Eastroc Beverage(SH:605499) Xin Lang Cai Jing·2025-10-16 02:33Core Viewpoint - Dongpeng Beverage has submitted a second listing application to the Hong Kong Stock Exchange, aiming to raise 1.493 billion yuan for capacity expansion and global layout, despite holding over 10 billion yuan in cash and facing shareholder sell-offs and operational concerns [1][4]. Financial Performance - As of the end of 2024, the company reported total assets of 22.676 billion yuan and total liabilities of 14.985 billion yuan, resulting in a debt-to-asset ratio of 66.08%, significantly up from 57.01% in 2023 [2]. - Short-term borrowings reached 6.065 billion yuan, an increase of 80.14% year-on-year, with current liabilities accounting for 99.07% of total liabilities, indicating substantial short-term repayment pressure [2]. Shareholder Actions - Since 2022, the second-largest shareholder, Junzheng Investment, has cashed out nearly 4.2 billion yuan through five reduction plans, reducing its stake below the 1% disclosure threshold [2]. - The controlling family's associated parties have also sold shares, with Kunpeng Investment, holding over 63% of shares, cashing out approximately 1.9 billion yuan between March and May 2025, raising market concerns despite the company's claims of non-involvement in the sell-off [2]. Operational Risks - The company heavily relies on energy drinks, which account for over 80% of its revenue, posing a risk of instability if market growth slows or competition intensifies [3]. - Despite having 4.2 million terminal sales points, the reliance on a distribution model has led to high sales expenses, which increased by 37.09% year-on-year in 2024, with advertising and channel promotion costs rising over 54% [3]. Global Expansion Challenges - The planned fundraising includes investments in Southeast Asia and North America, but the company lacks international operational experience and faces competition from established brands like Red Bull [4]. - The company's research and development investments have not kept pace with revenue growth, and the high sugar content of core products may hinder future development as consumer preferences shift towards healthier options [4]. Market Confidence - Despite a revenue growth of 36.37% and net profit growth of 37.2% in the first half of 2025, investor confidence is wavering due to fundamental issues such as high debt levels and shareholder sell-offs [4]. - The company's strategy of high dividends, exceeding 2 billion yuan since its IPO, contrasts with its growth stage, raising concerns about its long-term sustainability in the competitive functional beverage market [4].