Investment Rating - The report maintains a positive outlook on the food and beverage sector for 2026, particularly focusing on cyclical opportunities in the liquor and restaurant supply chain [3][8]. Core Insights - The report indicates a recovery in demand for various sub-sectors including liquor, restaurant chains, dairy, convenience foods, and meat products during January and February, with a cautious optimism for sustained recovery [3][8]. - The liquor sector is expected to stabilize after a high price adjustment, with Moutai prices maintaining above 1500 RMB, indicating a potential turning point in the current cycle [3][9]. - The industry is experiencing a trend of consolidation, with larger companies gaining market share at the expense of smaller ones, leading to a bifurcation in performance among listed companies [3][8]. - Key recommendations for liquor include Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye, while for consumer goods, companies like Anjijia, Haitian Flavoring, and Yili are highlighted [3][8][10]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector saw a decline of 2.48% last week, with liquor down 3.32%, underperforming the broader market [7]. - The top performers in the sector included Zhongxin Niya and New Dairy, while the biggest losers were ST Yanshi and Jiu Gui Jiu [7]. 2. Market Performance of Food and Beverage Sub-sectors - The report notes that the food and beverage industry underperformed the Shenwan A index by 0.14 percentage points, with beer and seasoning outperforming the index [45]. 3. Liquor Sector Analysis - Moutai's price for loose bottles is reported at 1590 RMB, with a weekly decrease of 60 RMB, while the price for a case is 1610 RMB, down 70 RMB [9][23]. - The overall sales volume for the liquor industry during the Spring Festival is estimated to have decreased by 10%-20% year-on-year, slightly better than market expectations [9]. - High-end liquor brands, particularly Moutai, are expected to see significant sales growth, with Moutai's sales projected to increase by over 30% year-on-year during the Spring Festival [9]. 4. Consumer Goods Sector Analysis - The consumer goods sub-sector is showing structural improvements, with competition shifting from price to quality, and a gradual balance in supply and demand [10]. - Key recommendations include Anjijia, Tianwei Food, and Haitian Flavoring, with expectations of double-digit revenue growth for Anjijia due to seasonal effects [10][11]. 5. Dairy Sector Insights - The dairy supply-demand landscape is expected to improve, with long-term growth potential in processed products and low-temperature milk [11]. - Companies like Yili and New Dairy are recommended, with a focus on the domestic replacement potential for processed dairy products [11]. 6. Cost and Pricing Trends - The average price of fresh milk is reported at 3.03 RMB per kilogram, showing a year-on-year decrease of 1.9% [24][43]. - The report highlights the current valuation levels of the food and beverage sector, with a dynamic PE of 19.47x and a premium rate of 12% [24].

Investment Rating - The report maintains an "Outperform" rating for Eastroc Beverage [2] Core Insights - Q1 revenue growth is expected to exceed expectations, driven by strong sales during the Spring Festival and effective pre-holiday business strategies [3][10] - The company has accelerated its internationalization strategy with a successful H-share listing and entry into the Southeast Asian market [11] - Short-term concerns regarding "sugar tax" rumors are not expected to impact the long-term value of the company, which continues to expand its distribution channels and product offerings [12] Financial Performance Summary - Revenue projections for 2025-2027 are RMB 20.99 billion, RMB 26.05 billion, and RMB 30.94 billion, representing year-on-year growth rates of 32.5%, 24.1%, and 18.7% respectively [5][13] - Net profit attributable to shareholders is expected to be RMB 4.6 billion, RMB 5.89 billion, and RMB 7.09 billion for the same period, with growth rates of 38%, 27.9%, and 20.3% [5][13] - The diluted EPS is projected to be RMB 8.9, RMB 11.3, and RMB 13.6 for 2025, 2026, and 2027 respectively [5][13] Strategic Initiatives - The company is focusing on expanding its distribution channels, including placing additional freezers and enhancing digital capabilities for better inventory management [12] - New product categories are being rapidly developed, with successful launches in electrolyte drinks and large-pack fruit tea targeting foodservice channels [12]

