Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to continue developing its pre-mixed liquor business with a focus on the 358 product matrix, aiming for positive growth in the upcoming year. The whisky business is anticipated to gain momentum with new product launches and successful channel expansion [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 35 billion and 40 billion RMB respectively, with a year-on-year growth of 15% and 14%. The net profit for 2025 is projected at 8.1 billion RMB, reflecting a 12% increase [3] Financial Performance Summary - For 2024, total revenue is expected to be 30.48 billion RMB, a decrease of 6.61% year-on-year, while net profit is projected at 7.19 billion RMB, down 11.15% year-on-year [8][3] - The first quarter of 2025 shows a revenue of 7.37 billion RMB, a decline of 8.11% year-on-year, but net profit increased by 7.03% to 1.81 billion RMB [8][3] - The gross margin improved by 2.97 percentage points to 69.7% in 2024, while the net profit margin decreased by 1.21 percentage points to 23.6% [8][3] Revenue and Profit Forecasts - The company aims for total revenue of 34 billion RMB in 2025 and 40 billion RMB in 2026, with corresponding net profits of 8.1 billion RMB and 9.7 billion RMB [3] - The projected earnings per share (EPS) for 2025 is 0.77 RMB, with a price-to-earnings (P/E) ratio of 34.24 [1][3] Market Data - The closing price of the stock is 26.33 RMB, with a market capitalization of approximately 27.63 billion RMB [6] - The company has a price-to-book (P/B) ratio of 5.89 and a total asset-liability ratio of 41.18% [7][6]

Group 1: Company Overview and Performance - The company, Shanghai Bairun Investment Holding Group Co., Ltd., is actively developing its existing businesses while accelerating the cultivation of new ones, with a focus on digital management to strengthen its long-term strategic goals [2][3]. - The pre-mixed cocktail and flavoring businesses are operating steadily, while the liquor business began generating a small amount of revenue in Q1 2025, maintaining a high gross margin [3]. Group 2: Whisky Product Development - The company has developed a product matrix for whisky, including blended and single malt whiskies, tailored to Chinese consumer preferences and drinking scenarios [4]. - In March 2025, the company launched "Bailide" blended whisky products, with plans to introduce various types of single malt whiskies throughout 2025 [4]. Group 3: Marketing and Consumer Engagement - A professional marketing team will be established to promote whisky products through experiential marketing and partnerships, with a cultural experience center in Chengdu set to open in 2025 [5]. - The experience center will combine distillery tours, cultural experiences, and leisure activities to enhance consumer engagement with whisky culture [5]. Group 4: Industry Recognition and Awards - The company's whisky products have received multiple prestigious awards, including the "Icon of Whisky" awards and various accolades from influential industry media [6][7]. - The recognition reflects the high regard for the company's products within the whisky community, showcasing consumer appreciation and industry validation [7]. Group 5: Future Product Plans - The company is developing pre-mixed cocktails based on whisky, with plans for gradual market introduction according to business strategies [7]. - The company aims to enhance its product matrix for pre-mixed cocktails by introducing new flavors and improving packaging to meet consumer demand for value [8].

