证券代码：605499 证券简称：东鹏饮料 公告编号：2025-055 东鹏饮料（集团）股份有限公司 关于召开 2025 半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 22 日(星期五)上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 8 月 15 日（星期五） 至 8 月 21 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 boardoffice@szeastroc.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 东鹏饮料（集团）股份有限公司（以下简称"公司"）已于 2025 年 7 月 26 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 ...

Investment Rating - The report indicates a structural investment opportunity in the food and beverage industry, particularly in the beverage, snack, and health product sectors, while suggesting a cautious approach towards the liquor sector, which is currently in a bottoming phase [4]. Core Insights - The heavy investment ratio in the food and beverage sector has significantly decreased, with a total market value of heavy holdings at 243.716 billion yuan, down by 49.483 billion yuan from the previous quarter [1][11]. - The liquor sector continues to see a decline in heavy investment ratios, with the white liquor segment dropping to 2.90%, a decrease of 0.81 percentage points [2][14]. - The report highlights that the food and beverage sector's heavy investment ratio is currently below the five-year average of 7.04%, indicating potential for recovery [1][11]. Summary by Sections Heavy Investment Ratio Analysis - In Q2 2025, the food and beverage sector had 3,146 heavy investment funds, a decrease of 611 funds from the previous quarter, with a heavy investment ratio of 3.38%, down by 0.85 percentage points [1][11]. - The heavy investment market value for the food and beverage sector accounted for 9.39% of the total heavy holdings, a decrease of 1.96 percentage points [13]. Sector Breakdown - The white liquor sector's heavy investment ratio has been on a downward trend, while the snack food sector, excluding leisure foods, has also seen declines [2][14]. - The beverage and dairy sectors experienced slight decreases in heavy investment ratios, with the beverage sector at 0.21% and the food processing sector at 0.05% [17][20]. Individual Stock Analysis - The top ten heavy investment stocks in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions held by liquor companies, including Guizhou Moutai and Wuliangye [3][29]. - The report notes that the heavy investment ratio for the top ten stocks in the food and beverage sector is 3.09%, a decrease of 0.86 percentage points from the previous quarter [3][29]. Investment Recommendations - The report suggests focusing on structural investment opportunities in the beverage, snack, and health product sectors, while being cautious with the liquor sector, which is expected to stabilize due to low valuations and high dividends [4].

Core Viewpoint - The establishment of the Hainan Free Trade Port serves as a strategic launchpad for Chinese companies like Dongpeng Beverage to expand globally, with a focus on intelligent manufacturing and supply chain efficiency [1][2][3] Group 1: Strategic Layout - Dongpeng Beverage plans to invest 1.2 billion yuan in an intelligent production base in Haikou, expected to be operational by 2027, marking a significant step in its global strategy [1][2] - The new facility is designed to be a benchmark for intelligent production, a regional supply chain hub, and a platform for global expansion [2][3] Group 2: Efficiency and Cost Reduction - The Hainan base will incorporate fully automated production lines and digital management systems, addressing industry pain points of high energy consumption and low responsiveness [3] - Once operational, the facility is projected to generate an annual output value exceeding 850 million yuan, alleviating supply pressures and significantly reducing unit energy consumption and logistics costs [3] Group 3: Policy Advantages - Hainan's Free Trade Port policies, including zero tariffs and tax exemptions for processing and value-added exports, provide Dongpeng Beverage with cost advantages for raw material imports and market expansion [3][5] - The strategic location of Hainan as a geographical center for RCEP member countries enhances supply chain efficiency through improved logistics networks [4] Group 4: Ecosystem Development - The establishment of the Hainan base is expected to stimulate regional industrial ecosystem vitality, attracting more upstream and downstream enterprises to the area [3][5] - The collaboration among businesses in Hainan is evolving from mere aggregation to an ecosystem of mutual growth [3] Group 5: Globalization and Risk Management - Dongpeng Beverage's strategy reflects a broader trend of Chinese companies exploring globalization pathways amid traditional trade barriers [6][7] - The Hainan base allows for flexible production and market access, enabling products to be sold domestically or exported to Southeast Asia and beyond, thus creating a resilient operational model [7] Group 6: Long-term Vision - The Hainan initiative represents a significant test of China's manufacturing capabilities on a global scale, showcasing the potential for Chinese brands to transition from product exporters to standard bearers in international markets [7][8] - Dongpeng Beverage aims to integrate local advantages with international standards, enhancing its competitive edge in the global market [7][8]

