Core Viewpoint - Dongpeng Beverage's decision to list in Hong Kong is driven by its internationalization strategy, the opportunity presented by the Hong Kong market, and the need to optimize its operational structure [1]. Group 1: Internationalization Strategy - The company aims to achieve a revenue of 15.84 billion yuan in 2024 and has outlined a three-dimensional growth model focusing on "nationalization, diversification, and internationalization" [2]. - Listing in Hong Kong will facilitate market expansion, with plans to increase overseas revenue from less than 3% to 15% [2]. - The company seeks to enhance its brand influence through international investors, targeting a position in the top ten of the "Global Soft Drink Brand Value 50" by 2025 [2]. - Post-listing, the company can leverage the "A+H" dual platform for flexible financing, as its current fundraising balance in A-shares is only 116 million yuan [3]. Group 2: Hong Kong Market Opportunity - The Hong Kong market presents unique opportunities in 2025, including a "fast track" for A-share companies with a market capitalization exceeding 10 billion HKD, which Dongpeng qualifies for with a current market cap of approximately 150 billion HKD [4]. - There is a valuation arbitrage, as the median PE ratio in the Hong Kong beverage sector is 17.2 times, significantly lower than Dongpeng's A-share valuation of 40 times, potentially attracting long-term international capital [4]. - The beverage sector is seeing increased interest, with 59 A-share companies applying for Hong Kong listings this year, and Dongpeng's status as a leading functional beverage brand adds to its appeal [4]. Group 3: Operational Structure Optimization - The company aims to diversify operational risks and integrate financial resources [5]. - There are potential challenges, including valuation differences, as Hong Kong investors may demand higher dividend returns, with the current A-share dividend rate at 63.6% [6]. - The company remains reliant on single products, with electrolyte water needing to exceed 15% of revenue to effectively mitigate risks [6]. - Concerns exist regarding the financial structure, with 6.565 billion yuan in short-term loans against 5.556 billion yuan in cash, necessitating greater transparency [6]. - Energy drink revenue still constitutes 84% of total income, highlighting the need for Hong Kong financing to support the development of new products like "Bushi La," which is projected to grow by 280% in 2024 [7]. - The company aims to alleviate pressure from A-share shareholder reductions, with over 1.37% of shares expected to be sold by the top ten shareholders before Q1 2025 [7].

据港交所官网披露，10月9日，功能饮料龙头企业东鹏饮料再次向港交所主板递交上市申请，重启港股 IPO进程。该公司曾于2025年4月3日向港交所递交过上市申请，不过招股书于10月3日失效。 | [编纂]的[编纂]數目 | : | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | | [编纂]股H股(可于编纂]) | | [编纂]數目 | | [编纂]股H股(可于[编纂]及視乎[编纂]行使與否而 | | | 定) | | | 最高[编纂] : | | 每股H股[编纂]港元,另加1%經纪佣金、0.0027% | | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%自財局交易微費(須於[编纂]時以港 | | | | 元織足,多織股款可于退還) | | 面值 | | 每股H股人民幣1.00元 | | 【细景】 | . 【甜蜜】 | | | 聯席保薦人 ·[编纂] | | | | 华泰国际 | Morgan Stanley | UBS 瑞銀集團 | | 摩根士丹利 | | | | (按英文字母顧序排序) | | | 最新披 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-062 鉴于本次发行的认购对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交 易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发行以及公司的其他相关信息，现提供该申 请资料在香港联交所网站的查询链接供查阅： 中文： 东鹏饮料（集团）股份有限公司 关于发行H股并上市的进展公告 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"）正在进行申请发行境外 上市外资股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行"）的相关工作。公司已于2025年4月3日向香港 联交所递交了本次发行的申请，并于同日在香港联交所网站刊登了本次发行的申 请资料。 根据公司发行计划及香港联交所的相关要求，公司于2025年10月9日向香港 联交所更新了发行申请及部分公司信息和财务数据等， ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-060 关于使用部分闲置自有资金进行现金管理的进展公告 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： 1.委托理财受托方：中银理财有限责任公司、Morgan Stanley Finance LLC、 China CITIC Bank International Limited、上海海通证券资产管理有限公司、 华鑫国际信托有限公司、厦门国际信托有限公司、华夏银行股份有限公司； 2.本次委托理财金额：合计 89,358.00 万元； 3.委托理财产品类型：理财、结构性存款、资管计划、信托计划； 4.委托理财期限：无固定期限、6 个月、28 个月、1091 天； 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2025 年 3 月 7 日召开第三届董事会第十三次会议和第三届监事会第十二次会 议及 2025 年 4 月 2 日召开 2024 年年度股东大会，分别审议通过了《关于 2025 年度使用闲置自有资金进行现金管理的议案》 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-061 东鹏饮料（集团）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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"）于 2025 年 3 月 7 日召 开第三届董事会第十三次会议和第三届监事会第十二次会议及 2025 年 4 月 2 日 召开 2024 年年度股东大会，分别审议通过了《关于 2025 年度使用闲置募集资金 进行现金管理的议案》，公司股东大会拟授权公司及其子公司在保证日常经营资 金需求和资金安全的前提下，使用不超过人民币 1 亿元的范围内择机购买原则为 安全性高、低风险、流动性好的理财产品、不影响募集资金投资计划正常进行， 使用期限自股东大会审议通过之日起至 2025 年年度股东大会召开之日止，投资 产品期限不长于上述授权使用期限且不超过 12 个月，在上述使用期限及额度范 围内，资金可以循环滚动使用。 在规定额度范围内，授权公司董事长或董事长指定的授权代理人，行使相关 决策权并签 ...

