新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记 新华社记者孙飞、胡林果、田宇 走进便利店、打开柜门，琳琅满目的饮料品类中，主打提神醒脑功能的东鹏特饮，受到消费者欢 迎。小小一瓶东鹏特饮，一年却能创造上百亿元销售额。 从濒临破产的生死抉择，到成长为千亿元市值的"大块头"，在竞争激烈的饮料行业中，这家以深圳 别名"鹏城"寓意命名的饮料企业，持续求新、求变，深耕细分市场，不断通过"小饮品"释放大能量。 从无到有深耕功能饮料市场 功能饮料，因其含有牛磺酸、B族维生素等成分，具有抗疲劳、补充能量等作用，近年来发展迅 速。第三方机构数据显示，目前我国功能饮料市场规模已超千亿元。 "累了困了，喝东鹏特饮。"伴随着许多消费者熟悉的广告语，在这一细分市场中，东鹏饮料旗下的 东鹏特饮，占据市场领先地位。 东鹏饮料董事长林木勤说，从无到有，从小到大，背后是东鹏饮料"几十年对准一个城墙冲锋"的执 着追求。 20世纪80年代初，林木勤从家乡来到深圳。感受到饮料行业的巨大潜能，1988年林木勤投身这一领 域，在多家企业积累了丰富经验。1997年，他来到东鹏饮料，并于2003年企业改制后担任董事长。 回顾中国饮料 ...

群体的需求。在加强配方研发创新的同时，东鹏饮料也持续营造"简单、诚信、协作、拼搏"的企业文 化。为了更好调动全体员工建言献策积极性，东鹏饮料设立了"小创新大改善"平台，两年来共收到超过 800条建议，已经有上百条建议被采纳。改善一条水管，每小时就可节约0.042吨水——这得益于东鹏饮 料南宁生产基地生产三科的员工黄文章提出的一项建议。过去一年，仅他一个人就提出了21条建议，并 全部得到采纳，其中关于节水的创新想法获得了公司授予的"变废为宝"奖。东鹏饮料还在瞄准海外市 场。已是年末的12月，位于深圳南山的东鹏饮料总部，工作人员仍十分忙碌。"对不少饮料行业企业来 说，新一年从12月开始。"蒋薇薇说，2025年是公司的"出海元年"，产品已出口至越南、印尼等20余个 国家和地区，2026年公司希望持续拓展海外市场，加快"走出去"步伐。目前东鹏饮料海外收入占比仍然 较低，林木勤希望未来这一比重持续增加，成为公司的重要增长极。"全球人都知道可口可乐，中国饮 料也能成为世界级品牌。"林木勤说。（完） 新华社广州12月29日电 题："小饮品"何以释放大能量——东鹏饮料转型记新华社记者孙飞、胡林果、 田宇走进便利店、打开柜门， ...

Core Viewpoint - The beverage industry in China is showing signs of stability and growth, with various companies reporting positive performance across multiple product lines, although there are notable disparities in performance among different categories [1][2][3] Company Performance - China Wangwang reported total revenue of 11.108 billion yuan for the first half of the 2025 fiscal year, a 2.1% increase year-on-year, with dairy and beverage products leading the revenue streams [1] - Wahaha announced a revenue increase of 500 million yuan for 2025, with water products continuing to be a strong growth driver [2] - Genki Forest achieved a 26% year-on-year growth in overall performance for 2025, maintaining double-digit growth for three consecutive years [2] Product Category Insights - Wangwang's beverage segment saw a doubling in sales, with new products contributing nearly 50% to the beverage category's revenue [1] - The performance of functional beverages is on the rise, driven by increasing consumer demand for energy and electrolyte replenishment across various daily scenarios [3][4] - Health-conscious products like sugar-free tea and electrolyte water are gaining traction, particularly among younger demographics [3] Market Trends - The beverage sector is experiencing a divergence in performance, with some companies like Quan Yang Quan reporting revenue and net profit growth, while others focusing on plant-based and dairy beverages face declines [2][4] - Analysts predict that the beverage industry will see a recovery in demand, with expectations of mid-to-high single-digit growth in 2026, influenced by market demand and raw material prices [5]

