百润股份(002568)：上半年高质量稳健运行 期待新品放量

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained a stable net profit margin and improved operating cash flow, indicating a focus on high-quality and steady operations amidst challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year - The net profit margin was 26.13%, an increase of 1.41 percentage points year-on-year - In Q2 2025, revenue was 752 million yuan, a decline of 8.98% year-on-year - The net profit for Q2 was 208 million yuan, down 10.85% year-on-year - The net profit margin for Q2 was 27.62%, a decrease of 0.58 percentage points year-on-year [1][2]. Business Strategy and Growth - The company is focusing on high-quality and steady operations while actively adjusting to market conditions and cultivating new business areas - Sales cash collection in Q2 increased by 32.67%, and operating cash flow improved by nearly 600% year-on-year - The pre-mixed beverage segment is expected to see improved growth in the second half of the year, with new product launches such as jelly wine and a light series with 12% alcohol content - The whisky business is steadily expanding, with new products launched and an increasing number of partnerships to enhance sales channels [2][3]. Future Outlook - The company anticipates a dual-driven growth from the pre-mixed beverage and whisky segments, with a solid focus on product, channel, and brand development - Revenue projections for 2025-2027 are 3.133 billion yuan, 3.520 billion yuan, and 4.106 billion yuan, representing year-on-year growth of 3%, 12%, and 17% respectively - Net profit forecasts for the same period are 747 million yuan, 841 million yuan, and 981 million yuan, with corresponding EPS of 0.71 yuan, 0.80 yuan, and 0.93 yuan, and PE ratios of 40, 35, and 30 times [3].