Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing (A+H), marking a significant milestone in its global expansion strategy [1][8]. Group 1: Financial Performance - Dongpeng Beverage is projected to achieve a revenue of over 20.76 billion yuan in 2025, representing a year-on-year growth of over 31%. The net profit is expected to reach between 4.34 billion and 4.59 billion yuan, with an increase of over 30% [3]. - The company has consistently outperformed the industry in terms of revenue and profit, showcasing strong internal growth momentum [3]. Group 2: Market Strategy and Channel Development - Dongpeng has established a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active terminals, reaching over 250 million consumers [3]. - The company employs refined channel management to ensure efficient product distribution across the national market, which serves as a core competitive advantage against industry fluctuations [3]. Group 3: Product Innovation and Diversification - Dongpeng's "1+6" strategy centers around its flagship product, Dongpeng Special Drink, while simultaneously nurturing six potential product categories. The electrolyte drink "Bushi La" has seen remarkable growth, with revenue soaring to 2.847 billion yuan in the first three quarters of 2025, a year-on-year increase of 134.8% [3]. - The company is also responding to evolving consumer health trends by launching a zero-sugar, zero-fat version of Dongpeng Special Drink, targeting health-conscious consumers [5]. Group 4: Global Expansion - The recent listing on the Hong Kong Stock Exchange is a crucial step in Dongpeng's global strategy, with a clear path to international markets by focusing on cost-effectiveness and cultural branding [7]. - Dongpeng's products are currently exported to over 30 countries and regions, with operational subsidiaries in Indonesia and Vietnam, and the raised funds will enhance production capacity and supply chain upgrades to support global development [7].

导读： 2025年，港交所的锣声格外密集，2026年开年，依然火爆。 作者丨FOFWEEKLY 2026年伊始，港股IPO市场延续了去年的强劲势头，呈现供需两旺的活跃景象。 这波热潮正为一级市场带来了新的活力与期待。 投资升温，递表激增 2026年开年，一级市场活力满满。 很多投资机构都在疯狂的出手，而且决策速度明显加快，甚至满市场都是fomo情绪。 日前多家机构公开表示，2026年的投资节奏将会持续，甚至高于2025年。 随着市场信心恢复，长期资金的配置需求正在释放，资金端正在加速进入市场，投资机构都在跃跃 欲试中。一方面，项目融资节奏显著加快。另一方面，LP的出资意愿也在增强。随着市场信心的 恢复，长期资金的配置需求正在释放。 与此同时，IPO节奏也延续去年的火爆程度。 据Wind数据显示，截至2月2日，今年以来已有13家公司在港上市，较去年同期有所增加。而在1 月份，共有139家公司向港交所递交上市申请材料，整体覆盖新能源、半导体、AI、机器人、消 费、生物医药等多个细分领域。 中国证监会最新披露的备案情况显示，近期多家涉及医药、半导体、新消费等领域的企业赴港IPO 备案材料已被接收，为港股市场储备了丰 ...

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing in both A-shares and H-shares, raising approximately HKD 10.1 billion through the issuance of 40.89 million shares at an offering price of HKD 248 per share [1][5]. Group 1: Listing Details - On its first trading day, Dongpeng Beverage's opening price matched the offering price at HKD 248.00 per share, but it later fell to HKD 247.2, representing a decline of 0.32% and a total market capitalization of HKD 138.7 billion [3]. - The cornerstone investor lineup for the IPO is notable, with 15 leading global institutions collectively subscribing over USD 600 million, including sovereign wealth funds, international long-term funds, and private equity [5]. Group 2: Financial Performance and Projections - Dongpeng Beverage's revenue is projected to exceed RMB 20 billion by 2025, with estimates ranging from RMB 20.76 billion to RMB 21.12 billion, reflecting a year-on-year growth of 31.07% to 33.34% [9]. - The company reported revenues of RMB 85 billion, RMB 112.6 billion, RMB 158.3 billion, and RMB 168.4 billion for the years 2022 to 2025, with net profits of RMB 14.4 billion, RMB 20.4 billion, RMB 33.3 billion, and RMB 37.6 billion respectively [9]. Group 3: Strategic Intentions - The dual listing is aimed at enhancing the company's capital strength and overall competitiveness, improving its international brand image, and supporting its global business development needs [10]. - Dongpeng Beverage plans to invest up to USD 200 million to establish a production base in Indonesia, marking its first overseas manufacturing facility and further penetrating the Southeast Asian market [10].