Core Insights - The beverage market is shifting towards energy drinks, with Dongpeng Special Drink emerging as a preferred choice for workers needing quick energy boosts, surpassing traditional options like coffee [1][3][19] - Dongpeng Beverage Group reported significant growth in revenue and profit, with a 34.13% increase in revenue to 16.844 billion and a 38.91% increase in net profit to 3.761 billion in the first three quarters of the year [1][3] Market Trends - The energy drink segment has seen a sales growth rate of 28.3%, surpassing ready-to-drink tea for the first time, indicating a shift in consumer preferences [3][4] - Dongpeng Special Drink has maintained the top sales position in China's energy drink market for four consecutive years, reflecting its successful penetration into urban markets [3][4] Consumer Behavior - The primary consumption scenarios for energy drinks include sports (31.21%), night shifts (30.12%), late-night studying (29.44%), and gaming (29.17%), highlighting a trend towards using these drinks for extended wakefulness [4][6] - Many consumers are turning to energy drinks due to their effectiveness in providing quick energy compared to coffee, which can lead to tolerance and reduced effectiveness over time [6][10] Competitive Landscape - The energy drink market is becoming increasingly competitive, with brands like Red Bull and new entrants targeting young consumers through various marketing strategies, including sponsorships of esports and other events [11][16] - Dongpeng Special Drink's marketing strategy includes product placements in popular media and sponsorship of events, which has contributed to its brand recognition and sales [11][13] Product Characteristics - Energy drinks are perceived as productivity tools rather than mere beverages, with consumers valuing their immediate energizing effects over traditional drinks like coffee [6][10] - Despite the popularity of Dongpeng Special Drink, concerns about its high sugar content have been raised, leading some consumers to mix it with other beverages to mitigate health impacts [10][18]

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange to support its international business expansion after its initial application was invalidated in April 2023. The company has experienced rapid growth since its A-share listing in 2021, becoming the "first stock in functional beverages" in China [3][4]. Financial Performance - Dongpeng Beverage's revenue from 2022 to 2025 is projected to be 85 billion, 112.57 billion, and 158.3 billion yuan, representing year-on-year growth rates of 21.81%, 32.44%, and 40.62% respectively. In the first half of 2025, the company achieved a revenue of 107.37 billion yuan, with a year-on-year increase of 36.37% and a net profit of 23.75 billion yuan, up 37.22% [3][4]. - As of October 17, 2025, Dongpeng's market capitalization reached 156.7 billion yuan, with the founder's family wealth significantly increasing, ranking among the top in Shenzhen [3][4]. Strategic Focus - The company emphasizes growth as its primary strategy, with a focus on diversifying its product offerings beyond its flagship Dongpeng Special Drink. New products like "Brew Water" and "Dongpeng Coffee" have been introduced to reduce reliance on core products [4][6]. - Dongpeng's overseas revenue currently accounts for only 0.2%, with significant competition from established international brands in Southeast Asia [6][7]. Market Positioning - Dongpeng Beverage has successfully differentiated itself in a highly competitive market by targeting price-sensitive consumers and focusing on under-served segments. The introduction of Dongpeng Special Drink in 2009, with a lower price point and unique packaging, allowed it to capture significant market share [10][11]. - From 2012 to 2021, Dongpeng's market share increased from 4.7% to 16.7%, while Red Bull's share decreased from 82.1% to 53.3% [17]. Digital Transformation - Dongpeng has integrated digitalization into its operations, enhancing its marketing and sales strategies. The company began its digital initiatives in 2015, utilizing QR codes for promotions and consumer engagement [20][21]. - The digital system allows real-time tracking of sales data, enabling the company to respond quickly to market changes, which is seen as a competitive advantage in the beverage industry [21][22].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported strong financial performance for Q1-Q3 2025, with revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit attributable to shareholders of 3.761 billion yuan, up 38.91% year-on-year [1] - The energy drink segment remains robust, with significant growth in other beverage categories, indicating a strong second growth curve [1] - The company is actively expanding its product lines and overseas markets, leveraging its competitive advantages in product quality and digitalization [3] Financial Performance Summary - For Q1-Q3 2025, the company achieved revenues of 12.563 billion yuan from energy drinks, 2.847 billion yuan from electrolyte drinks, and 1.424 billion yuan from other beverages, reflecting year-on-year growth rates of 19.36%, 134.78%, and 76.41% respectively [1] - In Q3 2025, the company reported a gross margin of 45.21%, with a net profit margin of 22.70%, an increase of 1.85 percentage points year-on-year [3] - The company expects net profits to grow by 34.5%, 31.1%, and 21.2% in 2025, 2026, and 2027 respectively, reaching 4.476 billion yuan, 5.866 billion yuan, and 7.111 billion yuan [3] Regional Performance Summary - Revenue growth varied by region, with notable increases in the Southwest (48.91%) and North China (72.88%) for Q1-Q3 2025 [2] - In Q3 2025, the company reported revenue of 1.339 billion yuan from Guangdong, with a modest growth of 2.10%, while the Southwest region saw a significant increase of 67.81% [2]

