Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 performance was under short-term pressure, with revenue of 2.386 billion yuan, a year-on-year decrease of 2.88%, and net profit attributable to the parent company of 574 million yuan, a year-on-year decrease of 13.67% [1] - The company is expected to release its first whiskey product on November 19, which could become a new growth driver given the potential of the domestic whiskey market [2] - Despite short-term challenges, the company's pre-mixed alcohol business remains the market leader with over 80% market share, and its long-term growth potential is still promising [3] Financial Performance - Q3 revenue was 758 million yuan, a year-on-year decrease of 5.95%, with net profit attributable to the parent company of 172 million yuan, a year-on-year decrease of 24.01% [3] - Pre-mixed alcohol revenue for the first three quarters was 2.102 billion yuan, a year-on-year decrease of 3.13%, with Q3 revenue of 671 million yuan, a year-on-year decrease of 6.58% [3] - Gross margin increased by 1.34 percentage points to 70.18% in Q3, benefiting from lower production costs and reduced transportation expenses [3] - Sales expense ratio increased by 3.14 percentage points to 23.46% in Q3 due to increased market investment in a weak consumption environment [3] Industry and Product Analysis - The domestic whiskey market is dominated by high-priced imported brands, but domestic production capacity exceeded imports in 2023 [2] - The company has been preparing for its whiskey business since 2016, with production capacity far exceeding other distilleries, and its whiskey has reached a three-year aging period [2] - The company has innovatively developed whiskey with Chinese flavors, such as yellow wine barrel and Mongolian oak barrel whiskey, and has made significant progress in channel construction and consumer education [2] Future Outlook - Revenue for 2024-2026 is expected to be 3.3/4.0/4.7 billion yuan, with year-on-year growth rates of 1%/21%/18% [4] - Net profit attributable to the parent company for 2024-2026 is expected to be 721/889/1,077 million yuan, with year-on-year growth rates of -11%/23%/21% [4] - The company's pre-mixed alcohol "358" matrix continues to improve, and the upcoming whiskey product is highly anticipated [4] Valuation - The company's P/E ratio for 2024-2026 is expected to be 32/26/21 times, with P/B ratios of 5.53/5.29/5.08 times [6] - ROE for 2024-2026 is forecasted to be 17%/20%/24% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that revenue has improved on a quarter-on-quarter basis, with new product launches expected to drive growth [1] - The company reported Q3 revenue of 760 million yuan, a decrease of 6.0%, and a net profit attributable to shareholders of 170 million yuan, down 22.2% [1] - For the first three quarters, the company achieved revenue of 2.39 billion yuan, a decline of 2.9%, and a net profit of 570 million yuan, down 13.7% [1] Revenue Analysis - The revenue decline has narrowed quarter-on-quarter, with specific product categories showing varied performance: pre-mixed drinks saw a decline of 6.6% year-on-year, while the main business of pre-mixed drinks is expected to continue high growth [1] - The strong demand for certain products has shifted from trial consumption to stable customer bases, indicating potential for recovery [1] Profit Analysis - The gross profit margin increased by 1.3 percentage points year-on-year to 70.2%, despite increased advertising expenses impacting net profit margins [1] - The report notes that the increase in sales expense ratio is due to heightened promotion efforts for key products [1] Earnings Forecast - The company is projected to achieve revenues of 3.264 billion yuan, 3.181 billion yuan, 3.594 billion yuan, and 4.028 billion yuan from 2024 to 2026, with year-on-year changes of -2.5%, +13.0%, and +12.1% respectively [3] - The net profit attributable to shareholders is expected to be 809 million yuan, 763 million yuan, 881 million yuan, and 1.003 billion yuan for the same period, with year-on-year changes of -5.7%, +15.4%, and +13.8% respectively [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Views - The company's revenue for the first three quarters of 2024 was 2.39 billion yuan, a year-on-year decrease of 2.9%, while the net profit attributable to the parent company was 570 million yuan, down 13.7% year-on-year [1]. - The gross margin improved to 70.11% for the first three quarters of 2024, primarily due to slight price increases and reduced commercial discounts [2]. - The company is expected to launch a new whiskey product in Q4 2024, which could provide new growth opportunities [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 760 million yuan, a decline of 6% year-on-year, and a net profit of 170 million yuan, down 24% year-on-year [1]. - The sales expense ratio increased to 24.09% for the first three quarters of 2024, attributed to increased advertising efforts [2]. - The net profit margin for Q3 2024 was 22.67%, a decrease of 5.3 percentage points year-on-year [2]. Product Development - The company plans to release its whiskey product in Q4 2024 and has established a whiskey brand cultural experience center expected to open by the end of 2024 [3]. - The introduction of new products such as the gin brand "Jiao Yu" and vodka brand "Ling Liao" is aimed at enhancing the company's portfolio in high-quality white spirits [3]. Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted to 797 million, 932 million, and 1.069 billion yuan, reflecting a 4% reduction for 2024 and 2025, and a 3% reduction for 2026 [3]. - The expected EPS for 2024-2026 is 0.76, 0.89, and 1.02 yuan, with corresponding P/E ratios of 29x, 25x, and 21x [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2024-2026 being 8.0 billion, 9.9 billion, and 11.8 billion respectively, reflecting a year-on-year change of -1%, +24%, and +19% [2][4]. Core Views - The company reported a revenue of 2.386 billion for the first three quarters of 2024, a decrease of 2.88% year-on-year, and a net profit attributable to shareholders of 574 million, down 13.67% year-on-year [1][2]. - The report highlights that the pre-mixed beverage segment is under pressure due to weak terminal demand and high base effects, with Q3 revenue for pre-mixed beverages at 671 million, down 6.6% year-on-year [2]. - The company is focusing on expanding its product matrix and enhancing brand promotion, particularly for its refreshing series, which is expected to recover growth through product iterations [2][4]. Summary by Sections Performance Review - For Q3 2024, the company achieved a revenue of 758 million, a decline of 5.95% year-on-year, and a net profit of 172 million, down 24.01% year-on-year [1]. - The gross margin for Q3 was 70.2%, an increase of 1.3 percentage points, while the net margin was 22.7%, a decrease of 5.4 percentage points [2]. Business Analysis - The report notes that the refreshing beverage segment is undergoing a brand upgrade, with new product launches and marketing campaigns aimed at enhancing consumer experience [2]. - The food flavoring segment saw a revenue increase of 23.5% year-on-year, attributed to fluctuations in customized demand orders [2]. Financial Forecasts and Valuation - The report adjusts the net profit forecasts for 2024-2026 downwards by 6.2%, 5.5%, and 4.5% respectively, reflecting the challenges in the main business [2][4]. - The expected P/E ratios for 2024, 2025, and 2026 are 29x, 23x, and 20x respectively [2].

