BAIRUN CORPORATION(SZ:002568) Xin Lang Cai Jing·2025-06-23 00:34Core Viewpoint - The launch of five new whiskey products by the Laizhou Distillery marks a significant step in establishing a second growth curve for the company, with a focus on unique flavors and local characteristics [1][3]. Product Launch and Marketing Strategy - On June 19, Laizhou Distillery introduced five single malt whiskey products, including STR Red Wine Barrel (46% vol, 279 RMB), Peated Bourbon Barrel (50% vol, 339 RMB), Fino Sherry Barrel (46% vol, 339 RMB), Amontillado Sherry Barrel (66% vol, 499 RMB), and Laizhou Selection (40% vol, 229 RMB), all in 700ml bottles [1]. - The company utilized interactive marketing strategies, such as a "blind box guessing challenge" and various audience engagement activities during the launch event to maintain consumer interest and drive sales [2]. Brand and Channel Development - Laizhou Distillery has established a dual-brand product matrix, complementing its existing offerings with the new whiskey line, which is expected to accelerate channel distribution efforts [2]. - The company plans to penetrate the market further by collaborating with distributors of both white spirits and liquors, enhancing its market presence [2]. Production Capacity and Competitive Advantage - As of June 15, Laizhou Distillery completed the filling of its 500,000th aging barrel, aiming to reach a target of 1 million barrels of original liquor within the next 4-5 years, which will solidify its production capacity advantage [3]. - By the end of 2024, the company anticipates that its original liquor reserves and annual production capacity will account for 80% of the domestic whiskey market [3]. - The company has diversified its flavor profile by utilizing over 50 types of oak barrels, including local varieties, which supports innovation in flavor and production techniques [3]. Financial Projections - The company is projected to achieve revenues of 3.391 billion RMB and 3.953 billion RMB in 2025 and 2026, respectively, representing year-on-year growth of 11.2% and 16.6% [3]. - Expected net profit attributable to the parent company is forecasted to be 810 million RMB and 997 million RMB for 2025 and 2026, reflecting year-on-year increases of 12.6% and 23.0% [3].