格隆汇2月2日丨东鹏饮料(09980.HK)公告，公司全球发售4088.99万股H股，每股发售股份248.00港元， 募集资金净额99.94亿港元。香港公开发售股份数目占全球发售股份数目10.00%，获认购57.46倍；国际 发售股份数目占全球发售股份90.00%，获认购15.60倍。假设全球发售于2026年2月3日上午八时正(香港 时间)或前成为无条件，预期H股将于2026年2月3日上午九时正(香港时间)在联交所开始买卖。H股将以 每手100股H股为买卖单位，H股的股份代号为09980。 ...

其中，香港公开发售获57.46倍认购，国际发售获15.6倍认购。 东鹏饮料（605499）(09980)公布配发结果，公司全球发售4088.99万股股份(于超额配股权获行使前)， 香港公开发售占10%，国际发售占90%。最终发售价每股248港元，全球发售净筹约99.943亿港元。每手 100股，预期H股将于2026年2月3日上午九时正(香港时间)在联交所开始买卖。 ...

其中，香港公开发售获57.46倍认购，国际发售获15.6倍认购。 智通财经APP讯，东鹏饮料(09980)公布配发结果，公司全球发售4088.99万股股份(于超额配股权获行使 前) ，香港公开发售占10%，国际发售占90%。最终发售价每股248港元，全球发售净筹约99.943亿港 元。每手100股，预期H股将于2026年2月3日上午九时正(香港时间)在联交所开始买卖。 ...

EASTROC BEVERAGE (GROUP) CO., LTD. ╱ 東鵬飲料（集團）股份有限公司 最終發售價及配發結果公告 除非本公告另有界定者，否則本公告所用詞彙與東鵬飲料（集團）股份有限公 司（「本公司」）於2026年1月26日刊發的招股章程（「招股章程」）所界定者具有相 同涵義。 警告：鑑於股權高度集中於少數股東，即使少量H股成交，H股價格亦可能 大幅波動，股東及有意投資者於買賣H股時務請審慎行事。 概要 | 公司資料 | | | --- | --- | | 股份代號 | 09980 | | 股份簡稱 | 東鵬飲料 | | 開始買賣日 | 2026年2月3日* | | 價格資料 | | | --- | --- | | 最終發售價 | 248.00港元 | | 最高發售價 | 248.00港元 | | 發售股份及股本 | | | --- | --- | | 發售股份數目（於超額配股權獲行使前） | 40,889,900 | | 香港公開發售的最終發售股份數目 | 4,089,000 | | 國際發售的最終發售股份數目（不包括員工優先 發售項下的員工保留股份） | 36,130,300 | | 員工優 ...

中国能量饮料制造商东鹏饮料(9980.HK)明日挂牌，今日在富途的暗盘价收跌0.08%，报247.8港元。该 股发售4088.99万股H股，香港公开发售占10%，其余为国际配售，每股招股价将不高于248港元，集资 最多101.41亿港元。 | 09980 东鹏饮料 | | | | --- | --- | --- | | 247.800 ↓ -0.200 -0.08% | | 暗盘已收盘 02/02 18:29 | | * % 12 月 ♥ 白选 | | 快捷交易 | | 最高价 254.000 | 开盘价 250.200 | 成交量 39.68万 | | 最低价 240.200 | 昨收价 248.000 | 成交额 9801.5万 | | 平均价 247.013 | 市盈率 TM 28.33 总市值 1389.92亿 (m) | | | 振 幅 5.57% | 市空室(静) 37.30 | 总股本 5.61亿 | | 换手率 0.97% 市净率 14.104 | | 流通值 101.33亿(i) | | 52周最高 254.000 委 比 -75.29% | | 流通股 4088.99万 | | 52周最低 ...

