Core Viewpoint - Dongpeng Beverage Group Co., Ltd. is set to list on the Hong Kong Stock Exchange, with Huatai International, Morgan Stanley, and UBS serving as joint sponsors. The company is recognized as the leading functional beverage enterprise in China, with significant growth in market share and revenue [1][2]. Company Overview - Dongpeng Beverage is the largest functional beverage company in China, ranking first in market share for four consecutive years since 2021, with a market share increase from 15.0% in 2021 to 26.3% in 2024 [2]. - The company is projected to be the second-largest functional beverage company in China by retail revenue in 2024, holding a market share of 23% [2]. Sales Network - The company has established a comprehensive sales network covering over 4.3 million retail outlets across nearly all prefecture-level cities in China as of September 30, 2025 [3]. - Dongpeng Beverage collaborates closely with its sales team and distribution partners to enhance product visibility and penetration rates [3]. Financial Performance - Revenue figures for Dongpeng Beverage are as follows: approximately 8.5 billion RMB in 2022, 11.26 billion RMB in 2023, and projected 15.83 billion RMB in 2024 [6][7]. - The gross profit for the same periods is reported as 3.53 billion RMB (41.6% margin) in 2022, 4.76 billion RMB (42.3% margin) in 2023, and 6.98 billion RMB (44.1% margin) in 2024 [7]. Industry Insights - The retail value of China's soft drink industry is expected to reach approximately 1.3 trillion RMB in 2024, making it the second-largest soft drink market globally [4]. - The functional beverage sector is the fastest-growing segment, with a compound annual growth rate (CAGR) of 8.3% from 2019 to 2024, significantly outpacing the overall soft drink market growth of 4.7% during the same period [4]. - The energy drink market in China is projected to reach 180.7 billion RMB by 2029, with a CAGR of 10.3% from 2025 to 2029 [5][6]. - The sports drink market is expected to grow to 997 billion RMB by 2029, with a CAGR of 12.2% from 2025 to 2029 [6].

Core Viewpoint - Dongpeng Beverage is set to list on the Hong Kong Stock Exchange, with Huatai International, Morgan Stanley, and UBS serving as joint sponsors. The company is recognized as the leading functional beverage enterprise in China, with significant growth in market share and revenue [1][3]. Company Overview - Dongpeng Beverage is the number one functional beverage company in China, with a market share that has grown from 15.0% in 2021 to an estimated 26.3% in 2024 [3]. - The company has established a comprehensive sales network covering over 4.3 million retail outlets across nearly all prefecture-level cities in China by September 30, 2025 [3]. Financial Performance - Revenue figures for Dongpeng Beverage are as follows: approximately 8.5 billion RMB in 2022, 11.26 billion RMB in 2023, and projected 15.83 billion RMB in 2024 [6]. - The gross profit margin for the company has shown an upward trend, with gross profit margins of 41.6% in 2022, 42.3% in 2023, and projected 44.1% in 2024 [7]. Market Trends - The retail value of China's soft drink industry is expected to reach approximately 1.3 trillion RMB in 2024, with functional beverages being the fastest-growing segment, projected to grow at a compound annual growth rate (CAGR) of 8.3% from 2019 to 2024 [4]. - The energy drink sector in China is anticipated to reach a market size of 180.7 billion RMB by 2029, with a CAGR of 10.3% from 2025 to 2029 [5][6]. - The sports drink market is also expected to grow significantly, reaching 997 billion RMB by 2029, with a CAGR of 12.2% from 2025 to 2029 [6].

