Ge Long Hui·2025-09-16 07:59Core Viewpoint - The report from Tianfeng Securities indicates that Bairun Co., Ltd. is experiencing a decline in revenue and net profit for Q2 2025, primarily due to the adjustment period of its pre-mixed cocktails, although whisky contributions remain positive [1] Financial Performance - For Q2 2025, Bairun's operating revenue, net profit attributable to the parent, and net profit excluding non-recurring gains and losses are projected to be 752 million, 208 million, and 178 million yuan respectively, reflecting year-on-year declines of 8.98%, 10.85%, and 22.61% [1] Product Development - The company is continuously improving its "358" product matrix, having launched jelly wine in June with positive sales feedback, and is set to introduce a light enjoyment series of 12-degree pre-mixed cocktails in August [1] Future Outlook - Despite slight pressure on terminal demand, the profit forecast has been adjusted downwards, with expected net profits for 2025 and 2026 revised to 770 million and 870 million yuan respectively, and a new forecast for 2027 set at 990 million yuan [1] - The rating for Bairun Co., Ltd. remains "Buy" [1]