公司四季度整体销售额增长 15%-20%，主要由鸡尾酒个位数增长和威 士忌近 10%的增长驱动。其中，12 月销售额贡献接近 60%，远超 11 月的 30%。 鸡尾酒产品线中，强爽系列占比 35%-40%，微醺系列占比 34%- 35%，清爽系列占比 5%-6%，轻享系列接近 10%。微醺系列保持良好 增长，强爽系列在低基数下缓慢增长。 威士忌业务四季度实现近 6,000 万元销售额，百利得系列通过推广活动 实现近 2000 万元，莱州系列备货充足实现 3,000 多万元，桶装酒销售 额达几百万元。 2026 年公司计划鸡尾酒业务增长 15%，通过新产品果冻酒和轻享系列 带动 7%-10%的业绩提升，并拓展华中区域奶茶店等新渠道，以及与小 象超市合作带来至少 1%的存量级增长。 公司已与近 40 家海外贸易公司建立合作，通过威士忌和锐澳产品出口， 并拓展广东省和河南省的出海渠道，为增长带来新机遇。 果冻酒今年销售额约 9,000 万元，轻享销售额达 1.78 亿元，预计明年 这两个新产品有望实现 4-5 亿元的销售额。威士忌业务集中在广东和福 建，通过市场投入推动渠道下沉，预计明年 OTO 平台可带来至少 ...

Summary of the Conference Call for Baijiu and Whisky Industry Company Overview - **Company**: 百润股份 (Bairun Co., Ltd.) - **Industry**: Low-alcohol beverages, specifically focusing on pre-mixed cocktails and whisky Key Points and Arguments Sales Performance - In October and November 2025, the cumulative sales of low-alcohol beverages reached **230 million yuan**, accounting for approximately **30%** of the annual target [1][2][13] - The "强爽" (Qiangshuang) series contributed about **45%** of sales, while "微醺" (Weixun) and "果冻酒" (Guodongjiu) series accounted for nearly **30%** [2] - November saw a slight decline in "强爽" series sales, while other categories experienced growth [4] Whisky Business - Whisky sales in November 2025 were slightly down compared to October due to the waning effects of promotional activities, but online sales growth offset some of the decline [6] - The expected annual sales for whisky are projected to be between **240 million to 250 million yuan** [6] - The company plans to implement various strategies to boost whisky sales, including small order meetings and temporary barcode entries in supermarkets, aiming for a distribution revenue of **100 million yuan** [7] Market Trends - The "微醺" series continues to show double-digit growth, while the "轻享" series has underperformed, raising concerns about future large-scale promotions [3][19] - The overall low-alcohol beverage market is developing, despite challenges, with expectations for better performance through optimized strategies [12] Future Projections - The company aims for a **700 million yuan** pre-tax sales target in Q4 2025, with a significant gap remaining to meet this goal [13] - For 2026, the whisky sales target is set to double to over **500 million yuan**, despite the challenges faced in 2025 [16] Cost Management - In Q4 2025, the company plans to reduce marketing expenses by approximately **1.5 to 2 percentage points** due to personnel optimization and reduced advertising costs [21] Regional Insights - The Guangdong and Fujian markets currently contribute nearly half of the whisky sales, but this share is expected to decrease as the company expands nationally [25] Product Development - The company is exploring changes in the SKU for VC products in 2026 and has begun exporting whisky to regions like the UK and Southeast Asia [10] - The "百利得" (Bailide) series of small bottle products faced challenges in market entry but will be re-promoted after the Spring Festival [8][19] Consumer Feedback - The small bottle whisky is selling well, and the 700 ml "莱州甄选" (Laizhou Selection) series is gaining traction among distributors [23][24] Additional Important Information - The overall cocktail sales for 2025 are expected to be around **2.8 billion yuan**, reflecting a **4-5%** decline from the previous year [22] - The company is facing challenges with the "轻享" series due to high pricing and insufficient volume, which may lead to adjustments in product strategy [18]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has returned to positive revenue growth in Q3, but profit growth is impacted by increased expenses. The revenue for the first three quarters of 2025 was 2.27 billion yuan, down 4.9% year-on-year, while the net profit attributable to the parent company was 550 million yuan, down 4.4% year-on-year. In Q3 2025, revenue was 780 million yuan, up 3.0% year-on-year, but net profit decreased by 6.8% to 160 million yuan. The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 730 million yuan, 850 million yuan, and 990 million yuan, representing year-on-year growth of 1.1%, 16.9%, and 16.7% respectively. The current stock price corresponds to P/E ratios of 36.0, 30.8, and 26.4 for the respective years [4][5][6][8] Revenue and Profit Analysis - Q3 revenue from the liquor business showed a positive growth rate, with Q3 revenue reaching 680 million yuan, up 1.5% year-on-year. The revenue from food flavoring and other segments was 290 million yuan for the first three quarters, up 2.5% year-on-year, and 100 million yuan in Q3, up 14.5% year-on-year. The overall revenue growth turned positive due to the recovery in liquor sales and double-digit growth in flavoring