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 2021 年限制性股票激励计划 回购价格调整事宜的 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 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 2021 年限制性股票激励计划 回购价格调整事宜的 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。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国 证监会"）发布的《上市公司股权激励管理办法（2025 修正）》（以下简称"《管理办法》"） 以及《上海百润投资控股集团股份有限公 ...

南财智讯8月26日电，百润股份发布2025年半年度报告，报告期实现营业收入14.89亿元，同比下降 8.56%；归属上市公司股东的净利润3.89亿元，同比下降3.32%；扣除非经常性损益后的归属于上市公司 股东的净利润3.56亿元，同比下降9.04%；基本每股收益0.38元。 ...

百润股份公告，2025年上半年营业收入14.89亿元，同比下降8.56%。净利润3.89亿元，同比下降 3.32%。 ...

Section I. Important Notice, Table of Contents, and Definitions This section provides assurance on report accuracy, highlights key risks like food safety and industry competition, and confirms no half-year cash dividends or share transfers from capital reserves - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-year report content, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - The company's main products, including pre-mixed cocktails, spirits, and edible flavors, carry food safety risks[6](index=6&type=chunk) - Intensified competition in the pre-mixed cocktail industry poses a risk of market share impact for the company as a leading enterprise[6](index=6&type=chunk) - The accelerating development and expansion of the whiskey market increase competition risks for the company's whiskey business[8](index=8&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) Section II. Company Profile and Key Financial Indicators This section presents the company's basic information and key financial data, showing a decrease in operating revenue and net profit attributable to shareholders, but a significant increase in net cash flow from operating activities - The company's stock abbreviation is "Bairun Stock", stock code "002568", listed on the Shenzhen Stock Exchange[19](index=19&type=chunk) 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Period (CNY) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | -8.56% | | Net Profit Attributable to Shareholders of Listed Company | 389,081,512.16 | 402,457,459.68 | -3.32% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | 356,130,546.88 | 391,515,472.49 | -9.04% | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | 67.06% | | Basic Earnings Per Share (CNY/share) | 0.38 | 0.39 | -2.56% | | Diluted Earnings Per Share (CNY/share) | 0.38 | 0.39 | -2.56% | | Weighted Average Return on Net Assets | 8.06% | 9.58% | -1.52% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from End of Prior Year** | | | Total Assets | 8,324,349,198.15 | 8,118,648,546.14 | 2.53% | | Net Assets Attributable to Shareholders of Listed Company | 4,764,194,910.91 | 4,686,721,541.20 | 1.65% | 2025 Half-Year Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -162,424.94 | | Government grants recognized in current profit or loss | 38,530,496.91 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 304,746.20 | | Other non-operating income and expenses | 4,909,185.35 | | Other non-recurring gains and losses (personal income tax handling fee refund) | 314,808.29 | | Less: Income tax impact | 10,943,751.14 | | Non-controlling interests impact (after tax) | 2,095.39 | | **Total** | **32,950,965.28** | Section III. Management Discussion and Analysis This section details the company's main businesses, operating model, brand operations, core competitiveness, financial data changes, asset and liability status, investments, subsidiary analysis, and risk response measures during the reporting period [I. Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of pre-mixed cocktails, spirits, and flavorings, with alcoholic beverages being the main revenue source and flavorings serving the food industry - Alcoholic beverage business accounts for **88.49% of revenue**, and flavorings business accounts for **11.51%**[31](index=31&type=chunk) - RIO pre-mixed cocktails, including Micro-drunk, Refreshing, Strong, Classic, and Light Enjoy series, have maintained the **number one market share nationwide for many years**[32](index=32&type=chunk)[38](index=38&type=chunk) - The spirits business primarily features "Laizhou" single malt whiskey, "Bailide" blended whiskey, "Jiaoyu" gin, and "Linglie" vodka series, with Laizhou Distillery having **leading whiskey production capacity in China**[33](index=33&type=chunk)[39](index=39&type=chunk) - Flavoring products are mainly edible flavors, widely used in juice beverages, ice cream, dairy products, and baked goods, with the company recognized as a **top ten enterprise in China's flavor and fragrance industry**[34](index=34&type=chunk)[35](index=35&type=chunk)[40](index=40&type=chunk) - Alcoholic beverage sales primarily follow a **distribution model**, supplemented by direct sales, across offline and digital retail channels[37](index=37&type=chunk)[41](index=41&type=chunk) - The flavoring business adopts a **"production-to-order" model**, with sales primarily direct and supplemented by distribution[37](index=37&type=chunk)[41](index=41&type=chunk) Main Business Operating Revenue, Cost, and Gross Margin by Product Category | Product Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Alcoholic Beverages | 1,297,478,500.77 | 383,000,356.42 | 70.48% | -9.35% | -9.12% | -0.08% | | Edible Flavors | 168,829,719.82 | 49,383,975.17 | 70.75% | -3.91% | -10.08% | 2.01% | | **Total** | **1,466,308,220.59** | **432,384,331.59** | **70.51%** | **-8.75%** | **-9.23%** | **0.15%** | Changes in Distributor Numbers | Region | Number at Beginning of Period | New Additions | Reductions | Number at End of Period | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 484 | 86 | 10 | 560 | 16% | | East China | 477 | 115 | 51 | 541 | 13% | | South China | 623 | 117 | 105 | 635 | 2% | | West China | 484 | 105 | 57 | 532 | 10% | | **Total** | **2068** | **423** | **223** | **2268** | **10%** | 2025 Half-Year Production and Inventory Volumes | Industry Category | Item | Unit | 2025 Half-Year | 2024 Half-Year | Year-over-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Alcoholic Beverages | Sales Volume | boxes | 15,032,747 | 17,215,149 | -12.68% | | | Production Volume | boxes | 15,000,692 | 16,939,646 | -11.45% | | | Inventory Volume | boxes | 1,071,590 | 1,124,510 | -4.71% | | Edible Flavors | Sales Volume | kg | 1,709,787 | 1,755,694 | -2.61% | | | Production Volume | kg | 1,796,930 | 1,783,932 | 0.73% | | | Inventory Volume | kg | 228,340 | 110,353 | 106.92% | - Edible flavor inventory volume increased by **106.92% year-over-year**, primarily due to goods in transit[49](index=49&type=chunk) [II. Analysis of Core Competitiveness](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its integrated industrial chain, strong brand influence, continuous R&D innovation, and stringent quality assurance system - The company has established