公 司 报 告 食品饮料 2025年04月15日 东鹏饮料(605499.SH) 强者恒强，Q1表现亮眼 推荐 ( 维持) 股价:267.58元 行情走势图 证券分析师 | 张晋溢 | 投资咨询资格编号 | | --- | --- | | | S1060521030001 | | | ZHANGJINYI112@pingan.com.cn | | 王萌 | 投资咨询资格编号 | | | S1060522030001 | WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 事项： 公司发布2025年一季报，25Q1公司实现营业收入48.48亿元，同比增加 39.23%；实现归母净利润9.80亿元，同比增加47.62%。 平安观点： 证 券 研 究 报 告 wangxingyun937@pingan.com.cn 季 报 点 评 主要数据 行业 食品饮料 公司网址 www.szeastroc.com 大股东/持股 林木勤/49.74% 实际控制人 林木勤 总股本(百万股) 520 流通A股(百万股) 520 流通B/H股(百万股) 总市值(亿元) 1,391 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-033 东鹏饮料(集团)股份有限公司 2025 年第一季度主要经营数据的公告 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。 东鹏饮料（集团）股份有限公司(以下简称"公司")根据上海证券交易所《上 市公司行业信息披露指引第十二号——酒制造》的有关规定，现将公司 2025 年 第一季度主要经营数据公告如下： 一、主要业务经营情况 (一) 主营业务产品类别分类情况 单位：万元 币种：人民币 | 产品 | 2025 年一季度 | | 2024 年一季度 | | | --- | --- | --- | --- | --- | | | 收入 | 占比 | 收入 | 占比 | | 能量饮料 | 390,052.89 | 80.50% | 310,280.78 | 89.22% | | 电解质饮料 | 56,984.15 | 11.76% | 15,765.00 | 4.53% | | 其他饮料 | 37,479.69 | 7.74% | 21,712.84 | 6.25% | ...

证券代码：605499 证券简称：东鹏饮料 公告编号 2025-032 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 《2025 年第一季度报告》。 东鹏饮料（集团）股份有限公司 第三届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 东鹏饮料(集团)股份有限公司（以下简称"公司"）第三届董事会第十四次 会议于 2025 年 4 月 15 日（星期二）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 2025 年 4 月 10 日通过通讯方式送达各位董事。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先生主持，公司董事会秘书、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 2025 年第一季度报告的议案》 表决结果：10 票同意，0 票反对，0 票弃权。本议案获得通过。 本议案已经公司董事会审计委员会全体成员审议通过并同意提交董 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥4.85 billion, representing a 39.23% increase compared to ¥3.48 billion in the same period last year[4] - Net profit attributable to shareholders was ¥980 million, up 47.62% from ¥664 million year-on-year[4] - The net profit excluding non-recurring gains and losses increased by 53.55% to ¥959 million from ¥624 million in the previous year[4] - Basic earnings per share rose to ¥1.88, reflecting a 47.62% increase compared to ¥1.28 in the same period last year[4] - Operating profit for Q1 2025 was ¥1,238,520,366.41, up 48.3% from ¥834,720,609.32 in Q1 2024[30] - Net profit attributable to shareholders for Q1 2025 was ¥980,009,530.26, compared to ¥663,880,398.30 in Q1 2024, reflecting a 47.5% increase[30] - The basic and diluted earnings per share for Q1 2025 were both ¥1.8846, up from ¥1.2767 in Q1 2024, marking an increase of about 48%[32] Cash Flow and Liquidity - Cash flow from operating activities decreased by 26.53% to ¥631 million, primarily due to increased year-end bonuses and taxes compared to the previous year[10] - The net cash flow from operating activities for Q1 2025 was ¥631,493,112.47, compared to ¥859,544,401.77 in Q1 2024, indicating a decrease of about 26%[36] - The company’s cash and cash equivalents at the end of Q1 2025 stood at ¥2,913,418,540.63, down from ¥3,967,208,000.19 at the end of Q1 2024, reflecting a decrease of approximately 27%[38] - The total cash outflow from financing activities in Q1 2025 was ¥1,393,694,350.45, compared to ¥1,732,856,391.92 in Q1 2024, indicating a decrease of approximately 20%[38] - The company received cash from borrowings amounting to ¥883,000,000.00 in Q1 2025, a significant drop from ¥2,149,317,286.32 in Q1 2024[36] - The cash flow from operating activities was impacted by a total cash outflow of ¥4,256,691,122.49 in Q1 2025, compared to ¥3,316,062,098.64 in Q1 2024, reflecting an increase of about 28%[36] Assets and Equity - Total assets at the end of the reporting period were ¥22.68 billion, a slight increase of 0.02% from ¥22.68 billion at the end of the previous year[6] - The company's equity attributable to shareholders rose by 12.62% to ¥8.66 billion from ¥7.69 billion at the end of the previous year[6] - Total assets as of Q1 2025 amounted to ¥22,681,820,470.26, slightly up from ¥22,676,296,132.90 in the previous year[28] - Total liabilities decreased to ¥14,019,943,562.95 in Q1 2025 from ¥14,984,716,162.90 in Q1 2024, a reduction of 6.4%[28] - The total equity attributable to shareholders increased to ¥8,658,154,432.16 from ¥7,687,803,337.75 year-over-year, reflecting a growth of 12.6%[28] Expenses and Costs - Research and development expenses surged by 51.51%, indicating a significant increase in investment in innovation[12] - Sales expenses increased by 35.71%, attributed to higher advertising and sales personnel costs[12] - The company's operating costs grew by 35.09% year-over-year, driven by stable sales growth[16] - Research and development expenses for Q1 2025 were ¥16,766,543.06, an increase from ¥11,066,111.35 in Q1 2024, indicating a focus on innovation[30] - The company reported a gross profit margin improvement, with total operating costs rising to ¥3,666,582,237.37, compared to ¥2,694,283,711.06 in Q1 2024[30] Revenue Breakdown - Energy drinks accounted for 80.50% of total revenue in Q1 2025, while electrolyte drinks increased their share from 4.53% in Q1 2024 to 11.76% in Q1 2025[15] - The Guangdong region contributed RMB 112,517.71 million, accounting for 23.22% of total revenue in Q1 2025, up from 26.61% in Q1 2024[14] - The North China region saw a revenue increase to RMB 74,607.41 million, representing 15.40% of total revenue, compared to 12.50% in the previous year[14] - In Q1 2025, the company's total revenue reached RMB 484,516.73 million, a significant increase from RMB 347,758.62 million in Q1 2024, representing a growth of 39.24%[15] - Total revenue for Q1 2025 reached ¥4,848,071,704.63, a 39.0% increase from ¥3,482,167,762.79 in Q1 2024[28] Shareholder Information - The company reported a total of 14,737 common shareholders as of the end of the reporting period[18] - The largest shareholder, Lin Muqin, holds 49.74% of the shares, with a total of 258,657,634 shares[18] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[27]

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Core Viewpoint - The Chinese functional beverage market is undergoing structural adjustments, with Dongpeng Beverage leveraging high cost-performance and deep distribution networks to continuously increase its market share. The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for overseas market expansion, particularly in Southeast Asia, mirroring the early market entry of Red Bull into China [1][6]. Group 1: Market Dynamics - Dongpeng Beverage has become the leading brand in China's functional beverage market, achieving a market share of 43.02% in 2023, surpassing Red Bull, although it ranks second in sales revenue [3][5]. - The market landscape has shifted due to Red Bull's legal disputes and brand challenges, creating an opportunity for domestic brands like Dongpeng to gain market share [3][4]. - The consumption growth in lower-tier cities is significant, with a 12% increase in functional beverage consumption in cities below the third tier, compared to 6% in first-tier cities [4]. Group 2: Company Strategy - Dongpeng plans to allocate 30% of its IPO proceeds for brand upgrades and 25% for overseas market expansion, focusing on Southeast Asia, which is Red Bull's traditional stronghold [7]. - The company has established subsidiaries in Vietnam and Indonesia to better understand local market dynamics and consumer preferences, such as launching a 200ml mini-pack targeting the large motorcycle user base in Southeast Asia [7]. Group 3: Competitive Landscape - Dongpeng faces significant challenges in Southeast Asia, where Red Bull has a strong brand presence and consumer loyalty, along with a well-established distribution network [8]. - The competitive environment in the Southeast Asian functional beverage market is intense, with numerous brands vying for market share, some of which may adopt similar strategies to Dongpeng's past approaches [8]. - Dongpeng's reliance on a follow-the-leader strategy has raised concerns about its innovation capabilities, which may hinder its ability to establish a strong brand identity in the Southeast Asian market [8][9].