威士忌业务方面，公司通过"一加恩"活动提升市场信心和终端渗透率， 邀请经销商及其终端采购员参观工厂，增强对产品的信心，并计划加快 铺货和推广。 Q&A 请介绍一下百润股份在 2025 年第四季度及全年的业务发展情况。 百润股份 20260129 摘要 百润股份已基本收回预调酒历史应收款项，曾接近 2 亿元，并有效控制 渠道库存，从近三个月降至 1.3-1.5 个月，库存水平趋于健康。 公司在广东试点数字一体化和 BC 一体化，虽财务报表未完全体现，但 终端数据优于报表，预调酒整体或未下降甚至增长。2024 年四季度或 是低点，2025 年后预调酒业务预计更稳定。 预调酒出厂价未调整，因市占率较高，降价难以显著提升销量。微醺等 产品定位时尚消费，消费者对价格不敏感。未来向下线城市渗透将通过 产品矩阵实现，而非直接降价。 劲酒等低度酒与预调鸡尾酒饮用方式不同，不构成直接竞争。公司推出 轻享 12 度新品，满足女性消费者需求，与现有产品互补，覆盖更多低 度酒潜在消费者。 2025 年前三季度，新品轻享和果冻洒占下半年收入约 10%，出货量占 比约 8%，符合规划。强爽仍占 50%以上份额，微醺保持约 30%。 20 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained a stable net profit margin and improved operating cash flow, indicating a focus on high-quality and steady operations amidst challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year - The net profit margin was 26.13%, an increase of 1.41 percentage points year-on-year - In Q2 2025, revenue was 752 million yuan, a decline of 8.98% year-on-year - The net profit for Q2 was 208 million yuan, down 10.85% year-on-year - The net profit margin for Q2 was 27.62%, a decrease of 0.58 percentage points year-on-year [1][2]. Business Strategy and Growth - The company is focusing on high-quality and steady operations while actively adjusting to market conditions and cultivating new business areas - Sales cash collection in Q2 increased by 32.67%, and operating cash flow improved by nearly 600% year-on-year - The pre-mixed beverage segment is expected to see improved growth in the second half of the year, with new product launches such as jelly wine and a light series with 12% alcohol content - The whisky business is steadily expanding, with new products launched and an increasing number of partnerships to enhance sales channels [2][3]. Future Outlook - The company anticipates a dual-driven growth from the pre-mixed beverage and whisky segments, with a solid focus on product, channel, and brand development - Revenue projections for 2025-2027 are 3.133 billion yuan, 3.520 billion yuan, and 4.106 billion yuan, representing year-on-year growth of 3%, 12%, and 17% respectively - Net profit forecasts for the same period are 747 million yuan, 841 million yuan, and 981 million yuan, with corresponding EPS of 0.71 yuan, 0.80 yuan, and 0.93 yuan, and PE ratios of 40, 35, and 30 times [3].