a **full industrial chain advantage** through resource sharing and synergy between its pre-mixed cocktail and flavoring businesses, and the commissioning of its spirits production base[51](index=51&type=chunk) - **Strong brand influence** is demonstrated by "RIO" pre-mixed cocktails' continuous market leadership, "Laizhou Distillery's" high recognition among domestic whiskey brands, and "BAIRUN" flavorings' widespread acceptance[52](index=52&type=chunk) - The company possesses **robust R&D capabilities** from nearly thirty years in the flavoring industry, enabling targeted development of pre-mixed cocktail products that meet consumer taste preferences and exploration of functional, seasonal, and regional flavor series[53](index=53&type=chunk) - The company has established a **comprehensive food safety and quality management system**, achieving multiple international certifications and continuously improving its quality traceability system to ensure product safety[53](index=53&type=chunk) [III. Analysis of Main Business Operations](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's alcoholic beverage and flavoring businesses maintained stable operations with high gross and net margins, and significantly optimized net operating cash flow - During the reporting period, the company's alcoholic beverage and flavoring businesses maintained stable operations, with **high gross and net margins**, significantly optimized net operating cash flow, achieving **operating revenue of 1,466.31 million CNY**[55](index=55&type=chunk) - The pre-mixed cocktail business continuously strengthened its multi-sub-brand matrix, implementing **precise brand promotion** through media placements, short-term Spring Festival endorsements, TV drama advertisements, gaming and esports collaborations, and new topic seeding on Douyin and Kuaishou[55](index=55&type=chunk) - The spirits business successfully launched **multiple whiskey circulation products** for the first time, steadily building the Laizhou whiskey product matrix, with the Laizhou Distillery Experience Center officially opening in April 2025 and cumulative barrel filling reaching **500,000 barrels by June 2025**[57](index=57&type=chunk)[58](index=58&type=chunk) - The flavoring business continued to vigorously promote its **key account strategy**, ceased tobacco flavoring operations, and maintained **continuous growth in its food flavoring business**[60](index=60&type=chunk) Year-over-year Changes in Key Financial Data | Item | Current Reporting Period (CNY) | Prior Period (CNY) | Year-over-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | -8.56% | | | Selling Expenses | 300,903,053.82 | 397,121,915.43 | -24.23% | Primarily due to higher advertising expenses in the prior period | | Administrative Expenses | 114,798,471.27 | 100,263,501.37 | 14.50% | | | Income Tax Expense | 143,104,802.72 | 108,565,357.39 | 31.81% | Primarily due to adjustments in the operating entity for the company's flavoring business, re-certification of high-tech enterprise status, and phased changes in income tax rates | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | 67.06% | Primarily due to adherence to a high-quality development strategy and proactive strengthening of accounts receivable management | | Net Cash Flow from Investing Activities | -171,709,409.30 | -574,026,516.39 | 70.09% | Primarily due to reduced capital expenditures | | Net Cash Flow from Financing Activities | -172,826,340.26 | 115,323,555.46 | -249.86% | Primarily due to cash dividend distribution in the current period | Operating Revenue Composition (by Region) | Region | Amount (CNY) | Percentage of Operating Revenue | Prior Period Amount (CNY) | Percentage of Operating Revenue in Prior Period | Year-over-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 231,307,283.39 | 15.54% | 294,377,850.80 | 18.08% | -21.43% | | East China | 534,072,605.64 | 35.87% | 560,612,846.44 | 34.43% | -4.73% | | South China | 482,304,174.00 | 32.39% | 467,843,118.69 | 28.73% | 3.09% | | West China | 218,624,157.56 | 14.68% | 284,127,086.88 | 17.45% | -23.05% | Selling Expenses Breakdown | Item | Current Period Amount (CNY) | Percentage | Year-over-year Growth Rate | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Employee Compensation (including labor costs) | 162,315,751.14 | 53.94% | 22.03% | | | Advertising and Promotional Expenses | 126,312,924.17 | 41.98% | -49.24% | Primarily due to higher advertising expenses in the prior period | | Warehousing Fees | 2,715,224.91 | 0.90% | -58.56% | Primarily due to the commissioning of self-owned warehouses | | Other Expenses | 9,559,153.60 | 3.18% | 9.81% | | | **Total** | **300,903,053.82** | **100.00%** | **-24.23%** | | [IV. Analysis of Non-Main Business Operations](index=20&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) During the reporting period, the company had no non-main business operations requiring disclosure - The company had no non-main business operations analysis during the reporting period[68](index=68&type=chunk) [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, reflecting changes in investment structure and improved accounts receivable management - During the reporting period, there were no significant changes in the measurement attributes of the company's main assets[72](index=72&type=chunk) Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Percentage of Total Assets | Amount at End of Prior Year (CNY) | Percentage of Total Assets in Prior Year | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,092,742,765.60 | 25.14% | 1,931,150,651.54 | 23.79% | 1.35% | | Accounts Receivable | 93,442,320.61 | 1.12% | 260,377,985.21 | 3.21% | -2.09% | | Inventories | 1,237,615,903.62 | 14.87% | 1,042,631,885.52 | 12.84% | 2.03% | | Fixed Assets | 3,734,726,778.42 | 44.87% | 2,924,667,057.45 | 36.02% | 8.85% | | Construction in Progress | 229,759,569.74 | 2.76% | 877,978,487.55 | 10.81% | -8.05% | | Short-term Borrowings | 1,229,935,238.00 | 14.78% | 1,042,390,596.06 | 12.84% | 1.94% | | Bonds Payable | 1,067,183,858.69 | 12.82% | 1,052,714,417.80 | 12.97% | -0.15% | [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased by 34.27% year-over-year, with raised funds primarily allocated to whiskey aging projects, and idle funds temporarily used for working capital having been repaid - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) - The whiskey aging projects have been put into use, with products entering the aging period as planned[83](index=83&type=chunk) - The company repeatedly used idle raised funds to temporarily supplement working capital, which were all repaid to the special raised funds account before April 22, 2025[84](index=84&type=chunk) Investment Amount During the Reporting Period | Investment Amount in Current Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | | 