｜智通财经见习记者 张蕊 在低度酒赛道格局重塑的激荡周期，预调鸡尾酒RIO锐澳（下称"锐澳"）正站在品类命运的十字路口。 近几年，锐澳母公司百润股份业绩经历了从"宅经济"红利下的高光时刻到增长失速的转变。 今年，百润股份的业绩压力更为显著，8月26日百润股份披露的半年报数据显示，2025年上半年百润股 份的营业总收入为14.89亿元，同比下滑8.56%；归母净利润3.89亿元，同比下降3.32%；扣非后的归母 净利润为3.56亿元，同比下滑了9.04%。核心因素依然在于主营业务预调鸡尾酒的竞争位势塌陷与增长 断点。 从主营产品来看，占比88%的酒类产品营收为12.97亿元，同比下滑9.35%；而在2024年展现出较强经营 韧性的香料香精板块，这半年来也趋于乏力，营业收入比上年同期下滑3.91%至1.69亿元，占总营收的 12%。 在经历了2024年经销商网络调整收缩后，百润2025上半年重启渠道扩张步伐。截至6月30日，公司在全 国的预调鸡尾酒经销商总数达到2268个，较去年年末净增约10%。其中，华北地区增幅最为显著，达到 16%，目前拥有560个经销商。 | 图 | | --- | 片来源：百润股份202 ...

Core Insights - The rise of low-alcohol beverages, such as pre-mixed cocktails and fruit wines, reflects a strong competitive edge in meeting consumer demands for personalization, health, and diversity [1] - Qionglai, Sichuan, is leveraging its unique advantages to build a complete industrial chain for low-alcohol trendy drinks [1] Raw Material Foundation - The "slightly tipsy" concept has led many liquor companies to launch fruit-flavored products, with Qionglai's long-growing, high-quality green plum being a preferred choice for low-alcohol beverages [2] - Qionglai's geographical advantages contribute to a rich flavor profile and a robust supply of green plums, with an annual production of 300 tons, generating nearly 2 million yuan in income for local villagers [2] - The automated production process in Qionglai ensures high-quality fermentation and temperature control, crucial for the taste and quality of green plum wine [2] Development Infrastructure - Qionglai boasts 247,700 acres of fruit bases, producing 217,800 tons of quality fresh fruit annually, facilitating a seamless supply chain from cultivation to production [3] - The Tianfu Trendy Drink Park, the largest visualized low-alcohol beverage factory in Southwest China, is a key project for Qionglai's low-alcohol beverage industry, focusing on research, production, and technology promotion [3] Brand Innovation and Recognition - The implementation of the Chengdu Qionglai Regional Liquor Industry Development Promotion Measures and the establishment of the Chengdu Production Area Liquor Industry Alliance mark a new development phase for Qionglai's liquor industry [4] - Local brands like Misan and partnerships with external companies have fostered a sustainable development model, enhancing the industry cluster effect [4] - Misan green plum wine, with an alcohol content of 10.5%, has gained significant market traction, ranking highly on e-commerce platforms and launching collaborative products to boost brand influence [4] - The Chengdu Liquor Group is focusing on low-alcohol beverages and has signed a strategic cooperation agreement to enhance the green plum resource supply chain [4] Industry Transformation - Qionglai is reshaping the low-alcohol beverage industry's value chain through a comprehensive approach from raw material development to brand incubation, responding to consumer aspirations for a better life [5] - The low-alcohol beverage brands from Qionglai are gaining recognition in both national and global markets [5]