Core Viewpoint - Dongpeng Beverage, known as the "first stock of energy drinks" in A-shares, has submitted a new IPO application to the Hong Kong Stock Exchange after its previous application expired, raising questions about the necessity of its fundraising efforts amid high cash reserves and frequent shareholder sell-offs [1][7][14] Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2][6] - For the first half of 2025, the company achieved revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing growth rates exceeding 36% [2] Dividend Policy - Since its A-share listing in 2021, Dongpeng Beverage has distributed a total of 6.6 billion yuan in cash dividends, with a cumulative payout ratio exceeding 60% [8][9] - The cash dividends from 2021 to the first half of 2025 were 1.2 billion yuan, 800 million yuan, 1 billion yuan, 2.3 billion yuan, and 1.3 billion yuan, with payout ratios of 100.59%, 55.54%, 49.03%, 69.14%, and 54.74% respectively [9] Shareholder Behavior - Since the lifting of the lock-up period in May 2022, Dongpeng Beverage has issued seven announcements regarding share reductions, with major shareholders and executives frequently cashing out, leading to concerns about the company's governance [10][12] - The largest shareholder, Lin Muqin, and his family hold approximately 67.71% of the company's shares, benefiting significantly from the high dividend payouts [9][10] Product Dependency and R&D Investment - Dongpeng Beverage's revenue is heavily reliant on its core product, Dongpeng Special Drink, which contributed 77.91% of total revenue in the first half of 2025 [2][6] - The company's R&D expenditure is notably low, with a projected R&D expense ratio of only 0.4% in 2024, raising concerns about its ability to diversify its product offerings [3][4][6] Financial Structure - As of the end of 2024, Dongpeng Beverage had cash and cash equivalents exceeding 5.65 billion yuan, yet its short-term borrowings increased significantly from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, indicating a "high cash and high debt" financial structure [7][12] - The company's strategy of maintaining high dividends while accumulating debt has led to speculation about potential financial engineering practices that may shift risks to minority shareholders [12][14]

出品：新浪财经上市公司研究院 作者：木 10月9日，"A股能量饮料第一股"的东鹏饮料再次向港交所主板递交上市申请书，继续冲刺能量饮料行 业售价"A+H"上市公司。华泰国际、摩根士丹利、瑞银集团依旧列坐联席保荐人席位。 来源：新浪证券 招股书失效后立马递交新版，东鹏饮料对于港股IPO积极性较高，但仍有不少投资者质疑其募资必要 性，甚至有相当一部分投资者称其主要目的还是在于"套现圈钱"。为何东鹏饮料会给众多投资者留下如 此印象？ 首先，自2021年A股上市以来，公司累计现金分红高达66亿元，累计派息率超60%，林木勤家族因为高 比例持股成为最大受益方。其次，自2022年5月限售股解禁后，东鹏饮料已累计发布7次减持公告，东鹏 饮料大股东、高管都没"闲着"，忙着套现落袋为安，部分大股东套现数十亿。最后，从经营角度看，东 鹏饮料研发开支甚微，2024年公司研发费用率仅为0.4%，这或是公司产品结构单一的根本原因。 股东减持"肥了"林氏家族、常年高比例分红低利润留存、账面资金充足、研发投入不足、以及看似并非 紧迫的融资计划同时出现时，就难以避免地会让投资者思考：这是否更像是一场满足现有股东套现需求 的资本游戏，而非着眼于 ...

Core Viewpoint - Dongpeng Beverage, known as the "first stock of energy drinks in A-shares," has submitted a new IPO application to the Hong Kong Stock Exchange, raising questions about the necessity of its fundraising amid high cash reserves and frequent shareholder sell-offs [1][6][13] Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2][5] - For the first half of 2025, the company achieved revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing growth rates exceeding 36% [2] Dividend Policy - Since its A-share listing in 2021, Dongpeng Beverage has distributed a total cash dividend of 6.6 billion yuan, with a cumulative payout ratio exceeding 60% [7][8] - The cash dividends from 2021 to the first half of 2025 were 1.2 billion yuan, 800 million yuan, 1 billion yuan, 2.3 billion yuan, and 1.3 billion yuan respectively, with payout ratios of 100.59%, 55.54%, 49.03%, 69.14%, and 54.74% [8] Shareholder Behavior - Since the lifting of the lock-up period in May 2022, Dongpeng Beverage has issued seven announcements regarding share reductions, with major shareholders and executives frequently cashing out, amounting to tens of billions [9][10] - The largest shareholder, Lin Muqin, and his family hold approximately 67.71% of the company's shares, benefiting significantly from the high dividend payouts [8][9] Product Dependency - Dongpeng Beverage's revenue is heavily reliant on its core product, Dongpeng Special Drink, which accounted for 77.91% of total revenue in the first half of 2025 [5] - Despite efforts to diversify, the company has struggled to establish a stable second growth curve, with new products like "Brew Water" contributing only 13.9% of total revenue [5] Research and Development Investment - The company's R&D expenditure from 2022 to 2024 totaled only 161 million yuan, while sales expenses reached 6.086 billion yuan, indicating a significant imbalance [3] - In 2024, R&D expenses were merely 0.63 billion yuan, representing about 0.4% of revenue, which is low compared to industry standards [3][4] Financial Structure - As of the end of 2024, Dongpeng Beverage had cash and cash equivalents exceeding 5.65 billion yuan, with total cash assets surpassing 10 billion yuan [6] - The company has also seen a significant increase in short-term borrowings, rising from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, marking an increase of 118.69% [6] Governance Concerns - The combination of high dividends, frequent shareholder sell-offs, and low retained earnings raises concerns about corporate governance and long-term strategic planning [11][13] - The financial structure suggests a potential risk of using low-interest loans for high-yield investments, which may transfer risks to minority shareholders [11]

