导语：功能饮料"龙头"打新凉凉？ 想打新 功能饮料"龙头股"的投资者凉了 。 2 月 3 日， 市值千亿、 有"A股功能饮料第一股"之称的东鹏饮料（ 9980.HK ）在港交所 挂牌交易 上市， 股价开盘反应平平。截至发稿前，最 高股价仅 249.8 港元 / 股，最低则下探至 245.6 港元 / 股， 较发行价 248 港元 / 股"平字当头"，总市值 1387 亿港元。 2025年至今，在港股上市的消费股中，已有东鹏饮料、绿茶集团、遇见小面、 古茗等多只消费股破发。 图源：东方财富网 挂牌交易前，已有不少投资者 测算，东鹏饮料 H 股定价相对 A 股折价不足，导致投资热情较低。以 2 月 2 日东鹏饮料 A 股收盘价 257 元计 算，折扣约 14.27% ，而从其他 A+H 股表现看，为降低破发风险，其H股定价一般相对A股折价 20%~30% 左右。 截至发稿前，东鹏特饮 A 股 253.5 元 / 股，微跌1.36 % 。 值得注意的是， 东鹏饮料 A 股的峰值出现在 2025 年 6 月，当时盘中股价一度高达 336.42 元 / 股，如今股价较最高值已经下跌近 25%， 而 实控人林木勤的持股市 ...

2月3日，中国能量饮料制造商东鹏饮料(9980.HK)今日首日在港挂牌上市，盘中一度跌近1%至245.6港元。该公司集资所得 款项净额约99.94亿港元。公开发售部分获超额认购56.46倍，认购一手100股，中签率15%。 股票频道更多独家策划、专家专栏，免费查阅>> 中金1月底发表研报指，东鹏饮料预告公司2025年收入同比增长31%至33%，归母净利润增长31%至38%；单论第四季，预期 收入同比升19%至30%，归母净利润同比跌6.5%至升34%。该行认为末季收入符合市场预期，但利润略低于市场预期，主要 因冰柜投入。基于2025年冰柜投入以及2026年出海费用，该行下调2025及26年盈利预测2.2%及6%，至44.7亿及53.8亿元， 引入2027年利润预测62.7亿元；下调东鹏饮料目标价6%至330元，维持"跑赢行业"评级不变。 责任编辑：栎树 ...

东鹏饮料(集团)股份有限公司（简称："东鹏饮料"，股票代码："09980"）今日在港交所上市。 东鹏饮料基石投资者一共认购6.4亿美元（约49.9亿港元），分别为Al-Rayyan、太白投资有限公司、True Light Investments、BlackRock基金、UBS Asset Management、Huang River Investment、红杉旗下HSG Growth VII Holdco、JPMorgan Asset Management、博裕资本旗下Azure Skylines、泰康人寿保险有限 责任公司、Pacific Century Pines Investments 1、FMR参与基金、Velmar Company、保银资产管理有限公司、Amazing Mountain、Great China Motivation Fund Phase II。 东鹏饮料此次发行价为248港元，发行4089万股，募资总额为101亿港元，扣除发行应付上市费用1.46亿港元，募资净额为99.94亿港元。 | | | | | | 假設超額配股權未獲行使 假設超額配股權獲悉數行使 | | | | --- | ...

2026年以来，A股上市企业赴港上市热情持续高涨。继豪威集团、兆易创新之后，今日，港股市场迎来今年以来第三家"A+H"上市企业。 市值1390亿港元，东鹏饮料今日在港交所上市 成亚洲消费饮料行业最大规模IPO 本次上市，东鹏饮料全球发售4088.99万股股份，发售价每股248.0港元，募资总额约为101.41亿港元，募资净额约为99.94亿港元。 上市首日，东鹏饮料的开盘价为248.0港元/股，与发行价持平，一度报246.8港元/股，截至10点30分，报247.8港元/股，总市值1390亿港元。 东鹏饮料创始人林木勤和"东鹏大咖"首位代言人、著名歌手韩红一起敲锣 值得注意的是，东鹏饮料已于2021年5月27日在A股上交所上市。近年来凭借强劲增长潜力，公司获得投资者持续追捧，其A股目前市值1426亿元人民币。 此次东鹏在港股上市创下2020年迄今亚洲规模最大的消费饮料行业IPO，也标志着东鹏从A股走向港股的双重资本布局。 豪华基石参投 卡塔尔投资局、淡马锡、腾讯、李泽楷都来了 此次在港交所上市，东鹏饮料引入了16名基石投资者，其中包括李宁持股超过四成的Great China Motivation Fund Ph ...

