华福证券 百润股份（002568.SZ） 预调酒业务稳健，威士忌新曲线可期 事件：百润股份发布 2024 年半年度报告，公司 24 年上半年实现营收 16.28 亿 元，同比-1.38%，实现归母净利润 4.02 亿元，同比-8.36%，实现扣非净利润为 3.92 亿元，同比-9.2%。根据中报，公司 24Q2 单季度实现营收 8.26 亿元，同 比-7.25%，实现归母净利润 2.33 亿元，同比-7.28%，扣非净利润 2.3 亿元，同 比-5.7%。 清爽新品推出，预调酒业务经营稳健 公司 24 年上半年预调酒业务实现营收 14.31 亿元，同比-1.42%，单 Q2 实现预调酒业务营收 7.19 亿元，环比+1.01%，同比-7.56%，香精香料 和其他业务合计创造营收 1.07 亿元，环比+19.26%，同比-5.13%，报告期 内，公司强爽系列零糖新品"春雪蜜桃"上市深受消费者喜爱；微醺系列 从"一个人的小酒"成功拓展到节庆餐饮、晚间小酌等场景，新口味"青 提茉莉"上市表现出色，清爽系列品牌焕新升级，500ml 大罐全新上市， 通过深度梯媒投放等全方位多角度的强势品牌推广，我们认为新品的优异 表现 ...

业绩简评 7 月 30 日公司发布半年报，24H1 实现营收 16.28 亿元，同比- 1.38%；归母净利润 4.02 亿元，同比-8.36%；扣非归母净利润 3.92 亿元，同比-9.20%。其中 24Q2 实现营收 8.26 亿元，同比-7.25%； 归母净利润 2.33 亿元，同比-7.28%；扣非归母净利润 2.30 亿元， 同比-5.7%,业绩符合预期。 经营分析 雨水天气影响+强爽高基数，预调酒销量承压。1）分产品：Q2 预 调酒/香精香料及其他收入为7.19/0.86亿元，同比-7.5%/-24.1%。 因旺季雨水天气较多，影响终端动销；叠加产品结构调整（大包装 清爽放量，强爽高基数承压），24H1 预调酒销量承压（量-8.7%， 价+8.0%）。24H1 食用香精量+5.5%，价+1.9%，量价齐升增系大 B 端定制化需求较为稳健，Q2 下滑系季度间节奏扰动。2）分渠道： 线下大盘企稳，线上严控价盘。虽商超及传统渠道面临客流下滑压 力，公司主动开发高质量网点，线下渠道 24H1 收入同比+7.0%；线 上严格监控价盘，优化经销商质量，24H1 收入-35.7%，销售占比 9.7%（同比-5. ...

单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核 | 2024 年期初 | 2024 年半年度占 | 2024 年半年度 | 2024 年半年度偿 | 2024 年 | 6 月期末占 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 算的会计科 | 占用资金余 | 用累计发生金额 | 占用资金的利 | 还累计发生金额 | | 用资金余额 | 原因 | | | | | 联关系 | 目 | 额 | （不含利息） | 息(如有) | | | | | | | 控股股东、实际控制 | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | | 前控股股东、实际控 | | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | | 小计 | - | ...

上海百润投资控股集团股份有限公司 2024年半年度募集资金存放与使用情况专项报告 上述资金于 2020 年 11 月 5 日全部到位，已经立信会计师事务所（特殊普通合伙） 审验，并于 2020 年 11 月 5 日出具信会师报字[2020]第 ZA15838 号《验资报告》。 截至 2024 年 6 月 30 日，公司以前年度已使用募集资金 710,762,200.99 元，本期使用 募集资金 11,748,345.10 元，已累计使用募集资金 722,510,546.09 元，暂时补充流动 资金 300,000,000.00 元，加银行利息扣除手续费净额 35,237,148.52 元，募集资金专 户余额为 3,651,207.32 元。 2、2021 年公开发行可转换公司债券募集资金实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于核准上海百润投资控股集团股份有限公司公开发 行可转换公司债券的批复》（证监许可【2021】2939 号）核准，公司向社会公开发行 面值总额 112,800 万元可转换公司债券，期限 6 年，募集资金总额为人民币 1,128,000,000.00 元，扣除承销费、保荐 ...

