| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2026-001 | | --- | --- | --- | | 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 百润转债2025年第四季度转股情况公告 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： 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 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。本次发行的可转换公司债券向发行人在股权登记日收市后中国证 券登记结算有限责任公司深圳分公司登记在册的原股东优先配售，原股东优先配 售后余额部分（含原股东放弃优先配售部分）采用网上通过深交所交易系统向社 会公众投资者发行，认购金额不足112,800万元的部分由主承销商包销。 （二）可转换公司债券上市情况 2022年1月24日，公司202 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 百润公司 (Bairun Company) - **Industry**: Food and Beverage, specifically focusing on alcoholic beverages including cocktails and whisky, as well as the beef import market in China Key Points and Arguments Sales Performance - In December 2025, 百润公司 achieved an overall sales completion rate of approximately 90%, showing a slight single-digit growth compared to the same period last year [2][3] - The whisky business in South China saw significant improvement after personnel adjustments, with annual sales reaching 250 million yuan, aiming for 400 million yuan in 2026 [2][10] - The company expects a 150% growth in the 清享 series to 250 million yuan and a 70%-80% growth in the果冻酒 series to 200 million yuan in 2026 [2][10] Product Performance - The cocktail products performed well in Q4, driven by the new 轻享 and 微醺果冻酒 series, contributing approximately 15% to the sales scale [4] - The whisky segment achieved sales close to 60-70 million yuan in Q4, with promotional activities significantly boosting sales [5][11] Inventory and Market Dynamics - Current dealer inventory is close to 4 months, expected to rise to 5 months if all unshipped orders are accounted for [6] - Anticipated sales during the Spring Festival are projected to be 2.5 times normal levels, around 700-800 million yuan, which should help reduce inventory to a more reasonable level by the end of February [6] Future Growth and Strategies - 百润公司 plans to focus on four major product lines in 2026: 强爽, 微醺, 清爽, and 轻享, with various growth targets set for each [10] - The company will restart collaboration with M brand and promote a new nighttime sales model for low-alcohol beverages in regions like Hunan [10] Market and Regulatory Environment - China's beef import quota policy aims to protect the domestic beef industry, with a total quota of 2.688 million tons for 2026, a reduction of 180,000 tons from 2024 [24][25] - The quota distribution among major beef exporting countries includes Brazil (41%), Argentina (19%), and Uruguay (12%) [27] - The policy is expected to stabilize domestic beef prices and encourage price increases for calves and fattening cattle [31][38] Price Expectations - The expected price range for 飞天茅台 is between 1,400 and 1,600 yuan, with a focus on maintaining stability to ensure good sales performance [17][21] - The company plans to clarify the roles of different price segments for its products to avoid internal competition and create a complementary market structure [20] Dealer Expectations - 茅台公司 expects dealers to actively seek new consumer groups and enhance their service capabilities, moving away from reliance on stockpiling [22] Consumer Demand - The current price of 茅台 at approximately 1,499 yuan has stimulated some personal consumer demand, but it is not sufficient to fully compensate for the decline in business wine demand [23] Additional Important Insights - The beef import quota policy is designed to limit imports and protect domestic producers, which has led to a decrease in beef prices and a potential increase in the prices of calves and fattening cattle in the future [25][31] - The overall profitability in the beef supply chain varies, with upstream segments facing the most challenges while downstream segments, such as consumer and processing, are more profitable [35]

Market Overview - The non-liquor sector increased by 0.17% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up by 0.09%, while the Shenzhen Component Index closed at 13525.02, down by 0.58% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 21.81, with a rise of 2.11% and a trading volume of 102,200 shares, amounting to a transaction value of 222 million yuan [1] - ST XiFa (000752) closed at 66.01, up by 1.57%, with a trading volume of 26,400 shares [1] - GuYueLongShan (600059) closed at 9.26, increasing by 0.87% with a trading volume of 83,400 shares [1] - Other notable stocks include ZhongXinNiYa (600084) at 5.25 (+0.77%), ZhangYu A (000869) at 20.58 (+0.59%), and XianJing Beer (000729) at 11.23 (+0.45%) [1] Capital Flow - The non-liquor sector experienced a net outflow of 36.52 million yuan from institutional investors, while retail investors saw a net inflow of 54.50 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Qingdao Beer (600600) had a net inflow of over 9.80 million yuan from institutional investors, while retail investors had a net outflow of 9.96 million yuan [3] - WeiLong Co., Ltd. (603779) saw a net inflow of 4.23 million yuan from institutional investors, but a net outflow of 4.59 million yuan from retail investors [3] - Other stocks like ZhongXinNiYa (600084) and ZhangYu A (000869) also showed varied capital flows, with institutional and retail investors reacting differently [3]

