曾一度借"微醺"深耕年轻消费群体的锐澳，如今所传递的情绪价值似乎早已"稀释"。11月11日，北京商报记者走访北京部分终端市场发现，相较于此前抢占 低度酒货架"C位"的锐澳预调鸡尾酒，如今已被多款"小甜水"抢占。值得注意的是，部分锐澳旗下产品生产日期停留在2024年7月。 产品动销不畅在存货周转天数上也有所体现。公开资料显示，2021—2024年，百润股份存货周转天数分别为58.06天、137.87天、217.83天、354.84天。而截 至2025年前三季度百润股份存货周转天数也提升至468.66天。这也意味着，一瓶百润股份旗下产品四年前从出厂到被消费者选购仅用不到两个月时间，而如 今却需要15多个月。 面向年轻人的低度酒不再被"独宠"之下，百润股份的业绩也呈现下滑趋势。财报数据显示，1—9月百润股份实现营业收入22.7亿元，同比下降4.89%；实现 归属于上市公司股东的净利润为5.49亿元，同比下降4.35%。针对前三季度业绩下降原因，北京商报记者向百润股份董秘办发去采访函，截至发稿前未获得 回复。 事实上，百润股份业绩承压早已显现。2024年百润股份营业收入同比下降6.61%；归母净利同比下降11.15% ...

Core Viewpoint - RIO's parent company, Bairun Co., is facing significant performance pressure as it transitions from a period of growth driven by the "stay-at-home economy" to a decline in revenue and profit, particularly in the ready-to-drink cocktail segment [1][2][3]. Financial Performance - In the first half of 2025, Bairun's total revenue was 1.489 billion yuan, a year-on-year decline of 8.56% [1]. - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year, while the net profit after deducting non-recurring gains and losses was 356 million yuan, a decrease of 9.04% [1]. - Revenue from alcoholic beverages, which account for 88% of total revenue, was 1.297 billion yuan, down 9.35% year-on-year [1]. Market Challenges - The North and West China markets are facing significant challenges, with revenues declining by 21.43% and 23.05% respectively, despite an increase in the number of distributors [2]. - RIO is experiencing dual pressures from declining internal growth momentum and disruptive shifts in consumer value [2][3]. Product and Competitive Landscape - RIO, once a market leader in the ready-to-drink cocktail segment, is losing its growth momentum due to weak consumption scenarios and a lack of price competitiveness compared to beer [3][4]. - The rise of diverse low-alcohol beverages, such as fruit wines and non-alcoholic beers, is further eroding RIO's market share [4]. - RIO's new product, jelly wine, aims to integrate the "tipsy" experience into casual snacking, but faces challenges in consumer motivation [4]. Sales Channels - Offline channels accounted for over 89% of RIO's revenue, which saw a year-on-year decline of 9.63%, while online channels made up about 11% with a slight decline of 0.57% [4]. - RIO's low sales in ready-to-drink formats indicate a misalignment with consumer purchasing behaviors, which favor impulse buys in physical stores [5][7]. Strategic Shift - In response to the stagnation in RIO's growth, Bairun is shifting its strategic focus towards developing its whiskey business, which has begun operations and is expected to contribute to future revenue [9][10]. - The whiskey segment aims to capture different market segments, with brands like "Bailide" targeting mass consumption and "Laizhou" focusing on premium offerings [9][10]. Profitability Concerns - Despite a relatively stable asset structure, Bairun faces risks related to high sales expenses, which have pressured profit margins [14][15]. - The company's gross profit margin for its main business was 70.51%, but high sales expenses of 301 million yuan significantly impacted profitability [14].