预调鸡尾酒业务方面，报告期内，公司持续完善"358"品类产品矩阵，多维度稳固品类成长。微醺系列2 月推出青梅龙井春节限定新口味，上市表现出色，单店产出位列前茅；6月推出果冻酒，带给消费者全 新Q弹口感，好喝好玩的体验获得消费者喜爱，线上首批迅速售罄；强爽系列推出茉莉青提新口味，同 期搭配了系列短剧进行宣传，短剧广获好评带动茉莉青提新品销售强劲。 8月26日，百润股份（002568）2025年半年度报告显示，公司2025上半年实现营业收入14.89亿元，同比 下降8.56%；实现归属于上市公司股东的净利润为3.89亿元，同比下降3.32%。经营活动产生的现金流量 净额为4.91亿元，同比增长67.06%。 2025年上半年，百润股份积极有序开展各项经营活动，现有业务高质量稳健发展，新业务加快培养，数 字化管理持续推进，为实现中长期战略目标进一步夯实基础、储备动能。报告期内，公司酒类产品业务 及香精香料业务稳健运营，毛利率、净利率保持较高水平，经营性净现金流大幅优化。 报告期内，公司分别于2025年3月和2025年6月正式发布了"百利得"单一调和威士忌系列产品和"崃州"单 一麦芽威士忌系列产品，累计推出10个以上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to continue developing its pre-mixed liquor business with a focus on the 358 product matrix, aiming for positive growth in the upcoming year. The whisky business is anticipated to gain momentum with new product launches and successful channel expansion [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 35 billion and 40 billion RMB respectively, with a year-on-year growth of 15% and 14%. The net profit for 2025 is projected at 8.1 billion RMB, reflecting a 12% increase [3] Financial Performance Summary - For 2024, total revenue is expected to be 30.48 billion RMB, a decrease of 6.61% year-on-year, while net profit is projected at 7.19 billion RMB, down 11.15% year-on-year [8][3] - The first quarter of 2025 shows a revenue of 7.37 billion RMB, a decline of 8.11% year-on-year, but net profit increased by 7.03% to 1.81 billion RMB [8][3] - The gross margin improved by 2.97 percentage points to 69.7% in 2024, while the net profit margin decreased by 1.21 percentage points to 23.6% [8][3] Revenue and Profit Forecasts - The company aims for total revenue of 34 billion RMB in 2025 and 40 billion RMB in 2026, with corresponding net profits of 8.1 billion RMB and 9.7 billion RMB [3] - The projected earnings per share (EPS) for 2025 is 0.77 RMB, with a price-to-earnings (P/E) ratio of 34.24 [1][3] Market Data - The closing price of the stock is 26.33 RMB, with a market capitalization of approximately 27.63 billion RMB [6] - The company has a price-to-book (P/B) ratio of 5.89 and a total asset-liability ratio of 41.18% [7][6]