长途司机副驾上的标配、运动场边随手拧开的一口提神——那句"累了困了喝东鹏特饮"，早已融入无数消费者的日常。 2月3日，这瓶国民功能饮料背后的公司——东鹏饮料（集团）股份有限公司正式登陆港交所（简称东鹏饮料）登陆港交所，开盘平开每股为248港元，总 市值1392亿港元；截至发稿，每股跌0.08%至247.8港元，总市值1390亿。 最新业绩预告显示，公司2025年预计营业收入将达到207.6亿元至211.2亿元，较上年同期增长31.07%至33.34%，预计实现归母净利润43.4亿至45.9亿元， 同比增长30.46%至37.97%。 02 值得一提的是，东鹏饮料目前对核心产品东鹏特饮的依赖性较高。 | 今开 | 248.000 | | 最高 | 249.800 | | 成交量 | 285.71万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 248.000 | | 最低 | 246.800 | | 成交额 | 7.11亿 | | 换手率 | 6.99% | | 市盈(TTM) | 28.97 | | 总市值 | 1390亿 | | 分时 ...

Core Viewpoint - Dongpeng Beverage Group officially listed on the Hong Kong Stock Exchange, becoming the first dual-listed company in the functional beverage industry in China, raising a record HKD 10.141 billion through its IPO [1][3] Group 1: IPO Details - The IPO was priced at HKD 248 per share, marking the largest soft drink IPO in Hong Kong's history [1] - The company attracted 15 cornerstone investors, including Qatar Investment Authority, Temasek, and BlackRock, securing a total subscription of USD 640 million [3] Group 2: Market Position and Performance - Dongpeng Beverage has maintained its position as the leading functional beverage brand in China for four consecutive years, with a market share of 26.3% in 2024 [3] - The company is projected to achieve a revenue of RMB 20.76 billion to RMB 21.12 billion in 2025, reflecting a year-on-year growth of 31.07% to 33.34% [3] - Net profit attributable to shareholders is expected to be between RMB 4.34 billion and RMB 4.59 billion, with an increase of 30.46% to 37.97% [3] Group 3: Use of Proceeds - 12% of the net proceeds from the IPO will be allocated to expanding overseas operations, while 8% will be used to build overseas supply chain infrastructure [3]

Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing in both A-shares and H-shares, marking a significant step in its global expansion strategy [2][9] Group 1: Company Overview - Dongpeng Beverage is a leading player in the functional beverage sector in China, focusing on health-oriented and segmented consumer demands through a diversified product matrix and a "1+6" multi-category strategy [3] - The flagship product "Dongpeng Special Drink" has topped the sales charts in China's energy drink market, while the newly launched "Dongpeng Water" has generated revenue of 2.847 billion yuan in the first three quarters of 2025, marking a 134.78% year-on-year growth and establishing it as the leading brand in China's electrolyte beverage sector [5] Group 2: Financial Performance - The company forecasts a total revenue of over 20.76 billion yuan for the year 2025, representing a growth of over 31%, with net profit expected to be between 4.34 billion and 4.59 billion yuan, reflecting a year-on-year increase of 30.46% to 37.97% [5] - Dongpeng Beverage has consistently maintained high growth rates in revenue and profit from 2022 to 2025, demonstrating strong internal development momentum that underpins its long-term stability and attractiveness to global capital [6] Group 3: Distribution and Market Strategy - The company has established a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active retail outlets, reaching more than 250 million unique consumers [6] - This extensive and deep penetration of the distribution network not only facilitates product sales and market expansion but also serves as a core competitive advantage for the company in navigating industry fluctuations [6] Group 4: Global Expansion - The listing on the Hong Kong Stock Exchange is a crucial step in Dongpeng Beverage's globalization strategy, providing significant support for its international expansion efforts [7] - The company has already exported products to over 30 countries and regions, with operational subsidiaries in Indonesia and Vietnam, and plans to use the funds raised from the listing to enhance production capacity and supply chain upgrades [7]