经济观察网2月3日，瑞银成功助力东鹏饮料（605499）(集团)股份有限公司("东鹏饮料")于香港联合交 易所主板上市。瑞银在此次交易中担任联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及 联席牵头经办人。 为2026年至今规模最大的香港IPO；为食品饮料行业(酒精饮品之外)，港股市场历史上规模最大的IPO； 为过去5年A股上市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（300750）。 该项目在发行过程中受到市场与投资者的广泛关注与高度认可。作为联席保荐人，瑞银凭借对公 司业务模式和长期发展战略的深刻理解、丰富的跨境资本市场经验，以及境内外紧密协同的团队 配置，充分发挥全球销售网络与投资者资源优势，在基石投资者及锚定投资者引入方面发挥了牵 头作用，成功吸引多家知名主权基金、顶级外资长线投资机构及活跃市场参与者踊跃参与认购。 东鹏饮料本次发行定价为每股248港元，最终发行规模合计约13亿美元(绿鞋前)，或约15亿美元(绿鞋 后)。本次发行共引入15家基石投资者，累计认购金额约6亿4千万美元，约占绿鞋后发行规模的43%， 为项目的顺利完成奠定了坚实基础。 本次交易具有重要里程碑意义： ...

Core Viewpoint - The Hong Kong stock market experienced a rebound with the Hang Seng Index opening at 26,995.76 points, up by 220.19 points, or 0.82% [2]. Market Performance - The Hang Seng Technology Index opened at 5,563.79 points, increasing by 37.48 points, or 0.68% [4]. - Gold stocks showed a rebound, with companies like Lingbao Gold (HK03330), Luoyang Molybdenum (HK03993), and China Gold International (HK02099) rising over 3%, while Zijin Mining, Shandong Gold, Zhaojin Mining, and Jiangxi Copper gained over 2% [6]. Sector Analysis - According to Guotai Junan, the primary reason for the recent decline in precious metals was the previous irrational surge, leading to profit-taking and increased volatility due to retail leverage [7]. - The medium-term outlook suggests that as the deleveraging process concludes, gold prices may stabilize, with a long-term bullish trend expected due to ongoing global monetary system restructuring and central bank gold purchases [7]. Stock Highlights - Tech stocks generally rose, with NetEase increasing over 3%, Bilibili over 2%, and Alibaba and Kuaishou both up over 1% [6]. - Chinese brokerage stocks were active, with China Merchants Securities rising over 1% [6]. - Chip stocks opened higher, with Zhaoyi Innovation increasing over 5% [6]. Future Outlook - Huatai Securities believes that the recent pullback in the Hong Kong market creates an opportunity for entry, with expectations of a recovery trend [8]. - Key areas to focus on include the AI supply chain and semiconductor sectors, which are expected to benefit from clearer market dynamics and stronger performance [8]. - The report suggests maintaining an overweight position in resource stocks, insurance, and local Hong Kong stocks after stabilization [8].

Group 1 - The core point of the article is that Dongpeng Beverage (9980.HK), a Chinese energy drink manufacturer, has made its debut on the Hong Kong stock market, with a net fundraising amount of approximately HKD 9.994 billion [1] - The public offering was oversubscribed by 56.46 times, with a subscription rate of 15% for a minimum of 100 shares [1] - CICC's report at the end of January projected Dongpeng Beverage's revenue to grow by 31% to 33% year-on-year by 2025, with net profit attributable to shareholders expected to increase by 31% to 38% [1] Group 2 - For the fourth quarter, revenue is expected to rise by 19% to 30% year-on-year, while net profit attributable to shareholders may fluctuate between a decline of 6.5% and an increase of 34% [1] - CICC noted that the fourth quarter revenue aligns with market expectations, but profits are slightly below expectations due to investments in freezers [1] - The firm has adjusted its profit forecasts for 2025 and 2026 down by 2.2% and 6% respectively, estimating profits of HKD 4.47 billion and HKD 5.38 billion, and introduced a profit forecast for 2027 of HKD 6.27 billion [1]