377,828,546.70 | 574,842,393.05 | -34.27% | Raised Funds Committed Projects | Project Name | Total Committed Investment (CNY 10,000) | Cumulative Investment Amount at End of Current Reporting Period (CNY 10,000) | Investment Progress at End of Period | | :--- | :--- | :--- | :--- | | Spirits (Whiskey) Aging and Maturation Project | 99,092.46 | 73,572.98 | 74.25% | | Malt Whiskey Aging and Maturation Project | 111,281.49 | 107,944.69 | 97.00% | [VII. Major Asset and Equity Sales](index=25&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets or equity during the reporting period[86](index=86&type=chunk)[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=25&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding and participating company, Shanghai Bacchus Liquor Co., Ltd., and its subsidiaries, demonstrated good performance in total assets, net assets, operating revenue, operating profit, and net profit at the end of the reporting period - The company did not acquire or dispose of any subsidiaries during the reporting period[89](index=89&type=chunk) Financial Data of Major Subsidiary Shanghai Bacchus Liquor Co., Ltd. | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Bacchus Liquor Co., Ltd. | Subsidiary | Manufacturing | 120,000,000.00 | 6,023,420,915.45 | 1,423,703,518.66 | 1,329,077,054.03 | 361,399,766.68 | 278,468,963.40 | [IX. Information on Structured Entities Controlled by the Company](index=26&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[90](index=90&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=26&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks related to food safety, intensified competition in the pre-mixed cocktail industry, and intensified competition in the whiskey industry, which it actively addresses through robust quality management, innovation, product diversification, and brand building - **Food Safety Risk**: The company has established a quality assurance system compliant with international standards, strictly implementing quality and environmental management to ensure product hygiene and safety[90](index=90&type=chunk) - **Intensified Competition in Pre-mixed Cocktail Industry**: The company will enhance management and innovation capabilities, enrich product categories, optimize product structure, and strengthen brand building to improve core competitiveness[90](index=90&type=chunk) - **Intensified Competition in Whiskey Industry**: The company will enhance management and R&D capabilities, enrich its product matrix, strengthen brand building, and innovate its marketing system to continuously improve overall competitiveness[92](index=92&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=XI.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its "Market Value Management System" on April 25, 2025, to regulate market value management and protect the legitimate rights and interests of the company and investors, but has not disclosed a valuation enhancement plan - The company approved the "Market Value Management System" on April 25, 2025, aiming to regulate market value management and protect the legitimate rights and interests of the company, investors, and other stakeholders[93](index=93&type=chunk) - The company has not disclosed a valuation enhancement plan[93](index=93&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=27&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed any announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed any announcement regarding its "Quality and Return Dual Improvement" action plan[94](index=94&type=chunk) Section IV. Corporate Governance, Environment, and Society This section covers corporate governance, environmental, and social responsibility, noting no changes in directors, supervisors, or senior management, no half-year profit distribution, and details on the 2021 restricted stock incentive plan and environmental disclosures - The company's directors, supervisors, and senior management had no changes during the reporting period[96](index=96&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[97](index=97&type=chunk) - The company implemented the 2021 Restricted Stock Incentive Plan, with revisions to the restricted period, unlocking arrangements, and performance assessment requirements[98](index=98&type=chunk)[102](index=102&type=chunk)[106](index=106&type=chunk) - Subsidiary Bacchus Liquor (Chengdu) Co., Ltd. was included in the list of enterprises required to disclose environmental information by law and has disclosed environmental information on relevant platforms[108](index=108&type=chunk) - During the reporting period, the company has not yet carried out work related to consolidating and expanding poverty alleviation achievements or rural revitalization[109](index=109&type=chunk) Section V. Important Matters This section reports on the company's latest status regarding important commitments, fund occupation, external guarantees, auditor appointments, litigation, related party transactions, and major contracts - During the reporting period, the company had no unfulfilled major commitments, no non-operating fund occupation by controlling shareholders or other related parties, and no illegal external guarantees[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - The company's half-year financial report was unaudited[114](index=114&type=chunk) - During the reporting period, the company had no major lawsuits or arbitrations, but there were other litigation matters not meeting the major disclosure threshold, with a total involved amount of **32.36 million CNY (unsettled)** and **7.36 million CNY (settled)**[116](index=116&type=chunk)[117](index=117&type=chunk) - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - At the end of the reporting period, the actual guarantee balance for subsidiaries totaled **1,410.13 million CNY**, accounting for **29.60% of the company's net assets**[133](index=133&type=chunk) Company Guarantees for Subsidiaries (Partial) | Name of Guaranteed Party | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai RIO Liquor Marketing Co., Ltd. | 10,000 | May 23, 2024 | 10,000 | Joint and several liability guarantee | Yes | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 18,000 | May 23, 2024 | 18,000 | Joint and several liability guarantee | No | Yes | | Shanghai RIO Liquor Marketing Co., Ltd. | 10,000 | January 20, 2025 | 10,000 | Joint and several liability guarantee | No | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 30,000 | May 26, 2025 | 15,000 | Joint and several liability guarantee | No | Yes | Section VI. Share Changes and Shareholder Information This section details the company's share changes, primarily due to changes in locked shares held by directors, supervisors, and senior management, and lists the total number of shareholders, top ten shareholders, and treasury stock holdings