二、董事会会议审议情况 1．审议通过《关于公司<2024 年半年度报告>全文及摘要的议案》 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、董事会会议召开情况 上海百润投资控股集团股份有限公司（以下简称"公司"）第五届董事会第 十七次会议于 2024 年 7 月 19 日以邮件方式发出通知，并于 2024 年 7 月 29 日 以现场结合通讯方式举行。本次会议应到董事七名，实到董事七名。会议由董事 长刘晓东先生主持，公司部分监事及高级管理人员列席了会议，会议召开符合《公 司法》和《公司章程》规定。 证券代码：002568 证券简称：百润股份 公告编号：2024-045 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 第五届董事会第十七次会议决议公告 报告全文登载于巨潮资讯网（http://www.cninfo.com.cn） 三、备查文件 1．《上海百润投资控股集团股份有限公司第五届董事会第十七次会议决议》 特此公告。 上海百润投资控股集团股份有限公司 董事会 二〇二四年七月三十一日 1 表决结果：同意 7 票；反对 0 票； ...

Financial Performance - The company's operating revenue for the reporting period was ¥1,628,293,123.04, a decrease of 1.38% compared to the same period last year[19]. - The net profit attributable to shareholders was ¥402,457,459.68, reflecting a decline of 8.36% year-on-year[19]. - The net cash flow from operating activities decreased by 26.00% to ¥293,761,714.68 compared to the previous year[19]. - The total assets at the end of the reporting period were ¥7,555,288,548.79, an increase of 6.24% from the end of the previous year[19]. - The weighted average return on equity decreased to 9.58%, down from 11.02% in the previous year[19]. - The basic earnings per share decreased by 7.14% to ¥0.39 compared to the same period last year[19]. - The total revenue for the first half of 2024 was approximately ¥1.61 billion, with a slight decrease of 0.52% compared to the same period last year[29]. - The revenue from the ready-to-drink cocktail segment was approximately ¥1.43 billion, representing a decrease of 1.42% year-on-year[30]. - The gross margin for the ready-to-drink cocktails was 70.56%, an increase of 3.95% compared to the previous year[30]. - The digital retail channel revenue decreased by 35.68% to approximately ¥155.87 million, with a gross margin of 69.91%[33]. - The company's pre-mixed cocktail business generated revenue of CNY 421.42 million, accounting for 86.50% of total operating costs, a decrease of 13.07% compared to CNY 484.77 million in the same period last year[37]. - The total sales volume of pre-mixed cocktails was 17,215,149 boxes, down 8.69% from 18,854,505 boxes in the previous year, while production volume decreased by 8.83% to 16,939,646 boxes[38]. - The company's inventory of pre-mixed cocktails decreased significantly by 71.74%, from 3,978,727 boxes to 1,124,510 boxes[38]. - The overall main business revenue for the first half of 2024 was CNY 1.61 billion, a slight decrease of 0.52% year-on-year[42]. Quality Management - The company has maintained a strong quality management system, ensuring product safety and compliance with international standards[3]. - The company has not reported any significant quality disputes since its establishment, reflecting its commitment to quality assurance[3]. - The company has a robust quality assurance system in place, which includes strict measures across all operational stages[3]. - The company has established a comprehensive quality management system that aligns with international standards[3]. - The company emphasizes the importance of food safety and has not faced any major quality disputes since its establishment, reflecting its commitment to quality management[64]. - The company maintains a strong focus on food safety and quality management, having obtained multiple certifications including ISO9001 and FSSC22000[41]. Market Position and Strategy - The pre-mixed cocktail industry is experiencing intensified competition, with new entrants impacting market share despite the company's leading position[4]. - The company's market share in the pre-mixed cocktail segment, under the "RIO" brand, has consistently ranked first nationally[24]. - The pre-mixed cocktail segment accounted for 89.07% of the company's main business revenue, while the flavor and fragrance segment accounted for 10.93%[24]. - The company plans to enhance its core competitiveness through improved management, innovation, and product diversification[4]. - The company is focused on expanding its market presence and optimizing its product structure to maintain growth[4]. - The company is recognized as a leading innovator in the flavor and fragrance industry, being rated among the top ten enterprises in China[25]. - The company is actively pursuing a large customer strategy while also targeting quality small and medium-sized clients, showing early signs of success[45]. - The company is focusing on expanding its whiskey product line and enhancing brand awareness through various promotional activities[45]. Investments and Financial Management - The company received government subsidies amounting to ¥12,854,684.62, which are closely related to its normal business operations[21]. - The total amount of funds raised through non-public issuance in 2020 was ¥1,005,999,959.68, with a net amount of ¥990,924,604.89 after expenses[56]. - The company raised ¥1,128,000,000.00 through public issuance of convertible bonds in 