Investment Rating - The report maintains a "Strong Buy" rating for Dongpeng Beverage, with a target price of 340 CNY [2][6]. Core Views - Dongpeng Beverage has received approval for its H-share issuance, which is expected to alleviate market concerns and enhance its competitive position through strategic investments in overseas capacity, supply chain upgrades, and brand building [2][6]. - The company is projected to maintain high-quality growth in the short term, with a focus on scaling operations and improving profitability through digitalization and cost efficiency [6][7]. - The strategic restructuring into five major regions aims to enhance operational flexibility and drive sales growth, positioning Dongpeng as a leader in the functional beverage sector [6][7]. Company Overview - Total shares outstanding: 52,001.30 million - Total market capitalization: 137.11 billion CNY - Asset-liability ratio: 63.24% - Net asset per share: 16.92 CNY - 12-month price range: 336.50 CNY (high) / 209.99 CNY (low) [3][6]. Financial Projections - Revenue forecast for 2024: 15,839 million CNY, with a year-on-year growth of 40.6% - Net profit forecast for 2024: 3,326 million CNY, with a year-on-year growth of 63.1% - Projected earnings per share for 2024: 6.40 CNY [7][8]. Strategic Focus - The company aims to leverage high-demand functional beverages and enhance its market presence through effective distribution and marketing strategies [6][7]. - The focus on digital transformation is expected to yield significant operational efficiencies and contribute positively to profit margins [6][7].

Market Overview - On November 28, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3888.60 points, up 0.34%. The Shenzhen Component Index closed at 12984.08 points, up 0.85%, and the ChiNext Index closed at 3052.59 points, up 0.70%. Over 4100 stocks rose, with total trading volume in the Shanghai and Shenzhen markets at 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - In Hong Kong, the three major indices showed mixed results, with the Hang Seng Index down 0.34% to 25858.89 points and a total trading volume of 146.204 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18% [1] - In the US, the stock market closed early on November 28, 2025, with all three major indices rising for the fifth consecutive trading day. The Dow Jones Industrial Average increased by 0.61% to 47716.42 points, the S&P 500 rose by 0.54% to 6849.09 points, and the Nasdaq Composite Index gained 0.65% to 23365.69 points [1] Important News - The People's Bank of China reiterated its commitment to prohibitive policies against virtual currencies during a meeting on November 28, 2025. The bank emphasized the importance of risk prevention in financial work and called for continued efforts to combat illegal financial activities related to virtual currencies. It urged enhanced collaboration among units to improve regulatory policies and monitoring capabilities [4] - The National Bureau of Statistics reported that the manufacturing Purchasing Managers' Index (PMI) for November was 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in economic conditions. The PMI for large enterprises was 49.3%, down 0.6 percentage points, while the PMIs for medium and small enterprises were 48.9% and 49.1%, respectively, both below the critical point [4]

Core Points - The company is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the Hong Kong Stock Exchange [1][2] - The company has received a filing notice from the China Securities Regulatory Commission (CSRC) regarding the overseas issuance and listing [1] - The company intends to issue no more than 66,446,000 overseas listed ordinary shares [1] Summary by Sections - **Filing Notice Details** - The filing notice confirms the company's intention to issue H-shares and lists the maximum number of shares to be issued [1] - The company must report any significant events to the CSRC during the period from the issuance of the filing notice until the completion of the overseas issuance [2] - **Regulatory Compliance** - The company is required to report the issuance and listing status within 15 working days after the completion of the overseas issuance [2] - The company must adhere to relevant laws, regulations, and rules during the overseas issuance process [2] - **Future Actions and Uncertainties** - If the company does not complete the overseas issuance within 12 months from the issuance of the filing notice, it must update its filing materials [3] - The filing notice does not imply any judgment or guarantee from the CSRC regarding the investment value of the company's securities [3] - The company still needs to obtain approvals from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainties in the process [3]

Group 1 - Southeast Asia's beverage market is experiencing significant growth, particularly in the energy drink sector, which is projected to reach a retail value of approximately 306 billion yuan by 2024, with a CAGR of 6.0% from 2014 to 2024 [23][15][24] - Vietnam and Cambodia are identified as the fastest-growing markets for energy drinks, with Vietnam leading in market size and growth rate, expected to reach 107.5 billion yuan by 2024, with a CAGR of 12.0% [25][24][23] - The overall retail value of soft drinks in Southeast Asia is estimated at 287.2 billion yuan for 2024, with a CAGR of 2.2% from 2014 to 2024, indicating a slower growth compared to energy drinks [15][19] Group 2 - The demographic profile of Southeast Asia is characterized by a young population, with a median age around 30 years in key markets like Indonesia, the Philippines, and Vietnam, which supports the demand for energy drinks [3][6][10] - The region's labor force is predominantly engaged in industrial and service sectors, creating a strong demand for energy-boosting beverages [10][12] - E-commerce is rapidly growing in Southeast Asia, with online sales channels experiencing a CAGR of over 30% from 2018 to 2023, although traditional retail remains dominant [12][14] Group 3 - Local and global brands dominate the soft drink market in Southeast Asia, with major players like Coca-Cola and PepsiCo holding significant market shares [20][21] - The energy drink market is highly concentrated, particularly in Vietnam, where Red Bull holds a market share of 42.3%, while local brands like Number 1 are gaining traction [27][24] - In Indonesia, the energy drink market is still developing, with a market size of only 18.4 billion yuan in 2024, indicating potential for growth [29][35] Group 4 - The energy drink sector in Cambodia is particularly strong, with energy drinks accounting for 50% of the soft drink market, and a projected CAGR of 9.3% from 2014 to 2024 [47][46] - The market dynamics in Thailand show a stable competitive landscape with three major players controlling 83.8% of the market share, indicating limited growth potential [40][41] - The potential for East Peak Beverage to expand in Southeast Asia is significant, with projected revenues of 5 billion yuan, primarily driven by growth in Vietnam and Cambodia [54][53]