业内人士分析，此举标志着其进入港股IPO冲刺阶段，更意味着这家A股"功能饮料第一股"将完 成"A+H"双资本布局。东鹏饮料此次港股冲刺的核心底气，源于2025年在产品与产能领域的扎实积淀， 多品类破局与全国化产能落地，共同筑牢了企业全球化的根基。 现如今，东鹏饮料成功培育出第二增长曲线，电解质饮料"东鹏补水啦"异军突起，成为公司拉动业绩增 长的重要力量。同时，公司持续优化产品矩阵，推出多规格产品精准覆盖多元场景，展现出成长为百亿 单品的巨大潜力。 目前，东鹏饮料全国化产能布局，已形成高密度、均衡化生产网络。近年来，东鹏饮料平均每年新增2 个生产基地，目前已有10个基地顺利投产。2026年1月23日，成都生产基地项目正式签约，总占地约280 亩、计划投资10亿元建设6条高端生产线，建成后将成为现代化综合基地，大幅提升西南及全国供应能 力。 亮眼的业绩表现、深度的数字化转型与完善的渠道网络，共同构成东鹏饮料的核心竞争力。2025年，东 鹏饮料交出惊艳答卷，预计全年营业收入207.6亿—211.2亿元，同比增长31.07%—33.34%；预计归母净 利润43.4亿—45.9亿元，同比增幅达30.46%—37.97% ...

2月2日，A股市场整体下跌。截至收盘，上证指数收报4015.75点，下跌2.48%，深证成指收报 13824.35点，下跌2.69%，创业板指收报3264.11点，下跌2.46%，北证50指数下跌2.03%。 1. A股市场全天资金净流出539.77亿元 今日A股市场主力资金开盘净流出143.2亿元，尾盘净流出157.11亿元，A股市场全天资金净流出 539.77亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2026-2-2 | -539.77 | -143. 20 | -157. 11 | -384. 36 | | 2026-1-30 | -595. 71 | -279.84 | -50. 70 | -303.01 | | 2026-1-29 | -602. 22 | -221.16 | -98.94 | -296. 09 | | 2026-1-28 | -274.87 | -58.90 | -29.34 | -118. 55 | | ...

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by 2.48%, with the CSI 300 down by 2.13%, the STAR Market 50 down by 3.88%, the CSI 1000 down by 3.39%, the ChiNext Index down by 2.46%, and the Hang Seng Index down by 2.23% [5][4] - The best-performing sectors on February 2 were food and beverage (+1.11%) and banking (+0.17%), while the worst-performing sectors included non-ferrous metals (-7.62%), steel (-5.93%), basic chemicals (-5.69%), coal (-5.64%), and oil and petrochemicals (-5.51%) [5][4] - The total trading volume for the A-share market on February 2 was 26,066 billion yuan, with net inflow of southbound funds amounting to 1.907 billion HKD [5][4] Important Recommendations - The report highlights Dongpeng Beverage (605499) as a leading player in the energy drink sector, with clear growth drivers for 2026, including stable growth in specialty drinks, new product launches, and channel deepening [6][6] - The company is expected to achieve a revenue growth rate of 15%-20% in 2026, driven by its core specialty drink products and strong brand positioning [6][7] - Revenue projections for Dongpeng Beverage are estimated at 20,948.13 million yuan for 2025, 26,103.01 million yuan for 2026, and 31,763.13 million yuan for 2027, with corresponding net profit estimates of 4,509.80 million yuan, 5,750.23 million yuan, and 7,141.71 million yuan [6][7] Important Insights - The report discusses the implications of the EU's antitrust actions against Booking, which has seen its market share increase from approximately 60% in 2013 to over 71% in 2023, despite regulatory changes [9][10] - Investment opportunities are identified in Booking's strong market position and its shift towards a merchant model, while competitors like Expedia and Airbnb are adapting their strategies to maintain market relevance [10][10] - Catalysts for growth include the transition to a merchant model, leveraging Google advertising for traffic acquisition, and utilizing membership programs to enhance customer engagement [10][10]