Investment Rating - The report maintains an "Outperform" rating for Eastroc Beverage [2]. Core Views - Q1 revenue growth is expected to exceed expectations, driven by strong sales during the Spring Festival and effective pre-holiday business strategies [3][10]. - The company's internationalization strategy is advancing with the successful H-share listing and entry into the Southeast Asian market, aiming to leverage local distribution networks [11]. - Short-term concerns regarding "sugar tax" rumors are not expected to impact the long-term value of the company, as growth is supported by channel expansion and product innovation [12]. Financial Projections - Revenue is projected to grow from RMB 20.99 billion in 2025 to RMB 30.94 billion in 2027, with year-on-year growth rates of 32.5%, 24.1%, and 18.7% respectively [5][13]. - Net profit attributable to shareholders is expected to increase from RMB 4.6 billion in 2025 to RMB 7.09 billion in 2027, with growth rates of 38%, 27.9%, and 20.3% [5][13]. - The diluted EPS is forecasted to rise from RMB 8.9 in 2025 to RMB 13.6 in 2027 [5][13]. Market Position and Strategy - The company is expanding its distribution channels, including targeting village-level outlets and enhancing promotional efforts in various locations [10]. - The introduction of new product lines, such as large-pack fruit tea and coconut milk gift boxes, is aimed at capturing diverse market segments [12]. - The operational efficiency is being improved through digital systems that provide real-time insights into inventory and sales [12].

证券代码：605499 证券简称：东鹏饮料 公告编号：2026-022 东鹏饮料（集团）股份有限公司 关于控股股东及实际控制人持股比例被动稀释触及 1%刻度的提示性公告 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： | 权益变动方向 | 比例增加□ 比例减少☑ | | --- | --- | | 权益变动前合计比例 | 46.11% | | 权益变动后合计比例 | 45.80% | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ 否☑ | | 是否触发强制要约收购义务 | 是□ 否☑ | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用于无控 股股东、实际控制人） □其他______________（请注明） 2.信息披露义务人信息 | 信息披露义务人 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- ...

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 证券代码：605499 证券简称：东鹏饮料 公告编号：2026-021 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：中信银行股份有限公司、广州银行股份有限公司、国泰 海通证券股份有限公司、兴业银行股份有限公司、民生理财有限责任公司、珠海 横琴万方私募基金管理合伙企业（有限合伙）、上海国泰海通证券资产管理有限 公司； 2.本次委托理财金额：合计 102,290.00 万元； 3.委托理财产品类型：理财、大额存单、信托计划、私募基金、公募基金； 4.委托理财期限：无固定期限、6 个月； 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》，公司股东会授权公司及其子公司在 保证日 ...

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | | 證券代號 (如上市) 09980 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | 於下列日期開始時的結存(註1) 2 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東鵬飲料（集團）股份有限公司 備註： 第 1 頁 共 11 頁 v 1.2.0 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09980 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,889,900 | RMB | | | 1 RMB | | 40,889,900 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 40,889,900 | RMB | | | 1 RMB | | 40 ...

Summary of the Conference Call Record Company Overview - The document discusses the operational updates of Dongpeng Beverage, a company in the beverage industry, specifically focusing on its channel operations for February 2023 and the first two months of the year. Key Points - **February Shipment Performance**: The company expects a year-on-year shipment increase of approximately 26% for February, with a cumulative increase of about 34% for January and February combined [1] - **Product Category Performance**: - Energy drinks are projected to see a year-on-year increase of 20% for January and February [1] - The "Buliwala" (补水啦) product line is expected to experience a significant increase of over 95% year-on-year [1] - The "Haidao Coconut" (海岛椰) product benefits from strong sales of gift boxes, with an estimated growth of around 50% for January and February [1] - **Inventory Levels**: As of the end of February, inventory levels are reported to be 8-9 days lower year-on-year, indicating effective inventory management [1] - **Q1 Shipment Growth Forecast**: The company anticipates a shipment growth rate of approximately 30% for Q1, contingent on future sales performance and growth rates [1] Additional Important Information - The document emphasizes the need to monitor subsequent sales dynamics and growth rates to validate the shipment growth forecast for Q1 [1]

