天风证券给予东鹏饮料买入评级：收入表现稳健，费投影响利润增速

Group 1 - The core viewpoint of the report is that Dongpeng Beverage (605499.SH) is rated as a "buy" due to its steady growth and strong performance in various segments [2] - By Q2 2025, Dongpeng Special Drink is expected to show stable growth, with the share of "Bup Shui La" and other beverages increasing to 24% [2] - All regions are experiencing growth, with North China and online sales seeing revenue growth rates exceeding 50% in Q2 [2] - The company is achieving high-quality development across all channels, with a significant improvement in the quality of distributors [2] - The gross profit margin remains stable, although there has been an increase in expenditure on marketing and promotions [2]