近日，市场有消息称，上美股份旗下新彩妆品牌NAN beauty品牌合伙人古迈已于近期离职。 2015年末，古迈加入阿里，自2016年1月起担任天猫美妆事业部总经理。 《国际金融报》记者向上美股份确认了这一消息。对方表示，因个人职业发展方向的调整，古迈决定将更多精力投入其他感兴趣的领域，"古迈正在 以其他形式与公司继续合作"。 从加盟到离开，古迈只在上美股份停留了约8个月。其离职后，NAN beauty的发展该何去何从？ 大将离去 根据公开信息，古迈于2025年5月正式加盟上美股份，彼时上美股份创始人兼CEO吕义雄还曾公开表示"特别开心"，称"古迈在我心里一直是一个英 雄，他几乎改变了中国美妆的格局，我特别欣赏"。 孙婉秋/摄 在化妆品及电商行业，古迈颇有声望。 其曾在玛氏、联合利华、雅诗兰黛、LVMH集团等国际企业任职，先后担任雅诗兰黛中国区销售总监、Benefit贝玲妃大中华区品牌总经理、LVMH集 团Fresh品牌总经理等职务。 在他的带领下，天猫美妆的品牌阵容迅速扩大，截至2016年底已有来自全球3000多家美妆品牌入驻天猫，LVMH集团、雅诗兰黛、欧莱雅、宝洁、资 生堂、爱茉莉太平洋等国际美妆集团旗下 ...

Group 1: Anta's Acquisition of Puma - Anta has joined the bidding for Puma, competing with Li Ning, Asics, Authentic Brands Group, and CVC [3] - Puma's stock surged 18.91% following the news of Anta's interest, although its market value has decreased to €2.5 billion [3] - Puma has faced significant challenges, with a cumulative decline of over 50% in stock price this year and expected losses in 2023 [3][4] Group 2: Yum China Expansion Plans - Yum China aims to open 30,000 stores by 2030, significantly increasing from its current 17,000+ locations [6] - The company plans to double its store count by 2026, with KFC and Pizza Hut as core growth drivers [6][7] - Yum China's aggressive expansion is a response to increasing competition in the Chinese fast-food market, which is projected to reach ¥1.2 trillion by 2024 [7] Group 3: Recovery in Luxury Goods Market - Several luxury brands, including LVMH and Cartier, have reported positive growth in China for Q3 2025 [8][9] - The recovery is attributed to improved macroeconomic conditions and a resurgence in consumer spending, as indicated by rising stock indices [9] - The luxury sector's performance in Q4 will be crucial to determine if a sustained recovery is underway [9] Group 4: New Retail Strategies - Belle International has opened its first concept store in Shenzhen, focusing on immersive shopping experiences [11] - Dongpeng Beverage is launching a new sugar-free tea product, targeting the 3 yuan ready-to-drink tea market [12] - The multi-category strategy is essential for Dongpeng as it faces declining revenue from energy drinks, with energy drink sales dropping to 74.63% of total revenue [12] Group 5: Marketing Innovations - FamilyMart and Bright Dairy have collaborated on a short drama to enhance customer engagement and drive sales [14] - McDonald's "cat nest" marketing campaign has generated significant social media buzz, leveraging the popularity of pets to enhance brand appeal [15] Group 6: Corporate Developments - Skechers' acquisition negotiations have faced challenges, with a hedge fund seeking a reassessment of the company's valuation [17] - IFBH Limited, the parent company of if coconut water, has seen its stock price drop over 60% since its peak in July [17] - EssilorLuxottica is reportedly looking to acquire 5-10% of Giorgio Armani's shares following the founder's passing [18]

