万联证券给予东鹏饮料增持评级，业绩维持高增长，东鹏补水啦增速亮眼

Core Viewpoint - Wanlian Securities issued a report on August 7, giving Dongpeng Beverage (605499.SH, latest price: 299.5 CNY) an "Accumulate" rating based on several positive indicators despite some concerns regarding growth momentum [2]. Summary by Categories Financial Performance - The company's revenue for the first half of 2025 is projected to reach 10.736 billion CNY, although the growth rate is showing signs of marginal decline, with a quarter-on-quarter decrease in Q2 2025 performance [2]. Channel Strategy - Dongpeng Beverage is effectively deepening its national layout across all channels, demonstrating significant results from its nationwide expansion efforts [2]. Product Performance - The core product, Dongpeng Special Drink, continues to experience high growth, while the Dongpeng Water product line is also showing impressive growth rates [2]. Cost and Margin Analysis - A decrease in raw material prices is contributing to an increase in gross margin, although the company's expansion efforts are leading to rising expenses [2]. Market Expansion - The company is actively pursuing overseas market opportunities, leveraging both channel development and capital investment to drive growth [2].