Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the market benchmark [5][23]. Core Insights - The December CPI growth rate has accelerated, suggesting a potential recovery in consumer spending, particularly in the food and beverage sector. The report emphasizes the importance of supply chain recovery and the valuation flexibility of consumer goods [3][9]. - The report highlights the rapid advancement of the product matrix for Moutai, which is leading market reforms [3][10]. Summary by Sections Investment Recommendations - The report suggests focusing on companies with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential recovery stocks such as Yingjia Gongjiu and Gujing Gongjiu [8]. - Beverage companies like Dongpeng Beverage and Nongfu Spring are recommended due to favorable market conditions. Additionally, low-valuation, high-dividend stocks such as China Foods and Master Kong are highlighted [8]. - For snacks and food raw materials, companies like Bailong Chuangyuan and Yanjinpuzi are recommended. Beer stocks such as Yanjing Beer and Qingdao Beer are also suggested [8]. - The report notes that the condiment sector is stable, with a recovery expected in the catering supply chain, recommending companies like Qianhe Flavor Industry and Haidilao [8]. White Spirits - Moutai's market-oriented transformation has been officially implemented, focusing on product system, operational model, channel layout, and pricing mechanism. The company aims to enhance consumer engagement and adjust pricing to market conditions [10][12]. - The report indicates that Moutai's recent market actions are expected to stimulate demand and improve sales performance [10][12]. Consumer Goods - The catering supply chain is expected to recover, with leading companies showing positive signals. The report notes that the competition in the catering industry is stabilizing, which may lead to improved market conditions [13]. - Dongpeng Beverage is projected to achieve significant revenue growth in 2025, driven by category expansion and strategic management [14]. Profit Forecast and Valuation - The report provides a detailed profit forecast and valuation for key companies, indicating a generally positive outlook for the food and beverage sector, with many companies rated as "Overweight" [16][17].

Investment Opportunities - The lemon tea brand "Linlee" has completed a Series A financing round of tens of millions, with a valuation close to 1 billion, aimed at brand building, supply chain upgrades, and organizational improvements [3] - Jiangsu Zhonggou has secured 12 million yuan in angel round financing, which will be used to strengthen its supply chain, expand offline direct sales networks, and upgrade its online digital platform [4] - OMOWAY has completed a Pre-A financing round of tens of millions of dollars, led by Sequoia China and Starry Sky Capital, with funds directed towards product mass production and global market development [5] - Futuring has announced a 200 million yuan angel round financing, primarily for product iteration and deployment in real family scenarios [6] - Fen Chuanqi has completed a 100 million yuan Series A financing round, focusing on supply chain upgrades and nationwide store expansion [7] Company Intelligence - The dispute between Xibei's Jia Guolong and Luo Yonghao has escalated, with both parties' Weibo accounts being silenced [8] - Xibei plans to close 102 stores, accounting for 30% of its total, while ensuring that all employees receive their wages and customer prepaid cards can be used at other locations [9] - Daya has confirmed that former CEO of Weidong, Sun Yinan, has joined as CEO [10] - The "Dead or Alive" app has been renamed Demumu, with a valuation of 10 million yuan, focusing on safety solutions for solitary individuals [11][12] - The founder of Zhong Xue Gao has won a defamation case regarding a misrepresented interview, with the court ruling in favor of the founder [14] Market Trends - Yuanji Food has submitted an application for listing on the Hong Kong Stock Exchange, aiming to become the largest Chinese fast-food company by store count [17][18] - Qian Dama has filed for an IPO, with a focus on community fresh food retail, reporting a GMV of 14.8 billion yuan in 2024 [20][22] - Dongpeng Beverage has passed the Hong Kong Stock Exchange hearing, targeting a fundraising goal of 1 billion USD [23] - The "Crying Horse" toy has gained popularity in Yiwu, leading to a surge in production to meet demand [24][25] Financial Performance - Yuanji Food expects revenues of 2.026 billion yuan and 2.561 billion yuan for 2023 and 2024, respectively, with a growth rate of 26% [19] - Qian Dama's revenue growth has stagnated, with a slight increase from 11.744 billion yuan in 2023 to 11.788 billion yuan in 2024 [21] - Dongpeng Beverage anticipates a revenue increase of 31.07% to 33.34% for 2025, projecting revenues between 20.76 billion yuan and 21.12 billion yuan [23]

