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 2024 年度股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 致：上海百润投资控股集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海百润投资控股集团 股份有限公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东会规则》等法律、法规和其他规范性文 件以及《上海百润投资控股集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了 必要的核查和验证，审查了本所认为出具该法律意见书所需审查的相关文件、资 料，并参加了公司 ...

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：2025-020 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 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、重要提示 1．本次股东大会无增加、否决或变更议案情况发生； 2．本次股东大会采取现场投票和网络投票相结合的方式召开。 2．现场会议地点： 上海市浦东新区康新公路 4499 号上海康桥万豪酒店会议室 6。 3．会议召集人：公司董事会。 4．会议主持人：公司董事长刘晓东先生。 三、会议出席情况 二、会议召开和召集情况 1． 会议召开时间： （1）现场会议召开时间为：2025 年 5 月 19 日下午 14:30。 （2）网络投票时间为： 2025 年 5 月 19 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 19 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为：2025 年 5 月 19 日上午 9:15 至下 ...

Group 1: Financial Performance - The company achieved a revenue of 3.048 billion CNY in 2024, with a net profit attributable to shareholders of 0.719 billion CNY [3] - The company aims to maintain a high gross margin while optimizing product structure and focusing on the stable operation of its pre-mixed cocktail and flavoring businesses [3] Group 2: Business Strategy - The company plans to actively develop new products and explore beneficial collaborations in the pre-mixed cocktail and whiskey sectors to expand consumption scenarios and increase market penetration [3] - The company is committed to building a digital operation system, integrating business operations with technology to enhance core value development [3] Group 3: Product Development - The company has developed pre-mixed cocktail products using its self-produced whiskey as a base, with plans for gradual market introduction [3] - The company is focused on strengthening brand positioning in the pre-mixed cocktail business and enhancing service capabilities in the flavoring sector [3] Group 4: Shareholder Engagement - The profit distribution plan requires approval from the annual general meeting before implementation, with updates to be disclosed in future announcements [3] - The company is considering adjusting the conversion price of its convertible bonds based on market conditions and operational performance [3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The pre-mixed cocktail segment is under short-term pressure, while the whiskey product line is expected to contribute positively to revenue growth [2][7] - The company launched new whiskey products, including "Bailide" blended whiskey and the "Laizhou" single malt whiskey series, which are anticipated to drive sales [2][7] - The company is focusing on seasonal new product launches to rejuvenate its brand positioning in the pre-mixed cocktail market [7] Revenue and Profitability - For 2024, the company expects revenue of 30.48 billion yuan, a decrease of 6.61% year-on-year, with a net profit of 7.19 billion yuan, down 11.15% [3][7] - The gross margin for 2024 is projected to be 69.67%, with a net margin of 23.50% [2][3] - The company anticipates revenue growth of 9% and 11% for 2025 and 2026, respectively, with net profit growth of 11% and 15% [2][3] Regional Performance - Revenue from different regions for 2024 is as follows: North China 5.56 billion yuan, East China 10.15 billion yuan, South China 9.30 billion yuan, and West China 5.13 billion yuan, with varying year-on-year changes [1][2] Channel Performance - Revenue from distribution and direct sales for 2024 is projected at 21.52 billion yuan and 8.62 billion yuan, respectively, with a year-on-year decrease of 13.30% for distribution and an increase of 19.92% for direct sales [2]

元气森林选择再次布局低度酒市场 最近，元气森林推出了名为"浪"的首款气泡酒产品（以下简称"浪"），再次进入低度酒市场。 以下文章来源于Gooods 好味司 ，作者海枫 Gooods 好味司 . 专业、独特、有趣的食品饮料产品媒体，连接好产品与美好生活。 图片来源：淘宝元气森林旗舰店 这款产品选择伏特加作为基酒，共两个口味，分别是西柚和柠檬。"浪"的酒精度为9度，采用500ml罐 装，6罐装售价为79元，12罐装售价为149元，每罐价格在12.4元-13.2元左右。 如果说RIO微醺（酒精度数3度）更多是针对女性消费者以及独饮场景更多，那元气森林"浪"气泡酒以 及RIO强爽（酒精度数8度）更多针对男性消费者以及聚会、聚餐场景。 这也意味着元气森林首款气泡酒产品最直接的竞争对手是RIO强爽。 早在2020年初，元气森林就推出过低度酒产品，产品名称是"平野西打"，有草莓青柠、凤梨百香果两 个口味。这款酒采用发酵酒的工艺，主打全果汁发酵，由千岛湖啤酒代工。 "平野西打"虽然上市早，但彼时元气森林还处于发展期，公司各个方面的基础与能力还不完善。同一时 期，元气森林也推出了外星人品牌，内部决定将更多资源投入到外星人，于是 ...

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：2025-019 上海百润投资控股集团股份有限公司 关于参加 2025 年上海辖区 上市公司年报集体业绩说明会的公告 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。 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度的经营成果及财务指 标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:30 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 重要内容提示： 会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日（星期四）至 5 月 14 日（星期三）16:00 前登录上证 ...

