Core Viewpoint - Dongpeng Beverage (605499.SH) has updated its application for issuing H-shares and listing on the Hong Kong Stock Exchange as of October 9, 2025, indicating a strategic move for expansion and capital raising [1] Financial Performance - In the first half of 2025, the company achieved an operating revenue of 10.737 billion yuan, representing a year-on-year growth of 36.37% [1] - The net profit attributable to shareholders reached 2.375 billion yuan, with a year-on-year increase of 37.22% [1] Asset Management - As of June 30, 2025, the company held trading financial assets amounting to 3.913 billion yuan, primarily consisting of bank wealth management products and money market funds [1] - The balance of debt investments was 2.260 billion yuan, mainly composed of high-security large-denomination certificates of deposit and time deposits [1] - Other non-current financial assets totaled 6.664 billion yuan, including private equity funds and medium to long-term bank wealth management products [1] Financial Stability - In April 2025, the company's shareholders' meeting authorized the company and its subsidiaries to purchase wealth management products up to 11 billion yuan, highlighting its strong financial position [1] - The short-term loan balance stood at 6.128 billion yuan, primarily consisting of discounted loans with interest rates ranging from 1.00% to 1.95% [1] - The contract liability balance was 3.667 billion yuan, mainly including payable sales rebates and discounts as well as advance payments [1]

Summary of Dongpeng Beverage Conference Call Company Overview - **Company**: Dongpeng Beverage - **Industry**: Beverage, specifically focusing on energy drinks and functional beverages Key Points and Arguments 1. **Revenue Growth Potential**: Dongpeng Beverage aims to achieve significant revenue growth through new product categories like electrolyte water and juice tea, with a long-term revenue target of 35 billion RMB or higher [2][4][11] 2. **Southeast Asia as Target Market**: Southeast Asia is identified as the primary region for Dongpeng's international expansion due to its rapid economic growth and demographic advantages, with a population of approximately 700 million [2][5] 3. **Energy Drink Market Size**: The energy drink market in Southeast Asia is projected to reach 4.2 billion USD (approximately 30 billion RMB) by 2024, with Vietnam, Cambodia, and Thailand accounting for over 70% of the market [6][12] 4. **Vietnam Market Dynamics**: Vietnam is the largest energy drink market in Southeast Asia, expected to reach nearly 1.5 billion RMB in 2024, with a stable market dominated by brands like Red Bull and Pepsi [7][8] 5. **Cambodia Market Characteristics**: Cambodia has the highest per capita consumption in Southeast Asia at 47 USD, with Pepsi leading the market due to its cost-effectiveness [9] 6. **Indonesia Market Challenges**: Indonesia's energy drink market is relatively small at 250 million USD, with a focus on low-priced products due to price sensitivity among consumers [10] 7. **Long-term Revenue Forecast**: By 2030, Dongpeng is expected to generate 5 billion RMB in revenue from key Southeast Asian markets, supported by a differentiated channel and brand marketing strategy [3][11][16] 8. **Market Segmentation**: Southeast Asian countries can be categorized into four types based on economic growth and energy drink market performance: high potential markets (Vietnam, Cambodia, Indonesia), inflation-driven markets (Myanmar), mature stable markets (Philippines, Malaysia, Singapore), and saturated markets (Thailand) [14] 9. **Strategic Layout in Southeast Asia**: Dongpeng has established an overseas division and set up subsidiaries in key markets, with a total investment exceeding 5.5 billion RMB in production facilities to reduce logistics costs [15] 10. **Future Market Share Projections**: By 2030, Dongpeng aims for a market share of approximately 30% in Indonesia, 20% in Cambodia and Myanmar, and 10% in Vietnam and the Philippines [16][17] Additional Important Insights - **Consumer Trends**: The demand for functional beverages is strong in Southeast Asia, driven by a young population and increasing health awareness [5] - **Competitive Landscape**: The energy drink market in Thailand is highly competitive, making it challenging for new entrants to gain significant market share [17] - **Growth in Other Product Lines**: Dongpeng is also focusing on other product lines like electrolyte water and juice tea, which are expected to contribute to overall revenue growth [4][11]

导语："能量一哥"东鹏特饮一边冲刺光谷IPO，一边遭股东接连减持，谁能吃到融资红利？ 摘要： 1、资金机构引发关注：东鹏饮料负债高企与高额理财规模并存。 2、细分市场份额第一：凭借"东鹏特饮"长期占据能量饮料销量第一，但大单品依赖度较高。 3、分红与投资：报告期内派息率60%，持续高分红需注意平衡再投资能力。 改制后的东鹏饮料聚焦能量饮料赛道， 2009 年推出 PET 瓶装东鹏特饮， 2017 年首创 500ml 大容量包装，凭借高性价比策略迅速抢占下沉市场。 2021 年， 东鹏饮料 在 上交所 挂牌上 市，成为 " 能量饮料第一股 " ， 随后 市值突破千亿大关。 如今，东鹏饮料的主营业务已形成以能量饮料为核心，运动饮料、茶饮料、咖啡饮料等多品类协 同的格局，产品覆盖全国 420 万 + 终端网点，九大生产基地构成供应链核心。按零售额计， 2024 年 " 东鹏特饮 " 500ml 瓶装饮料位列中国软饮市场同规格单品第一。 但从收入结构看，公司仍未摆脱对核心单品的重度依赖， 2024 年东鹏特饮贡献 133 亿元营 收，占总营收的 84% ，而同期唯一增长亮点 " 东鹏补水啦 " 虽实现 280% 的增 ...