2021, with a net amount of ¥1,112,814,933.95 after expenses[56]. - The company has cumulatively used ¥722,510,546.09 of the raised funds, with a remaining balance of ¥3,651,207.32 in the dedicated fund account[56]. - The company reported a significant increase in financial expenses, up 6,381.55% to CNY 12,942,605.58, primarily due to changes in interest expenses and income[46]. - The sales expenses rose by 19.87% to CNY 397,121,915.43, driven by increased advertising investments[49]. - The company has not reported any changes in the use of raised funds during the reporting period[61]. - The company plans to use raised funds for the whiskey aging project and malt whiskey aging project as scheduled[60]. Environmental Compliance and Sustainability - The company has complied with various environmental protection laws and standards, ensuring all construction projects have completed necessary environmental assessments and permits[79]. - The company’s wastewater discharge monitoring shows compliance with standards, with ammonia nitrogen at 0.2105 mg/L, below the limit of 30 mg/L[78]. - The company’s facilities have achieved LEED Silver certification, reflecting its commitment to sustainable development and energy efficiency[80]. - The company has implemented emergency response plans for environmental incidents, ensuring preparedness for potential pollution events[79]. - The company actively invests in environmental protection measures, including third-party technical support and pollution treatment system upgrades[79]. - The company has established a detailed monitoring plan for pollutants, with no exceedances reported during the reporting period[79]. - The company’s environmental tax payments are made in full and on time, reflecting its compliance with environmental regulations[79]. - The company’s production bases incorporate sustainable development principles from the design phase, aiming for carbon neutrality as a long-term goal[79]. - The company is committed to continuous improvement in environmental protection measures to achieve long-term carbon neutrality goals[82]. Shareholder Engagement and Corporate Governance - The annual shareholders' meeting had a participation rate of 51.56%, indicating strong shareholder engagement[68]. - The company has not declared any cash dividends or stock bonuses for the half-year period, focusing on reinvestment strategies[69]. - The company is actively implementing a stock incentive plan to motivate and retain key employees, which was approved by the board and shareholders[70]. - The company has maintained a stable management team with no changes in directors or senior management during the reporting period[68]. - The company repurchased and canceled 469,000 shares of restricted stock from the 2021 incentive plan[73]. - The company’s independent directors have approved adjustments to the 2021 incentive plan, ensuring alignment with performance requirements[73]. Risk Factors - The company is subject to various risks, including stock market volatility and macroeconomic factors[5]. - The company has not engaged in any significant litigation or arbitration matters during the reporting period, ensuring no major impact on operations[84]. - There were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[83]. - The company has not conducted any asset or equity acquisitions or sales during the reporting period[86]. - The company has not reported any penalties or rectification measures during the reporting period[85]. - The company has not engaged in any significant related party transactions during the reporting period[89]. Financial Instruments and Accounting Policies - The company classifies financial assets at initial recognition based on the business model and cash flow characteristics, including amortized cost and fair value categories[161]. - Financial liabilities are classified at initial recognition as either fair value through profit or loss or amortized cost[164]. - The company recognizes financial assets when it becomes a party to the financial instrument contract, and the classification depends on the nature of the cash flows[161]. - The company uses the effective interest method to calculate interest income for financial assets measured at amortized cost[163]. - The company assesses credit risk of financial instruments based on historical data, current conditions, and future economic forecasts, recognizing expected credit losses accordingly[169]. - For receivables and contract assets, the company measures loss provisions equivalent to expected credit losses over the entire duration[170]. - The company recognizes provisions when obligations meet specific criteria, including current obligations and probable economic outflows[199]. - The company reviews the carrying amount of provisions at the balance sheet date and adjusts it based on the current best estimate if evidence suggests the carrying amount is not reflective[199].

