[Table_Summary] 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净利润 9.8 亿元（+47.62%），扣非净利润 9.59 亿元（+53.55%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 丨证券研究报告丨 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2025 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2025 2] 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 [Table_Summary2] 事件描述 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净 ...

你是否曾好奇，全球那些令人瞩目的品牌背后究竟隐藏着什么成功的秘诀？ FBIF2025带来四十余个品牌案例，通过这一系列成功品牌，我们将带你一探究竟，揭密他们如何通过 创新、策略和独特的价值定位在市场上脱颖而出。 准备好从这些案例中汲取灵感了吗？ 全体大会 【案例一 ：东鹏饮料 】 国内纵深，国际横拓——双轮驱动韧性增长 【 分享嘉宾 】 胡亚军 ，集团副总裁， 东鹏饮料 【时间】 5月10日 14:40-15:20 【 场次 】 全体大会 2025年第一季度，东鹏饮料实现营收48.48亿元，同比增长39.23%；净利润达9.8亿元，同比增长 47.62%，展现出强劲的内生动力。在国内经营稳健的基础上，公司加速推进国际化战略。在全球地缘 格局深度调整、中国品牌加速出海的关键时刻，FBIF2025 全体大会将迎来一场对话：FBIF创始人贝拉 将对话东鹏饮料集团副总裁胡亚军先生，围绕 中国民族快消品牌出海的全球化探索之路 展开深度交 流。 作为中国快消出海的重要观察者与实战操盘者，胡亚军先生将分享他对海外市场变化的最新研判，回应 行业关注的"出海难题"背后的真正逻辑，并就东鹏如何从华南起步、布局中东、走向全球的路径 ...

Core Viewpoint - Dongpeng Beverage has established itself as a leader in the functional beverage sector in the A-share market, with a market capitalization that has surged from under 20 billion RMB at its IPO to over 120 billion RMB currently, following its successful listing in May 2021 [1][2]. Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.839 billion RMB, a year-on-year increase of 40.63%, and a net profit of 3.327 billion RMB, up 63.09% [2]. - The company's core product, Dongpeng Special Drink, saw its market share rise from 43% to 47.9% [2]. - In Q1 2025, revenue grew by 39.23% and net profit increased by 47.62% [1]. Shareholder Actions - Since the lifting of the lock-up period in 2022, there has been a notable trend of shareholder sell-offs, with the second-largest shareholder, Junzheng Investment, reducing its stake from 9% to below 4% through four rounds of sales, totaling over 4.1 billion RMB [3]. - Key executives and board members have also engaged in share sell-offs, amounting to 1.369 billion RMB [3]. Dividend Policy - Dongpeng Beverage has distributed over 4 billion RMB in dividends since its IPO, with the founder's family receiving more than 2.5 billion RMB, raising concerns about the governance structure [1][4]. - Following the 2024 earnings announcement, the company declared a cash dividend of 1.3 billion RMB, with the founder's family set to receive approximately 871 million RMB, accounting for 67% of the total [4]. Market Position and Strategy - Dongpeng Beverage has maintained a dominant position in the energy drink market, with a sales volume that has ranked first in China for three consecutive years [5]. - The company is facing challenges due to its reliance on a single product, Dongpeng Special Drink, which accounted for over 80% of its revenue in recent years [13]. - To diversify, the company launched a new electrolyte drink, "Bushuila," which generated 1.495 billion RMB in revenue in 2024, representing 9.4% of total revenue [13]. Financial Health and Risks - As of the end of 2024, Dongpeng Beverage reported cash assets of 14.223 billion RMB but also maintained short-term borrowings of 6.551 billion RMB, leading to a significant increase in its debt ratio [8]. - The company's "big deposit, big loan" model has raised concerns about credit arbitrage and the potential transfer of operational risks to minority shareholders [9][12]. R&D and Competitive Landscape - Dongpeng Beverage's R&D expenditure has decreased from 0.67% to 0.51% of revenue from 2019 to 2022, which is significantly lower than industry averages, potentially hindering its long-term competitiveness [14]. - The company faces increasing competition in the beverage market, with new entrants and changing consumer preferences posing challenges to its market position [15].

