证券代码：605499 证券简称：东鹏饮料 公告编号：2025-023 东鹏饮料（集团）股份有限公司 关于召开 2024 年年度股东大会的通知 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。 重要内容提示： 股东大会召开日期：2025年4月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 2 日 15 点 00 分 召开地点：公司二楼 VIP 会议室（地址：深圳市南山区桃源街道珠光北路 88 号明亮科技园 3 栋东鹏饮料） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至 2025 年 4 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的 ...

证券代码：605499 证券简称：东鹏饮料 公告编号 2025-008 东鹏饮料（集团）股份有限公司 第三届监事会第十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 东鹏饮料(集团)股份有限公司（以下简称"公司"）第三届监事会第十二次 会议于 2025 年 3 月 7 日（星期五）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 2 月 25 日通过邮件的方式送达各位监事。本次会 议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席余斌先生主持。会议召开符合有关法律、法规、规章和《公 司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于 2024 年年度报告全文及其摘要的议案》 监事会认为：公司《2024 年年度报告》的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定；内容和格式符合中国证监会和上海证 券交易所的各项规定，所披露的信息真实、准确完整。承诺其中不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实 ...

Financial Performance - The company's operating revenue for 2024 reached CNY 15.84 billion, an increase of 40.63% compared to CNY 11.26 billion in 2023[28]. - Net profit attributable to shareholders for 2024 was CNY 3.33 billion, up 63.09% from CNY 2.04 billion in 2023[28]. - The net cash flow from operating activities for 2024 was CNY 5.79 billion, reflecting a growth of 76.44% from CNY 3.28 billion in 2023[28]. - The basic earnings per share for 2024 was CNY 6.3974, a 63.09% increase from CNY 3.9225 in 2023[29]. - The diluted earnings per share for 2024 also stood at CNY 6.3974, marking a 63.09% rise compared to the previous year[29]. - The net assets attributable to shareholders at the end of 2024 were CNY 7.69 billion, a 21.57% increase from CNY 6.32 billion at the end of 2023[28]. - Total assets at the end of 2024 amounted to CNY 22.68 billion, up 54.16% from CNY 14.71 billion in 2023[28]. - The gross profit margin improved from 43.07% to 44.81% due to a decrease in raw material prices[100]. - The company reported a total revenue of CNY 15.82 billion, with a gross margin of 44.82%, reflecting an increase of 1.75 percentage points compared to the previous year[105]. Dividend and Audit - The company plans to distribute a cash dividend of 1,300,032,500 RMB, which amounts to 25 RMB per 10 shares based on a total share capital of 520,013,000 shares as of the end of 2024[7]. - The company has received a standard unqualified audit report from Deloitte Huayong Accounting Firm, ensuring the accuracy and completeness of the financial report[6]. Risk Management and Compliance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[10]. - The company has stated that there are no violations of decision-making procedures for providing guarantees[11]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in the report[9]. - The company has detailed potential risks related to future developments in the "Management Discussion and Analysis" section of the report[13]. Market and Product Development - The company plans to continue optimizing product and customer structures while expanding its market presence across traditional channels[30]. - The company aims to enhance its product line to meet diverse consumer needs and increase overall market penetration[30]. - The significant increase in sales revenue is attributed to the company's effective marketing strategies and product differentiation efforts[30]. - The market share of the company's core product, Dongpeng Special Drink, in China's energy drink market increased from 43.0% in 2023 to 47.9% in 2024[38]. - The company's sales revenue from the electrolyte drink "Dongpeng Buliang" surged by 280.37% year-on-year[40]. - The company launched multiple innovative products in the health beverage sector, including new flavors in the energy drink and tea series[43]. - The company has expanded its product offerings in the tea beverage category, launching new sugar-free tea products and a series of flavored teas, enhancing its market competitiveness among younger consumers[61]. - The company is actively exploring overseas markets, exporting products like EDRAGON Energy Drink to the U.S. and vitamin energy drinks to South Korea, adapting to local consumer preferences[58]. Sales and Distribution - The number of active terminal sales outlets grew to nearly 4 million, supported by over 3,000 stable distributors[39]. - The company has established a comprehensive channel network with over 3,000 mature distributors and nearly 4 million active terminal stores, enhancing sales efficiency through a "frozen display" strategy[77]. - The distribution channel accounted for 85.99% of total revenue, with rapid growth in key customer and online sales channels, increasing by 57.59% and 116.95% respectively[108]. - The online sales segment saw a significant increase, with revenue of CNY 445.42 million, up 116.95% year-on-year[180]. Innovation and Technology - The company has leveraged digital marketing and big data analytics to optimize production and better understand consumer preferences, enhancing brand loyalty and market competitiveness[56]. - The digital transformation initiated in 2015 has led to the establishment of three major digital systems, enhancing decision-making with real-time data feedback[85]. - The company is leveraging AI and data analysis to optimize production planning and inventory management, improving operational efficiency[88]. - The implementation of smart supply chain systems aims to improve inventory management and operational efficiency[196]. Sustainability and Future Strategies - The company is committed to green transformation by adopting biodegradable packaging and optimizing low-carbon production processes[197]. - The introduction of a circular economy model is being pursued to enhance resource utilization and reduce environmental impact[197]. - The company is focusing on sustainable development to align with increasing consumer demand for eco-friendly products[197]. - The company aims to enhance its international competitiveness by expanding into Southeast Asia and the Middle East, focusing on high cost-performance products in these rapidly growing markets[198]. - The company plans to diversify its product matrix from a single category to multiple categories to meet diverse consumer needs and become a leading comprehensive beverage enterprise in China[200].

