港交所文件显示，东鹏饮料（集团）股份有限公司于10月9日再次提交上市申请，这是继今年4月3日首次递交申请失效后的第二次冲刺。 作为中国功能饮料的龙头企业，东鹏饮料在A股市场表现强劲，截至10月9日总市值约1548亿元，账上现金类资产高达142亿元，2025年上半年营收和净利 润增幅均超过36%。 然而，公司仍计划通过港股IPO融资约14.93亿元，引发市场对其"左手理财、右手融资"策略的质疑。 壹、赴港IPO之路 东鹏饮料的核心产品东鹏特饮在国内能量饮料市场销量占比达47.9%，连续四年位居行业第一。 | [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(可予编纂]) | | [编纂]數目 | : | [編纂]股H股(可予[編纂]及視乎[編纂]行使與否而 | | 定) | | | | 每股H股[編纂]港元,另加1%經紀佣金、0.0027% | 最高[编纂] : | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於[編纂]時以港 | ...

Core Viewpoint - Dongpeng Beverage's stock has experienced fluctuations, with a year-to-date increase of 19.29% but a recent decline in the last 20 and 60 days [1][2]. Financial Performance - For the first half of 2025, Dongpeng Beverage achieved a revenue of 10.737 billion yuan, representing a year-on-year growth of 36.37%, and a net profit attributable to shareholders of 2.375 billion yuan, up 37.22% [2]. - The company has distributed a total of 6.6 billion yuan in dividends since its A-share listing, with 5.4 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.97% to 13,100, while the average circulating shares per person increased by 12.32% to 39,632 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 51.4645 million shares, an increase of 13.9951 million shares from the previous period [3]. Market Activity - Dongpeng Beverage's stock price was reported at 290.50 yuan per share, with a trading volume of 318 million yuan and a turnover rate of 0.21% [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 21, where it recorded a net buy of -389 million yuan [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][5]. Core Views - The food and beverage sector is experiencing a divergence in fundamentals, with beverages outperforming food and alcoholic beverages. The report emphasizes the importance of monitoring third-quarter performance [2][3]. - The report highlights the potential for stock price increases due to low expectations and the possibility of demand recovery, particularly in the snack, beverage, and frozen food segments [3][4]. Summary by Sections 1. Sector Overview - The food and beverage sector saw a slight decline of 0.16% this week, with A-shares down 0.20% and H-shares up 0.42%, indicating defensive allocation demand [1]. - The top performers in the sector included Zhuangyuan Pasture (21.07%), Yangyuan Beverage (16.80%), and Guangming Meat Industry (6.48%) [1]. 2. Alcoholic Beverages - The report notes that the liquor sector is still in a bottoming phase, with a focus on changes in the industry as the autumn sugar market approaches. Recommendations include Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu for their strategic advantages and growth potential [2][10]. - The report anticipates a 15-20% decline in sales volume during the upcoming holiday season, with a shift towards mass-market consumption [10]. 3. Beverages - The beverage sector is experiencing stable demand recovery, with leading companies like Nongfu Spring and Dongpeng Beverage showing strong performance. The report suggests focusing on the growth of sugar-free tea and energy drinks [2][15]. - The beverage sector's revenue increased by 18% year-on-year in the first half of 2025, despite entering the off-season [15]. 4. Snacks - The report emphasizes the importance of selecting strong alpha stocks in the snack sector, particularly in the konjac snack category, where leading companies like Weilong and Yanjinpuzi are expected to perform well [3][12]. - The snack industry is transitioning from channel-driven growth to category-driven growth, increasing competition among brands [12]. 5. Dairy Products - The dairy sector is seeing a gradual recovery in demand, with a focus on leading companies like Yili, which are expected to benefit from supply-demand improvements by 2025 [14]. - The report highlights the importance of monitoring inventory clearance and new product performance in the dairy supply chain [13][14]. 6. Investment Recommendations - The recommended investment portfolio includes Baba Food, Dongpeng Beverage, Weilong, and Luzhou Laojiao, which have shown strong performance and positive earnings expectations [3][16]. - The report suggests that any changes in supply and demand dynamics could catalyze stock price increases, particularly in segments with high growth potential [3][4].