Core Viewpoint - Securities firms have issued "buy" ratings for over 20 A-share listed companies on August 8, focusing on industries such as food and beverage, batteries, agriculture, electric grid equipment, chemical pharmaceuticals, specialized equipment, and banking [1]. Group 1: Company Ratings - Dongpeng Beverage received significant attention from securities firms, with 27 reports in the past month, ranking first among stocks recommended by brokers on August 8. The projected net profits for 2025-2027 are 4.029 billion, 4.937 billion, and 6.107 billion yuan, with corresponding earnings per share of 7.75, 9.49, and 11.74 yuan, leading to a PE ratio of 39, 32, and 26 times respectively [4]. - Contemporary Amperex Technology Co., Ltd. (CATL) was the second most recommended stock, receiving 10 reports in the past month. The projected net profits for 2025-2027 are 68.779 billion, 78.497 billion, and 91.474 billion yuan, with a PE ratio of 17X, 15X, and 13X [4]. - Zhongchong Co., Ltd. ranked third, with 9 reports in the past month. The projected net profits for 2025-2027 are 440 million, 550 million, and 710 million yuan, with corresponding EPS of 1.45, 1.81, and 2.34 yuan, leading to a PE ratio of 39.72, 31.78, and 24.55 times [5]. Group 2: Industry Focus - The industries that received the most attention from securities firms include food and beverage, batteries, agriculture, electric grid equipment, chemical pharmaceuticals, specialized equipment, and banking [1]. - The reports indicate a positive outlook for companies in these sectors, with many firms maintaining "buy" or "increase" ratings based on their financial performance and growth potential [2][5].

格隆汇8月8日｜万联证券研报指出，东鹏饮料业绩维持高增长，补水啦增速亮眼。公司发力广告投入提 升品牌美誉度，以广东为大本营进行渠道精耕，同时持续推进全国化发展战略，抢占市场份额，市场拓 展取得亮眼成绩。公司在饮料领域全面实施多品类产品矩阵战略，在核心单品保持高增长的同时，积极 打造第二成长曲线，从单一品类向多品类的综合性饮料集团稳步发展。公司半年报业绩表现符合我们此 前预期，公司在年报中确定2025年营收和净利润增长20%以上的经营目标，该行判断大概率能完成经营 目标，维持此前盈利预测，预计公司2025-2027年归母净利润分别为40.29/49.37/61.07亿元，每股收益分 别为7.75/9.49/11.74元/股，对应2025年8月7日收盘价的PE分别为39/32/26倍，维持"增持"评级。 ...

8月8日又有华安证券（600909）发布研报《海外业务快速增长，毛利率稳步提升》，预计25/26/27年公司归母净利为 687.79/784.97/914.74亿元(前值693.14/846.67/1003.12亿元)，对应PE为17X/15X/13X，维持"买入"评级。 券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后进行实地考察调研后得出的 评论，备受投资者关注。 中宠股份（002891）也备受券商关注，近一个月获山西证券、开源证券、海通国际、华安证券、信达证券（601059）、群益证券、 东吴证券、国金证券等9份券商研报关注，位居8月8日券商力推股第三。 据证券之星数据库不完全统计，8月8日券商共给予超20家A股上市公司"买入"评级。从行业分布看，券商8月8日关注的个股聚焦于食 品饮料、电池、农牧饲渔、电网设备、化学制药、专用设备、银行等行业。 | 股票代码 | 股票简称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 6 ...

Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.23%, while the Shenwan Food and Beverage Index rose by 0.68% during the period from August 4 to August 8, 2025 [1]. Institutional Insights - Guohai Securities maintains a "recommended" rating for the food and beverage sector, citing recent policy measures that are expected to improve macroeconomic expectations and enhance both valuation and performance in the sector [2]. - Zhongyuan Securities suggests focusing on investment opportunities in the white liquor, soft drinks, health products, baking, and snacks sectors, with a recommended stock portfolio including brands like Yingjia Gongjiu and Luzhou Laojiao [3]. Regulatory Developments - The State Administration for Market Regulation has drafted a regulation concerning food safety responsibilities for food sales chain enterprises, emphasizing risk prevention and management responsibilities at various levels [4]. - A joint reminder from the State Administration for Market Regulation and the China Consumers Association warns consumers against believing health claims made by ordinary food products [5]. Industry Trends - The market for light bottle liquor is projected to exceed 150 billion yuan in 2024 and is expected to surpass 200 billion yuan in 2025, with increased competition in lower-tier markets [8]. - The export value of Zunyi liquor (excluding Moutai Group) reached 39.81 million yuan, showing a year-on-year increase of 870.82%, driven by policies supporting international market expansion [9]. Company News - Moutai Group has announced the cessation of production for Taiyuan liquor to optimize its product structure and enhance market competitiveness [11]. - Tianyoude Liquor plans to invest 160 million yuan in building a winery in Tibet as part of its strategy to overcome current financial challenges [12]. - Yingjia Gongjiu has established a new biotechnology company with an investment of 8 million yuan, focusing on technology promotion and application services [13].

