证券研究报告·公司点评报告·非白酒 百润股份（002568） 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 研究助理 于思淼 执业证书：S0600123070030 yusm@dwzq.com.cn 股价走势 -17% -9% -1% 7% 15% 23% 31% 39% 47% 55% 2024/6/20 2024/10/19 2025/2/17 2025/6/18 百润股份 沪深300 市场数据 崃州新品正式上市，第二曲线渐入佳境 2025 年 06 月 20 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,264 | 3,048 | 3,499 | 3,993 | 4,701 | | 同比（%） | 25.85 | (6.61) | 14.80 | 14.11 | 17.74 ...

Industry Dynamics - In the first five months, the retail sales of tobacco and alcohol reached 278.7 billion yuan, with a year-on-year growth of 6.7% [4] - In May, China's beer export volume increased by 52.9% year-on-year, totaling 78.41 million liters, while the export value rose by 59.6% to 406.94 million yuan [4] - During the "618" shopping festival, Meituan's flash purchase platform reported a more than tenfold increase in white liquor sales compared to the same period last year [5] - The 2025 Sichuan International Wine Expo opened, featuring over 100 renowned wine companies from more than 10 countries [5] - Three companies, including Wuliangye, Shede, and Budweiser, were selected as advanced intelligent factories in Sichuan for 2025 [5] - Chengdu's ecological environment bureau issued "15 measures" to support the high-quality development of the liquor industry [6] Company Dynamics - Kweichow Moutai won the "Investor Relations Management Tianma Award" for its outstanding practices and shareholder returns [7] - Wuliangye issued a consumer notice clarifying that it has never sold a product called "Light Bottle Eighth Generation Wuliangye," which violates food safety laws [7] - Wuliangye's new smart packaging project is expected to enter trial production by the end of this year, with an estimated annual sales of over 3 billion yuan [8] - Jian Nan Chun's second phase of the Grand Tang National Liquor Ecological Park began production, adding 30,000 tons of quality raw liquor capacity and creating 3,000 jobs [9] - Zhujiang Beer announced a leadership change, with Huang Wensheng appointed as the new chairman [9] - Zhangyu Cabernet N188 won the highest award at the Decanter World Wine Awards, marking a significant achievement for Chinese wine [9]

证券代码：002646 证券简称：天佑德酒 青海互助天佑德青稞酒股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研√分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 西南证券朱会振、杜雨聪；西部证券程乙峰、李磊，卢熠灿，刘弋 | | 人员姓名 | 仕；浙商证券杨骥、张家祯；国信证券张向伟；德邦证券尤诗超； | | | 黄建忠等。 | | 时间 | 年 月 日 (周四)下午 2025 6 19 16:00~17:00 | | 地点 | 青海互助天佑德青稞酒股份有限公司七楼会议室（现场+线上交流） | | 上市公司接待人 | 1、董事长李银会 | | 员姓名 | 2、董事、总经理万国栋 | | | 3、董事、副总经理范文丁 | | | 4、董事、副总经理冯声宝 | | | 5、副总经理、财务总监郭春光 | | | 6、董事、董事会秘书赵洁 | | 投资者关系活动 | 分析师与公司董事及高管交流。 | | ...

Company - The stock prices of liquor companies surged on the 20th, with Huangtai Liquor reaching the daily limit, Jinzhongzi Liquor rising over 8%, and other brands like Yingjia Gongjiu, Yanjing Beer, and Gujing Gongjiu increasing by over 4% [1] - Jinzhongzi Liquor announced a change in its business scope from "production of liquor and other alcoholic beverages" to "production of alcoholic products" to comply with the new regulatory requirements, emphasizing that there is no change in its main business focus on liquor [1] Industry - The liquor industry is currently in an adjustment period, facing short-term pressure from policies and pricing, leading to a gloomy sentiment in the sector [1] - The implementation of "prohibition orders" in multiple regions since May has heightened market concerns regarding liquor, with strict enforcement of regulations affecting time and scenarios for consumption [1] - Long-term, new policies are expected to drive the transformation and upgrading of the liquor industry, focusing on quality innovation to meet diverse consumer demands [2] - The liquor sector is currently at a valuation bottom, with low expectations for fundamentals, making it more attractive for investment after a rapid decline [2] - The competition within the liquor industry is intensifying, with a trend towards concentration, where leading companies are expanding their market share through brand barriers and strategic upgrades [2]