Core Viewpoint - Dongpeng Beverage has submitted a new listing application to the Hong Kong Stock Exchange after a previous attempt failed within six days, showcasing impressive growth metrics but facing potential challenges in sustaining this growth in a competitive market [3][15]. Group 1: Financial Performance - Dongpeng Beverage's revenue is projected to grow from 8.5 billion RMB in 2022 to over 15.8 billion RMB by 2024, with net profit increasing from 1.44 billion RMB to 3.33 billion RMB during the same period [3][4]. - In the first half of 2025, revenue reached 10.74 billion RMB, a year-on-year increase of 36.37%, but the growth rate has slightly declined compared to the same period in 2024 [3][4]. Group 2: Product Segmentation - The company's energy drink, Dongpeng Special Drink, remains the core product, accounting for 96.6% of revenue in 2022, which decreased to 77.9% in the first half of 2025, indicating a need for diversification [4][7]. - Other beverage products, such as sports drinks, have a much smaller market share, with revenue of 1.49 billion RMB in 2024, representing only 9.4% of total revenue [6][7]. Group 3: Distribution Channels - Dongpeng Beverage relies heavily on offline distribution channels, with 87.1% of revenue coming from distributors as of the first half of 2025, which poses risks related to dependence on these partners [7][9]. - The company has 3,200 distribution partners covering 4.2 million retail outlets, indicating a strong market presence but also a reliance on a single distribution model [7][9]. Group 4: Debt and Financial Structure - The company's debt levels are concerning, with a debt-to-asset ratio exceeding 50%, reaching 61.86% in the first half of 2025, indicating a reliance on debt financing [11][13]. - Short-term borrowings increased from 3.18 billion RMB in 2022 to 6.55 billion RMB in 2024, highlighting potential liquidity issues as current assets are insufficient to cover current liabilities [13][14]. Group 5: Market Position and Future Outlook - Dongpeng Beverage's growth story is challenged by increasing competition from established brands like Red Bull and the need for international expansion as domestic competition intensifies [15][16]. - The company stands at a critical juncture, where its reliance on a single product line and distribution model may hinder its long-term sustainability in the market [15][16].

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange to support its international business development after an initial application was invalidated in April 2023. The company has experienced rapid growth since its A-share listing in 2021, becoming a leader in the functional beverage sector [1][2]. Financial Performance - Dongpeng Beverage's revenue has shown significant growth from 2022 to 2025, with figures of 8.5 billion yuan, 11.257 billion yuan, and 15.83 billion yuan respectively, reflecting year-on-year growth rates of 21.81%, 32.44%, and 40.62%. In the first half of 2025, the company achieved a revenue of 10.737 billion yuan, a 36.37% increase year-on-year, and a net profit of 2.375 billion yuan, up 37.22% [1]. Market Position - As of October 17, 2025, Dongpeng Beverage's market capitalization reached 156.7 billion yuan. The founder, Lin Muqin, has seen his wealth grow significantly, ranking as the richest person in Guangdong's Chaoshan region with a net worth of 30.5 billion yuan in 2022 [1]. Strategic Focus - The company emphasizes growth as its core strategy, with Lin Muqin stating that this focus is ingrained in the company's culture. Dongpeng is diversifying its product offerings beyond its flagship Dongpeng Special Drink to include new products like "Brew Water" and "Dongpeng Coffee" to reduce reliance on a single product [4][5]. Competitive Landscape - The beverage industry is highly competitive, and Dongpeng is actively working to expand its market share. The company has seen its market share grow from 4.7% in 2012 to 16.7% in 2021, while Red Bull's market share declined from 82.1% to 53.3% during the same period [15]. Digital Transformation - Dongpeng has integrated digitalization into its operations, allowing for real-time data tracking of sales and inventory. This digital approach has improved the company's efficiency in managing promotional activities and understanding market dynamics [16][18].