值得注意的是，中东主权财富基金卡塔尔投资局以1.5亿美元领投，而这也是卡塔尔投资局首次作为基 石投资者参与A股至H股IPO项目，也是其作为基石投资者参与的首个消费IPO，也是其历史上投资金额 最大的一笔基石投资。 东鹏饮料为何能获得如此多国内外明星资本的背书？ 招股书显示，据弗若斯特沙利文报告，按销量计，东鹏饮料旗下产品东鹏特饮自2021年起已连续四年位 居中国功能饮料市场第一，市场份额从2021年的15.0%增长至2024年的26.3%。 2月3日，东鹏饮料在港交所挂牌上市，该公司也成为继豪威集团、兆易创新后，2026年以来又一 家"A+H"上市企业。 本次东鹏饮料港股IPO全球发售4088.99万股（占发行完成后总股份的约7.29%），每股定价248港元，募 集资金总额约101.41亿港元，募资净额约99.94亿港元。该公司本次IPO也创下多项纪录。 东鹏饮料成为2026年至今规模最大的香港IPO；也是食品饮料行业（不含酒精饮品），港股市场历史上 规模最大的IPO；还是过去5年，A股公司赴港上市项目中发行时折价率第二低的IPO，仅次于宁德时 代。 东鹏饮料港股股价一度跳水，最低曾触及245.6港元/股。不 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains in the battery and gaming sectors [1][2]. - The companies with the highest target price increases include Huasheng Lithium Battery with a 76.77% increase, Zhongyi Technology with a 68.24% increase, and Gibit with a 53.12% increase [1][2]. - A total of 37 listed companies received recommendations from brokers on February 2, with Dongpeng Beverage receiving the most recommendations at four [3]. Group 2 - On February 2, brokers provided 12 new coverage ratings, including Aorijins receiving an "Outperform" rating from Guosen Securities, and Zhongyi Technology receiving a "Buy" rating from Tianfeng Securities [3][4]. - Other companies receiving new ratings include China Merchants Shekou and Huayuan Shares, both rated "Buy" by Huayuan Securities, and Xingshui Technology rated "Buy" by CITIC Securities [3][4]. - The sectors represented in the new coverage include packaging printing, real estate development, automotive parts, IT services, and chemical pharmaceuticals [4].

Core Viewpoint - Dongpeng Beverage is positioned for clear growth in 2026, driven by its platform layout and strong market position in the energy drink sector [1] Group 1: Company Performance - Dongpeng Beverage is the leading player in the domestic energy drink market, with stable growth in its energy drink segment and expansion in new product categories [1] - The company benefits from scale advantages and cost optimization, which are expected to drive performance beyond expectations [1] Group 2: Market Comparison - The report references Nongfu Spring, a comparable industry leader, which has a solid and steady growth in its mineral water business and a rapidly growing sugar-free tea segment [1] - Nongfu Spring's 2026 price-to-earnings (PE) ratio is projected at 29 times, indicating a strong market position [1] Group 3: Valuation and Investment Outlook - Dongpeng Beverage's leading position in functional drinks and the high growth potential of its electrolyte water segment suggest a continuously improving industry ceiling [1] - The company is projected to achieve a 2026 valuation of 30 times earnings, corresponding to a market value of 172.5 billion, indicating a potential upside of around 30% [1] - The recommendation for Dongpeng Beverage is to maintain a "buy" rating [1]

2月3日，中国功能饮料领军企业东鹏饮料（股票代码：09980.HK）正式在香港交易所主板挂牌上市， 标志着公司成功构建"A+H"双资本平台，迈入全球化发展的新阶段。此次上市不仅是东鹏饮料自身发展 的里程碑，也成为深圳金融活水精准灌溉实体经济、培育本土企业走向全球的又一典型案例。 东鹏饮料（605499）在接受南都·湾财社记者采访时表示，未来公司将持续借助深圳优质的营商环境与 政策支持，稳健推进各项工作，严格遵循上市规则及监管要求，力争为股东及投资者创造长期价值。 业绩与渠道双轮驱动，筑牢上市根基 作为从深圳成长起来的民族饮料品牌，东鹏饮料多年来稳居中国功能饮料行业领先地位。公司 以"1+6"多品类战略为核心，在巩固能量饮料优势的同时，持续拓展包括"东鹏补水啦"在内的新产品 线，构建多元化产品矩阵，有效满足健康化、细分化的消费需求。 强劲的业绩增长是东鹏饮料赴港上市的底气所在。根据2025年业绩预告，该公司全年营收有望突破 207.6亿元，同比增长超31%；净利润预计43.4亿至45.9亿元，同比增长30.46%至37.97%。自2022年以 来，该公司营收与利润持续保持高速增长。 渠道网络则是其另一大核心竞争 ...

