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：2024-049 上海百润投资控股集团股份有限公司 关于 2021 年限制性股票激励计划首次授予部分限制 性股票第一个解除限售期解除限售股份上市流通的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1．公司 2021 年限制性股票激励计划首次授予部分第一个解除限售期符合解 除限售条件的激励对象共计 158 人，可解除限售的限制性股票数量 705,600 股 （对应转增前 504,000 股），占公司目前总股本 1,049,368,955 股的 0.0672%； 2．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一个解除限 售期解除限售股份上市流通日期为：2024 年 8 月 9 日。 上海百润投资控股集团股份有限公司（以下简称"公司"） 于 2024 年 4 月 24 日召开第五届董事会第十五次会议和第五届监事会第十三次会议，审议通过了 《关于 2021 年限制性股票激励计划首次授予部分限制性股票第一个解除限售期 解除限售条 ...

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：2024-048 上海百润投资控股集团股份有限公司 关于股东股份质押变动的公告 3．股东股份累计质押的情况 二、其他说明 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"）近日收到控股股 东、实际控制人刘晓东先生和持股 5%以上的股东柳海彬先生的股份质押变动通 知，其所持有的公司股份质押情况如下： 一、股东股份质押情况 | 股东 | 是否为控 股股东或 第一大股 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否为 限售股 （如是， | 是否 为补 | 质押 | 质押到期日 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 数量(股) | | | | 充质 | 起始日 | | | 用途 | | | 东及其一 | | 比例 | 比例 | 注明限 | 押 | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of 1.628 billion yuan for the first half of 2024, a year-on-year decrease of 1.38%, and a net profit attributable to the parent company of 402 million yuan, down 8.36% year-on-year [2][3] - The pre-mixed cocktail segment faced growth pressure, while offline channels showed resilience, with offline retail revenue increasing by 7.03% year-on-year [3] - The gross margin for the pre-mixed cocktail business improved by 3.95% year-on-year, reaching 70.56% in the first half of 2024, attributed to cost reductions and product structure enhancements [3] - The company expects revenue growth for 2024-2026 to be 3.90%, 11.70%, and 11.51% respectively, with net profits projected at 848 million yuan, 954 million yuan, and 1.079 billion yuan [4] Financial Performance Summary - Revenue for 2022 was 2.593 billion yuan, with a growth rate of -0.04%, and net profit was 521 million yuan, down 21.74% [4] - The company forecasts revenue of 3.391 billion yuan for 2024, with a net profit of 848 million yuan, translating to an EPS of 0.81 yuan [4] - The gross margin is expected to reach 69.95% in 2024, with a net profit margin of 24.92% [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.75, compared to the last closing price of 16.21 [1]. Core Views - The company experienced short-term revenue pressure, with a focus on new product launches to drive growth. The first half of 2024 saw revenue of 1.628 billion, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 402 million, down 8.36% year-on-year [2][4]. - The report highlights that the company's pre-mixed beverage revenue was 1.431 billion, down 1.42% year-on-year, with a significant decline in online channel revenue [2][5]. - The company is expected to see improved performance in the second half of the year as the pressure from high base effects eases, and new product launches are anticipated to contribute positively to sales [2][5]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 1.628 billion, a decrease of 1.38% year-on-year, and a net profit of 402 million, down 8.36% year-on-year. The second quarter alone saw a revenue of 826 million, down 7.25% year-on-year, but net profit increased by 7.28% [2][4]. - The gross margin for the first half of 2024 was 70.08%, an increase of 4.19 percentage points year-on-year, attributed to lower raw material costs and price increases [2][5]. Future Projections - The report projects revenues for 2024, 2025, and 2026 to be 3.386 billion, 3.732 billion, and 4.170 billion respectively, with corresponding net profits of 834 million, 927 million, and 1.044 billion [4][5]. - The expected earnings per share (EPS) for the same years are 0.79, 0.88, and 0.99, with price-to-earnings (PE) ratios of 22, 20, and 18 respectively [4][5]. Product Strategy - The company is focusing on new product launches, including a new whiskey product expected by the end of the year, which is anticipated to open up long-term growth opportunities [2][5]. - The report emphasizes the importance of the "清爽" product line in penetrating the beer market and targeting consumers aged 25 and above [2][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.628 billion yuan for H1 2024, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 402 million yuan, down 8.36% year-on-year [4] - The second quarter of 2024 saw a revenue of 826 million yuan, a decrease of 7.25% year-on-year, with a net profit of 233 million yuan, down 7.28% year-on-year [4] - The company expects revenue growth of 1.7%, 13.3%, and 13.6% for the years 2024, 2025, and 2026, respectively, with net profit projections of 800 million yuan, 910 million yuan, and 1.07 billion yuan for the same years [4] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 71.8%, an increase of 5.5 percentage points year-on-year [4] - The company’s revenue from pre-mixed drinks declined by 8.3% in Q2 2024, while other business segments saw a growth of 0.3% [4] - The company’s offline, digital retail, and ready-to-drink channels generated revenues of 1.43 billion yuan, 160 million yuan, and 20 million yuan, respectively, with year-on-year changes of +7.0%, -35.7%, and -42.7% [4] - The company’s net profit margin for H1 2024 was 28.2%, a slight decrease of 0.01 percentage points year-on-year [4] Future Projections - The company is projected to achieve revenues of 3.32 billion yuan in 2024, 3.76 billion yuan in 2025, and 4.27 billion yuan in 2026, with corresponding net profits of 796 million yuan, 912 million yuan, and 1.074 billion yuan [5] - The current stock price corresponds to a price-to-earnings ratio of 23 times [4]

