【国泰海通食饮】百润股份: Strong Counter-Cyclical Attributes, Whiskey is Born

English summary

【Overall, we believe the food and beverage industry is currently upgrading from 1.0 to 2.0 stage, which contains huge opportunities for 'remaking old products'. The 2.0 stage is characterized by 'health, function, and self-pleasure'. As a pure self-pleasure alcohol leader, 百润 has achieved significant excess growth under the pressure of overall alcohol demand.】 1. Thorough inventory digestion + increased digital marketing, premixed alcohol performance significantly improved. In 2024, the company made a relatively positive judgment on the market environment and launched the Spring Festival opening with great strength, leading to high channel inventory in 2025. Since 2026, the company has been light-loaded, while simultaneously making efforts on both product and channel. On product side, launched tea-flavored 强爽 and 微醺 to lead industry trends; on channel side, leveraging beverage industry experience, gradually promoting 1/2 yuan exchange activities nationwide, thus improving both sales and cost efficiency. At the same time, the company is gradually moving from low-alcohol drinks to medium-alcohol drinks with broader scenarios and demographics. The 12-degree 轻享 product, with its differentiated taste/positioning, is expected to gradually grow the medium-alcohol market. 2. Organizational structure adjustment + channel expansion efforts, whiskey business continues to grow. ...