at the end of the reporting period - Share changes were primarily due to changes in the number of locked shares held by the company's directors, supervisors, and senior management[140](index=140&type=chunk) - At the end of the reporting period, the total number of common shareholders was **34,522**[145](index=145&type=chunk) - The company's dedicated share repurchase securities account holds **11,593,683 shares**, accounting for **1.10% of the company's total share capital**[146](index=146&type=chunk) - The company's directors, supervisors, and senior management's shareholdings did not change during the reporting period[148](index=148&type=chunk) - The company's controlling shareholder and actual controller did not change during the reporting period[149](index=149&type=chunk) Share Changes | Category | Number Before This Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 332,976,693 | 31.73% | -6,366,013 | 326,610,680 | 31.12% | | II. Unrestricted Shares | 716,392,262 | 68.27% | 6,366,013 | 722,758,275 | 68.88% | | III. Total Shares | 1,049,368,955 | 100.00% | 0 | 1,049,368,955 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Shares Unlocked in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Liu Xiaodong | 319,191,376 | 0 | 319,191,376 | According to regulations for directors, supervisors, and senior management shareholding | | Zhang Qizhong | 6,366,013 | 6,366,013 | 0 | According to regulations for directors, supervisors, and senior management shareholding | | Equity Incentive Restricted Shares (excluding directors, supervisors, and senior management) | 1,626,800 | 0 | 1,626,800 | According to the company's 2021 Restricted Stock Incentive Plan | Top 10 Shareholders' Shareholding (Partial) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Xiaodong | Domestic Natural Person | 40.56% | 425,588,502 | 319,191,376 | 106,397,126 | Pledged 104,050,000 shares | | Liu Haibin | Domestic Natural Person | 5.92% | 62,161,798 | 0 | 62,161,798 | Pledged 13,500,000 shares | Section VII. Bond-Related Information This section discloses the issuance, holders, changes, conversion, and conversion price adjustments of the company's convertible corporate bonds "Bairun Convertible Bonds", noting minor conversions and multiple price adjustments due to equity incentives and profit distribution - The company publicly issued **1.128 billion CNY** convertible corporate bonds "Bairun Convertible Bonds" on September 29, 2021, with a conversion period from April 12, 2022, to September 28, 2027[155](index=155&type=chunk) - During the reporting period, **1,000.00 CNY** of the company's A-share convertible bonds were converted into **21 shares** of the company's A-share common stock[160](index=160&type=chunk)[161](index=161&type=chunk)[423](index=423&type=chunk) - The company's corporate credit rating is **AA**, convertible corporate bond credit rating is **AA**, and the rating outlook is stable, with no change in credit rating status[163](index=163&type=chunk) Top Ten Convertible Bond Holders (Partial) | No. | Name of Convertible Bond Holder | Nature of Convertible Bond Holder | Number of Convertible Bonds Held at End of Reporting Period (units) | Amount of Convertible Bonds Held at End of Reporting Period (CNY) | Percentage of Convertible Bonds | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Liu Xiaodong | Domestic Natural Person | 4,579,332 | 457,933,200.00 | 40.61% | | 2 | Industrial Bank Co., Ltd. - Xingquan New Horizon Flexible Allocation Periodically Open Hybrid Initiated Securities Investment Fund | Other | 882,930 | 88,293,000.00 | 7.83% | Changes in Convertible Bonds During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (CNY) | Conversion (CNY) | Amount After This Change (CNY) | | :--- | :--- | :--- | :--- | | Bairun Convertible Bonds | 1,127,511,900.00 | 1,000.00 | 1,127,510,900.00 | Historical Conversion Price Adjustments (Partial) | Convertible Corporate Bond Name | Conversion Price Adjustment Date | Adjusted Conversion Price (CNY) | Disclosure Date | Explanation for Conversion Price Adjustment | Latest Conversion Price at End of Current Reporting Period (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bairun Convertible Bonds | January 24, 2022 | 66.83 | January 21, 2022 | Listing of new shares from the company's 2021 Restricted Stock Incentive Plan | 46.66 | | Bairun Convertible Bonds | June 05, 2025 | 46.66 | May 27, 2025 | Completion of the company's 2024 annual equity distribution | 46.66 | Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 1.50 | 1.51 | -0.66% | | Asset-Liability Ratio | 42.77% | 42.15% | 0.62% | | Quick Ratio | 0.98 | 1.05 | -6.67% | | **Item** | **Current Reporting Period** | **Prior Period** | **Change from Prior Period** | | Net Profit After Non-recurring Gains and Losses | 356.13 million CNY | 391.52 million CNY | -9.04% | | Net Cash Flow from Operating Activities | 490.76 million CNY | 293.76 million CNY | 67.06% | Section VIII. Financial Report This section provides the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on company information, accounting policies, and financial statement items [I. Audit Report](index=45&type=section&id=I.%20Audit%20Report) The company's half-year financial report was unaudited - The company's half-year financial report was unaudited[167](index=167&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This part presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, reflecting the financial position at the end of the period and operating results and cash flows during the period Consolidated Balance Sheet (End of Period Balance) | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,092,742,765.60 | 1,931,150,651.54 | | Accounts Receivable | 93,442,320.61 | 260,377,985.21 | | Inventories | 1,237,615,903.62 | 1,042,631,885.52 | | Fixed Assets | 3,734,726,778.42 | 2,924,667,057.45 | | Construction in Progress | 229,759,569.74 | 877,978,487.55 | | Short-term Borrowings | 1,229,935,238.00 | 1,042,390,596.06 | | Bonds Payable | 1,067,183,858.69 | 1,052,714,417.80 | | Total Liabilities | 3,560,154,287.24 | 3,421,678,576.51 | | Total Equity Attributable to Parent Company Owners | 4,764,194,910.91 | 4,686,721,541.20 | | Total Assets | 8,324,349,198.15 | 8,118,648,546.14 | Consolidated Income Statement (2025 Half-Year) | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,488,980,039.73 | 1,628,293,123.04 | | Total Operating Costs | 1,003,355,446.04 | 1,132,817,393.57 | | Operating Profit | 527,535,042.18 | 507,615,305.15 | | Total Profit | 532,249,711.30 | 508,234,551.99 | | Net Profit | 389,144,908.58 | 399,669,194.60 | | Net Profit Attributable to Parent Company Shareholders | 389,081,512.16 | 402,457,459.68 | | Basic Earnings Per Share | 0.38 | 0.39 | Consolidated Cash Flow Statement (2025 Half-Year) | Item | 2025 Half-Year (CNY) | 2024 Half-Year (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 490,763,833.14 | 293,761,714.68 | | Net Cash Flow from Investing Activities | -171,709,409.30 | -574,026,516.39 | | Net Cash Flow from Financing Activities | -172,826,340.26 | 115,323,555.46 | | Net Increase in Cash and Cash Equivalents | 146,292,908.00 | -164,970,517.78 | [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) The company was established on June 19, 1997, listed on the Shenzhen Stock Exchange on March 25, 2011, and operates in the wine, beverage, and refined tea manufacturing industry, with Liu Xiaodong as its actual controller - The company was established on June 19, 1997, listed on the Shenzhen Stock Exchange on March 25, 2011, and operates in the wine, beverage, and refined tea manufacturing industry[204](index=204&type=chunk) - As of June 30, 2025, the company's total issued share capital was **1,049,368,955 shares**, with a registered capital of **1,049,368,955.00 CNY**[205](index=205&type=chunk) - The actual controller of the company is Liu Xiaodong[205](index=205&type=chunk) [IV. Basis of Financial Statement Preparation](index=66&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "General Provisions for Financial Reporting of Companies Issuing Securities Publicly (No. 15)" by the China Securities Regulatory Commission, on a going concern basis - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" and the "General Provisions for Financial Reporting of Companies Issuing Securities Publicly (No. 15)"[207](index=207&type=chunk) - The financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[208](index=208&type=chunk)[209](index=209&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combination accounting, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[210](index=210&type=chunk) - The materiality standard for individually impaired accounts receivable and other receivables is an **end-of-period balance >= 15 million CNY**; for significant construction in progress, it is an **end-of-period balance >= 40 million CNY**[215](index=215&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[227](index=227&type=chunk) - Inventories are classified as raw materials, packaging materials, finished goods, goods in transit, work in progress, by-products, self-made semi-finished products, and low-value consumables, and are valued using the **weighted average method** upon issuance[248](index=248&type=chunk)[249](index=249&type=chunk) - Fixed asset depreciation is calculated using the **straight-line method**, with depreciation periods of **20-45 years for buildings** and **5-10 years for specialized equipment**[263](index=263&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures meeting specific criteria are recognized as intangible assets[273](index=273&type=chunk)[274](index=274&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, with alcoholic beverage sales primarily through **distribution** and flavoring sales primarily through **direct sales**[293](index=293&type=chunk)[297](index=297&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over time, while income-related grants are recognized directly or deferred into profit or loss[300](index=300&type=chunk)[302](index=302&type=chunk) - Consideration paid and transaction costs incurred by the company for repurchasing its own equity instruments reduce owners' equity and are managed as treasury stock[322](index=322&type=chunk) [VI. Taxes](index=93&type=section&id=VI.%20Taxes) This section discloses the company's main tax categories and rates, including VAT, consumption tax, urban maintenance and construction tax, and corporate income tax, noting that some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3%, 1% | | Consumption Tax | Taxable sales income (quantity) | 20% plus 0.5 CNY/500g (or 500ml), 10% | | Urban Maintenance and Construction Tax | Actual VAT and Consumption Tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | See explanation (25% or 5%) | - The company's 11 subsidiaries, including Shanghai Bairun Flavoring Co., Ltd., are recognized as small and micro-profit enterprises, enjoying a preferential policy where their annual taxable income is reduced by **25%** and taxed at a **20% corporate income tax rate**[326](index=326&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=94&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for various assets, liabilities, owners' equity, income, and expenses in the consolidated financial statements, including end-of-period balances, beginning-of-period balances, current period changes, and related explanations for items such as cash and cash equivalents, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, bonds payable, operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, and income tax expenses Cash and Cash Equivalents End of Period Balance | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 56,694.18 | 42,971.36 | | Bank Deposits | 2,089,452,418.75 | 1,923,556,289.59 | | Other Cash and Cash Equivalents | 3,233,652.67 | 7,551,390.59 | | **Total** | **2,092,742,765.60** | **1,931,150,651.54** | Accounts Receivable End of Period Book Balance by Age | Age | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 89,553,991.71 | 260,757,943.93 | | 1 to 2 Years | 3,051,417.44 | 2,111,366.23 | | 2 to 3 Years | 4,167,658.25 | 4,176,904.24 | | Over 3 Years | 31,544.57 | 22,275.15 | | **Total** | **96,804,611.97** | **267,068,489.55** | Inventory Classification End of Period Balance | Item | Book Value (CNY) | | :--- | :--- | | Raw Materials | 94,548,711.04 | | Work in Progress | 1,352,597.83 | | Goods in Transit | 3,277,072.91 | | Packaging Materials | 24,099,648.14 | | Low-Value Consumables | 10,173,720.68 | | Finished Goods | 59,191,350.12 | | Self-Made Semi-Finished Products | 1,044,799,248.19 | | By-Products | 173,554.71 | | **Total** | **1,237,615,903.62** | Fixed Assets (Book Value) | Item | End of Period Book Value (CNY) | Beginning of Period Book Value (CNY) | | :--- | :--- | :--- | | Buildings and Structures | 2,313,187,715.22 | 1,809,232,811.67 | | Specialized Equipment | 1,331,691,746.66 | 1,064,689,511.79 | | General Equipment | 14,058,757.72 | 14,779,754.01 | | Transportation Equipment | 15,594,151.51 | 14,975,225.12 | | Other Equipment | 60,194,407.31 | 20,989,754.86 | | **Total** | **3,734,726,778.42** | **2,924,667,057.45** | Construction in Progress (Book Value) | Item | End of Period Book Value (CNY) | Beginning of Period Book Value (CNY) | | :--- | :--- | :--- | | Malt Whiskey Aging and Maturation Project | 123,500,790.14 | 478,325,272.95 | | Spirits Brand Culture Experience Center | 62,591,008.35 | 356,317,033.43 | | Spirits (Whiskey) Aging and Maturation Project | 16,671,673.58 | 16,970,945.75 | | **Total** | **229,759,569.74** | **877,978,487.55** | Short-term Borrowings Classification | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Guaranteed