Core Insights - Dongpeng Beverage continues to show remarkable growth in Q1 2025, with total revenue reaching 4.848 billion yuan, a year-on-year increase of 39.23%, and net profit of 980 million yuan, up 47.62% [2][3] - The company is initiating its Hong Kong stock listing process to support its global expansion strategy, aiming to replicate its successful domestic model in Southeast Asia and beyond [1][12] Group 1: Domestic Growth - Dongpeng's flagship product, Dongpeng Special Drink, generated 3.9 billion yuan in revenue, reflecting a 25.7% year-on-year growth, with a continuously increasing market share [2][3] - The company has established itself as a national brand, transitioning from a regional leader to a household name in China [2] Group 2: Strategic Growth Drivers - The company employs a precise consumer targeting strategy, initially focusing on truck drivers and later expanding to include young professionals, students, and athletes, maintaining a consistent product positioning [3] - Dongpeng has adopted a "1+6 multi-category strategy," expanding its product line to include electrolyte drinks, coffee, and tea, with the new product "Dongpeng Water" achieving 570 million yuan in revenue within two years [7][10] Group 3: National Expansion Strategy - Dongpeng has built a comprehensive national sales network with over 3,000 distributors, achieving 100% coverage in prefecture-level cities and nearly 4 million active retail outlets [10] - The company utilizes a digital supply chain system, enabling real-time tracking of production and logistics, enhancing supply chain transparency and efficiency [11] Group 4: Global Expansion Initiatives - Dongpeng is targeting Southeast Asia for its global expansion, leveraging the region's high temperatures and large labor force to drive beverage demand [12][13] - The company is establishing production bases in Hainan and Indonesia, with Hainan's investment at 1.2 billion yuan and Indonesia's at 200 million USD, aiming to meet local demand and expand its market reach [14] Group 5: Capital Market Strategy - The upcoming Hong Kong IPO is seen as a crucial step for Dongpeng to transition from a regional player to a global brand, providing access to international capital and strategic resources [16] - The capital raised will support the company's efforts in localizing products and expanding its production and distribution networks overseas [16][17]

中证报中证网讯（王珞）东鹏饮料（605499）日前公告显示，公司递交了发行境外上市外资股（H股） 股票并在香港联交所主板挂牌上市的申请，并在香港联交所网站刊登了此次发行的申请资料。 东鹏饮料表示，此次港股上市具有重要战略意义，是在国际化战略布局中迈出关键的步伐。通过登陆香 港资本市场，企业不仅打通了对接国际投资者的通道，更建立起全球化品牌传播的资本桥梁。当前公司 在全国产能网络布局中取得了卓越成效，伴随2026年-2027年新增产能的梯度释放，将为海外业务拓展 提供强有力的供应链支撑。值得关注的是，东鹏饮料已率先在印度尼西亚、越南设立子公司，通过搭建 东南亚市场战略支点，系统推进本地化运营体系建设,既夯实了国内市场的规模优势，又为海外业务增 长开辟新空间，持续强化企业的全球化竞争力。 业内人士介绍，近年来，饮料消费的底层逻辑悄然生变。消费者不再满足于产品的单一功能标签，而是 更关注产品与生活场景的契合度。 观研天下报告显示，2024年中国电解质水市场持续增长，运动、户外为主要场景，分别占44%、25%份 额，新锐白领、资深中产及Z世代是主力消费群体，消费场景从运动健身向户外游玩、学习工作、电竞 游戏等日常场景 ...

