Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Group 1 - Eastroc Beverage has laid the foundation for a new production base in Hainan, which will enhance its operational capacity and efficiency in the coastal regions [1][3] - The new facility will cover over 200 acres and involve an investment of 1.2 billion yuan in smart production lines, expanding Eastroc's production bases across twelve provinces [3] - In 2024, Eastroc Beverage's revenue is projected to exceed 15.8 billion yuan, with significant growth in sales from Hainan and coastal areas [3][8] Group 2 - Genki Forest is also expanding, having established the world's largest production base in Tianjin, which will serve the North China and Northeast markets [5] - Genki Forest has built factories in six locations across China, effectively covering the national market [5] - Nongfu Spring is investing 1.5 billion yuan to build a water plant in Hainan, alongside other production bases in Guangdong, Zhejiang, and Tibet [7] Group 3 - The trend of building factories among leading beverage brands is driven by strong performance in their financial results, providing confidence for capacity expansion [8] - Eastroc Beverage's net profit increased by 60%, while Genki Forest's sales are expected to exceed 10 billion yuan in 2024 [8][10] - Building factories allows companies to reduce logistics costs, improve regional penetration, and enhance product quality control [10][11] Group 4 - The article discusses the advantages of both heavy asset and light asset business models in the beverage industry [12] - Light asset models, like that of IFBH Limited, focus on outsourcing production and logistics, allowing for lower fixed costs and operational flexibility [14][15] - However, reliance on outsourcing can lead to risks in product quality and supply chain management, as seen in the case of IFBH [18] Group 5 - The experiences of brands like Genki Forest and Eastroc Beverage illustrate the importance of balancing light and heavy asset strategies as they grow [20][21] - Companies must assess their development stage to determine the appropriate investment in production capabilities [20][21]

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-034 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有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.委托理财受托方：平安银行股份有限公司、珠海横琴万方私募基金管理合 伙企业（有限合伙）、海通期货股份有限公司、中银理财有限责任公司、兴银理 财有限责任公司、北银理财有限责任公司、广州银行股份有限公司、华夏银行股 份有限公司、国投泰康信托有限公司； 2.本次委托理财金额：合计 109,990.00 万元； 3.委托理财产品类型：理财、私募基金、大额存单、资管计划、信托计划； 4.委托理财期限：无固定期限、6 个月、1 年； 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 年度使用闲置自有资金进行现金管理的议案》，公 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Food and Beverage Index reported at 24307.01 points [1] - The CSI 300 Food and Beverage Index has decreased by 1.04% over the past month, increased by 6.78% over the past three months, and has decreased by 0.32% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [2] Group 2 - The top ten weights in the CSI 300 Food and Beverage Index are: Kweichow Moutai (50.89%), Wuliangye (13.09%), Yili (9.64%), Shanxi Fenjiu (5.39%), Luzhou Laojiao (4.82%), Haitian Flavoring (3.66%), Dongpeng Beverage (3.02%), Yanghe Distillery (2.28%), Jinshiyuan (1.92%), and Shuanghui Development (1.45%) [2] - The market share of the CSI 300 Food and Beverage Index is 75.95% from the Shanghai Stock Exchange and 24.05% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Food and Beverage Index shows that liquor accounts for 79.81%, dairy products for 9.64%, condiments and cooking oil for 4.64%, soft drinks for 3.02%, meat products for 1.45%, and beer for 1.43% [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [3]