Loans | 1,221,434,313.00 | 1,041,890,387.73 | | Credit Loans | 8,500,925.00 | 500,208.33 | | **Total** | **1,229,935,238.00** | **1,042,390,596.06** | Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,466,308,220.59 | 432,384,331.59 | 1,606,960,902.81 | 476,338,537.11 | | Other Businesses | 22,671,819.14 | 9,331,012.56 | 21,332,220.23 | 10,868,626.66 | | **Total** | **1,488,980,039.73** | **441,715,344.15** | **1,628,293,123.04** | **487,207,163.77** | Selling Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 84,072,608.25 | 86,218,023.90 | | Advertising Expenses | 67,078,352.49 | 165,459,633.72 | | Labor Costs | 56,511,279.58 | 29,653,895.15 | | Marketing Activity Expenses | 44,182,106.06 | 67,642,340.57 | | **Total** | **300,903,053.82** | **397,121,915.43** | Financial Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest Expense | 33,759,711.30 | 31,338,371.65 | | Interest Income | -23,079,069.71 | -19,605,238.05 | | Exchange Gains/Losses | -69,484.53 | 29,271.53 | | Other | 1,096,488.02 | 1,180,200.45 | | **Total** | **11,707,645.08** | **12,942,605.58** | Income Tax Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Income Tax Expense | 122,071,029.01 | 114,674,891.70 | | Deferred Income Tax Expense | 21,033,773.71 | -6,109,534.31 | | **Total** | **143,104,802.72** | **108,565,357.39** | [VIII. R&D Expenses](index=126&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenses were **43.60 million CNY**, a slight year-over-year decrease, entirely expensed, primarily comprising employee compensation, utilities, and depreciation - All R&D expenditures in the current period were expensed[488](index=488&type=chunk) R&D Expense Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 26,647,124.29 | 29,910,654.31 | | Utilities | 3,667,066.35 | 3,799,501.28 | | Depreciation | 2,947,268.07 | 2,615,991.02 | | Amortization of Low-Value Consumables | 2,077,203.86 | 2,269,702.63 | | **Total** | **43,600,823.75** | **45,186,246.15** | [IX. Interests in Other Entities](index=126&type=section&id=IX.%20Interests%20in%20Other%20Entities) This section outlines the company's corporate group structure, including several wholly-owned subsidiaries primarily engaged in manufacturing and trading, and details the acquisition of minority shareholder equity in Shanghai Yuetiao Technology Co., Ltd., which reduced non-controlling interests and increased capital reserve - The company owns several wholly-owned subsidiaries, including Shanghai Bairun Flavor & Fragrance Co., Ltd. and Shanghai Bacchus Liquor Co., Ltd., with main businesses covering manufacturing and trading[490](index=490&type=chunk)[491](index=491&type=chunk) - During the reporting period, the company's wholly-owned subsidiary, Shanghai Bacchus Liquor Co., Ltd., acquired a **45.00% equity stake** held by minority shareholders in Shanghai Yuetiao Technology Co., Ltd. for **10,248,428.43 CNY** in cash, resulting in the company indirectly holding **100.00% equity** in Shanghai Yuetiao Technology Co., Ltd. after the transaction[492](index=492&type=chunk) - This transaction resulted in a **decrease of 10,311,824.85 CNY in non-controlling interests** and an **increase of 63,396.42 CNY in capital reserve**[492](index=492&type=chunk)[495](index=495&type=chunk) [X. Government Grants](index=129&type=section&id=X.%20Government%20Grants) This section discloses the company's government grant-related liability items and government grants recognized in current profit or loss during the reporting period, including asset-related grants for spirits production base upgrades and income-related grants recognized in other income Liability Items Involving Government Grants | Accounting Account | Beginning of Period Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Other Income in Current Period (CNY) | End of Period Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | RIO Cocktail Capacity Upgrade Production Line Technology Transformation Project | 1,291,523.50 | 0 | 409,653.48 | 881,870.02 | Asset-related | | Chengdu Phase II Project Subsidy | 17,790,769.20 | 0 | 1,270,769.24 | 16,519,999.96 | Asset-related | | Spirits Production Base Upgrade Project Construction Subsidy | 39,164,904.03 | 50,000,000.00 | 1,548,165.12 | 87,616,738.91 | Asset-related | | Land Compensation | 2,050,000.00 | 0 | 0 | 2,050,000.00 | Income-related | | **Total** | **60,986,121.44** | **50,000,000.00** | **3,326,232.01** | **107,659,889.43** | | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 38,310,496.91 | 12,854,684.62 | | Financial Expenses (Loan Interest Subsidy) | -220,000.00 | 0 | [XI. Related Parties and Related Party Transactions](index=130&type=section&id=XI.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses that Liu Xiaodong is the company's ultimate controlling party and lists multiple related party guarantees provided by the company for its subsidiaries, with key management personnel compensation totaling **5,033,946.12 CNY** - The ultimate controlling party of the company is Liu Xiaodong[501](index=501&type=chunk) Related Party Guarantees Provided by the Company for Subsidiaries (Partial) | Guaranteed Party | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai RIO Liquor Marketing Co., Ltd. | 100,000,000.00 | May 23, 2024 | May 21, 2025 | Yes | | Shanghai Bacchus Liquor Marketing Co., Ltd. | 180,000,000.00 | May 23, 2024 | November 23, 2025 | No | | Shanghai RIO Liquor Marketing Co., Ltd. | 100,000,000.00 | January 20, 2025 | January 16, 2026 | No | Key Management Personnel Compensation | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 5,033,946.12 | 4,702,824.66 | [XII. Share-based Payments](index=131&type=section&id=XII.%20Share-based%20Payments) This section discloses the implementation of the company's 2021 Restricted Stock Incentive Plan, including categories of grantees, forfeited quantities, and amounts, noting that some restricted shares were forfeited due to unfulfilled unlocking conditions and employee departures, and the plan's terms have been revised multiple times - The company's 2021 Restricted Stock Incentive Plan's initial grant date was January 12, 2022, with a grant price of **30.34 CNY/share** to **211 incentive recipients**, totaling **2,275,000 shares** initially granted[510](index=510&type=chunk) - The terms of the incentive plan, including the restricted period, unlocking arrangements, and company-level performance assessment requirements, have been revised multiple times, with a maximum validity period not exceeding **60 months**[517](index=517&type=chunk) - The total expense recognized for equity-settled share-based payments in the current period was **-833,819.63 CNY**[513](index=513&type=chunk)[515](index=515&type=chunk) Forfeited Share-based Payments in Current Period | Category of Grantee | Forfeited Quantity in Current Period (shares) | Forfeited Amount in Current Period (CNY) | | :--- | :--- | :--- | | Sales Personnel | 19,600.00 | 424,760.00 | | Management Personnel | 28,000.00 | 606,800.00 | | R&D Personnel | 16,800.00 | 364,080.00 | | **Total** | **64,400.00** | **1,395,640.00** | [XIII. Commitments and Contingencies](index=134&type=section&id=XIII.