随着4月24日又一家A股公司——和辉光电递表港交所，2025年以来已有17家A股公司正式递表，开启赴港上市 之旅。 证券时报记者通过梳理这些赴港上市的A股公司招股书以及各家公司情况，发现它们目前呈现出三大特征：行 业集中度高，消费与科技企业主导；"国际大行+国内大行"成标配；国际化需求迫在眉睫。 行业集中度高：消费与科技企业主导 2024年以来，随着内地和香港两地监管部门不断推出利好"A+H"新政策，尤其是在2024年4月，中国证监会发布 五项资本市场对港合作措施，其中一项便是"支持内地行业龙头企业赴香港上市"。当年10月，香港证监会和港 交所发布联合声明，其中一条即是针对A股公司赴港上市——针对符合资格的A股公司推出快速审批时间表。 在这一背景下，A股公司赴港上市的热情被彻底点燃，2025年更是迎来"井喷"。Wind数据显示，2022年至2024 年，赴港上市的A股公司分别仅有4家、1家和3家，但在2025年，已正式递表港交所的A股公司就已达到17家， 同时还有超过10家A股公司已宣布正在筹划赴港上市。 而从2025年已递表的17家公司来看，一个明显的特征是，消费品公司以及科技企业是主导。如海天味业、东鹏 ...

Group 1 - The core index, CN Consumption Composite Index, closed at 8775.28 points, with a monthly increase of 0.61%, a quarterly increase of 7.78%, and a year-to-date increase of 1.78% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings in the CN Consumption Composite Index include Kweichow Moutai (27.04%), Wuliangye (7.02%), Yili (5.12%), Muyuan Foods (3.07%), Shanxi Fenjiu (2.96%), Luzhou Laojiao (2.64%), Wens Foodstuff (2.55%), Nongfu Spring (1.97%), Haitian Flavoring (1.96%), and Dongpeng Beverage (1.63%) [1] Group 2 - The market distribution of the CN Consumption Composite Index shows that the Shanghai Stock Exchange accounts for 54.65%, Shenzhen Stock Exchange for 34.46%, Hong Kong Stock Exchange for 10.65%, and other exchanges have negligible shares [2] - In terms of industry composition, the index is heavily weighted towards alcohol (50.76%), followed by food (21.30%), breeding (13.38%), soft drinks (6.02%), planting (3.20%), beauty care (2.71%), household goods (1.94%), and tobacco (0.58%) [2] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3] - Adjustments to the index sample occur when there are changes in industry classification due to special events or when a sample company is delisted [3]

Core Viewpoint - Dongpeng Beverage has applied for an IPO on the Hong Kong Stock Exchange, showing strong revenue and profit growth, but also high short-term debt levels and ongoing share reductions by executives and shareholders [2][13]. Financial Performance - Dongpeng Beverage's revenue for 2022, 2023, and 2024 is projected to be 85 billion RMB, 112.57 billion RMB, and 158.30 billion RMB, reflecting year-on-year growth rates of 21.9%, 32.5%, and 40.6% respectively [7]. - Net profit for the same years is expected to be 14.41 billion RMB, 20.4 billion RMB, and 33.26 billion RMB, with growth rates of 20.75%, 41.6%, and 63.1% respectively [7]. - The company's gross margin increased from 41.6% to 44.1%, and net profit margin rose from 16.9% to 21% during the same period [11]. Debt and Cash Position - As of the end of 2024, Dongpeng Beverage's total assets are valued at 226.76 billion RMB, with short-term loans amounting to approximately 65.51 billion RMB, which constitutes nearly 30% of total assets [12]. - The company holds significant cash reserves, with cash and cash equivalents at 33.28 billion RMB and financial assets valued at 48.97 billion RMB [12]. Product Revenue Breakdown - Dongpeng Beverage's main business includes the research, production, and sales of various beverages, with Dongpeng Energy Drink accounting for over 80% of total revenue in recent years [3]. - Revenue from Dongpeng Energy Drink for 2022, 2023, and 2024 is projected to be 8.21 billion RMB, 10.35 billion RMB, and 13.30 billion RMB, with compound annual growth rates of 27.3% [3][4]. Market Position - Dongpeng Beverage has been the top seller in China's functional beverage industry for four consecutive years, with market share increasing from 15% in 2021 to 26.3% in 2024 [6]. - The company ranks fourth globally in the functional beverage market and third in the energy drink sector, with respective market shares of 5.3% and 9.5% [6]. Shareholder Activity - Since its A-share listing, Dongpeng Beverage's executives and shareholders have been reducing their holdings, with significant reductions reported, including a planned reduction of up to 716.89 million shares by a major shareholder [13][14].

