证券代码：002568 证券简称：百润股份 公告编号：2025-044 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（以下简称"公司"）近日收到控股股 东、实际控制人刘晓东先生及股东刘建国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 | | 是否为控 | | | | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押 | 占其所 | 占公司 | 限售股 | 为补 | 质押 | | | 质押 | | 名称 | 第一大股 | 数量(股) | 持股份 | 总股本 | （如是， | 充质 | 起始日 | 质押到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 注明限 | 押 | | | | | | | 致行动人 | | | | 售类型） | | | | | | | 刘建国 | 否 | 35,000,000 | 55.56% | 3.34% | 否 | 否 | 202 ...

上海百润投资控股集团股份有限公司章程 修正案 （2025 年 10 月） 根据《中华人民共和国公司法》和《上市公司章程指引》《深圳证券交易所 股票上市规则》等相关法律法规和规范性文件，结合公司实际，进一步优化公司 章程，公司章程主要修订内容包括： 1．公司章程中涉及"股东大会"表述的条款统一调整为"股东会"，若相关 条款未涉及其他实质性调整，则无需逐项列示修订内容； | | 股东会、董事会会议的召集程序或者表决方 | | --- | --- | | | 式仅有轻微瑕疵，对决议未产生实质影响的 | | | 除外。 | | | 董事会、股东等相关方对股东会决议的效力 | | | 存在争议的，应当及时向人民法院提起诉 | | | 讼。在人民法院作出撤销决议等判决或者裁 | | | 定前，相关方应当执行股东会决议。公司、 | | | 董事和高级管理人员应当切实履行职责，确 | | | 保公司正常运作。 | | | 人民法院对相关事项作出判决或者裁定的， | | | 公司应当依照法律、行政法规、中国证监会 | | | 和证券交易所的规定履行信息披露义务，充 | | | 分说明影响，并在判决或者裁定生效后积极 | | | ...

证券代码：002568 证券简称：百润股份 公告编号：2025-048 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 关于召开 2025 年第一次临时股东大会的通知 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。 重要提示： 上海百润投资控股集团股份有限公司（以下称"公司"）第六届董事会第五次会议于 2025 年 10 月 26 日召开，会议审议通过了《关于提请召开 2025 年第一次临时股东大会的 议案》。会议决议于 2025 年 11 月 18 日在上海康桥万豪酒店以现场表决与网络投票相结合 的方式召开 2025 年第一次临时股东大会，现将本次股东大会的有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会的召集人：董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部门 规章、规范性文件、深圳证券交易所业务规则和《公司章程》等的规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 18 日 14:30 （2）网络投票时间：通过深圳证 ...

证券代码：002568 证券简称：百润股份 公告编号：2025-046 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 第六届监事会第五次会议决议公告 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。 一、监事会会议召开情况 上海百润投资控股集团股份有限公司（以下简称"公司"）第六届监事会第 五次会议于 2025 年 10 月 22 日以电子邮件和电话等方式发出通知，并于 2025 年 10 月 26 日在公司会议室以现场结合通讯方式举行。会议由监事会主席耿涛女 士主持，会议应到监事 3 人，实到监事 3 人。会议召开符合《公司法》和《公司 章程》规定。 二、监事会会议审议情况 1．审议通过《关于<公司 2025 年第三季度报告>的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 报告全文登载于《证券时报》《上海证券报》《证券日报》《中国证券报》 和巨潮资讯网（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六届监事会第五次会议决议》 特此公告。 上海百润投资控 ...

