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].

5 February 2026 | 9:05PM HKT Equity Research Eastroc Beverage (605499.SS): Strong start in 2026 with long-run growth potential and initial step for going global; Buy (on CL) Goldman Sachs Eastroc Beverage (605499.SS) 2026E to further boost per-PoS sales into peak season. 3) the company's robust channel capability to maintain investment efficiency. We expect the sports drink TAM in Mainland China to reach Rmb43.5bn in 2025E, growing at mid-teens% yoy, with per capita consumption at 3.9L in 2025, progressing ...

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]

证券研究报告 | 2026年02月09日 食品饮料周报（26 年第 6 周） 优于大市 白酒春节动销渐起，预制菜国标公开征求意见 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 4.48%，其中 A 股食品饮 料（申万食品饮料指数）上涨 4.44%，跑赢沪深 300 约 5.77pct；H 股食品饮 料（恒生港股通食品饮料）上涨 4.99%，跑赢恒生消费指数 0.69pct。本周 食品饮料板块涨幅前五分别为皇台酒业(13.50%)、海欣食品(11.90%)、日辰 股份(11.36%)、东鹏饮料(10.25%)和麦趣尔(10.25%)。 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：春节动销渐 起，茅台动销表现较好。投资建议上，首推贵州茅台（2026 年预计录得独立 行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑，份额 逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建议关 注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静待需 求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优先推 荐大单品快速增长、内部改革持续深化、业绩成长性强的燕京 ...

近日，东鹏饮料发布投资者关系活动记录表。当中披露，谈及今后的主要增长方向，东鹏饮料表 示："我们始终认为，网点仍具备较大的增长潜力。公司长期坚持网点拓展与单点盈利能力提升并行推 进的发展策略。在单点业绩增长层面，近两年我们持续推新，加强渠道布局，多款新品均收获了超出预 期的市场反馈，未来，我们将继续以新品迭代为核心驱动力，为公司业绩增长注入更多活力。 在功能创新领域，2025 年我们重点推出两款差异化产品：一是推出无糖特饮添加了 L-α-甘磷酸胆碱， 精准切入健康饮品细分赛道；二是成功斩获保健食品认证的加强型牛磺酸能量饮料，进一步丰富了公司 在能量饮料领域的产品矩阵，实现赛道内的多元化布局。" （企业公告） (编辑：王璨 林辰)关键字： 饮料 东鹏饮料 产品销售方面，核心老品在省内市场保持稳健增长态势，而省外市场则存在广阔的开拓空间。针对省外 市场，我们长期深耕消费者培育工作，通过赛事赞助等高空广告投放及线下推广活动的多维布局，品牌 影响力持续提升。目前，年轻消费群体对品牌的认知度已显著增强，白领群体的饮用渗透率也在稳步提 高。 ...

近日，东鹏饮料发布投资者关系活动记录表。当中披露，关于海岛椰在餐饮渠道中的规划，东鹏饮料指 出，餐饮渠道是公司战略布局的核心探索赛道之一。国内餐饮行业门店基数庞大，消费场景多元丰富， 蕴藏着可观的市场潜力与增长空间。基于产品饮用场景的精准适配性考量，公司选定植物蛋白饮料"海 岛椰"作为餐饮渠道切入的核心试点单品。该产品不仅能够契合餐饮消费场景下的佐餐需求，其独特的 产品调性与包装设计，亦与节庆礼赠的消费氛围高度适配，具备"餐饮+礼赠"双场景驱动的市场竞争 力。未来，公司将持续加大资源投入力度，深耕餐饮渠道拓展工作，通过精细化运营策略，推动产品与 餐饮消费场景的深度融合与强绑定，着力提升产品在餐饮饮品市场的渗透率与占有率，为公司业绩增长 开拓全新增长点。 （企业公告） ...

证券研究报告 | 行业周报 | 食品饮料 食品饮料 报告日期：2026 年 02 月 07 日 食品饮料周报：重视茅台批价上行信号，看好大众品春节备货行情 ——食饮行业周报（2026 年 2 月第 1 期） 投资要点 ❑ 市场表现复盘 ❑ 本周（2 月 2 日-2 月 6 日，下同），食品饮料板块涨跌幅为 +4.31%，上证 综指涨跌幅为-1.27%，沪深 300 指数涨跌幅为-1.33%，具体来看，白酒 +5.29%、软饮料+4.71%、啤酒 +4.48%、调味发酵品+3.81%、乳品+2.62%、 零食+1.86%、预加工食品+1.58%、肉制品+1.28%、烘焙食品+0.61%、其他酒 类-0.44%、保健品-1.36%。 ❑ 周观点更新 白酒：重视茅台批价上行信号，看好板块反转弹性布局机会。本周沪深 300/食饮/白酒板块涨跌幅-1.33%/+4.31%/+5.29%，其中贵州茅台/金徽酒/ 山西汾酒涨幅+8.14%/+4.95%/+2.39%，白酒板块受飞天批价上行延续较好情 绪，明显跑赢大盘。我们看好本轮由贵州茅台领军带动的白酒板块低位向上 弹性行情：① 消费环境看：25 年在股市财富效应带动下， ...