Market Overview - The non-liquor sector experienced a decline of 0.33% on the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with Kuaijishan (601579) rising by 1.47% to a closing price of 22.76, while *ST Yedao (600238) fell by 3.60% to 6.69 [1][2] - Other notable movements included ST Xifa (000752) increasing by 1.22% and Zhangyu A (000869) rising by 0.28% [1] Trading Volume and Value - Kuaijishan recorded a trading volume of 174,100 shares, with a transaction value of approximately 3.95 million yuan [1] - The total net outflow of main funds in the non-liquor sector was 12.99 million yuan, while retail investors saw a net inflow of 9.51 million yuan [2][3] Fund Flow Analysis - Main funds showed a net outflow in several stocks, including Kuaijishan with a net outflow of 23.57 million yuan, while Zhangyu A had a net inflow of 7.98 million yuan [3] - Retail investors contributed positively to the fund flow in stocks like 百润股份 (002568), which saw a net inflow of 20.47 million yuan despite a main fund outflow [3]

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

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 第六届董事会第六次会议决议公告 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。 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"）第六届董事会第六次会议于2025年11月13日以 电子邮件和电话等方式发出通知，并于2025年11月18日在康桥万豪酒店会议室以现场结合通讯方式举 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002568 证券简称：百润股份 公告编号：2025-053 二、董事会会议审议情况 1．审议通过《关于聘任公司副总经理的议案》 决定聘任耿涛女士担任公司副总经理，任期同第六届董事会一致。 表决结果：同意7票；反对0票；弃权0票。 三、备查文件 1．《上海百润投资控股集团股份有限公司第六届董事会第六次会议决议》 特此公告。 上海百润投资控股集团股份有限公司 董事会 二〇二五年十一月十 ...

证券日报网讯 11月18日晚间，百润股份发布公告称，在投资者回售款到账日之前，如已申报回售的可 转换公司债券发生司法冻结或划扣等情形，债券持有人的该笔回售申报业务失效。风险提示：投资者选 择回售等同于以100.252元/张（含息税）卖出持有的"百润转债"。截至目前，"百润转债"的收盘价高于 本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 （文章来源：证券日报） ...

Core Viewpoint - BaiRun Co., Ltd. announced the convening of its sixth board meeting on November 18, 2025, to discuss the appointment of a new vice president and other related documents [1] Financial Performance - For the first half of 2025, BaiRun's revenue composition was as follows: pre-mixed cocktails accounted for 87.14%, flavor and fragrance manufacturing accounted for 11.34%, and other businesses accounted for 1.52% [1] Market Position - As of the report, BaiRun's market capitalization stood at 25.6 billion yuan [1]

| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2025-054 | | --- | --- | --- | | 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"百润转债"回售的提示性公告 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： ● 投资者回售选择权：根据《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，"百润转 债"持有人可回售部分或者全部未转股的"百润转债"。"百润转债"持有人有 权选择是否进行回售，本次回售不具有强制性。 ● 在投资者回售款到账日之前，如已申报回售的可转换公司债券发生司法 冻结或划扣等情形，债券持有人的该笔回售申报业务失效。 ● 风险提示：投资者选择回售等同于以100.252元/张（含息税）卖出持有 的"百润转债"。截至目前，"百润转债"的收盘价高于本次回售价格，投资者 选择回售可能会带来损失，敬请投资者注意风险。 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"） 股票自2025年9 ...

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 2025 年第一次临时股东大会 法律意见书 上海市锦天城律师事务所 法律意见书 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 2025 年第一次临时股东大会 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 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 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"公司"）委托，就公司召开 2025 年第一次临时股东 大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东会规则》等法律、法规和其他规 范性文件以及《上海百润投资控股集团股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《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，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 ...

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：2025-052 上海百润投资控股集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 一、重要提示 1．本次股东大会无增加、否决或变更议案情况发生； 2．本次股东大会采取现场投票和网络投票相结合的方式召开。 二、会议召开和召集情况 1． 会议召开时间： （1）现场会议召开时间为：2025 年 11 月 18 日下午 14:30。 （2）网络投票时间为： 2025 年 11 月 18 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 18 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025 年 11 月 18 日上午 9:15 至下午 15:00 期间的任意时间。 公司董事、监事、高级管理人员及公司聘请的律师出席了会议。本次股东大 （3）股权登记日：2025 年 11 月 13 日。 2 ...

证券代码：002568 证券简称：百润股份 公告编号：2025-053 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 第六届董事会第六次会议决议公告 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。 上海百润投资控股集团股份有限公司 董事会 二〇二五年十一月十九日 1 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 六次会议于 2025 年 11 月 13 日以电子邮件和电话等方式发出通知，并于 2025 年 11 月 18 日在康桥万豪酒店会议室以现场结合通讯方式举行。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《关于聘任公司副总经理的议案》 决定聘任耿涛女士担任公司副总经理，任期同第六届董事会一致。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 三、备查文件 1．《上海百润投资控股集团股份有限公司第六届董事会第六次会议决议》 特此公告。 证券 ...

Market Overview - The non-liquor sector experienced a decline of 0.95% on November 18, with Yanjing Beer leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with ST Xifa closing at 12.32, up 0.49%, while other notable declines included Caijing Beer down 2.41% to 12.14 and Huichuan Beer down 2.41% to 12.15 [2] - The trading volume and turnover for selected stocks indicated significant activity, with Chongqing Beer recording a turnover of 1.33 billion and ST Xifa at 47.48 million [1][2] Capital Flow - The non-liquor sector saw a net outflow of 109 million from major funds, while retail investors contributed a net inflow of 115 million [2] - Detailed capital flow data showed that ST Xifa had a net inflow of 671,900 from major funds, while other stocks like ST Yedao experienced significant outflows [3]