segments [5][6] Business Segment Performance - The pre-mixed liquor segment showed signs of improvement, with a narrowing decline in revenue. The company optimized its distributor structure and implemented digital marketing strategies, leading to improved sales. New products such as jelly liquor and light enjoyment were launched in Q3, receiving positive market feedback. The whiskey business is also progressing steadily, focusing on high-end channels such as convenience stores and whiskey bars [6][7] Financial Metrics - The gross margin remained stable at 70.19%, with a slight year-on-year increase of 0.01 percentage points. However, the net profit margin decreased by 2.15 percentage points to 20.52% due to increased sales and management expenses, primarily related to the promotion of new pre-mixed liquor products and marketing activities [7][8] Financial Forecasts - The company expects revenues to recover in the coming years, with projected revenues of 3.069 billion yuan in 2025, 3.536 billion yuan in 2026, and 4.08 billion yuan in 2027, reflecting year-on-year growth rates of 0.7%, 15.2%, and 15.4% respectively. The net profit is expected to grow steadily, with EPS projected at 0.69 yuan, 0.81 yuan, and 0.95 yuan for the years 2025, 2026, and 2027 [8][10]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 with positive revenue growth driven by new product launches and effective marketing strategies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.27 billion yuan, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 549 million yuan, down 4.4% year-on-year [1]. - In Q3 2025, the company recorded revenue of 781 million yuan, an increase of 3.0% year-on-year, and a net profit of 160 million yuan, a decrease of 6.8% year-on-year [1]. - The gross profit margin for Q3 2025 was 70.2%, reflecting a slight increase of 0.01 percentage points year-on-year [2]. Product and Market Development - The company’s alcoholic beverage segment generated revenue of 681 million yuan in Q3 2025, up 1.5% year-on-year, attributed to the market performance of new products like jelly wine and flavored spirits [1]. - The company has been actively engaging in brand marketing through partnerships with popular mobile games, enhancing brand exposure among younger consumers [2]. Future Outlook - The company is optimistic about the continued contribution of new products as the weather cools, anticipating a peak season for its "micro-drunk" product line [1]. - The company is focusing on inventory management and channel optimization, with expectations for improved sales performance in Q4 2025 due to seasonal factors and new product introductions [2]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 2.96 billion yuan and 3.20 billion yuan in 2025 and 2026, respectively, with net profits expected to be 649 million yuan and 711 million yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company has shown stable performance in its pre-mixed alcoholic beverages, with new products contributing to growth. The inventory levels are healthy, indicating a stable base [1][2]. - The whisky business is focused on long-term brand building, with steady distribution efforts ongoing. The company aims to develop a second growth curve through its whisky offerings [1][2][4]. - The overall financial performance remains stable, with a gross margin of 70.3% for the first three quarters of 2025, and a notable increase in cash flow from operations [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, total revenue was 2.27 billion, with a net profit of 550 million, reflecting a year-on-year decline of 4.9% and 4.4% respectively. In Q3 alone, total revenue was 780 million, with a net profit of 160 million, showing a year-on-year increase of 3.0% [1][2]. - The gross margin for Q1-Q3 2025 was 70.3%, with a slight increase from the previous year. The net profit margin for Q3 was 20.5%, down 2.1 percentage points year-on-year [3][4]. Product Performance - The company's pre-mixed alcoholic beverages, particularly the "微醺" (Mellow) product line, have shown strong growth, while new products like "轻享" (Light Enjoy) and "果冻酒" (Jelly Wine) have also contributed positively [2][4]. - The whisky segment is currently in a steady distribution phase, with a focus on the southern China market, and is expected to contribute to future growth [2][4]. Future Outlook - The company anticipates a recovery in the pre-mixed alcoholic beverage sector driven by consumer demand, while the whisky business is expected to gradually build momentum [4]. - Revenue projections for 2025-2027 have been adjusted to 2.94 billion, 3.17 billion, and 3.49 billion respectively, reflecting a downward revision of 6% for each year [4].

