Eastroc Beverage(SH:605499) IPO日报·2025-10-12 00:33Core Viewpoint - Dongpeng Beverage (605499.SH) is progressing with its plan for a secondary listing in Hong Kong after submitting its application on October 9, 2023, following its initial submission on April 3, 2023. The company is backed by Huatai International, Morgan Stanley, and UBS as joint sponsors [1][2]. Company Overview - Dongpeng Beverage, established in 1994, has evolved into China's leading functional beverage company, with a product range that includes energy drinks, sports drinks, tea beverages, coffee drinks, plant protein drinks, and fruit and vegetable juices. The company has achieved significant brand recognition and market share growth, ranking first in the Chinese functional beverage market for four consecutive years from 2021 to 2024, with market share increasing from 15% in 2021 to 26.3% in 2024 [5][6]. Financial Performance - Dongpeng Beverage's revenue has shown impressive growth, with figures of approximately 8.5 billion yuan in 2022, 11.26 billion yuan in 2023, and 15.83 billion yuan in 2024. The first half of 2025 saw a revenue increase of 36.37% year-on-year, reaching 10.73 billion yuan. Net profit also rose significantly from 1.44 billion yuan in 2022 to 3.33 billion yuan in 2024, with a compound annual growth rate of 52% during this period [7][8][9]. Industry Context - The functional beverage market in China is experiencing rapid growth, driven by increasing consumer demand for energy and nutritional products. The market is expected to reach a retail value of 281 billion yuan by 2029, with a compound annual growth rate of 10.9% from 2025 to 2029. The energy drink segment is projected to reach 180.7 billion yuan by 2029, while the sports drink segment is expected to grow to 99.7 billion yuan [11][12]. Production and Expansion Plans - Dongpeng Beverage operates nine strategic production bases across major regions and plans to enhance capacity at four existing bases and establish three new ones, aiming to add 6.479 million tons of production capacity. The company intends to use funds from its Hong Kong IPO to support capacity expansion, supply chain upgrades, brand marketing, and explore international markets [12][13]. Shareholder Activity - Following its IPO in 2021, Dongpeng Beverage's market capitalization surged from approximately 185 billion yuan to about 1,621 billion yuan by October 2025, marking a 776% increase. However, significant shareholder reductions have occurred, with the second-largest shareholder, Junzheng Investment, cashing out nearly 4.2 billion yuan since 2022 [14][15][16].