东鹏饮料（605499）：能量饮料保持高增，产品结构多元化

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [9][13]. Core Views - The company reported a revenue of 10.737 billion yuan for the first half of 2025, representing a year-on-year growth of 36.37%, and a net profit attributable to the parent company of 2.27 billion yuan, up 33.02% year-on-year [6]. - The revenue growth was consistent across the first and second quarters of 2025, with Q1 and Q2 revenues of 4.848 billion yuan and 5.889 billion yuan, reflecting year-on-year increases of 39.23% and 34.1% respectively [8]. - The product mix has diversified, with energy drinks, electrolyte water, and other beverages showing significant growth. In the first half of 2025, revenues from these segments were 8.361 billion yuan, 1.493 billion yuan, and 877 million yuan, with year-on-year growth rates of 21.92%, 213.66%, and 66.1% respectively [8]. - The overall gross margin for the company was 45.15%, with energy drinks achieving a gross margin of 50.61%, which is an increase of 3.21 percentage points compared to the previous year [8]. Summary by Sections Financial Performance - The company achieved a revenue of 10.737 billion yuan in H1 2025, with a year-on-year growth of 36.37% and a net profit of 2.27 billion yuan, up 33.02% [6]. - The first and second quarters of 2025 saw revenues of 4.848 billion yuan and 5.889 billion yuan, with growth rates of 39.23% and 34.1% respectively [8]. - The gross margin for the first half of 2025 was 45.15%, with a net profit margin of 22.12%, reflecting a slight increase from the previous year [8]. Product Segmentation - The revenue from energy drinks, electrolyte water, and other beverages in H1 2025 was 8.361 billion yuan, 1.493 billion yuan, and 877 million yuan, with respective year-on-year growth rates of 21.92%, 213.66%, and 66.1% [8]. - The sales volume for energy drinks, electrolyte water, and other beverages reached 1.9661 million tons, 685.7 thousand tons, and 397.6 thousand tons, with year-on-year growth rates of 22.48%, 227.31%, and 67.01% respectively [8]. Cost and Expenses - The sales expense ratio increased to 15.66%, up 0.1 percentage points year-on-year, with sales expenses growing by 37.27% [8]. - The company has increased its investment in sales personnel and marketing, with personnel costs rising by 26.06% and channel promotion expenses increasing by 61.2% [9].