Core Viewpoint - Dongpeng Beverage is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a filing notice from the China Securities Regulatory Commission (CSRC) for the proposed issuance of no more than 66.45 million overseas listed ordinary shares [1] - The issuance and listing are subject to approval from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating that there are uncertainties involved in this process [1] - The company will fulfill its information disclosure obligations in accordance with the progress of this matter [1]

Company Focus - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, leading to a stock suspension [2] - Canadian Solar Inc. and its controlling shareholder plan to establish a joint venture to adjust their U.S. market operations [3] - Jiarong Technology intends to acquire 100% of Hangzhou Lanan, with stock resuming trading [3] Equity Changes - ST Tianrui's controlling shareholder is planning a change in control, resulting in stock suspension [4] Shareholding Changes & Buybacks - Shanghai Chuangtou intends to reduce its stake in Zhongwei Company by no more than 1% [5] Operations & Performance - China Shenhua's subsidiary successfully completed a 168-hour trial run of its power generation unit, transitioning to commercial operation [6] - Baillie Tianheng received a milestone payment of $250 million from Bristol-Myers Squibb for the iza-bren project [7] - Jiangxi Copper is in the informal offer stage to acquire shares of SolGold Plc [8] - Aorede plans to sign a 635 million yuan computing power procurement agreement [9] - Maiwei Bio's clinical research for 9MW1911 shows significant reductions in acute exacerbation rates for COPD patients [10] - Huayang Co. has launched a high-performance carbon fiber project with an annual production capacity of 200 tons [10] Financing & Capital Increase - Ganfeng Lithium plans to issue $100 million in exchangeable notes to the China-Africa Development Fund [11] Stock Price Fluctuations - Tongyu Communications confirmed normal operations amid stock price fluctuations [12] - Rongji Software reported normal operations despite stock price declines [13] Other - Xianglou New Materials' application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [15] - JinkoSolar received a prepayment of 220 million yuan for a fire incident at its battery workshop [15] - Dameng Data's general manager has had his detention lifted [15] - Dongpeng Beverage has received approval from the CSRC for its overseas listing [16]

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-068 东鹏饮料（集团）股份有限公司 关于发行境外上市股份（H股）获得中国证监会备案的公告 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"）正在进行申请发行境 外上市股份（H 股）股票并在香港联合交易所有限公司（以下简称"香港联合交 易所"）主板上市的相关工作（以下简称"本次境外发行上市"）。公司于近日 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于东鹏饮 料（集团）股份有限公司境外发行上市备案通知书》（国合函〔2025〕2128 号） （以下简称"备案通知书"）。备案通知书主要内容如下： 一、公司拟发行不超过 66,446,000 股境外上市普通股并在香港联合交易所 上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 董 事 会 2025 年 12 月 1 日 三、公司完成境外发行上市后 15 ...

Core Viewpoint - Dongpeng Beverage (605499.SH) is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a notice from the China Securities Regulatory Commission regarding the filing for overseas issuance and listing [1] - Dongpeng Beverage intends to issue no more than 66.446 million overseas listed ordinary shares [1] - The listing will take place on the Hong Kong Stock Exchange [1]

Core Viewpoint - The company is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a notification from the China Securities Regulatory Commission regarding the overseas issuance and listing [1] - The company intends to issue no more than 66,446,000 shares of overseas listed common stock [1] - The listing will take place on the Hong Kong Stock Exchange [1]

Group 1 - The China Securities Regulatory Commission (CSRC) confirmed the overseas listing application of Dongpeng Beverage Group Co., Ltd. on November 27, 2025 [1][2] - Dongpeng Beverage plans to issue no more than 66.446 million overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] - The CSRC has set multiple regulatory requirements for Dongpeng Beverage, including reporting major events through the CSRC's filing management information system until the overseas listing is completed [1][2] Group 2 - After the overseas listing, Dongpeng Beverage must report the listing situation within 15 working days through the same system [1] - The filing notice emphasizes that it only confirms the company's overseas listing filing information and does not imply any judgment or guarantee regarding the investment value of the company's securities [1][2] - If Dongpeng Beverage does not complete the overseas listing within 12 months from the issuance of the notice and intends to continue, it must update the filing materials [1]