售期解除限售条件未 能成就，公司拟将 138 名激励对象所持有的已获授但尚未解除限售的限制性股票 合计 619,500 股（对应转增前 442,500 股）进行回购注销。本次回购注销部分限 制性股票共计 820,400 股。上述事项尚需提交公司 2024 年度股东大会审议。现 将具体事项公告如下： 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：2025-012 上海百润投资控股集团股份有限公司 关于回购注销 2021 年限制性股票 ...

上海市锦天城律师事务所 关于上海百润投资控股集团股份有限公司 回购注销 2021 年限制性股票激励计划部分限制性股票的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 - 1 - 上海市锦天城律师事务所 法律意见书 回购注销 2021 年限制性股票激励计划部分限制性股票的 法律意见书 01F20217116 致：上海百润投资控股集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海百润投资控股集团股份 有限公司（以下简称"百润股份"或"公司"）的委托，担任公司 2021 年限制性股票 激励计划（以下简称"本次激励计划"）相关事宜的专项法律顾问。 上海市锦天城律师事务所 关于上海百润投资控股集团股份有限公司 一、本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经发生 或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次回 购注销相关事项进行了充分的核查验证，保证本法律意见 ...