Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) If you want to receive the Corporate Communications in printed form, please complete and return the Reply Form on the reverse side to the H Share Registrar or send an email to eastroc.ecom@computershare.com specifying your name, address and request to receive the Corporate Communications in printed form. Please note that such instruction shall be valid for one year ...

為東鵬飲料（集團）股份有限公司（「本公司」）股本中每股面值人民幣1.00元的 股 H股的登記持有人，茲委任大會主席或 （附註3） （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：09980） 將於2026年3月10日舉行之臨時股東會適用之委任代表表格 （表決代理委託書） 本人╱吾等 （附註1） 地址為 地址為 為本人╱吾等的委任代表，代表本人╱吾等出席本公司謹訂於2026年3月10日（星期二）下午二時三十分假座假座中國廣 東省深圳市南山區桃源街道珠光北路142號明亮科技園88號3棟2樓貴賓會議室舉行之臨時股東會（及其任何續會），以審 議並酌情通過召開上述會議的通告所載的決議案，並代表本人╱吾等依照下列所示以本人╱吾等的名義就有關決議案 投票表決。除另有所指外，本表決代理委託書所用詞彙與本公司日期為2026年2月13日的通函（「通函」）所界定者具有相 同涵義。 | | 普通決議案# | （附註4） 贊成 | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | | 1. | 委任 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：09980） 臨時股東會通告 茲通告東鵬飲料（集團）股份有限公司（「本公司」）僅訂於2026年3月10日（星期二）下 午二時三十分假座中國廣東省深圳市南山區桃源街道珠光北路142號明亮科技園88號3 棟2樓貴賓會議室召開臨時股東會（「臨時股東會」），以考慮及酌情批准以下決議案： 以普通決議案方式： 1. 委任德勤‧關黃陳方會計師行為2025年度境外核數師。 承董事會命 東鵬飲料（集團）股份有限公司 董事長、執行董事兼總裁 林木勤先生 中國深圳，2026年2月13日 附註： – 1 – 1. 為舉行臨時股東會，本公司將於2026年3月5日（星期四）至2026年3月10日（星期二）（包括首尾兩 日）暫停辦理股份過戶 ...

此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本通函乃遵照香港聯合交易所有限公司證券上市規則的規定而提供有關東鵬飲料（集團）股份有 限公司（「本公司」）的資料。本公司各董事（「董事」）就本通函共同及個別承擔全部責任，並在作 出一切合理查詢後確認，就彼等所深知及確信，本通函所載的資料於所有重大方面均屬真確及 完整，且無誤導或欺詐成份，以及並無遺漏其他事項，致使本通函的任何陳述有所誤導。本通 函表達的所有意見乃經審慎周詳考慮並按公平合理的基準及假設而作出。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、其他 持牌法團、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或以其他方式轉讓名下全部的本公司股份，應立即將本通函及隨附的表決代理委 託書以及確認回條送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券交易商、持牌法團或 其他代理商，以便轉交買主或承讓人。 Eastroc Beverage (Gr ...

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, marking a significant step towards global market expansion as the first "A+H" functional beverage company in China [3][4]. Group 1: Investment Journey - The partnership between Dongpeng Beverage and Jiahua Capital spans 10 years, characterized by deep support and mutual trust, highlighting a journey of "long-term value co-creation" [4][20]. - Jiahua Capital's initial investment of 350 million yuan was pivotal for Dongpeng during a critical growth phase, leading to its current market valuation exceeding 150 billion HKD [4][17]. - The recent H-share listing involved Jiahua Capital increasing its investment to support Dongpeng's global ambitions, emphasizing the company's underestimated potential [5][21]. Group 2: Market Context and Strategy - In 2017, the Chinese functional beverage market faced significant challenges, with leading brands like Red Bull embroiled in trademark disputes, creating opportunities for local brands like Dongpeng [6][7]. - Dongpeng's strategic investment in 2017 was driven by its unique value proposition across three dimensions: people, model, and market [7][10]. - The founder, Lin Muqin, embodies a pragmatic and innovative entrepreneurial spirit, which has been crucial in navigating the company's transformation from a regional player to a national brand [9][10]. Group 3: Growth and Innovation - Dongpeng's growth narrative over the past decade is marked by strategic focus, channel development, and digital innovation, transitioning from a regional brand to an industry leader [12][19]. - The introduction of the 500ml Dongpeng Special Drink targeted high-consumption demographics, such as blue-collar workers and long-distance drivers, addressing real consumer needs [13][14]. - The company has implemented a digital system for real-time sales tracking and inventory management, enhancing marketing efficiency and transforming traditional growth models [16][20]. Group 4: Future Outlook - Dongpeng aims to expand its global footprint, aspiring to become a comprehensive beverage group akin to Coca-Cola and Suntory, with products already in over 30 countries [22][23]. - The recent capital raised from the H-share listing will be allocated to enhance global production capacity and supply chain upgrades, facilitating a transition from product export to enterprise globalization [22][25]. - Jiahua Capital plans to continue supporting Dongpeng and seeks to identify other Chinese consumer companies with strong supply chain capabilities and clear brand positioning for global expansion [23][25].

