丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料跟踪点评：结盟三林集团，海外乘风启 航 报告要点 [Table_Summary] 截至本公告披露日，公司的印尼公司已完成在印尼当地的注册登记手续，并取得国内相关境外 投资许可与备案。同时，公司引入战略合作方 "RICH STREAM INVESTMENT PTE. LTD."， 就公司在印度尼西亚的业务展开合作，双方计划通过共同持股的香港路径公司（公司持股 59%， 合作方持股 41%），在印尼开展总额不超过 3 亿美元的投资合作，用于功能饮料的市场拓展、 工厂建设及相关业务。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 东鹏饮料（605499.SH） cjzqdt11111 [Tab ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The food and beverage sector experienced a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - The liquor segment, particularly baijiu, showed a strong performance with a 3.86% increase, driven by positive sales dynamics for leading brands like Guizhou Moutai, which saw its batch price rise to 1700 yuan [2][11] - The overall performance of the consumer goods sector was weaker, with declines in most categories except for meat products, which increased by 0.52% [1][17] Summary by Sections Market Performance Review - The food and beverage sector's performance from January 26 to January 30 showed a 1.56% increase, with specific categories like baijiu increasing by 3.86% and snacks decreasing by 6.07% [1][17] Weekly Perspective Update - The baijiu sector is gaining attention, with Guizhou Moutai's sales performing well. The sector's strong performance is attributed to favorable market conditions and improved sales dynamics [2][11] - The consumer goods sector, excluding meat products, showed a decline, with specific stocks like Li Ziyuan increasing by 16.0% while others like Hao Xiang Ni decreased significantly [2][12] Sector Investment Recommendations - For the baijiu sector, the report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, anticipating strong sales during the Spring Festival [3] - In the consumer goods sector, the report emphasizes the importance of the Spring Festival stocking season, recommending companies like East Peak, Wei Long, and New Dairy for potential growth [3][12]

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The liquor sector is gaining attention, with strong sales performance from Guizhou Moutai, which has seen its batch price rise to 1700 yuan, reflecting positive sales momentum despite existing inventory risks [2][11] - The consumer goods sector is experiencing overall weakness, but there are opportunities in the "snack/meal supply/dairy beverage" segments due to the upcoming Spring Festival [3][12] Market Performance Review - The food and beverage sector saw a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - Specific performance highlights include a 3.86% increase in the liquor sector, while other segments like snacks and health products saw declines of 6.07% and 5.59%, respectively [1][17] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Guxi Gongjiu, anticipating strong sales during the Spring Festival [3] - **Consumer Goods**: Emphasis is placed on the Spring Festival stocking opportunities in snacks, meal supplies, and dairy beverages, with specific recommendations for companies like East Peak, Weilong, and New Dairy [3][12][14] Sector and Stock Performance - The report details stock performance, with top gainers in the liquor sector including Huangtai Liquor (+22.92%) and Luzhou Laojiao (+9.10%), while major losers included Haoxiangni (-20.89%) and Yanghe Distillery (-11.56%) [19][22] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 20.9 times, with liquor at 18.47 times, indicating a favorable valuation environment for liquor stocks [24]

Economic Data - China's January Manufacturing PMI is expected to be 50.1, indicating a slight recovery in manufacturing activity [3] - Eurozone's January Manufacturing PMI final value is reported at 49.4, showing continued contraction [3] - The US ISM Manufacturing Index for January is anticipated to rise to 48.3 from 47.9, suggesting a potential stabilization in manufacturing [3] Central Bank Decisions - The Reserve Bank of Australia is expected to raise its policy rate to 3.85% from 3.6% [4] - The European Central Bank and the Bank of England are both expected to maintain their current interest rates during their upcoming meetings [9] Major Corporate Earnings - Key earnings reports are expected from major companies including Disney, Pepsi, Merck, and Pfizer, with a focus on their performance in the current economic climate [4][26] - Tech giants like Google and Amazon will report on their cloud business growth, which is critical for assessing AI monetization capabilities [6][26] Geopolitical Events - Ongoing tensions in Iran are highlighted, with the US increasing military presence in the region, which may impact global markets [12] - Japan and Thailand are set to hold significant elections on February 8, which could influence regional political stability [15][17] IPOs and Market Movements - Muyuan Foods is set to launch its IPO in Hong Kong, potentially raising up to 14 billion HKD (approximately 1.8 billion USD) [28] - The Shanghai Futures Exchange has adjusted the trading limits and margin requirements for silver futures, reflecting a tightening in trading conditions [11] Commodity Market Changes - CME has raised the margin requirements for gold from 6% to 8% and for silver from 11% to 15%, indicating a move to reduce leverage in the precious metals market [10] - The Chinese government has implemented a temporary 5% import tax on whiskey starting February 2 [19]