Core Insights - The Guoshou Anbao Quality Consumption Stock Fund A and C performed poorly in July, ranking at the bottom of the stock fund performance list with returns of -6.66% and -6.63% respectively [1] - Since their inception on December 7, 2023, both funds have seen significant declines in cumulative returns, with Fund A down 14.84% and Fund C down 15.33% as of August 1, 2025 [1][2] - The fund manager, Wang Yunhan, has underperformed compared to the average returns of similar funds, indicating challenges in fund management [3][4] Performance Summary - Fund A (020140) has a unit net value of 0.8516, with a year-to-date decline of 4.01% and a cumulative return of -14.84% since inception [2][4] - Fund C (020141) has a unit net value of 0.8467, with a year-to-date decline of 4.27% and a cumulative return of -15.33% since inception [2][4] - Both funds have shown negative performance over various time frames, including a 1-month decline of approximately -8% and a 1-year decline of around -2% [2] Holdings Overview - The top ten holdings of the Guoshou Anbao Quality Consumption Stock Fund include companies such as Pop Mart, Tencent, Alibaba, and Dongpeng Beverage, indicating a focus on consumer-oriented sectors [2]

Core Viewpoint - Wanlian Securities issued a report on August 7, giving Dongpeng Beverage (605499.SH, latest price: 299.5 CNY) an "Accumulate" rating based on several positive indicators despite some concerns regarding growth momentum [2]. Summary by Categories Financial Performance - The company's revenue for the first half of 2025 is projected to reach 10.736 billion CNY, although the growth rate is showing signs of marginal decline, with a quarter-on-quarter decrease in Q2 2025 performance [2]. Channel Strategy - Dongpeng Beverage is effectively deepening its national layout across all channels, demonstrating significant results from its nationwide expansion efforts [2]. Product Performance - The core product, Dongpeng Special Drink, continues to experience high growth, while the Dongpeng Water product line is also showing impressive growth rates [2]. Cost and Margin Analysis - A decrease in raw material prices is contributing to an increase in gross margin, although the company's expansion efforts are leading to rising expenses [2]. Market Expansion - The company is actively pursuing overseas market opportunities, leveraging both channel development and capital investment to drive growth [2].

Key Points - The report highlights the performance of various sectors in the A-share market, with semiconductor and medical sectors leading the gains, while industries like pharmaceuticals and solar equipment showed weaker performance [5][8][12] - The report indicates that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 14.90 times and 41.86 times respectively, suggesting a suitable environment for medium to long-term investments [8][12] - The report notes that the Chinese economy is experiencing a mild recovery, driven by consumption and investment, with significant capital market policies aimed at enhancing attractiveness and inclusivity [8][12] - The report emphasizes the importance of monitoring companies that exceed earnings expectations in their mid-year reports, as well as being cautious of high-valuation stocks facing performance verification pressure [8][12] Industry Analysis - The report discusses the rebound in the photovoltaic industry, with a significant increase in the photovoltaic index by 9.73% in July, outperforming the CSI 300 index [19][20] - It mentions that the photovoltaic industry is undergoing governance to eliminate low-price disorderly competition, which is expected to lead to a gradual recovery in the industry [20][22] - The report outlines the growth of the new energy vehicle (NEV) industry, with global sales projected to reach 20 million units by 2025, and China maintaining a leading position in the market [23][24] - The report highlights the development of the new energy storage industry, with significant growth in installed capacity and a focus on lithium-ion battery technology [26][28][32] Investment Recommendations - The report suggests focusing on investment opportunities in the white wine, soft drink, health products, and snack sectors, particularly in August 2025 [15][17] - It recommends monitoring the photovoltaic industry for potential recovery as governance measures take effect, and suggests focusing on leading companies in silicon materials and photovoltaic glass [22][21] - The report advises on the importance of investing in traditional engineering machinery and high-speed rail equipment, as well as humanoid robots and automation industries [34][35]