深圳商报·读创客户端记者 张国锋 2月3日，东鹏饮料（集团）股份有限公司正式在香港主板上市（股票代码09980.HK），成为深圳市、 南山区2026年首家以"A+H"模式（即同时在内地A股和香港H股上市）登陆资本市场的企业。 作为中国功能饮料领军者，东鹏饮料精准把握行业发展趋势，稳居功能饮料赛道领跑地位，同时紧扣健 康化、细分化消费需求构建多元化产品矩阵，推行"1+6"多品类战略，在巩固能量饮料核心优势的同时 推动东鹏"补水啦"等新品类快速成长，产品结构持续优化，第二增长曲线成效显著。 目前，东鹏饮料已构建覆盖全国近100%地级市的立体化销售网络，拥有3200余家经销商及430万家有效 活跃终端网点，触达不重复终端消费者超2.5亿。通过渠道精细化管理，确保产品高效触达全国市场， 这一广覆盖、深渗透的渠道体系，既助力产品动销与市场扩张，更成为企业抵御行业波动的核心竞争优 势。 此次港股上市是东鹏饮料全球化战略的重要起点。作为企业出海的关键举措，港股上市将为其国际化拓 展提供强大助力。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外子公司落地运营， 海外产能与渠道布局同步推进；本次募集资金也将投向产能 ...

数据显示，截至2026年1月30日，中证主要消费指数前十大权重股分别为贵州茅台、五粮液、伊利股 份、牧原股份、泸州老窖、山西汾酒、温氏股份、海天味业、东鹏饮料、海大集团，前十大权重股合计 占比67.37%。 2026年2月4日早盘，截至11:15，中证主要消费指数强势上涨1.00%，成分股海大集团上涨3.94%，燕京 啤酒上涨3.07%，东鹏饮料上涨2.97%，山西汾酒，贵州茅台等个股跟涨。 消息方面，东鹏饮料于2026年2月3日正式登陆港股，发行价248港元/股，并同步宣布与印尼三林集团合 资设立印尼东鹏维生素功能饮料公司，总投资额达3亿美元。此外，贵州茅台通过i茅台平台强化C端链 接，1月飞天茅台成交订单超143万笔，测算投放量约2000吨，带动节前动销同比增速超30%。 海通国际指出，2026年1月调味品、速冻食品、软饮料和餐饮等细分领域保持正增长，而次高端及以上 白酒、乳制品等行业增速仍处收缩区间；成本端方面，乳制品、软饮料等现货成本指数显著下行，叠加 港股通资金对必需消费板块的持续增持（1月净流入617.3亿元，板块市值占比升至5.82%），为估值修 复提供支撑。当前A股食品饮料PE历史分位数仅17 ...

值得注意的是，据第一财经报道，公司与印尼华商三林集团签署战略合作协议，东鹏饮料将投资不超过 2亿美元，双方合资成立印度尼西亚东鹏维生素功能饮料公司，本次合作预计总投资3亿美元、分6期完 成出资，未来5年内合作具备排他性。太平洋食饮分析师在相关研报中提到，根据东南亚各国能量饮料 行业规模及格局测算，东鹏饮料出海东南亚中长期实现50亿收入可期。 消息面上，东鹏饮料2月3日在港交所挂牌上市交易。广发证券指出，港股基石投资人多为世界知名投资 机构，如卡塔尔投资局、新加坡主权基金淡马锡、贝莱德、瑞银环球资管、摩根大通资管、富达等，彰 显资本市场对公司优质基本面的高度认可。 东鹏饮料（605499）(09980)上市次日涨超5%，盘中高见265港元，总市值逼近1500亿港元。截至发稿， 涨4.85%，报264港元，成交额2.86亿港元。 ...

值得注意的是，据第一财经报道，公司与印尼华商三林集团签署战略合作协议，东鹏饮料将投资不超过 2亿美元，双方合资成立印度尼西亚东鹏维生素功能饮料公司，本次合作预计总投资3亿美元、分6期完 成出资，未来5年内合作具备排他性。太平洋食饮分析师在相关研报中提到，根据东南亚各国能量饮料 行业规模及格局测算，东鹏饮料出海东南亚中长期实现50亿收入可期。 智通财经APP获悉，东鹏饮料(09980)上市次日涨超5%，盘中高见265港元，总市值逼近1500亿港元。截 至发稿，涨4.85%，报264港元，成交额2.86亿港元。 消息面上，东鹏饮料2月3日在港交所挂牌上市交易。广发证券指出，港股基石投资人多为世界知名投资 机构，如卡塔尔投资局、新加坡主权基金淡马锡、贝莱德、瑞银环球资管、摩根大通资管、富达等，彰 显资本市场对公司优质基本面的高度认可。 ...

