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Core Viewpoint - Dongpeng Beverage, known as the "first stock of functional drinks," has submitted its application for a secondary listing in Hong Kong after a successful four-year run on the A-share market, with significant growth in stock price and market capitalization [1][3]. Company Overview - Dongpeng Beverage, officially Dongpeng Beverage (Group) Co., Ltd., was established in 1994 and has evolved into China's leading functional beverage company, with a product matrix that includes energy drinks, sports drinks, tea drinks, coffee drinks, plant protein drinks, and fruit and vegetable juices [3][4]. - The company has achieved a remarkable revenue growth rate, ranking first among the top 20 listed soft drink companies globally [3]. Market Position - Dongpeng Beverage has maintained the top position in China's functional beverage market for four consecutive years since 2021, with market share increasing from 15% in 2021 to 26.3% in 2024 [3][4]. - By retail revenue, the company is projected to be the second-largest functional beverage company in 2024, holding a market share of 23% [3]. Financial Performance - Revenue figures for Dongpeng Beverage during the reporting period are approximately 8.5 billion yuan in 2022, 11.26 billion yuan in 2023, 15.83 billion yuan in 2024, and 10.73 billion yuan in the first half of 2025, reflecting a 36.37% year-on-year growth [4]. - Net profit has increased from 1.441 billion yuan in 2022 to 3.326 billion yuan in 2024, with a compound annual growth rate of 52% [5]. - The company's net profit margin improved from 16.9% in 2022 to 21% in 2024, reaching 22.1% in the first half of 2025 [6]. Industry Growth - The Chinese soft drink industry is projected to reach a retail value of approximately 1.3 trillion yuan in 2024, with functional drinks being the fastest-growing segment, expected to grow at a compound annual growth rate of 8.3% from 2019 to 2024 [4][9]. - The energy drink sector is anticipated to reach a market size of 180.7 billion yuan by 2029, with a compound annual growth rate of 10.3% from 2025 to 2029 [9]. Strategic Expansion - Dongpeng Beverage plans to use proceeds from its Hong Kong IPO to expand production capacity, upgrade supply chain systems, enhance brand marketing, and explore international markets, including Southeast Asia, North America, Europe, and the Middle East [10]. - The company operates nine strategic production bases across major regions, with plans to increase capacity by 6.479 million tons following the completion of new facilities [10].