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Investment Rating - The investment rating for the company is "Buy" with a target price of 30.00 RMB [7][8]. Core Views - The report highlights strong Q1 profits and anticipates growth driven by whiskey products, despite challenges in the ready-to-drink cocktail segment [1][4]. - The company is expected to benefit from cost reductions and improved gross margins, with a focus on expanding its whiskey product line to drive future growth [3][4]. Summary by Sections Financial Performance - For 2024, the company expects revenue, net profit attributable to the parent, and net profit excluding non-recurring items to be 3.05 billion, 720 million, and 670 million RMB, respectively, representing year-on-year declines of 6.6%, 11.2%, and 13.6% [1]. - In Q4 2024, revenue was 660 million RMB, with a net profit of 140 million RMB, showing a year-on-year decline of 18.0% in revenue but a slight increase of 0.5% in net profit [1]. - Q1 2025 results show revenue of 740 million RMB, with net profit attributable to the parent at 180 million RMB, reflecting a year-on-year decline of 8.1% in revenue but an increase of 7.0% in net profit [1][2]. Product and Market Analysis - The ready-to-drink cocktail segment faced pressure, with revenues declining by 7.2% to 2.68 billion RMB in 2024, while the edible flavor segment grew by 6.3% to 340 million RMB [2]. - The company is focusing on expanding its whiskey offerings, with new products launched in Q1 2025, which are expected to contribute positively to revenue [1][2]. Cost and Profitability - The gross margin for 2024 was 69.7%, an increase of 3.0 percentage points year-on-year, driven by lower packaging costs and a higher proportion of high-margin flavor business [3]. - The net profit margin for Q1 2025 improved by 3.5 percentage points year-on-year, attributed to cost benefits and a reduction in sales and management expenses [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2025 and 2026 is 0.75 RMB and 0.82 RMB, respectively, with a new forecast for 2027 at 0.95 RMB [4][6]. - The report anticipates a recovery in the ready-to-drink cocktail business driven by consumer demand, while the whiskey segment is expected to provide additional growth opportunities [4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's performance in Q1 2025 met expectations, with a focus on the future sales performance of its whiskey products [7] - The pre-mixed beverage business is under pressure, while the whiskey business is in its early stages and requires monitoring for future sales [7] - The company has a strong brand advantage in the pre-mixed beverage industry and has made significant progress in its product matrix since 2022 [7] Financial Data and Earnings Forecast - Total revenue for 2024 was 3,048 million, a decrease of 6.6% year-on-year, while net profit attributable to the parent company was 719 million, down 11.2% [6][7] - For Q1 2025, total revenue was 737 million, a decline of 8.1% year-on-year, but net profit attributable to the parent company increased by 7.0% to 181 million [7] - The company forecasts net profits of 809 million, 910 million, and 1,022 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 12.4%, and 12.3% [7][6] - The gross profit margin for 2024 was 69.67%, an increase of 2.97 percentage points year-on-year, primarily due to a decrease in raw material prices [7] Business Performance - The pre-mixed beverage and flavoring business generated revenues of 2,677 million and 337 million respectively in 2024, with year-on-year changes of -7.17% and +6.3% [7] - The whiskey business began contributing revenue in Q1 2025, with the launch of "Bailide" blended whiskey [7] - The company is optimistic about the future growth of its whiskey business, contingent on successful sales operations and positive dealer order intentions [7]

上海百润投资控股集团股份有限公司 2024年度独立董事述职报告 各位股东及股东代表： 本人（姚毅）作为上海百润投资控股集团股份有限公司（以下简称"公司"） 的独立董事，严格按照《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所股票上市规则》《公司章程》 和《独立董事工作制度》等有关法律、法规和部门规章的规定，独立履行职责， 主动了解公司生产、经营情况，按时出席 2024 年度的相关会议，认真审议各项 议案，并依法对相关事项发表独立意见，切实维护了公司股东特别是中小股东的 利益。现将 2024 年度本人履行独立董事职责情况述职如下： 一、出席会议的次数及投票情况 （一）2024 年度，本人于 2024 年 9 月担任公司独立董事后，积极参加公司 召开的董事会和股东大会，依法审慎行使表决权，认真履行作为独立董事的各项 职责，为董事会的正确、科学决策发挥积极的作用。2024 年度本人履职期间出席 会议情况如下： | 董事会召开次数 | | | 2 | 股东大会召开次数 | 1 | | --- | --- | --- | --- | --- | --- | | 亲自出 ...

