食用香精是食品用香精的简称，是一种能够赋予食品香味的混合物。它通过结合天然与合成香料，为食 品增添香味，呈现出天然风味的多种香型。无论是水果的清新、奶香的浓郁，还是肉类的醇厚、蔬菜的 鲜美，食用香精都能一一呈现。同时，它还广泛应用于各类食品中，如饮料、饼干、糕点、冷冻食品、 糖果、调味料、乳制品、罐头以及酒类等，提供多样风味。 食用香精是专门为食品加工而设计的，旨在为食品增添美好香气，而非改变食品的内在品质。因此，其 使用量需严格控制，以避免过量添加带来的不适。香精具有"自域性"，即需控制用量以避免影响口感， 过量使用会导致气味过于浓烈，影响食用体验。在食品中，食用香精的添加量通常在0.1%至0.6%之 间，这意味着即使食用大量含有香精的食品，人体摄入的香精量也远在安全范围内。 内容概要：随着现代生活水平的提高和生活节奏的加快，人们越来越喜爱食用快捷方便的加工食品，并 且希望食品香味要可口、香味要丰富多样，这些必须通过添加食用香精才能实现。因此，随着食品工业 的快速发展，食用香精的需求不断增加。同时，随着生物工程、纳米技术、AI调香等前沿科技的渗 透，食用香精产品的质量和稳定性得到提高，能够满足更多消费者的需 ...

2025 年 4 月 30 日 公司研究 预调鸡尾酒需求仍较疲软，威士忌业务有望提供新增长动能 ——百润股份（002568.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：26.33 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 276.30 | | 一年最低/最高(元)： | 15.00/31.70 | | 近 3 月换手率： | 55.04% | 股价相对走势 -25% -7% 11% 29% 47% 04/24 07/24 10/24 01/25 百润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

增持（维持） 2025 年 4 月 30 日 公司研究 预调鸡尾酒需求仍较疲软，威士忌业务有望提供新增长动能 ——百润股份（002568.SZ）2024 年年报及 2025 年一季报点评 当前价：26.33 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 276.30 | | 一年最低/最高(元)： | 15.00/31.70 | | 近 3 月换手率： | 55.04% | 股价相对走势 -25% -7% 11% 29% 47% 04/24 07/24 10/24 01/25 百润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's performance in Q1 2025 met expectations, with a focus on the future sales performance of its whiskey products [7] - The pre-mixed beverage business is under pressure, while the whiskey business is in its early stages and requires monitoring for future sales [7] - The company has a strong brand advantage in the pre-mixed beverage industry and has made significant progress in its product matrix since 2022 [7] Financial Data and Earnings Forecast - Total revenue for 2024 was 3,048 million, a decrease of 6.6% year-on-year, while net profit attributable to the parent company was 719 million, down 11.2% [6][7] - For Q1 2025, total revenue was 737 million, a decline of 8.1% year-on-year, but net profit attributable to the parent company increased by 7.0% to 181 million [7] - The company forecasts net profits of 809 million, 910 million, and 1,022 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 12.4%, and 12.3% [7][6] - The gross profit margin for 2024 was 69.67%, an increase of 2.97 percentage points year-on-year, primarily due to a decrease in raw material prices [7] Business Performance - The pre-mixed beverage and flavoring business generated revenues of 2,677 million and 337 million respectively in 2024, with year-on-year changes of -7.17% and +6.3% [7] - The whiskey business began contributing revenue in Q1 2025, with the launch of "Bailide" blended whiskey [7] - The company is optimistic about the future growth of its whiskey business, contingent on successful sales operations and positive dealer order intentions [7]