中国功能饮料第一 东鹏饮料，全称东鹏饮料(集团)股份有限公司，前身东鹏实业于1994年注册成立。2003年10月林木勤及东鹏实业其他19名 员工受让接手东鹏实业产权。 星标★IPO日报 精彩文章第一时间推送 继4月3日向港交所递交过上市申请后，这家"功能饮料第一股"于10月9日递表，申请在香港进行第二上市，由华泰国际、摩 根士丹利及瑞银集团联合保荐。 东鹏饮料登陆A股4年多，股价高歌猛进，如今前往港股，控股股东林木勤的家族又将迎来一场资本盛宴。 制图：佘诗婕 2009年底，林木勤开启包装差异化、价格差异化之路，推出了带有防尘盖的瓶装东鹏特饮，成功打开了大本营广东的市 场。 彼时，中国功能饮料市场，红牛是领头代表。而东鹏特饮在邀请谢霆锋担任品牌代言人、提出"累了、困了、喝东鹏特 饮"等朗朗上口的口号等一系列操作之下，日渐开始拥有国民知名度。 截至目前，东鹏饮料的产品矩阵已涵盖能量饮料、运动饮料、茶饮料、咖啡饮料、植物蛋白饮料和果蔬汁饮料等多个品 类。公司更是成长为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。 根据咨询机构弗若斯特 沙利文报告，按销量计，东鹏饮料在中国功能饮料市场自202 ...

东鹏饮料向港交所递交主板上市申请，华泰国际与摩根士丹利担任联席保荐人 据港交所披露，东鹏饮料（集团）股份有限公司正式递交上市申请，计划在香港主板发行股份。此次赴港上市，东鹏饮料希望拓宽海外融资渠道、提升品 牌国际影响力，并为未来海外市场扩张提供资金支持。 东鹏饮料成立于2003年，旗下"东鹏特饮"是中国功能饮料市场的核心品牌之一。根据相关数据，2023年公司在中国能量饮料市场份额排名第二，仅次于红 牛中国，市占率超过15%。 招股书显示，2022年至2024年，东鹏饮料的营收从85.0亿元攀升至158.3亿元，净利润由14.4亿元增至33.26亿元。2025年上半年，其收入与净利润同比增幅 分别达36.4%和37.2%，展现出强劲的短期动能。 此外，该公司毛利率也逐年稳步上升，2022 - 2024年毛利率分别为41.6%、42.3%、44.1%，2025年上半年为44.4%。 | | | | | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 財註 | 2022年 | 2023年 | 20 ...

| [编纂]的编纂]數目 | : | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | | [编纂]股H股(可于[编纂]) | | [编纂]敬目 | : | [编纂]股H股(可予[编纂]及视乎[编纂]行使與否而 | | | 定) | | | 最高[编纂] : | | 每股H股[編纂]港元,另加1%經紀佣金、0.0027% | | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易微費(須於[編纂]時以港 | | | | 元繳足,多繳股款可予退還) | | 血值 | | 每股H股人民幣1.00元 | | [甜蜜] | .. [辑量] | | | 聯席保薦人 ·[编纂] | | | | ◆ 华泰国际 | Morgan Stanley | UBS 瑞銀集團 | | 摩根 士 丹 利 | | | | (按英文字母赠序排序) | | | 2025年10月9日，来自深圳南山区的东鹏饮料(集团)股份有限公司Eastroc Beverage (Group) Co., Ltd.(下 称"东鹏饮料")在港交所递交招股书，拟 ...

智通财经APP获悉，据港交所10月9日披露，东鹏饮料(集团)股份有限公司(简称：东鹏饮料(605499.SH))向港交 所主板提交上市申请书，华泰国际、摩根士丹利、瑞银集团为联席保荐人。该公司曾于2025年4月3日向港交所 递交过上市申请。 财务方面，于2022年度、2023年度、2024年度以及2025年1-6月，东鹏饮料收入分别约为85亿元、112.57亿元、 158.30亿元以及107.32亿元人民币；同期，年内综合收益总额分别约为14.26亿元、20.59亿元、33.64亿元以及 23.48亿元人民币。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022年 | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 人民幣 | | 96 | 人民幣 | % | 人民幣 | % | 人民幣 | % | 人民幣 | % | | | | | | | | | (未經審計) | | | ...