上海百润投资控股集团股份有限公司 章 程 （2025 年 4 月修订） 2025 年 4 月 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 7 | | 第一节 | 股东 7 | | 第二节 | 股东大会的一般规定 9 | | 第三节 | 股东大会的召集 11 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 14 | | 第六节 | 股东大会的表决和决议 16 | | 第五章 | 董事会 21 | | 第一节 | 董事 21 | | 第二节 | 董事会 24 | | 第六章 | 总经理及其他高级管理人员 29 | | 第七章 | 监事会 31 | | 第一节 | 监事 31 | | 第二节 | 监事会 31 | | 第八章 | 财务会计制度、利润分配和审计 33 | | 第一节 | 财务会计制度 33 | | 第二节 | 内部审计 35 | | 第三节 | ...

上海百润投资控股集团股份有限公司 独立董事关于控股股东及其他关联方占用资金、公司 对外担保情况的专项说明 根据《公司法》《上市公司监管指引第8号——上市公司资金往来、对外担 保的监管要求》（证监会公告[2022]26号）及《公司章程》的有关规定，作为 上海百润投资控股集团股份有限公司的独立董事，我们对报告期内公司是否存 在控股股东及其他关联方占用公司资金情况以及公司对外担保情况进行了仔细 的核查，现就有关问题作如下说明： 一、关于控股股东及其他关联方占用公司资金情况的专项说明 报告期内公司不存在控股股东及其他关联方违规占用公司的非经营性资金 情况。 二、关于公司担保情况的专项说明 报告期内，除了已经审议并披露的公司对全资子公司上海巴克斯酒业有限 公司、上海巴克斯酒业营销有限公司、上海锐澳酒业营销有限公司、上海锐澳 商务咨询有限公司和上海锐澳酒业销售有限公司的担保外，不存在公司及控股 子公司对外担保的其他事项，也不存在违规担保和逾期对外担保的事项。 （本页以下无正文） （本页无正文，为《上海百润投资控股集团股份有限公司独立董事关于控股股 东及其他关联方占用资金、公司对外担保情况的专项说明》之签署页。） 独立董事 ...

上海百润投资控股集团股份有限公司 2024年度独立董事述职报告 各位股东及股东代表： 本人（潘煜）作为上海百润投资控股集团股份有限公司（以下简称"公司"） 的独立董事，严格按照《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所股票上市规则》《公司章程》 和《独立董事工作制度》等有关法律、法规和部门规章的规定，独立履行职责， 主动了解公司生产、经营情况，按时出席 2024 年度的相关会议，认真审议各项 议案，并依法对相关事项发表独立意见，切实维护了公司股东特别是中小股东的 利益。现将 2024 年度本人履行独立董事职责情况述职如下： 一、出席会议的次数及投票情况 （一）2024 年度，本人积极参加公司召开的董事会和股东大会，依法审慎 行使表决权，认真履行作为独立董事的各项职责，为董事会的正确、科学决策发 挥积极的作用。2024 年度本人履职期间出席会议情况如下： | 董事会召开次数 | | | 6 | 股东大会召开次数 | 2 | | --- | --- | --- | --- | --- | --- | | 亲自出 | 委托出 | 缺席 | 是否连续两次未亲 | ...

上海百润投资控股集团股份有限公司 独立董事工作制度 （2025 年 4 月修订） 第一章 总则 第一条 为了进一步完善上海百润投资控股集团股份有限公司（以下简称 "公司"）治理结构，规范公司运作，更好地维护公司整体利益，保障全体股 东特别是中小股东的合法权益不受损害，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》"）等相关法律、法规和《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，并参照中国证券监督管理委员会 （以下简称"中国证监会"）颁布的《上市公司独立董事管理办法》和《上市 公司治理准则》等相关规定，制订本制度。 第二条 独立董事是指不在公司担任除独立董事外的任何其他职务，并与其 所受聘的公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者 其他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位 或者个人的影响。 第三条 公司设独立董事三名，其中至少包括一名会计专业人士。 公司董事会下设薪酬与考核、审计、提名、战略与可持续发展等专门委员 会，独立董事在 ...