证券代码：605499 证券简称：东鹏饮料 公告编号：2026-018 东鹏饮料（集团）股份有限公司 关于聘任境外会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ●拟聘任的会计师事务所名称：德勤·关黄陈方会计师事务所（特殊普通合 伙）（以下简称"德勤香港"）。 东鹏饮料（集团）股份有限公司（以下简称"公司"）于2026年2月13日召开第 三届董事会第二十二次会议，审议通过了《关于聘任境外会计师事务所的议 案》，公司拟聘任德勤香港为公司2025年度境外审计机构，该事项尚需提交公司 股东会审议。 鉴于公司已于2026年2月3日于香港联合交易所有限公司主板上市，根据相 关规定，公司须聘任境外会计师事务所按照相关审计准则的要求提供审计及相 关专业服务，本次拟聘任德勤香港为公司2025年度境外审计机构。 公司2025年度境内审计机构为德勤华永会计师事务所（特殊普通合伙）， 该事项已于2025年4月2日召开的公司2024年度股东会审议通过。 （一）机构信息 1.基本信息 德勤香港于1972年设立，是一家注册于香港的合伙 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-019 东鹏饮料（集团）股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 3 月 10 日 14 点 30 分 召开地点：公司二楼 VIP 会议室（地址：深圳市南山区桃源街道珠光北路 88 号明亮科技园 3 栋东鹏饮料） (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年3月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 3 月 10 日 至2026 年 3 月 10 日 采用上海证券交易所网络投票系统，通过交易系 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-017 东鹏饮料（集团）股份有限公司 第三届董事会第二十二次会议决议公告 东鹏饮料（集团）股份有限公司（以下简称"公司"）第三届董事会第二十二 次会议于 2026 年 2 月 13 日（星期五）在公司二楼 VIP 会议室以现场结合通讯的 方式召开。会议通知已于 2026 年 2 月 8 日通过邮件的方式送达各位董事。本次 会议应出席董事 10 人，实际出席董事 10 人。 会议由董事长林木勤主持，董事会秘书及高管列席。会议召开符合有关法律、 法规、规章和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于聘任境外会计师事务所的议案》 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）上披露的《关 于聘任境外会计师事务所的公告》。 表决结果：10 票同意，0 票反对，0 票弃权。 （二）审议通过《关于提请召开公司 2026 年第一次临时股东会的议案》 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）上披露的《关 于召开 2026 年第一次临时股东会的通知》。 表决结果：10 票 ...

序号股东名称持股比例1东鹏饮料（集团）股份有限公司100% 天眼查显示，近日，成都东鹏维他命饮料有限公司成立，法定代表人为刘美丽，注册资本10000万人民 币，由东鹏饮料（集团）股份有限公司全资持股。 企业名称成都东鹏维他命饮料有限公司法定代表人刘美丽注册资本10000万人民币国标行业制造业> 酒、饮料和精制茶制造业>饮料制造地址四川省成都市温江区成都海峡两岸科技产业开发园永科路472 号附266号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2026-2-12至无固定期限 登记机关成都市市场监督管理局 来源：市场资讯 经营范围含许可项目：饮料生产；食品生产；茶叶制品生产；食品销售；食品用塑料包装容器工具制品 生产；道路货物运输（不含危险货物）；食品经营管理；保健食品生产；特殊医学用途配方食品生产。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）食品销售（仅销售预包装食品）；保健食品（预包装）销售；总质量4.5吨及以下普通货 运车辆道路货物运输（除网络货运和危险货物）；塑料包装箱及容器制造；技术服务、技术开发、技术 咨询、技术交流、技术转 ...

Core Viewpoint - Dongpeng Beverage is implementing a strategy for overseas market promotion that combines domestic successful models with localized adaptations, focusing on digital operations and precise channel coverage [1] Group 1 - The company is currently in the stage of laying the groundwork for its overseas market, with a precise promotion system being iteratively advanced as planned [1] - Dongpeng Beverage aims to optimize its promotion strategies and resource allocation steadily according to the development stages of each market [1] - The company is committed to strengthening its market foundation to support long-term expansion in overseas business [1]

Core Viewpoint - Dongpeng Beverage is leveraging digitalization, targeted demographics, and scenario penetration to build an efficient marketing system [1] Group 1: Digitalization and Marketing Strategy - The company utilizes digital tools such as one-code and five-code associations to analyze market preferences and identify high-potential markets, allowing for precise allocation of marketing resources [1] - Dongpeng Beverage focuses on core consumption scenarios for different beverages, such as energy drinks targeting factories, campuses, and gas stations, enhancing brand reach through standardized displays and scenario-based activities [1] - The integration of online and offline strategies is employed to strengthen consumer awareness, continuously improving sales effectiveness and brand penetration [1]

