证券研究报告 东鹏饮料 (605499 CH/9980 HK) 港股通 Q4 冰柜费用前置等影响单季度净利率 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 饮料 25 年实现收入/归母净利润 208.8/44.2 亿元，同比+31.8%/+32.7%；其中 25Q4 实现收入/净利润 40.3/6.5 亿元，同比+22.9%/+5.7%；符合此前业绩 预告（预计 25Q4 收入同比增长 19.4%-30.3%，归母净利同比下滑 6.5%- 增长 33.9%）。具体来看，25 年东鹏特饮实现收入 156.0 亿（同比+17.3%）， 电解质饮料"补水啦"25 年收入 32.7 亿（同比+119.0%），成功将消费场 景从传统"困累"场景延伸至运动补水的"汗点"场景。从经营节奏来看， 25Q4 公司主动控货，叠加春节错期的背景下，营收增速略有放缓，但公司 渠道库存维持在健康合理水平。25 年公司主要原材料价格同比下行，叠加 规模效应显现、产能利用率维持高位，盈利能力同比持续提振。此外，公司 合同负债同比增加，至 25 年末，公司合同负债 59.7 亿，同比+12.1 亿。展 望看，公司有 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 300 CNY [2][7]. Core Insights - The company achieved a revenue of 20.875 billion CNY in 2025, representing a year-on-year growth of 31.8%. The net profit attributable to shareholders was 4.415 billion CNY, up 32.72% year-on-year [2][3]. - In Q4 2025, the company reported a revenue of 4.031 billion CNY, a 22.88% increase year-on-year, with a net profit of 654 million CNY, reflecting a growth of 5.66% [2][3]. - The company aims for a revenue growth of over 20% in 2026, supported by strategic initiatives such as pre-positioning freezers and product diversification [2][7]. Financial Performance - The company’s total revenue is projected to reach 26.006 billion CNY in 2026, with a growth rate of 24.6%. By 2028, revenue is expected to grow to 36.087 billion CNY, with a growth rate of 16.5% [3][11]. - The net profit is forecasted to be 5.612 billion CNY in 2026, increasing to 7.814 billion CNY by 2028, with respective growth rates of 27.1% and 18.1% [3][11]. - The earnings per share (EPS) is expected to rise from 7.82 CNY in 2025 to 13.84 CNY in 2028 [3][11]. Market Position and Competitive Landscape - The company has strengthened its market position, with a market share of 51.6% in energy drinks, maintaining the top position for five consecutive years [2][7]. - The company has expanded its distribution network to 4.5 million outlets, a 50,000 increase year-on-year, solidifying its presence in the soft drink industry [2][7]. - The diversification of product lines, including the introduction of new beverages, is expected to enhance revenue streams and market share [2][7].

证券研究报告 东鹏饮料 (605499 CH/9980 HK) 港股通 Q4 冰柜费用前置等影响单季度净利率 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 饮料 25 年实现收入/归母净利润 208.8/44.2 亿元，同比+31.8%/+32.7%；其中 25Q4 实现收入/净利润 40.3/6.5 亿元，同比+22.9%/+5.7%；符合此前业绩 预告（预计 25Q4 收入同比增长 19.4%-30.3%，归母净利同比下滑 6.5%- 增长 33.9%）。具体来看，25 年东鹏特饮实现收入 156.0 亿（同比+17.3%）， 电解质饮料"补水啦"25 年收入 32.7 亿（同比+119.0%），成功将消费场 景从传统"困累"场景延伸至运动补水的"汗点"场景。从经营节奏来看， 25Q4 公司主动控货，叠加春节错期的背景下，营收增速略有放缓，但公司 渠道库存维持在健康合理水平。25 年公司主要原材料价格同比下行，叠加 规模效应显现、产能利用率维持高位，盈利能力同比持续提振。此外，公司 合同负债同比增加，至 25 年末，公司合同负债 59.7 亿，同比+12.1 亿。展 望看，公司有 ...