此次港股上市是东鹏饮料全球化战略的重要起点。作为企业出海的关键举措，港股上市将为其国际化拓 展提供强大助力。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外子公司落地运营， 海外产能与渠道布局同步推进；本次募集资金也将投向产能完善与供应链升级，既夯实国内生产效率与 成本优势，更直接赋能全球化发展蓝图。 东鹏饮料港股上市、完成A+H双重资本布局，既是企业发展的里程碑，更是中国功能饮料品牌走向全 球的宣言书。以资本为翼，以品质为基，这只"东方大鹏"正借势振翅，加速全球化产能、渠道与品牌的 纵深布局。未来，东鹏饮料将持续领跑国内功能饮料赛道，更以中国消费龙头之姿出海拓疆，用东方能 量重塑全球市场格局，让民族品牌享誉世界，实现"飞跃全球"民族品牌使命。 上市仪式中，东鹏饮料集团董事长、总裁林木勤与东鹏大咖品牌代言人韩红共同敲响上市金锣，标志着 东鹏饮料正式登陆港交所，来自东方的大鹏，开启A+H新征程，飞跃全球。这不仅为中国民族能量品 牌出海重磅加码，彰显品牌"飞跃全球"的使命，更展现剑指全球市场的雄心。 作为中国功能饮料领军者，东鹏饮料精准把握行业发展趋势，稳居功能饮料赛道领跑地位，同时紧扣健 康化、细分 ...

深圳商报·读创客户端首席记者 谢惠茜 中国饮料巨头加速奔赴全球资本舞台。2月3日，东鹏饮料正式在香港主板上市，完成"A+H"双资本布局，向全球化饮料企业进阶。东鹏饮料开盘报248港 元，平招股价，盘前成交额为4.2亿港元。 稳健增长的背后，是渠道体系的坚实支撑。据悉，目前，东鹏饮料已构建覆盖全国近100%地级市的立体化销售网络，拥有3200余家经销商及430万家有效活 跃终端网点，触达不重复终端消费者超2.5亿。通过渠道精细化管理，确保产品高效触达全国市场，这一广覆盖、深渗透的渠道体系，既助力产品动销与市 场扩张，更成为企业抵御行业波动的核心竞争优势。 据透露，此次港股上市是东鹏饮料全球化战略的重要起点。作为企业出海的关键举措，港股上市将为其国际化拓展提供强大助力。目前东鹏饮料的产品已出 口超30个国家和地区，印尼、越南等海外子公司落地运营，海外产能与渠道布局同步推进；本次募集资金也将投向产能完善与供应链升级，既夯实国内生产 效率与成本优势，更直接赋能全球化发展蓝图。 据悉，未来东鹏饮料将持续用东方能量重塑全球市场格局，让民族品牌享誉世界，实现"飞跃全球"民族品牌使命。 据悉，本次东鹏饮料的IPO，实现了三个 ...

作为中国功能饮料赛道的领军企业，东鹏饮料始终精准把握行业发展趋势，紧扣消费市场健康化、细分 化的核心需求，构建起多元化的产品矩阵，推行"1+6"多品类发展战略，在巩固能量饮料核心优势的同 时，持续培育第二增长曲线，产品结构优化成效显著。旗下拳头产品东鹏特饮凭借深入人心的品牌价值 与深度的渠道渗透能力，表现尤为亮眼，连续4年（2021-2024）位居中国功能饮料销量榜首，2025年前 三季度，其收入达到125.63亿元，同比增幅接近20%，在中国百亿单品中增速位居前列。 而上市仅三年的东鹏补水啦，更是实现了跨越式增长，该产品自2023年1月推出后增速迅猛，2025年上 半年收入14.93亿元，追平2024年全年，前三季度累计收入达28.47亿元。东鹏补水啦以"快速补电解 质"为核心定位抢占运动场景赛道，据尼尔森数据显示，按营收规模已成为中国电解质饮料第一品牌， 成为企业业绩增长的全新引擎。此外，东鹏饮料还着眼于大众日常饮用与多元化消费需求，持续推出果 之茶、港氏奶茶等新品类，以产品创新引领消费潮流，展现出强劲的品牌生命力。 2月3日，东鹏饮料正式登陆香港联合交易所主板，证券简称为"东鹏饮料"，股份代码09980 ...

"东鹏特饮"凭借深入人心的品牌价值与渠道渗透，销售额登顶中国能量饮料榜首；上市三年，"东鹏补水啦"2025年前三季度营收达28.47亿元，同比增长 134.78%，跃升为中国电解质饮料第一品牌，成为企业增长的新引擎。同时，东鹏饮料着眼于更广阔的日常饮用与多元化需求，持续推出"果之茶""港氏奶 茶"等新品，展现出以创新引领消费潮流的强大生命力。 2月3日，东鹏饮料正式在香港联合交易所主板上市，证券简称为"东鹏饮料"，股份代码为09980.HK，成为国内首家"A+H"双上市的功能饮料企业。 上市仪式中，东鹏饮料集团董事长、总裁林木勤与东鹏大咖品牌代言人韩红共同敲响上市金锣，标志着东鹏饮料正式登陆港交所，来自东方的大鹏，开启 A+H新征程，飞跃全球。这不仅为中国民族能量品牌出海重磅加码，彰显品牌"飞跃全球"的使命，更展现剑指全球市场的雄心。 价值内核筑根基，业绩渠道双轮驱动 作为中国功能饮料领军者，东鹏饮料精准把握行业发展趋势，稳居功能饮料赛道领跑地位，同时紧扣健康化、细分化消费需求构建多元化产品矩阵，推 行"1+6"多品类战略，在巩固能量饮料核心优势的同时推动东鹏补水啦等新品类快速成长，产品结构持续优化，第二增长 ...