Summary of Eastroc Beverage Conference Call Company Overview - **Company Name**: Eastroc Beverage - **Stock Tickers**: 9980.HK / 605499.SS - **Industry**: Beverage Industry, specifically focusing on functional and energy beverages Key Points Coverage Initiation and Target Price - Coverage on Eastroc's H-shares initiated with a "Buy" rating and a target price of HK$408.8, aligning with the target price for its A-shares [1] - Anticipation of no persistent valuation discount between H-shares and A-shares due to limited high-quality beverage companies in the HK market [1] Financial Forecasts - Forecasted net profit (NP) growth of 27% in 2026 and 22% in 2027, marking the fastest growth within the China consumer staples sector [1] - Expected sales revenue for 2023 at Rmb11,263 million, increasing to Rmb15,839 million in 2024, with a projected growth rate of 32% [42] Market Position and Share - Eastroc holds the No.1 market share in China's energy beverage market, increasing from 5.3% in 2015 to 43.7% in 2024 [2] - Sales from non-Guangdong markets rose from 61% in 2022 to 76% in the first half of 2025, indicating successful nationwide expansion [2] Product Expansion and Sales Growth - Expansion into the sports beverage category resulted in sales growth of 2.8x year-over-year in 2024 and 2.1x in the first half of 2025 [2] - Contribution from sports and other beverages increased from 4% and 5% in 2023 to 14% and 8% in the first half of 2025, respectively [2] Digitalization and Operational Strategy - Strong digital infrastructure and partnerships with over 3,000 distributors enhance targeted marketing and operational efficiency [3] - Eastroc's strategy focuses on stable pricing and fair returns across the value chain, contrasting with competitors that rely on aggressive price hikes [3] Use of Proceeds from Hong Kong Offering - Planned allocation of proceeds includes: - 36% for enhancing production capacity and supply chain upgrades - 15% for brand building and consumer engagement - 11% for nationwide expansion and channel network refinement - 12% for overseas business expansion and potential acquisitions - 10% for advancing digitalization capabilities - 6% for product development and portfolio expansion - 10% for working capital and general corporate purposes [40] Financial Metrics and Performance - Gross profit margin (GPM) projected to be 43.1% in 2023, increasing to 45.7% by 2026 [42] - Net profit margin (NPM) expected to rise from 18.1% in 2023 to 22.6% in 2027 [42] - Significant year-over-year growth in net profit forecasted, with a 42% increase in 2023 and a 63% increase in 2024 [42] Competitive Landscape - Eastroc is positioned as a top buy in the China consumer sector, alongside Nongfu Spring and UPC, while Tingyi is rated as a sell [1] Additional Insights - The beverage market in China is projected to grow significantly, with functional beverages expected to reach a market size of Rmb281 billion by 2029, growing at a CAGR of 11.0% from 2024 to 2029 [10] - The competitive landscape shows Eastroc's strong branding and operational capabilities as key factors in maintaining its market leadership [2][3] This summary encapsulates the essential insights from the conference call regarding Eastroc Beverage's market position, financial forecasts, strategic initiatives, and competitive landscape.

分析师 1: 各位领导好，欢迎参加我们今天财通时影这边一月能量饮料渠道更新交流会，我是主持人 马永仪。首先想向我们这个能量饮料专家这边请教一下，目前一月份东鹏整体的包括说是 分品类的出货的一个数据是怎么样的？就是增速这些。 能量饮料专家: 首先各位老师下午好，感谢各位老师对我们公司的一个大力支持，我说话能够听得到吗？ 我说话能听到吗？ 分析师 1: 可以的，可以听到。 能量饮料专家: 各位老师，下午好。首先一月份整体来说相对还是完成的比较不错。因为整体的一月份我 们的一个目标绝对值我们的一个绝对值的一个目标是 21 亿个亿，21 亿的一个目标目标那 个增速是 30 百分 35.8%。一月份哪个目标？那最终我们一月份实际上的一个大城市，实 际上我们两个营收达成是 21.93，同比那个分数是 41.8，超出了我们的一个目标绝对值增 速超出了我们的一个目标增速是接近超出了接近五个点的一个增速。然后绝对值是接近一 个亿，多出来接近一个亿，这个是一月份整体。 那分品类，第一我第一我们的一个能量饮料，12，我们那边要一月份能量饮料，一月份总 体的一个营收是 16.2 亿的一个营收，同比的增速是 22.85%。其中我们的一 ...

