冲击“A+H”，东鹏饮料谋出海

Core Viewpoint - Dongpeng Beverage has officially submitted its prospectus to the Hong Kong Stock Exchange for a secondary listing, aiming to enhance its brand influence and expand its market presence both domestically and internationally [2][4]. Financial Performance - Dongpeng Beverage's revenue for 2022, 2023, and 2024 was approximately 8.5 billion, 11.26 billion, and 15.83 billion respectively, with a compound annual growth rate (CAGR) of 36.47% [2]. - Gross profit for the same years was about 3.53 billion, 4.76 billion, and 6.98 billion, with a CAGR of 40.61% [2]. - Net profit figures were approximately 1.44 billion, 2.04 billion, and 3.33 billion, reflecting a CAGR of 51.96% [2]. Market Position - Dongpeng Beverage has maintained a leading position in China's energy drink market, with its market share increasing from 15% in 2021 to 26.3% in 2024 [5]. - The company’s sales volume in the energy drink market rose from 27% to 47.9% during the same period [5]. International Expansion Strategy - Dongpeng Beverage plans to utilize the funds raised from the secondary listing to enhance production capacity, upgrade supply chains, and strengthen brand building [2]. - The company has already exported products to 25 countries and regions, including Vietnam, Malaysia, and the United States, and aims to establish a stronger presence in Southeast Asia [4][7]. - The company’s strategy includes a focus on local market conditions and consumer preferences to adapt its products for international markets [8]. Competitive Landscape - Dongpeng Beverage faces competition from established international brands like Red Bull and Monster Energy, particularly in Southeast Asia, where these brands have a first-mover advantage [8][9]. - The company aims to leverage its cost-effective pricing strategy to attract price-sensitive consumers in low-income markets [9]. Product Diversification - Dongpeng Beverage is implementing a "1+6" multi-category strategy, with its core product being Dongpeng Special Drink and six additional categories including electrolyte drinks and coffee [9]. - The newly launched "Dongpeng Water" product has seen significant success, generating nearly 1.5 billion in revenue in its second year, with a year-on-year growth of 280.4% [9]. Current Challenges - Despite its growth, Dongpeng Beverage's overseas revenue contribution remains minimal, accounting for less than 0.3% of total revenue as of 2024 [10]. - The company’s overseas assets are approximately 1.54 billion, representing 6.8% of total assets [10].