Core Viewpoint - The company achieved revenue and net profit of 4.848 billion and 980 million yuan in Q1 2025, representing year-on-year growth of 39.23% and 47.62% respectively [1] Group 1: Revenue Growth - Dongpeng Beverage maintained steady growth, with revenue from Dongpeng Beverage, Dongpeng Water, and other beverages reaching 3.901 billion, 570 million, and 375 million yuan respectively, with year-on-year growth of 25.71%, 261.46%, and 72.62% [1] - The proportion of Dongpeng Water and other beverages increased to 19%, with Dongpeng Water accounting for 12% of total revenue in Q1 [1] Group 2: Regional Performance - Mature regions such as Guangdong, East China, and Guangxi showed steady growth, while other regions experienced growth rates exceeding 50% [1] - Revenue from various regions in Q1 included 1.1 billion from Guangdong, 700 million from East China, and 400 million from Guangxi, with year-on-year growth rates of 22%, 31%, and 32% respectively [1] Group 3: Channel Development - The company reported significant improvement in distributor quality, with the number of distributors increasing by 332 to 3,244 in Q1 [1] - Revenue from distributors, key customers, online sales, and others reached 4.3 billion, 500 million, 100 million, and 1 million yuan respectively, with year-on-year growth of 37%, 63%, 54%, and a decline of 83% [2] Group 4: Profitability and Costs - The company experienced a notable increase in gross margin and net margin, with gross margin at 44.47% and net margin at 20.21%, up by 1.70 and 1.15 percentage points year-on-year [2] - Sales expenses increased by 36% due to higher advertising and sales personnel costs, while financial expenses rose due to decreased interest income [2] Group 5: Future Outlook - The company targets a revenue and net profit growth rate of no less than 20% for 2025, with expectations for Dongpeng Water to continue expanding and other beverages to enhance the product matrix [3] - Projected revenues for 2025-2027 are 20.6 billion, 25.7 billion, and 31.5 billion yuan, with corresponding growth rates of 30%, 25%, and 23% [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][17]. Core Views - The company has achieved rapid revenue growth, with Q1 2025 revenue and net profit reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year increases of 39.23% and 47.62% [1]. - The product line is expanding, with "Dongpeng Water" and other beverages contributing to a 19% share of total revenue in Q1 2025 [1]. - The company is actively expanding its market presence, with significant growth in regions outside of Guangdong, with some areas seeing growth rates exceeding 50% [1]. - The average dealer size has increased by 25% year-on-year, indicating improved dealer quality [2]. Financial Performance - The gross margin improved by 1.70 percentage points to 44.47%, while the net profit margin increased by 1.15 percentage points to 20.21% [3]. - Sales expenses increased by 36% due to higher advertising and promotional costs [3]. - Operating cash flow decreased by 27% year-on-year to 631 million yuan, primarily due to increased year-end bonuses and tax payments [3]. Future Outlook - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with expectations for continued growth from "Dongpeng Water" and new product launches [4]. - Revenue projections for 2025-2027 are estimated at 20.607 billion, 25.731 billion, and 31.540 billion yuan, with corresponding growth rates of 30%, 25%, and 23% [4]. - The expected net profit for the same period is projected to be 4.501 billion, 5.744 billion, and 7.160 billion yuan, with growth rates of 35%, 28%, and 25% [4]. Financial Data and Valuation - The company’s revenue for 2023 is projected at 11.263 billion yuan, with a growth rate of 32.42% [5]. - The estimated earnings per share (EPS) for 2025 is 8.65 yuan, with a price-to-earnings (P/E) ratio of 32.41 [5]. - The company’s total market capitalization is approximately 145.884 billion yuan [7].