Core Viewpoint - The consumer sector has faced significant challenges in the past year, with many sub-sectors experiencing declines despite overall market growth. The focus on domestic demand and consumption has not translated into positive performance for many consumer-related industries [1][5]. Consumer Sector Performance - In the first half of the year, 10 out of 16 declining industries were from the consumer sector, indicating a broader trend of underperformance [1]. - The white liquor sector, a key component of the consumer market, has seen a year-to-date decline of 12.44%, with major brands like Wuliangye experiencing significant drops in revenue and profit [6][9]. - The professional chain sector has been particularly hard-hit, with a year-to-date decline of 14.72%, exemplified by the struggles of companies like Renrenle [16][20]. White Liquor Sector - The white liquor industry is facing its eighth consecutive year of production decline, with both volume and price dropping simultaneously [10]. - Wuliangye reported a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters, marking its first negative growth in a decade [9]. - The industry is shifting from a growth-driven model to one focused on consumer choice, with a need for companies to adapt to changing consumer preferences [15]. Professional Chain Sector - The professional chain sector is experiencing a crisis, with many physical stores closing and traditional business models failing [16][20]. - Renrenle, once a leading private supermarket, has seen its market value plummet and is now facing delisting due to ongoing financial struggles [21][24]. - The shift towards online shopping and personalized consumer demands has further exacerbated the challenges faced by traditional retail chains [24][25]. Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also faced declines, with the beer segment seeing a notable drop in sales and profits [27][32]. - Budweiser APAC reported an 8.2% decline in domestic sales and a 24.4% drop in net profit, reflecting broader industry challenges [32][33]. - The market is witnessing a trend of cross-industry competition, with liquor companies diversifying into new beverage categories [34]. Publishing Sector - The publishing industry has shown resilience despite a 10.4% decline in the overall market for printed books, with listed companies managing to increase net profits by 14.65% [43][44]. - However, leading companies like Zhongwen Media are struggling, with significant revenue and profit declines due to changes in educational material procurement policies [45][48]. Seasoning Sector - The seasoning industry has faced a 6.04% decline, with companies like Qianhe Flavor struggling due to falling revenues and a loss of consumer trust [51][55]. - The industry is experiencing a shift in consumer preferences and increased competition, necessitating a reevaluation of business strategies [60]. Traditional Chinese Medicine Sector - The traditional Chinese medicine sector is facing challenges, with companies like Pian Zai Huang reporting significant declines in revenue and profit due to rising costs and regulatory pressures [61][66]. - The industry is undergoing a transformation as companies seek to innovate and diversify their product offerings [70]. Digital Media Sector - The digital media industry has seen a 4.95% decline, with companies like Mango TV reporting significant drops in revenue and profit due to changing consumer behaviors and market dynamics [71][74]. - The sector is grappling with the need to adapt to new content consumption trends while facing pressure from traditional advertising models [75]. Kitchen and Bathroom Appliances Sector - The kitchen and bathroom appliance sector has experienced a 4.11% decline, largely due to reduced demand from the real estate market [78][79]. - Companies like Boss Electric are facing revenue declines for the first time in years, highlighting the challenges of adapting to a changing market landscape [79][80]. White Goods Sector - The white goods sector has seen a 2.02% decline, with major players like Gree Electric facing significant revenue and profit pressures due to increased competition and market saturation [83][84]. - The industry is shifting towards a focus on product quality and brand strength as external stimuli diminish [88]. Hotel and Restaurant Sector - The hotel and restaurant sector has faced a 1.37% decline, with revenue pressures stemming from changing consumer spending habits and increased competition from online platforms [89][92]. - Companies are beginning to adopt more refined operational strategies to navigate the challenging market environment [96].