证券代码：002568 证券简称：百润股份 公告编号：2024-069 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 关于使用部分闲置募集资金进行现金管理的公告 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。 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"） 于 2024 年 10 月 30 日召开第六届董事会第二次会议，会议审议通过了《关于使 用部分闲置募集资金进行现金管理的议案》，同意使用募集资金专户中不超过人 民币 4.5 亿元的募集资金进行现金管理。现将有关事项公告如下： 一、募集资金基本情况 （一）2020 年非公开发行股票募集资金 经中国证券监督管理委员会出具的《关于核准上海百润投资控股集团股份有 限公司非公开发行股票的批复》（证监许可〔2020〕1861 号）核准，公司非公开 发行 A 股股票 16,049,776 股，发行价格为 62.68 元/股，募集资金总额为 1,005,999,959.68 元，扣除发行费用 15,075,354.79 元（不含税）后，本次募集资 金净额为 990,924 ...

Financial Performance - The company's revenue for Q3 2024 was ¥757,901,911.81, a decrease of 5.95% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was ¥171,814,217.22, down 24.01% year-on-year[3]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥169,805,217.04, a decrease of 22.21% compared to the previous year[3]. - Total operating revenue for Q3 2024 was approximately ¥2.39 billion, a decrease of 2.85% from ¥2.46 billion in Q3 2023[22]. - Net profit for Q3 2024 was approximately ¥571.48 million, down 13.88% from ¥663.64 million in Q3 2023[23]. - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 574,271,676.90, a decrease of 13.68% from CNY 665,242,113.92 in Q3 2023[24]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.55, down from CNY 0.64 in the same period last year, reflecting a decline of 14.06%[24]. Assets and Liabilities - The total assets at the end of Q3 2024 reached ¥7,939,885,161.92, an increase of 11.65% from the end of the previous year[3]. - Total assets increased to approximately ¥7.94 billion in Q3 2024, compared to ¥7.11 billion in Q3 2023, reflecting a growth of 11.66%[21]. - Total liabilities rose to approximately ¥3.38 billion in Q3 2024, up from ¥3.07 billion in Q3 2023, marking an increase of 10.09%[20]. - Current assets totaled approximately ¥3.41 billion, an increase of 11.85% from ¥3.05 billion in the previous year[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 44,681, with the largest shareholder, Liu Xiaodong, holding 40.56% of shares, amounting to 425,588,502 shares[13]. - The top ten shareholders include Liu Xiaodong, Liu Xiaojun, and Liu Haibin, with Liu Xiaodong having a pledged share count of 104,050,000[13]. - Liu Xiaodong and Liu Xiaojun are brothers, while Liu Haibin and Ma Xiaohua are spouses, indicating some familial connections among major shareholders[14]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥538,730,718.30, an increase of 3.41% compared to the previous year[3]. - Cash inflow from operating activities totaled CNY 2,620,714,363.88, a decrease of 8.12% compared to CNY 2,852,829,893.65 in Q3 2023[26]. - Net cash flow from operating activities was CNY 538,730,718.30, showing a slight increase of 3.36% from CNY 520,961,672.10 in the previous year[27]. - Cash inflow from investment activities was CNY 1,152,293,376.66, significantly higher than CNY 49,950.68 in Q3 2023[27]. - Net cash flow from investment activities was negative at CNY -740,906,013.26, an improvement from CNY -772,283,299.51 in the same period last year[27]. - Cash inflow from financing activities amounted to CNY 991,890,000.00, up from CNY 980,000,000.00 in Q3 2023[27]. - Net cash flow from financing activities increased to CNY 246,281,159.66, compared to CNY 182,577,719.20 in the previous year[27]. - The ending balance of cash and cash equivalents was CNY 1,898,470,112.50, a decrease from CNY 2,455,154,495.92 at the end of Q3 2023[27]. - The company reported a total cash outflow from operating activities of CNY 2,081,983,645.58, down from CNY 2,331,868,221.55 in the previous year[26]. Investments and Development - The balance of construction in progress increased by 88.05% compared to the end of the previous year, reflecting ongoing investments in engineering projects[9]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the financial report[22]. - Research and development expenses for Q3 2024 were approximately ¥67.98 million, a decrease of 6.67% from ¥72.65 million in Q3 2023[23]. Other Financial Metrics - The company's cash and cash equivalents increased to ¥1,941,765,754.66 from ¥1,878,973,284.52 at the beginning of the period, reflecting a growth of approximately 3.34%[18]. - Accounts receivable rose to ¥303,138,562.32 from ¥215,537,263.54, indicating an increase of about 40.54%[18]. - Inventory levels increased to ¥950,752,249.28 from ¥779,778,297.14, representing a growth of approximately 22%[18]. - The company has a total of 11,275,420 convertible bonds remaining, with a total remaining amount of ¥1,127,542,000[17]. - The adjusted conversion price for the "Bairun Convertible Bonds" is now ¥46.96 per share, effective from July 30, 2024[17]. - The company has a share buyback account holding 11,594,343 shares, which constitutes 1.10% of the total share capital[15]. - The company issued 11.28 million convertible bonds in 2021, with a total issuance amount of ¥112,800,000[15].