封面新闻记者 姚瑞鹏 东鹏饮料(09980.HK)今日成功在港交所主板上市，华泰国际、摩根士丹利及瑞银集团为联席保荐人。公开信息显示，东鹏饮料此次发行价为248港元/股， 发行4089万股，募资总额约101亿港元。本次发行另设置15%超额配股权。本次发行最终香港公开发售部分获得57.46倍认购，国际配售部分获得15.60倍认 购。值得一提的是，东鹏饮料本次H股上市是港股历史上发行规模最大的软饮料IPO项目、同时也是全球2026年至今发行规模最大的IPO项目。今日开盘， 东鹏饮料报248.00港元/股，市值1391亿港元。 在启动港股上市的同时，东鹏饮料的全球化布局已初见成效，产品出口超30个国家和地区，印尼、越南等海外子公司顺利运营，形成了多模式、多区域的 出海格局，为与红牛在国际市场竞争积累了初步优势。 另一面，专业分析师告诉记者，东鹏饮料要实现突破，需破解多重瓶颈。一是加大研发投入，提升产品创新能力，优化产品矩阵，突破高端化困境，推出 适配不同国际市场的本地化产品；二是强化品牌建设，通过多元化营销提升国际知名度，摆脱"低价人设"的束缚；三是完善全球化布局，加快海外产能建 设，深化本地化运营，提升渠道效率； ...

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing in both A-shares and H-shares, raising approximately HKD 10.1 billion through the issuance of 40.89 million shares at HKD 248 per share [1][4]. Group 1: Listing Details - On its first trading day, Dongpeng Beverage's opening price matched the issuance price at HKD 248 per share, but it later fell to HKD 247.2, marking a decline of 0.32% and a total market capitalization of HKD 138.7 billion [3]. - The cornerstone investor lineup for the IPO is notable, with 15 leading global institutions collectively subscribing over USD 600 million, including sovereign wealth funds, international long-term funds, and private equity [4]. Group 2: Financial Performance and Projections - Dongpeng Beverage's revenue is projected to exceed RMB 20 billion by 2025, with expected revenues of RMB 207.6 billion to RMB 211.2 billion, representing a year-on-year growth of 31.07% to 33.34% [7]. - The company reported revenues of RMB 85 billion, RMB 112.6 billion, RMB 158.3 billion, and RMB 168.4 billion for the years 2022 to 2025, with net profits of RMB 14.4 billion, RMB 20.4 billion, RMB 33.3 billion, and RMB 37.6 billion respectively [7]. Group 3: Strategic Intentions - The secondary listing aims to enhance Dongpeng's capital strength and overall competitiveness, improve its international brand image, and support the company's global business development [8]. - Dongpeng has announced plans to invest up to USD 200 million to establish a production base in Indonesia, marking its first overseas manufacturing facility and deepening its presence in the Southeast Asian market [8]. Group 4: International Market Presence - As of September 30, 2025, Dongpeng's products have entered several overseas markets, including Vietnam and Malaysia, although overseas revenue remains minimal, accounting for only RMB 0.11 billion or 0.14% of total revenue in the first half of 2025 [10].

根据此前东鹏饮料发布的业绩预告，2025年预计营业收入为207.60亿元至211.20亿元；预计净利润为 43.40亿元至45.90亿元，同比增长30.46%至37.97%。东鹏饮料称，2025年，公司在夯实东鹏特饮、东鹏 补水啦两大支柱品类的基础上，积极探索多品类发展，力图不断培育新的增长点，从而进一步带动收入 及利润增长。 编辑 李严 校对 王心 新京报讯（记者王子扬）2月3日，功能饮料品牌"东鹏特饮"母公司东鹏饮料（集团）股份有限公司（简 称"东鹏饮料"）在港交所上市，实现资本市场"A+H"格局。东鹏饮料港股发行价为248港元/股，早盘一 度跌破发行价，截至午间休盘，其股价为248港元。同时，东鹏饮料A股股价出现下滑，截至午间休 盘，跌幅为1.23%。 据了解，东鹏饮料此次港股上市基础发行股数4088.99万股，上市募资用途为用于未来三到五年内完善 产能布局和推进供应链升级；加强品牌建设和消费者互动；拓展海外市场业务，探索潜在投资及并购机 会；持续推进全国化战略，拓展、深耕和精细化运营渠道网络；加强各个业务环节的数字化建设；用于 营运资金及一般企业用途；增强公司的产品开发能力，持续实现产品品类拓展。 ...