Core Viewpoint - Dongpeng Beverage has submitted a second listing application to the Hong Kong Stock Exchange, aiming to raise 1.493 billion yuan for capacity expansion and global layout, despite holding over 10 billion yuan in cash and facing shareholder sell-offs and operational concerns [1][4]. Financial Performance - As of the end of 2024, the company reported total assets of 22.676 billion yuan and total liabilities of 14.985 billion yuan, resulting in a debt-to-asset ratio of 66.08%, significantly up from 57.01% in 2023 [2]. - Short-term borrowings reached 6.065 billion yuan, an increase of 80.14% year-on-year, with current liabilities accounting for 99.07% of total liabilities, indicating substantial short-term repayment pressure [2]. Shareholder Actions - Since 2022, the second-largest shareholder, Junzheng Investment, has cashed out nearly 4.2 billion yuan through five reduction plans, reducing its stake below the 1% disclosure threshold [2]. - The controlling family's associated parties have also sold shares, with Kunpeng Investment, holding over 63% of shares, cashing out approximately 1.9 billion yuan between March and May 2025, raising market concerns despite the company's claims of non-involvement in the sell-off [2]. Operational Risks - The company heavily relies on energy drinks, which account for over 80% of its revenue, posing a risk of instability if market growth slows or competition intensifies [3]. - Despite having 4.2 million terminal sales points, the reliance on a distribution model has led to high sales expenses, which increased by 37.09% year-on-year in 2024, with advertising and channel promotion costs rising over 54% [3]. Global Expansion Challenges - The planned fundraising includes investments in Southeast Asia and North America, but the company lacks international operational experience and faces competition from established brands like Red Bull [4]. - The company's research and development investments have not kept pace with revenue growth, and the high sugar content of core products may hinder future development as consumer preferences shift towards healthier options [4]. Market Confidence - Despite a revenue growth of 36.37% and net profit growth of 37.2% in the first half of 2025, investor confidence is wavering due to fundamental issues such as high debt levels and shareholder sell-offs [4]. - The company's strategy of high dividends, exceeding 2 billion yuan since its IPO, contrasts with its growth stage, raising concerns about its long-term sustainability in the competitive functional beverage market [4].

Core Viewpoint - Dongpeng Beverage, known as the "first stock of functional drinks," has submitted its application for a secondary listing in Hong Kong after a successful four-year run on the A-share market, with significant growth in stock price and market capitalization [1][3]. Company Overview - Dongpeng Beverage, officially Dongpeng Beverage (Group) Co., Ltd., was established in 1994 and has evolved into China's leading functional beverage company, with a product matrix that includes energy drinks, sports drinks, tea drinks, coffee drinks, plant protein drinks, and fruit and vegetable juices [3][4]. - The company has achieved a remarkable revenue growth rate, ranking first among the top 20 listed soft drink companies globally [3]. Market Position - Dongpeng Beverage has maintained the top position in China's functional beverage market for four consecutive years since 2021, with market share increasing from 15% in 2021 to 26.3% in 2024 [3][4]. - By retail revenue, the company is projected to be the second-largest functional beverage company in 2024, holding a market share of 23% [3]. Financial Performance - Revenue figures for Dongpeng Beverage during the reporting period are approximately 8.5 billion yuan in 2022, 11.26 billion yuan in 2023, 15.83 billion yuan in 2024, and 10.73 billion yuan in the first half of 2025, reflecting a 36.37% year-on-year growth [4]. - Net profit has increased from 1.441 billion yuan in 2022 to 3.326 billion yuan in 2024, with a compound annual growth rate of 52% [5]. - The company's net profit margin improved from 16.9% in 2022 to 21% in 2024, reaching 22.1% in the first half of 2025 [6]. Industry Growth - The Chinese soft drink industry is projected to reach a retail value of approximately 1.3 trillion yuan in 2024, with functional drinks being the fastest-growing segment, expected to grow at a compound annual growth rate of 8.3% from 2019 to 2024 [4][9]. - The energy drink sector is anticipated to reach a market size of 180.7 billion yuan by 2029, with a compound annual growth rate of 10.3% from 2025 to 2029 [9]. Strategic Expansion - Dongpeng Beverage plans to use proceeds from its Hong Kong IPO to expand production capacity, upgrade supply chain systems, enhance brand marketing, and explore international markets, including Southeast Asia, North America, Europe, and the Middle East [10]. - The company operates nine strategic production bases across major regions, with plans to increase capacity by 6.479 million tons following the completion of new facilities [10].