百润股份8月26日晚间披露了半年报：2025年上半年实现营收14.89亿元，同比下滑8.56%；归母净利润 3.89亿元，同比减少3.32%，扣非净利润同比下滑9%。 一季度营收下滑后，二季度百润股份盈利转跌。 这也是百润股份连续两年同期营收下滑。对比一季 报，二季度百润股份营收7.52亿元，同比下滑9%，归母净利润2.08亿元，同比下滑超过10%。 21世纪经济报道记者翻看财报注意到，百润上半年收入下滑主要是锐澳（RIO）预调酒为代表的酒类产 品收入下行所致，销量、产量也都有两位数下滑，而其烈酒业务虽然已全面启动，目前还尚未对业绩起 到拉升作用。 RIO连推新品未能扭转整体下行 二季度，整个酒业消费环境加速下行，预调酒也未能幸免。 上半年，百润股份的酒类产品收入为12.97亿元，同比下滑9.35%。酒类产品占到百润股份营收近九成。 在前两年大力推动"强爽"系列出圈后，锐澳（RIO）预调鸡尾酒的"358"产品矩阵已经成熟，3、5、8不 同度数产品面向不同消费需求。 今年RIO的业务重心依然是持续强化"358"品牌定位，持续推新。 今年开始，百润的酒类产品收入中也包括了越来越多的烈酒。 去年底，百润旗下的全国最 ...

21世纪经济报道肖夏 百润股份（002568）8月26日晚间披露了半年报：2025年上半年实现营收14.89亿元，同比下滑8.56%； 归母净利润3.89亿元，同比减少3.32%，扣非净利润同比下滑9%。 一季度营收下滑后，二季度百润股份盈利转跌。 这也是百润股份连续两年同期营收下滑。对比一季 报，二季度百润股份营收7.52亿元，同比下滑9%，归母净利润2.08亿元，同比下滑超过10%。 21世纪经济报道记者翻看财报注意到，百润上半年收入下滑主要是锐澳（RIO）预调酒为代表的酒类产 品收入下行所致，销量、产量也都有两位数下滑，而其烈酒业务虽然已全面启动，目前还尚未对业绩起 到拉升作用。 RIO连推新品未能扭转整体下行 崃州烈酒业务尚未起势 二季度，整个酒业消费环境加速下行，预调酒也未能幸免。 上半年，百润股份的酒类产品收入为12.97亿元，同比下滑9.35%。酒类产品占到百润股份营收近九成。 3度的微醺系列，今年2月推出了青梅龙井春节限定口味，半年报称其单店产出位列前茅。8度的"强 爽"系列，6月推出了茉莉青提口味，并搭配短剧宣传带动销售。此外RIO还推出了果冻酒，首批上线后 迅速售罄。 不过这仍然没有抵挡住 ...

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].