作者 | 李含章 简洋洋 编辑 | 江江 视觉 | 顾芗 便利店的饮品柜里，曾经稳居C位的无糖茶饮，正在被功能饮料挤到角落。 公开数据显示，过去一年，功能饮料销售额增长超过即饮茶，成为国内增速最快的饮料大类。另有行业 数据表明，2024年能量饮料市场规模接近1400亿元，约是无糖茶饮规模的2倍。 功能饮料中，以东鹏特饮为代表的能量饮料，在过去十年间，实现了国内人均消费量的快速提升，从 2015年的人均不足1升，一路跃升至2024年的人均2.79升。 嘉世咨询数据显示，2019—2024年，中国功能饮料市场规模从1119亿元增长至1665亿元，五年增幅近 50%。 "这与之前功能饮料在整个饮料市场占比不高有关。"上海博盖咨询创始合伙人高剑锋告诉盐财经记者。 相比包装饮用水、碳酸饮料、果汁等传统饮品，功能饮料的市场渗透率相对较低，仍有相当多人从来没 有喝过或主动购买过功能饮料，使得在统计上，较低基数的品类增速会更加明显。 东鹏饮料也乘上了行业东风。国泰君安研报预测，2026年东鹏特饮收入将突破200亿，成为可口可乐、 红牛、农夫山泉后的又一个超级单品。 2014-2024年中国能量饮料市场规模及预测/图源：艾媒咨 ...

记者丨 杨期鑫,实习生钟宸 编辑丨林曦 曾被称为"红牛学徒"东鹏特饮，已经成为能与红牛掰手腕的饮料巨头。 近日，东鹏饮料披露了2025年上半年财报。数据显示，其上半年实现营收107.37亿元，同比增长36.37%；实现归母净利润23.75亿元，同比增 长37.22%，均创历史新高。 有行业观点认为，这家市值约1500亿的饮料巨头，凭着被誉为"提神搭子"的功能饮料，有望在今年实现超200亿元 营收 。 尼尔森IQ数据显示，2024年，东鹏特饮在我国能量饮料市场销售量占比由 2023年的43.0%提升至47. 9%， 连续四年成为我国销售量最高的能 量饮料 。 截至8月19日午间收盘，东鹏饮料报收296.65元/股，涨幅4.11%，市值1542.6亿元。 东鹏饮料创始人林木勤在2024年股东大会上曾直言，"东鹏的基因是'穷人家的孩子早当家'，我们永远要比对手快半步。" 这种快半步，从林木勤拍下陷入困境的东鹏饮料工厂便已见端倪。 东鹏饮料的历史可以追溯到1987年，其曾为国有企业，只是一家豆奶饮料厂（名为深圳市豆奶饮料厂），也曾为红牛代工。1997年，林木勤被 挖到了这家豆奶厂任副总，在林木勤的推动下，模仿红牛推出 ...

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]

Macro Economy - Foreign investment projects in China are progressing steadily, with the National Development and Reform Commission planning to introduce a new batch of major foreign investment projects and a revised "Encouraging Foreign Investment Industry Catalog" to attract more foreign capital [3] - As of the end of July, the total number of registered local companies in Hong Kong exceeded 1.5 million, and over 15,000 non-Hong Kong companies were registered, both reaching historical highs [3] - Investment in Xiong'an New Area increased by 13.5% year-on-year in the first half of the year, with over 300 central enterprise branches established [3] - The total box office for the summer movie season in 2025 has surpassed 8.5 billion yuan as of August 10 [3] Investment News - Hong Kong Investment Management Company has invested in over 100 projects, with more than 10 companies preparing to apply for listing in Hong Kong [4] - Southbound capital inflow has reached 900.8 billion HKD this year, marking a significant milestone and highlighting the importance of mainland funds in the Hong Kong stock market [4] - Public funds are experiencing a resurgence in self-purchase activities, with several institutions announcing plans to buy their own equity funds [5] - The issuance of new technology innovation bonds has reached 880.66 billion yuan in three months, with financial institutions accounting for 36% of the issuance [5] - A total of 40 restricted shares will be unlocked this week, with a total market value of 232.775 billion yuan [5] Company Movements - Changan Automobile's chairman visited Huawei's CEO to discuss industry competition and received targeted advice on supporting Changan and its Avita brand [6] - Huawei is set to release breakthrough technology in AI reasoning on August 12, which may reduce reliance on high-bandwidth memory technology [6] - Industrial Fulian reported a revenue of 360.76 billion yuan in the first half of the year, a year-on-year increase of 35.58%, with a net profit of 12.11 billion yuan, up 38.61% [6] - Yanjing Beer achieved a revenue of 8.558 billion yuan in the first half of the year, with a net profit of 1.103 billion yuan, reflecting a year-on-year growth of 6.37% and 45.45% respectively [7] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, injecting quality chip design business assets [8]

Core Insights - The Lin Muqin family ranks among the top ten in Shenzhen's New Fortune 500 list with a holding market value of 77.77 billion yuan, improving their overall ranking by 23 places compared to previous years, reflecting the success of Dongpeng Beverage and Lin Muqin's business acumen [1] Company Development - Dongpeng Beverage originated as a state-owned beverage producer in Shenzhen, primarily manufacturing soy milk and herbal tea, but faced near bankruptcy with annual revenue below 20 million yuan [2] - In a critical moment, Lin Muqin invested 4.6 million yuan to transition the company from state-owned to private, becoming the largest shareholder and embarking on a challenging entrepreneurial journey [2] - Recognizing the potential in the functional beverage market, Lin Muqin launched Dongpeng Special Drink in 2009 with innovative packaging and a competitive pricing strategy, quickly gaining recognition among blue-collar consumers [2][6] Brand Expansion - To enhance brand visibility, Dongpeng signed celebrity endorsement deals and invested in advertising through major platforms, leading to significant market presence [6] - The company has diversified its product offerings, launching "Dongpeng Supplement Water" in 2023, which achieved nearly 1.5 billion yuan in revenue in 2024, marking it as a new growth driver [10][11] - The introduction of the "Shangcha" series and "Dongpeng Daka" coffee brand reflects the company's response to consumer demand for healthier options and diverse flavors [14] Marketing and Sales Strategy - Dongpeng has established a robust sales network with over 3,000 distributors and 4 million active retail outlets, with significant revenue contributions from key regions [15] - The company employs innovative marketing strategies, including a "one code for one item" system and data-driven decision-making processes to enhance consumer engagement and optimize supply chain management [15][18] - Collaborations with major events and targeted advertising campaigns have strengthened brand recognition, particularly among younger demographics [16] Future Outlook - Dongpeng aims to continue its growth trajectory by focusing on innovation and quality while exploring global market opportunities, solidifying its position as a leading national beverage brand [16]