Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [5][4]. Core Insights - The food and beverage sector saw a slight increase of 0.75% during the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index by 1.37 percentage points [20][1]. - The report highlights the pressure on demand within the liquor industry, prompting companies to innovate and diversify their product offerings to meet consumer needs [2][11]. - The report emphasizes the importance of mid-year performance reports, indicating that companies are focusing on inventory reduction and sales promotion strategies in the short term while planning for long-term consumer engagement and market expansion [2][13]. Summary by Sections 1. Liquor Industry - Companies like Guizhou Moutai and Wuliangye are actively launching new products to adapt to changing consumer preferences, with Moutai's recent product launch achieving significant sales [2][11]. - The report notes that the liquor sector is entering a critical phase for mid-year performance reporting, with expectations of inventory reduction and improved sales strategies [2][13]. - Key investment themes include established leaders with proven resilience, companies showing positive feedback from digital initiatives, and those with potential market share growth [2][13]. 2. Consumer Goods - The beer and beverage sectors are entering a peak season, with expectations for strong performance in mid-year reports [3][14]. - The report indicates a shift in the snack industry towards a model driven by product categories and channels, highlighting the need for brands to enhance their market penetration capabilities [3][15]. - Recommendations include focusing on leading companies in the seasoning and frozen food sectors, which are expected to perform steadily [3][16][17]. 3. Dairy Products - The dairy sector is anticipated to see a gradual recovery in demand, supported by favorable policies and improved supply dynamics [3][18]. - The report suggests that leading dairy companies are well-positioned to benefit from the expected demand rebound in 2025 [3][18]. 4. Beverage Sector - The beverage industry is expected to maintain a favorable outlook, with significant growth opportunities in sugar-free tea and energy drinks [3][19]. - The report highlights the performance of leading companies like Nongfu Spring and Dongpeng Beverage, which are expected to accelerate their market presence [3][19].

当下，饮料市场正迎来一场消费潮流的变革，大包装饮料凭借其独特的优势，逐渐成为消费者的新选择，市场热 度持续攀升。东鹏饮料敏锐捕捉到这一趋势，推出的"果之茶"系列产品，以多样化的规格和出色的品质，赢得了 消费者的广泛认可。 凯度消费者指数指出，2024年家庭聚会、露营、办公会议三大场景合计贡献61%的大规格销量，预计2025年将突 破70%。天猫超市数据亦佐证，1L及以上规格饮料上半年销售额同比增长93%，复购率高达29%。欧睿国际预 测，到2026年，1升及以上即饮茶市场份额将突破25%。这些数据充分印证了大包装饮料在各场景中的高渗透率和 消费者的高认可度，市场前景广阔。 在这一市场趋势下，各大饮料品牌纷纷布局大包装产品，即饮茶领域竞争尤为激烈。众多品牌均推出大包装即饮 茶产品，试图抢占市场份额。然而，在激烈的竞争中，东鹏饮料推出的"果之茶"系列的果味茶饮料凭借独特的产 品优势和精准的营销策略，迅速崭露头角，成为市场的新宠。 "果之茶"多维发力，质价比优势构筑壁垒 东鹏饮料新品果之茶 大包装饮料受热捧，多场景需求驱动增长 尼尔森IQ数据显示，截至2025年6月，大于等于1L即饮饮料销售额占比已升至18.7%， ...

8月6日晚间，东鹏饮料(605499)披露半年报，2023年上半年营收净利齐增，实现营业收入54.6亿元，同 比增长27.24%；净利润11.08亿元，同比增长46.84%。 从业绩变动方向来看，金枫酒业、桂发祥、一鸣食品、佳隆股份等4家上市公司实现扭亏为盈。其中， 桂发祥预计上半年净利为3800万元~4200万元，而去年同期为亏损4434.5万元，业绩增幅明显。公司表 示，上半年把握消费市场、旅游市场复苏机遇，在产品端、渠道端、品牌端均进行了优化和升级，主业 持续恢复并稳步提升，营业收入亦实现了大幅增长。 对板块业绩贡献颇大的上市酒企上半年亦有多家报喜。"白酒一哥"贵州茅台半年度实现营收695.76亿 元，净利润为359.8亿元，同比增幅均为20.76%。山西汾酒预计上半年营收为190.11亿元，同比增长约 23.98%；净利润67.75亿元，同比增长约35.15%，青花汾酒系列等中高端产品实现较快增长。今世缘预 计上半年营收、净利分别为59.7亿元、20.5亿元左右，同比增幅分别为28.46%、26.7%。 当然，白酒业绩分化仍然明显。顺鑫农业预计上半年亏损5500万元至1.1亿元，同比由盈转亏；金种子 ...