Core Viewpoint - Dongpeng Beverage's IPO in Hong Kong is driven by a clear capital layout logic and long-term investment value, aiming to become the first "A+H" dual-listed functional beverage company in China [1] Group 1: IPO Details - The IPO is set to launch on February 3, 2026, with a maximum issue price of HKD 248 per share and an entry fee of HKD 25,000 per lot, marking the largest issuance in the Asian beverage sector since 2020 [1] - The IPO aims to raise approximately HKD 99.94 billion, with a base offering of 40.89 million shares, providing substantial capital for future growth [3] Group 2: Investor Interest - The IPO has attracted significant interest from global capital, with 15 cornerstone investors committing over USD 600 million, including notable entities like Qatar Investment Authority, Temasek, and Tencent [3] - Qatar Investment Authority's participation marks its first investment in an A+H IPO and the largest single cornerstone investment in the consumer sector [3] Group 3: Growth Strategy - Dongpeng Beverage's growth is underpinned by a "1+6" multi-category strategy, focusing on core products, emerging products, and a robust pipeline of new offerings [4] - The flagship product, Dongpeng Energy Drink, has maintained its position as the top-selling energy drink in China since 2021, with projected revenues of CNY 125.63 billion in the first three quarters of 2025, reflecting a nearly 20% year-on-year growth [4] Group 4: Product Expansion - The newly launched Dongpeng Water has quickly become the leading brand in China's electrolyte beverage market, achieving revenues of CNY 28.47 billion in the first three quarters of 2025, a 134.78% increase year-on-year [5] - The company is also expanding into the fruit tea market with products like Guozhi Tea and Hongshi Milk Tea, which are expected to broaden its consumer base [5] Group 5: Operational Strength - Dongpeng Beverage has established a comprehensive production network with 14 production bases across various regions, enhancing supply chain efficiency and product freshness [8] - The company has achieved 100% coverage of all prefecture-level cities in China, with over 3,200 distributors and more than 4.3 million active sales points [9] Group 6: Digital Transformation - The company has implemented a digital management platform that enables real-time tracking of supply chain data, enhancing operational efficiency and market responsiveness [12] - Dongpeng Beverage has entered over 30 countries, establishing subsidiaries in Indonesia, Vietnam, and Malaysia, marking significant progress in its global expansion [12] Group 7: Future Outlook - The funds raised from the IPO will be directed towards capacity and supply chain upgrades, brand development, and international market expansion, facilitating Dongpeng Beverage's global strategy [10] - The dual listing is expected to optimize the investor structure and enhance international capital support, aiding in the establishment of overseas supply chains and sales networks [12]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The demand for Moutai during the Spring Festival exceeded expectations, leading to a rapid recovery in wholesale prices. The price of Moutai increased from 1610 RMB to 1710 RMB within two days, indicating a strong upward trend [3] - The industry is currently at a low valuation, with pessimistic expectations fully priced in. A weak recovery in demand is anticipated as policy pressures ease, and the industry is expected to undergo a clearer phase of performance improvement [2] - The report highlights that the white liquor sector is showing signs of recovery, with leading companies like Guizhou Moutai and Shanxi Fenjiu being recommended for their stable pricing and attractive dividend yields [2] Summary by Sections Industry Performance - The food and beverage industry increased by 1.56% in the week of January 26-30, outperforming the Shanghai Composite Index, which decreased by 0.44%. The white liquor sector led the gains with a 3.86% increase [3][8] - The report notes a significant divergence in performance among sub-sectors, with snacks and health products experiencing declines of 6.07% and 5.59%, respectively [3] Moutai's Market Dynamics - Moutai's management is pushing for market-oriented reforms, reducing the supply of non-standard products and eliminating bundled sales, which has alleviated pressure on distributors and reduced channel selling pressure [3] - The demand side is benefiting from concentrated gift-giving during the Spring Festival, alongside the expansion of the i Moutai channel, which allows consumers to purchase at fair prices, leading to sustained incremental demand [3] Fund Allocation Trends - The allocation of active equity funds in the food and beverage sector has decreased slightly to 4.1%, with a notable reduction in white liquor holdings. However, there is a marginal increase in allocations towards consumer goods, indicating a search for more certain and better-valued targets within the consumption sector [3]