Group 1: Canned Food Industry - The State Administration for Market Regulation has released draft recommendations for national standards for canned food to enhance industry standards and applicability [3] - The canned food industry in China is diverse but lacks innovation, particularly in attracting younger consumers, with Fujian province accounting for 36% of national production [3][4] - The industry is upgrading through the development of self-heating foods, high-end products like bird's nest canned food, and customized dining products [3][4] Group 2: New Beverage Trends - The sugar water shop has become a new franchise trend, with brands like Mai Ji Milk and Zhao Ji Chuan Cheng rapidly expanding, but facing challenges such as high costs and low-frequency consumption [5] - The Chinese herbal health water market is experiencing a sales surge due to hot weather, with products like red bean and coix seed water gaining popularity, potentially exceeding a market size of 10 billion yuan [6] - The beverage market is accelerating its health trend, with low-sugar and no-sugar products becoming standard, while traditional giants face declining sales [7] Group 3: Functional and Innovative Products - Vitamin drinks are gaining popularity among young consumers for their health benefits, with sales of Nongfu Spring's water-soluble C100 increasing by 34% year-on-year [9] - The rise of banana-flavored drinks from major brands reflects a growing market potential, leveraging high national recognition and health trends [10] - The global nutrition and health industry is set for a peak in raw material innovation and technological iteration by 2025, with a focus on standardized and stable ingredients [11] Group 4: Market Dynamics and Brand Strategies - The "medicinal food" trend is becoming a significant market, with a projected scale of 370 billion yuan, driven by policy support and technological advancements [12] - The rise of Chinese herbal health water reflects a shift in consumer behavior towards health-conscious products, but the industry faces challenges like exaggerated claims and quality control [14] - The dairy industry is shifting focus from consumer markets to B2B markets, driven by the growth of new consumption formats like tea and coffee [15] Group 5: Brand Developments and Challenges - The beverage brand Commune is preparing for an IPO, aiming to expand its presence while facing challenges like declining same-store sales and rising costs [24] - The acquisition of the beverage brand Dayao by KKR marks a shift towards capitalizing on efficiency over emotional branding, as the brand faces challenges in national expansion [25] - Dongpeng's coffee brand has achieved a market share of 14%, positioning itself among the top three in the ready-to-drink coffee market through a focus on quality and targeted marketing [26]

长江商报消息●长江商报记者 沈右荣 功能饮料巨头东鹏饮料（605499.SH，09980.HK）成功完成"A+H"双平台布局。不过，港股市场试水首日，东鹏 饮料股价盘中破发。 2月3日，东鹏饮料如愿登陆港股市场，公司创始人、实际控制人林木勤与"东鹏大咖"首位代言人韩红现场敲锣。 盘中，公司股价一度跌至245.60港元/股，跌破发行价，收盘报251.8港元/股，表现平淡。 备受关注的是，东鹏饮料本次IPO，顶级"投资天团"押注，包括腾讯、淡马锡、卡塔尔投资局、贝莱德、红杉中国 等。 并不缺钱的东鹏饮料本次IPO募资101.41亿港元（约合人民币90.37亿元），将使公司现金流更为充足。 东鹏饮料港股上市，将加快推动全球化战略。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外 子公司落地运营。 东鹏饮料热衷营销。2025年前九个月，公司销售费用超过26亿元，而研发费只有0.52亿元。 近年来，东鹏饮料积极开拓第二增长曲线，"抄作业"产品"东鹏补水啦"虽然贡献了不菲收入，但公司营业收入依 然对东鹏特饮高度依赖。 出海开拓，东鹏饮料还有很长的路要走。 顶级资本押注股价仍破发 备受关注的功能饮料龙头东鹏饮料 ...

东鹏饮料从深圳走向港交所，不仅是企业实力的体现，更是深圳金融生态系统性赋能的成果。南都记者 采访东鹏饮料发现，从上市筹划到长期发展，深圳的金融政策与服务生态提供了关键助力。 在上市筹备过程中，深圳市委金融办及相关部门通过常态化服务机制，为该公司提供了针对性的政策解 读与合规支持。深圳与香港资本市场构建的"双城一体"深度协同生态，以及市级到区级系统化的上市培 2月3日，中国功能饮料领军企业东鹏饮料（股票代码：09980.HK）正式在香港交易所主板挂牌上市， 标志着公司成功构建"A+H"双资本平台，迈入全球化发展的新阶段。此次上市不仅是东鹏饮料自身发展 的里程碑，也成为深圳金融活水精准灌溉实体经济、培育本土企业走向全球的又一典型案例。 东鹏饮料在接受南都记者采访时表示，未来公司将持续借助深圳优质的营商环境与政策支持，稳健推进 各项工作，严格遵循上市规则及监管要求，力争为股东及投资者创造长期价值。 全年营收有望超207.6亿元 同比增超31% 作为从深圳成长起来的民族饮料品牌，东鹏饮料多年来稳居中国功能饮料行业领先地位。公司 以"1+6"多品类战略为核心，在巩固能量饮料优势的同时，持续拓展包括"东鹏补水啦"在内的新 ...

来源：中访网 中访网数据 东鹏饮料（集团）股份有限公司于2026年2月3日完成H股发行并在香港联交所主板上市。本 次发行完成后，公司总股本由5.20亿股增加至5.61亿股。由于总股本增加，公司原持股5%以上的股东林 木港、林戴钦及瑞昌市鲲鹏创业投资合伙企业（有限合伙）的持股比例发生被动稀释。具体而言，林木 港与林戴钦的持股比例均由5.22%降至4.84%，瑞昌市鲲鹏创业投资合伙企业（有限合伙）的持股比例 由5.06%降至4.69%。此次权益变动系公司发行H股所致，三位股东的持股数量未发生变化。公司强调， 本次变动不涉及要约收购，也不会导致公司控股股东及实际控制人发生变更。相关股东已根据规定披露 简式权益变动报告书。 ...