Financial Performance - The company's total revenue for 2022-2024 is projected to be 8.5 billion, 11.257 billion, and 15.83 billion, with year-on-year growth rates of - / 32.4% / 40.6%. In the first half of 2025, total revenue reached 10.737 billion, a year-on-year increase of 36.37% [1] - Gross profit margins for 2022-2024 are 41.6%, 42.3%, and 44.1%, with a margin of 45.15% in the first half of 2025, reflecting a 0.55 percentage point increase attributed to lower raw material prices [1] Product Aspects - Dongpeng Special Drink remains the company's primary product, contributing 8.361 billion in revenue in the first half of 2025, a year-on-year increase of 21.91%, with a gross margin of 50.61% [2] - The introduction of "Bushuila" in 2023 has shown rapid growth, achieving sales of approximately 4 billion in its first year and projected to reach about 15 billion in 2024, contributing around 1.5 billion in the first half of 2025 [2] Regional Revenue - The company has a solid base in Guangdong, with rapid growth in national markets. In the first half of 2025, revenue contributions from various regions were Guangdong (2.546 billion), North China (1.708 billion), East China (1.536 billion), and Central China (1.377 billion), with year-on-year growth rates of 20.61%, 73.03%, 32.62%, and 28.91% respectively [3][4] Sales and Marketing Strategies - Sales expenses have increased significantly, with 2022-2024 expenses at 1.449 billion, 1.956 billion, and 2.681 billion, reflecting year-on-year growth rates of 5.91%, 34.94%, and 37.09% [6] - The company has implemented a "one yuan exchange" promotion to enhance consumer repurchase desire, benefiting both consumers and retail stores [7] Market Trends - The energy drink market in China has significant growth potential, with per capita consumption at 2.8 liters per year compared to higher rates in the US, Japan, and Thailand [15] - The functional beverage sector is becoming increasingly crowded, with competitors like Red Bull, Monster, and new entrants like Dali Foods' "Lehu" [18][20] Financial Structure - The company has a high debt level, with liabilities increasing significantly, particularly short-term loans, which reached 6.551 billion in 2024 [26] - Despite high cash reserves, the company has been criticized for high dividends amidst rising debt, potentially transferring risk to minority shareholders [26] Ownership Structure - The company is gradually becoming a family business, with the founder's family holding approximately 67.71% of shares, while institutional ownership has decreased significantly over recent years [23][25]

Group 1 - The company held its first extraordinary general meeting of shareholders in 2025 on August 11, 2025, at its headquarters in Shenzhen [2][3] - All 10 current directors and the board secretary attended the meeting, along with senior management [3] - The meeting adopted a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [2] Group 2 - The meeting approved several resolutions, including the 2025 semi-annual profit distribution plan and the establishment and modification of internal governance systems [4][5] - A total of seven sub-resolutions related to the management of raised funds, external donations, external investments, external guarantees, related party transactions, independent director work systems, and prevention of fund occupation by controlling shareholders were all passed [6][7] - The meeting also approved four sub-resolutions regarding internal governance systems applicable after the H-share issuance and listing [7] Group 3 - The meeting's resolutions were all passed with more than two-thirds of the voting rights held by attending shareholders and representatives [8] - The meeting was witnessed by lawyers from Beijing Deheng (Shenzhen) Law Firm, who confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [9]

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-056 东鹏饮料（集团）股份有限公司 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 8 月 11 日 (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： 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，大会主持情况等。 公司 2025 年第一次临时股东会于 2025 年 8 月 11 日 10 时在公司二楼 VIP 会议室召开，表决采用现场结合网络的投票方式。本次股东大会由公司董事会召 集，董事长主持，本次股东会采用现场投票和网络投票相结合的方式召开，会议 的召集、召开和表决符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 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： 审议结果：通过 ? 本次 ...

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 法律意见 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 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 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 法律意见 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 年第一次临时股 东会（以下简称"本次会议"）于 2025 年 8 月 11 日（星期一）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》"）、 《东鹏饮料（集团）股份有限公司章程》（以下简称"《公司章程》"）的规定， 德恒律师就本次会议的召集、召开程序、现场出席会议人员资格、 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-056 东鹏饮料（集团）股份有限公司 2025年第一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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 集，董事长主持，本次股东会采用现场投票和网络投票相结合的方式召开，会议 的召集、召开和表决符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事10人，出席10人； 2、董事会秘书张磊出席了本次会议，公司高级管理人员列席了本次会议。 (一)股东会召开的时间：2025 年 8 月 11 日 (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 | 393 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 435,470,332 ...

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 年第一次临时股东会之 法律意见 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 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年第一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 2025 年第一次临时股东会之 法律意见 德恒 06G20250094 号 东鹏饮料（集团）股份有限公司（以下简称"公司"）2025 年第一次临时股 东会（以下简称"本次会议"）于 2025 年 8 月 11 日（星期一）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》"）、 《东鹏饮料（集团）股份有限公司章程》（以下简称"《公司章程》"） ...

作为全球公认的独立第三方品牌估值权威，Brand Finance的评估体系涵盖品牌强度指数(BSI)、财务表现与市场竞争力等核心维度。其"全球软饮料品牌价值50强"榜单基于对联合国193个成 报告指出，中国品牌通过高速增长、跨品类的领导力以及持续稳健的发展策略，在全球食品、饮料市场中占据日益重要的位置。东鹏在国内功能饮料市场中的占有率显著提升，并加快了在东南亚 作为一家从能量饮料起家的民族企业，东鹏饮料始终肩负着"让奋斗者拥有拼搏的能量"品牌愿景，专注为消费者提供高品质饮品，旗下拥有百亿级能量饮料品牌东鹏特饮，以及东鹏补水啦、东鹏 品牌层面，东鹏饮料加速推进国际化战略，产品已出口至25个国家和地区，不断深化海外市场布局，并借助亚运会、世界杯、汤尤杯、苏迪曼杯等国际知名赛事，向世界展示中国能量与民族品牌 凭借其卓越的功能价值和情感价值，东鹏饮料成为消费者的信赖之选，也成为中国"强品牌"的代表。在复杂多变的市场环境中，东鹏饮料始终保持稳健的发展步伐，2024年全年营收达158亿元 伴随中国经济的持续发展与消费升级浪潮，品牌价值的重要性日益凸显。未来，东鹏饮料将继续坚持创新驱动和品质为先，朝着成为中国领先的多品类饮 ...