RIO卖不动，百润股份营收净利双降

Core Insights - The company Baijiu Co., which focuses on pre-mixed cocktails under the brand RIO, reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, with total revenue at 2.27 billion yuan, down 4.9%, and net profit at 549 million yuan, down 4.4% [1] - The third quarter showed a slight revenue increase of 3.0% year-on-year, but net profit decreased by 6.8% [1] - RIO has been a market leader in the pre-mixed cocktail segment, but its growth has significantly slowed in recent years [1] Financial Performance - For the first three quarters of 2025, the liquor business generated 1.978 billion yuan in revenue and 380 million yuan in net profit [1] - In the first three quarters of 2024, the pre-mixed cocktail business achieved 2.102 billion yuan in revenue and 409 million yuan in net profit [1] - The operating cash flow for the company increased by 40.2% to 755 million yuan [1] Market Trends - In 2024, pre-mixed cocktails accounted for 87.83% of Baijiu Co.'s revenue, but this segment experienced a revenue decline of 7.17% and a decrease in sales volume by 8.81% to 32.3782 million boxes [2] - The decline in sales volume represented a reduction of 3.127 million boxes year-on-year, which was a significant factor in the overall revenue decline for the company [2]