中国能量饮料制造商东鹏饮料(9980.HK)明日挂牌，今日在富途的暗盘价收跌0.08%，报247.8港元。该 股发售4088.99万股H股，香港公开发售占10%，其余为国际配售，每股招股价将不高于248港元，集资 最多101.41亿港元。 | 09980 东鹏饮料 | | | | --- | --- | --- | | 247.800 ↓ -0.200 -0.08% | | 暗盘已收盘 02/02 18:29 | | * % 12 月 ♥ 白选 | | 快捷交易 | | 最高价 254.000 | 开盘价 250.200 | 成交量 39.68万 | | 最低价 240.200 | 昨收价 248.000 | 成交额 9801.5万 | | 平均价 247.013 | 市盈率 TM 28.33 总市值 1389.92亿 (m) | | | 振 幅 5.57% | 市空室(静) 37.30 | 总股本 5.61亿 | | 换手率 0.97% 市净率 14.104 | | 流通值 101.33亿(i) | | 52周最高 254.000 委 比 -75.29% | | 流通股 4088.99万 | | 52周最低 ...

业内人士分析，此举标志着其进入港股IPO冲刺阶段，更意味着这家A股"功能饮料第一股"将完 成"A+H"双资本布局。东鹏饮料此次港股冲刺的核心底气，源于2025年在产品与产能领域的扎实积淀， 多品类破局与全国化产能落地，共同筑牢了企业全球化的根基。 现如今，东鹏饮料成功培育出第二增长曲线，电解质饮料"东鹏补水啦"异军突起，成为公司拉动业绩增 长的重要力量。同时，公司持续优化产品矩阵，推出多规格产品精准覆盖多元场景，展现出成长为百亿 单品的巨大潜力。 目前，东鹏饮料全国化产能布局，已形成高密度、均衡化生产网络。近年来，东鹏饮料平均每年新增2 个生产基地，目前已有10个基地顺利投产。2026年1月23日，成都生产基地项目正式签约，总占地约280 亩、计划投资10亿元建设6条高端生产线，建成后将成为现代化综合基地，大幅提升西南及全国供应能 力。 亮眼的业绩表现、深度的数字化转型与完善的渠道网络，共同构成东鹏饮料的核心竞争力。2025年，东 鹏饮料交出惊艳答卷，预计全年营业收入207.6亿—211.2亿元，同比增长31.07%—33.34%；预计归母净 利润43.4亿—45.9亿元，同比增幅达30.46%—37.97% ...

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by 2.48%, with the CSI 300 down by 2.13%, the STAR Market 50 down by 3.88%, the CSI 1000 down by 3.39%, the ChiNext Index down by 2.46%, and the Hang Seng Index down by 2.23% [5][4] - The best-performing sectors on February 2 were food and beverage (+1.11%) and banking (+0.17%), while the worst-performing sectors included non-ferrous metals (-7.62%), steel (-5.93%), basic chemicals (-5.69%), coal (-5.64%), and oil and petrochemicals (-5.51%) [5][4] - The total trading volume for the A-share market on February 2 was 26,066 billion yuan, with net inflow of southbound funds amounting to 1.907 billion HKD [5][4] Important Recommendations - The report highlights Dongpeng Beverage (605499) as a leading player in the energy drink sector, with clear growth drivers for 2026, including stable growth in specialty drinks, new product launches, and channel deepening [6][6] - The company is expected to achieve a revenue growth rate of 15%-20% in 2026, driven by its core specialty drink products and strong brand positioning [6][7] - Revenue projections for Dongpeng Beverage are estimated at 20,948.13 million yuan for 2025, 26,103.01 million yuan for 2026, and 31,763.13 million yuan for 2027, with corresponding net profit estimates of 4,509.80 million yuan, 5,750.23 million yuan, and 7,141.71 million yuan [6][7] Important Insights - The report discusses the implications of the EU's antitrust actions against Booking, which has seen its market share increase from approximately 60% in 2013 to over 71% in 2023, despite regulatory changes [9][10] - Investment opportunities are identified in Booking's strong market position and its shift towards a merchant model, while competitors like Expedia and Airbnb are adapting their strategies to maintain market relevance [10][10] - Catalysts for growth include the transition to a merchant model, leveraging Google advertising for traffic acquisition, and utilizing membership programs to enhance customer engagement [10][10]