这是东鹏饮料年内第二次递表。其首次递表在半年前的4月3日，10月3日，相关材料失效。 2021年5月，东鹏饮料通过IPO登陆A股市场，至今不过4年多。 执着于IPO上市的背后，是东鹏饮料的资本之梦未灭。2022年，东鹏饮料还曾计划赴瑞士上市。 东鹏饮料已经成长为中国功能饮料之王，经营业绩出现狂飙之势。 长江商报消息 ●长江商报记者 沈右荣 不差钱的东鹏饮料（605499.SH）执意在港股通过IPO上市。 10月9日，东鹏饮料递表香港联交所，开启新一轮IPO征程。 2018年，公司营业收入30.38亿元、归母净利润2.16亿元。历经连续6年快速增长，2024年，公司营业收入、归母净 利润分别达到158.39亿元、33.27亿元。这几年，其归母净利润累计增长逾14倍。2025年上半年，公司营收净利同 比增速均超过30%。 业绩狂飙、不缺钱的东鹏饮料仍然做着资本梦，公司称，深入推进全球化战略，提高资本实力和综合竞争力。 备受关注的是，林木勤家族开启了变现盛宴，减持套现、高比例现金分红接连上演。 根据长江商报记者粗略估算，截至目前，林木勤家族累计已变现超过50亿元。 执着IPO与"大存大贷" 东鹏饮料再度递表港股。 ...

10月9日，港交所信息披露显示， 东鹏饮料 （证券代码：605499）已再次递交H股上市申请。这已是该公司年内第二次向港交所递表—— 曾于2025年4月3日首次提交的申请已于10月3日失效。 东鹏饮料 是国内功能饮料的龙头企业，近年来业绩和股价皆增长强劲。对于公司赴港上市，市场仍有诸多疑问待解：在"不差钱"的情况 下，为何执着于赴港上市募资？如何理解 "存贷双高" 的现象？如何摆脱大单品依赖，让第二增长曲线真正成型？…… 日前，东鹏饮料方面接受了中国基金报的书面采访，对相关问题予以回应。 赴港上市动因：满足国际业务发展需要 【导读】东鹏饮料 第二次向港交所递表 见习记者 夏天 作为快消品领域的佼佼者， 东鹏饮料 在业绩快速增长的同时，也拥有充沛的现金流。 财报数据显示，截至2024年底，东鹏饮料账上有超过140亿元现金类资产。2025年3月，公司还曾公告拟使用不超过110亿元进行理财。 这一"左手理财，右手融资"的操作引发市场广泛关注，在资金非常富裕的情况下，公司为何执着于赴港上市募资？ 对此， 东鹏饮料 回复 称，本次赴港上市是为了进一步增强公司的资本实力和综合竞争力、提升公司的国际化品牌形象、满足公司的国 ...

本文来自微信公众号：格隆汇APP （ID：hkguruclub），作者：远禾，原文标题：《千亿消费龙头再战港交所！"现金奶牛"缺钱了？》，题图来自：视觉 中国 2021年，东鹏饮料登陆A股，成为国内"功能饮料第一股"。 而今年以来，东鹏饮料开始谋求"A+H"上市。 东鹏饮料于今年4月3日递交的港交所上市申请失效，但于10月9日，东鹏饮料对港交所再次递表。 作为目前消费品行业市值1600亿的龙头，"不差钱"的东鹏饮料着急港股上市到底为哪般？ 一 在红牛深陷版权纠纷之时，东鹏饮料已经悄然成为国内功能饮料的霸主。 尼尔森的数据显示，2024年，东鹏特饮在国内能量饮料市场的销售量占比高达47.9%，连续四年成为销售量最高的功能性饮料。 作为国内功能饮料第一股，公司股价也一路高歌猛进，从2021年46.27元的发行价一路飙涨，至今已超过300元，总市值超1600亿元。 2024年，东鹏股份全年股价涨幅超80%，在整个食品饮料板块名列前茅。 股价飙涨背后，公司的业绩也突飞猛进。 近年来，东鹏饮料的业绩持续增长。2021年到2024年间，东鹏饮料营业收入从69.78亿元增长至158.39亿元，直接翻倍。 净利润也从11.9 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

