百润股份(002568)：Q3业绩表现稳健 期待新品旺季表现

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 with positive revenue growth driven by new product launches and effective marketing strategies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.27 billion yuan, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 549 million yuan, down 4.4% year-on-year [1]. - In Q3 2025, the company recorded revenue of 781 million yuan, an increase of 3.0% year-on-year, and a net profit of 160 million yuan, a decrease of 6.8% year-on-year [1]. - The gross profit margin for Q3 2025 was 70.2%, reflecting a slight increase of 0.01 percentage points year-on-year [2]. Product and Market Development - The company’s alcoholic beverage segment generated revenue of 681 million yuan in Q3 2025, up 1.5% year-on-year, attributed to the market performance of new products like jelly wine and flavored spirits [1]. - The company has been actively engaging in brand marketing through partnerships with popular mobile games, enhancing brand exposure among younger consumers [2]. Future Outlook - The company is optimistic about the continued contribution of new products as the weather cools, anticipating a peak season for its "micro-drunk" product line [1]. - The company is focusing on inventory management and channel optimization, with expectations for improved sales performance in Q4 2025 due to seasonal factors and new product introductions [2]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 2.96 billion yuan and 3.20 billion yuan in 2025 and 2026, respectively, with net profits expected to be 649 million yuan and 711 million yuan [3].