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-007 东鹏饮料(集团)股份有限公司 第三届董事会第十三次会议决议公告 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责任。 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"）第三届董事会第十三次 会议于 2025 年 3 月 7 日（星期五）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 2 月 25 日通过邮件的方式送达各位董事。本次会 议应出席董事 9 人，实际出席董事 9 人。 会议由董事长林木勤先生主持，公司董事会秘书、全体监事列席。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 2024 年年度报告及其摘要的议案》 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 《2024 年年度报告》及《2024 年年度报告摘要》。 表决结果：9 票同意，0 票反对，0 票弃权。本议案获得通过。 本议案提交董事会前已经公司 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-011 东鹏饮料（集团）股份有限公司 关于 2024 年年度利润分配预案的公告 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。 重要内容提示： A 股每股派发现金红利 2.5 元（含税）。 本次利润分配拟以 520,013,000 股普通股为基数向普通股股东分配 2024 年度利润，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，每股分配比 例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 截至 2024 年 12 月 31 日，东鹏饮料（集团）股份有限公司（以下简称"公 司"）2024 年度实现归属于母公司股东的净利润为 3,326,708,852.44 元，本年公 司计提法定盈余公积 60,001,500 元，累计额达注册资本的 50%，本年度实现归属 于母公司股东可分配利润 3,266,707,352.44 元，截至 2024 年 12 月 31 日，公司累 计可分配利润为 4,904,938 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company is expected to achieve strong revenue and profit growth from 2024 to 2026, with projected earnings per share of 6.24, 8.45, and 10.83 yuan respectively, up from previous estimates of 6.17, 7.69, and 9.57 yuan [2][8] - The stock price has already reflected short-term negative factors, and the impact of major shareholder reductions is gradually being digested by the market [7][8] - The company is expanding its product line with new sugar tea products and enhancing its digital marketing strategies to boost sales [7][8] - The company is also making strides in international markets, with plans to establish a factory in Indonesia to cater to the Southeast Asian beverage market [7][8] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 15,981 million, 20,858 million, and 25,631 million yuan respectively, reflecting year-on-year growth rates of 41.9%, 30.5%, and 22.9% [3][8] - Operating profit is forecasted to reach 4,036 million, 5,607 million, and 7,184 million yuan for the same years, with growth rates of 55.9%, 38.9%, and 28.1% [3][8] - Net profit attributable to the parent company is expected to be 3,243 million, 4,395 million, and 5,633 million yuan, with growth rates of 59.0%, 35.5%, and 28.2% [3][8] - The gross margin is projected to improve from 43.1% in 2023 to 48.1% in 2026 [3][8] Valuation - The estimated equity value of the company is 157 billion yuan, corresponding to a target price of 301.88 yuan per share [2][8] - The report employs the FCFF valuation method, with key assumptions including a tax rate of 25%, a perpetual growth rate of 3%, and a WACC of 6.42% [8][9]