Core Insights - The company, BaiRun Co., Ltd. (002568), held a mid-year performance briefing on September 19, 2025, focusing on its product innovation and market strategies [1] Group 1: Product Development - BaiRun Co. is continuously enhancing its "358" product matrix to stabilize category growth through multi-dimensional strategies [1] - The company has launched several new flavors and products, including Qingmei Longjing, Chun Jian White Peach, Sunshine Rose Grape, and Le Orange Oolong, which have been well-received by consumers [1] - The new jelly wine products sold out quickly in their first online release, indicating strong market demand [1] Group 2: Health and Innovation - BaiRun Co. is actively introducing various zero-sugar new products in its Strong and Refreshing series, promoting a lighter consumption experience with zero sugar and zero purine [1] - The company is committed to continuous development in flavor innovation, product innovation, and health-oriented offerings [1] Group 3: Business Overview - BaiRun Co.'s main business segments include the ready-to-drink cocktail business and the flavor and fragrance business [1] - The ready-to-drink cocktail segment primarily focuses on the research, production, and sales of the "RIO" brand cocktails [1]

Core Viewpoint - The report from Tianfeng Securities indicates that Bairun Co., Ltd. is experiencing a decline in revenue and net profit for Q2 2025, primarily due to the adjustment period of its pre-mixed cocktails, although whisky contributions remain positive [1] Financial Performance - For Q2 2025, Bairun's operating revenue, net profit attributable to the parent, and net profit excluding non-recurring gains and losses are projected to be 752 million, 208 million, and 178 million yuan respectively, reflecting year-on-year declines of 8.98%, 10.85%, and 22.61% [1] Product Development - The company is continuously improving its "358" product matrix, having launched jelly wine in June with positive sales feedback, and is set to introduce a light enjoyment series of 12-degree pre-mixed cocktails in August [1] Future Outlook - Despite slight pressure on terminal demand, the profit forecast has been adjusted downwards, with expected net profits for 2025 and 2026 revised to 770 million and 870 million yuan respectively, and a new forecast for 2027 set at 990 million yuan [1] - The rating for Bairun Co., Ltd. remains "Buy" [1]

Summary of Baijiu Co. Conference Call Company Overview - **Company**: Baijiu Co. - **Industry**: Alcoholic Beverages, specifically focusing on pre-mixed cocktails and whiskey Key Points and Arguments Pre-mixed Cocktails Business - In the first half of 2025, the overall pre-mixed cocktail business declined by approximately 9%, while the "Mild Drunk" series achieved double-digit growth. The "Strong Refreshing" and "Refreshing" series experienced double-digit and single-digit declines respectively, indicating a shift in market preferences [2][3] - New products such as jelly cocktails and high-alcohol pre-mixed cocktails were launched in Q3 2025, with a sales target of 60 million yuan, aimed at stabilizing and improving performance [2][3] - The pre-mixed cocktail business has grown from around 1 billion yuan in 2018 to a projected 25-30 billion yuan by 2024, with significant contributions from the "Mild Drunk" and "Strong Refreshing" products [3][4] Whiskey Business Development - Baijiu Co. is actively developing its whiskey business, having launched products like "Bailide Blended Whiskey" and "Laizhou Single Malt Whiskey." The company expects to complete 85% of terminal distribution by the end of Q3 2025, although initial sales feedback has been lukewarm [2][5] - The Chinese whiskey market is estimated to be worth 5 to 6 billion yuan, with an average annual growth rate of 21% over the past 8 to 9 years. However, foreign brands dominate the market, accounting for over 70% of market share [2][7] - Baijiu Co. aims to leverage its local distribution system to change the current market dynamics dominated by foreign brands [2][8] Market Potential and Strategy - The company has over 500,000 barrels of base liquor reserves and is innovating by using Chinese yellow wine barrels for whiskey production. There is a potential resonance effect between pre-mixed cocktails and whiskey in consumer cultivation [2][9] - The whiskey market in China is still in its early stages, and significant marketing efforts are required to enhance consumer acceptance and penetration [12][15] - The company has invested heavily in project barrels since 2020, with a production capacity of 31,000 tons for vodka and 5,000 tons for whiskey, indicating strong production capabilities [4][13] Future Outlook - The recovery of the pre-mixed cocktail business depends on consumer spending power and the success of innovative product collaborations [4][14] - If whiskey products can generate significant incremental growth, the