东鹏饮料（集团）股份有限公司 2026 年第一次临时股东会会议资料 $$\Xi{\bf{\hat{\bf{O}}}}\,{\bf{\hat{=}}}\,\lambda\,\rlap{{\bf{\hat{\bf{H}}}}}\,\Xi{\bf{\hat{\bf{H}}}}\,\Xi{\bf{\hat{\bf{H}}}}$$ 东鹏饮料(集团)股份有限公司 2026 年第一次临时股东会会议议程 一、会议召开情况 （一）召开时间：2026 年3 月10 日（星期二）14:30； （二）召开地点：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）召开方式：现场； （四）召集人：董事会； （五）主持人：董事长林木勤先生； | 2026 | 年第一次临时股东会会议议程 1 | | --- | --- | | 2026 | 年第一次临时股东会会议须知 2 | | 2026 | 年第一次临时股东会会议议案 3 | | | 议案一、关于聘任境外会计师事务所的议案 3 | 东鹏饮料（集团）股份有限公司 2026 年第一次临时股东会 （六）参会人员：股权登记日登记在册的股东或其授 ...

Investment Rating - The investment rating for the essential consumer sector in China is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili Industrial Group [1]. Core Insights - The report highlights that among the eight key tracked essential consumer industries in February 2026, five maintained positive growth, while two recorded negative growth and one remained flat. The growing industries included frozen food, condiments, beer, catering, and soft drinks, while the declining industries included sub-high-end and above liquor and dairy products. The improvement in data is attributed to the increased number of Spring Festival holidays and heightened consumer enthusiasm for travel, which boosted demand for catering and supply chain products [3][35]. Demand Summary - In February 2026, five out of eight essential consumer industries showed positive growth, with frozen food, condiments, beer, catering, and soft drinks experiencing growth. Conversely, sub-high-end and above liquor and dairy products saw declines. The overall growth rate improved for seven industries compared to the previous month, primarily due to the Spring Festival holidays and increased consumer travel [3][35]. Price Summary - The report indicates that in February, the wholesale price of high-end liquor rebounded month-on-month, while sub-high-end and below liquor prices mostly fell. Discounts on liquid milk and condiments decreased, with average discount rates for liquid milk increasing by 4.7 percentage points and condiments by 1.2 percentage points compared to January. Convenience food discounts increased, while discounts for beer, soft drinks, and infant formula remained stable [4][36]. Cost Summary - In February, the spot cost indices for six categories of consumer goods generally fell, while futures cost indices mostly rose. The spot cost indices for soft drinks, instant noodles, frozen food, beer, condiments, and dairy products changed by -1.28%, -1.03%, -0.52%, -0.52%, +0.06%, and +0.27% respectively. Year-on-year changes for can, plastic, paper, and glass prices were +12.1%, -0.3%, -7.4%, and -17.7% respectively [4][37]. Capital Flow Summary - As of the end of February, the net inflow of Southbound Stock Connect funds was 80.32 billion yuan, an increase from 61.73 billion yuan in the previous month. The essential consumer sector's market value accounted for 5.86%, up by 0.04 percentage points from the previous month. The dairy industry represented 17.2% of the Southbound Stock Connect market value, while the food additive industry accounted for 14.4% [5][38]. Valuation Summary - At the end of February, the PE historical quantile for A-share food and beverage was 17% (20.5x), remaining stable from the previous month. The sub-sectors with lower quantiles included beer (1%, 20.6x) and liquor (12%, 18.3x). The median valuation for A-share food and beverage leaders was 22x, unchanged from the previous month [5][39]. Recommendations - The report suggests several favorable aspects for allocating essential consumption stocks, including increased international capital inflow into China, low institutional allocation levels, and the expectation of rising dividend rates. It recommends focusing on companies that align with fundamental and dividend yield improvement logic, such as Mengniu Dairy, Yili Industrial Group, and Tsingtao Brewery, as well as those favored by long-term institutional investors like Luzhou Laojiao and Kweichow Moutai [6][40].