Core Viewpoint - Dongpeng Beverage Group Co., Ltd. is set to list on the Hong Kong Stock Exchange, with Huatai International, Morgan Stanley, and UBS serving as joint sponsors [1]. Company Overview - Dongpeng Beverage is the leading functional beverage company in China, ranking first in market share for four consecutive years since 2021, with a market share increase from 15.0% in 2021 to 26.3% in 2024 [3]. - The company has established a comprehensive sales network covering over 4.3 million retail outlets across nearly all prefecture-level cities in China by September 30, 2025 [3]. Financial Performance - Revenue figures for Dongpeng Beverage are as follows: approximately 8.5 billion RMB in 2022, 11.26 billion RMB in 2023, and projected 15.83 billion RMB in 2024 [6]. - The gross profit for energy drinks is expected to rise from 3.49 billion RMB in 2022 to 6.33 billion RMB in 2024, with gross margins increasing from 42.5% to 47.5% [4]. - The total comprehensive income for the company is projected to be around 14.26 billion RMB in 2022, increasing to 33.64 billion RMB in 2024 [6]. Industry Insights - The retail value of China's soft drink market is expected to reach approximately 1.3 trillion RMB in 2024, making it the second-largest soft drink market globally [4]. - The functional beverage sector is the fastest-growing segment, with a compound annual growth rate (CAGR) of 8.3% from 2019 to 2024, significantly outpacing the overall soft drink market growth of 4.7% during the same period [4]. - The energy drink market in China is projected to reach 180.7 billion RMB by 2029, with a CAGR of 10.3% from 2025 to 2029 [5][6]. - The sports drink market is expected to grow to 997 billion RMB by 2029, with a CAGR of 12.2% from 2025 to 2029 [6].

Group 1 - The company Dongpeng Beverage announced that its third board meeting will be held on January 14, 2026, to discuss matters related to the global issuance of H shares and listing on the Hong Kong Stock Exchange [1] - The meeting will take place in a hybrid format, combining in-person attendance and communication [1] Group 2 - Haili Biological's valuation has decreased by 50% over the past eight months, despite a previous ninefold increase due to acquisitions [1] - The company's largest client is reportedly a company that has not yet been established, raising questions about its business model [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company is expected to achieve a revenue of approximately 207.6 to 211.2 billion yuan in 2025, representing a year-on-year growth of 31.1% to 33.3% [7] - The company’s revenue growth is anticipated to transition from high-speed to medium-high speed as it reaches a revenue scale of 200 billion yuan, with a focus on healthier growth quality [7] - The net profit margin for 2025 is projected to be around 20.9% to 21.7%, with a slight year-on-year increase [7] - The report highlights the importance of monitoring sales dynamics during the Spring Festival and the "water head" catalyst in March for revenue growth [7] - Long-term growth opportunities are identified in category expansion and international market penetration, particularly in Southeast Asia and future plans for the US and Middle East markets [7] Financial Forecasts - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 15,839 million yuan, 20,913 million yuan, 26,559 million yuan, and 32,217 million yuan respectively, with growth rates of 40.63%, 32.04%, 27.00%, and 21.31% [2] - The expected net profit for the same years is 3,327 million yuan, 4,474 million yuan, 5,679 million yuan, and 6,980 million yuan, with profit growth rates of 63.09%, 34.48%, 26.95%, and 22.90% [2] - The diluted EPS is projected to be 6.40 yuan, 8.60 yuan, 10.92 yuan, and 13.42 yuan for the years 2024A to 2027E [2] - The PE ratio is expected to decrease from 40.33 in 2024A to 19.22 in 2027E, indicating a potential increase in valuation attractiveness over time [2]

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-002 （一）审议通过《关于 H 股全球发售（包括香港公开发售及国际发售）及 在香港联交所上市相关事宜的议案》 公司董事会同意关于公司 H 股全球发售（包括香港公开发售及国际发售） 及在香港联合交易所有限公司主板上市事宜的相关安排，包括但不限于：批准刊 发、签署符合相关法律法规要求的招股说明书及其他相关文件，批准处理 H 股 发行程序及相关事项，授权相关人士按相关决议处理与本次发行并上市有关的具 体事务。 东鹏饮料（集团）股份有限公司 第三届董事会第十九次决议公告 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"）第三届董事会第十九次 会议于 2026 年 1 月 14 日（星期三）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 1 月 8 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 ...