2月3日，东鹏饮料正式登陆香港联合交易所主板，证券简称为"东鹏饮料"，股份代码09980.HK，成为国内首家实现A+H双上市的功能饮料企业。此次港股 上市，不仅是东鹏饮料资本布局的重要里程碑，更标志着中国民族功能饮料品牌正式迈入全球化发展的全新阶段，为行业出海树立了新标杆。上市仪式上， 东鹏饮料集团董事长、总裁林木勤与东鹏大咖品牌代言人韩红共同敲响上市金锣，这一时刻也宣告着这只来自东方的"大鹏"，正式开启A+H双资本平台的新 征程，向着"飞跃全球"的品牌使命全速迈进。 东鹏饮料集团董事长、总裁林木勤与韩红共同敲响上市金锣 产品+业绩双优，筑牢企业核心竞争力 作为中国功能饮料赛道的领军企业，东鹏饮料始终精准把握行业发展趋势，紧扣消费市场健康化、细分化的核心需求，构建起多元化的产品矩阵，推 行"1+6"多品类发展战略，在巩固能量饮料核心优势的同时，持续培育第二增长曲线，产品结构优化成效显著。旗下拳头产品东鹏特饮凭借深入人心的品牌 价值与深度的渠道渗透能力，表现尤为亮眼，连续4年（2021-2024）位居中国功能饮料销量榜首，2025年前三季度，其收入达到125.63亿元，同比增幅接近 20%，在中国百亿单品中增速 ...

记者｜刘婧汐 编辑｜高梦阳 2026年2月3日，东鹏饮料(09980.HK)在香港联交所挂牌并开始上市交易，今日开盘，东鹏饮料报248.00 港元/股，市值1391.04亿港元。随后破发，最低下探至244.2港元/股。 截至收盘，东鹏饮料（605499.SH）报253.96元/股，东鹏饮料（09980.HK）报251.8港元/股，日内涨 1.69%。 （图源：东鹏特饮微博账号） 此次港股上市，东鹏基石投资阵容豪华——包括15家全球头部机构合计认购金额超过6亿美元，覆盖主 权财富基金、国际长线基金、中资头部长线机构、私募基金及消费产业资本等多元类型。本次15亿的发 行规模（或13亿基础发行规模）中，大约有6亿4千万（将近一半）是基石的分配。 具体来看，本次东鹏饮料香港IPO引入基石投资者包括Al-Rayyan Holding LLC、太白投资有限公司(为淡 马锡控股(私人)有限公司("淡马锡")的间接全资子公司)、True Light InvestmentsH Pte. Ltd.、BlackRock基 金、UBS Asset Management(Singapore) Ltd、Huang River Inves ...

Core Viewpoint - Dongpeng Beverage successfully listed on the Hong Kong Stock Exchange on February 3, 2026, with an opening price of HKD 248.00 per share and a market capitalization of HKD 139.1 billion, although it experienced a drop below the opening price during the day [1] Group 1: IPO Details - The IPO attracted a strong cornerstone investor lineup, with 15 global leading institutions collectively subscribing over USD 600 million, including sovereign wealth funds, international long-term funds, and private equity [3][4] - The total issuance scale for the IPO was approximately HKD 15 billion, with around HKD 6.4 billion (nearly half) allocated to cornerstone investors [3] Group 2: Financial Performance - Dongpeng's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were reported as RMB 8.5 billion, RMB 11.26 billion, RMB 15.83 billion, and RMB 16.84 billion respectively, with net profits of RMB 1.44 billion, RMB 2.04 billion, RMB 3.33 billion, and RMB 3.76 billion [5] - According to a report by Frost & Sullivan, Dongpeng has ranked first in China's functional beverage market by sales for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024, and the company has the highest revenue growth rate among the top 20 listed soft drink companies globally [5] Group 3: Market Position - Following its successful listing, Dongpeng became the first functional beverage company in China to be listed on both A-shares and H-shares [6] - The pricing of Dongpeng's H-shares was approximately 15% lower than its A-shares at the time of cornerstone pricing, marking it as the second narrowest discount for an A+H IPO, following CATL [6]