百润股份（002568）：25Q3实现恢复性增长，持续关注动销反馈

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a recovery growth in Q3 2025, with a focus on sales feedback [7] - The report highlights that the pre-mixed liquor business is stabilizing, while whiskey is contributing to incremental growth [7] - Short-term growth is expected to continue into Q4, driven by new product launches and whiskey sales [7] Financial Summary - Total revenue for 2023 is projected at 3,264 million RMB, with a year-on-year growth of 25.85% [1] - The net profit attributable to the parent company for 2023 is estimated at 809.42 million RMB, reflecting a year-on-year increase of 55.28% [1] - The earnings per share (EPS) for 2023 is forecasted to be 0.77 RMB, with a price-to-earnings (P/E) ratio of 35.34 [1] - Revenue for Q3 2025 is reported at 7.81 billion RMB, showing a year-on-year increase of 2.99% [7] - The net profit for Q3 2025 is 1.60 billion RMB, with a year-on-year decrease of 6.76% [7] - The report updates the net profit forecast for 2025-2027 to 7.28 billion, 8.78 billion, and 10.23 billion RMB respectively [7]