Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [1] Core Views - Dongpeng Beverage continues to demonstrate strong revenue growth, with a projected total revenue of 10.63-10.84 billion yuan for H1 2025, representing a year-on-year increase of 35%-38% [5] - The company's net profit attributable to shareholders is expected to be between 2.31-2.45 billion yuan, reflecting a growth of 33%-42% [5] - The second quarter of 2025 shows total revenue of 5.78-5.99 billion yuan, with a net profit of 1.33-1.47 billion yuan, indicating a growth of 25%-38% [5] - The slowdown in profit growth is attributed to increased sales expenses due to higher investments in frozen products [5] Summary by Sections Performance Overview - Dongpeng Beverage's national strategy and refined channel operations have significantly contributed to its revenue growth [5] - The company is expanding its sales network and enhancing product visibility through increased investments in frozen product displays [6] Product Strategy - The product matrix includes energy drinks, electrolyte drinks, tea beverages, coffee drinks, fruit and vegetable juices, and plant protein drinks, which are expected to drive steady growth [6] - The introduction of a sugar-free version of Dongpeng energy drink aims to strengthen its health-oriented branding [6] Earnings Forecast - The company is projected to maintain robust growth, with estimated EPS for 2025-2027 at 8.67, 11.20, and 14.18 yuan respectively, corresponding to PE ratios of 33, 26, and 20 times [7] - Revenue growth rates are forecasted at 40.6% for 2024, 32.3% for 2025, 26.4% for 2026, and 23.7% for 2027 [10]