消费日报网讯 （记者 胡静）继4月份"2025国际酒文化沙龙暨汾酒领航 十二香韵使馆行"走进泰王国驻华大使馆，6月17日，活动第二 站来到阿尔巴尼亚共和国驻华大使馆。当天，阿尔巴尼亚共和国驻华大使里扎·波达，塞尔维亚共和国驻华大使玛雅·斯特凡诺维奇， 波斯尼亚和黑塞哥维那共和国驻华大使西尼沙·博尔基奇及其夫人，北马其顿共和国驻华大使萨什科·萨科夫斯基，黑山共和国驻华大 使布兰科·布尔托维奇，中国轻工企业投资发展协会理事长李国都，山西杏花村汾酒国际贸易有限责任公司党委副书记王文龙、副总 经理常霄等领导嘉宾出席了本次活动。 李国都在致辞中谈道，中国轻工企业投资发展协会携手汾酒举办的"2025国际酒文化沙龙暨汾酒领航 十二香韵使馆行"，是通过美酒 美食的文化交流增进中外友谊的美好活动。其首站走进泰王国驻华大使馆，深度探索泰国美食与中国白酒"国标十二香"的极致融合 和完美体验，获得了广泛好评。此次，活动与阿尔巴尼亚共和国驻华大使馆开展中阿酒文化交流，将更进一步巩固中阿两国之间的 友谊，促进双方在消费品领域的交流与商贸合作。 里扎·波达在发言中谈及巴尔干地区瑰宝——阿尔巴尼亚珍贵烈酒拉基亚（Rakija)。他表示，阿尔 ...

运营商财经网通过梳理信息得知，李永峰于1973年出生,拥有工商管理硕士学位。其履历与公司核心业 务高度关联，他2016年至2021年9月,在上海百润投资控股集团股份有限公司工作,任香精事业部总经理。 2024年9月升任副总经理，不知他2024年薪酬是按照全年计算，还是按照他升任副总经理后计算。 据百润股份2024年度报告显示，去年实现营收约30.48亿元，同比下降6.61%，实现归属净利润约7.19亿 元，同比下降11.15%。 值得关注的是，百润股份高管2024年薪酬十分可观，副总经理李永峰以169.7万元位于前列，高于其他 四位高管。其中，同职级的副总经理马良、林丽莺薪酬分别为164.5万元与156万元。董事长刘晓东薪酬 为138万元，董事会秘书王晨薪酬为13.15万元。 运营商财经网 实习生许小婧/文 近期，百润股份发布2024年年报，财报数据显示，去年公司营收和净利润出现下滑，公司高管薪酬同比 有所增长，李永峰虽任副总经理一职不足一年，但其2024年薪酬高于同级副总，也远超董事长刘晓东。 据财报数据显示，副总经理李永峰薪酬虽高于公司其他高管，但其持股数仅2.8万，低于同职级副总经 理林丽莺的持股数37 ...

证券研究报告·投资策略报告 2025 年 6 月 18 日 江海证券研究发展部 宏观行业研究组 执业证书编号：S1410519040002 数据来源：Wind,江海证券研究发展部，截至 2025 年 6 月 6 日 1.江海证券-投资策略报告-DeepSeek 带领 中国人工智能产业崛起：2025 年中国人工 智能产业发展及投资机会-2025 年 4 月 29 日 2.江海证券-投资策略深度报告-人工智能 中美发展对比及展望– 2024 年 4 月 19 日 分析师：徐圣钧 2025 年消费新趋势与投资机会深度分 析 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 投资策略报告 大消费指数和恒生消费指数走势图 研究背景。在当前经济形势下，消费作为经济增长的重要驱动力，其发展趋势 和投资机会备受关注。本报告试图通过对 2025 年消费新趋势的深度分析，旨在 为投资者提供全面且前瞻性的参考依据，助力投资者在复杂多 ...

