百润股份（002568）：百尺竿头，玉润金声

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Viewpoints - Baijiu Co., Ltd. is the leading player in China's pre-mixed beverage market, with stable growth expected in its pre-mixed beverage business as the market continues to expand. Additionally, as a leading domestic whisky brand, the company is well-prepared in terms of product matrix, channel design, and capacity reserves, which positions it to benefit from the increasing penetration of whisky in the Chinese market [3][8]. Summary by Sections Company Overview - Baijiu Co., Ltd. operates two main businesses: pre-mixed beverages and flavoring agents. In 2024, the pre-mixed beverage segment is projected to generate revenue of 2.68 billion yuan, a year-on-year decrease of 7.2%, accounting for 87.8% of total revenue. The flavoring agent business is expected to achieve revenue of 340 million yuan, a year-on-year increase of 6.3%, making up 11.0% of total revenue [5][19]. Pre-mixed Beverage Business - The company has established a comprehensive product matrix and a multi-channel distribution strategy, including both online direct sales and offline fast-moving consumer goods channels. The product offerings include various series of pre-mixed cocktails, catering to different consumer preferences and occasions. The "RIO" brand has maintained the highest market share in the industry for several years [6][64]. Whisky Business - The whisky segment is positioned for rapid growth, with the company having completed the 500,000th barrel filling, making it the largest whisky distillery in China. The company has launched several new whisky products and is focusing on brand promotion and consumer experience centers to enhance its market presence [7][20][82]. Financial Forecast - The company is expected to see earnings per share (EPS) of 0.70 yuan in 2025 and 0.86 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 37 and 30 times, respectively. The report anticipates stable growth in the pre-mixed beverage market and significant contributions from the whisky segment as market penetration increases [8].