Core Viewpoint - Dongpeng Beverage is the leading functional beverage company in China, with the fastest revenue growth among the top 20 listed soft drink companies globally [1] Group 1: Market Position - Dongpeng Beverage has ranked first in the Chinese functional beverage market by sales for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024 [1] - By retail value, Dongpeng Beverage is projected to be the second-largest functional beverage company in 2024, holding a market share of 23.0% [1] Group 2: Financial Performance - The company recorded revenues of 8.5 billion yuan, 11.26 billion yuan, 15.83 billion yuan, and 16.837 billion yuan for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively, with a compound annual growth rate of 36.5% [1] - As of December 31 for the years 2022, 2023, and 2024, and September 30, 2025, Dongpeng Beverage reported net assets of 5.064 billion yuan, 6.323 billion yuan, 7.691 billion yuan, and 8.801 billion yuan, respectively [1]

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-003 东鹏饮料（集团）股份有限公司 关于刊发H股发行聆讯后资料集的公告 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"）正在进行申请发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下 简称"本次发行上市"）的相关工作。 中文： https://www1.hkexnews.hk/app/sehk/2025/107769/documents/sehk26011400686 _c.pdf 2025 年 4 月 3 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了本次发行上市的申请资料。2025 年 10 月 9 日，根据 公司发行计划及香港联交所的相关要求，公司向香港联交所更新了发行申请及部 分公司信息和财务数据等，并于同日在香港联交所网站刊登了相关更新文件。上 述具体内容详见公司于 2025 年 4 月 4 日在上海证券交易所网站披露的《关于向 香港联交所递 ...

Group 1 - The core point of the article is that Dongpeng Beverage Group Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange [1] Group 2 - The company is preparing for its initial public offering (IPO) in Hong Kong [1]

Core Viewpoint - Dongpeng Beverage, as the "first stock of functional drinks" in the A-share market, has shown strong operational momentum, but its financial strategy raises questions about its cash flow and reliance on borrowing [1][4]. Financial Performance - Dongpeng Beverage expects a net profit attributable to shareholders of between 4.34 billion and 4.59 billion yuan for 2025, representing a year-on-year growth of 30.46% to 37.97% [2]. - For the first three quarters of 2025, the company reported revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit of 3.761 billion yuan, up 38.91% [5]. Cash Flow and Debt - Despite strong profit growth, the company's cash reserves have been shrinking, with monetary funds decreasing from 6.058 billion yuan at the end of 2023 to 5.653 billion yuan by the end of 2024, and further down to 5.262 billion yuan in Q2 2025 [6]. - The short-term borrowing balance surged by 118.69% to 6.551 billion yuan by the end of 2024, with further increases to 6.973 billion yuan by Q3 2025, raising the debt-to-asset ratio from 57.01% to 66.08% [7]. Investment Strategy - Since 2022, Dongpeng Beverage has significantly increased its investment in financial products, with trading financial assets rising from 301 million yuan in 2021 to 4.897 billion yuan in 2024 [8][9]. - The company plans to invest up to 11 billion yuan of idle funds into various investment products, indicating a strong inclination towards financial investments [12]. Dividend Policy - From 2021 to 2024, Dongpeng Beverage distributed cash dividends totaling 5.3 billion yuan, with a cash dividend payout ratio of 69.1% in 2024, significantly higher than many A-share companies [16]. - The majority of dividends benefited the founding family, which holds over 65% of the company's shares, leading to over 3.4 billion yuan flowing into their pockets during the dividend period [17]. Shareholder Actions - Early investor Junzheng Investment has completely exited its position, having reduced its holdings by over 4 billion yuan within three years [20]. - The founding family's associated shareholders have also engaged in significant share reductions, with one plan resulting in the sale of shares worth 1.908 billion yuan [20]. Market Strategy - Dongpeng Beverage's rise is attributed to its strategy of emulating market leader Red Bull, including adopting similar marketing tactics and product offerings [21]. - The company has introduced a "1+6 multi-category strategy" to diversify its product line, but the energy drink still accounts for 74.63% of total revenue as of Q3 2025 [24]. International Expansion - The company plans to use funds from its Hong Kong listing to establish supply chain infrastructure in Southeast Asia, aiming for localized operations [24]. - However, entering the Southeast Asian market poses challenges due to established competitors like Red Bull and other international brands [24].