Core Insights - Shenzhen's GDP for the first three quarters reached 27,896.44 billion yuan, with a year-on-year growth of 5.5%, indicating a stable economic development trend [1] - Dongpeng Beverage reported impressive revenue of 16.844 billion yuan for the same period, marking a year-on-year increase of 34.13%, reflecting the strong momentum of private enterprises contributing to GDP growth [1] Group 1: Company Performance - Dongpeng Beverage's flagship product, Dongpeng Special Drink, generated revenue of 12.563 billion yuan in the first three quarters, accounting for 74.63% of total revenue, demonstrating stable performance [5][6] - The electrolyte drink "Dongpeng Water" showed significant growth, achieving revenue of 2.847 billion yuan, increasing its share from 9.66% to 16.91%, becoming the second-largest growth driver after Dongpeng Special Drink [5][6] - The "1+6" multi-category product strategy has successfully increased the revenue share of other beverages to 8.46%, validating the effectiveness of the company's diversified approach [5][6] Group 2: Market Strategy - Dongpeng Beverage has established a nationwide distribution network with over 3,200 distributors and more than 4.2 million active terminal points, achieving comprehensive market coverage from first-tier cities to county markets [8] - Revenue in the Guangdong region grew by 13.50%, with market share adjusted to 23.08%, while the North China region saw a remarkable growth of 72.88%, indicating a balanced market layout and continuous optimization of regional structure [8] Group 3: Innovation and Development - The company employs a "precise entry + continuous deep cultivation" strategy to quickly establish advantages in niche markets such as electrolyte water and tea beverages, leveraging a mature supply chain and digital infrastructure [7] - Dongpeng Beverage has planned 13 production bases, with 9 already in operation, to reduce logistics costs and ensure rapid delivery of new products to the market [9] Group 4: Corporate and Economic Synergy - Dongpeng Beverage's growth story reflects the resilience of Shenzhen's private economy, transitioning from a struggling state-owned factory to a publicly listed company valued in the hundreds of billions [10] - The supportive policies and optimized business environment from the Shenzhen government have played a crucial role in fostering the growth of private enterprises like Dongpeng Beverage [10] - The company actively contributes to social development through public welfare initiatives and job creation, exemplifying the mutual empowerment between the enterprise and the city [10] Group 5: Future Outlook - Dongpeng Beverage aims to continue its growth alongside Shenzhen, focusing on product innovation, market expansion, and digital transformation to contribute to the high-quality development of the beverage industry in China [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 16.844 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 34.13%, with a net profit of 3.761 billion yuan, up 38.91% year-on-year [4][5] - The growth is driven by the core product "Dongpeng Special Drink" and the new product line "Dongpeng Water" which saw a revenue increase of 134.8% year-on-year [5][6] - The company's national expansion strategy is showing significant results, with revenue growth in various regions, particularly in Southwest and North China [5][8] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 6.107 billion yuan, a 30.36% increase year-on-year, and a net profit of 1.386 billion yuan, up 41.91% year-on-year [4][5] - The gross margin for the first three quarters of 2025 was 45.2%, with a net profit margin of 22.3%, reflecting improved profitability [7][9] Product and Market Strategy - The product matrix is expanding with a focus on high-value products like "Dongpeng Water" and "Fruit Tea," which have seen significant revenue increases [5][8] - The company has over 4.2 million retail points, enhancing its market presence and brand visibility through various marketing strategies [8] Regional Performance - Revenue growth in the Southwest and North China regions was particularly strong, with increases of 48.9% and 72.9% respectively [5][6] - The company is also focusing on expanding its presence in overseas markets, particularly in Southeast Asia [8] Profitability and Valuation - The report projects net profits for 2025-2027 to be 4.584 billion, 5.840 billion, and 7.046 billion yuan respectively, with corresponding EPS of 8.81, 11.23, and 13.55 yuan [9][10] - The current stock price corresponds to a PE ratio of 34x for 2025, indicating a favorable valuation outlook [9][10]

Core Insights - Dongpeng Beverage reported a strong performance for Q3 2025, achieving revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit of 3.761 billion yuan, up 38.91% [1] - The growth is attributed to the company's all-channel strategy and the successful launch of new products, particularly the 500ml gold bottle and "Dongpeng Water" [1] - The company is diversifying its product matrix, with the revenue share of Dongpeng Special Drink decreasing to 74.63%, indicating a shift towards new product lines [2] Revenue and Product Performance - The new product "Dongpeng Water" generated revenue of 2.847 billion yuan in the first three quarters of 2025, increasing its revenue share from 9.66% to 16.91% compared to the same period last year [3] - Dongpeng Special Drink's revenue share decreased by 9.27 percentage points year-on-year, highlighting the emergence of new products as growth drivers [3] Market Expansion and Strategy - Dongpeng Beverage is making significant strides in the low-sugar tea and flavored tea markets, with the new "Dongpeng Fruit Tea" series addressing consumer demand for health and taste [5] - The company has adopted a strategy of "first establishing a foothold in niche markets, then deepening efforts," focusing on product optimization and brand influence [7] - The northern market showed a remarkable revenue increase of 72.88%, while the traditional market in Guangdong grew by 13.50% [7] Supply Chain and Distribution - The company has established 13 production bases, with 9 already operational, enhancing regional supply capabilities and reducing logistics costs [8] - Dongpeng Beverage has built a comprehensive distribution network with over 3,200 distributors, reaching more than 4.2 million active retail points and over 250 million unique consumers [8] - The company is focusing on enhancing terminal visibility and sales conversion through independent freezer displays and digital tools [9] Future Outlook - The beverage industry is evolving into a competition of product matrices, channel depth, and supply chain efficiency [9] - Dongpeng Beverage aims to continue its multi-category, national, and global strategies, focusing on product innovation and supply chain optimization to become a leading comprehensive beverage group [9]