证券研究报告 | 年报点评报告 gszqdatemark 2026 03 31 年 月 日 | 财务指标 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 15,839 | 20,875 | 25,078 | 29,736 | 34,518 | | 增长率 yoy（%） | 40.6 | 31.8 | 20.1 | 18.6 | 16.1 | | 归母净利润（百万元） | 3,327 | 4,415 | 5,333 | 6,240 | 7,212 | | 增长率 yoy（%） | 63.1 | 32.7 | 20.8 | 17.0 | 15.6 | | EPS 最新摊薄（元/股） | 5.89 | 7.82 | 9.44 | 11.05 | 12.77 | | 净资产收益率（%） | 43.3 | 46.9 | 46.5 | 45.0 | 43.4 | | P/E（倍） | 38.7 | 29.2 | 24.1 | 20.6 | 17.9 | | P/B（倍） | 16.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 20.875 billion yuan in 2025, representing a year-on-year growth of 31.80%, and a net profit attributable to shareholders of 4.415 billion yuan, up 32.72% year-on-year [8] - The company is focusing on a platform strategy with multi-category collaboration, showing steady growth in various product lines, particularly in the "Bubbling Water" segment which saw a 119% increase in revenue [8] - The company is expanding its market presence nationally, with significant growth in regions such as Central China and North China, while maintaining a strong performance in beverage sales [8] Financial Summary - Total revenue projections for the company are as follows: 20.875 billion yuan in 2025, 26.115 billion yuan in 2026, 31.077 billion yuan in 2027, and 36.040 billion yuan in 2028, with respective year-on-year growth rates of 31.80%, 25.10%, 19.00%, and 15.97% [1] - The net profit attributable to shareholders is projected to reach 4.415 billion yuan in 2025, 5.611 billion yuan in 2026, 6.725 billion yuan in 2027, and 7.920 billion yuan in 2028, with year-on-year growth rates of 32.72%, 27.08%, 19.86%, and 17.77% respectively [1] - The earnings per share (EPS) are expected to be 7.82 yuan in 2026, 9.94 yuan in 2027, and 11.91 yuan in 2028, with a price-to-earnings (P/E) ratio of 29.16, 22.95, and 19.15 respectively [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 20.875 billion yuan in 2025, representing a year-on-year growth of 31.80%. The net profit attributable to shareholders was 4.415 billion yuan, with a year-on-year increase of 32.72% [8] - The company is focusing on a platform strategy with multi-category collaboration, which is showing steady progress. The growth in the "Dopeng Special Drink" segment was 17% to 15.599 billion yuan, while the "Bup Shui La" segment saw a significant increase of 119% to 3.274 billion yuan [8] - The company is expanding its market presence nationally, with revenue growth in various regions, including a 68% increase in North China [8] Financial Projections - Total revenue is projected to reach 26.115 billion yuan in 2026, with a growth rate of 25.10%. The net profit attributable to shareholders is expected to be 5.611 billion yuan, reflecting a growth of 27.08% [1][9] - The earnings per share (EPS) is forecasted to be 9.94 yuan in 2026, with a price-to-earnings (P/E) ratio of 22.95 [1][9] - The company anticipates a net profit of 7.920 billion yuan by 2028, corresponding to a P/E ratio of 16.26 [1][9]

