宏观研究 证 券 研 究 报 告 【宏观快评】 两类行业利润改善——8 月工业企业利润点评 主要观点 ❖ 8 月工业企业利润数据：利润增速回升 8 月，根据统计局数据，规模以上工业企业利润同比由上月下降 1.5%转为增 长 20.4%。若考虑基数影响，今年和去年两年合计的增速，则 2025 年 8 月利 润相比 2023 年 8 月同比为-1.4%，前值为 3.0%。库存方面，截止至今年 8 月， 库存同比 2.3%，前值为 2.4%。 量、价、利润率拆分来看，量弱价升，收入增速小幅改善。PPI 同比，8 月同 比为-2.9%，7 月为-3.6%。工业增加值 8 月增速为 5.2%，7 月为 5.7%；收入端 8 月增速为 2.3%，7 月为 1.13%。利润率方面，8 月为 5.8%，去年同期（可比 口径）为 4.97%。利润率拆分来看（改善主要来自其他损益收入和毛利率）， 8 月毛利率为 14.38%，去年同期为 14.2%；费用率 8.30%，去年同期为 8.41%； 其他损益收入比为 0.25%，去年同期为 0.83%。从行业情况看，8 月，采矿业 增速为-23%，前值为-39.24%；制造业增速为 ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-048 青海互助天佑德青稞酒股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、监事会召开情况 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日上午 9:30， 在青海省互助县威远镇西大街 6 号公司七楼会议室以通讯方式召开了公司第五届监事会第十 七次会议（临时）。本次会议由监事会主席卢艳女士召集并主持，会议通知已于 2025 年 8 月 12 日以书面方式送达全体监事。应出席会议监事 3 名，实际出席会议监事 3 名，公司董事会秘 书、证券事务代表列席了会议。本次会议的召集、召开符合《公司法》《公司章程》及相关法 律、法规的规定。 二、监事会会议审议情况 经与会监事审议，本次会议一致通过如下议案： 无反对票；无弃权票。 监事会认为：公司及子公司本次使用暂时闲置募集资金进行现金管理，能够提高公司资金 的使用效率和收益，不会影响公司募投项目的正常开展和正常生产经营，不存在损害公司及中 小股东利益的情形，该事项决策和审议程序合法、合规。因此，监事会同 ...

Core Viewpoint - The company intends to utilize temporarily idle raised funds for cash management to enhance fund efficiency and shareholder returns while ensuring that it does not affect the ongoing investment projects [3][6][8]. Fundraising Basic Situation - The company raised a total of RMB 411,999,905.24 through a non-public issuance of 22,562,974 shares, with a net amount of RMB 404,971,004.16 after deducting issuance costs [2][3]. Fund Usage and Balance - As of June 30, 2025, the company has utilized RMB 271,989,253.88 of the raised funds, leaving a balance of RMB 147,492,631.94, which includes RMB 132,981,750.28 in raised funds and RMB 14,510,881.66 from bank interest and cash management returns [2][3]. Cash Management Plan - The company plans to use up to RMB 147 million of temporarily idle raised funds for cash management within 12 months, with the funds to be returned to the designated account upon maturity [4][5]. Investment Product Requirements - The investment products must have a maturity of no more than 12 months, high safety, good liquidity, and must not affect the normal operation of the fundraising investment plan [5][6]. Impact on Daily Operations - The use of temporarily idle funds for cash management will not affect the company's main business operations or the implementation of investment projects, aiming to improve fund efficiency and generate additional returns [6][8]. Approval Procedures - The independent directors, board of directors, and supervisory board have all approved the proposal for cash management, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [6][7][8]. Sponsor's Opinion - The sponsor, CITIC Securities, has no objections to the company's plan to use temporarily idle funds for cash management, affirming that it complies with regulations and does not change the purpose of the raised funds [9].

Core Viewpoint - The company, Bairun Co., is facing challenges with declining revenue and net profit, marking a shift in growth momentum for its core product, RIO pre-mixed cocktails, amid changing consumer preferences and market dynamics [1][9]. Financial Performance - In the fiscal year 2024, the company reported revenue of 3.048 billion yuan, a year-on-year decrease of 6.61%, and a net profit of 719 million yuan, down 11.15% [1]. - The first quarter of 2025 showed a slight recovery in net profit, which increased by 7.03% year-on-year, although revenue still declined by 8.11% [1][6]. Main Product Decline - RIO, established in 2003, remains the leading brand in the domestic pre-mixed cocktail market, accounting for 87.83% of the company's revenue in 2024, but its revenue fell by 7.17% with sales volume down by 8.81% [2][3]. - The offline distribution network has contracted, with the number of distributors decreasing from 2,164 to 2,068, particularly in the East China region, which saw a 16% decline [2]. Consumer Trends - The younger generation is shifting towards new beverage options such as hard seltzers and craft beers, which are squeezing the market space for RIO's low-alcohol sweet cocktails [3]. - Despite frequent new product launches, the lifecycle of these products is shortening, leading to decreased brand loyalty and repurchase intent among consumers [3]. Operational Challenges - The company has a high sales expense ratio, with total sales expenses reaching 750 million yuan, accounting for over 24% of revenue, which is considered high compared to industry peers [6]. - Inventory levels have increased significantly, with total inventory rising by 33.7% to 1.043 billion yuan, raising concerns about potential cash flow impacts [7]. New Business Development - The company is focusing on developing its whiskey business as a second growth curve, with over 400,000 barrels in aging capacity and the launch of new whiskey products [8]. - However, the whiskey business is still in its early stages and has not yet contributed significantly to revenue, facing challenges related to long aging periods and market education [8]. Overall Outlook - Bairun Co. is at a critical juncture with its main business entering a growth plateau, while new business lines require ongoing investment and market cultivation [9]. - Financially, the company maintains profitability and healthy cash flow, but the quality and sustainability of growth are under scrutiny [9].