在消费行业分化加剧、全球资本聚焦优质核心标的背景下，东鹏饮料赴港上市的背后，是清晰的资本布 局逻辑与稀缺的长线投资价值——2026年1月，公司正式启动港股全球发售，计划于2月3日登陆港交所 主板(股票代码：09980)，冲刺国内首家"A+H"双上市功能饮料企业。此次IPO作为2020年以来亚洲消费 饮料行业最大规模发行，以248港元/股最高发行价、2.5万港元每手入场费布局，核心是依托双资本赋 能强化核心壁垒、拓宽增长边界，其稳健的业绩韧性与明确的全球化前景，也成为吸引全球顶级资本布 局的核心逻辑。 东鹏饮料港股 IPO招股书封面 多元品类战略落地，构筑业绩增长核心根基 在功能饮料行业增速放缓、结构性分化加剧的行业背景下，东鹏饮料的稳健增长，核心源于"1+6"多品 类战略的深度落地，构建起"核心单品稳盘、新锐产品爆发、新品储备充足"的良性产品生态，这也是其 获得资本认可的核心逻辑之一。 作为能量饮料赛道绝对龙头，东鹏特饮持续夯实业绩"压舱石"，自2021年起稳居中国能量饮料销量榜 首，2025年更进一步斩获销量、销售额"双料第一"，2025年前三季度实现收入125.63亿元，同比增长近 20%。通过无糖型产品 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6655509 | 东鹏饮料 | 257.00 | 2.74% | 3.23万 | | 8.37 乙 | | 920786 | 骑士乳业 | 10.84 | 1.40% | 16.74万 | 1.81亿 | | | 605179 | 一鸣食品 | 20.81 | 1.36% | 7.34万 | | 1.54亿 | | 603711 | 香飘飘 | 13.44 | 1.36% | 5.29万 | 7174.46万 | | | 300997 | 欢乐家 | 23.89 | 1.14% | 12.14万 | | 2.95 Z | | 300898 | 熊猫乳品 | 28.69 | 0.46% | 5.71万 | | 1.66亿 | | 600887 | 伊利股份 | 26.45 | 0.42% | 74.10万 | | 19.75亿 | | 300106 | 西部牧业 | 11.13 | 0.18% | 11.20万 | | 1.26亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leading player in the domestic energy drink market, with stable growth in specialty drinks, new product launches, and channel deepening driving performance beyond expectations [1][2] Summary by Sections Industry Dimension - The functional beverage sector is experiencing high growth potential, with energy drinks expected to maintain a CAGR of over 10% from 2025 to 2029 [22][15] - The energy drink market is projected to reach a retail value of 122.2 billion yuan in 2025, growing by 9.7% year-on-year [22] - The sports drink segment is also on a growth trajectory, with an expected CAGR of 12.2% from 2025 to 2029, reaching 629 billion yuan in 2025 [26] Channel Dimension - The company has expanded its terminal network to over 4.3 million points of sale, enhancing product availability and consumer reach [48] - The deployment of ice cabinets has been increased to optimize product display and stimulate immediate consumption, with an expected 100,000 cabinets in the next 3-5 years [48][49] - Digital supply chain systems are utilized to maintain high turnover rates and enhance sales efficiency across channels [53] Product Dimension - The company's "1+6" product strategy is clear, with energy drinks providing a stable revenue base and new categories like sugar-free tea and instant coffee expected to contribute to future growth [57][61] - The energy drink segment is anticipated to grow by 15%-20% in 2026, supported by strong market penetration and brand loyalty [57] - The company has established a strong brand presence in the hydration segment, with significant market share in key regions and ongoing expansion opportunities [59][60] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 20.95 billion, 26.10 billion, and 31.76 billion yuan, with year-on-year growth rates of 32.3%, 24.6%, and 21.7% respectively [5][10] - Net profit estimates for the same period are 4.50 billion, 5.75 billion, and 7.14 billion yuan, with growth rates of 35.6%, 27.5%, and 24.2% [5][10] - The company is valued at a PE ratio of 30x for 2026, suggesting a market capitalization of 172.5 billion yuan, indicating a potential upside of around 30% [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company is positioned as a leading player in the domestic energy drink market, with stable growth in specialty drinks, new product launches, and channel deepening driving performance beyond expectations [1][2] Summary by Relevant Sections Industry Dimension - The functional beverage sector is experiencing high growth potential, with energy drinks expected to maintain a CAGR of over 10% from 2025 to 2029 [22] - The energy drink market is projected to reach a retail value of 122.2 billion yuan in 2025, growing by 9.7% year-on-year [22] - The sports drink segment is also on a growth trajectory, with an expected CAGR of 12.2% from 2025 to 2029, reaching 997 billion yuan [26] Channel Dimension - The company has expanded its sales network to over 4.3 million points of sale, with ongoing efforts to penetrate both domestic and provincial markets [3][48] - The deployment of ice cabinets has been a key strategy to enhance product visibility and stimulate immediate consumption, with an expected increase in the number of ice cabinets to 100,000 within 3-5 years [48][49] - Digital supply chain systems are utilized to maintain high turnover rates and optimize promotional strategies across channels [53] Product Dimension - The company's "1+6" product strategy is clear, with energy drinks providing a stable revenue base and new categories like sugar-free tea and ready-to-drink coffee expected to contribute to future growth [57][61] - The energy drink segment is anticipated to grow by 15%-20% in 2026, supported by strong market presence and competitive pricing [57] - The company has established a strong brand presence in the hydration segment, with significant market share in key regions and ongoing expansion opportunities [59][60] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 20.95 billion, 26.10 billion, and 31.76 billion yuan, with year-on-year growth rates of 32.3%, 24.6%, and 21.7% respectively [5][10] - Net profit estimates for the same period are 4.5 billion, 5.75 billion, and 7.14 billion yuan, with growth rates of 35.6%, 27.5%, and 24.2% respectively [5][10] - The company is valued at a PE ratio of 30x for 2026, suggesting a market capitalization of 172.5 billion yuan, indicating a potential upside of around 30% [5]

