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 ...

上海百润投资控股集团股份有限公司 章 程 （2025 年 4 月修订） 2025 年 4 月 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 7 | | 第一节 | 股东 7 | | 第二节 | 股东大会的一般规定 9 | | 第三节 | 股东大会的召集 11 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 14 | | 第六节 | 股东大会的表决和决议 16 | | 第五章 | 董事会 21 | | 第一节 | 董事 21 | | 第二节 | 董事会 24 | | 第六章 | 总经理及其他高级管理人员 29 | | 第七章 | 监事会 31 | | 第一节 | 监事 31 | | 第二节 | 监事会 31 | | 第八章 | 财务会计制度、利润分配和审计 33 | | 第一节 | 财务会计制度 33 | | 第二节 | 内部审计 35 | | 第三节 | ...

上海百润投资控股集团股份有限公司 2025 年 4 月 上海百润投资控股集团股份有限公司章程 修正案 （2025 年 4 月） | | 原章程条款 | | 本次修订后的章程条款 | | --- | --- | --- | --- | | 第六条 | 公司注册资本为人民币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 1,049,368,955 | 元。 | 1,048,548,555 | 元。 | | 第十九条 | 公司股份总数为 | 第 十 九 条 | 公 司 股 份 总 数 为 | | 1,049,368,955 | 股，均为人民币普通股。 | 1,048,548,555 | 股，均为人民币普通股。 | ...

证券代码：002568 证券简称：百润股份 公告编号：2025-006 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 第六届董事会第三次会议决议公告（更新后） 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、董事会会议召开情况 上海百润投资控股集团股份有限公司（以下简称"公司"）第六届董事会第 三次会议于 2025 年 4 月 15 日以邮件方式发出通知，并于 2025 年 4 月 25 日在 公司会议室以现场表决方式举行。本次会议应到董事七名，实到董事七名。会议 由董事长刘晓东先生主持，公司部分监事及高级管理人员列席了会议，会议召开 符合《公司法》和《公司章程》规定。 二、董事会会议审议情况 1．审议通过《关于<公司 2024 年度董事会工作报告>的议案》 表决结果：同意 7 票；反对 0 票；弃权 0 票。 独立董事分别向董事会提交了《2024 年度独立董事述职报告》，并将在 2024 年度股东大会上述职。各独立董事的述职报告内容登载于巨潮资讯网 （http://www.cninfo.com.cn）。 《2024 年度董 ...

Group 1 - Shede Liquor Industry announced an adjustment to its 2024 cash dividend total, with a proposed cash dividend of 4.3 yuan per 10 shares, totaling 141.44 million yuan, which represents 40.91% of the net profit attributable to shareholders [1] - The company has repurchased 41.94 million shares, with 29.55 thousand shares repurchased recently, leading to a reduction in the total number of shares eligible for profit distribution [1] - The adjustment reflects compliance with regulations and aims to protect the rights of minority shareholders, enhancing the company's image and investor relations [1] Group 2 - The China Alcoholic Drinks Association is soliciting opinions on the "Ecological Baijiu" group standard proposed by Anhui Yingjia Gongjiu Co., which aims to enhance brand image and product premium capabilities [2] - The initiative reflects a trend towards ecological brewing among liquor companies, potentially benefiting the white liquor sector through industry standardization and consumer awareness of ecological quality [2] - This move indicates the industry's proactive exploration of quality improvement and sustainable development, which may boost market confidence [2] Group 3 - Bairun Co. reported that its liquor business has started generating a small amount of revenue since Q1 2025, indicating a successful product structure optimization and maintaining high gross margins [3] - The development of the liquor business represents a new growth point for the company, enhancing its profitability and market competitiveness [3] - This diversification into the liquor sector may attract market attention towards structural opportunities in the consumer sector amid trends of consumption upgrading [3]

Investment Rating - The investment rating for the Chinese consumer staples sector is generally positive, with multiple companies rated as "Outperform" [1]. Core Insights - In April 2025, five out of eight tracked industries maintained positive growth, two experienced negative growth, and one remained flat. The sectors with single-digit growth include dairy, food and beverage, soft drinks, condiments, and frozen foods. The declining sectors are mass and below liquor and sub-high-end and above liquor, while the beer industry remained flat. Compared to the previous month, six industries showed improved growth rates, while two saw a deterioration. Overall demand has not significantly increased or decreased [10][34]. Summary by Category Liquor Industry - **Sub-high-end and above liquor**: In April, revenue was 26.4 billion yuan, down 1.5% year-on-year. Cumulative revenue for January to April was 167 billion yuan, up 0.3% year-on-year. Inventory levels increased as demand entered a low season [4][14]. - **Mass and below liquor**: Revenue in April was 15 billion yuan, down 10.7% year-on-year, marking 15 consecutive months of negative growth. Cumulative revenue for January to April was 75.2 billion yuan, down 13.9% year-on-year [16]. Beer Industry - Revenue in April was 14 billion yuan, flat compared to the same period last year. Cumulative revenue for January to April was 60.6 billion yuan, down 0.2% year-on-year. The industry is preparing for the upcoming sales season with low inventory levels [5][19]. Condiments - Revenue in April was 36.3 billion yuan, up 2.3% year-on-year, with cumulative revenue for January to April at 155.4 billion yuan, growing 1.3% year-on-year. The industry is experiencing weak sales due to external consumption pressures [21]. Dairy Products - Revenue in April was 33.6 billion yuan, up 3.4% year-on-year, while cumulative revenue for January to April was 156 billion yuan, down 0.6% year-on-year. The industry showed positive growth due to a low base effect from the previous year [23]. Frozen Foods - Revenue in April was 6.7 billion yuan, up 1.5% year-on-year, with cumulative revenue for January to April at 43.1 billion yuan, up 1.3% year-on-year. The industry faces challenges due to lower consumer spending and increased competition [25]. Soft Drinks - Revenue in April was 50 billion yuan, up 2.7% year-on-year, with cumulative revenue for January to April at 235.6 billion yuan, up 2.3% year-on-year. The industry is entering its peak season with intensified competition [27]. Restaurant Sector - Revenue for listed restaurant companies in April was 13.4 billion yuan, up 3.1% year-on-year, with cumulative revenue for January to April at 57.1 billion yuan, up 2.6% year-on-year. The sector is seeing recovery, particularly in tea and Western fast food segments [29].

