A股三季报业绩潮过后，旺旺、娃哈哈、元气森林等再接棒披露新一报告期业绩，并释放整体状态稳 健、多条产品线上扬的信号。但值得一提的是，目前软饮的财务数据已不单独存在于公司业务运营，更 在于行业基本盘的共同影响，而品类景气度的分化，便是左右关键点之一。 近日，中国旺旺发布截至2025年9月30日止六个月中期业绩公告。当中披露，2025财年上半年，集团总 收益为111.08亿元，较上一财年同期成长2.1%。产品支柱划分方面，乳品及饮料类继续领跑，收益同比 减少1.1%至59.413亿元，占总收益比约为53%。监测收益数据动态变化原因，公告提到，主系旺仔牛奶 收益衰退低个位数，但饮料及其他类收益较上一财年同期上升近四成。 放大饮料小类2025财年上半年表现，公告还称，该业务销量得到翻倍成长，且新品收益占饮料小类收益 比近5成，其中"旺旺AD钙奶"短时间内收益近8000万元，占饮料小类新品收益约3成；"旺旺乳酸菌饮 品"收益占饮料小类新品收益达2成；除此之外，果蔬汁饮料、茶饮、"旺旺摇摇冻风味饮料"、功能饮 料"劲爆"与"荟动"等产品，亦为消费者提供了丰富的口味和选项。 近期一并交出又一轮成绩单的娃哈哈与元气森林，也在 ...

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].

东鹏饮料的资本运作始终伴随着争议。2021年A股上市时，公司募资18.5亿元，宣称用于解决产能瓶 颈。但上市四年间，其募资投向与资金管理的反差逐渐显现：2025年公司公告拟动用110亿元闲置资金 进行现金管理，涵盖结构性存款、理财产品等多种类型，而此次港股募资中仅14.93亿元用于产能建设 等核心业务。一边是百亿资金躺赚理财收益，一边是奔赴资本市场"补血"，这种矛盾操作让投资者难以 理解。 更值得关注的是，东鹏饮料的财务报表暗藏风险。截至2024年末，公司资产合计226.76亿元，负债合计 却高达149.85亿元，资产负债率攀升至66.08%，较2023年的57.01%显著上升。其中短期借款达60.65亿 元，同比激增80.14%，且流动负债占比高达99.07%，短期偿债压力不容忽视。公司将高负债解释为"生 产经营需要"，但在百亿资金用于理财的背景下，这种说辞难以服众。 与融资行为形成鲜明对比的是股东们的减持节奏。自2022年以来，原第二大股东君正投资通过5次减持 计划累计套现近42亿元，持股比例已降至1%的披露红线以下。实控人家族关联方的减持动作更引发市 场关注：2025年3月至5月，林木勤父子持股超63% ...

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 ...

Core Viewpoint - Dongpeng Beverage has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to expand its overseas financing channels and enhance its brand's international influence [3]. Financial Performance - Revenue is projected to grow from RMB 85.0 billion in 2022 to RMB 158.3 billion in 2024, with net profit increasing from RMB 14.4 billion to RMB 33.26 billion during the same period [3][5]. - For the first half of 2025, revenue and net profit are expected to show year-on-year growth of 36.4% and 37.2%, respectively, indicating strong short-term momentum [3]. - Gross margin has steadily increased, with figures of 41.6%, 42.3%, and 44.1% for 2022, 2023, and 2024, respectively, reaching 44.4% in the first half of 2025 [3]. Market Position - Dongpeng Beverage ranks second in China's energy drink market with a market share exceeding 15%, following Red Bull China [3]. - The company has diversified its product offerings beyond energy drinks to include functional beverages, coffee, and bottled water [6]. Distribution and Expansion - The company has expanded its distribution channels, with over 6,000 distributors covering 31 provinces and regions by the end of 2023 [7]. - Dongpeng Beverage plans to use funds raised from the Hong Kong listing to enhance production capacity, strengthen supply chain management, and accelerate its expansion into Southeast Asian markets [9]. Strategic Intent - The listing is seen as a strategic move to transition from a domestic leader to an international beverage group, marking a new phase of capital competition in the functional beverage sector [9].

| [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 ...