东鹏饮料 （集团）股份有限公司：全球发售4,090 万股H股，全每股H股最高发售价248 港元，全球发售 项下香港发售股份数量为410 万股 H 股。 ...

Core Viewpoint - Dongpeng Beverage (09980.HK) plans to globally offer 40.89 million H-shares, with a maximum offer price of HKD 248.00 per share [1] Group 1: Offering Details - The company will offer 4.0899 million shares in Hong Kong and 36.8009 million shares internationally, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is from January 26 to January 29, 2026, with the expected pricing date on January 30, 2026 [1] - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on February 3, 2026 [1] Group 2: Underwriters - Huatai International, Morgan Stanley, and UBS Group are acting as joint sponsors for the offering [1]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the market benchmark [6]. Core Insights - The report emphasizes the recovery of the consumer price index (CPI) in December, suggesting a turning point in supply and demand dynamics. It highlights the importance of focusing on growth opportunities and the valuation flexibility of consumer goods [3][9]. - The report identifies key investment targets in the liquor sector, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands expected to clear inventory [9]. - The beverage sector is expected to benefit from improved travel conditions, with recommendations for companies like Dongpeng Beverage and Nongfu Spring [9]. - The report notes the ongoing recovery in the restaurant supply chain and the high growth potential of companies like Bailong Chuangyuan [15]. Summary by Sections Investment Recommendations - The report suggests focusing on companies with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as those expected to clear inventory like Yingjia Gongjiu and Guxi Gongjiu [9]. - It recommends beverage companies such as Dongpeng Beverage and Nongfu Spring, while also highlighting low-valuation, high-dividend stocks like China Foods and Master Kong [9]. - For snacks and food raw materials, it suggests Bailong Chuangyuan, Yanjinpuzi, and Three Squirrels as growth targets [9]. Liquor Sector Insights - As the Spring Festival approaches, the report highlights the importance of monitoring sales volume and pricing. It notes that the peak sales period is expected in February, with varying performance among brands [10]. - The report mentions that the liquor industry faced a significant production decline in 2025, with a total output of 3.549 million kiloliters, a year-on-year decrease of 12.1%, marking the largest drop since 2019 [11][13]. - It anticipates that the recovery in market conditions and inventory reduction will take time, with companies likely to maintain relationships through pricing strategies [11]. Consumer Goods Sector Insights - The report indicates that the restaurant supply chain is recovering, with the pre-prepared food sector expected to benefit from new national standards [15]. - Bailong Chuangyuan is highlighted for its strong growth, reporting a revenue of 1.38 billion yuan in 2025, a year-on-year increase of 19.8%, and a net profit of 366 million yuan, up 48.9% [15][16]. - The report notes that the company’s growth is driven by product optimization and increased production capacity utilization [16].

北京商报讯（记者 孔文燮） 1月23日，北京商报记者获悉，东鹏饮料集团成都生产基地项目签约仪式在 成都温江区举行，标志着公司在全国第14个生产基地落子西南。项目位于成都温江高新技术产业园区， 总占地面积约280亩，将建成集生产与仓储物流于一体的现代化基地，计划投资建设6条高端饮料生产 线，项目固定资产投资10亿元。 ...

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]

此次签约的成都生产基地是东鹏饮料深化全国战略、加码西南市场的关键举措。项目位于成都温江高新 技术产业园区，总占地面积约280亩，将建成集生产与仓储物流于一体的现代化基地，计划投资建设6条 高端饮料生产线，项目固定资产投资10亿元。 人民财讯1月23日电，据东鹏饮料（605499）消息，1月23日，东鹏饮料集团成都生产基地项目签约仪式 在成都温江区举行，标志着公司在全国第14个生产基地落子西南。 ...

Group 1 - The signing ceremony for the Dongpeng Beverage Group's Chengdu production base project took place in Wenjiang District, marking the official establishment of the project with a fixed investment of no less than 1 billion yuan [2] - Wenjiang District has positioned itself as a key area for the green food industry chain in Chengdu, attracting over 200 green food enterprises, including major brands like Uni-President, Master Kong, and Wahaha [2] - Dongpeng Beverage is a leading beverage enterprise in China, with 13 production bases nationwide, and the new Chengdu base is part of its strategic expansion into the western region [2] Group 2 - Wenjiang District focuses on optimizing the business environment as a crucial driver for high-quality development, implementing a service philosophy that emphasizes efficiency and support for enterprises [3] - The collaboration between Dongpeng Beverage and Wenjiang aims to enhance the competitiveness of the beverage brand while contributing to the high-quality development of the local green food industry [3] - Both parties plan to deepen their cooperation to align the growth of the national beverage brand with the industrial upgrade in Wenjiang, fostering a new chapter of economic and corporate development [3]