Core Viewpoint - Despite challenges in the consumer market and intensified industry competition, Weilong (09985.HK) has demonstrated resilience and growth, achieving a total revenue of 6.266 billion yuan in 2024, a year-on-year increase of 28.6%, and a net profit of 1.068 billion yuan, up 21.3% [1] Group 1: Financial Performance - In 2024, Weilong's total revenue reached 6.266 billion yuan, reflecting a 28.6% year-on-year growth [1] - The net profit for the same period was 1.068 billion yuan, marking a 21.3% increase [1] - The gross profit margin remained stable at 48.1% [1] Group 2: Product Strategy and Market Position - The balanced product matrix contributed to Weilong's growth, with seasoning noodle products (spicy strips) and vegetable products accounting for 98.9% of total revenue [3] - Vegetable products surpassed spicy strips for the first time, contributing 53.8% of revenue compared to 42.6% from spicy strips, establishing a "dual-engine" growth model [3] - Revenue from spicy strips was 2.667 billion yuan, showing a 4.6% year-on-year growth, while vegetable products saw a 59.1% increase to 3.371 billion yuan [3] Group 3: Competitive Landscape - The Chinese spicy snack food market is projected to reach 273.7 billion yuan by 2026, with a compound annual growth rate (CAGR) of 9.6% from 2021 to 2026 [4] - Weilong is transitioning from "product competition" to "strategic ecosystem competition," leveraging its multi-category strategy and brand positioning [4] - The company is expanding its market presence through collaborations and innovative product launches targeting younger consumers [4] Group 4: Operational Efficiency - Weilong achieved significant operational improvements, with offline channel revenue increasing by 27.5% to 5.562 billion yuan and online channel revenue surging by 38.1% to 0.705 billion yuan [5] - The production capacity utilization rates for seasoning noodle products and vegetable products improved to 65.4% and 96.3%, respectively [5] - The company has implemented cost control measures and optimized production processes to enhance gross profit margins [5] Group 5: Industry Outlook - The Chinese snack food market is expected to reach 1.2378 trillion yuan by 2027, with a CAGR of over 10% in the next five years [6] - The spicy snack food segment remains one of the most promising and dynamic sectors in the fast-moving consumer goods market, providing a fertile ground for Weilong's continued growth [6] - The industry is shifting from "scale expansion" to "value creation," aligning with Weilong's mission to promote Chinese flavors globally [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to the parent company was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, an increase of 74.5% year-on-year [2][5]. - The "Twin Stars" product strategy, featuring East Peng Special Drink and Water, has shown significant growth, with revenues of 13.304 billion yuan and 1.495 billion yuan respectively, marking increases of 28.5% and 280.4% year-on-year [11]. - The company is expanding its overseas business, particularly in Southeast Asia and the Middle East, which are seen as key growth areas for future development [11]. Financial Performance - The company reported a Q4 revenue of 3.28 billion yuan, a year-on-year increase of 25.1%, with a net profit of 620 million yuan, up 61.2% year-on-year [2][5]. - The gross margin for the company reached 44.8%, an increase of 1.8 percentage points year-on-year, driven by improved cost efficiency and product demand [11]. - The company expects EPS for 2025, 2026, and 2027 to be 8.71 yuan, 11.20 yuan, and 13.93 yuan respectively, with corresponding PE ratios of 26X, 20X, and 16X [11]. Market Position and Strategy - The company has established nearly 4 million distribution points and over 30,000 refrigerators, with more than 3,000 distributors, indicating a robust channel resource network [11]. - The company’s sales and management expense ratios have decreased, contributing to an improved net profit margin of 21%, up 2.9 percentage points year-on-year [11]. - The company is focusing on a multi-category strategy, enhancing its product portfolio beyond energy drinks, which has led to a more balanced revenue growth across different beverage categories [11].

公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2024 年年报点评："双子星"产品力 突出，海外业务有序推进 报告要点 [Table_Summary] 2024 年公司实现收入 158.39 亿元，同比+40.6%，归母净利润为 33.3 亿元，同比+63.1%，扣 非归母净利润为 32.6 亿元，同比+74.5%。其中 Q4 收入 32.8 亿元，同比+25.1%，归母净利 润 6.2 亿元，同比+61.2%，扣非归母净利润 6 亿元，同比+62.97%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2024 2] 年年报点评："双子星"产品力 突出，海外业务有序推进 [Table_Summary2] 事件 ...