Summary of Conference Call on Dongpeng Beverage Company and Industry Overview - **Company**: Dongpeng Beverage - **Industry**: Soft Drink Industry, specifically focusing on energy drinks and functional beverages Key Points and Arguments 1. **Market Outlook for Dongpeng Beverage**: The company is expected to maintain steady growth despite concerns about a slowdown in the energy drink segment. Projected revenue growth for 2026 is close to 25%, with profit growth potentially higher, estimating an absolute profit of approximately 5.8 billion [1][19] 2. **Valuation Perspective**: Current valuation for 2026 is estimated at 23 times earnings, with potential for a re-rating to 30 times if short-term data meets expectations, indicating a 30% upside [1][19] 3. **Soft Drink Industry Trends**: The soft drink industry is viewed positively, with a focus on high-growth segments such as energy drinks and traditional tea beverages. The selection of stocks should prioritize high-demand products and strong channel capabilities [2][3] 4. **Energy Drink Market Dynamics**: Dongpeng holds approximately 40% market share in the energy drink segment, with Red Bull at 22%. The energy drink market is expected to grow at over 10% annually from 2025 to 2029 [3][4] 5. **Growth of Sports Drinks**: The sports drink segment is projected to grow at 12.2% annually, with an estimated market size of over 60 billion by 2025. Dongpeng is positioned to benefit from this growth [4][5] 6. **Consumer Demographics**: The consumer base for energy drinks is expanding beyond traditional athletes to include a wider demographic, including women, whose consumption has increased from 23% in 2020 to 38% in 2025 [7][8] 7. **Product Innovation**: There is a trend towards product diversification, with a focus on low-sugar and functional beverages tailored to specific consumer needs and occasions [8][9] 8. **Channel Strategy**: Dongpeng is enhancing its distribution network, with 4.3 million retail points, and plans to increase this further. The company is also investing in freezer placements to boost sales during peak seasons [9][10][11] 9. **Promotional Strategies**: Initiatives like "1 Yuan Enjoyment" and "Free Enjoyment" are being used to stimulate sales and enhance brand loyalty among consumers [12][13] 10. **Digital Supply Chain**: The company has a competitive advantage through its digital supply chain, which supports high turnover and sales efficiency [13][14] 11. **Market Expansion**: Dongpeng is focusing on expanding its market presence both domestically and internationally, particularly in Southeast Asia, with plans for significant investment in production capacity and supply chain upgrades [18][19] 12. **Risks**: Potential risks include stock price volatility post-IPO, rising raw material costs, slower-than-expected new product launches, and increased competition in the beverage market [20][19] Additional Important Insights - **Investment Recommendations**: Analysts recommend Dongpeng as a strong investment opportunity, particularly given its current valuation and growth potential in both domestic and international markets [19][21] - **Consumer Trends**: The shift in consumer preferences towards functional beverages and the expansion of consumption scenarios are critical for future growth [7][8] - **Future Growth Drivers**: The company’s growth will be driven by effective channel management, product innovation, and market expansion strategies [14][19] This summary encapsulates the key insights and projections discussed during the conference call regarding Dongpeng Beverage and the broader soft drink industry.

东鹏饮料从深圳走向港交所，不仅是企业实力的体现，更是深圳金融生态系统性赋能的成果。南都记者 采访东鹏饮料发现，从上市筹划到长期发展，深圳的金融政策与服务生态提供了关键助力。 在上市筹备过程中，深圳市委金融办及相关部门通过常态化服务机制，为该公司提供了针对性的政策解 读与合规支持。深圳与香港资本市场构建的"双城一体"深度协同生态，以及市级到区级系统化的上市培 2月3日，中国功能饮料领军企业东鹏饮料（股票代码：09980.HK）正式在香港交易所主板挂牌上市， 标志着公司成功构建"A+H"双资本平台，迈入全球化发展的新阶段。此次上市不仅是东鹏饮料自身发展 的里程碑，也成为深圳金融活水精准灌溉实体经济、培育本土企业走向全球的又一典型案例。 东鹏饮料在接受南都记者采访时表示，未来公司将持续借助深圳优质的营商环境与政策支持，稳健推进 各项工作，严格遵循上市规则及监管要求，力争为股东及投资者创造长期价值。 全年营收有望超207.6亿元 同比增超31% 作为从深圳成长起来的民族饮料品牌，东鹏饮料多年来稳居中国功能饮料行业领先地位。公司 以"1+6"多品类战略为核心，在巩固能量饮料优势的同时，持续拓展包括"东鹏补水啦"在内的新 ...

