东鹏饮料(605499) - 2025 Q2 - 季度财报

Glossary This section provides definitions of key terms used in the report Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key financial performance metrics Company Information This chapter provides Dongpeng Beverage (Group) Co., Ltd.'s basic business registration information, contact details, registered and office addresses, information disclosure channels, and stock overview - The company's stock short name is "Dongpeng Beverage", stock code is "605499", listed on the Shanghai Stock Exchange[22] Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company achieved operating revenue of 10.74 billion yuan, a 36.37% year-on-year increase, and net profit attributable to shareholders of 2.37 billion yuan, up 37.22%, while operating cash flow decreased by 23.24% 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,736,627,858.45 yuan | 7,873,287,852.10 yuan | 36.37% | | Net Profit Attributable to Shareholders | 2,374,750,785.44 yuan | 1,730,591,498.79 yuan | 37.22% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 2,270,463,283.77 yuan | 1,706,911,693.93 yuan | 33.02% | | Net Cash Flow from Operating Activities | 1,740,460,562.79 yuan | 2,267,292,619.33 yuan | -23.24% | | Total Assets (End of Period) | 22,915,401,434.98 yuan | 22,676,296,132.90 yuan (End of Prior Year) | 1.05% | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 4.5667 | 3.3280 | 37.22% | | Weighted Average Return on Net Assets (%) | 28.18% | 24.63% | Increased by 3.55 percentage points | - Non-recurring gains and losses totaled 104 million yuan during the reporting period, primarily from fair value changes of financial assets held by non-financial enterprises and government subsidies[26][27] Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's operational performance, financial condition, and future outlook Industry and Main Business Overview The company operates in the beverage industry, focusing on functional beverages, and has achieved significant national expansion, with the North China region growing by 73.03% and electrolyte beverages increasing their revenue share to 13.91% - The company focuses on the functional beverage sector, with its core product Dongpeng Special Drink being an energy beverage and Dongpeng Replenish being an electrolyte beverage[31][32] - In the first half of 2025, competition in the beverage industry shifted from single product competition to a comprehensive contest of "precise consumer targeting + deep scenario adaptation + efficient channel reach"[39] - The company has initially built a "dual-engine + multi-category" diversified product matrix, strategically upgrading from a single category to a comprehensive beverage group, with energy and electrolyte beverages as dual engines, and tea, plant-based protein, coffee, and fruit and vegetable juices developing synergistically[49] 2025 H1 Main Business Revenue by Region (Unit: million yuan) | Region | 2025 Jan-Jun Amount (million yuan) | Proportion | YoY Growth | | :--- | :--- | :--- | :--- | | Guangdong Region | 2,545.82 | 23.72% | 20.61% | | East China Region | 1,536.04 | 14.31% | 32.62% | | Central China Region | 1,376.57 | 12.83% | 28.91% | | Southwest Region | 1,282.22 | 11.95% | 39.76% | | North China Region | 1,707.50 | 15.91% | 73.03% | | Online and Other | 1,542.90 | 14.39% | 46.71% | | Total | 10,730.55 | 100.00% | 36.49% | 2025 H1 Main Business Revenue by Product Composition (Unit: million yuan) | Product | 2025 H1 Revenue (million yuan) | Proportion | 2024 H1 Revenue (million yuan) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Energy Beverages | 8,360.51 | 77.91% | 6,858.06 | 87.23% | | Electrolyte Beverages | 1,492.74 | 13.91% | 475.84 | 6.05% | | Other Beverages | 877.30 | 8.18% | 527.75 | 6.72% | | Total | 10,730.55 | 100.00% | 7,861.64 | 100.00% | Discussion and Analysis of Operations During the reporting period, the company achieved significant results by focusing on seven key operational areas, including product diversification, national and international channel expansion, targeted marketing, and supply chain optimization - The company maintains energy beverages as its core while firmly advancing a diversification strategy, with electrolyte beverage "Dongpeng Replenish" seeing a significant increase in revenue proportion compared to the same period last year[64][65] - The company continues to deepen its national channel layout and steadily promote global expansion, especially in the Southeast Asian market, by forming localized teams and integrating resources to deepen penetration[67][68] - Through sponsoring top sports events (Snooker, F4 Formula), signing celebrity endorsers (Yu Shi, Han Hong), and deeply engaging in e-sports and campus scenarios, the company