中国最大零食IPO。 作者/周佳丽 今日（1月2 8日），湖南鸣鸣很忙商业连锁股份有限公司（简称：鸣鸣很忙）正式挂牌上市，成为港股"量贩零食第一股"。本次I PO 发行价每股 2 3 6 . 6港元 ，公开发售获认购超1 5 0 0倍， 开盘大涨8 8 %，市值超9 0 0亿港元 ， 缔造中国最大零食I PO 。 这是中国消费行业一个标志性的整合案例。回想2 0 2 3年11月，从湖南长沙起家的零食很忙与从江西宜春走出的赵一鸣零食完成战略 合并，共同组建"鸣鸣很忙"，由零食很忙创始人晏周出任新集团董事长。 作为公司最大的外部机构股东，红杉中国团队见证了这家"国民零食"的成长轨迹。"鸣鸣很忙 从社区烟火中读懂了中国家庭最朴素的 消费渴望 ——要的不是低价，而是'值得'；追求的不仅是折扣，而是轻松感的日常小确幸。"红杉中国合伙人苏凯感慨，今日的I PO 将是更宏大的起点。 5年前，红杉团队出手 缔造市值900亿 从零食很忙的故事说起。 时间回到2 0 1 6年，湖南8 5后晏周已在房地产销售行业深耕多年。一次偶然的机会，他敏锐捕捉到零食赛道在下沉市场的爆发潜力， 毅然创立长沙零食很忙食品有限公司。 次年，晏周与几 ...

今日鸣鸣很忙(1768.HK)上市，国恩科技(2768.HK)、东鹏饮料(9980.HK)申购。 本文源自：金融界AI电报 ...

智通财经APP获悉，2026年1月28日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 国恩科技 | | | | (招股中) | | | | 东鹏饮料 | | | 新股活动 | (招股中) | | | | 鸣鸣很忙 | | | | (上市日) | | | | 东方甄选 | | | | 中国三迪 | | | 业绩公布日 | 新东方-S | | | | RIMBACO | | | | 香港通讯国际控股 | | | | 中国波顿 | | | | 绿城管理控股 | | | | 慧源同创科技 | | | | 宇华教育 | | | 股东大会召开日 | 中国中药 | | | | 天立国际控股 | | | | 同方泰德 | | | | 碧桂园服务 | | | | 俊裕地基 | | | | 万邦投资 | | | | （除净日） | | | | 信星集团 | | | | （派息日） | | | | 东方表行集团 | | | 分红派息 | （派息日） | | | | 东方表行集团 | | | | （派息日） | | | | 交通银行 | | | | （派息日） | | | ...

Core Viewpoint - Dongpeng Beverage is set to launch its H-share IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 10.1 billion, marking it as a significant player in the beverage industry and the third "A+H" listed company this year [1][2][3]. IPO Details - The company plans to issue 40,889,900 H-shares, with a maximum offering price of HKD 248 per share, which could place it among the top fundraising IPOs in the consumer sector in recent years [2][3][5]. - The IPO is scheduled to begin trading on February 3, 2026, under the stock code 09980 [1][3]. Company Performance - Dongpeng Beverage is recognized as the leading functional beverage company in China, with a projected revenue of RMB 20.76 billion to RMB 21.12 billion for 2025, reflecting a growth rate of 31.07% to 33.34% compared to the previous year [3][18]. - The company has maintained a leading position in the functional beverage market, with a market share increase from 15.0% in 2021 to an expected 26.3% by 2024 [4][19]. Investor Confidence - The IPO has attracted significant interest from cornerstone investors, including Qatar Investment Authority, Temasek, and BlackRock, with total subscriptions amounting to USD 640 million, representing 49.2% of the total fundraising [6][8][24]. - The pricing strategy reflects a lower than average discount compared to other A-H shares in the consumer sector, indicating a favorable valuation for potential investors [5][20]. Growth Strategy - Dongpeng Beverage aims to expand its international presence, particularly in Southeast Asia, where the energy drink market is projected to reach USD 4.2 billion in 2024, with a compound annual growth rate of 6.2% [13][30]. - Approximately 8% of the net proceeds from the IPO will be allocated to establishing supply chain infrastructure in overseas markets, while 12% will focus on expanding international business and exploring investment opportunities [30][29]. Market Challenges - Despite its growth, Dongpeng Beverage faces challenges, including a high dependency on its flagship product, Dongpeng Special Drink, which contributes 85% of its revenue [9][26]. - The company’s performance in emerging beverage categories like coffee and tea remains limited, raising questions about the sustainability of its growth trajectory [9][12].