Investment Rating - The investment rating for the food and beverage industry is maintained as "Outperform" [3] Core Insights - The heavy holding ratio in the food and beverage sector has decreased, while the overweight ratio has slightly increased. As of Q4 2024, the total market value of heavy holdings in the food and beverage sector is 309.25 billion, down by 41.40 billion from the previous quarter, with a heavy holding ratio of 4.56%, a decrease of 0.42 percentage points [1][12][14] - The white liquor sector has seen a significant decline in heavy holding ratios, while the majority of the consumer goods sector has increased. The heavy holding ratio for the white liquor sector is 3.95%, down by 0.65 percentage points, while other sub-sectors like beverage and dairy have shown increases [1][15][17] Summary by Sections Heavy Holding Ratios - In Q4 2024, the food and beverage sector's heavy holding ratio ranks third among 31 primary industries, below the five-year average of 7.27%, indicating potential for growth [1][12] - The heavy holding market value in the food and beverage sector accounts for 11.73% of the total heavy holdings, a decrease of 0.52 percentage points [14] Sub-sector Performance - The white liquor sector's heavy holding ratio has decreased significantly, while the majority of consumer goods sub-sectors have increased. The beverage and dairy sub-sector's heavy holding ratio rose to 0.28%, while non-white liquor and snack food sectors also saw slight increases [15][17][18] - The heavy holding ratio for the food processing sub-sector has continued to decline, now at 1.30%, the lowest among all sub-sectors [18] Individual Stock Analysis - The top ten heavy holdings in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions held by white liquor companies. The overall heavy holding ratio for these top ten stocks is 4.22%, down by 0.44 percentage points [2][28] - The leading companies in heavy holdings include Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with Kweichow Moutai maintaining the highest heavy holding ratio at 2.05% [28][30] Investment Recommendations - Despite the overall weak recovery in consumption, it is anticipated that policies to boost consumption will be strengthened in 2025, presenting opportunities in the food and beverage sector. Key areas to focus on include: - White liquor: Expecting demand recovery to alleviate inventory pressure, particularly in mid-range and mass-market segments [3] - Beer: Cost reductions are expected to enhance profitability, with a recovery in demand for mid-to-high-end beers [3] - Seasoning products: Continued cost advantages and health-oriented demand are seen as growth drivers [3] - Dairy products: Approaching a cost inflection point, with price wars expected to ease [3]

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-006 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 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。 2.本次委托理财金额：合计 102,000.00 万元； 3.委托理财产品类型：理财、结构性存款、收益凭证、私募证券投资基金； 4.委托理财期限：14 天、16 天、18 天、19 天、20 天、91 天、无固定期限； 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2024 年 4 月 12 日召开第三届董事会第四次会议、第三届监事会第四次会议及 2024 年 5 月 17 日召开 2023 年年度股东大会，分别审议通过了《关于 2024 年度 使用闲置自有资金进行现金管理的议案》，公司股东大会授权公司及其子公司在 保证日常经营资金需求和资金安全的前提下，使用不超过人民币 85 亿元的范围 内择机购买理财产品，购买原则为安全性高、流动性好，使用期限自股东大会审 议通过之日起至 2024 年年度股东大会召开 ...

证券研究报告·公司点评报告·饮料乳品 东鹏饮料（605499） 持续丰富产品矩阵，势能保持向好 2025 年 02 月 28 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8505 | 11263 | 16017 | 20706 | 25709 | | 同比（%） | 21.89 | 32.42 | 42.21 | 29.28 | 24.16 | | 归母净利润（百万元） | 1441 | 2040 | 3351 | 4510 | 5801 | | 同比（%） | 20.75 | 41.60 | 64.31 | 34.58 | 28.62 | | EPS-最新摊薄（元/股） | 2.77 | 3.92 | 6.45 | 8.67 | 11.16 | | P/E（现价&最新摊薄） | 77.21 | 54.53 | 33.19 | 24.66 | 19.17 | [Table_Tag] [Table_Summ ...

证券研究报告·公司点评报告·饮料乳品 东鹏饮料（605499） 持续丰富产品矩阵，势能保持向好 2025 年 02 月 28 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8505 | 11263 | 16017 | 20706 | 25709 | | 同比（%） | 21.89 | 32.42 | 42.21 | 29.28 | 24.16 | | 归母净利润（百万元） | 1441 | 2040 | 3351 | 4510 | 5801 | | 同比（%） | 20.75 | 41.60 | 64.31 | 34.58 | 28.62 | | EPS-最新摊薄（元/股） | 2.77 | 3.92 | 6.45 | 8.67 | 11.16 | | P/E（现价&最新摊薄） | 77.21 | 54.53 | 33.19 | 24.66 | 19.17 | [Table_Tag] [Table_Summ ...