Market Overview - The beverage and dairy sector experienced a decline of 2.67% on October 13, with Yangyuan Beverage leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers included: - Aluminum Wine Foods: closed at 35.19, up 2.89% with a trading volume of 45,700 shares and a turnover of 160 million yuan [1] - BeiYinMei: closed at 6.46, up 1.73% with a trading volume of 672,900 shares and a turnover of 431 million yuan [1] - Significant decliners included: - Qiaoyuan Beverage: closed at 31.25, down 9.21% with a trading volume of 307,100 shares and a turnover of 973 million yuan [2] - Zhuangyuan Pasture: closed at 11.01, down 7.87% with a trading volume of 567,000 shares and a turnover of 689 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 64.03 million yuan from main funds, while speculative funds had a net inflow of 113 million yuan, and retail investors experienced a net outflow of 48.88 million yuan [2] - Key stocks with significant capital flow included: - Yili Group: net inflow of 95.52 million yuan from main funds, with a net outflow of 79.18 million yuan from retail investors [3] - BeiYinMei: net inflow of 31.25 million yuan from main funds, with a net outflow of 28.77 million yuan from retail investors [3]

Core Viewpoint - The food and beverage sector continues to experience a pullback, with significant declines in major stocks, particularly in the liquor segment, while the Food ETF (515710) shows signs of increased investment interest despite the downturn [1][3][5]. Group 1: Market Performance - The Food ETF (515710) fluctuated throughout the day, with an intraday drop of 1.78% and a closing decline of 1.13% [1]. - Major consumer goods stocks, especially in the liquor category, saw substantial declines, with Yangyuan Beverage down 9.21%, Dongpeng Beverage down 4.84%, and Yanjinpuzi down 3.48% [1][3]. - Over the past five trading days, the Food ETF has attracted a total investment of 50.68 million yuan, and over the last ten days, it has exceeded 110 million yuan [1]. Group 2: Sales Growth in Liquor - During the National Day and Mid-Autumn Festival period, premium liquor brands experienced significant sales growth, with Moutai's sales increasing nearly tenfold year-on-year, and Wuliangye's sales growing nearly threefold [3]. - The rise in sales for these brands indicates a strong premium pricing capability in the instant retail channel, which is becoming a new growth driver for liquor companies [3]. Group 3: Industry Outlook - Analysts suggest that the food and beverage sector is currently at a favorable valuation point, with the food index's price-to-earnings ratio at 20.31, marking a low point in the last decade [3]. - The white liquor sector is expected to see a recovery in sales during peak seasons, with strong performance from leading companies and ongoing supply-side improvements [4]. - The overall sentiment in the liquor market is improving, with some leading companies signaling price stability and channel support [5].

北京商报讯10月13日，北京商报记者获悉，近日，东鹏饮料推出"低糖港式奶茶"新品。据官方介绍，新 品选用印度大叶种红茶和云南滇红，搭配宁夏塞上牧场奶源，茶香浓郁，奶味绵密，适合校园欢聚、小 馋小饿、工作开会等多种场景。目前，新品已上线淘宝官方旗舰店，售价为500ml*24瓶/94.87元。 （文章来源：北京商报） ...

2025年10月13日，东鹏饮料（605499）在优质运营、创新突破、社会贡献等指标中表现优异，入围《经 济观察报》2024—2025年度受尊敬企业。根据经观中国上市公司综合价值评估体系，营业收入、净利 润、总资产、研发费用、员工薪酬连续三年实现正增长。 ...

