研报掘金丨信达证券：维持东鹏饮料“买入”评级，补水啦高速增长

Core Viewpoint - The report from Cinda Securities highlights that Dongpeng Beverage is continuously deepening its market presence, with the performance of its product "Bushu La" being particularly strong. The company achieved a main business revenue of 5.889 billion yuan in Q2 2025, representing a year-on-year increase of 34.10% [1] Revenue Breakdown - Dongpeng Special Drink revenue increased by 18.8% year-on-year to 4.460 billion yuan [1] - Revenue from the electrolyte drink "Bushu La" surged by 190.05% year-on-year to 0.923 billion yuan [1] - Other beverage revenues, excluding "Bushu La," grew by 60.06% year-on-year to 0.503 billion yuan, primarily driven by the strong performance of "Guo Zhi Cha" [1] Regional Performance - In Q2, revenue in Guangdong province increased by 19.08% year-on-year to 1.421 billion yuan [1] - Revenue in Guangxi province rose by 31.17% year-on-year to 0.362 billion yuan [1] - The company is focusing on deepening its presence in Guangdong while optimizing its distribution system and enhancing its business team outside the province [1] Future Outlook - Cinda Securities believes that Dongpeng's "Bushu La" and "Guo Zhi Cha," supported by pricing and channel advantages, are expected to continue contributing to revenue growth in 2025 [1] - The company is anticipated to maintain good growth in the national market for energy drinks [1]