Investment Rating - The report indicates a positive investment outlook for the functional beverage industry, highlighting its rapid growth and structural changes within the market [1]. Core Insights - The functional beverage sector is leading the growth in China's soft drink market, driven by health-conscious consumer trends and the demand for energy and nutritional products [15][20]. - The market for functional beverages is expected to grow significantly, with a projected compound annual growth rate (CAGR) of approximately 8.3% from 2019 to 2024, increasing from RMB 111.9 billion to RMB 166.5 billion [17][20]. - Energy drinks dominate the functional beverage market, accounting for 66.9% of the total market share in 2024, while sports drinks are the fastest-growing segment [20]. Industry Status - The functional beverage industry is experiencing structural growth, with a notable shift towards healthier options, leading to a decline in traditional sugary beverages [11][12]. - The overall soft drink market in China is projected to reach RMB 1,250.2 billion in 2024, with a CAGR of 4.7% from 2019 to 2024 [12][15]. - The market share of functional beverages within the soft drink category is expected to increase from 11.3% in 2019 to 13.3% in 2024 [16]. Industry Trends - The report emphasizes the importance of offline consumption scenarios, which are crucial for building consumer loyalty in the functional beverage market [30][36]. - The growth of online sales channels is significant, with a projected CAGR of 14.0% from 2019 to 2024, although offline channels still dominate the market [32][35]. - The increasing disposable income of consumers is driving the demand for soft drinks, with per capita consumption in China expected to reach 197.8 liters in 2024, indicating substantial growth potential [39]. Competitive Landscape - The report highlights a low concentration in the competitive landscape, with the top five companies holding a combined market share of 61.6%, leaving ample room for long-tail market opportunities [53]. - Eastroc Beverage leads the market with a 26.3% share, benefiting from its penetration in lower-tier cities and a large packaging strategy [53]. - The energy drink market is characterized by a dual oligopoly, with Eastroc and Red Bull dominating, while new entrants face challenges in establishing brand recognition and distribution networks [57]. Company Case Studies - Eastroc Beverage has shown explosive growth, with revenues increasing from RMB 69.78 billion in 2021 to RMB 158.39 billion in 2024, driven by its flagship product and innovative new offerings [62]. - Huabin Group, despite facing legal challenges, managed to maintain a revenue of RMB 210.9 billion in 2024, although its market share has declined significantly due to competition from local brands [70].

[Table_Summary] 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净利润 9.8 亿元（+47.62%），扣非净利润 9.59 亿元（+53.55%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 丨证券研究报告丨 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2025 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2025 2] 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 [Table_Summary2] 事件描述 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净 ...

你是否曾好奇，全球那些令人瞩目的品牌背后究竟隐藏着什么成功的秘诀？ FBIF2025带来四十余个品牌案例，通过这一系列成功品牌，我们将带你一探究竟，揭密他们如何通过 创新、策略和独特的价值定位在市场上脱颖而出。 准备好从这些案例中汲取灵感了吗？ 全体大会 【案例一 ：东鹏饮料 】 国内纵深，国际横拓——双轮驱动韧性增长 【 分享嘉宾 】 胡亚军 ，集团副总裁， 东鹏饮料 【时间】 5月10日 14:40-15:20 【 场次 】 全体大会 2025年第一季度，东鹏饮料实现营收48.48亿元，同比增长39.23%；净利润达9.8亿元，同比增长 47.62%，展现出强劲的内生动力。在国内经营稳健的基础上，公司加速推进国际化战略。在全球地缘 格局深度调整、中国品牌加速出海的关键时刻，FBIF2025 全体大会将迎来一场对话：FBIF创始人贝拉 将对话东鹏饮料集团副总裁胡亚军先生，围绕 中国民族快消品牌出海的全球化探索之路 展开深度交 流。 作为中国快消出海的重要观察者与实战操盘者，胡亚军先生将分享他对海外市场变化的最新研判，回应 行业关注的"出海难题"背后的真正逻辑，并就东鹏如何从华南起步、布局中东、走向全球的路径 ...