Investment Rating - The investment rating for the food and beverage industry is "Recommended" [2][27]. Core Views - The performance of the liquor sector during the recent Mid-Autumn Festival and National Day was in line with market expectations, with an overall sales decline of 20%-30% [24][28]. - The report suggests focusing on leading companies in sub-industries with high growth potential and lower valuations after recent corrections [27][29]. Summary by Sections Recent Market Performance - The food and beverage sector experienced a slight decline, with the Shenwan Food and Beverage Index falling by 0.29%, ranking 27th among Shenwan's primary industries [5][27]. - Sub-industries such as dairy (+1.13%), condiments (+0.74%), and meat products (+0.60%) showed positive growth, while other liquor categories saw declines [14][27]. Liquor Industry Insights - The report indicates that high-end liquor brands like Moutai, Wuliangye, and Fenjiu performed relatively well despite the overall market downturn [24][28]. - The report anticipates continued pressure on the overall financial performance of the liquor sector as it enters the third-quarter reporting period [28]. Consumer Goods Sector - The soft drink and snack sectors maintain a high level of market vitality, with companies like Dongpeng Beverage and Yanjinpuzi showing growth potential [29]. - The report highlights that the soft drink category is a necessity for daily outings, suggesting resilience in growth during holiday periods [29]. Key Company Focus - The report emphasizes the importance of monitoring companies such as Guizhou Moutai, Luzhou Laojiao, and Wuliangye for their stable performance in the high-end liquor market [28]. - It also recommends attention to regional leaders like Shanxi Fenjiu and Gujing Gongjiu for their resilience [28]. Price Fluctuations - Recent price movements for key liquor products include an increase in the price of Feitian Moutai, with the price per bottle rising from 1760 RMB to 1765 RMB for loose bottles and from 1780 RMB to 1795 RMB for packaged bottles [19][21]. - The average price of fresh milk remained stable at 3.04 RMB per kilogram, while other commodity prices such as sugar and soybeans showed slight fluctuations [21][21]. Company Announcements - Dongpeng Beverage is in the process of issuing H-shares and has updated its listing application with the Hong Kong Stock Exchange [24][29]. - Guangzhou Restaurant reported a 1.75% increase in mooncake sales compared to the previous year, with total sales reaching 13.98 million boxes [26]. Earnings Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Guizhou Moutai projected to have an EPS of 74.38 RMB in 2025, while Dongpeng Beverage is expected to reach 8.51 RMB [30][31]. - The price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook, with Moutai at 19.2 and Dongpeng at 36.6 [30].

Group 1 - Dongpeng Beverage's stock price dropped by 5.15%, reaching 295.63 CNY per share, with a trading volume of 588 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 153.73 billion CNY [1] - The company, established on June 30, 1994, and listed on May 27, 2021, is primarily engaged in the research, production, and sales of beverages, with revenue composition as follows: energy drinks 77.87%, electrolyte drinks 13.90%, other beverages 8.17%, and others 0.06% [1] Group 2 - Huashan Fund holds Dongpeng Beverage as a significant investment, with the Huashan CSI Shenwan Food and Beverage ETF (516900) reducing its holdings by 3,200 shares in the second quarter, now holding 11,400 shares, which accounts for 4.63% of the fund's net value, ranking as the seventh largest holding [2] - The Huashan CSI Shenwan Food and Beverage ETF (516900) was established on April 16, 2021, with a current scale of 77.54 million CNY, experiencing a year-to-date loss of 4.05%, ranking 4203 out of 4220 in its category, and a one-year loss of 7.1%, ranking 3827 out of 3855 [2]

Core Viewpoint - Dongpeng Beverage is pursuing an IPO in Hong Kong while facing shareholder sell-offs, raising questions about who will benefit from the financing dividends [2][3][4] Group 1: Financial Performance and Market Position - Dongpeng Beverage has maintained the top position in China's energy drink market for four consecutive years, with market share increasing from 15% in 2021 to 26.3% in 2024 [3][4] - The company's revenue has nearly doubled from 85 billion yuan in 2022 to an estimated 158.3 billion yuan in 2024, with net profit growing from 14.41 billion yuan in 2022 to 33.26 billion yuan in 2024 [6][7] - Dongpeng's flagship product, Dongpeng Energy Drink, generated 133 billion yuan in revenue in 2024, accounting for 84% of total revenue [6] Group 2: Debt and Financial Management - Dongpeng Beverage's total liabilities increased from approximately 68.05 billion yuan in 2022 to 149.85 billion yuan in 2024, with a debt-to-asset ratio rising from 57.33% to 66.08% [7][8] - The company has a unique financial situation characterized by high debt and significant investment in financial products, with short-term loans reaching 65.5 billion yuan and financial assets totaling 85 billion yuan [8][9] Group 3: Shareholder Activity and Control - The actual controller of Dongpeng Beverage, Lin Muqin, holds 50.16% of the company's shares, with the family benefiting significantly from high dividend payouts, which totaled 54 billion yuan since 2022 [10][11] - Since the lifting of the lock-up period in 2022, several shareholders have been actively reducing their stakes, including the second-largest shareholder, who has cashed out 4.151 billion yuan [12][13]