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-012 东鹏饮料（集团）股份有限公司 关于设立印度尼西亚公司的进展暨签署合作协议的公告 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： ● 投资项目及金额：印度尼西亚东鹏维生素功能饮料公司，其中东鹏饮料（集团）股份有限公司（以下 简称"公司"）及全资子公司合计投资总额不超过2亿美元（具体以最终实际投资为准）。 ● 本次对外投资事项不构成关联交易，不构成重大资产重组情形。本次投资已经由公司第三届董事会第 十二次会议及公司第三届董事会第二十一次会议审议通过，本次对外投资事项在董事会权限范围内，无 需提交公司股东会审议。 ● 风险提示：本次对外投资尚需履行国内境外投资备案或审批手续，以及境外企业登记等审批程序，尽 管目前评估不存在重大法律障碍，但依然存在不能获得相关主管部门批准的风险。本次投资事项的建设 计划、建设周期及规模等可能根据外部环境变化、业务发展需要等情况作相应调整，且因境外国家及地 区政治、法律、经济、文化等环境与国内存在差异性，对外投资过程 ...

证券日报网讯 1月30日，东鹏饮料（605499）在互动平台回答投资者提问时表示，公司港股IPO发行规 模、定价机制尚未最终确定，将结合市场状况、投资者需求等综合考量并以公告为准，募资主要用于海 外供应链布局及品牌建设；本次发行会适度稀释A股股权，但实控人持股稳定，短期或有小幅资金分 流，长期将拓宽全球投资者基础、提升整体流动性，AH股价差受多重因素影响，公司将通过强化信披 与投关促进估值趋同。目前公司产品已出口东南亚30多个国家和地区，海南辐射东南亚的生产基地已奠 基，这些布局依托东南亚能量饮料市场的增长潜力与公司产品差异化优势，为估值提供支撑。 ...

证券日报网讯 1月30日，东鹏饮料在互动平台回答投资者提问时表示，公司坚持分红与发展双平衡原 则，本次高比例现金分红基于良好的盈利及现金流状况，通过现金流动态管理统筹自有、自筹及合规融 资，保障全国化、多品类及海外拓展的战略资金需求，不会影响核心战略推进。公司通过清晰的战略发 展目标的制定，生产端布局区域生产基地，渠道端加码终端拓展、数字化与冰冻化运营，研发端聚焦新 品创新，海外以东南亚为切入点推进布局，资本开支精准高效。公司将持续聚焦主业、稳健经营，切实 平衡股东即期回报与公司长期可持续发展，维护全体股东利益。 （编辑 王雪儿） ...

Core Viewpoint - Dongpeng Beverage has completed its previously disclosed shareholder and executive reduction plan, adhering to information disclosure obligations, and is considering share buybacks and dividend adjustments based on cash flow and strategic funding needs [1] Group 1: Shareholder Actions - The company confirmed that the reduction plan for shareholders and executives has been completed on schedule [1] - All reductions were conducted in strict compliance with information disclosure requirements [1] Group 2: Strategic Considerations - The company is evaluating share buybacks and dividend adjustments in response to stock price and market sentiment, with plans to announce any related actions promptly [1] Group 3: Cost Management and Competitive Positioning - The company is focusing on cost reduction through packaging innovation, nationwide production base layout, and large-scale procurement of core raw materials, significantly enhancing supply chain efficiency and cost advantages [1] - The product strategy emphasizes multi-category collaboration, strengthening core energy drink products while expanding into new growth areas such as electrolyte water, tea beverages, and plant-based protein drinks [1] - The company is continuously enriching its product matrix through scenario-based innovation and formula optimization to solidify its market competitiveness [1]

每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 每经AI快讯，东鹏饮料1月30日晚间发布公告称，公司第三届第二十一次董事会会议于2026年1月30日 在公司二楼VIP会议室以现场结合通讯的方式召开。会议审议了《关于引入合作方并签署印尼项目合作 协议的议案》等文件。 （记者 张明双） ...

Core Viewpoint - Dongpeng Beverage (605499) is considering share buybacks, Hong Kong stock issuance, and special dividends in A-shares, based on operational needs, market conditions, and shareholder interests [1] Group 1 - The company will conduct a prudent study on share buybacks and other capital market activities [1] - All shareholder reductions have complied with disclosure obligations and are considered normal asset allocation behaviors [1] - The company emphasizes strict adherence to regulatory rules for review and information disclosure [1]