Core Viewpoint - Dongpeng Beverage has established itself as a leader in the functional beverage sector in the A-share market, with a market capitalization that has surged from under 20 billion RMB at its IPO to over 120 billion RMB currently, following its successful listing in May 2021 [1][2]. Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.839 billion RMB, a year-on-year increase of 40.63%, and a net profit of 3.327 billion RMB, up 63.09% [2]. - The company's core product, Dongpeng Special Drink, saw its market share rise from 43% to 47.9% [2]. - In Q1 2025, revenue grew by 39.23% and net profit increased by 47.62% [1]. Shareholder Actions - Since the lifting of the lock-up period in 2022, there has been a notable trend of shareholder sell-offs, with the second-largest shareholder, Junzheng Investment, reducing its stake from 9% to below 4% through four rounds of sales, totaling over 4.1 billion RMB [3]. - Key executives and board members have also engaged in share sell-offs, amounting to 1.369 billion RMB [3]. Dividend Policy - Dongpeng Beverage has distributed over 4 billion RMB in dividends since its IPO, with the founder's family receiving more than 2.5 billion RMB, raising concerns about the governance structure [1][4]. - Following the 2024 earnings announcement, the company declared a cash dividend of 1.3 billion RMB, with the founder's family set to receive approximately 871 million RMB, accounting for 67% of the total [4]. Market Position and Strategy - Dongpeng Beverage has maintained a dominant position in the energy drink market, with a sales volume that has ranked first in China for three consecutive years [5]. - The company is facing challenges due to its reliance on a single product, Dongpeng Special Drink, which accounted for over 80% of its revenue in recent years [13]. - To diversify, the company launched a new electrolyte drink, "Bushuila," which generated 1.495 billion RMB in revenue in 2024, representing 9.4% of total revenue [13]. Financial Health and Risks - As of the end of 2024, Dongpeng Beverage reported cash assets of 14.223 billion RMB but also maintained short-term borrowings of 6.551 billion RMB, leading to a significant increase in its debt ratio [8]. - The company's "big deposit, big loan" model has raised concerns about credit arbitrage and the potential transfer of operational risks to minority shareholders [9][12]. R&D and Competitive Landscape - Dongpeng Beverage's R&D expenditure has decreased from 0.67% to 0.51% of revenue from 2019 to 2022, which is significantly lower than industry averages, potentially hindering its long-term competitiveness [14]. - The company faces increasing competition in the beverage market, with new entrants and changing consumer preferences posing challenges to its market position [15].

随着4月24日又一家A股公司——和辉光电递表港交所，2025年以来已有17家A股公司正式递表，开启赴港上市 之旅。 证券时报记者通过梳理这些赴港上市的A股公司招股书以及各家公司情况，发现它们目前呈现出三大特征：行 业集中度高，消费与科技企业主导；"国际大行+国内大行"成标配；国际化需求迫在眉睫。 行业集中度高：消费与科技企业主导 2024年以来，随着内地和香港两地监管部门不断推出利好"A+H"新政策，尤其是在2024年4月，中国证监会发布 五项资本市场对港合作措施，其中一项便是"支持内地行业龙头企业赴香港上市"。当年10月，香港证监会和港 交所发布联合声明，其中一条即是针对A股公司赴港上市——针对符合资格的A股公司推出快速审批时间表。 在这一背景下，A股公司赴港上市的热情被彻底点燃，2025年更是迎来"井喷"。Wind数据显示，2022年至2024 年，赴港上市的A股公司分别仅有4家、1家和3家，但在2025年，已正式递表港交所的A股公司就已达到17家， 同时还有超过10家A股公司已宣布正在筹划赴港上市。 而从2025年已递表的17家公司来看，一个明显的特征是，消费品公司以及科技企业是主导。如海天味业、东鹏 ...

Group 1 - The core index, CN Consumption Composite Index, closed at 8775.28 points, with a monthly increase of 0.61%, a quarterly increase of 7.78%, and a year-to-date increase of 1.78% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings in the CN Consumption Composite Index include Kweichow Moutai (27.04%), Wuliangye (7.02%), Yili (5.12%), Muyuan Foods (3.07%), Shanxi Fenjiu (2.96%), Luzhou Laojiao (2.64%), Wens Foodstuff (2.55%), Nongfu Spring (1.97%), Haitian Flavoring (1.96%), and Dongpeng Beverage (1.63%) [1] Group 2 - The market distribution of the CN Consumption Composite Index shows that the Shanghai Stock Exchange accounts for 54.65%, Shenzhen Stock Exchange for 34.46%, Hong Kong Stock Exchange for 10.65%, and other exchanges have negligible shares [2] - In terms of industry composition, the index is heavily weighted towards alcohol (50.76%), followed by food (21.30%), breeding (13.38%), soft drinks (6.02%), planting (3.20%), beauty care (2.71%), household goods (1.94%), and tobacco (0.58%) [2] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3] - Adjustments to the index sample occur when there are changes in industry classification due to special events or when a sample company is delisted [3]