Core Insights - Babai Food (605338) reported a revenue of 1.859 billion yuan for 2025, representing a year-on-year growth of 11.22%. The net profit attributable to shareholders decreased by 1.30% to 273 million yuan, while the net profit excluding non-recurring items increased by 16.49% to 245 million yuan [1][3]. Financial Performance - Total revenue for the reporting period was 1.859 billion yuan, up from 1.671 billion yuan, marking an increase of 11.22% [3]. - Operating profit decreased by 6.49% to 329.7 million yuan from 352.6 million yuan [3]. - Total profit fell by 3.84% to 352.2 million yuan compared to 366.3 million yuan in the previous year [3]. - Net profit attributable to shareholders was 272.99 million yuan, down from 276.59 million yuan, a decline of 1.30% [3]. - Net profit excluding non-recurring items was 244.83 million yuan, an increase of 16.49% from 210.18 million yuan [3]. - Basic earnings per share rose to 1.14 yuan from 1.12 yuan, reflecting a growth of 1.79% [3]. - The weighted average return on equity decreased by 0.19 percentage points to 12.05% [3]. Asset and Equity Position - Total assets at the end of the reporting period were 2.896 billion yuan, up 1.53% from 2.853 billion yuan at the beginning of the period [3]. - Equity attributable to shareholders increased by 3.18% to 2.337 billion yuan from 2.265 billion yuan [3]. - The net asset per share was 9.76 yuan, up from 9.13 yuan, a growth of 6.90% [3]. Business Strategy and Market Position - The company actively expanded its business and integrated operations, enhancing its national layout with a steady increase in franchise store numbers [4]. - Successful acquisitions of projects such as "Qinglu" in Nanjing and "Manxiangren" in Zhejiang contributed to improved regional market positioning and franchise business scale [4]. - Continuous efforts in lean improvement, new product development, and supply chain management optimization helped control raw material costs and enhance overall operational efficiency [4]. Market Performance - As of February 3, the stock price of Babai Food was 31.1 yuan per share, with a total market capitalization of 7.451 billion yuan [5].

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, becoming the first consumer company to achieve "A+H share" listing in 2026, with a strong market presence and impressive financial performance [2][3]. Company Overview - Dongpeng Beverage issued 40.89 million H shares at a maximum price of 248 HKD, aiming to raise 10.14 billion HKD, with significant backing from 15 cornerstone investors [2]. - The company is recognized as a leading brand in China's functional beverage market, often referred to as the "Chinese version" of Red Bull, holding a market share of 26.3% in 2024 [3]. Financial Performance - Dongpeng Beverage's net profit for 2025 is projected to be between 4.34 billion and 4.59 billion RMB, reflecting a year-on-year growth of 30.46% to 37.97% [3]. - From 2021 to 2026, the company's revenue grew from 1.44 billion RMB in 2022 to 3.33 billion RMB in 2024, achieving a compound annual growth rate (CAGR) of 52% [3]. - The company's net asset return rate stood at 45.62% as of September 2025, significantly higher than the industry average of 9.69% [5]. Growth Strategy - Dongpeng Beverage has maintained a high growth trajectory, with revenue increasing from 6.98 billion RMB in 2021 to 15.83 billion RMB in 2024, a 2.28 times increase [6]. - The company has adopted a high-leverage strategy, with its leverage ratio rising from 1.83 times in 2021 to 2.72 times by September 2025, exceeding the industry median [7]. Market Potential - The functional beverage market in China is projected to grow significantly, with retail sales expected to reach 1.3 trillion RMB by 2024, and the market for energy drinks alone anticipated to reach 180.7 billion RMB by 2029 [8]. Operational Efficiency - Dongpeng Beverage has increased its fixed asset investments from 2.23 billion RMB in 2022 to 3.67 billion RMB in 2024, with a focus on expanding production capacity [13]. - The company's fixed asset turnover ratio improved from 3.48 to 4.16 between 2022 and 2024, indicating enhanced operational efficiency [14]. Financial Management - The company has effectively utilized a strategy of low-interest borrowing combined with diversified financial investments, resulting in interest income that covers interest expenses [16]. - Dongpeng Beverage's financial assets have grown significantly, from 300 million RMB in 2021 to 3.48 billion RMB in 2025, showcasing its financial management capabilities [15][17].

