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：2025-024 一、股东大会审议通过权益分派方案情况 公司 2024 年度权益分派方案已获 2025 年 5 月 19 日召开的 2024 年度股东 大会审议通过。详见公司 2025 年 5 月 20 日刊登于《证券时报》《上海证券报》 《证券日报》《中国证券报》和巨潮资讯网（www.cninfo.com.cn）的《上海百润 投资控股集团股份有限公司 2024 年度股东大会决议公告》（公告编号：2025- 020）。 本次利润分配预案分配原则为以派发现金红利比例每 10 股派 3.00 元不变进 行分配，如在利润分配预案披露至实施期间，分配基数由于可转债转股、股份回 购、股权激励行权、再融资新增股份上市等原因而发生变化时，公司拟维持每股 分配金额不变，相应调整分配总金额。 自分配方案披露至实施期间，公司股本总额未发生变化，分配基数未发生变 化。本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致；本 次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次权益分派方案 上海百润投资控股集团股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is actively embracing new channels and focusing on the rhythm of new product launches, particularly in the instant retail sector, which is expected to drive growth [7] - The instant retail market for alcoholic beverages in China is projected to grow significantly, with an expected market size of 1,000 billion by 2027, up from approximately 360 billion in 2024 [7] - The company aims to leverage the advantages of the Yima delivery platform to enhance brand recognition and reach younger consumers, thereby boosting sales of its whiskey and other alcoholic products [7] Financial Projections - Total revenue is projected to reach 3,499 million in 2025, with a year-on-year growth of 14.80% [1] - The net profit attributable to the parent company is expected to be 806.85 million in 2025, reflecting a 12.20% increase year-on-year [1] - Earnings per share (EPS) is forecasted to be 0.77 in 2025, with a price-to-earnings (P/E) ratio of 34.23 [1] Revenue and Profit Growth - The company targets a revenue growth of 15% in 2025, 14% in 2026, and 18% in 2027 [7] - The net profit is expected to grow by 12% in 2025, 20% in 2026, and 22% in 2027 [7] Market Position - The company is positioned to capture a significant share of the instant retail market through its strategic partnerships and product offerings [7] - The introduction of new whiskey products is anticipated to contribute positively to the company's growth trajectory [7]

Group 1 - The core viewpoint of the articles indicates a mixed performance in the consumer sector, with the main consumption index showing a slight increase while retail sales growth has slowed down due to seasonal factors and external trade policies [2][3][4] - As of April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, with a slight decline in growth compared to March, attributed to weaker demand in the off-season and potential impacts from US-China tariff policies [2] - The food and beverage sub-sectors showed varied performance, with grain and oil food categories growing by 14.0% year-on-year, while beverage and tobacco categories experienced a decline in growth rates [2][3] Group 2 - The major consumption ETF has seen a net value increase of 0.35% over the past six months, with a maximum monthly return of 24.35% since its inception [3] - The ETF's management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [3] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 19.9, indicating a valuation lower than 93.63% of the time over the past year, suggesting it is at a historical low [3][4] Group 3 - The top ten weighted stocks in the consumer index account for 67.16% of the total index, with notable companies including Yili, Kweichow Moutai, and Wuliangye [4][6] - The performance of individual stocks within the top ten shows mixed results, with Kweichow Moutai declining by 0.52% and Yili increasing by 1.18% [6]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

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：2025-023 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"）与上海农村商业 银行股份有限公司宝山支行（以下简称"上海农商银行宝山支行"）签订了《保 证合同》（编号：31065244070362），为公司之全资子公司上海锐澳酒业营销有 限公司（以下简称"锐澳营销"）承担最高限额为 1 亿元的连带责任保证，详见 2024 年 5 月 18 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：2024-034）。 （二）解除担保情况 近日，公司接到锐澳营销、上海农商银行宝山支行通知，锐澳营销已足额偿 还全部本息，根据《保证合同》（编号：31065244070362 ...

Group 1 - The beverage manufacturing sector is experiencing a rebound, with several companies seeing significant stock price increases [1] - Kweichow Moutai (601579) has reached its daily limit up, indicating strong market interest [1] - Other companies such as Bai Run Co. (002568), Jin Feng Wine Industry (600616), Gu Yue Long Shan (600059), and Zhang Yu A are also showing upward trends in their stock prices [1]

Core Viewpoint - The company, Shanghai Bairun Investment Holding Group Co., Ltd., announces the suspension of the conversion of its convertible bonds during the implementation of the 2024 annual equity distribution, with the resumption of conversion set for the first trading day after the equity registration date [1][4]. Group 1 - The suspension of the conversion of the convertible bonds (Bairun Convertible Bonds; bond code: 127046) will take place from May 22, 2025, until the equity registration date for the 2024 annual equity distribution [1][4]. - The resumption of the conversion will occur on the first trading day following the equity registration date [1]. - The convertible bonds will continue to trade normally during the suspension period [2].

在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有 人注意。 特此公告。 上海百润投资控股集团股份有限公司 董事会 二〇二五年五月二十一日 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：2025-022 上海百润投资控股集团股份有限公司 关于实施权益分派期间百润转债暂停转股的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 上海百润投资控股集团股份有限公司（以下简称"公司"）将于近日实施公 司 2024 年度权益分派，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》中"转股价格的调整方式及计算公式"条款的规定， 自 2025 年 5 月 22 日起至本次权益分派股权登记日止，公司可转换公司债券（债 券简称：百润转债；债券代码：127046）将暂停转股，在本次权益分派股权登记 日后的第一个交易日起恢复转股。 ● 证券代码：002568 证券简称：百润股份 ● 债券代码：127046 证券简称：百润转债 ● 转股期起止日期：2022年4月12日至2027年 ...

证券代码：002568 证券简称：百润股份 公告编号：2025-021 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 暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 上海百润投资控股集团股份有限公司（以下简称"公司"）经 2025 年 4 月 分限制性股票的议案》。本次回购注销部分限制性股票完成后，公司股份总数将 由 1,049,368,955 股减少至 1,048,548,555 股，公司注册资本将由 1,049,368,955 元 减 少 至 1,048,548,555 元 。 相 关 内 容 详 见 公 司 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《百润股份：关于回购注销 2021 年限制性股票激励计 划部分限制性股票的公告（更新后）》（公告编号：2025-012）。 公司本次回购注销限制性股票将导致注册资本减少，根据《中华人民共和国 公司法》等相关法律、法规的规定，公司特此通知债权人，债权人自本公告披露 之日起四十五日内，有权要求本公司清偿债务或者提供相应的担保。 债权 ...

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：2025-021 上海百润投资控股集团股份有限公司 债权人如要求本公司清偿债务或提供相应担保的，应根据《中华人民共和国 公司法》等法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。 债权人未在规定期限内行使上述权利的，不会因此影响其债权的有效性，相关债 务（义务）将由公司根据原债权文件的约定继续履行。 公司将向中国证券登记结算有限责任公司深圳分公司申请办理相关股份的 回购和注销，并将于实施完成后及时履行信息披露义务。 特此公告。 上海百润投资控股集团股份有限公司 董事会 二〇二五年五月二十日 关于回购注销部分限制性股票减资 暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 上海百润投资控股集团股份有限公司（以下简称"公司"）经 2025 年 4 月 25 日第六届董事会第三次会议、第六届监事会第三次会议及 2025 年 5 月 19 日 2024 年度股东大会，审议通过了《关于回购注销 2021 年限制性股票激励计划部 分限制性股票的议 ...