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百润的RIO没以前好卖了 威士忌还没起势|酒业财报观察
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-26 13:39
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 ...
百润的RIO没以前好卖了,威士忌还没起势
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-26 13:06
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 ...
百润股份深度报告 —— 二次增长曲线已至,如何看待百润空间
Orient Securities· 2025-06-01 07:20
Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 36.18 CNY, reflecting a reasonable valuation level of 27 times the earnings per share for 2027 [4][5]. Core Views - The company is expected to experience a second growth curve, driven by its dual attributes in beverages and small category wines, particularly in the whiskey market, which is still in its early stages in China [2][3]. - The whiskey market in China has significant growth potential, with the current market size being only 55 billion CNY, representing a mere 0.8% of the total liquor market [13][20]. - The company has successfully localized imported products, as evidenced by its previous success in the ready-to-drink (RTD) segment, and aims to replicate this success in the whiskey market [8][36]. Financial Forecast and Investment Recommendations - The forecast for earnings per share from 2025 to 2027 is 0.81 CNY, 1.00 CNY, and 1.34 CNY respectively, with a projected revenue growth of 19.2% in 2025, 18.0% in 2026, and 26.2% in 2027 [4]. - The company’s revenue is expected to reach 3,634 million CNY in 2025, 4,288 million CNY in 2026, and 5,410 million CNY in 2027, indicating a strong growth trajectory [4]. Market Analysis - The whiskey segment is projected to grow significantly, with the potential for domestic brands to capture a larger market share, aiming for a 50% domestic market penetration by leveraging local production and unique flavor profiles [37][39]. - The report highlights that the company’s whiskey products are positioned in the mass market price range, which is crucial for stimulating initial consumer interest and expanding market share [57][58]. Strategic Positioning - The company is building a liquor matrix with its whiskey brands, including Baileys and Laizhou, to establish itself as a leader in the domestic whiskey market [33]. - The marketing strategy focuses on experiential marketing and collaboration with local distributors to enhance brand recognition and consumer engagement [34][36].
百润股份(002568):积极拥抱新渠道,关注新品节奏
Soochow Securities· 2025-05-26 08:32
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is actively embracing new channels and focusing on the rhythm of new product launches, particularly in the instant retail sector, which is expected to drive growth [7] - The instant retail market for alcoholic beverages in China is projected to grow significantly, with an expected market size of 1,000 billion by 2027, up from approximately 360 billion in 2024 [7] - The company aims to leverage the advantages of the Yima delivery platform to enhance brand recognition and reach younger consumers, thereby boosting sales of its whiskey and other alcoholic products [7] Financial Projections - Total revenue is projected to reach 3,499 million in 2025, with a year-on-year growth of 14.80% [1] - The net profit attributable to the parent company is expected to be 806.85 million in 2025, reflecting a 12.20% increase year-on-year [1] - Earnings per share (EPS) is forecasted to be 0.77 in 2025, with a price-to-earnings (P/E) ratio of 34.23 [1] Revenue and Profit Growth - The company targets a revenue growth of 15% in 2025, 14% in 2026, and 18% in 2027 [7] - The net profit is expected to grow by 12% in 2025, 20% in 2026, and 22% in 2027 [7] Market Position - The company is positioned to capture a significant share of the instant retail market through its strategic partnerships and product offerings [7] - The introduction of new whiskey products is anticipated to contribute positively to the company's growth trajectory [7]
百润股份业绩双降:预调鸡尾酒现疲态,威士忌尚未接力
Xin Lang Cai Jing· 2025-04-30 08:30
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].