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：2024-046 上海百润投资控股集团股份有限公司 第五届监事会第十五次会议决议公告 本公司及监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。 二、监事会会议审议情况 与会监事审议并通过了如下决议： 1．审议通过《关于<公司 2024 年半年度报告>全文及摘要的议案》 经审核，监事会认为董事会编制和审核公司《2024 年半年度报告》的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整的反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 报告全文登载于巨潮资讯网（http://www.cninfo.com.cn）。 报告摘要登载于《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）。 2．审议通过《关于<公司募集资金存放与使用情况专项报告>的议案》 经审核，报告期内，公司严格按照法定程序批准并披露募集资金的使用情况。 监事会认为，截至报 ...

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：2024-044 上海百润投资控股集团股份有限公司 关于可转换公司债券转股价格调整的公告 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： 1、调整前转股价格：46.95 元/股 2、调整后转股价格：46.96 元/股 3、本次转股价格调整生效日期：2024 年 7 月 30 日。 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准上海百润 投资控股集团股份有限公司公开发行可转换公司债券的批复》（证监许可 [2021]2939 号）核准，上海百润投资控股集团股份有限公司（以下简称"公司"） 于 2021 年 9 月 29 日公开发行了 1,128 万张可转换公司债券，每张面值 100 元， 发行总额 112,800 万元。 经深交所"深证上[2021]1056 号"文同意，公司 112,800 万元可转换公司债券 将于 2021 年 11 月 3 日起在深交所挂牌交易，债券简称"百润转债"，债券代码 ...

特别提示： 1．本次回购注销限制性股票 322,000 股，占回购注销前公司总股本 1,049,690,955 股的 0.0307%。本次回购注销完成后，公司股本总数由 1,049,690,955 股调整为 1,049,368,955 股。 2．截至本公告披露日，上述限制性股票已在中国证券登记结算有限责任公 司深圳分公司完成回购注销流程。 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：2024-043 上海百润投资控股集团股份有限公司 关于部分限制性股票回购注销完成的公告 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。 一、激励计划简述及已履行的相关审批程序 1、 2021 年 12 月 3 日，公司召开第五届董事会第二次会议，审议通过了《关 于<上海百润投资控股集团股份有限公司 2021 年限制性股票激励计划（草案）> 及其摘要的议案》、《关于<上海百润投资控股集团股份有限公司 2021 年限制性 股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会 办理本次限制性股票激励计划相关事宜的议 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.08 CNY per share, based on a calculated equity value of 20 billion CNY [4][7]. Core Insights - The company is focusing on its "358" product matrix (3%, 5%, and 8% alcohol content) to target specific consumer groups, with stable sales in the "slightly tipsy" segment and over 5% growth in the "strong refreshing" category in Q1 2024 despite a high base [1]. - The company is actively exploring ready-to-drink channels and accelerating market penetration in lower-tier cities, expecting significant revenue growth from these initiatives in 2024 [1]. - A new whiskey product line is set to launch in Q4 2024, which is anticipated to become a new growth driver for the company [1]. Financial Summary - Revenue for 2024 is projected at 3,687 million CNY, reflecting a 12.9% year-on-year growth, with further increases expected in subsequent years [3]. - The company's net profit attributable to the parent company is forecasted to reach 908 million CNY in 2024, with a growth rate of 12.2% [3]. - The earnings per share (EPS) are expected to be 0.86 CNY in 2024, increasing to 1.19 CNY by 2026 [3][7]. Financial Ratios - The gross margin is projected to improve from 66.7% in 2023 to 68.7% by 2026, indicating enhanced profitability [3]. - The net profit margin is expected to stabilize around 24.6% in 2024, with a slight increase to 25.2% by 2026 [3]. - The return on equity (ROE) is forecasted to rise from 20.7% in 2023 to 23.2% in 2026, reflecting improved efficiency in generating profits from equity [3].