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Core Viewpoint - Dongpeng Beverage, a leading functional beverage company in China, has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to expand its global market presence through an "A+H" dual listing structure. This marks the company's second attempt to access the capital market after its A-share listing in 2021. Despite impressive financial performance, Dongpeng faces challenges such as reliance on a single product, intensified market competition, and globalization hurdles [1][11]. Financial Performance - Dongpeng Beverage projects a revenue of 15.839 billion yuan and a net profit of 3.326 billion yuan for 2024, maintaining a market capitalization in the trillion yuan range [1]. - The company's stock price surged to 265 yuan per share post its A-share listing in 2021, with revenue increasing over twofold and net profit growing more than threefold in four years [9]. Market Position and Product Dependency - Dongpeng's flagship product, Dongpeng Special Drink, accounted for 84% of the company's revenue in 2024, with energy drinks making up 91.9% of total revenue [9]. - The functional beverage market's growth rate has declined from 38.4% in 2023 to 28.5% in 2024, indicating signs of market saturation [9]. Competitive Landscape - Competitors like Red Bull have resumed aggressive market strategies, regaining a market share of 22%, while other brands like Pulse and Alien are expanding in the sports drink sector [11]. - Dongpeng has introduced new products such as electrolyte drinks and a multi-category strategy, but these new categories contribute less than 10% to overall revenue [11]. Strategic Challenges - The company's financial strategy has raised concerns, as it distributed 1.3 billion yuan in cash dividends while allocating 11 billion yuan of idle funds for investment, which appears misaligned with its stated needs for capacity expansion and supply chain upgrades [11]. - The controlling family, Lin Mulin, holds 50.7% of the company's shares, while the second-largest shareholder has been reducing their stake, reflecting a lack of confidence in Dongpeng's long-term strategy [11]. Future Outlook - Analysts suggest that the dual listing could enhance financing channels and international brand image, potentially paving the way for overseas acquisitions. However, the heavy reliance on a single product may pressure valuations [11]. - Dongpeng aims to adhere to a "platform company" strategy, leveraging existing channel advantages to diversify its product offerings rather than pursuing acquisitions [12].

Core Viewpoint - The significant increase in executive compensation at Dongpeng Beverage, particularly for Vice President Zhang Lei, has drawn attention, reflecting the company's strong performance and strategic expansion efforts [4][5]. Financial Performance - In 2024, Dongpeng Beverage reported a revenue of 15.839 billion yuan, representing a year-on-year growth of 40.63% [4][5]. - The net profit for the same year reached 3.327 billion yuan, marking a substantial increase of 63.09% compared to the previous year [4][5]. Executive Compensation - Zhang Lei's annual salary for 2024 is 5.4655 million yuan, a dramatic increase from 343,900 yuan during his previous role at Yiyaton, reflecting a rise of approximately 16 times [4][5]. - Other executives, including two vice presidents, received annual salaries of 7.2139 million yuan, while the chairman and executive president earned 5.5273 million yuan and 4.9614 million yuan, respectively [5]. Market Expansion - Dongpeng Beverage is pursuing an overseas market expansion strategy, having submitted a listing application to the Hong Kong Stock Exchange [7]. - The company aims to enhance its brand competitiveness and market presence internationally, similar to leading energy drink brands like Red Bull and Monster Energy [7]. Industry Context - The domestic functional beverage market is highly competitive, with established players like Red Bull and emerging brands vying for market share [4][7]. - The Southeast Asian market presents both opportunities and challenges, with local competitors like Thai Tsingtao holding significant market share [8]. Shareholder Actions - Despite strong performance, there have been instances of shareholder reductions, with plans for significant share sales announced by major stakeholders [5].