Eastroc Beverage(SH:605499) Xin Lang Cai Jing·2025-10-16 03:25Core Viewpoint - Dongpeng Beverage, known as the "first stock of energy drinks" in A-shares, has submitted a new IPO application to the Hong Kong Stock Exchange after its previous application expired, raising questions about the necessity of its fundraising efforts amid high cash reserves and frequent shareholder sell-offs [1][7][14] Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2][6] - For the first half of 2025, the company achieved revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing growth rates exceeding 36% [2] Dividend Policy - Since its A-share listing in 2021, Dongpeng Beverage has distributed a total of 6.6 billion yuan in cash dividends, with a cumulative payout ratio exceeding 60% [8][9] - The cash dividends from 2021 to the first half of 2025 were 1.2 billion yuan, 800 million yuan, 1 billion yuan, 2.3 billion yuan, and 1.3 billion yuan, with payout ratios of 100.59%, 55.54%, 49.03%, 69.14%, and 54.74% respectively [9] Shareholder Behavior - Since the lifting of the lock-up period in May 2022, Dongpeng Beverage has issued seven announcements regarding share reductions, with major shareholders and executives frequently cashing out, leading to concerns about the company's governance [10][12] - The largest shareholder, Lin Muqin, and his family hold approximately 67.71% of the company's shares, benefiting significantly from the high dividend payouts [9][10] Product Dependency and R&D Investment - Dongpeng Beverage's revenue is heavily reliant on its core product, Dongpeng Special Drink, which contributed 77.91% of total revenue in the first half of 2025 [2][6] - The company's R&D expenditure is notably low, with a projected R&D expense ratio of only 0.4% in 2024, raising concerns about its ability to diversify its product offerings [3][4][6] Financial Structure - As of the end of 2024, Dongpeng Beverage had cash and cash equivalents exceeding 5.65 billion yuan, yet its short-term borrowings increased significantly from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, indicating a "high cash and high debt" financial structure [7][12] - The company's strategy of maintaining high dividends while accumulating debt has led to speculation about potential financial engineering practices that may shift risks to minority shareholders [12][14]