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（603501）、兆易创新（603986）之 后，或将迎来今年以来第三家"A+H"上市企业。 1月26日，东鹏饮料（605499）(集团)股份有限公司(以下简称"东鹏饮料")在港交所正式发布H股全球发 售公告，预计将于2月3日开始上市交易，股票代码为09980。 此后，公司凭借"低价策略+农村包围城市"的市场打法，精准切入大众消费场景，快速打开市场局面， 驶入发展快车道。2021年5月27日，东鹏饮料正式登陆上海证券交易所主板，成为A股市场"功能饮料第 一股"。 此次计划全球发行4088.99万股H股，发行价最高不超过每股248港元。按最高发行价测算，本次发行募 资规模预计可达101亿港元，可跻身港股市场近年消费行业IPO募资规模前列。 招股书显示，东鹏饮料是中国第一的功能饮料企业，收入增速在全球前20大上市软饮企业中位列第一。 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%，但相较上年营收增速(40.63%)有所放缓。 超6亿美元全球资本"抢筹" | 全球發售的發售股份數 ...

Core Viewpoint - The article discusses the upcoming IPO of Dongpeng Beverage Group Co., Ltd. on the Hong Kong Stock Exchange, highlighting its position as a leading functional beverage company in China and its growth prospects amid challenges in the market [1][3][9]. Group 1: IPO Details - Dongpeng Beverage plans to issue 40.8899 million H-shares, with a maximum offering price of HKD 248 per share [2][3]. - The company aims to raise approximately HKD 101 billion, positioning itself among the top consumer industry IPOs in recent years [5][6]. - The IPO has attracted significant interest from cornerstone investors, with a total subscription amount of USD 640 million, accounting for 49.2% of the total fundraising [7][9]. Group 2: Financial Performance - Dongpeng Beverage 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%, although this is a slowdown compared to the previous year's growth of 40.63% [3][6]. - The company’s core product, Dongpeng Special Drink, contributes approximately 85% to its revenue, indicating a high dependency on a single product [10][11]. - The gross profit margin for Dongpeng Special Drink is reported at 50.1%, but its revenue growth has slowed to 19.35% year-on-year [11][12]. Group 3: Market Position and Strategy - Dongpeng Beverage has maintained the largest market share in China's functional beverage sector, increasing from 15.0% in 2021 to a projected 26.3% by 2024 [6][13]. - The company is focusing on international expansion, particularly in Southeast Asia, where the energy drink market is projected to reach USD 4.2 billion in 2024 [14]. - Approximately 8% of the net proceeds from the IPO will be allocated to establishing supply chain infrastructure in overseas markets, while 12% will be used for market expansion and potential acquisitions [13][14].

SDICSI 2026 年 1 月 27 日 东鹏饮料 (9980.HK) IPO 点评 行业状况及前景 证券研究报告 东鹏饮料 IPO 点评报告 东鹏饮料是一家中国领先的功能饮料公司。根据弗若斯特沙利文报告，按销量计， 公司在中国功能饮料市场自2021年起连续4年排名第一，按零售额计，公司是2024 年第二大功能饮料公司，市场份额为23.0%。公司已建立起覆盖全国的立体化销售 网络，截至2025年9月30日，覆盖全国超过430万家终端销售网点，实现中国近100% 地级市。公司2023全年/2024全年/2025年1-9月收入分别为112/158/168亿元人民 币（下同，列明除外），同比增长32%/40%/34%。毛利率分别为42%/44%/44%,净利润 分别为20/33/37亿元，同比增速为41%/63%/38%，净利率分别为18%/21%/22%。 公司的业绩保持着强劲的增长，公司的主要产品为能量饮料"东鹏特饮"。2024年， 能量饮料录得收入133亿元，2022 年至2024年收入年复合增长率达27.3%。公司在 2023年1月推出的"东鹏·补水啦"运动饮料产品，于推出的第二年录得收入近15 亿元， ...