Financial Performance - The company's revenue for Q3 2025 was ¥780,540,351.59, an increase of 2.99% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2025 was ¥160,203,374.95, a decrease of 6.76% year-on-year[5]. - For the first three quarters of 2025, the company achieved a total revenue of ¥2,269,520,391.32, down 4.89% year-on-year[5]. - The net profit attributable to shareholders for the first three quarters was ¥549,284,887.11, a decline of 4.35% compared to the previous year[5]. - The basic earnings per share for Q3 2025 was ¥0.15, down 11.76% year-on-year[5]. - Total operating revenue for the current period is ¥2,269,520,391.32, a decrease of 4.9% from ¥2,386,195,034.85 in the previous period[29]. - Net profit for the current period is ¥549,348,283.53, a decrease of 3.9% compared to ¥571,483,105.36 in the previous period[30]. - Basic earnings per share for the current period is ¥0.53, down from ¥0.55 in the previous period[31]. Cash Flow and Assets - The company's cash flow from operating activities for the first three quarters increased by 40.22% to ¥755,385,131.50[5]. - The company has a cash flow from operating activities of ¥734,788,271.98, compared to ¥748,665,927.93 in the previous period[30]. - Operating cash flow for the period reached ¥755,385,131.50, an increase of 40.3% compared to ¥538,730,718.30 in the previous period[32]. - Total cash inflow from operating activities amounted to ¥2,881,291,544.29, up from ¥2,620,714,363.88, reflecting a growth of 9.95%[32]. - Cash outflow from investing activities was ¥784,924,634.13, a decrease of 58.5% from ¥1,893,199,389.92 in the previous period[34]. - The company reported a net decrease in cash and cash equivalents of ¥20,188,408.30, contrasting with an increase of ¥43,892,613.45 in the previous period[34]. - Cash and cash equivalents at the end of the period totaled ¥1,853,691,830.70, down from ¥1,898,470,112.50 at the end of the previous period[34]. - The company's cash flow from operating activities showed a strong performance, indicating improved operational efficiency and revenue generation capabilities[32]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 41,668[18]. - Liu Xiaodong holds 40.59% of shares, totaling 425,588,502 shares, with 72,000,000 shares pledged[18]. - Liu Haibin holds 5.93% of shares, totaling 62,161,798 shares, with 13,500,000 shares pledged[18]. Investment and Liabilities - The company reported a 69.95% decrease in investment income year-to-date, attributed to changes in investment scale and yield[14]. - Total liabilities are ¥3,486,079,213.80, slightly up from ¥3,421,678,576.51 in the previous period[28]. - The company issued 11,280,000 convertible bonds with a total amount of 112,800,000 yuan on September 29, 2021[20]. - The remaining convertible bonds as of the reporting period are 11,274,695 units, amounting to 1,127,469,500 yuan[22]. Asset Management - Total assets at the end of the reporting period were ¥8,370,270,514.66, an increase of 3.10% from the end of the previous year[5]. - Current assets total ¥3,551,299,096.92, an increase of 2.5% from ¥3,463,106,710.18 in the previous period[27]. - Non-current assets total ¥4,818,971,417.74, an increase from ¥4,655,541,835.96 in the previous period[27]. - The company’s inventory increased to ¥1,298,636,724.80 from ¥1,042,631,885.52, reflecting a growth of 24.5%[27]. - Accounts receivable decreased significantly to 89,828,431.37 yuan from 260,377,985.21 yuan[25]. - Prepayments increased to 20,148,522.75 yuan from 18,459,603.61 yuan[25]. - Trading financial assets increased to 100,324,755.92 yuan from 50,076,132.95 yuan[25]. Operational Insights - The company has not disclosed any new product developments or market expansion strategies in the provided documents[19]. - The company reported cash from the recovery of investments amounting to ¥350,000,000.00, significantly lower than ¥1,150,000,000.00 in the previous period[33]. - Cash paid for the purchase of fixed assets and other long-term assets was ¥324,074,841.39, down from ¥693,199,389.92 in the previous period[34]. - The company reported cash inflow from borrowings of ¥1,366,000,000.00, an increase from ¥978,390,000.00 in the previous period[34].

Core Insights - The company reported third-quarter revenue of 781 million, representing a year-on-year increase of 2.99% [1] - Net profit for the third quarter was 160 million, showing a decline of 6.76% [1] - For the first three quarters, total revenue was 2.27 billion, reflecting a year-on-year decrease of 4.89% [1] - Net profit for the first three quarters amounted to 549 million, down 4.35% year-on-year [1]

Market Performance - The non-liquor sector increased by 0.09% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Highlights - *ST Lanhua closed at 8.91, with a rise of 3.36% and a trading volume of 44,800 shares, totaling a transaction value of 39.68 million yuan [1] - Huaiqian Beer (惠泉啤酒) and ST Xifa (ST西发) also showed modest gains of 0.69% and 0.54%, respectively [1] - Zhangyu A (张裕A) experienced a decline of 1.51%, closing at 21.53 with a trading volume of 33,500 shares [2] Capital Flow Analysis - The non-liquor sector saw a net outflow of 797,100 yuan from institutional investors, while retail investors experienced a net outflow of 6,544,780 yuan [2] - Speculative funds had a net inflow of 66,245,000 yuan, indicating a shift in investor sentiment [2] Individual Stock Capital Flow - Kuaijishan (会稽山) had a net outflow of 27,921,000 yuan from institutional investors, while it saw a net inflow of 12,754,600 yuan from speculative funds [3] - Qingdao Beer (青岛啤酒) recorded a net inflow of 20,624,600 yuan from institutional investors, with a significant net outflow of 40,225,200 yuan from retail investors [3]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1]. Core Insights - The "14th Five-Year Plan" has shifted focus towards enhancing domestic demand and domestic circulation, emphasizing the need for a balance between supply and demand [3]. - New consumption trends are expected to continue driving excess returns, particularly in new channels and product categories [3]. - The report highlights the potential benefits for dairy products and the restaurant supply chain due to policy stimuli aimed at boosting consumption [3]. - The report anticipates a gradual recovery in the dairy market, with milk prices expected to rise moderately due to improved supply-demand dynamics [3]. - Investment suggestions include focusing on companies with strong performance in new consumption directions, such as Dongpeng Beverage and Angel Yeast, as well as cyclical stocks with low valuations [3]. Summary by Sections Industry Overview - The report discusses the upgraded focus on domestic demand and the relationship between supply and demand in the context of the "14th Five-Year Plan" [3]. - It emphasizes the importance of new consumption trends and channels, such as instant retail and health-oriented products [3]. Key Areas of Focus - The dairy sector is highlighted as a key area benefiting from potential birth rate policies and consumer demand for dairy products [3]. - The restaurant supply chain is expected to see a boost from government consumption vouchers and ongoing support measures [3]. Investment Recommendations - The report suggests monitoring quarterly performance reports, particularly for companies aligned with new consumption trends [3]. - It identifies specific stocks to watch, including those with solid fundamentals and those in cyclical sectors that may benefit from improving market conditions [3].