Core Insights - The article highlights the success story of Lin Muqin, who transformed a struggling beverage factory into a billion-yuan empire, achieving a revenue of 10.737 billion yuan in the first half of the year [3][16]. Company Overview - Lin Muqin started as a technician in a construction company and later became the general manager of a failing state-owned beverage factory, which eventually became Dongpeng Beverage [8][9]. - In 2003, Lin seized the opportunity presented by state-owned enterprise reforms, investing 1.46 million yuan to take over the struggling factory with 19 other employees [9]. Business Strategy - Initially, Dongpeng focused on tea drinks but struggled with profitability, leading Lin to pivot to the energy drink market, launching Dongpeng Special Drink in 2009 at a lower price than competitors like Red Bull [10][12]. - The product was marketed aggressively, adopting a similar branding strategy to Red Bull, which drew criticism but ultimately helped the company survive and grow [12][13]. Market Positioning - Dongpeng targeted lower-tier cities and working-class consumers, utilizing innovative marketing strategies such as promotions and improved consumer experiences [14]. - The brand gained significant recognition after celebrity endorsements, notably from actor Nicholas Tse, which helped attract younger consumers [14]. Financial Performance - Dongpeng Beverage went public in 2021, achieving a market valuation exceeding 100 billion yuan, with Lin Muqin's personal wealth rising to 20 billion yuan [16]. - The company reported a revenue of over 10.7 billion yuan in the first half of the year, marking a year-on-year growth of over 40% [16]. Operational Insights - The company allocates over 1 billion yuan annually for sales expenses, while research and development spending remains relatively low at under 40 million yuan, indicating a focus on branding and distribution channels [17]. - The substantial cash dividend of 1.3 billion yuan reflects the company's strong cash flow and the family's significant control over strategic decisions [18]. Competitive Landscape - Dongpeng's success has inspired competitors like Dali Food's Lehu, which has adopted similar product offerings and pricing strategies, intensifying market competition [18]. - Despite facing criticism for being a "copycat," Lin Muqin acknowledges the importance of learning from industry leaders while also developing differentiated products over time [19]. Industry Context - The rise of Dongpeng Beverage is closely tied to the rapid expansion of the functional beverage market in China, with Lin's ability to understand and cater to the needs of lower-tier markets being a key factor in the company's success [20].

Core Viewpoint - Zhong Shanshan has resumed aggressive strategies, leading to a strong performance in the first half of 2025 for Nongfu Spring, with revenue reaching 25.622 billion yuan, a year-on-year increase of 15.6%, and net profit of 7.622 billion yuan, up 22.1% [6][7][20] Revenue Breakdown - The main revenue sources for Nongfu Spring remain tea beverages and packaged drinking water, accounting for over 70% of total revenue [6] - Tea beverage revenue reached 10.089 billion yuan, marking a significant increase from 8.43 billion yuan in the same period last year, with an additional 1.659 billion yuan in sales [6][7] - Packaged drinking water revenue showed signs of recovery, totaling 9.443 billion yuan, a 10.7% increase year-on-year, although it has not yet returned to the pre-2024 levels [6][7] Market Dynamics - The company has shifted from a defensive to an offensive strategy following last year's public relations issues, focusing on increasing sales of packaged water products [7][9] - Other beverage categories, such as functional drinks and fruit juices, also saw growth, with functional drinks generating 2.898 billion yuan (up 13.6%) and fruit juices 2.564 billion yuan (up 21.3%) [7] Competitive Landscape - The unsweetened tea market, previously experiencing rapid growth, is now facing a slowdown, with only a few brands, including Nongfu Spring, maintaining stable growth [9][10] - Despite being a leading player in the unsweetened tea segment, the company faces competition from promotional activities launched by rivals like Oriental Leaf [10][11] New Product Development - Nongfu Spring is entering the iced tea market with a new product, "Iced Tea," which emphasizes 100% tea leaf extraction and aims to compete with established brands like Yuanqi Forest [13][14] - The company plans to invest 2 billion yuan in research and promotion for this new product, which has already been paired with promotional activities to boost consumer engagement [13][20] Expansion Strategies - The company is enhancing its product offerings and distribution channels, including collaborations with Sam's Club for exclusive products [18][19] - Nongfu Spring has also begun its international expansion, entering the Hong Kong market with seven core brands, aiming for high-end brand validation and exploring further overseas opportunities [19][20]

