BAIRUN CORPORATION(SZ:002568)2025-11-25 01:19Summary 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]