东鹏饮料的资本运作始终伴随着争议。2021年A股上市时，公司募资18.5亿元，宣称用于解决产能瓶 颈。但上市四年间，其募资投向与资金管理的反差逐渐显现：2025年公司公告拟动用110亿元闲置资金 进行现金管理，涵盖结构性存款、理财产品等多种类型，而此次港股募资中仅14.93亿元用于产能建设 等核心业务。一边是百亿资金躺赚理财收益，一边是奔赴资本市场"补血"，这种矛盾操作让投资者难以 理解。 更值得关注的是，东鹏饮料的财务报表暗藏风险。截至2024年末，公司资产合计226.76亿元，负债合计 却高达149.85亿元，资产负债率攀升至66.08%，较2023年的57.01%显著上升。其中短期借款达60.65亿 元，同比激增80.14%，且流动负债占比高达99.07%，短期偿债压力不容忽视。公司将高负债解释为"生 产经营需要"，但在百亿资金用于理财的背景下，这种说辞难以服众。 与融资行为形成鲜明对比的是股东们的减持节奏。自2022年以来，原第二大股东君正投资通过5次减持 计划累计套现近42亿元，持股比例已降至1%的披露红线以下。实控人家族关联方的减持动作更引发市 场关注：2025年3月至5月，林木勤父子持股超63% ...

Group 1 - The food and beverage sector continues to show strength, with the Food ETF (515710) opening in positive territory and rising by 0.48% as of the report [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor stocks, including a more than 4% increase in Jindaiwei and over 3% in Guyue Longshan [1] - The Food ETF has seen significant capital inflow, with a net subscription of 32.91 million yuan over the last five trading days and over 180 million yuan in total over the past 20 trading days [1][5] Group 2 - Guizhou Moutai's general manager, Wang Li, reported a stable market for Moutai's sauce-flavored liquor from June to August, with a significant recovery in sales in September, particularly for Moutai 1935 [3] - Guizhou Moutai is the second-largest holding in the Food ETF (515710), accounting for 14.61% of the fund's assets as of the second quarter of 2025 [3][4] - The valuation of the food and beverage sector remains low, with the Food ETF's underlying index PE ratio at 20.58, indicating a favorable long-term investment opportunity [4] Group 3 - Analysts from Guoxin Securities are optimistic about the food and beverage sector, highlighting its characteristics of low base, low holdings, and low expectations, which could lead to price increases [5] - CITIC Construction pointed out that government policies promoting quality development could benefit the low-end liquor and dining chains, with Moutai's sales showing signs of recovery [5] - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks and other beverage segments [5]

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-063 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.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； 4.现金管理期限：92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 ...

继首次递表失效后，功能饮料龙头企业东鹏饮料（605499）(集团)股份有限公司(简称"东鹏饮料"(605499.SH))火速二次递表港交所，其决心可见一斑。 作为中国领先的功能饮料企业，公司在营收增速方面表现突出，据招股书披露，其在全球前二十大上市软饮企业中位列第一。根据弗若斯特沙利文报告，按 销量计，东鹏饮料自2021年起连续四年位居中国功能饮料市场首位，市场份额由2021年的15.0%提升至2024年的26.3%；按零售额计，2024年公司位列行业 第二，市场份额达23.0%，行业地位持续巩固。 历经三十余年发展，东鹏饮料已建立起以"东鹏"品牌为核心的国民级饮料产品矩阵，致力于为消费者提供可口、高质价比的饮料产品。在夯实功能饮料主业 的同时，公司亦持续推进产品创新与多元化品类布局。 细分来看，公司的产品涵盖能量饮料、运动饮料、茶饮料、咖啡饮料、植物蛋白饮料和果蔬汁饮料等多个品类。 在此之中，运动饮料板块是公司近年来增速最快的产品。了解到，公司于2023年1月推出的"东鹏补水啦"产品，该产品主打流汗与补水场景，以"快速补充电 解质"为功能主张，于2024年该产品录得收入近15亿元，同比增长高达280.4%。 ...

