Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the beverage industry, specifically focusing on energy drinks and other beverage segments in China. Core Points and Arguments 1. **Leverage Reduction and Consumer Demand** The initial focus for consumers is likely to be on reducing leverage rather than immediate consumption, which may eventually lead to increased demand and consumption in the future. This trend is expected to impact various sectors, including alcoholic beverages and dining, which are prioritized over general consumer goods and snacks [1] 2. **Energy Drink Market Trends** The energy drink segment has shown a positive turnaround over the past two years, with expectations for accelerated growth moving forward. The demographic trends indicate that while the number of university graduates is at a record high, the peak will not be reached until 2038, suggesting ongoing employment pressures that may favor energy drink consumption [2] 3. **Weather Impact on Sales** The sales performance in early 2023 was influenced by colder weather in regions like East and North China. The company noted that the seasonal fluctuations in sales are more pronounced compared to previous years, but warmer weather in February has led to improved production outputs [3] 4. **Branding and Marketing Strategies** The company is transitioning its branding and marketing strategies towards enhancing single-product outputs and consumer engagement. Despite pressures, the company anticipates a strong performance during peak seasons [4] 5. **Market Underestimation of Certain Beverage Segments** The company believes that the market has underestimated the potential of certain beverage segments, particularly juice and tea, which are expected to see significant growth. These segments are characterized by lower barriers to entry compared to high-margin products like coffee and alcoholic beverages [4][5] 6. **Consumer Preferences in Lower-Tier Cities** In lower-tier cities, consumers with lower disposable incomes are gravitating towards more affordable beverage options. This trend supports the company's strategy to focus on these segments for growth [5] 7. **Cost Structure and Profitability** The company anticipates maintaining a strong profit margin, with raw materials accounting for approximately 80% of the main business costs. The profit margins are expected to exceed 7%, indicating a robust financial outlook for the year [6] 8. **Valuation and Investment Potential** The company's valuation is projected to be around 25-26 times earnings by the end of the year, which is considered attractive given the anticipated growth rates. The company is recommended as a top investment choice for April [7]

奖嘉宾发言结束后将留有体温时间下面介绍出席本次会议的领导公投饮料口试会秘书张总IR吴总下面有请领导发言各位线上的这个投资者朋友还有各券商的分析师老师以及包括线上的一直在关注或者关心我们公投饮料成长和发展的各位投资界的朋友 然后呃在周末的时候大家也看到了我们呃这个如期的交出了一份这个2024年的大概一个星期的答卷呃这个答卷的整个一个成绩目前看起来对我们来讲我们还是基本还是满意的但是呢就像我们每回这个这个汇报会我们要讲的这个都是过去的成绩过去的成绩过去了啊对于这个 所以东湖饮料这样一家我们还在快速发展同时呢我们也是如履薄冰的这样一个饮料中国的一个饮料品牌企业我们本身对于我们的不论是我们的这个品类的一些探索包括我们的市场的探索以及我们在全国的这个生产基地的探索甚至是大家这两这几个月看到了我们在珠海上面的一些一些初步的探索对我们来讲都是蛮多的未知之处让我们也感觉到面临很难 我们数字化系统的朋友们都知道公司的环境科技度是保健的所以对我们来讲可能我们更关注的是昨天跟上一个礼拜或者明天下一个礼拜我们的冬宵我们的这个在全国的我们的销售情况还有我们的产品的研发情况和市场的反馈 以下是简体中文普通话的文本 先听到各位老师大家上午 ...

尊敬的各位投资者朋友大家好我是东鹏饮料集团股份有限公司的副总裁兼董事会秘书张磊首先我谨代表今天出席会议的东鹏饮料董事长李沐勤先生独立董事游晓女士财务总监彭德鑫先生我们代表董事会及全体同仁感谢各位长期以来对东鹏饮料的关注和支持 也感谢各位今天能够抽出宝贵的时间参加我们的2024年度业绩说明会回首过去一年我们在市场的波澜中砥砺前行也在成长的道路上收获满满东坡饮料作为中国能量饮料行业的领军者始终秉持以消费者为核心的理念凭借持续的创新精神和不断深化的品牌建设东坡饮料在2024年 延续了良好的发展态势在接下来的时间里我将向大家汇报东棚饮料在过去一年的经营成果并和大家一起来探讨未来的发展方向同时我们也非常期待能在文字互动的环节与大家深入交流倾听各位给我们的宝贵意见与建议携手为东棚饮料的明天出谋划策 2024年对我们来说是充满挑战与机遇的一年在团队的不懈努力和广大合作伙伴的支持下我们取得了令人瞩目的成绩首先在能量饮料领域公司的核心大单品东鹏特饮的全年的收入达到了133亿元同比增速高达28.5%已经连续四年蝉联中国能量饮料销量第一 按销售量的市场份额更是提升到了47.9%在品类的拓展方面公司的双引擎加多品类的格局已逐步成型其 ...

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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4月3日，中国功能饮料龙头企业东鹏饮料（605499.SH）向港交所递交H服上市申请，计划通过"A+H"双上市架构进一 步拓展全球市场。这是继2021年登陆A股后，东鹏饮料第二次冲击资本市场。根据招股书，公司2024年营收达158.39亿 元，净利润33.26亿元，市值稳居千亿阵营。然而，在亮眼业绩背后，东鹏饮料正面临大单品依赖、市场竞争加剧及全 球化挑战等多重考验。 Hastroc Beverage (Group) 東鵬飲料(集團)股份有限公) (按英文字母順序排序) 香港交易及结算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本文件的內容概不負責 · 對其準確性或完整性亦不發 表任何聲明,並明確表示概不就因本文件全部或任何部分内容而產生或因依赖談等内容而引致的任何损失承擔任何責任。 本文件連同本文件附錄五「送星公司注冊處處長及辰示文件」所建文件,已根據香港法例第32章《公司(清盤及雜項條文)條例》第342C條規 定送呈香港公司注册處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處提到本文件或上述任何其他文件的内容概不負責。 (於中華人民共和國註冊成立的股份有限公司) [編纂] 臨席保薦 ...