Core Viewpoint - Dongpeng Beverage has successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone as the first "A+H" dual-listed functional beverage company in China, with a market capitalization of approximately HKD 146 billion on its debut [5][6]. Group 1: Company Overview - Dongpeng Beverage, known for its flagship product "Dongpeng Special Drink," has evolved from being a mere imitator of Red Bull to a leading national brand with annual revenues exceeding CNY 10 billion, deeply penetrating county and town markets [5][8]. - The company has maintained its position as the top functional beverage brand in China by sales volume for four consecutive years since 2021, according to a report by Frost & Sullivan [5][16]. Group 2: IPO Details - The IPO attracted a "super luxurious" lineup of cornerstone investors, with over USD 600 million in subscriptions from more than ten top global investment institutions, setting a record for the number of cornerstone investors in the Hong Kong consumer sector [6][7]. - The funds raised from the IPO will be utilized for global market expansion, brand building, product research and development, and optimizing the distribution network [8]. Group 3: Market Strategy - Dongpeng Beverage has adopted a channel strategy that covers over 4.3 million retail outlets nationwide, achieving nearly 100% coverage of China's prefecture-level cities, allowing it to avoid direct competition with Red Bull in first-tier cities [16]. - The company has shifted its growth strategy towards diversification, with its flagship product's revenue share decreasing to approximately 74.6%, while the newly launched sports drink "Dongpeng Water" has seen a revenue surge of 134% [21][22]. Group 4: Leadership and Vision - Lin Muqin, the chairman and CEO, has been pivotal in the company's transformation and growth, leading it from a struggling state-owned enterprise to a market leader, and has been recognized as one of Forbes' best CEOs in China [17][18]. - The dual listing on the Hong Kong Stock Exchange represents not only a personal financial milestone for Lin Muqin but also a strategic move to enhance Dongpeng's global competitiveness and financing capabilities [18][19]. Group 5: Industry Trends - The ongoing "A+H" listing trend in Hong Kong reflects a structural shift in the market, with over 100 A-share companies planning to list in Hong Kong, indicating a growing preference for dual-platform strategies among leading firms [26][27]. - The capital market in Hong Kong is expected to continue thriving, with projections of raising at least HKD 300 billion in 2026, driven by the demand for international capital platforms amid China's industrial upgrades [28][29].

汕尾首富林木勤旗下"功能饮料第一股"东鹏饮料，2月3日登陆港股。有"蓝帽子"傍身的"东鹏特饮"，为其贡献 绝大多数营收和利润，并夺取国内功能饮料销量桂冠，是市场第二名份额的两倍多，500毫升装也成为超级大 单品。新上市的"东鹏补水啦"增长更快，有支撑其第二增长曲线的潜力。 东鹏饮料对供应商施行"款到发货"策略，唯有美宜佳凭借全国超过4万家门店，拿捏了这家饮料龙头。 东鹏饮料A股上市后累计分红66亿元，分红率达56%。值得注意的是，其在保持约70亿元低息短期借款的同 时，通过理财获得不菲的利息收入。 来源：新财富杂志（ID：xcfplus） 作者：鲍有斌 食品饮料行业迎来了最大"A+H"上市案例，其主角是被外界认为不差钱的A股"功能饮料第一股"东鹏饮料 （605499/09980.HK）。 2026年1月26日，东鹏饮料启动H股招股，15家基石投资者累计认购约6.4亿美元。2月3日，其正式在港交所挂 牌，以248港元发行价平开，最终收盘涨1.5%。 东鹏饮料长期盈利，现金流较好，至2025年三季度末，账上现金超过90亿元，但短期借款也不低，达到70亿 元，实际流动性并不太宽裕。本次港股IPO，其募资超过百亿港元 ...

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） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 的《東 鵬 飲 料（集 團）股 份 有 限 公司關於持股5%以上股東持股比例被動稀釋至5%以 下 的 提 示 性 公 告》（網 址 為 https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-02- 04/605499_20260204_UYGQ.pdf ），僅供參閱。 承董事會命 東鵬飲料（集團）股份有限公司 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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公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。 董事長、執行董事兼總裁 林木勤 香港，20 ...

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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公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） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲載列本公司在上海證券交易所網站刊登的《東鵬飲料（集團）股份有限公司 關於控股股東及實際控制人持股比例被動稀釋觸及1%刻度的提示性公告》 （網 址 為 https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-02- 04/605499_20260204_JQ97.pdf ），僅供參閱。 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 香港，2026年2月3日 於本公告日期，本公司董事會成員包括六名執 ...

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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公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） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲載列本公司在上海證券交易所網站刊登的《東鵬飲料（集團）股份有限公司關 於H股掛牌並上市交易的公告》（網址為 https://static.sse.com.cn/disclosure/listedinfo/ announcement/c/new/2026-02-04/605499_20260204_IPJ4.pdf ），僅供參閱。 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 香港，2026年2月3日 於本公告日期，本公司董事會成員包括六名執行董事林木勤先生、林木港先生、盧義富先生、 ...

Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing (A+H), marking a significant milestone in its global expansion strategy [1][8]. Group 1: Financial Performance - Dongpeng Beverage is projected to achieve a revenue of over 20.76 billion yuan in 2025, representing a year-on-year growth of over 31%. The net profit is expected to reach between 4.34 billion and 4.59 billion yuan, with an increase of over 30% [3]. - The company has consistently outperformed the industry in terms of revenue and profit, showcasing strong internal growth momentum [3]. Group 2: Market Strategy and Channel Development - Dongpeng has established a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active terminals, reaching over 250 million consumers [3]. - The company employs refined channel management to ensure efficient product distribution across the national market, which serves as a core competitive advantage against industry fluctuations [3]. Group 3: Product Innovation and Diversification - Dongpeng's "1+6" strategy centers around its flagship product, Dongpeng Special Drink, while simultaneously nurturing six potential product categories. The electrolyte drink "Bushi La" has seen remarkable growth, with revenue soaring to 2.847 billion yuan in the first three quarters of 2025, a year-on-year increase of 134.8% [3]. - The company is also responding to evolving consumer health trends by launching a zero-sugar, zero-fat version of Dongpeng Special Drink, targeting health-conscious consumers [5]. Group 4: Global Expansion - The recent listing on the Hong Kong Stock Exchange is a crucial step in Dongpeng's global strategy, with a clear path to international markets by focusing on cost-effectiveness and cultural branding [7]. - Dongpeng's products are currently exported to over 30 countries and regions, with operational subsidiaries in Indonesia and Vietnam, and the raised funds will enhance production capacity and supply chain upgrades to support global development [7].

此次港股上市是东鹏饮料全球化战略的重要起点。作为企业出海的关键举措，港股上市将为其国际化拓 展提供强大助力。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外子公司落地运营， 海外产能与渠道布局同步推进；本次募集资金也将投向产能完善与供应链升级，既夯实国内生产效率与 成本优势，更直接赋能全球化发展蓝图。 东鹏饮料港股上市、完成A+H双重资本布局，既是企业发展的里程碑，更是中国功能饮料品牌走向全 球的宣言书。以资本为翼，以品质为基，这只"东方大鹏"正借势振翅，加速全球化产能、渠道与品牌的 纵深布局。未来，东鹏饮料将持续领跑国内功能饮料赛道，更以中国消费龙头之姿出海拓疆，用东方能 量重塑全球市场格局，让民族品牌享誉世界，实现"飞跃全球"民族品牌使命。 上市仪式中，东鹏饮料集团董事长、总裁林木勤与东鹏大咖品牌代言人韩红共同敲响上市金锣，标志着 东鹏饮料正式登陆港交所，来自东方的大鹏，开启A+H新征程，飞跃全球。这不仅为中国民族能量品 牌出海重磅加码，彰显品牌"飞跃全球"的使命，更展现剑指全球市场的雄心。 作为中国功能饮料领军者，东鹏饮料精准把握行业发展趋势，稳居功能饮料赛道领跑地位，同时紧扣健 康化、细分 ...

Core Insights - Dongpeng Beverage officially listed on the Hong Kong Stock Exchange on February 3, becoming the first functional beverage company in China to achieve a dual listing in both A-shares and H-shares [1][3] - The listing marks a significant step in Dongpeng's global strategy, showcasing its ambition to expand internationally and enhance its brand presence [3][10] Business Performance - Dongpeng Beverage has established itself as a leader in the functional beverage sector, leveraging industry trends and consumer demands for health-oriented and diversified products [4] - The company has implemented a "1+6" multi-category strategy, focusing on energy drinks while rapidly growing new categories like Dongpeng Water, which generated revenue of 2.847 billion yuan in the first three quarters of 2025, a year-on-year increase of 134.78% [6] - Revenue forecasts for 2025 indicate a potential annual revenue exceeding 20.76 billion yuan, with a year-on-year growth of over 31%, and net profit expected to be between 4.34 billion to 4.59 billion yuan, reflecting a growth of 30.46% to 37.97% [6] Distribution Network - Dongpeng has developed a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active retail outlets, reaching more than 250 million unique consumers [7] - This extensive distribution system supports product sales and market expansion, serving as a core competitive advantage against industry fluctuations [7] Global Expansion Strategy - The Hong Kong listing is a crucial step in Dongpeng's globalization strategy, providing significant support for its international expansion efforts [8] - The company has already exported products to over 30 countries and regions, with operational subsidiaries in Indonesia and Vietnam, and plans to enhance production capacity and supply chain efficiency through raised funds [8] - Dongpeng aims to leverage its capital and quality to accelerate its global footprint, positioning itself as a leading Chinese consumer brand on the international stage [10]