company's market value could increase substantially. The company has a comprehensive product matrix and is focusing on brand innovation to stabilize and gradually improve performance [6][11] - The potential for whiskey sales to reach half the size of the pre-mixed cocktail market (12.5 to 15 billion yuan) is anticipated as consumer awareness and distribution channels improve [11] Marketing and Consumer Engagement - Effective marketing strategies are crucial for whiskey, which requires time for consumer acceptance. The company plans to utilize thematic marketing to create buzz and engage younger consumers [15] - Key sales periods such as Mid-Autumn Festival, National Day, and Chinese New Year are critical for assessing market performance and consumer response [12][15] Additional Important Insights - The company has a strong innovation capability in new consumer categories, and monitoring its development dynamics is essential for potential investment opportunities [16]

Summary of Baijiu Co. Conference Call Industry Overview - The pre-mixed alcoholic beverage market in China is expected to experience rapid expansion, driven by changes in consumer demographics, channel development, and consumption scenarios, similar to the Japanese market [2][5][6] - The current scale of the pre-mixed beverage market in China is approximately 70 billion yuan in production and 150 billion yuan in retail [6] - The whisky market in China has seen significant growth, with retail sales increasing from about 1 billion yuan in 2013 to an estimated 55-60 billion yuan in 2024, reflecting a compound annual growth rate of around 20% [17] Company Insights - Baijiu Co. is positioned as a leading player in the pre-mixed beverage market, holding over 60% market share [2][7] - The company has introduced innovative products such as jelly wine and the light enjoyment series, contributing to revenue growth [2][14] - Baijiu Co. has established a clear product matrix with three core offerings: 3-degree light, 5-degree refreshing, and 8-degree strong beverages [10] Key Points from the Conference Call - **Operational Turnaround**: The company anticipates a turning point in operations in Q3, with expected revenue growth driven by stable performance of the 358 series and new product contributions [2][4] - **Whisky Business Growth**: Baijiu Co. has become the largest whisky producer in China, with projected whisky revenue reaching 300 million yuan for the year [3][22] - **Marketing Strategy**: The company has refined its marketing approach since 2016, focusing on a combination of online and offline strategies to enhance cost efficiency and drive sales growth [9] - **Product Development**: The company has successfully launched new products targeting specific consumer segments, such as the micro-drunk series aimed at young women and the refreshing series for home dining [11][12] Competitive Landscape - The pre-mixed beverage market is expected to see a concentration of leading brands while smaller brands become more fragmented [8] - Baijiu Co.'s long-standing presence and continuous innovation provide it with a competitive edge in the market [7] Future Outlook - The company is optimistic about the growth potential of both its pre-mixed beverage and whisky segments, with expectations of improved revenue and profit margins in the coming quarters [15][22] - The introduction of new products is expected to complement existing offerings and fill gaps in the market, particularly in the mid-alcohol segment [14][15] Additional Insights - The whisky segment is primarily targeted at young male consumers aged 18-29, with a focus on home consumption and small gatherings [17] - Baijiu Co. has established a dual-brand strategy with Bailede and Laizhou, aiming to enhance market penetration and brand recognition [18][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The pre-mixed beverage business is under pressure, while the whiskey business has significant growth potential that needs to be demonstrated [5] - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue of 1.489 billion yuan, down 8.56% year-on-year, and a net profit of 389 million yuan, down 3.32% year-on-year [5][6] - The company is actively expanding its distributor network, which increased by 200 to a total of 2,328 distributors, and expects revenue growth from new products and improved sales in the second half of 2025 [6] Financial Performance - In the first half of 2025, the company achieved a gross margin of 70.33%, with a significant improvement in cash flow, turning from a negative 215 million yuan to a positive 273 million yuan [7] - The company forecasts net profits of 765 million yuan, 931 million yuan, and 1.123 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.35%, 21.75%, and 20.56% [7][8] - The current price-to-earnings ratio (P/E) is projected to be 39, 32, and 26 times for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][8]