出品：新浪财经上市公司研究院 作者：郝显 2月3日，东鹏饮料香港联交所主板正式挂牌上市，发行价定为248港元，募资总额约101亿港元，成为国 内首家"A+H"双上市的功能饮料企业。 然而围绕东鹏上市背后，仍有不少争议。首先，作为一家持续高增长的饮料公司，东鹏饮料账面累积巨 额现金的同时，存在巨额负债，存在明显的"存贷双高"。 东鹏饮料赴港上市的另一大争议，在于其"存贷双高"。 东鹏饮料并不缺钱，从盈利端来看，2021年至2024年，公司营收从69.78亿元增长至158.39亿元，归母净 利润从11.93亿元增长至33.3亿元。高增长的同时，账面累积了巨额现金。截至2025年三季度末，东鹏饮 料账面现金57.2亿元 ，此外交易性金融资产达到34.77亿元，二者合计达到91.97亿元。 另一方面，东鹏饮料短期有息负债达到了69.88亿元，已经超过了账面现金。而截至2025年三季末，资 产负债率已经达到了63.24%。 其次，东鹏饮料股权集中度一直比较高，多位控股股东家族成员超股比例超过5%，而通过此次上市， 其持股比例降至5%以下，有分析认为此次上市客观上为未来减持创造了便利。 被动稀释股权 方便控股股东家族成员 ...

Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first domestic functional beverage company with both A and H shares, marking a new starting point for its global expansion mission led by Lin Muqin [1][12]. Group 1: Company Development - In 2003, Lin Muqin took over a struggling Dongpeng Beverage factory with an annual output value of less than 20 million yuan, initiating a challenging entrepreneurial journey [2]. - The company faced significant challenges in its early years, including funding shortages and market competition, but successfully navigated these issues by focusing on cost control and efficiency [2]. - Dongpeng Beverage has established itself as a leader in the energy drink market, with Dongpeng Special Drink ranking first in sales in China since 2021, supported by a diverse product strategy [6]. Group 2: Product Innovation - The introduction of Dongpeng Special Drink with a PET bottle and dust-proof cap addressed the needs of outdoor workers and long-distance drivers, allowing the company to penetrate lower-tier markets effectively [2]. - The company has expanded its product line with the "1+6" multi-category strategy, including successful products like "Dongpeng Water" and various tea beverages, responding to diverse consumer needs [6]. Group 3: Supply Chain and Digitalization - Dongpeng Beverage has developed a digital supply chain system that enhances operational efficiency and reduces market response time, establishing a competitive edge in the fast-moving consumer goods sector [9][10]. - The company has built 14 production bases across China, with a total designed capacity exceeding 4.8 million tons, supporting its national and international expansion [9]. Group 4: Global Expansion Strategy - In 2025, Dongpeng Beverage will officially begin its global expansion, targeting Southeast Asia and other regions, leveraging its established product system and supply chain capabilities [11]. - The company has invested $200 million in Indonesia to build a production facility, aiming to enhance its competitiveness in overseas markets through localized production and operations [11]. Group 5: Financial Performance and Future Outlook - Dongpeng Beverage is projected to achieve a revenue growth of 31.07% to 33.34% in 2025, reflecting its strong development resilience and commitment to high-quality growth [6]. - The successful listing on the Hong Kong Stock Exchange marks a significant milestone in the company's journey from a local leader to an international player, aligning with its vision of global expansion [12][14].

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.

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Viewpoints - The supply-demand relationship is expected to improve, with a focus on investment opportunities related to CPI recovery [5] - CPI has shown a positive growth trend since October 2025, with food CPI also reflecting improvements [5] - The report highlights specific sectors such as liquor, dairy, and consumer goods that are poised for recovery [12][14][15] Summary by Sections Supply-Demand Relationship and CPI Recovery - PPI transmission combined with consumer recovery is likely to sustain the CPI improvement trend, with CPI growth recorded at +0.7% in November and +0.8% in December 2025 [5] - Food CPI showed a year-on-year increase of +0.2% in November and +1.1% in December, with fresh vegetable prices rising significantly [5][11] - The report anticipates that the CPI recovery will continue into 2026, driven by PPI improvements and supportive domestic demand policies [5] Sector-Specific Insights - **Liquor**: The price of Feitian Moutai has rebounded, with prices reaching 1710 RMB for whole boxes and 1660 RMB for individual bottles as of February 8, 2026, indicating strong demand during the Spring Festival [12][14] - **Dairy**: The average price of fresh milk has stabilized around 3.04 RMB per kilogram, with expectations for upward movement in 2026 due to supply adjustments and improved demand from demographic policies [14] - **Consumer Goods**: Prices for certain products, such as frozen foods and snacks, are beginning to recover, with companies like Anjijia adjusting promotional strategies to enhance profitability [15] Investment Recommendations - The report suggests focusing on companies within the consumer goods sector, including Dongpeng Beverage, Nongfu Spring, and others, as well as key players in the liquor sector like Guizhou Moutai and Shanxi Fenjiu [21]