comprehensively enhances the brand image and reputation of its various product lines[69][71][72] - The company continues to advance its national production capacity layout, currently planning 13 major production bases (9 already in operation), with construction of Tianjin, Kunming, Zhongshan, and Hainan bases progressing as planned during the reporting period, aiming to optimize logistics efficiency and market coverage[74] - The company has built a full-process digital operation system covering marketing, supply chain, and management through "one item, one code" and "five-code linkage" technologies, achieving comprehensive quality and efficiency improvements, and actively exploring AI technology applications[79][80][81] Core Competitiveness Analysis The company's core competitiveness stems from its strong product portfolio, extensive channel network, effective brand building, efficient supply chain, advanced digital capabilities, robust talent development, and unique corporate culture - Product Power: Built a product matrix with energy and electrolyte beverages as core drivers, covering tea, coffee, and other multi-categories, and strengthened R&D innovation through industry-university-research cooperation[85][86][87] - Channel Power: Possesses a nationwide, deeply penetrating, three-dimensional channel network, including over 3,200 distributors and more than 4.2 million active terminal outlets[88] - Brand Power: Through deepening scenario marketing (e.g., "Drink Dongpeng Special Drink when tired or sleepy"), its core products occupy consumer minds, and brand image for various categories is enhanced by signing endorsers and sponsoring events[92][93] - Supply Power: Has strategically deployed 13 production bases nationwide (9 already in operation), forming a strategic production capacity network, achieving cost leadership through economies of scale and lean management[96][97][98] - Digital Power: Built three digital systems for marketing, supply chain, and management through "five-code linkage" technology, enabling full-link data-driven decision-making, and enhancing consumer stickiness through digital marketing[99][100][101] Analysis of Key Operating Conditions During the reporting period, the company's financial indicators primarily reflect rapid business expansion, with operating revenue up 36.37% due to channel development and new product sales, while operating cash flow decreased by 23.24% due to prior period prepayments and increased tax payments Financial Statement Key Item Variation Analysis | Item | Current Period (billion yuan) | Prior Year Period (billion yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 10.74 | 7.87 | 36.37 | National channel expansion and new product sales growth | | Operating Cost | 5.89 | 4.36 | 35.02 | Sales volume growth and raw material price decrease leading to higher gross margin | | Selling Expenses | 1.68 | 1.23 | 37.27 | Increase in sales personnel, investment in refrigerators and advertising | | Net Cash Flow from Operating Activities | 1.74 | 2.27 | -23.24 | More prepayments received at end of 2024 and increased tax payments in current period | | Net Cash Flow from Investing Activities | -1.23 | -2.59 | 52.63 | Increase in cash recovered from investments in current period | | Net Cash Flow from Financing Activities | -1.79 | 1.84 | -196.95 | Increase in cash paid for loan repayments in current period | - The company's overseas assets reached 2.11 billion yuan, accounting for 9.19% of total assets, primarily comprising its subsidiary Dongpeng Beverage (Hong Kong) Co., Ltd., which achieved operating revenue of 8.87 million yuan and net profit of 39.08 million yuan during the reporting period[116][118] - The company continued significant non-equity investments, investing 0.74 billion yuan during the reporting period for the construction and capacity enhancement of multiple production bases, with substantial investments in Tianjin, Kunming, and Zhongshan bases[123][124] Corporate Governance, Environment, and Society This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives Profit Distribution Plan The board of directors proposes a 2025 half-year profit distribution plan to distribute a cash dividend of 25 yuan (tax inclusive) per 10 shares, totaling approximately 1.30 billion yuan, pending shareholder approval 2025 H1 Profit Distribution Plan | Distribution/Capitalization Item | Specific Plan | | :--- | :--- | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 25 | | Bonus Shares per 10 Shares (shares) | 0 | | Capitalization from Capital Reserve per 10 Shares (shares) | 0 | | Total Cash Dividend Distributed | 1,300,032,500 yuan | Social Responsibility and Rural Revitalization The company actively fulfills its social responsibilities by