Core Viewpoint - Dongpeng Beverage plans to utilize part of its idle raised funds for cash management, specifically through structured deposits, to enhance the efficiency of fund usage and increase company revenue while ensuring that it does not affect the normal investment plans of the raised funds [2][4][11]. Group 1: Cash Management Overview - The entrusted party for cash management is China Merchants Bank Co., Ltd. [2] - The total amount for cash management is 70 million yuan [2]. - The type of cash management product is structured deposits with a duration of 70 days [2][8]. - The company has authorized the use of up to 100 million yuan for cash management, ensuring that daily operational funding needs and fund safety are prioritized [2][13]. Group 2: Previous Financial Management - The previous structured deposit purchased on October 15, 2025, matured on January 15, 2026, with the principal and earnings fully returned to the raised funds account [4]. - The funds used for this investment are from the company's initial public offering, which raised a total of 1.851 billion yuan, netting 1.732 billion yuan after expenses [5]. Group 3: Risk Control Measures - The company has established a comprehensive internal control system for cash management, including risk assessment and decision-making processes to ensure the safety of funds [6][9]. - The company will select low-risk investment products and monitor market conditions to mitigate potential risks [9][10]. - Independent directors and the sponsor have the authority to supervise the use of raised funds, ensuring compliance with regulations [7][9]. Group 4: Impact on Company - The cash management initiative is not expected to significantly impact the company's main business, financial status, operating results, or cash flow [11]. - The company will report the specifics of the cash management activities in accordance with relevant regulations [10].

Group 1 - Recent star companies in technology, consumer, and high-end manufacturing sectors are driving market momentum, enhancing the linkage between capital markets in both regions [1] - Notable A-share companies are making significant progress in their listings in Hong Kong, including Longqi Technology, which is currently in the process of going public and has attracted investments from major institutions [2] - Dongpeng Beverage has successfully passed the listing hearing in Hong Kong and has maintained a leading market share in China's functional beverage market, increasing from 15% in 2021 to 26.3% in 2024 [2] Group 2 - The AH premium index has shown slight fluctuations, reflecting a recent increase in A-share performance compared to H-shares, with the index reported at 120.43 points as of January 16, up from 115.44 points at the end of the previous year [6] - The recent trend of A-share companies listing in Hong Kong has led to a decrease in the AH premium index, as high-quality A-share companies enhance liquidity in the Hong Kong market [6] - Currently, there are 37 companies with an AH premium exceeding 100%, with Zhejiang Shibao leading at a premium rate of 360.30% [7] Group 3 - Multiple factors are contributing to the current trend of A-share companies listing in Hong Kong, including a stronger A-share market driven by high-tech sectors, while the Hong Kong market remains influenced by traditional sectors [8] - The liquidity situation in the A-share market, supported by long-term capital allocations and individual investors leveraging, contrasts with the Hong Kong market, which is affected by external risk preferences [8] - The Hong Kong IPO market is expected to remain active in 2026, with a significant number of companies in the pipeline, including 105 A-share projects [9]

Group 1 - The core point of the article is that Dongpeng Beverage announced the approval of multiple proposals, including the formulation and modification of the company's internal governance system at its second extraordinary general meeting of shareholders in 2025 [2] Group 2 - The announcement indicates a focus on improving corporate governance, which may enhance operational efficiency and transparency within the company [2] - The approval of these proposals reflects the company's commitment to adhering to regulatory requirements and best practices in corporate governance [2] - This move could potentially strengthen investor confidence and support the company's long-term growth strategy [2]

Core Viewpoint - Dongpeng Beverage continues to thrive amid market fluctuations, with projected revenue for 2025 expected to reach between 20.76 billion to 21.12 billion yuan, representing a year-on-year growth of 31.07% to 33.34% [2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 4.34 billion to 4.59 billion yuan for 2025, reflecting a year-on-year increase of 30.46% to 37.97% [2] - In the first half of 2025, Dongpeng's sales revenue in the North China region reached 1.708 billion yuan, a significant year-on-year growth of 73.03%, outpacing the national average growth rate [2] Group 2: Marketing Strategies - Dongpeng is actively promoting its flagship product, Dongpeng Special Drink, through the "One Yuan Enjoyment" campaign in Beijing, which has significantly boosted sales in physical stores [3] - The campaign allows customers to purchase Dongpeng products and check for winning caps, enabling them to exchange for another drink at a low cost, thus increasing foot traffic and sales [3] Group 3: Advertising and Promotion Expenses - Dongpeng's advertising and promotion expenses have increased over the years, with figures of 636.5 million yuan in 2022, 863.7 million yuan in 2023, and 1.3727 billion yuan in 2025 (up to Q3), representing 7.5%, 7.7%, and 8.2% of total revenue respectively [4] Group 4: Market Position and Competition - In the energy drink market in Beijing, Dongpeng Special Drink ranks second, following Red Bull, with a market share of 40.1% in 2024, significantly higher than Red Bull's 22% [11] - The company has successfully expanded its consumer base from traditional segments to include blue-collar workers, reflecting a broader market appeal [9] Group 5: Operational Efficiency - Dongpeng's cost leadership strategy has resulted in lower manufacturing costs, with unit manufacturing costs at 216 yuan per ton compared to competitors like Yangyuan Beverage and Huanlejia, which are significantly higher [8] - The company's shift towards larger packaging has also contributed to reduced water and energy consumption in production, enhancing operational efficiency [9] Group 6: Future Growth and Expansion - Dongpeng plans to expand its product categories, with its electrolyte water brand, "Bushuila," seeing a year-on-year sales increase of 83.81% to 1.354 billion yuan in Q3 2025 [12] - The company is also focusing on overseas market expansion, with plans to establish joint ventures and explore investment opportunities in companies with established production capabilities [12]