据知情人士透露，中国能量饮料制造商东鹏饮料在香港拟发行的股份已获得足够需求。知情人士说，认 购倍数在五到九倍一带。他们说，既有来自全球和中国的多头投资者的申购，也有对冲基金的申购。东 鹏饮料尚未回应寻求评论的请求。 ...

Core Viewpoint - Dongpeng Beverage has officially launched its Hong Kong IPO, marking a significant milestone in its globalization strategy and setting a record for the largest IPO in the Asian beverage sector since 2020, showcasing its ambition to expand into global markets [1][10]. Group 1: IPO Highlights - The IPO features a record cornerstone investment lineup, with 15 leading global institutions collectively subscribing over $600 million, indicating strong confidence in the growth potential of the Chinese functional beverage sector and Dongpeng's business model [3][4]. - Qatar Investment Authority (QIA) led the cornerstone investment with $150 million, marking several firsts, including its first participation as a cornerstone investor in an A to H share IPO and the largest single cornerstone investment in the consumer sector [4]. Group 2: Financial Performance - Dongpeng Beverage is projected to achieve annual revenue exceeding 20.76 billion yuan in 2025, representing a year-on-year growth of over 31%, with net profit expected to range between 4.34 billion to 4.59 billion yuan, reflecting a growth of 30.46% to 37.97% [8]. - The company has consistently maintained high growth rates in revenue and profit from 2022 to 2025, establishing a strong foundation for long-term development and attracting global capital [8]. Group 3: Market Strategy - Dongpeng Beverage is positioned as a leader in the functional beverage market, leveraging a "1+6" multi-category strategy to optimize its product structure and drive growth in new categories [6]. - The company has developed a comprehensive sales network covering nearly 100% of China's prefecture-level cities, with over 3,200 distributors and 4.3 million active retail points, enabling efficient market penetration and product distribution [8]. Group 4: Global Expansion - The Hong Kong listing is a crucial step in Dongpeng's globalization strategy, with products already exported to over 30 countries and regions, and overseas subsidiaries established in Indonesia and Vietnam [9]. - The funds raised will focus on enhancing production capacity and upgrading the supply chain, supporting both domestic efficiency and global expansion efforts [9].

Core Viewpoint - The liquor sector is experiencing a downturn, with Yanghe Co. seeing significant declines in stock prices and a bleak profit forecast for 2025, indicating a challenging environment for the industry [1][3]. Group 1: Company Performance - Yanghe Co. has forecasted a net profit decline of 62.18%-68.30% for 2025, estimating a loss of 1.451 billion to 1.859 billion yuan in Q4 2025 [1]. - The company has also retracted its previous commitment to a minimum 7 billion yuan dividend [1]. - Other major liquor companies like Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu have also seen stock price declines, while Kweichow Moutai has shown slight gains [1]. Group 2: Market Trends - The consumption ETF has seen a near 2% drop, with a transaction volume of 400 million yuan, indicating a cautious market sentiment [2]. - The liquor sector is in a phase of inventory reduction and price stabilization, with companies adjusting their strategies in response to external pressures [3][6]. Group 3: Policy and Economic Environment - New policies aimed at boosting consumer spending are expected to be introduced, including measures to expand inbound consumption and promote the replacement of durable goods [1]. - The overall market sentiment is improving, with expectations that the worst period for liquor sales is over, aided by easing consumption restrictions [6]. Group 4: Investment Insights - The liquor sector is currently characterized by low expectations, low valuations, and low public fund holdings, presenting a potential buying opportunity [7]. - High dividend yields from leading liquor companies are expected to attract investors, as they commit to returning at least 100% of their net profits as dividends [7]. - Historical data suggests that high-end liquor stocks like Moutai and Wuliangye may lead the recovery in the sector, similar to past cycles [8].