华创证券有限责任公司 关于上海百润投资控股集团股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 华创证券有限责任公司（以下简称"华创证券"或"保荐机构"）作为上海百润 投资控股集团股份有限公司（以下简称"百润股份"或"公司"）公开发行可转换公 司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》及《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对百润股 份拟使用部分闲置募集资金进行现金管理的事项进行了审慎核查，核查意见如 下： 单位：万元 | 项目名称 | 项目资金 | 募集资金 | 实际募集资金 | | --- | --- | --- | --- | | | 投入总额 | 拟投入金额 | 拟投入金额 | | 烈酒（威士忌）陈酿熟成项目 | 117,381.96 | 100,600.00 | 99,092.46 | | 合计 | 117,381.96 | 100,600.00 | 99,092.46 | 1 截至 2024 年 9 月 30 日，公司 2020 年非公开发行股票募集资金已累计 ...

证券代码：002568 证券简称：百润股份 公告编号：2024-066 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 第六届董事会第二次会议决议公告 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。 二、董事会会议审议情况 1．审议通过《关于公司<2024 年第三季度报告>的议案》 表决结果：同意 7 票；反对 0 票；弃权 0 票。 报告全文登载于《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）。 2．审议通过《关于使用部分闲置募集资金进行现金管理的议案》 表决结果：同意 7 票；反对 0 票；弃权 0 票。 《百润股份：关于使用部分闲置募集资金进行现金管理的公告》登载于《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）。 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 二次会议于 2024 年 10 月 22 日以邮件方式发出通知，并于 2024 年 10 月 30 日 以 ...

公司董事会根据股东大会授权，已于近日完成工商变更登记手续，取得上海 市 市 场 监 督 管 理 局 换 发 的 《 营 业 执 照 》 （ 统 一 社 会 信 用 代 码 ： 91310000632005686K），公司注册资本由 1,049,690,955 元人民币元人民币变更 为 1,049,368,955 元人民币，同时完成了《公司章程》的工商备案。 上海百润投资控股集团股份有限公司 关于完成工商变更登记的公告 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。 上海百润投资控股集团股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第五届董事会第十五次会议及第五届监事会第十三次会议、于 2024 年 5 月 28 日召开 2023 年度股东大会，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》、《关于修改<公司章程>、变更注册资本 的议案》。 证券代码：002568 证券简称：百润股份 公告编号：2024-070 债券代码：127046 债券简称：百润转债 特此公告。 上海百润投资控股集团股份有限公司 董事 ...

证券代码：002568 证券简称：百润股份 公告编号：2024-067 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 第六届监事会第二次会议决议公告 本公司及监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、监事会会议召开情况 上海百润投资控股集团股份有限公司（以下简称"公司"）第六届监事会第 二次会议于 2024 年 10 月 22 日以电子邮件和电话等方式发出通知，并于 2024 年 10 月 30 日以现场表决方式举行。会议由监事会主席耿涛女士主持，会议应到监 事 3 人，实到监事 3 人。会议召开符合《公司法》和《公司章程》之规定。 二、监事会会议审议情况 1．审议通过《关于公司<2024 年第三季度报告>的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 经审核，监事会认为董事会编制和审议公司《2024 年第三季度报告》的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 1．《上海百润投资控股集团股份有限公司第六届监事会 ...