基于公司稳固的渠道优势，在新品性价比和冰冻化赋能下，未来公司新品的销售表现值得期待。考虑到 国内有糖茶行业空间、主流饮料企业茶饮料单品增速和生命周期，"果之茶"有望打造成为又一爆品，加 速抢占茶饮料行业的市场份额。 从市场表现来看，根据尼尔森IQ数据，2024年东鹏特饮在我国能量饮料市场销售量占比由2023年的 43.0%提升至47.9%，全国市场销售额份额占比从30.9%上升至34.9%，市占率和销量稳步提升。考虑到3 月开学季及天气转暖，叠加公司较早开始冰冻化陈列竞赛，预计2025年第一季度有望实现开门红。 在国际化战略布局上，东鹏饮料此次港股上市意义重大。成功登陆香港资本市场，将有助于其连接国际 投资者，进一步建立跨国品牌认知。目前，东鹏饮料已在印度尼西亚和越南设立子公司，随着2026— 2027年产能逐步释放，本土化运营能力的打磨有望打开中长期海外业务增长空间，为东南亚等海外市场 的扩张铺就道路，进一步提升公司综合竞争力。 在新品打造方面，2025年第一季度，东鹏饮料推出1L装果味茶饮料"果之茶"，终端零售价约5元，并延 续"1元乐享"活动，充足的渠道利润空间进一步提升了新品终端推力。东吴证券研报指出 ...

Core Insights - The report emphasizes a strong willingness to boost domestic demand through policy measures, with signs of recovery observed in quality companies, suggesting an active investment strategy [3][4][12]. Group 1: Beer Industry - The beer sector is witnessing a stabilization in demand, with leading companies managing to clear inventory risks early, which positions them favorably for growth [12][14]. - In Q1 2025, beer consumption showed positive growth, driven by the Spring Festival and a low inventory start for major brands, with national sales expected to increase [9][10][12]. - Investment recommendations focus on high-sensitivity beer stocks, such as China Resources Beer and Qingdao Beer, as well as strong individual stocks like Dongpeng Beverage and Haitian Flavoring [6][14][17]. Group 2: Snack Industry - The snack market is characterized by significant differences in product performance, with strong sales in gift boxes during the Spring Festival and notable growth in konjac-based snacks [21][22]. - Leading snack companies are enhancing product quality and competitive pricing to adapt to the current consumer trend towards value [21][22]. - The report suggests focusing on high-growth companies like Weidong and Yanjinpuzi, which are expected to achieve over 20% revenue growth in 2025 [29][26]. Group 3: Dairy Industry - The dairy sector is anticipated to face a supply-demand turning point by the end of 2025, as upstream inventory is expected to clear, leading to improved market conditions [32][41]. - Policies aimed at boosting birth rates are expected to further stimulate dairy consumption, with significant government support for families [38][40]. - Investment focus should be on leading dairy companies that maintain high levels of investor returns, such as Yili and Mengniu, which are expected to stabilize their profit margins [41][45]. Group 4: Beverage Industry - The beverage sector continues to show high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its market presence and product offerings [46][48]. - The report highlights the ongoing trend of consumers favoring functional beverages, with projected growth rates for various beverage categories [48][49]. - Investment recommendations include focusing on companies that are effectively leveraging their distribution networks and product innovation to capture market share [46][48]. Group 5: Restaurant Supply Chain - The restaurant supply chain is experiencing a recovery in demand, supported by government policies aimed at stimulating domestic consumption [51][57]. - The competitive landscape remains intense, with a significant number of restaurant closures indicating a need for efficiency improvements within the supply chain [57][58]. - The report suggests that the restaurant supply chain sector may see profitability improvements as inventory levels normalize and demand stabilizes [58][59].

