Core Viewpoint - Dongpeng Beverage is set to launch its H-share IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 10.1 billion, marking it as a significant player in the beverage industry and the third "A+H" listed company this year [1][2][3]. IPO Details - The company plans to issue 40,889,900 H-shares, with a maximum offering price of HKD 248 per share, which could place it among the top fundraising IPOs in the consumer sector in recent years [2][3][5]. - The IPO is scheduled to begin trading on February 3, 2026, under the stock code 09980 [1][3]. Company Performance - Dongpeng Beverage is recognized as the leading functional beverage company in China, with a projected revenue of RMB 20.76 billion to RMB 21.12 billion for 2025, reflecting a growth rate of 31.07% to 33.34% compared to the previous year [3][18]. - The company has maintained a leading position in the functional beverage market, with a market share increase from 15.0% in 2021 to an expected 26.3% by 2024 [4][19]. Investor Confidence - The IPO has attracted significant interest from cornerstone investors, including Qatar Investment Authority, Temasek, and BlackRock, with total subscriptions amounting to USD 640 million, representing 49.2% of the total fundraising [6][8][24]. - The pricing strategy reflects a lower than average discount compared to other A-H shares in the consumer sector, indicating a favorable valuation for potential investors [5][20]. Growth Strategy - Dongpeng Beverage aims to expand its international presence, particularly in Southeast Asia, where the energy drink market is projected to reach USD 4.2 billion in 2024, with a compound annual growth rate of 6.2% [13][30]. - Approximately 8% of the net proceeds from the IPO will be allocated to establishing supply chain infrastructure in overseas markets, while 12% will focus on expanding international business and exploring investment opportunities [30][29]. Market Challenges - Despite its growth, Dongpeng Beverage faces challenges, including a high dependency on its flagship product, Dongpeng Special Drink, which contributes 85% of its revenue [9][26]. - The company’s performance in emerging beverage categories like coffee and tea remains limited, raising questions about the sustainability of its growth trajectory [9][12].

2026年以来，A股上市企业赴港上市热情持续高涨，继豪威集团（603501）、兆易创新（603986）之 后，或将迎来今年以来第三家"A+H"上市企业。 1月26日，东鹏饮料（605499）(集团)股份有限公司(以下简称"东鹏饮料")在港交所正式发布H股全球发 售公告，预计将于2月3日开始上市交易，股票代码为09980。 此后，公司凭借"低价策略+农村包围城市"的市场打法，精准切入大众消费场景，快速打开市场局面， 驶入发展快车道。2021年5月27日，东鹏饮料正式登陆上海证券交易所主板，成为A股市场"功能饮料第 一股"。 此次计划全球发行4088.99万股H股，发行价最高不超过每股248港元。按最高发行价测算，本次发行募 资规模预计可达101亿港元，可跻身港股市场近年消费行业IPO募资规模前列。 招股书显示，东鹏饮料是中国第一的功能饮料企业，收入增速在全球前20大上市软饮企业中位列第一。 最新业绩预告显示，公司2025年预计营业收入将达到207.6亿元至211.2亿元，较上年同期增长31.07%至 33.34%，但相较上年营收增速(40.63%)有所放缓。 超6亿美元全球资本"抢筹" | 全球發售的發售股份數 ...

Core Viewpoint - The article discusses the upcoming IPO of Dongpeng Beverage Group Co., Ltd. on the Hong Kong Stock Exchange, highlighting its position as a leading functional beverage company in China and its growth prospects amid challenges in the market [1][3][9]. Group 1: IPO Details - Dongpeng Beverage plans to issue 40.8899 million H-shares, with a maximum offering price of HKD 248 per share [2][3]. - The company aims to raise approximately HKD 101 billion, positioning itself among the top consumer industry IPOs in recent years [5][6]. - The IPO has attracted significant interest from cornerstone investors, with a total subscription amount of USD 640 million, accounting for 49.2% of the total fundraising [7][9]. Group 2: Financial Performance - Dongpeng Beverage is projected to achieve a revenue of RMB 20.76 billion to RMB 21.12 billion in 2025, reflecting a year-on-year growth of 31.07% to 33.34%, although this is a slowdown compared to the previous year's growth of 40.63% [3][6]. - The company’s core product, Dongpeng Special Drink, contributes approximately 85% to its revenue, indicating a high dependency on a single product [10][11]. - The gross profit margin for Dongpeng Special Drink is reported at 50.1%, but its revenue growth has slowed to 19.35% year-on-year [11][12]. Group 3: Market Position and Strategy - Dongpeng Beverage has maintained the largest market share in China's functional beverage sector, increasing from 15.0% in 2021 to a projected 26.3% by 2024 [6][13]. - The company is focusing on international expansion, particularly in Southeast Asia, where the energy drink market is projected to reach USD 4.2 billion in 2024 [14]. - Approximately 8% of the net proceeds from the IPO will be allocated to establishing supply chain infrastructure in overseas markets, while 12% will be used for market expansion and potential acquisitions [13][14].

据知情人士透露，中国能量饮料制造商东鹏饮料在香港拟发行的股份已获得足够需求。知情人士说，认 购倍数在五到九倍一带。他们说，既有来自全球和中国的多头投资者的申购，也有对冲基金的申购。东 鹏饮料尚未回应寻求评论的请求。 ...