Core Insights - The beverage and dairy sector experienced a rise of 0.66% on October 9, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Zhuangyuan Pastoral (002910) closed at 10.86, with a significant increase of 10.03%, trading volume of 239,000 shares, and a transaction value of 254 million [1] - Qiaoyuan Beverage (603156) saw a rise of 6.18%, closing at 31.29, with a trading volume of 328,100 shares and a transaction value of 1.042 billion [1] - Panda Dairy (300898) increased by 1.79%, closing at 26.09, with a trading volume of 30,800 shares and a transaction value of 79.09 million [1] - Yili Group (600887) rose by 1.28%, closing at 27.63, with a trading volume of 711,500 shares and a transaction value of 1.94 billion [1] - Tianrun Dairy (600419) and Beingmate (002570) also showed modest increases of 1.18% and 1.13%, respectively [1] Capital Flow - The beverage and dairy sector saw a net inflow of 47.31 million from institutional investors, while retail investors experienced a net outflow of 1.09 billion [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, despite the outflow from retail investors [2]

近几年，东鹏饮料业绩增长迅速，2022年—2024年，东鹏饮料的收入分别约为85亿元、112.57亿元、 158.3亿元；毛利分别约为35.32亿元、47.61亿元、69.83亿元；净利润分别约为14.41亿元、20.4亿元、 33.26亿元。 进军港股并非一帆风顺，此前东鹏饮料曾被证监会要求补充材料。根据证监会官网披露的境外发行上市 备案补充材料要求（2025年4月25日—2025年5月9日）显示，要求东鹏饮料补充说明公司及子公司的经 营范围是否涉及《外商投资准入特别管理措施（负面清单）（2024年版）》所涵盖的领域，以及本次发 行上市前后是否持续符合外资准入政策要求；鉴于公司及下属公司经营范围包含酒的生产和销售，需补 充说明公司及下属公司是否从事白酒的生产及销售，若存在该业务，请详细说明情况；补充说明公司及 下属公司开发、运营的网站、App、小程序等产品情况，包括收集及储存的用户信息规模、数据收集使 用情况，是否涉及向第三方提供个人用户信息，以及上市前后在个人信息保护和数据安全方面的安排或 措施；补充说明此次发行的境内募投项目在审批、核准或备案方面的进展情况。 编辑 唐峥 校对 陈荻雁 新京报讯（记者王子 ...

Core Viewpoint - Eastroc Beverage (Group) Co., Ltd. is planning to list on the Hong Kong Stock Exchange after previously submitting an invalid application in April 2025. The company is recognized as a leading functional beverage enterprise in China and aims to leverage its strong market position for growth [2][6]. Company Overview - Established in 1994, Eastroc Beverage is the first and a globally leading functional beverage company in China, with the fastest revenue growth among the top 20 listed soft drink companies worldwide [6]. - The company's brand, "Eastroc," has significant consumer recognition, with the slogan "When tired, drink Eastroc Special Drink" deeply ingrained in the market [6]. Market Position - According to a report by Frost & Sullivan, Eastroc Beverage has ranked first in the Chinese functional beverage market by sales volume for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024 [6]. Sales Network and Technology - As of June 30, 2025, Eastroc Beverage has established a comprehensive sales network covering over 4.2 million retail outlets across nearly 100% of China's prefecture-level cities. The company has implemented advanced technologies such as "one code for one product" and "five codes association" to enhance its digital operations [8]. - The company has connected with over 250 million consumers and collaborates with more than 3,200 distributors, creating a robust operational moat [8]. Production Capacity - Eastroc Beverage has strategically established nine production bases across key regions in China, including locations in Guangdong, Anhui, Guangxi, Chongqing, and Zhejiang. The product portfolio includes energy drinks, sports drinks, tea beverages, coffee drinks, plant-based protein drinks, and fruit and vegetable juices [8]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 85.00 billion, RMB 112.57 billion, RMB 158.30 billion, and RMB 107.32 billion, respectively. Corresponding net profits were RMB 14.41 billion, RMB 20.40 billion, RMB 33.26 billion, and RMB 23.75 billion [16][17]. Shareholder Structure - Prior to the Hong Kong listing, the major shareholder structure shows Lin Muqin holding 50.16% of the shares, with other family members and entities holding the remainder [11][12]. Management Team - The board of directors consists of 10 members, including 6 executive directors and 4 independent non-executive directors, with Lin Muqin serving as the chairman and president [14][15].