supporting rural healthcare and sports education, including donations for eye centers and ambulances in Xinjiang, and ongoing sports facility improvements for rural schools - Supported the "Han Hong Love · 100 People Aid Xinjiang" initiative, donating 2 eye centers and 20 ambulances to Xinjiang, aiding grassroots medical development[135] - Continuously partnered with Yao Foundation to carry out the "Youth Out of the Basket" public welfare program, donating sports facilities to rural primary schools and supporting teaching activities, having cumulatively supported over 300 rural primary schools[136] Significant Matters This section covers important events and commitments, including the fulfillment of promises, significant contracts, and the use of raised funds Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, and the company itself strictly fulfilled all commitments made during the initial public offering, with no breaches observed - The company's controlling shareholder and actual controller, Lin Muqin, committed not to transfer his pre-IPO shares for 36 months from the date of stock listing[139] - The company and relevant parties have all committed that if commitments are not fulfilled, they will take corrective measures such as public apologies, supplementary commitments, and legal compensation for investor losses[154][155] Significant Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, or leasing matters, and its guarantees were exclusively for subsidiaries, totaling 4.01 billion yuan, representing 45.83% of net assets, with no external guarantees Company Guarantee Status | Guarantee Category | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period End | 4,005,430,000.00 yuan | | Proportion of Total Guarantees to Company's Net Assets | 45.83% | | External Guarantees (excluding guarantees for subsidiaries) | 0 yuan | Progress on Use of Raised Funds The company's net proceeds from its initial public offering were 1.732 billion yuan, with 1.658 billion yuan cumulatively invested as of the reporting period end, representing a 95.74% investment progress, and idle funds are managed for cash - Net proceeds from raised funds were 1.732 billion yuan, with a cumulative investment of 1.658 billion yuan as of the reporting period end, representing an overall investment progress of 95.74%[180] - Multiple production bases, marketing network, and information system upgrade projects have utilized raised funds and reached their intended usable state, while the headquarters building construction project is still underway, expected to be completed by June 2026[183][185][187] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Shareholder Information As of the reporting period end, the company had 13,121 common shareholders, with the top ten shareholders holding a concentrated stake, and the actual controller Lin Muqin holding 49.74% Top Five Shareholders' Shareholding as of Reporting Period End | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Lin Muqin | 258,657,634 | 49.74 | | Hong Kong Securities Clearing Company Limited | 51,464,479 | 9.90 | | Lin Mugang | 27,151,626 | 5.22 | | Lin Daiqin | 27,151,626 | 5.22 | | Ruichang Kunpeng Venture Capital Partnership (Limited Partnership) | 26,319,204 | 5.06 | Bond-Related Information This section provides information regarding the company's bonds and other debt financing instruments Company Bonds During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments Financial Report This section presents the company's financial statements and detailed notes to the consolidated financial statements Financial Statements This chapter includes the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet This section presents the company's consolidated balance sheet Consolidated Income Statement This section presents the company's consolidated income statement Consolidated Cash Flow Statement This section presents the company's consolidated cash flow statement Notes to Consolidated Financial Statements This chapter provides detailed explanations of the composition and changes in major accounts within the consolidated financial statements Operating Revenue by Product Type (Current Period) | Product Type | Operating Revenue (billion yuan) | | :--- | :--- | | Energy Beverages | 8.36 | | Electrolyte Beverages | 1.49 | | Other Beverages | 0.88 | Selling Expenses Composition (Current Period) | Item | Amount (million yuan) | | :--- | :--- | | Staff Remuneration | 690.69 | | Channel Promotion Fees | 676.44 | | Advertising and Publicity Fees | 205.71 | - As of the end of the period, the contract liabilities balance was 3.67 billion yuan, including 1.02 billion yuan in prepayments for goods and 2.64 billion yuan in sales rebates and discounts payable[472]