星标 ★ IPO日报 精彩文章第一时间推送 继4月3日向港交所递交过上市申请后，这家"功能饮料第一股"于10月9日递表，申请在香港进行第二上市，由 华泰国际、摩根士丹利及瑞银集团联合保荐。 东鹏饮料登陆A股4年多，股价高歌猛进，如今前往港股，控股股东林木勤的家族又将迎来一场资本盛宴。 制图：佘诗婕 中国功能饮料第一 东鹏饮料，全称东鹏饮料(集团)股份有限公司，前身东鹏实业于1994年注册成立。2003年10月林木勤及东鹏 实业其他19名员工受让接手东鹏实业产权。 2009年底，林木勤开启包装差异化、价格差异化之路，推出了带有防尘盖的瓶装东鹏特饮，成功打开了大本营 广东的市场。 彼时，中国功能饮料市场，红牛是领头代表。而东鹏特饮在邀请谢霆锋担任品牌代言人、提出"累了、困了、喝 东鹏特饮"等朗朗上口的口号等一系列操作之下，日渐开始拥有国民知名度。 截至目前，东鹏饮料的产品矩阵已涵盖能量饮料、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。公司更是成长为中国第一的功能饮料企业，收入增速在全球前20大上市软饮企业中位列第一。 根 据咨询机构弗若斯特沙利文报告，按销量计，东鹏饮料在中国功能饮料市场自2 ...

Core Viewpoint - Dongpeng Beverage's application for listing on the Hong Kong Stock Exchange marks a significant step towards globalization, aiming to enhance its domestic production capacity, supply chain upgrades, national strategy, brand building, digital transformation, and overseas market expansion [1][3]. Group 1: Company Performance - Dongpeng Beverage is the leading functional beverage company in China, with the highest revenue growth among the top 20 listed soft drink companies globally [1]. - The company has maintained its top position in the Chinese functional beverage market for four consecutive years, increasing its market share from 15.0% in 2021 to 26.3% in 2024 [1]. - In the first half of 2025, Dongpeng Beverage achieved a 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% year-on-year [2]. Group 2: Market Strategy - The company has established a comprehensive sales network covering over 4.2 million terminal sales points across nearly 100% of China's prefecture-level cities by June 30, 2025 [2]. - Dongpeng Beverage is enhancing its market share through refined channel management and brand building, including sponsorship of sports events and variety shows to reach target consumer groups [2]. Group 3: Global Expansion - Listing in Hong Kong will provide Dongpeng Beverage with broader financing channels and attract international capital to support its overseas expansion plans, particularly in Southeast Asia [3]. - The listing is expected to enhance the brand's international influence, showcasing its strength and growth potential to global investors, thereby facilitating market entry into Southeast Asia and beyond [3]. - The company aims to leverage international capital to improve domestic production layout and accelerate its globalization process, showcasing its potential and value on the global stage [3].

Core Viewpoint - Dongpeng Beverage is seeking a dual listing on the Hong Kong Stock Exchange after its initial application was invalidated earlier this year, aiming to leverage its market position and expand its capital base [5][18]. Company Overview - Dongpeng Beverage, established in 1987, has become a leading player in China's functional beverage market, with its flagship product, Dongpeng Special Drink, gaining significant market share [11][19]. - The company achieved a market capitalization of approximately 162.08 billion yuan as of October 10, 2025, with its stock price reaching 311.68 yuan per share [6][16]. Financial Performance - In 2024, Dongpeng Beverage reported a revenue of 15.83 billion yuan, a 40.62% increase from the previous year, and a net profit of 3.36 billion yuan, up 63% year-on-year [19]. - For the first half of 2025, the company continued its growth trajectory with revenues of 10.74 billion yuan, a 36.37% increase, and a net profit of 2.38 billion yuan, reflecting a 37.22% growth [20]. Market Position - Dongpeng Beverage has maintained its position as the top player in the Chinese functional beverage market for four consecutive years, with its market share increasing from 15% in 2021 to 26.3% in 2024 [19][22]. - The company's core product, Dongpeng Special Drink, accounted for 84% of total revenue in 2024, highlighting its dominance in the energy drink segment [20]. Product Diversification - To mitigate risks associated with product concentration, Dongpeng Beverage has initiated a diversification strategy, launching new products such as electrolyte drinks and coffee-flavored beverages since 2022 [22][23]. - The revenue contribution from other beverage categories increased from 3.3% in 2022 to 6.5% in 2024, with the electrolyte drink "Dongpeng Water" becoming a significant growth driver [23]. Marketing Strategies - The company has invested heavily in marketing, utilizing various channels including television, social media, and sponsorships to enhance brand visibility and consumer engagement [29][30]. - Promotional activities such as "Scan to Win Red Packets" and "One Yuan Enjoyment" have been implemented to stimulate consumer purchases, although they have faced criticism for complex rules and customer complaints [30][31]. Shareholder Dynamics - Following the lifting of lock-up periods, several major shareholders, including Kunpeng Investment and Junzheng Investment, have initiated share reductions, indicating a potential capital realization strategy [7][40]. - The company has distributed a total of 6.6 billion yuan in cash dividends since its IPO, benefiting major shareholders significantly, including approximately 3.28 billion yuan received by the controlling shareholder Lin Muqin [43][45]. Future Prospects - Dongpeng Beverage plans to raise approximately 10 billion USD (about 71.23 billion yuan) through its Hong Kong listing, primarily for overseas expansion and research and development [45][46]. - The successful listing could further enhance the wealth of the Lin family and associated investors, positioning them for continued capital gains in the beverage market [46].