Important Events - Moore Threads signed a contract worth 660 million yuan for the Moore Threads Quasar Intelligent Computing Cluster [1] - Jingwang Electronics has begun shipping 1.6T optical module PCBs [1] - Oni Electronics signed a strategic cooperation agreement for AI workstations with Muxi Co., Ltd [1] - Jerry Holdings signed a sales contract for gas turbine generator sets worth 2.359 billion yuan [1] - China Merchants Energy ordered 10 VLCC oil tankers at a total price of approximately 8.566 billion yuan [1] - China Shipbuilding (core stock) signed a contract for the construction of 10 very large crude carriers with a domestic well-known shipowner, with a value between 8 billion to 9 billion yuan [1] Investment - Dongpeng Beverage plans to use no more than 15 billion yuan of idle self-owned funds for cash management by 2026 [1] - TCL Technology intends to acquire a 45% stake in Guangzhou Huaxing Semiconductor (core stock) for a transaction price of 9.325 billion yuan [1] Buybacks & Increases - China Eastern Airlines plans to repurchase shares worth 500 million to 1 billion yuan, which will all be canceled to reduce registered capital, with a repurchase price not exceeding 5 yuan per share [1] Performance - Agricultural Bank (core stock) expects double-digit growth in revenue and profit by 2025, with average daily RMB deposits growing at the fastest rate in the industry [1] - Mindray Medical anticipates international business revenue of 17.65 billion yuan by 2025, accounting for 53% of total revenue [1] - Silis expects a record revenue of 165.05 billion yuan in 2025, with R&D investment increasing by 77.4% to 12.51 billion yuan [1] - Jixin Technology forecasts a net profit growth of 343.81% for 2025 [1] - Zhaoyan New Drug expects a net profit of 298 million yuan in 2025, a year-on-year increase of 302% [1] - Birun Technology anticipates a total revenue of 1.03 billion yuan in 2025, a 207% increase from the previous year [1] - Zhongji Xuchuang expects a net profit of 10.8 billion yuan in 2025, a year-on-year increase of 109%, and plans to distribute 10 yuan per 10 shares [1] - Salt Lake Co. anticipates a net profit growth of 81.76% in 2025, achieving revenue of 15.501 billion yuan [1] - CICC expects a net profit growth of 71.93% in 2025, planning to distribute 2.3 yuan per 10 shares [1] - Ninebot Company forecasts a net profit growth of 62.17% in 2025 [1] - Lianqi Technology expects a net profit growth of 58.4% in 2025 [1] - Zhaoyi Innovation anticipates a net profit growth of 49.47% in 2025, planning to distribute 7.5 yuan per 10 shares [1] - Zhongwei Company expects a net profit growth of 30.69% in 2025, planning to convert 10 shares into 4.9 shares and distribute 3.5 yuan [1] - Midea Group anticipates a net profit growth of 14.03% in 2025, planning to distribute 38 yuan per 10 shares and repurchase A-shares worth 6.5 billion to 13 billion yuan [1] - Ganfeng Lithium expects a net profit of 1.613 billion yuan in 2025, turning a profit from a loss [1] Quarterly Performance - Newray Co. expects a year-on-year net profit increase of 474%-604% in the first quarter, with price increases across the entire range of hard alloy and tool products [2] - Huarui Precision anticipates a year-on-year net profit increase of 413%-550% in the first quarter, driven by both volume and price increases [2]

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-025 东鹏饮料（集团）股份有限公司 第三届董事会第二十三次会议决议公告 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"）第三届董事会第二十三 次会议于 2026 年 3 月 30 日（星期一）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 2026 年 3 月 15 日通过邮件的方式送达各位董事。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主持，董事会秘书及高管列席。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 2025 年年度报告》及《2025 年年度报告摘要》。 表决结果：10 票同意，0 票反对，0 票弃权。 本议案提交董事会前已经公司第三届董事会审计委 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-030 东鹏饮料（集团）股份有限公司 关于 2025 年年度利润分配预案的公告 每股派发现金红利 2.50 元（含税），以资本公积金每 10 股转增 3 股。 本次利润分配拟以总股本 564,768,700 股为基数，拟合计转增股本 169,430,610 股（其中包括 156,003,900 股 A 股股份及 13,426,710 股 H 股股份）， 转增后公司总股本734,199,310股（其中包括676,016,900股A股股份及58,182,410 股 H 股股份）。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。 公司不触及《上海证券交易所股票上市规则（2025 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、2025 年年度利润分配预案内容 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： ...

东鹏饮料(集团)股份有限公司 内部控制审计报告 2025 年 12 月 31 日 内部控制审计报告 德师报(审)字(26)第 S00221 号 东鹏饮料(集团)股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了东鹏 饮料(集团)股份有限公司(以下简称"东鹏饮料")2025年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是东鹏饮料董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,东鹏饮料于 2025年 12月 31日按照《企业内部控 ...