Core Viewpoint - Dongpeng Beverage has successfully completed its IPO on the Hong Kong Stock Exchange, marking it as the largest IPO in the Asian beverage sector in recent years, with a market capitalization exceeding HKD 139 billion, indicating strong market recognition of its strategic shift and penetration into lower-tier markets [3][11]. Group 1: Company Strategy and Market Position - Dongpeng Beverage transitioned from being perceived as a copycat of Red Bull to a market leader by targeting the underserved lower-tier market, particularly focusing on truck drivers and manufacturing workers who require energy drinks but are deterred by higher prices [4][5]. - The company has seen significant revenue growth, with projections indicating an increase from CNY 28 billion in 2017 to CNY 158 billion by 2024, alongside a net profit of CNY 33 billion and a gross margin exceeding 70% [5][6]. - Dongpeng's product strategy has evolved from relying on a single product to a multi-category approach, introducing six new product lines alongside its flagship Dongpeng Special Drink, which is crucial for sustaining long-term capital value [6][7]. Group 2: Financial Performance and Projections - The company anticipates entering the "200 billion club" in 2025, with projected revenues between CNY 207.6 billion and CNY 211.2 billion, reflecting a year-on-year growth of 31.07% to 33.34%, and a net profit forecast of CNY 43.4 billion to CNY 45.9 billion, marking a growth of 30.46% to 37.97% [8][10]. - Dongpeng's new product "Dongpeng Supplement" has quickly become the leading brand in China's electrolyte drink market, achieving sales of CNY 14.93 billion in the first half of 2025, which is equivalent to its total sales for 2024 [6][8]. Group 3: Market Dynamics and Competitive Landscape - The IPO comes at a pivotal moment for the Chinese functional beverage industry, which is undergoing a transformation towards health and scene-based consumption, necessitating both Dongpeng and Red Bull to adapt to these changes [11][12]. - Dongpeng's dual listing strategy aims to leverage both A-share and H-share markets to enhance capital operations, allowing for resource synergy and risk hedging, which is expected to facilitate its expansion into international markets [9][10]. - The competitive landscape is intensifying, with Dongpeng facing pressures from both international brands and local competitors, necessitating a focus on innovation and product diversification to maintain its market position [12].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10]. - The report highlights the increasing bottom signals in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. Summary by Relevant Sections Liquor - Baijiu prices, particularly for Moutai, are stable with a slight increase, and attention is drawn to the sales rhythm during the Spring Festival. The report recommends Moutai, Shanxi Fenjiu, and Luzhou Laojiao as top picks, while also suggesting to monitor other brands like Gujing Gongjiu and Wuliangye [2][10]. - The report anticipates a continued trend of small liquor companies exiting the market, with a projected production decline of 12.1% for baijiu in 2025 [10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. The report recommends Yanjing Beer and China Resources Beer as key players to watch [11][10]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack sector, particularly focusing on konjac snacks, with companies like Weilong and Yanjinpuzi showing strong product innovation and competitive advantages [12][10]. Food Supply Chain - The food supply chain is entering a peak season for stocking and sales, with a focus on pre-prepared dishes. The report recommends leading companies like Yihai International and Haitian Flavoring, as well as companies that are expanding their channels like Qianwei Yangchun [13][14]. Dairy Products - The report suggests a cautious outlook for dairy companies due to competitive pressures, but highlights the potential for recovery in 2026, particularly for leading companies like Yili [14][10]. Beverages - The beverage sector is currently in a de-stocking phase, with stable preparations for the Spring Festival. The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national expansion [15][10].

北京商报讯（记者 孔文燮）2月3日，东鹏饮料在港交所挂牌上市，形成"A+H"的格局。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。财报显示，2025 年度，东鹏饮料预 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%。 ...