证券之星消息，11月20日饮料乳品板块较上一交易日下跌1.44%，三元股份领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000848 | 承德國露 | 8.65 | 0.23% | 13.87万 | | 1.19亿 | | 600887 | 伊利股份 | 29.40 | -0.61% | 47.24万 | 13.97亿 | | | 6655509 | 东鹏饮料 | 256.54 | -0.95% | 1.09万 | | 2.80亿 | | 600597 | 光明乳业 | 8.58 | -1.04% | 9.96万 | 8556.46万 | | | 002732 | 荷博彩V | 17.89 | -1.16% | 2.88万 | 5144.65万 | | | 600189 | 泉阳泉 | 7.28 | -1.22% | 10.01万 | 7300. ...

据天眼查APP显示，东鹏饮料(集团)股份有限公司成立于1994年06月30日，注册资本52001.3万人民币。 （数据宝） 11月19日东鹏饮料大宗交易一览 东鹏饮料11月19日大宗交易平台出现一笔成交，成交量7.24万股，成交金额1671.64万元，大宗交易成交 价为230.89元，相对今日收盘价折价10.85%。该笔交易的买方营业部为招商证券股份有限公司上海黄浦 区西藏南路证券营业部，卖方营业部为招商证券股份有限公司北京建国路证券营业部。 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为6.52亿元。 证券时报·数据宝统计显示，东鹏饮料今日收盘价为259.00元，上涨0.96%，日换手率为0.26%，成交额 为3.48亿元，全天主力资金净流入1758.74万元，近5日该股累计下跌7.23%，近5日资金合计净流出1.27 亿元。 两融数据显示，该股最新融资余额为3.85亿元，近5日减少180.71万元，降幅为0.47%。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

| of 324 and your it it the very | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 025-11-19 | 东鹏饮料 | 605499 | 230.89 1671.64 | 7.24 | 经营正名就留意思 | 器量是發展品基礎 | Ka | 11月19日，东鹏饮料大宗交易成交7.24万股，成交额1671.64万元，占当日总成交额的4.58%，成交价 230.89元，较市场收盘价259元折价10.85%。 ...

证券之星消息，11月19日饮料乳品板块较上一交易日上涨0.46%，三元股份领涨。当日上证指数报收于 3946.74，上涨0.18%。深证成指报收于13080.09，下跌0.0%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600429 | 三元股份 | 6.01 | 3.80% | 114.57万 | | 6.91亿 | | 605388 | 均暖健康 | 7.86 | 2.21% | 21.11万 | | · 1.66亿 | | 300898 | 熊猫乳品 | 28.51 | 1.75% | 6.71万 | | 1.91亿 | | 002946 | 新乳业 | 17.83 | 1.71% | 6 6.75万 | | 1.19亿 | | 603156 | 养元饮品 | 28.27 | 1.58% | 8.69万 | | 2.44亿 | | 600882 | 妙可蓝多 | 26.48 | 1.30% | 7.25万 | | 1.93亿 | | 60 ...

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

J P M O R G A N Asia Pacific Equity Research 14 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Bubble & Brew Sector The Taste of Growth: Initiate coverage of seven leading players; top picks Luckin Coffee and Guming We initiate coverage ...

Core Viewpoint - Dongpeng Beverage's stock has experienced a decline recently, with a notable drop in trading volume and net outflow of funds, indicating potential investor concerns about the company's performance and market sentiment [1][2]. Company Overview - Dongpeng Beverage Group Co., Ltd. was established on June 30, 1994, and went public on May 27, 2021. The company is primarily engaged in the research, production, and sales of beverages [2]. - The main revenue composition includes energy drinks (77.87%), electrolyte drinks (13.90%), and other beverages (8.17%) [2]. - As of September 30, the number of shareholders increased by 21.82% to 16,000, while the average circulating shares per person decreased by 17.91% to 32,533 shares [2]. Financial Performance - For the period from January to September 2025, Dongpeng Beverage achieved a revenue of 16.844 billion yuan, representing a year-on-year growth of 34.13%. The net profit attributable to shareholders was 3.761 billion yuan, with a year-on-year increase of 38.91% [2]. - Since its A-share listing, the company has distributed a total of 6.6 billion yuan in dividends, with 5.4 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 18, Dongpeng Beverage's stock price was 256.13 yuan per share, with a market capitalization of 133.191 billion yuan. The stock has seen a year-to-date increase of 5.18%, but has declined by 7.90% over the last five trading days and 14.91% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 21, where it recorded a net buy of -389 million yuan [1].

2025年，最适合打工人的饮料，不再是咖啡了。 红金配色、粗笨瓶型，打开时会发出独特的咔哒声——不知不觉间，东鹏特饮渐渐从货车司机身边走进了写字楼的格子间。 咖啡是小资情调，无糖茶是悠闲养生，但如果一个熬夜赶ddl的打工人需要最高效的"快充"，那他很可能会选择"累了困了，喝东鹏特饮"。 市场的反馈最为直观。 今年前三季度，东鹏饮料集团实现营业收入168.44亿元，同比增长34.13%；实现归母净利润37.61亿元，同比增长38.91%。其中，东鹏特饮单品实现收入 125.63亿元，同比增长19.4%，占总收入的74.63%。 能量饮料市场上，东鹏特饮已连续四年销量第一。（图/《唐人街探案3》） 尼尔森IQ今年9月发布的《解构中国饮料行业增长新势能》报告显示，功能饮料销售额同比增速为28.3%，首次高于即饮茶（26.7%），成为年内增长最快 的软饮料细分品类。另据欧睿国际数据，2021—2024年东鹏特饮在中国能量饮料市场零售销量连续第一。 提到功能饮料，很多人的印象可能还停留在红牛时代，只不过红牛早已迎来了属于它的平替。靠着相似的味道和功能、更高的性价比，东鹏特饮花费数 年"农村包围城市"，终于俘获了打工人的 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][68]. Core Views - The food and beverage sector is expected to benefit from a gradual recovery in consumer scenarios and improvements in the restaurant supply chain [1][3]. - The report highlights a differentiated performance among categories, with beverages outperforming food and alcoholic beverages [2][3]. - The investment outlook for 2026 is optimistic, with expectations of valuation recovery and a focus on health innovation and digital supply chains [3][16]. Summary by Sections Market Overview - The food and beverage sector saw a cumulative increase of 2.93% this week, with A-shares rising by 2.83% and H-shares by 4.33% [1]. - The top five performers in the food and beverage sector this week included companies like Huanlejia and Sanyuan [1]. Alcoholic Beverages - The report indicates that the liquor sector is in a bottoming phase, with a focus on identifying quality companies ahead of the December liquor distributor conference [2][11]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies with pricing power and regional influence [2][11]. Beverages - The beverage sector is experiencing a favorable environment, with stable demand recovery and leading companies outperforming [2][15]. - Key recommendations include Nongfu Spring and Dongpeng Beverage, which are expanding their national presence and platform capabilities [2][15]. Food - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where companies like Weilong and Yanjinpuzi are highlighted for their competitive advantages [2][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [2][13]. Key Companies and Earnings Forecasts - Guizhou Moutai is projected to have revenues of CNY 183.52 billion in 2025, with a net profit of CNY 90.59 billion, maintaining an "Outperform the Market" rating [4][16]. - Dongpeng Beverage is expected to achieve revenues of CNY 20.9 billion in 2026, with a net profit of CNY 5.8 billion, also rated as "Outperform the Market" [4][16]. - WeLong is forecasted to have revenues of CNY 7.53 billion in 2025, with a net profit of CNY 1.47 billion, maintaining an "Outperform the Market" rating [4][16].