继首次递表失效后，功能饮料龙头企业东鹏饮料(集团)股份有限公司(简称"东鹏饮料"(605499.SH))火速 二次递表港交所，其决心可见一斑。 来源：智通财经网 历经三十余年发展，东鹏饮料已建立起以"东鹏"品牌为核心的国民级饮料产品矩阵，致力于为消费者提 供可口、高质价比的饮料产品。在夯实功能饮料主业的同时，公司亦持续推进产品创新与多元化品类布 局。 细分来看，公司的产品涵盖能量饮料、运动饮料、茶饮料、咖啡饮料、植物蛋白饮料和果蔬汁饮料等多 个品类。 在此之中，运动饮料板块是公司近年来增速最快的产品。智通财经了解到，公司于2023年1月推出的"东 鹏补水啦"产品，该产品主打流汗与补水场景，以"快速补充电解质"为功能主张，于2024年该产品录得 收入近15亿元，同比增长高达280.4%。在这样的背景下，公司运动饮料的营收占比也连年增长，从 2023年的3.5%增长至2024年的9.4%，到2025年上半年进一步增长至13.9%，可见该产品已成为公司 的"第二增长曲线"。 与此同时，包括茶饮料、咖啡饮料、植物蛋白饮料、果蔬汁饮料在内的其他饮料产品也实现了营收的稳 增。报告期内分别实现营收2.8亿元、5.0亿元、1 ...

重要内容提示： 证券代码：605499 证券简称：东鹏饮料 公告编号：2025-063 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。 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； 4.现金管理期限：92 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 会召开之日 ...

Core Viewpoint - Dongpeng Beverage has re-applied for a mainboard listing on the Hong Kong Stock Exchange after its initial application expired, indicating a strong desire for international capital expansion despite its robust financial performance [2][3]. Group 1: Capital Strategy - Dongpeng Beverage's journey to capital markets has been complex, transitioning from a state-owned enterprise to a private company and then listing on the Shanghai Stock Exchange in 2021, raising 1.85 billion yuan [2]. - The company has previously attempted to list in Switzerland and is now focused on Hong Kong to enhance its international presence [2][3]. - The funds raised from the Hong Kong IPO are intended for expanding overseas operations, improving production capacity, and enhancing brand development [3]. Group 2: Financial Performance - Dongpeng Beverage has shown impressive growth, with revenue increasing from 3.038 billion yuan in 2018 to 15.839 billion yuan in 2024, and net profit rising from 216 million yuan to 3.327 billion yuan during the same period [4]. - In the first half of 2025, the company reported 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% [4]. - The company's gross margin has improved from 41.6% in 2022 to 44.4% in the first half of 2025 [4]. Group 3: Marketing and R&D Expenditure - Sales expenses have been increasing significantly, with a compound annual growth rate of 36.01% from 2022 to 2024, reaching 2.681 billion yuan in 2024 and 1.682 billion yuan in the first half of 2025 [5]. - In contrast, R&D spending has been relatively low, with a compound annual growth rate of 19.68%, indicating a potential imbalance in investment focus [6]. Group 4: Product Dependency and Market Challenges - Dongpeng Beverage heavily relies on its energy drink product, which accounted for 96.6% of total revenue in 2022, though this has decreased to 77.9% in the first half of 2025 [7]. - The company has introduced new products to diversify its offerings, with the electrolyte water "Dongpeng Bushi La" showing significant growth, achieving 1.493 billion yuan in sales in the first half of 2025 [7]. - Regulatory changes regarding energy drinks may pose long-term risks to the company's core products [7]. Group 5: Financial Management and Cash Flow - Dongpeng Beverage has engaged in significant cash management activities, investing up to 11 billion yuan in safe, liquid financial products, while also increasing its short-term borrowing by 118.69% to 6.551 billion yuan in 2024 [8]. - The company's net cash flow from operating activities decreased by 23.24% year-on-year in the first half of 2025, raising concerns about cash conversion efficiency [9]. Group 6: Shareholder Actions and Dividends - Major shareholders have realized over 5 billion yuan through share reductions and high cash dividends, with the company distributing a total of 6.6 billion yuan in cash dividends since its IPO [10][11]. - The controlling family has benefited significantly from these capital activities, receiving approximately 4.28 billion yuan from dividends alone [11]. Group 7: Market Position and Future Outlook - Dongpeng Beverage has been a market leader in China's functional beverage sector, with a market share increasing from 15% in 2021 to 26.3% in 2024 [4]. - Despite its high growth trajectory, the company faces challenges such as market saturation, increased competition, and a potential growth ceiling due to its product dependency [12].