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The quarterly performance continues to show differentiation, with a recommendation to strengthen positions during the bottom cycle. The food and beverage index declined by 0.9% from October 20 to October 24, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 4.2 percentage points. Sub-industries such as processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5%) performed relatively well. The traditional consumption sector continues to face significant performance pressure, particularly in the liquor segment, where business demand remains under pressure. Although there has been a slight improvement in terminal consumption demand, the overall market demand remains weak. It is anticipated that the liquor sector will experience a further slowdown in performance growth for the third quarter [3][12][14]. Summary by Sections Market Performance - The food and beverage index experienced a decline of 0.9%, ranking 27th out of 28 sectors, and underperformed the CSI 300 by about 4.2 percentage points. Leading sub-industries included processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5) [12][14]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 yuan per kilogram, down 2.9% year-on-year. The price of pork was 17.7 yuan per kilogram, down 28.4% year-on-year [21][26]. Policy Insights - The 20th Central Committee's Fourth Plenary Session emphasized expanding domestic demand and building a strong domestic market, which is expected to inject clear policy dividends into the food and beverage industry. The core driver for long-term industry growth is the boost in domestic demand, which will directly stimulate market consumption and upgrade potential [4][13]. Recommended Stocks - The report recommends focusing on two types of stocks: first, leading companies with low valuations and national layout capabilities; second, growth companies that align with new consumption trends. Specific recommendations include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Weilong, and Bairun [5][56].

Core Viewpoint - Liu Xiaodong, the chairman of Bairun Co., Ltd. (002568.SZ), has completed a significant share reduction, cashing out approximately 1.47 billion yuan, amid ongoing challenges in the pre-mixed cocktail industry and declining performance since 2024 [2][3]. Company Overview - Bairun Co., Ltd. is a leading player in the pre-mixed cocktail industry, primarily known for its RIO brand. The company has faced dual pressures from a weak consumer environment and intensified competition [2][5]. - The company has been investing heavily in the liquor segment, particularly whiskey, but has not yet seen significant growth from this business line [2][5]. Shareholding Changes - Liu Xiaodong reduced his stake in Bairun Co. by 6.01%, bringing his ownership down from 40.59% to 34.58%, while still retaining control of the company [3][4]. - The share transfer introduced Liu Jianguo as a new major shareholder, holding 6.01% of the company, which may lead to a more diversified shareholder structure [3][4]. Financial Performance - Bairun Co. reported a decline in revenue and net profit for 2025, with revenue at 1.49 billion yuan, down 8.56% year-on-year, and net profit at 389 million yuan, down 3.32% year-on-year [5][6]. - The company's liquor products, which account for 87.1% of revenue, saw a 9.35% decline in revenue, with sales volume dropping from 17.215 million boxes in the first half of 2024 to 15.033 million boxes in the first half of 2025 [5][6]. Market Trends - The liquor market is undergoing structural changes, with a shift in consumer preference from pre-mixed cocktails to lower-alcohol beverages like fruit wines and sparkling wines [5][6]. - Bairun Co. is responding to market trends by launching new products in its pre-mixed cocktail line, including limited editions and new flavors [6][7]. Investment in Liquor - Bairun Co. has made substantial investments in whiskey production, with plans to invest 1.56 billion yuan in malt whiskey aging projects and 700 million yuan in a liquor brand cultural experience center [7][8]. - Despite these investments, the new liquor products have not yet contributed positively to the company's financial performance, as the domestic whiskey market remains small and dominated by international brands [7][8].