Core Insights - The article highlights the entrepreneurial journey of Lin Muqin, Chairman of Dongpeng Beverage Group, who transformed the company from near bankruptcy to a market capitalization exceeding 100 billion yuan, establishing it as the leading functional beverage brand in China [1][12]. Company Background - Lin Muqin was born in a modest family in Guangdong's Shanwei and pursued a master's degree in business administration at Sun Yat-sen University, laying the foundation for his entrepreneurial endeavors in the Greater Bay Area [4]. - In 1997, Lin joined Dongpeng Beverage, which was struggling with outdated equipment and a limited product range. He recognized the company's potential and initiated a turnaround strategy [5]. Business Transformation - After acquiring Dongpeng Beverage in 2003 for 4.6 million yuan, Lin led the company through a critical transformation from state-owned to privately owned, averting bankruptcy and marking the beginning of a new chapter for the enterprise [5]. - Lin implemented a differentiation strategy targeting price-sensitive young consumers and laborers, leading to the launch of Dongpeng Special Drink in 2009, which became a key product for the brand's resurgence [7][9]. Market Strategy - The company focused on building a robust distribution network, expanding from local convenience stores to rural markets, and leveraging online platforms for brand promotion [10][11]. - Lin's marketing strategy included signing celebrity endorsements and associating the brand with sports events to enhance brand visibility and consumer engagement [11]. Financial Performance - In the first half of 2025, Dongpeng Beverage reported impressive financial results, with revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% [12]. - The core energy drink segment generated 8.361 billion yuan in revenue, accounting for 77.91% of total sales, while the electrolyte drink segment saw a significant increase in revenue, rising 213.71% year-on-year [12]. Expansion and Future Outlook - Dongpeng Beverage is set to issue H-shares to list on the Hong Kong Stock Exchange, aiming to enhance its global presence and serve as a benchmark for enterprises in the Greater Bay Area [12][13]. - The company has expanded its market reach to 31 countries, including Vietnam and the United States, and is establishing subsidiaries in Indonesia and Vietnam to boost overseas production capacity [13].

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange (HKEX) after its initial application was unsuccessful, aiming for a dual listing in both A-share and H-share markets, indicating its strong ambition for international expansion and capital market presence [1][4]. Group 1: Listing Strategy - Dongpeng Beverage submitted its H-share listing application to HKEX, with the same underwriters as its first attempt, highlighting its determination to succeed this time [1]. - The company aims to become the second Chinese beverage company to achieve a dual listing after Andeli, reflecting its strategic goal to enhance brand recognition and attract global investors [1][3]. - The rapid reapplication within six days after the first attempt suggests a strong commitment to the Hong Kong market [1]. Group 2: Financial Position - As of the end of 2024, Dongpeng Beverage reported cash and cash equivalents of 5.653 billion yuan, with total liquid assets reaching 14.223 billion yuan, indicating a robust financial position despite pursuing additional fundraising [2][3]. - The company plans to utilize up to 11 billion yuan of idle funds for low-risk financial products, suggesting a strategy to optimize its capital structure [3]. Group 3: Market Expansion and Challenges - Dongpeng Beverage is focusing on internationalization, particularly targeting Southeast Asia, with plans to leverage the HKEX listing to facilitate this expansion [4][8]. - The company has already begun exporting products to 25 countries, including Vietnam and Malaysia, and is establishing production bases aimed at the Southeast Asian market [8]. - However, challenges such as brand recognition, local market adaptation, and competition from established brands like Red Bull and Monster pose significant hurdles for Dongpeng's international ambitions [9][10]. Group 4: Growth Strategy - Dongpeng Beverage has introduced a "1+6 multi-category strategy," focusing on its core product while expanding into six new beverage categories to sustain growth [6]. - The company has experienced significant revenue growth, with a reported 40.6% increase in revenue for 2024 and a 36.37% increase in the first half of 2025 [4]. Group 5: Market Dynamics - The competitive landscape in the functional beverage sector is intensifying, with various brands vying for market share, necessitating Dongpeng to innovate and maintain its market position [9][10]. - The company faces pressure to enhance its distribution channels and marketing strategies to counteract competition and ensure sustained sales growth [7][10].