研报掘金丨东莞证券：东鹏饮料经营有望行稳致远，予“买入”评级

Core Viewpoint - Dongpeng Beverage achieved a net profit of 2.375 billion yuan in the first half of 2025, representing a year-on-year growth of 37.22% [1] Financial Performance - In Q2 2025, the company reported total revenue of 5.889 billion yuan, an increase of 34.10% year-on-year [1] - The net profit for Q2 2025 was 1.395 billion yuan, reflecting a year-on-year growth of 30.75% [1] Strategic Initiatives - The company increased the display of freezers in Q2, which contributed to maintaining high revenue growth [1] - Besides core products, the company is steadily advancing its "Water La" and "Fruit Tea" lines [1] Market Expansion - As of the first half of 2025, the company has established over 4.2 million distribution points nationwide [1] - The company is optimizing its product and channel structure, indicating a stable operational outlook [1] Investment Rating - The company has been given a "Buy" rating based on its performance and growth prospects [1]