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：2025-017 上海百润投资控股集团股份有限公司 关于 2024 年度利润分配预案的公告 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。 一、审议程序 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 25 日召开第六届董事会第三次会议、第六届监事会第三次会议，审议并通过了 《关于<公司 2024 年度利润分配预案>的议案》。本议案尚需提交公司股东大会 审议。 二、利润分配预案的基本情况 证券代码：002568 证券简称：百润股份 公告编号：2025-017 年度公司使用自有资金以集中竞价交易的方式回购部分 A 股社会公众股份使用 资金总额为 81,797,368.34 元，占 2024 年度净利润的比例为 11.42%；2024 年度 公司现金分红和股份回购总额为 393,129,943.64 元，占 2024 年度净利润的比例 为 54.88%。 三、现金分红方案的具体情况 1．本次利润分配预案为 2024 年度利润分配。 2．根 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 30.24 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company experienced a decline in revenue and net profit in 2024, with total revenue of 3.048 billion yuan, down 6.61% year-on-year, and a net profit of 719 million yuan, down 11.15% year-on-year. However, the first quarter of 2025 showed signs of recovery with revenue of 737 million yuan, down 8.11% year-on-year, but net profit increased by 7.03% to 181 million yuan [1][2]. - The pre-mixed cocktail segment faced challenges, with revenue of 2.677 billion yuan in 2024, a decrease of 7.17% year-on-year. Despite this, the gross margin improved by 2.42% due to product mix optimization and lower raw material costs. The edible flavoring business grew steadily, achieving revenue of 337 million yuan, up 6.30% year-on-year [2]. - The company is actively expanding its liquor business, launching new whiskey products and targeting a broader market. The whiskey segment is expected to exceed expectations, with projected revenues of 3.615 billion yuan in 2025, 4.148 billion yuan in 2026, and 4.792 billion yuan in 2027 [3]. Financial Summary - The company reported a total revenue of 3.048 billion yuan for 2024, with projections of 3.615 billion yuan for 2025, 4.148 billion yuan for 2026, and 4.792 billion yuan for 2027, indicating a recovery trajectory [4][10]. - The net profit for 2024 was 719 million yuan, with forecasts of 882 million yuan for 2025, 1.045 billion yuan for 2026, and 1.211 billion yuan for 2027, reflecting a positive growth outlook [4][10]. - The earnings per share (EPS) are projected to be 0.84 yuan in 2025, 1.00 yuan in 2026, and 1.15 yuan in 2027, with a price-to-earnings (P/E) ratio of 36 times for 2025 [4][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively reducing inventory, and there are positive expectations for whisky recruitment [5][8] - The RTD (Ready-to-Drink) division is expected to return to high-quality development, focusing on optimizing marketing expenses [7] - The company's revenue for Q1 2025 was 737 million yuan, a decrease of 8.11% year-on-year, while the net profit attributable to the parent company was 181 million yuan, an increase of 7.03% [9] Financial Performance Summary - For 2024, the company reported total revenue of 3.048 billion yuan, a decrease of 6.61% year-on-year, and a net profit of 719 million yuan, down 11.15% [9] - In Q1 2025, the company achieved a gross margin of 69.7%, an increase of 1.3 percentage points year-on-year, with a notable reduction in sales expenses [9] - The company expects revenue growth of 12.7%, 13.8%, and 15.3% for the years 2025, 2026, and 2027, respectively, with net profit growth of 12.3%, 17.2%, and 17.9% for the same years [9][11] Product and Market Insights - The company is launching new whisky products, including "Bailide" blended whisky and the "Laizhou" single malt whisky series, with recruitment and distribution expected to catalyze growth in Q2 [8] - The revenue from the pre-mixed drinks and flavoring segments showed a decline of 7.17% and an increase of 6.30% year-on-year, respectively, with pre-mixed drinks accounting for 87.8% of total revenue [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively reducing inventory, and there are positive expectations for whisky recruitment [5][8] - The RTD (Ready-to-Drink) division is expected to return to high-quality development, focusing on optimizing marketing expenses [7] - The company's revenue for Q1 2025 was 737 million yuan, a decrease of 8.11% year-on-year, while net profit attributable to shareholders was 181 million yuan, an increase of 7.03% [9] Financial Performance Summary - For 2024, the company reported total revenue of 3.048 billion yuan, a decline of 6.61% year-on-year, and a net profit of 719 million yuan, down 11.15% [9] - In Q1 2025, the company achieved a gross margin of 69.7%, an increase of 1.3 percentage points year-on-year, with a notable reduction in sales expenses [9] - The company expects to achieve revenues of 3.434 billion yuan, 3.907 billion yuan, and 4.504 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.7%, 13.8%, and 15.3% [9][11] Product and Market Insights - The company is launching new whisky products, including "Bailide" blended whisky and the "Laizhou" single malt whisky series, with recruitment and distribution expected to catalyze growth in Q2 [8] - The revenue from pre-mixed drinks and flavoring segments showed a decline of 7.17% and an increase of 6.30% respectively in 2024 [9] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 34, 29, and 25 times respectively, maintaining a "Buy" rating [9]