| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2025-057 | | --- | --- | --- | | 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 ...

| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2025-056 | | --- | --- | --- | | 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 ...

Core Points - The company announced a notice regarding the "Bairun Convertible Bonds" repurchase option for bondholders [1][2] - Bondholders have the right to sell back part or all of their unconverted "Bairun Convertible Bonds" at a specified price [2][7] Summary by Sections Repurchase Conditions - The repurchase option is triggered if the company's stock price remains below 70% of the conversion price for 30 consecutive trading days [3][4] - The repurchase price is set at 100.252 CNY per bond, including interest and tax [4][6] Important Dates - The repurchase condition trigger date is November 17, 2025 [4] - The repurchase application period is from November 19 to November 25, 2025 [4] - Funds will be credited to bondholders' accounts by December 2, 2025 [4][10] Repurchase Process - Bondholders must submit their repurchase applications through the Shenzhen Stock Exchange during the specified period [9][10] - The company will continue trading the bonds during the repurchase period but will suspend conversion [10] Interest Calculation - The interest for the repurchase is calculated based on the bond's face value, interest rate, and the number of days from the last interest payment [6][7] - The applicable interest rate for the current period is 1.80% [6] Tax Implications - Individual investors will have a net amount of 100.201 CNY per bond after tax deductions, while qualified foreign investors will receive the full amount of 100.252 CNY [7]

| 证券代码：002568 | 证券简称：百润股份 | 公告编号：2025-055 | | --- | --- | --- | | 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 ...

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]

Group 1 - The company held its sixth board meeting on November 18, 2025, with all seven directors present, confirming compliance with legal and regulatory requirements [2][4] - The board approved the appointment of Ms. Geng Tao as the vice president, with her term aligned with the current board's duration [3][4] - The company confirmed the authenticity and completeness of the information disclosed in the announcement [1] Group 2 - The company announced the first temporary shareholders' meeting on November 18, 2025, with a total of 231 shareholders present, representing 424,800,213 shares, or 40.5132% of the total shares [15] - The meeting approved amendments to the company's articles of association with 99.9649% of the voting rights in favor [16] - Various procedural rules and guidelines were revised and approved, including the shareholder meeting rules and board meeting rules, with significant support from minority investors [17][18][19][20][21][22][24] Group 3 - The company announced a buyback option for its convertible bonds, allowing holders to sell back their bonds at a price of 100.252 CNY per bond, including interest [29][30] - The buyback period is from November 19 to November 25, 2025, with the triggering condition met due to the stock price being below 70% of the conversion price for 30 consecutive trading days [30][31] - The company will process buyback payments on December 2, 2025, with specific procedures outlined for bondholders [38][39]

Group 1 - The company, BaiRun Co., announced that if the convertible bonds have judicial freezes or deductions before the redemption payment date, the redemption application will be invalidated [2] - The redemption price for the "BaiRun Convertible Bonds" is set at 100.252 yuan per bond (including interest and tax) [2] - Currently, the closing price of the "BaiRun Convertible Bonds" is higher than the redemption price, indicating that investors opting for redemption may incur losses [2]

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 ...