Core Insights - Dongpeng Beverage continues to show remarkable growth in Q1 2025, with total revenue reaching 4.848 billion yuan, a year-on-year increase of 39.23%, and net profit of 980 million yuan, up 47.62% [2][3] - The company is initiating its Hong Kong stock listing process to support its global expansion strategy, aiming to replicate its successful domestic model in Southeast Asia and beyond [1][12] Group 1: Domestic Growth - Dongpeng's flagship product, Dongpeng Special Drink, generated 3.9 billion yuan in revenue, reflecting a 25.7% year-on-year growth, with a continuously increasing market share [2][3] - The company has established itself as a national brand, transitioning from a regional leader to a household name in China [2] Group 2: Strategic Growth Drivers - The company employs a precise consumer targeting strategy, initially focusing on truck drivers and later expanding to include young professionals, students, and athletes, maintaining a consistent product positioning [3] - Dongpeng has adopted a "1+6 multi-category strategy," expanding its product line to include electrolyte drinks, coffee, and tea, with the new product "Dongpeng Water" achieving 570 million yuan in revenue within two years [7][10] Group 3: National Expansion Strategy - Dongpeng has built a comprehensive national sales network with over 3,000 distributors, achieving 100% coverage in prefecture-level cities and nearly 4 million active retail outlets [10] - The company utilizes a digital supply chain system, enabling real-time tracking of production and logistics, enhancing supply chain transparency and efficiency [11] Group 4: Global Expansion Initiatives - Dongpeng is targeting Southeast Asia for its global expansion, leveraging the region's high temperatures and large labor force to drive beverage demand [12][13] - The company is establishing production bases in Hainan and Indonesia, with Hainan's investment at 1.2 billion yuan and Indonesia's at 200 million USD, aiming to meet local demand and expand its market reach [14] Group 5: Capital Market Strategy - The upcoming Hong Kong IPO is seen as a crucial step for Dongpeng to transition from a regional player to a global brand, providing access to international capital and strategic resources [16] - The capital raised will support the company's efforts in localizing products and expanding its production and distribution networks overseas [16][17]

Core Insights - The energy drink market in China is currently dominated by Red Bull and Dongpeng, creating a significant gap that is difficult for new entrants to bridge. However, a potential reshuffle is anticipated in 2025 due to the rise of Uni-President's "Huan Shen" energy drink [1][3]. - The launch of the 1L "Huan Shen" at a price of 6 yuan has disrupted traditional pricing models, appealing particularly to cost-sensitive consumers such as truck drivers and delivery personnel [3][4]. - The promotional campaign "2 Yuan Enjoy" initiated by Uni-President has further strengthened the market presence of "Huan Shen," drawing comparisons to Dongpeng's successful strategies [4]. Market Dynamics - The energy drink market has seen a clear leader-follower dynamic, with Red Bull and Dongpeng establishing a strong foothold. New products have struggled to gain traction until the recent introduction of "Huan Shen" [1]. - The competitive landscape is shifting as "Huan Shen" demonstrates strong sales performance, reportedly achieving 1.5 times the sales of Dongpeng in similar shelf space [3]. - The aggressive pricing strategy of "Huan Shen" at 6 yuan for 1L, which is 60% of the price of Dongpeng's 500ml, is a key factor in its market penetration [3]. Promotional Strategies - The "2 Yuan Enjoy" campaign has been rolled out across various regions, enhancing brand visibility and consumer engagement [4]. - The messaging strategy directly targets Dongpeng by emphasizing the cost-effectiveness of "Huan Shen," indicating a strategic approach to compete head-to-head with established brands [4].