研报掘金丨中邮证券：维持东鹏饮料“买入”评级，特饮稳健、补水啦表现亮眼

Core Viewpoint - Dongpeng Beverage achieved significant growth in Q3 2025, with total revenue, operating income, net profit attributable to shareholders, and net profit excluding non-recurring items increasing by 30.36%, 30.36%, 41.91%, and 32.74% respectively, indicating strong performance in the beverage sector, particularly in functional drinks and hydration products [1] Financial Performance - Q3 2025 total revenue increased by 30.36% [1] - Q3 2025 operating income also rose by 30.36% [1] - Q3 2025 net profit attributable to shareholders surged by 41.91% [1] - Q3 2025 net profit excluding non-recurring items grew by 32.74% [1] Product Performance - The functional beverage segment showed robust growth [1] - Hydration products performed exceptionally well in the third quarter [1]