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

Core Insights - The low-alcohol beverage market in China has rapidly expanded, with market size projected to grow from 200 billion yuan in 2020 to over 570 billion yuan by 2024, and globally reaching 634.17 billion yuan in 2023, expected to exceed 740 billion yuan by 2025 [1][4][6] - The shift in consumer preferences from traditional high-alcohol beverages to low-alcohol options is driven by younger generations seeking healthier and more enjoyable drinking experiences [5][6][8] - The market is becoming increasingly competitive with new brands entering, including traditional liquor companies and retail chains launching their own low-alcohol products [5][9][12] Market Trends - The rise of low-alcohol beverages is characterized by a cultural shift from "drinking for social obligation" to "drinking for personal enjoyment," with 50% of consumption occurring at home and a 56% increase in outdoor activities like camping [5][6] - Young consumers aged 18-35 account for 68% of sales, with a significant portion being female [5][6] - Health concerns are a primary motivator for Gen Z consumers choosing low-alcohol options, as traditional high-alcohol spirits are viewed as outdated [6][8] Competitive Landscape - Established brands like RIO and emerging players such as Mei Jian and Bei Rui Tian Xin are competing for market share, with RIO facing challenges due to declining sales and brand fatigue [2][9][11] - Traditional liquor companies like Moutai and Wuliangye are diversifying into low-alcohol products, while retail chains like Hema and Haidilao are also launching their own offerings [5][9] - The market is characterized by a lack of standout brands, with many new entrants struggling to differentiate themselves in a crowded space [12] Consumer Behavior - Young consumers prefer low-alcohol products that are smooth and sweet, contrasting with the strong flavors of traditional spirits [8] - The use of social media has significantly increased the visibility and popularity of low-alcohol beverages, with discussions on platforms tripling in 2020 [4] - The trend towards low-alcohol beverages is not just a passing fad; it reflects a deeper cultural shift in drinking habits among younger generations [5][6]

Summary of Key Points Core Viewpoint - The financial performance of BaiRun Co., Ltd. shows a decline in revenue and net profit for the first nine months of 2025, alongside notable changes in shareholder structure and trading activity in the stock market [2]. Group 1: Financial Performance - For the period from January to September 2025, BaiRun Co., Ltd. achieved operating revenue of 2.27 billion yuan, a year-on-year decrease of 4.89% [2]. - The net profit attributable to shareholders for the same period was 549 million yuan, reflecting a year-on-year decline of 4.35% [2]. Group 2: Shareholder and Trading Activity - As of September 30, 2025, the number of shareholders for BaiRun Co., Ltd. reached 41,700, an increase of 20.70% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 17.15% to 17,345 shares [2]. - On December 29, BaiRun Co., Ltd. recorded a financing buy-in amount of 8.9964 million yuan, with a net financing outflow of 3.0128 million yuan [1]. - The total financing and securities lending balance for BaiRun Co., Ltd. was 271 million yuan as of December 29 [1]. Group 3: Company Overview - BaiRun Co., Ltd. was established on June 19, 1997, and went public on March 25, 2011 [1]. - The company's main business includes the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails, with revenue composition being 87.14% from alcoholic products, 11.34% from edible flavors, and 1.52% from other sources [1].

Market Overview - The non-white liquor sector experienced a decline of 1.42% on the previous trading day, with Huichuan Beer leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Key stocks in the non-white liquor sector showed varied performance, with Baijiu Co. closing at 21.49, up 0.09%, while other notable declines included Chongqing Beer at 52.51, down 0.70%, and Gu Yue Long Shan at 9.20, down 0.43% [1] - The trading volume for Baijiu Co. was 59,400 shares, with a transaction value of 128 million yuan, while Chongqing Beer had a trading volume of 18,700 shares and a transaction value of 98.4 million yuan [1] Capital Flow - The non-white liquor sector saw a net outflow of 81.52 million yuan from institutional investors, while retail investors contributed a net inflow of 9.23 million yuan [2] - Notable capital flows included Yanjing Lang with a net inflow of 18.08 million yuan from institutional investors, while ST Yedao experienced a net outflow of 9.32 million yuan [3]

上海百润投资控股集团股份有限公司 关于为全资子公司提供担保额度的进展公告 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、解除担保情况 （一）担保情况概述 上海百润投资控股集团股份有限公司（以下简称"公司"）与招商银行股份 有限公司上海分行（以下简称"招行上海分行"）签订了《最高额不可撤销担保 书》（编号：540224110101），为公司之全资子公司上海巴克斯酒业营销有限公 司（以下简称"巴克斯营销"）承担最高限额为 3 亿元的连带保证责任；公司与 招行上海分行签订了《最高额不可撤销担保书》（编号：5402241102），为公司 之全资子公司上海锐澳商务咨询有限公司（以下简称"锐澳商务"）承担最高限 额为 1 亿元的连带保证责任，详见 2024 年 11 月 28 日登载于《证券时报》《上 海证券报》《证券日报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 的《百润股份：关于为全资子公司提供担保额度的进展公告》（公告编号： 2024-073）。 （二）解除担保情况 1．近日，公司接到锐澳商务、招行上海分行通知，锐澳商务已 ...

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]