Investment Rating - The investment rating for the company is upgraded from "Hold" to "Buy" [1][7] Core Views - The company has shown stabilization in its pre-mixed beverage revenue and is expected to see growth from its whiskey products in the upcoming quarters [3][5] - The financial performance for FY24 and Q1 FY25 indicates a decline in total revenue and net profit, but the market expectations were met [2][6] - The company is focusing on enhancing its whiskey business, with significant developments in its supply chain and product offerings planned for 2025 [5][6] Summary by Sections Financial Performance - For FY24, the company achieved total revenue of 3.05 billion yuan, a year-on-year decrease of 6.6%, and a net profit of 720 million yuan, down 11.2% [2] - In Q4 FY24, total revenue was 660 million yuan, a decline of 18.0%, while net profit was 140 million yuan, slightly up by 0.5% [2] - For Q1 FY25, total revenue was 740 million yuan, down 8.1%, and net profit was 180 million yuan, up 7.0% [2] Revenue Breakdown - Pre-mixed cocktails and food flavoring generated revenues of 2.68 billion yuan and 340 million yuan respectively in FY24, with year-on-year changes of -7.2% and +6.4% [3] - Offline, digital retail, and ready-to-drink channels reported revenues of 2.71 billion yuan, 270 million yuan, and 40 million yuan respectively, with year-on-year changes of -1.5%, -30.8%, and -43.6% [3] Profitability and Costs - The gross margin for FY24 and Q1 FY25 was 69.7%, reflecting an increase of 3.0 and 1.3 percentage points year-on-year, attributed to cost optimization and a higher proportion of high-margin offline channels [4] - The net profit margin for FY24 and Q1 FY25 was 23.5% and 24.6%, showing a year-on-year change of -1.2 and +3.7 percentage points [4] Strategic Focus - The whiskey business is a key strategic focus, with the company planning to launch new products and enhance its brand positioning in 2025 [5][6] - The company aims to strengthen its product matrix for pre-mixed beverages while gradually rolling out whiskey products, anticipating that the consumer base from pre-mixed beverages will support whiskey sales [5][6] Earnings Forecast - The revenue forecast for FY25 and FY26 has been adjusted down to 3.46 billion yuan and 3.91 billion yuan respectively, with net profit estimates revised to 830 million yuan and 970 million yuan [6][7] - The earnings per share (EPS) for FY25 and FY26 are projected to be 0.79 yuan and 0.93 yuan, respectively [7]

Summary of Key Points Core Viewpoint - The company, BaiRun Co., is proceeding with the repurchase and cancellation of a portion of its restricted stock incentive plan due to the departure of certain incentive targets and unmet performance criteria. Group 1: Incentive Plan Approval and Implementation Review - On December 3, 2021, BaiRun Co. held meetings to approve the 2021 restricted stock incentive plan, with independent directors and the supervisory board expressing their agreement [2] - The plan was subsequently authorized by the shareholders on December 29, 2021, allowing the board to handle related matters [2] - Between 2022 and 2024, the company held multiple meetings to adjust, grant, and repurchase stocks related to the incentive plan, all of which received approval [2] Group 2: Details of the Repurchase and Cancellation - On April 25, 2025, BaiRun Co. approved the repurchase and cancellation of 200,900 shares due to 20 incentive targets leaving the company, which disqualified them from the incentive plan [3] - Additionally, 619,500 shares will be repurchased from 138 incentive targets who did not meet the performance criteria, as the revenue growth did not reach the required 53.75% [3] - The repurchase price is set at 20.81 yuan per share plus bank interest, funded by the company's own resources [3] Group 3: Legal Compliance - The legal opinion issued confirms that the incentive plan is lawful and valid, and the repurchase and cancellation have received the necessary approvals [4]

证券代码：002568 证券简称：百润股份 公告编号：2025-018 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 更正公告 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"）于 2025 年 4 月 29 日在指定信息披露媒体《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）上发布了《第六届董事会第三次会议决 议公告》（公告编号：2025-006）、《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》（公告编号：2025-012）、《公司章程》（2025 年 4 月）、 《公司章程修正案》（2025 年 4 月）和《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回购注销 2021 年限制性股票激励计划部分限制性股 票的法律意见书》。 经核查发现，上述公告中"拟回购注销 2021 年限制性股票激励计划部分限 制性股票"的数量计算有误，现对相关内容更正如下： 一、《第六届董事会第三次会议决议公告 ...

上海百润投资控股集团股份有限公司（以下简称"公司"或"百润股份"） 于 2025 年 4 月 25 日召开了第六届董事会第三次会议、第六届监事会第三次会 议，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 议案》。鉴于公司 2021 年限制性股票激励计划首次授予激励对象 20 人因个人原 因离职，已不符合激励条件，公司拟将其所持有的已获授但尚未解除限售的限制 性股票合计 200,900 股（对应转增前 143,500 股）进行回购注销；公司 2021 年限 制性股票激励计划首次授予部分限制性股票第二个解除限售期解除限售条件未 能成就，公司拟将 138 名激励对象所持有的已获授但尚未解除限售的限制性股票 合计 619,500 股（对应转增前 442,500 股）进行回购注销。本次回购注销部分限 制性股票共计 820,400 股。上述事项尚需提交公司 2024 年度股东大会审议。现 将具体事项公告如下： 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：2025-012 上海百润投资控股集团股份有限公司 关于回购注销 2021 年限制性股票 ...