Core Viewpoint - The company faced a significant crisis in 2024 due to a sudden wave of public criticism, leading to a sharp decline in sales and revenue, particularly in its core bottled water business, which saw a 21.3% year-on-year revenue drop. However, the company rebounded in the first half of 2025, reporting a 15.6% increase in total revenue and a 22.1% increase in net profit, surpassing market expectations [1][3][21]. Group 1: Bottled Water Business - The bottled water segment was severely impacted by both public opinion and aggressive price competition from rivals, prompting the company to launch a low-priced green bottle water product as a tactical response [4][5]. - The introduction of the green bottle water product aimed to disrupt competitors and penetrate previously inaccessible market segments, leading to a significant price war that forced competitors to react defensively [5][8]. - By mid-2025, the company shifted focus back to its core red bottle natural water, reducing subsidies for the green bottle and increasing the revenue share of red bottle water to over 80% [9][21]. Group 2: Tea Beverage Business - The tea beverage segment, particularly the "Oriental Leaf" brand, demonstrated strong growth, achieving a revenue of 10.1 billion RMB in the first half of 2025, a 19.7% increase year-on-year, and becoming the company's largest business segment [10][11]. - The tea business maintained a high operating profit margin of 48.4%, attributed to effective supply chain management and early investments in the tea production process [12][14]. - The company's proactive marketing strategies, such as the "One Yuan Enjoyment" campaign, helped maintain a market share of 70% in key regions for its tea products [12][14]. Group 3: Other Beverage Segments - The functional beverage segment reported a revenue of 2.9 billion RMB, a 13.6% increase, showcasing the company's strong channel capabilities despite facing tough competition [17][20]. - The juice beverage segment achieved a remarkable growth rate of 21.3%, with revenue reaching 2.6 billion RMB, indicating successful penetration into both high-end and mass-market segments [18][19]. - The company's dual strategy of targeting both premium and value markets in the juice category highlights its operational flexibility and platform capabilities [19][20]. Group 4: Financial Performance and Market Position - The company's financial results for the first half of 2025 indicated a successful recovery from the previous year's crisis, with a gross margin exceeding 60% and a net profit margin close to 30%, positioning it competitively against both domestic and international peers [23][24]. - The rapid recovery and strong financial metrics suggest that the company's true competitive advantage lies in its internal operational structure rather than just its access to natural resources [23][24]. - Following the release of the financial report, the company's stock price surged by 6%, reflecting positive market sentiment and confidence in its recovery strategy [21].

Core Insights - The beverage market is witnessing a shift from sugar-free tea drinks to functional beverages, with functional drinks becoming the fastest-growing category in China, projected to reach a market size of nearly 1.4 trillion yuan by 2024, approximately double that of sugar-free tea drinks [2][5][8]. Industry Overview - The energy drink segment, represented by brands like Dongpeng, has seen a significant increase in per capita consumption, rising from less than 1 liter in 2015 to 2.79 liters in 2024 [2]. - The overall functional beverage market in China is expected to grow from 111.9 billion yuan in 2019 to 166.5 billion yuan in 2024, marking a nearly 50% increase over five years [8]. Consumer Behavior - The rise in functional beverage consumption is closely linked to changing work and lifestyle habits among consumers, particularly young people who often work late hours and require energy-boosting drinks [9][10]. - The top consumption scenarios for energy drinks include sports, late-night work, studying, and gaming, with the latter three closely associated with late-night activities [9]. Company Performance - Dongpeng Beverage has experienced remarkable growth, with a projected revenue of over 20 billion yuan by 2026, positioning it as a potential new super brand alongside Coca-Cola and Red Bull [3]. - In the first half of 2025, Dongpeng reported a revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, with net profit rising by 37.22% [16][20]. Competitive Landscape - Dongpeng has overtaken Red Bull in sales since 2021, benefiting from Red Bull's internal challenges and the overall growth of the functional beverage category [17][19]. - The competitive dynamics have shifted, with Dongpeng capitalizing on Red Bull's slowed growth due to legal disputes and market disruptions [18][19]. Market Strategy - Dongpeng's marketing strategy includes aggressive promotion and distribution efforts, such as the "free freezer plan" to ensure product visibility in retail locations [37]. - The company has invested significantly in channel partnerships, offering higher profit margins to distributors compared to competitors, which has helped establish a strong market presence [38][40].