Core Viewpoint - Dongpeng Beverage has officially launched its Hong Kong IPO, marking a significant milestone in its globalization strategy and setting a record for the largest IPO in the Asian beverage sector since 2020, showcasing its ambition to expand into global markets [1][10]. Group 1: IPO Highlights - The IPO features a record cornerstone investment lineup, with 15 leading global institutions collectively subscribing over $600 million, indicating strong confidence in the growth potential of the Chinese functional beverage sector and Dongpeng's business model [3][4]. - Qatar Investment Authority (QIA) led the cornerstone investment with $150 million, marking several firsts, including its first participation as a cornerstone investor in an A to H share IPO and the largest single cornerstone investment in the consumer sector [4]. Group 2: Financial Performance - Dongpeng Beverage is projected to achieve annual revenue exceeding 20.76 billion yuan in 2025, representing a year-on-year growth of over 31%, with net profit expected to range between 4.34 billion to 4.59 billion yuan, reflecting a growth of 30.46% to 37.97% [8]. - The company has consistently maintained high growth rates in revenue and profit from 2022 to 2025, establishing a strong foundation for long-term development and attracting global capital [8]. Group 3: Market Strategy - Dongpeng Beverage is positioned as a leader in the functional beverage market, leveraging a "1+6" multi-category strategy to optimize its product structure and drive growth in new categories [6]. - The company has developed a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active retail points, enabling efficient market penetration and product distribution [8]. Group 4: Global Expansion - The Hong Kong listing is a crucial step in Dongpeng's globalization strategy, with products already exported to over 30 countries and regions, and overseas subsidiaries established in Indonesia and Vietnam [9]. - The funds raised will focus on enhancing production capacity and upgrading the supply chain, supporting both domestic efficiency and global expansion efforts [9].

中金发表研报指，东鹏饮料预告公司2025年收入按年增长31%至33%，归母净利润增长31%至38%；单 论第四季，预期收入按年升19%至30%，归母净利润按年跌6.5%至升34%。该行认为末季收入符合市场 预期，但利润略低于市场预期，主要因冰柜投入。基于2025年冰柜投入以及2026年出海费用，该行下调 2025及26年盈利预测2.2%及6%，至44.7亿及53.8亿元，引入2027年利润预测62.7亿元；下调东鹏饮料目 标价6%至330元，维持"跑赢行业"评级不变。 ...

信心与底气十足 按最高发售价发行 1月26日，东鹏饮料启动H股招股，按最高发售价发行（即不高于每股248港元），并引入了一个堪称近 年来最豪华的港股IPO基石阵容——以全球主权财富资金牵头，15家基石投资者累计认购约6.4亿美元。 以最高发售价定价，彰显了东鹏饮料对自身实力的绝对自信，而基石投资者"众星云集"、积极认购，更 代表了专业资本对东鹏饮料价值的认可。东鹏饮料港股上市，是其借助港股舞台迈向国际资本市场的重 要一步，也将打出民族饮料品牌全球化发展的亮眼名片。 东鹏饮料本次港股上市，发行价将按照最高发售价不高于248港元/股进行。最高定价的实现，本质上是 市场对公司价值达成共识的结果。 这首先源于公司管理层对其未来发展前景、盈利能力和行业地位抱有极强的信心。他们相信公司展现出 的成长性和稀缺性，能够支撑这一较高的估值水平。根据弗若斯特沙利文报告，按销量计，东鹏饮料在 中国功能饮料市场自2021年起连续4年排名第一。在A股上市近五年来，东鹏饮料以连续稳健增长闻 名，是高ROE的典范，A股市值已经超1300亿元人民币。 可以说，多年来东鹏饮料的业绩表现就没有让投资者失望过。招股书显示，2022年~2024年， ...

格隆汇1月27日｜今日东鹏饮料(9980.HK)申购，无新股上市。 ...

Core Viewpoint - Dongpeng Beverage Group Co., Ltd. plans to invest in a new production base in Chengdu, with a total investment of 110 million RMB, aimed at enhancing its operational efficiency and market competitiveness in the southwestern and northwestern regions of China [2][10]. Group 1: Investment Overview - The investment project is named "Dongpeng Beverage Chengdu Production Base Project" [3][14]. - The total investment amount for the project is 110 million RMB [2][7]. - The company will establish a wholly-owned subsidiary, Chengdu Dongpeng Vitamin Beverage Co., Ltd., with a registered capital of 10 million RMB to manage the project [3][14]. Group 2: Approval and Compliance - The investment proposal was approved during the 20th meeting of the third board of directors on January 22, 2026, and does not require shareholder approval [4][5]. - The investment does not constitute a related party transaction or a major asset restructuring [5]. Group 3: Project Details - The project will involve the construction of a modern high-end beverage production line, including a production workshop, intelligent finished product warehouse, employee dormitory, and other supporting facilities [7]. - The project will utilize 280 acres of industrial land in the Chengdu Wenjiang High-tech Industrial Park [7]. - Construction is expected to commence within six months of signing the land use rights transfer contract and to be completed within 40 months, with production expected to start eight months after completion [8]. Group 4: Impact on the Company - The establishment of the new production base is a strategic move to optimize the company's production capacity and enhance market coverage and supply chain efficiency in the targeted regions [10]. - The project is anticipated to positively impact the overall operational efficiency and market competitiveness of the company [10].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].