能量饮料行业专题报告：复盘Monster：历年费用加码，次年利润均实现高增

Investment Rating - The industry investment rating is "Overweight" [3][32]. Core Insights - The report emphasizes the growth logic of the energy drink industry from both macro and micro perspectives, highlighting the importance of channel strategies and operational expenses in driving market share and profitability [5][6]. - The analysis of Monster's historical performance indicates that significant increases in operational expenses often correlate with substantial profit growth in subsequent years, driven by channel transformations [5][9]. - The report suggests that Eastroc Beverage's investment in freezer displays is expected to enhance market share and sales efficiency in the long term, despite short-term cost increases [6][28]. Summary by Sections Review of Monster - Monster experienced four instances of over 50% year-on-year growth in operational expenses since 2000, with subsequent profit growth typically exceeding revenue growth [5][9]. - In 2006, Monster's market share in the U.S. energy drink market reached 23.4%, with a significant increase in sales driven by strategic partnerships and product offerings [10][17]. - By 2008, Monster surpassed Red Bull in market share, achieving a 29.2% share in convenience stores and gas stations, leading to a 93.21% increase in net profit the following year [15][20]. Eastroc Beverage - In the first half of 2025, Eastroc Beverage's sales expenses increased by 37.27% to 1.682 billion yuan, primarily due to a 61.20% rise in channel promotion expenses from freezer investments [28][29]. - The report anticipates that the freezer investments will enhance product visibility and sales efficiency, potentially increasing market share by 20-30% [31][32]. - The long-term outlook for Eastroc is positive, with expectations of improved profitability and market share through strategic channel enhancements [6][28].