Core Viewpoint - The enthusiasm for A-share companies to list in Hong Kong continues to rise, with many companies queuing for IPO applications and several already making progress in their listings [1][3][9] Group 1: A-Share Companies Listing in Hong Kong - Chifeng Jilong Gold became the first "A+H" listed company of 2025, with 2.365 billion shares offered at HKD 13.72 each [2] - As of April 8, 2024, 14 A-share companies have submitted applications for Hong Kong IPOs, including major firms like CATL, Hengrui Medicine, and Haitian Flavoring [3][4] - More than 10 A-share companies are planning to issue H-shares, with notable examples including Zhaowei Electromechanical and Dongpeng Beverage [4] Group 2: Market Trends and Analysis - The current "A+H" listing trend began around the 2024 "924 market," driven by a recovery in the Hong Kong market [2] - As of April 8, 2024, there are 151 "A+H" stocks in the Hong Kong market, including major financial institutions and leading manufacturing companies [3] - Deloitte's analysis indicates that the first quarter of 2025 will see a significant number of new listings in Hong Kong, primarily from the consumer and manufacturing sectors [7][8] Group 3: Regulatory and Market Support - The Hong Kong Stock Exchange has optimized the IPO application process, particularly for A-share companies, allowing for expedited approvals [8][9] - A-share companies with a market capitalization over HKD 10 billion can benefit from a "one round inquiry + 30 days approval" fast track, significantly reducing approval times [8][10] - The supportive policies from both the Hong Kong Stock Exchange and the China Securities Regulatory Commission have facilitated the trend of A-share companies seeking listings in Hong Kong [10]

出品｜搜狐财经 作者｜柴鑫洋 编辑｜李文贤 蜜雪冰城、霸王茶姬等奶茶品牌已经先行一步出海，饮料企业也开始踏上探索海外市场的征程。 东鹏饮料近日也向港交所递表，意在为国际化布局铺路。在此前，东鹏饮料在2021年5月就已经在上交所正式登陆 A 股市场。 中国食品产业分析师朱丹蓬认为，'A+H股'上市的战略，是为了国际化布局铺垫，港股是很多中国品牌布局国际化的重要桥梁和契机。 财报显示，东鹏饮料在2024年实现营业收入158.39亿元，同比增长40.63%；归属于上市公司股东的净利润33.27亿元，同比增长63.09%。 福建华策品牌定位咨询创始人詹军豪表示，海外市场拓展也面临许多困难，如文化差异、市场竞争激烈、供应链建设难度大等。东鹏饮料需通过深入市场 调研、加强本土化运营、建立本地供应链等方式，克服这些阻力，实现品牌的国际化发展。 东鹏饮料赴港二次上市，海外扩张提速 近日，东鹏饮料披露的公告显示，正式向港交所递交招股说明书，华泰国际、摩根士丹利和瑞银国际担任联席保荐人。 对于港股上市的原因，东鹏饮料表示是为进一步提高公司的资本实力和综合竞争力，提升公司国际化品牌形象，满足公司国际业务发展需要，深入推进公 司全球 ...

张磊作为东鹏饮料的董事、副总裁兼董事会秘书，2024年从公司获得的税前报酬总额为546.55万元。这 一数字与其在上一家任职公司的薪酬形成鲜明对比。据公开资料显示，张磊于2022年4月起在怡亚通担 任董事会秘书，当年在怡亚通获得的税前报酬总额仅为34.39万元。这意味着，从怡亚通跳槽到东鹏饮 料后，张磊的年薪增长了约15倍，其在怡亚通的薪酬仅相当于在东鹏饮料薪酬的零头。这种薪酬差异反 映了不同上市公司之间的薪酬体系差异，也体现了东鹏饮料对高管人才的重视程度。在饮料行业竞争日 益激烈的背景下，东鹏饮料通过提供有竞争力的薪酬吸引和留住人才的策略值得关注。 职业发展轨迹清晰 2025年4月9日，东鹏饮料（605499）(605499.SH)作为正在谋求"A+H"两地上市的企业，近期披露了 2024年年度报告，其中董监高薪酬信息引发市场关注。报告显示，公司董事、副总裁兼董事会秘书张磊 在2024年获得税前报酬总额高达546.55万元，相比其之前在怡亚通（002183）(002183.SZ)担任董事会秘 书时的34.39万元年薪，增长约15倍。随着东鹏饮料业绩持续增长，2024年公司实现营业收入约158.39亿 元，同 ...