Core Viewpoint - Dongpeng Beverage has emerged as a major player in the energy drink market, competing directly with Red Bull, and is expected to achieve over 20 billion yuan in revenue this year [2][3]. Financial Performance - In the first half of 2025, Dongpeng Beverage reported revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22%, both reaching historical highs [2]. - The company aims for over 20 billion yuan in revenue for the year, supported by a strong market presence [2]. Market Position - Dongpeng's market share in China's energy drink sector is projected to rise from 43.0% in 2023 to 47.9% in 2024, maintaining its position as the top-selling energy drink for four consecutive years [2]. - The company has established a robust distribution network with over 3,000 distributors and nearly 420,000 active retail outlets across 33 provincial regions [7]. Product Strategy - Dongpeng's pricing strategy remains competitive, with its products priced significantly lower than Red Bull, appealing to the blue-collar demographic [5][7]. - The company has diversified its product line with the introduction of new categories, including electrolyte drinks, which saw a revenue increase of 213.7% in the first half of 2025 [14]. Growth Potential - The global functional beverage market is projected to grow from $149.75 billion in 2024 to $248.51 billion by 2030, indicating a strong growth trajectory for companies like Dongpeng [11]. - Dongpeng's annual compound growth rate over the past three years has been 28.5%, significantly outpacing other leading brands [10]. Marketing and Sales - Dongpeng's marketing expenses reached 1.682 billion yuan in the first half of 2025, a 37.27% increase, indicating a strong focus on brand promotion [17]. - Despite high sales growth, the company's net profit growth has slowed, raising concerns about its future performance [17][18]. Challenges and Risks - The company faces potential risks from fluctuating raw material prices and market saturation, which could impact its growth trajectory [18]. - Recent stock performance has been affected by major shareholders reducing their stakes, leading to investor concerns about the company's future [18].

Financial Performance - The company's total revenue for 2022-2024 is projected to be 8.5 billion, 11.257 billion, and 15.83 billion, with year-on-year growth rates of - / 32.4% / 40.6%. In the first half of 2025, total revenue reached 10.737 billion, a year-on-year increase of 36.37% [1] - Gross profit margins for 2022-2024 are 41.6%, 42.3%, and 44.1%, with a margin of 45.15% in the first half of 2025, reflecting a 0.55 percentage point increase attributed to lower raw material prices [1] Product Aspects - Dongpeng Special Drink remains the company's primary product, contributing 8.361 billion in revenue in the first half of 2025, a year-on-year increase of 21.91%, with a gross margin of 50.61% [2] - The introduction of "Bushuila" in 2023 has shown rapid growth, achieving sales of approximately 4 billion in its first year and projected to reach about 15 billion in 2024, contributing around 1.5 billion in the first half of 2025 [2] Regional Revenue - The company has a solid base in Guangdong, with rapid growth in national markets. In the first half of 2025, revenue contributions from various regions were Guangdong (2.546 billion), North China (1.708 billion), East China (1.536 billion), and Central China (1.377 billion), with year-on-year growth rates of 20.61%, 73.03%, 32.62%, and 28.91% respectively [3][4] Sales and Marketing Strategies - Sales expenses have increased significantly, with 2022-2024 expenses at 1.449 billion, 1.956 billion, and 2.681 billion, reflecting year-on-year growth rates of 5.91%, 34.94%, and 37.09% [6] - The company has implemented a "one yuan exchange" promotion to enhance consumer repurchase desire, benefiting both consumers and retail stores [7] Market Trends - The energy drink market in China has significant growth potential, with per capita consumption at 2.8 liters per year compared to higher rates in the US, Japan, and Thailand [15] - The functional beverage sector is becoming increasingly crowded, with competitors like Red Bull, Monster, and new entrants like Dali Foods' "Lehu" [18][20] Financial Structure - The company has a high debt level, with liabilities increasing significantly, particularly short-term loans, which reached 6.551 billion in 2024 [26] - Despite high cash reserves, the company has been criticized for high dividends amidst rising debt, potentially transferring risk to minority shareholders [26] Ownership Structure - The company is gradually becoming a family business, with the founder's family holding approximately 67.71% of shares, while institutional ownership has decreased significantly over recent years [23][25]