东鹏饮料2025年中报：营收与利润双增，现金流及债务状况需关注

Core Insights - Dongpeng Beverage reported significant revenue and profit growth in the first half of 2025, driven by effective channel strategies and market expansion [7] Operational Overview - Total revenue reached 10.737 billion yuan, a year-on-year increase of 36.37% [2] - Net profit attributable to shareholders was 2.375 billion yuan, up 37.22% year-on-year [2] - Non-recurring net profit was 2.27 billion yuan, reflecting a 33.02% increase [2] - Q2 revenue was 5.889 billion yuan, a 34.1% increase year-on-year [2] - Q2 net profit was 1.395 billion yuan, up 30.75% year-on-year [2] Profitability - Gross margin improved to 45.15%, an increase of 1.22% year-on-year [3] - Net margin rose to 22.12%, up 0.62% year-on-year [3] Financial Structure - Total operating expenses amounted to 1.876 billion yuan, accounting for 17.47% of revenue, an increase of 4.7% year-on-year [4] - Earnings per share increased to 4.57 yuan, a rise of 37.22% year-on-year [4] Cash Flow and Debt Situation - Cash and cash equivalents were 5.262 billion yuan, down 34.02% year-on-year [5] - Interest-bearing debt increased to 6.143 billion yuan, a rise of 2.30% [5] - Net cash flow from operating activities decreased by 23.24% year-on-year [5] - The ratio of cash to current liabilities was 74.44%, with a debt-to-asset ratio of 26.81% [5] Main Business Analysis - Energy drinks were the primary revenue source, generating 8.361 billion yuan, accounting for 77.87% of total revenue [6] - Electrolyte drinks and other beverages contributed 13.90% and 8.17% of revenue, with gross margins of 32.09% and 15.42% respectively [6] - Revenue from the mainland China market was 10.726 billion yuan, representing 99.90% of total revenue [6]