%20Commitments%20and%20Contingencies) At the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments requiring disclosure[519](index=519&type=chunk) - The company has no significant contingencies requiring disclosure[520](index=520&type=chunk) [XIV. Events After the Balance Sheet Date](index=134&type=section&id=XIV.%20Events%20After%20the%20Balance%20Sheet%20Date) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[521](index=521&type=chunk) [XV. Other Important Matters](index=134&type=section&id=XV.%20Other%20Important%20Matters) The company has no other important matters requiring disclosure - The company has no other important matters requiring disclosure[522](index=522&type=chunk) [XVI. Notes to Parent Company Financial Statement Key Items](index=134&type=section&id=XVI.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Key%20Items) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering end-of-period balances, aging, impairment provision, and investments in subsidiaries - The parent company's flavoring business operating entity adjustment led to a significant year-over-year change in operating revenue[556](index=556&type=chunk) Parent Company Accounts Receivable End of Period Book Balance by Age | Age | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 12,087.57 | 49,266,580.35 | | 1 to 2 Years | 7,255.00 | 7,255.00 | | **Total** | **19,342.57** | **49,273,835.35** | Parent Company Other Receivables by Nature of Account | Nature of Account | End of Period Book Balance (CNY) | Beginning of Period Book Balance (CNY) | | :--- | :--- | :--- | | Intercompany Fund Transfers (Consolidated) | 2,198,183,784.34 | 2,490,561,388.47 | | Land Purchase Intention Deposit | 15,000,000.00 | 15,000,000.00 | | Deposits and Guarantees | 109,060.00 | 1,591,000.00 | | **Total** | **2,213,295,894.34** | **2,507,430,443.13** | Parent Company Investments in Subsidiaries (Book Value) | Investee | Beginning of Period Balance (Book Value) (CNY) | Changes in Current Period (CNY) | End of Period Balance (Book Value) (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Bairun Flavor & Fragrance Co., Ltd. | 10,315,800.58 | 26,855.90 | 10,342,656.48 | | Shanghai Bacchus Liquor Co., Ltd. | 873,572,591.87 | 0 | 873,572,591.87 | | Shanghai Bairun Flavoring Co., Ltd. | 10,000,000.00 | 0 | 10,000,000.00 | | **Total** | **955,145,633.21** | **-549,084.60** | **954,596,548.61** | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,271,102.31 | 1,025,279.72 | 242,938,263.26 | 68,596,903.55 | | Other Businesses | 2,562,150.55 | 1,885,154.89 | 2,079,499.00 | 1,887,252.62 | | **Total** | **3,833,252.86** | **2,910,434.61** | **245,017,762.26** | **70,484,156.17** | Parent Company Investment Income | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 150,000,000.00 | 0 | | Investment Income from Disposal of Financial Assets Held for Trading | 304,746.20 | 679,638.37 | | **Total** | **150,304,746.20** | **679,638.37** | [XVII. Supplementary Information](index=141&type=section&id=XVII.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, noting that total non-recurring gains and losses for the reporting period amounted to **32,950,965.28 CNY** - Total non-recurring gains and losses for the reporting period amounted to **32,950,965.28 CNY**; the weighted average return on net assets attributable to common shareholders after deducting non-recurring gains and losses was **7.37%**[560](index=560&type=chunk)[562](index=562&type=chunk) Current Period Non-recurring Gains and Losses Detail | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -162,424.94 | | Government grants recognized in current profit or loss | 38,530,496.91 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 304,746.20 | | Other non-operating income and expenses | 4,909,185.35 | | Other non-recurring gains and losses (personal income tax handling fee refund) | 314,808.29 | | Less: Income tax impact | 10,943,751.14 | | Non-controlling interests impact (after tax) | 2,095.39 | | **Total** | **32,950,965.28** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 8.06% | 0.38 | 0.38 | | Net Profit Attributable to Common Shareholders After Non-recurring Gains and Losses | 7.37% | 0.34 | 0.34 | Section IX. Other Submitted Data This section confirms the absence of other significant social safety issues and lists activities for investor relations, including on-site visits and online platforms, and states no fund transfers with controlling shareholders or other related parties - The listed company and its subsidiaries have no other significant social safety issues and were not subject to administrative penalties during the reporting period[565](index=565&type=chunk) - The company has no fund transfers with controlling shareholders or other related parties[566](index=566&type=chunk) Registration Form for Investor Relations Activities (Partial) | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | February 28, 2025 | Company Meeting Room | On-site Visit | Institution | Discussion on company operations | | April 29, 2025 | Company Meeting Room | On-site Visit | Institution | Discussion on content related to the company's "2024 Annual Report" and company operations | | May 15, 2025 | SSE Roadshow Center | Online Platform Communication | Other | Discussion on content related to the company's "2024 Annual Report" and company operations |

Market Performance - The non-baijiu sector increased by 1.52% on August 25, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Highlights - Kuaijishan (601579) closed at 23.20, up 10.00% with a trading volume of 323,700 shares and a turnover of 733 million yuan [1] - Guyue Longshan (600059) closed at 10.39, up 2.57% with a trading volume of 279,700 shares and a turnover of 289 million yuan [1] - Jinfeng Wine Industry (600616) closed at 6.00, up 2.39% with a trading volume of 336,300 shares and a turnover of 200 million yuan [1] Capital Flow - The non-baijiu sector saw a net inflow of 181 million yuan from institutional investors, while retail investors experienced a net outflow of 85.13 million yuan [2] - The main stocks with significant capital inflow included Kuaijishan with a net inflow of 127 million yuan, accounting for 17.39% of its trading volume [3] Individual Stock Capital Flow - Kuaijishan had a net inflow of 127 million yuan from main funds, while retail investors saw a net outflow of 72.16 million yuan [3] - Zhirun Co. (002568) experienced a net inflow of 35.89 million yuan from main funds, but a net outflow of 5.45 million yuan from retail investors [3] - Chongqing Beer (600132) had a net inflow of 29.53 million yuan from main funds, with a net outflow of 42.03 million yuan from retail investors [3]