并继续进行现金管理的公告 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。 重要内容提示： 1.现金管理受托方：招商银行股份有限公司； 2.本次现金管理金额：合计 7,000.00 万元； 3.现金管理产品类型：结构性存款； 证券代码：605499 证券简称：东鹏饮料 公告编号：2026-005 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 4.现金管理期限：70 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，使用期限自股东会审议通过之日起至 2025 年 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2026 年 1 月 16 日 证券代码：605499 证券简称：东鹏饮料 公告编号：2026-004 东鹏饮料（集团）股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： (二)股东会召开的地点： 公司二楼 VIP 会议室（地址：深圳市南山区桃源街道珠 光北路 88 号明亮科技园 3 栋东鹏饮料 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 241 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 428,126,863 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 82.3300 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司 2025 年第二次临时股东会于 2026 年 1 月 16 日 14:30 ...

北京德恒（深圳）律师事务所 关于东鹏饮料（集团）股份有限公司 2025 年第二次临时股东会之 法律意见 北京德恒律师事务所 DeHeng Law Offices 深圳市福田区金田路 4018 号安联大厦 B 座 11 楼 电话:0755-88286488 传真:0755-88286499 邮编:518026 2025 年第二次临时股东会之 法律意见 关于东鹏饮料(集团)股份有限公司 2025年第二次临时股东会之法律意见 北京德恒（深圳）律师事务所 关于东鹏饮料(集团) 股份有限公司 德恒 06G20250094 号 致: 东鹏饮料（集团）股份有限公司 东鹏饮料(集团) 股份有限公司(以下简称"公司")2025年第二次临时股 东会 (以下简称"本次会议")于 2026 年 1 月 16 日 (星期五) 召开。北京德恒（深 圳)律师事务所(以下简称"德恒")受公司委托,指派汤海龙律师、王茂竹律师 (以下简称"德恒律师")出席了本次会议。根据《中华人民共和国证券法》(以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会《上市公司股东会规则》(以下简称"《股东会规则 ...

Core Viewpoint - Dongpeng Beverage's revenue meets expectations with proactive front-loading of expenses, projecting a significant growth trajectory for 2025 and beyond [1] Financial Performance - The company is estimated to achieve a revenue of 20.94 billion yuan in 2025, representing a year-on-year growth of 32.21%, with Q4 revenue projected at 4.096 billion yuan, a 24.84% increase [1] - The estimated net profit attributable to shareholders for the year is 4.465 billion yuan, reflecting a year-on-year growth of 34.20% [1] Cost and Expense Management - The company anticipates stable gross margins in Q4 2025 due to scale effects, with increased expenses related to proactive marketing and overseas market expansion [1] - The rise in seasonal expenses is expected to elevate the sales expense ratio, leading to fluctuations in net profit margins [1] Strategic Initiatives - In 2026, the company plans to intensify its ice cabinet deployment to enhance terminal channel display and reach [1] - The overseas market strategy will focus on building a specialized operational team over a 5-10 year horizon to solidify global expansion [1] Product Growth - The company expects double-digit growth in its specialty drinks segment in 2026, with rapid growth in its hydration products and tea offerings [1] - New products like "Port Milk" have shown positive market feedback and rapid distribution, benefiting from supply chain scale effects and cost advantages [1] Valuation - The current price-to-earnings ratio is projected at 31/24/19 times for the upcoming years, maintaining a "buy" rating for the stock [1]