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].

Core Viewpoint - Dongpeng Beverage officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" dual-listed functional beverage company in China, marking a new starting point for its global expansion mission [1][12]. Company Development - In 2003, Dongpeng Beverage faced a survival crisis with an annual output value of less than 20 million yuan, but Chairman Lin Muqin took responsibility and led a team to overcome challenges, establishing a culture of cost control and efficiency [3]. - The introduction of the PET bottle with a dust cover for Dongpeng Special Drink in 2009 allowed the company to capture key consumer segments and significantly reduce production costs, leading to a successful market breakthrough [3]. Product Performance - Dongpeng Special Drink has maintained the top position in China's energy drink sales since 2021, with a strong performance in the market [5]. - The company's multi-category strategy, including the successful electrolyte drink "Dongpeng Water," has shown impressive growth, with revenue reaching 2.847 billion yuan in the first three quarters of 2025, a year-on-year increase of 134.78% [5]. Supply Chain and Production - Dongpeng Beverage has established 14 production bases across the country, with 10 in operation, achieving an annual design capacity of over 4.8 million tons [8]. - The company has implemented a self-developed "five-in-one" system for full-chain tracking, significantly reducing market price fluctuations and enhancing operational efficiency [10]. Global Expansion Strategy - Dongpeng Beverage is set to begin its "outbound year" in 2025, focusing on Southeast Asia and expanding to over 30 countries, leveraging local production and tailored products to meet regional preferences [11]. - A $200 million investment in Indonesia for a production facility aims to enhance competitiveness in overseas markets by avoiding tariff barriers and reducing logistics costs [11]. Financial Milestones - The successful listing on the Hong Kong Stock Exchange on February 3, 2026, marks a significant milestone in Dongpeng Beverage's journey towards becoming an international enterprise [12][14]. - The company's projected revenue growth of 31.07% to 33.34% in 2025 reflects its strong operational resilience and strategic execution [5].

Summary of Eastroc Beverage Conference Call Company Overview - **Company**: Eastroc Beverage (605499.SS) - **Market Cap**: Rmb154bn as of February 3 close - **Recent Listing**: HK listing with gross proceeds of HK$10.14bn Key Industry Insights - **Energy Drinks Market**: - Per-capita intake in China (~8L) is significantly lower than Thailand (~11L), indicating growth potential [2][13] - Sales growth in regions outside Guangdong shows nearly 50% in Southwest and over 70% in North China [2] - The sports drink market in Mainland China is projected to reach Rmb43.5bn by 2025, growing at mid-teens% annually [6] Financial Performance and Projections - **Earnings Growth**: - Projected earnings CAGR of 26% from 2025 to 2027, with specific growth rates of 34% in 2025, 27% in 2026, and 24% in 2027 [1][24] - 2026/27E P/E ratios are 27x and 22x, respectively, which is a significant discount compared to peers like Monster and Celsius [1][27] Product and Market Strategy - **New Product Launches**: - Strong execution in new product roll-outs, particularly with the sports drink "Bushuila," which is expected to continue doubling sales [2][8] - The company is investing in lower-sugar versions to drive further penetration in the market [2] - **International Expansion**: - Strategic partnership with Salim Group for entry into the Indonesian market, involving a total investment of US$300mn [8] - The Indonesian energy drink market is estimated at US$240mn in 2025, with low per capita consumption (0.9L) compared to Thailand and Vietnam [8] Margin and Cost Structure - **Gross Profit Margin (GPM)**: - Expected overall GPM margin expansion of approximately 1 percentage point year-over-year in 2026E [7] - Cost benefits from key inputs like sugar and PET are anticipated to contribute to margin improvements [7][20] Risks and Challenges - **Market Risks**: - Potential for lower industry growth in energy drinks and a worsening competitive landscape [28] - Risks associated with the ramp-up of new product launches and geographical expansion [29] Valuation and Investment Recommendation - **Price Target**: - 12-month target price set at Rmb323, based on a 32x 2026E P/E [27] - Current share price at Rmb274.51, indicating an upside potential of 17.7% [30] Conclusion - Eastroc Beverage is positioned for strong growth driven by product innovation, market expansion, and favorable cost dynamics, despite facing certain market risks. The investment recommendation remains a "Buy" based on attractive valuation metrics and growth potential.

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].