Financial Data and Key Metrics Changes - The company's second-quarter pre-mixed beverage revenue declined by 8% year-on-year, which was better than the expected 15% drop [1] - The overall gross margin improved significantly due to reduced commercial discounts and lower raw material costs [3] - The company's net profit margin remained stable, with sales expense ratios expected to maintain between 20% to 30% [3] Business Line Data and Key Metrics Changes - Offline channels experienced a 7% growth in the first half of the year, while online sales saw a decline of over 30% [1] - The new product "Qing Ti Jasmine" quickly entered the top three in sales among all flavors [2] - The "Strong Refreshing" product accounted for 50% of sales, indicating a high repurchase rate [2] Market Data and Key Metrics Changes - The North China region showed significant growth due to fewer competitors and expansion opportunities in lower-tier cities [1] - The East China region faced declines primarily due to the impact of e-commerce [1] Company Strategy and Development Direction - The company is focusing on enhancing its brand and product capabilities, with a strong emphasis on marketing and channel expansion [4][5] - The company aims to penetrate lower-tier markets with cost-effective products while maintaining a strong presence in first and second-tier cities [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging, but they expect the decline in online sales to narrow in the second half of the year [1] - The company anticipates stable or slightly increased revenue and profit for the year, with a market capitalization of 18.5 billion and a price-to-earnings ratio of approximately 23 [38] Other Important Information - The company has plans to launch its own whiskey brand, targeting young consumers with a focus on affordability and social consumption scenarios [35][37] - The whiskey market in China is still in its early stages, with significant growth potential [34] Q&A Session Summary Question: What are the expectations for the online sales recovery? - Management expects the decline in online sales to narrow in the second half of the year, indicating a potential recovery [1] Question: How does the company plan to address competition in the low-alcohol beverage market? - The company is focusing on product innovation and marketing strategies to differentiate itself from competitors [20][22] Question: What is the company's strategy for the whiskey segment? - The company plans to introduce a whiskey brand aimed at young consumers, leveraging its experience in the pre-mixed beverage market [35][37]

Summary of the Conference Call for 百润股份 (Bairun Co., Ltd.) Company Overview - **Company**: 百润股份 (Bairun Co., Ltd.) - **Industry**: Pre-mixed alcoholic beverages (预调酒) Key Points and Arguments Financial Performance - The company reported a second-quarter revenue decline of approximately 8% year-on-year, which was better than the expected 15% decline, leading to a rebound in stock price [1] - Offline channels experienced a 7% positive growth in the first half of the year, while online sales saw a decline of over 30% [1] - The company anticipates that the decline in online sales will narrow in the second half of the year [1] Market Dynamics - The company is focusing on promoting its products in specific scenarios such as barbecues and gatherings, supported by new advertising campaigns featuring celebrity endorsements [2] - The overall channel inventory is approximately three months, with a 10% sales decline reported in July [2] Profitability and Cost Management - The gross margin improved significantly due to reduced commercial discounts and previous price increases in strong provinces [3] - The company maintains a marketing expense ratio of 20% to 30%, with management expenses rising mainly due to employee compensation and depreciation [3] Industry Analysis - The report provides a detailed review of the pre-mixed beverage industry over the past 20 years, highlighting the company's growth in product, brand, and channel capabilities [4] - The pre-mixed beverage market faced challenges from beer price reductions and changing consumer habits, leading to a supply-demand imbalance [6][7] - The company initially struggled in the night market but later capitalized on opportunities as competitors faced difficulties [9][10] Competitive Landscape - The competitive landscape has evolved, with many non-pre-mixed beverage companies entering the market, but most have failed [12] - The company has successfully expanded its market share from 11% to 21% between 2011 and 2013, taking advantage of competitors' weaknesses [10] Product Development - The company has launched new products like 微醺 (Weixun) and 强爽 (Qiangshuang), targeting different consumer preferences and consumption scenarios [17][19] - The company is exploring the whiskey segment, planning to launch a new brand aimed at younger consumers, with a focus on affordability and social consumption [35][36] Future Outlook - The company expects its revenue and profit to remain stable or see slight growth this year, with a market capitalization of 18.5 billion and a price-to-earnings ratio of approximately 23 [38] - The potential market size for the pre-mixed beverage industry is estimated at around 20 billion, indicating room for growth [31] Additional Important Insights - The company has faced challenges in maintaining consumer interest due to marketing fatigue and a lack of clear consumption scenarios [14][15] - The introduction of new products has been strategically timed to align with market recovery phases [19] - The company is cautious about its expansion into the whiskey market, focusing on brand awareness before aggressive sales strategies [37] This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, market dynamics, competitive landscape, product development, and future outlook.

