预调酒失速、烈酒待熟，百润股份上半年营利双降｜看财报

Core Viewpoint - Baijiu Co., Ltd. continues to experience a decline in performance, with a significant drop in revenue and net profit in the first half of 2025, indicating ongoing challenges in its core business and the failure of new product launches to reverse the trend [2][3]. Financial Performance - In the first half of 2025, Baijiu Co., Ltd. reported revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% [2]. - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year, while the non-recurring net profit fell by 9% [2]. - The company's revenue in Q2 2025 was 752 million yuan, a decline of 9.0% year-on-year, with net profit dropping by 10.9% to 208 million yuan [3]. Product Performance - The RIO pre-mixed cocktail, once a leading product, has seen a significant decline in sales, with revenue from RIO dropping to 2.677 billion yuan in the previous year, a decrease of 7.17% [3]. - The introduction of new products, such as the RIO 12-degree flavored liquor, has not met market expectations, resulting in poor sales performance [4]. Market Competition - The low-alcohol beverage market is becoming increasingly competitive, with various brands, including traditional liquor companies, entering the pre-mixed cocktail segment [5]. - The presence of alternative products in the market has intensified competition for RIO, which is struggling to maintain its market share [5]. Strategic Initiatives - Baijiu Co., Ltd. has invested in the liquor segment, establishing a distillery in Sichuan to develop whiskey as a potential growth area [6]. - Despite the challenges, the company remains optimistic about its whiskey business, with significant increases in barrel storage capacity reported [7]. - The company has reduced its sales expenses by 24% in the first half of 2025, contributing to stable gross margins despite declining revenues [7].