Core Insights - The liquor industry is becoming a leader in boosting consumption, with significant growth observed during the 618 shopping festival, particularly on platforms like Tmall and JD, where major brands like Jian Nan Chun saw a sales increase of 284% [2] - The Sichuan International Wine Expo, held in Mianzhuz City, gathered over 100 renowned liquor companies from more than 10 countries, focusing on activating liquor consumption through various activities [2][4] Industry Growth - Online liquor sales have shown double-digit growth across various categories, including domestic white liquor, wine, and yellow wine during the 618 shopping festival [2] - The Mianzhuz region, known for its favorable conditions for liquor production, has been recognized as a "Chinese Famous Liquor City" and a "World Famous Liquor Specialty Region," with 106 liquor enterprises contributing significantly to production and revenue [14] Event Highlights - The wine expo featured five immersive exhibition areas showcasing a variety of liquor types, creating a vibrant atmosphere that highlighted the cultural significance of liquor [3] - A series of 22 events were organized during the expo, including the "Hua Xia Aesthetics Conference" and discussions on the high-quality development of the liquor industry, emphasizing cultural value and industry trends [7][9] Cultural Significance - The expo emphasized the cultural heritage of liquor production, with activities led by national-level inheritors of intangible cultural heritage, promoting the craftsmanship of liquor making [4][9] - Jian Nan Chun's historical significance was showcased through events that connected its 1500-year legacy with modern innovations, including AI technology to enhance cultural storytelling [9][18] Production Capacity - Jian Nan Chun has expanded its production capabilities with the establishment of a new eco-friendly distillery, increasing its capacity by 50,000 tons of quality base liquor [16] - The region's unique geographical and climatic conditions contribute to the high quality of its liquor, supported by a long-standing tradition of craftsmanship [14][18]

【导读】酒类股盘初发力，稀土永磁概念股回调 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 6月18日，A股市场早间小幅低开，短暂上行后震荡走低。截至发稿，A股主要指数绿多红少，三大指数全部飘绿，全市场超4200 只个股下跌。 | ਣੇ A | 涨 1016 平 114 | | 跌 4283 | A股成交额 | | --- | --- | --- | --- | --- | | 序号 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | - | 000001 上证指数 | 3373.61 | -13.80 | -0.41% | | 2 | 399001 深证成指 | 10128.47 | -22.95 | -0.23% | | 3 | 899050 北证50 | 1378.09 | -24.46 | -1.74% | | 4 | 881001 万得全A | 5142.50 | -22.58 | -0.44% | | 5 | 000688 科创50 | 962.34 | -0.74 | -0.08% | | 6 | 399006 创业板指 | 2042.09 | -7.86 | -0.38% ...

据db报道，6月14日，越南国会通过了一项政策修订案，该国酒精饮料的税率将从目前的65%跃升至 90%。相比去年的初步提议将税率提高至100%向下进 行了微调。 在全球酒类贸易形势动荡不明的情况下，越南进一步提升本国的税收政策再次冲击酒类市场的生存空间，更将重塑东南亚酒类消费的生态版图。 越南财政部表示，此项增税政策"旨在减少酒精饮料消费"，将采取分阶段实施策略，先到2027年将税率上调至70%，再到2031年升至90%，比最初提议的 推行时间晚一年。 尽管是分阶段提高税率，加上酒类税收比原定的计划有所松动，但这一决定可能会对该国本已陷入困境的啤酒行业造成沉重打击。 根据新规，酒精度超过20%vol的饮料最终将承担90%的税率，而酒精度低于20%vol的饮料的税率则从35%增至60%。 然而，啤酒酿造商和啤酒爱好者对此不禁质疑，为何酒精度远低于烈酒的啤酒，却被划入高税率酒水类别？ 从去年一开始传出提高税率的消息，便引发了一部分酒类公司的股价震荡。为了应对需求疲软和初步的加税提议，喜力去年暂停了其在越南的一家啤酒厂 的运营。 根据咨询公司毕马威（KPMG）2024年的一份报告，越南是东南亚第二大啤酒市场，但近年 ...