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the next six months [1][3]. Core Insights - The company reported a revenue of 1.63 billion yuan for H1 2024, a year-on-year decline of 1.4%, and a net profit of 400 million yuan, down 8.4% year-on-year. Q2 2024 revenue was 830 million yuan, also down 7.3% year-on-year [2]. - The pre-mixed cocktail segment experienced a short-term revenue decline, with H1 revenue at 1.43 billion yuan, a decrease of 1.4%. The company is focusing on expanding consumption scenarios and enhancing brand marketing [2]. - The gross profit margin improved to 70.1% in H1 2024, up 4.2 percentage points year-on-year, with Q2 gross margin at 71.8%, an increase of 5.5 percentage points [2]. - The company is enhancing its product matrix for pre-mixed cocktails and is set to launch a new whiskey product in Q4 2024, aiming to become a leader in the domestic whiskey market [2]. Summary by Sections Financial Performance - H1 2024 revenue was 1.63 billion yuan, with a net profit of 400 million yuan. Q2 2024 revenue was 830 million yuan, and net profit was 230 million yuan [2]. - The gross margin for H1 2024 was 70.1%, with a net margin of 24.5%, while Q2 net margin recovered to 28% [2]. Revenue Breakdown - The pre-mixed cocktail segment generated 1.43 billion yuan in H1 2024, while the flavoring segment saw a revenue increase of 7.5% to 180 million yuan [2]. - Revenue from offline channels increased by 7%, while digital retail and ready-to-drink channels saw declines of 35.7% and 42.7%, respectively [2]. Profitability Forecast - The company forecasts net profits of 840 million yuan, 990 million yuan, and 1.13 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.80 yuan, 0.94 yuan, and 1.08 yuan [3][4]. - The dynamic PE ratios are projected to be 22x, 19x, and 16x for the same years [3]. Market Positioning - The company is focusing on enhancing its brand positioning with a 3-5-8 product matrix and aims to strengthen its presence in the whiskey market with new product launches [2]. - The company has completed a share buyback of 4.67 million shares, indicating confidence in its growth prospects [2].

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [2][9]. Core Insights - The company reported a total revenue of 1.628 billion yuan for the first half of 2024, a decrease of 1.38% year-on-year, with a net profit of 402 million yuan, down 8.36% year-on-year [2][3]. - The pre-mixed liquor segment faced pressure with a revenue of 1.431 billion yuan, reflecting an 8.69% decline in sales volume [2][3]. - The company experienced a rise in sales expense ratio, leading to a decrease in net profit margin by 1.99 percentage points to 24.55% [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 1.628 billion yuan, with a year-on-year decrease of 1.38% [2]. - The second quarter revenue was 826 million yuan, down 7.25% year-on-year, while the first quarter saw an increase of 5.51% year-on-year [2][3]. - The gross profit margin for pre-mixed liquor improved by 3.95 percentage points to 70.56% due to price increases [2][3]. - The edible flavor segment reported a revenue of 176 million yuan, with a year-on-year growth of 7.5% [2][3]. Future Earnings Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.83 yuan, 0.95 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings ratios of 21.43x, 18.69x, and 16.34x [2][3][4].

Group 1: Company Overview and Performance - The company, Shanghai Bairun Investment Holding Group Co., Ltd., is listed under the stock code 002568 and is known as Bairun Co., Ltd. [1] - In the first half of 2024, the company continued to enhance its product matrix for the "RIO" pre-mixed cocktail business, focusing on a variety of alcohol content levels (3°, 5°, and 8°) [2][3] - The advertising strategy for the "Strong Refresh" series has been optimized, with a planned increase in advertising expenditure during the first quarter to enhance brand visibility [2][3] Group 2: Product Development and Market Expansion - The "Strong Refresh" series targets a diverse consumer base and consumption scenarios, expanding from personal use to festive dining and evening gatherings [3] - The new flavor "Jasmine Tea" has shown excellent market performance, and the 500mL large can of the "Refreshing" series has been launched with a new brand positioning [3] - The company is preparing to launch whiskey-based pre-mixed cocktails once its whiskey aging project is completed, with over 300,000 barrels of whiskey already aged [3][4] Group 3: Digital Strategy and Infrastructure - The company is advancing its digital management strategy, establishing a digital operations department to optimize organizational structure, processes, and data governance [4] - The expansion projects for the pre-mixed cocktail production bases are progressing steadily, with the Shanghai production base already completed and others in Tianjin and Guangdong underway [4]