目前，东鹏饮料全国化产能布局，已形成高密度、均衡化生产网络。近年，东鹏饮料平均每年新增2个生产基地，目前已有10个基地顺利投产。2026年1月23 日，成都生产基地项目正式签约，总占地约280亩、计划投资10亿元建设6条高端生产线，建成后将成为现代化综合基地，大幅提升西南及全国供应能力。科 学有序的产能扩张，有效控制物流成本、缩短配送时间、保障产品新鲜度，为全渠道供货提供坚实支撑，也为全球化战略奠定产能基础。 亮眼的业绩表现、深度的数字化转型与完善的渠道网络，共同构成东鹏饮料的核心竞争力，成为其奔赴港股、走向全球的底气。2025年，东鹏饮料交出惊艳 答卷，预计全年营业收入207.6-211.2亿元，同比增长31.07%-33.34%；预计归母净利润43.4-45.9亿元，同比增幅达30.46%-37.97%，首次迈入年营收200亿阵 营。在全球饮料行业增长放缓、国内消费市场复苏背景下，这样的高速增长，既印证企业实力，也彰显中国功能饮料赛道潜力，吸引全球资本关注。 更为亮眼的是，东鹏饮料成功培育出第二增长曲线，电解质饮料"东鹏补水啦"异军突起，这款2023年1月上市的产品，据尼尔森数据显示，仅用两年多时间 便登 ...

证 券 研 究 报 告 东鹏饮料（605499）跟踪点评 强推（维持） 携手三林共拓印尼，海外扩张更进一步 目标价：340 元 事项： 评论 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,839 | 20,932 | 26,110 | 30,621 | | 同比增速(%) | 40.6% | 32.2% | 24.7% | 17.3% | | 归母净利润(百万) | 3,326 | 4,486 | 5,702 | 6,860 | | 同比增速(%) | 63.1% | 34.9% | 27.1% | 20.3% | | 每股盈利(元) | 6.40 | 8.63 | 10.97 | 13.19 | | 市盈率(倍) | 39 | 29 | 23 | 19 | | 市净率(倍) | 16.9 | 13.6 | 10.2 | 7.9 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 30 日收盘价 公司研究 非 ...

证 券 研 究 报 告 东鹏饮料（605499）跟踪点评 强推（维持） 携手三林共拓印尼，海外扩张更进一步 目标价：340 元 事项： 评论 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,839 | 20,932 | 26,110 | 30,621 | | 同比增速(%) | 40.6% | 32.2% | 24.7% | 17.3% | | 归母净利润(百万) | 3,326 | 4,486 | 5,702 | 6,860 | | 同比增速(%) | 63.1% | 34.9% | 27.1% | 20.3% | | 每股盈利(元) | 6.40 | 8.63 | 10.97 | 13.19 | | 市盈率(倍) | 39 | 29 | 23 | 19 | | 市净率(倍) | 16.9 | 13.6 | 10.2 | 7.9 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 30 日收盘价 证券分析师： ...