华夏时报（www.chinatimes.net.cn）记者 周梦婷 北京报道 距离A股成功上市四年后，东鹏饮料开启了港股二次上市之路。近日，东鹏饮料向港交所提交了招股书，联席保 荐人为华泰国际、摩根士丹利、UBS瑞银集团。对于此番赴港上市，4月8日，东鹏饮料方面回复《华夏时报》记 者表示，"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、满足公司的国际业务发 展需要及深入推进全球化战略。" 2021年5月，东鹏饮料A股成功上市，自上市以来其业绩表现突出，2021年至2024年，无论营收还是净利润皆保持 了20%以上的快速增长，根据年报信息，到了2024年，其营收已经突破150亿元，达到158亿元，同比增长 40.63%；净利润为33.3亿元，同比增长63.09%。同时净利润率、毛利率等财务指标也都处于向好态势，根据招股 书，2022年至2024年，东鹏饮料净利润率分别为16.9%、18.1%、21%，毛利率分别为41.6%、42.3%、44.1%。 "东鹏饮料在业绩向好态势下谋求香港上市，是继续扩大产能、布局国际市场的大好时机，因为饮料市场当下百花 齐放，上新及渠道发展的速度非常快，东鹏 ...

以下文章来源于大V商业 ，作者刘颖 大V商业 . 关注消费零售、财经科技、资本市场，关注信息背后的价值 将投中网设为"星标⭐"，第一时间收获最新推送 中国市场终究还是抛弃碳酸饮料？ 作者丨 刘颖 来源丨 大V商业 尼尔森对中国饮料市场的研究中，发现了这么一个有意思的趋势。 中国市场 7 大饮料品类中， 2020 年只有碳酸饮料是增长的，其余品类均为负增长。当时的一个合理的解释是，含糖的碳酸饮料具有成瘾性。 但是到了 2023 年，七大品类中却变成了只有碳酸饮料负增长，其余 6 类则大幅增长。 中国市场终究还是抛弃碳酸饮料。 2022 年之前，碳酸饮料还是七大品类中市场份额第一，到了 2023 年骤变，市场份额下降 3 个百分点首次被即饮茶超过。 （尼尔森中国饮料趋势，2023年碳酸饮料下滑7%） 市场份额格局发生变化，背后是参与其中的市场巨头们也正在被迫接受市场的调整。 作为中国市场最大的可乐品牌，可口可乐 2024 年的业绩并不理想，勉强维持的销售额背后，是可口可乐通过提高价格来冲销销售量的下滑。 与此同时，元气森林、东鹏特饮、农夫山泉、大窑等国产饮品在细分赛道里占据一席之地。 可口可乐负增长 可口可乐销量 ...

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

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Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The food and beverage sector in A-shares has shown resilience, with a 0.46% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [2][13]. - Key segments within the industry, such as soft drinks and snacks, have experienced significant growth, while categories like baked goods and liquor have seen declines [2][13]. - The report highlights the importance of monitoring quarterly and annual reports for performance insights [2]. Market Review - A-shares in the food and beverage sector rose by 0.46% from March 24 to April 3, outperforming the Shanghai Composite Index by 1.14 percentage points and the Shenzhen Component Index by 3.47 percentage points [2][13]. - Within the sector, soft drinks (+6.45%), snacks (+6.40%), and beer (+4.14%) led the gains, while baked goods (-2.68%), liquor (-1.82%), and pre-processed foods (-1.82%) lagged [2][13]. - Notable stock performances included Miaokelan (+27.88%), Wancheng Group (+27.40%), and Yanjinpuzi (+26.02%) as top gainers, while Rock Shares (-31.99%), Sunshine Dairy (-16.57%), and Huangshi Group (-14.79%) faced significant losses [2][13]. Key Data Tracking - The report provides detailed tracking of key data points, including liquor prices, with Moutai's original box price at 2,180 RMB and the bulk price at 2,170 RMB, both down from two weeks prior [3][27]. - The average price of fresh milk in major production areas is reported at 3.08 RMB/kg, a year-on-year decrease of 12.3% [4][38]. - Pork prices are noted at 26.17 RMB/kg, reflecting a year-on-year increase of 3.9% [4][41]. Policy and News Tracking - The report discusses the release of 50 national food safety standards, which prohibit the use of "zero additives" on pre-packaged foods [56]. - New regulations for infant formula encourage the use of raw milk and prohibit repackaging [56]. - Moutai has reportedly met its sales targets for the first quarter, indicating stable market performance [56]. Investment Recommendations - For liquor, the report suggests focusing on high-end brands like Moutai, Wuliangye, and Luzhou Laojiao, as they have shown strong price control and market resilience [5][58]. - In the consumer goods segment, companies such as Yili, New Dairy, Dongpeng Beverage, and Haitian Flavoring are highlighted as key investment opportunities due to their strong market positions and consumer demand [5][58].