汕尾首富林木勤旗下"功能饮料第一股"东鹏饮料，2月3日登陆港股。有"蓝帽子"傍身的"东鹏特饮"，为其贡献 绝大多数营收和利润，并夺取国内功能饮料销量桂冠，是市场第二名份额的两倍多，500毫升装也成为超级大 单品。新上市的"东鹏补水啦"增长更快，有支撑其第二增长曲线的潜力。 东鹏饮料对供应商施行"款到发货"策略，唯有美宜佳凭借全国超过4万家门店，拿捏了这家饮料龙头。 东鹏饮料A股上市后累计分红66亿元，分红率达56%。值得注意的是，其在保持约70亿元低息短期借款的同 时，通过理财获得不菲的利息收入。 来源：新财富杂志（ID：xcfplus） 作者：鲍有斌 食品饮料行业迎来了最大"A+H"上市案例，其主角是被外界认为不差钱的A股"功能饮料第一股"东鹏饮料 （605499/09980.HK）。 2026年1月26日，东鹏饮料启动H股招股，15家基石投资者累计认购约6.4亿美元。2月3日，其正式在港交所挂 牌，以248港元发行价平开，最终收盘涨1.5%。 东鹏饮料长期盈利，现金流较好，至2025年三季度末，账上现金超过90亿元，但短期借款也不低，达到70亿 元，实际流动性并不太宽裕。本次港股IPO，其募资超过百亿港元 ...

Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：09980） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 的《東 鵬 飲 料（集 團）股 份 有 限 公司關於持股5%以上股東持股比例被動稀釋至5%以 下 的 提 示 性 公 告》（網 址 為 https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-02- 04/605499_20260204_UYGQ.pdf ），僅供參閱。 承董事會命 東鵬飲料（集團）股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 董事長、執行董事兼總裁 林木勤 香港，20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：09980） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲載列本公司在上海證券交易所網站刊登的《東鵬飲料（集團）股份有限公司 關於控股股東及實際控制人持股比例被動稀釋觸及1%刻度的提示性公告》 （網 址 為 https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-02- 04/605499_20260204_JQ97.pdf ），僅供參閱。 承董事會命 東鵬飲料（集團）股份有限公司 董事長、執行董事兼總裁 林木勤 香港，2026年2月3日 於本公告日期，本公司董事會成員包括六名執 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：09980） 海外監管公告 本公告乃東鵬飲料（集團）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.10B條刊發。 茲載列本公司在上海證券交易所網站刊登的《東鵬飲料（集團）股份有限公司關 於H股掛牌並上市交易的公告》（網址為 https://static.sse.com.cn/disclosure/listedinfo/ announcement/c/new/2026-02-04/605499_20260204_IPJ4.pdf ），僅供參閱。 承董事會命 東鵬飲料（集團）股份有限公司 董事長、執行董事兼總裁 林木勤 香港，2026年2月3日 於本公告日期，本公司董事會成員包括六名執行董事林木勤先生、林木港先生、盧義富先生、 ...

智通财经APP讯，东鹏饮料(605499.SH)发布公告，经香港联交所批准，公司本次发行的4088.99万股H股 股票(行使超额配售权之前)于2026年2月3日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"东鹏饮料"，英文简称为"EASTROC"，股份代号为"09980"。 ...

东鹏饮料（605499）(605499.SH)发布公告，经香港联交所批准，公司本次发行的4088.99万股H股股票 (行使超额配售权之前)于2026年2月3日在香港联交所主板挂牌并上市交易。公司H股股票中文简称为"东 鹏饮料"，英文简称为"EASTROC"，股份代号为"09980"。 ...

格隆汇2月3日丨东鹏饮料(605499.SH)公布，经香港联交所批准，公司本次发行的40,889,900股H股股票 （行使超额配售权之前）于2026年2月3日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"东鹏饮料"，英文简称为"EASTROC"，股份代号为"09980"。 来源：格隆汇APP ...

来源：格隆汇APP 格隆汇2月3日丨东鹏饮料(605499.SH)公布，经香港联交所批准，公司本次发行的40,889,900股H股股票 （行使超额配售权之前）于2026年2月3日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"东鹏饮料"，英文简称为"EASTROC"，股份代号为"09980"。 ...