Market Overview - On August 22, the non-liquor sector rose by 0.42% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 28.27, with a significant increase of 10.00% and a trading volume of 244,800 shares, amounting to a transaction value of 684 million [1] - Other notable stocks included: - GuanFengMingJia (600600) remained unchanged at 68.57 with a trading volume of 81,900 shares [1] - XianJing Beer (000729) also remained unchanged at 12.70 with a trading volume of 235,400 shares [1] - ST XiFa (000752) closed at 11.22, unchanged with a trading volume of 44,600 shares [1] - Chongqing Beer (600132) slightly decreased by 0.11% to 55.75 with a trading volume of 50,500 shares [1] Capital Flow - The non-liquor sector experienced a net outflow of 40.44 million from institutional investors and 74.53 million from retail investors, while there was a net inflow of 115 million from individual investors [2] - The capital flow for specific stocks showed: - BaiRun Co., Ltd. had a net inflow of 164 million from institutional investors, but a net outflow of 81.47 million from retail investors [3] - Zhongxin Niya (600084) had a net inflow of 1.94 million from institutional investors, with a slight outflow from retail investors [3] - ST XiFa (000752) saw a net outflow of 3.26 million from institutional investors, but a net inflow of 472.60 thousand from retail investors [3]

Market Overview - The Shanghai Composite Index is at 3783.05 points, above the six-month moving average, with a change of 0.32% [1] - The total trading volume of A-shares is 1,080.3 billion yuan [1] Stocks Performance - 24 A-shares have surpassed the six-month moving average today, with notable stocks including Pinggao Group, Hangjin Technology, and Bairun Group, showing divergence rates of 17.33%, 9.56%, and 9.25% respectively [1] - Stocks with smaller divergence rates that have just crossed the six-month line include Dongfang Materials, Xingyu Co., and Thunder Technology [1] Top Divergence Stocks - The top three stocks with the highest divergence rates are: - Pinggao Group (688227): 19.99% increase, 14.22% turnover rate, 33.61 yuan six-month line, latest price 39.43 yuan, divergence rate 17.33% [1] - Hangjin Technology (000818): 10.00% increase, 12.33% turnover rate, 24.09 yuan six-month line, latest price 26.39 yuan, divergence rate 9.56% [1] - Bairun Group (002568): 10.00% increase, 3.09% turnover rate, 25.88 yuan six-month line, latest price 28.27 yuan, divergence rate 9.25% [1] Additional Notable Stocks - Other notable stocks include: - Aibulu (301259): 7.74% increase, 22.16% turnover rate, 43.54 yuan six-month line, latest price 46.35 yuan, divergence rate 6.45% [1] - COSCO Energy (600026): 5.48% increase, 2.75% turnover rate, 10.34 yuan six-month line, latest price 10.78 yuan, divergence rate 4.22% [1] - Chuan Yi Group (603100): 4.92% increase, 2.62% turnover rate, 20.85 yuan six-month line, latest price 21.55 yuan, divergence rate 3.35% [1]

Market Performance - On August 15, the non-liquor sector rose by 0.03% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - ST Xifa (000752) closed at 10.98, with a gain of 4.97% and a trading volume of 82,300 shares, amounting to a transaction value of 89.11 million yuan [1] - Other notable stocks included Huaiwei Mountain (601579) with a closing price of 18.98, up 1.33%, and Bai Run Co. (002568) at 24.96, up 1.18% [1] Capital Flow - The non-liquor sector experienced a net outflow of 53.08 million yuan from institutional investors, while retail investors saw a net outflow of 35.11 million yuan [2] - Conversely, speculative funds recorded a net inflow of 88.19 million yuan [2] Individual Stock Capital Flow - Aoqin Wen (600573) had a net inflow of 6.63 million yuan from institutional investors, representing 20.52% of its total capital flow [3] - ST Xifa (000752) saw a net inflow of 2.85 million yuan from institutional investors, but a net outflow of 6.10% from retail investors [3]

Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.82% during the week of August 11 to August 15, 2025, with the Shenwan Food and Beverage Index also rising by 0.82% [1] - The top five performing stocks in the food and beverage sector were Guifaxiang, Angel Yeast, Tianwei Food, Gujing Gongjiu, and Shanxi Fenjiu [1] Institutional Insights - Guizhou Moutai is facing short-term demand pressure in the liquor market but is committed to deepening reform and focusing on sustainable development, with an increased dividend payout ratio [2] - Shanxi Fenjiu is also experiencing short-term demand challenges but has strong medium-term growth potential due to product upgrades and accelerated national expansion [2] - Ximai Food is seeing stable growth in its oat business, with improvements in raw material costs expected to enhance profitability [2] - Wancheng Group is expanding its snack retail operations and introducing new discount supermarket formats targeting young consumers [2] - Bairun Co. is witnessing an improvement in its pre-mixed cocktails segment, with a focus on enhancing cash flow from new products [2] Macro Events - The State Administration for Market Regulation reported a 0.57% defect rate in beverage products from 111,900 batches tested, indicating overall good quality and safety in the beverage sector [4] Global Food Prices - The FAO reported that global food prices reached a two-year high in July 2025, driven by rising meat and vegetable oil prices, with the FAO Food Price Index averaging 130.1 points, up 1.6% from June [5] Industry Trends - There is a growing divergence in views among public and private equity institutions regarding traditional consumer stocks, with some seeing potential for valuation recovery [7] - Major liquor brands are shifting towards lower-alcohol products to attract younger consumers, with Moutai, Wuliangye, and Luzhou Laojiao introducing new low-alcohol offerings [10] Company Developments - Guizhou Moutai reported a net profit of 45.4 billion yuan for the first half of 2025, a year-on-year increase of 8.89%, with total revenue reaching 91.09 billion yuan, up 9.16% [11] - Moutai's new product, the "Moutai Five-Star 70th Anniversary Commemorative Wine," has seen significant market speculation, with prices on secondary markets soaring [12] - Moutai has announced a partnership with Meituan Flash Purchase to enhance consumer access to its products through certified stores [13]

8月14日，百润股份大宗交易成交24.34万股，成交额535.72万元，占当日总成交额的1.78%，成交价22.01元，较市场收盘价 24.67元折价10.78%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交星 (万股/万份) | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-14 | 002568 | 早润股份 | 22.01 | 24.34 | | 535.72 海通证券股份有限 | 国泰海通证券股份 | | | | | | | | 公司上海普陀区金 | 有限公司上海浦东 | | | | | | | | 沙江路证券营业部 | 新区锦康路证券营 | ...