｜智通财经见习记者 张蕊 在低度酒赛道格局重塑的激荡周期，预调鸡尾酒RIO锐澳（下称"锐澳"）正站在品类命运的十字路口。 近几年，锐澳母公司百润股份业绩经历了从"宅经济"红利下的高光时刻到增长失速的转变。 今年，百润股份的业绩压力更为显著，8月26日百润股份披露的半年报数据显示，2025年上半年百润股 份的营业总收入为14.89亿元，同比下滑8.56%；归母净利润3.89亿元，同比下降3.32%；扣非后的归母 净利润为3.56亿元，同比下滑了9.04%。核心因素依然在于主营业务预调鸡尾酒的竞争位势塌陷与增长 断点。 从主营产品来看，占比88%的酒类产品营收为12.97亿元，同比下滑9.35%；而在2024年展现出较强经营 韧性的香料香精板块，这半年来也趋于乏力，营业收入比上年同期下滑3.91%至1.69亿元，占总营收的 12%。 在经历了2024年经销商网络调整收缩后，百润2025上半年重启渠道扩张步伐。截至6月30日，公司在全 国的预调鸡尾酒经销商总数达到2268个，较去年年末净增约10%。其中，华北地区增幅最为显著，达到 16%，目前拥有560个经销商。 | 图 | | --- | 片来源：百润股份202 ...

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 ...

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。 21世纪经济报道肖夏 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%。 相比2016年那一轮暴跌，当前RIO销量、收入的跌幅还较为克制，后续走势有待观察。 下滑主要是因为线下渠道疲软，上半年来自线下的收入少了9%。除了华南市场保持增长外，华北、华 西和大本营华东全都出现了下滑。 作为对冲，今年百润大力推动线上直销，上半年在电商渠道的收入勉强与去年打平。 值得庆幸的是，由于广告费用减半，上半年销售费用也同比下降24%，让百润股份避免了多花钱但不增 收的局面。此外其营业成本下降幅度也大于营收。 二季度，整个酒业消费环 ...

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].

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]