Core Insights - Dongpeng Beverage reported a strong performance in Q3 2025, with revenue reaching 16.844 billion yuan, a year-on-year increase of 34.13%, and net profit attributable to shareholders at 3.761 billion yuan, up 38.91% [1] Product Strategy - Dongpeng Beverage has accelerated the expansion of its diversified product matrix, reducing reliance on its core product, Dongpeng Special Drink. The newly launched "Dongpeng Water" achieved revenue of 2.847 billion yuan in the first three quarters of 2025, increasing its revenue share from 9.66% to 16.91% [2] - The revenue share of Dongpeng Special Drink decreased from 83.90% to 74.63%, indicating the emergence of new growth drivers [2] - The company is implementing a product strategy that includes energy drinks, electrolyte water, and other beverages, targeting specific consumer needs [2] National and Global Expansion - Dongpeng Beverage has established a national distribution network with over 3,200 distributors and access to more than 4.2 million active retail outlets, reaching over 250 million unique consumers [3] - The company has planned 13 production bases, with 9 already operational, enhancing its supply chain and channel advantages [3] - The recent listing in Hong Kong is part of the company's global strategy, aimed at attracting international capital and enhancing brand visibility in Southeast Asia and other markets [4] Future Outlook - Dongpeng Beverage plans to continue its multi-category, national, and global strategies, with production capacity gradually increasing and expanded investment in digital tools [4]

Core Viewpoint - Dongpeng Beverage is seeking to go public in Hong Kong despite having sufficient funds, indicating a strategic move for overseas expansion and brand development [3][20][21]. Group 1: Company Performance - Dongpeng Beverage's revenue grew from 6.978 billion yuan in 2021 to 15.839 billion yuan in 2024, doubling in this period [9]. - Net profit increased from 1.193 billion yuan to 3.327 billion yuan, with a year-on-year growth rate of 63.09% in 2024 [10]. - By the end of 2024, the company's cash and cash equivalents reached 5.653 billion yuan, with trading financial assets of 4.897 billion yuan, totaling over 10.5 billion yuan [18]. Group 2: Market Position - Dongpeng Beverage holds a 47.9% market share in the domestic energy drink market as of 2024, making it the leading player in this segment [5]. - The company's stock price surged from an initial offering price of 46.27 yuan in 2021 to over 300 yuan, with a market capitalization exceeding 160 billion yuan [6]. Group 3: Financial Strategy - Dongpeng plans to raise approximately 1.493 billion yuan through its Hong Kong IPO for overseas expansion and capacity building [20]. - Despite increasing short-term liabilities from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, the company continues to distribute high dividends, with a payout of 2.3 billion yuan in 2024 [24][28]. Group 4: Product Diversification - The company is pursuing a "1+6 multi-category strategy," focusing on its core product, Dongpeng Special Drink, while expanding into six new categories [45]. - Revenue from the electrolyte drink "Bushuila" grew nearly 280% in 2024, reaching close to 1.5 billion yuan, although it still accounts for less than 10% of total revenue [50][52]. Group 5: Industry Outlook - The Chinese functional beverage market is expected to grow at a compound annual growth rate of 8.3% from 2019 to 2024, indicating significant growth potential [71]. - In 2024, the per capita consumption of functional beverages in China was 9.9 liters, significantly lower than in developed countries, suggesting room for market expansion [74].

Core Viewpoint - Dongpeng Beverage has demonstrated strong growth in the functional beverage market, achieving significant revenue and profit increases while expanding its product offerings and market presence [1]. Financial Performance - For the first half of 2025, Dongpeng Beverage reported revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit attributable to shareholders of 2.375 billion yuan [1]. Market Position - Dongpeng Beverage has ranked first in China's functional beverage market for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024 [1]. Product Strategy - The company has accelerated the development of a diversified product matrix, with the electrolyte water product "Dongpeng Buli La" achieving revenue of 1.493 billion yuan in the first half of 2025, matching its total sales for 2024 [1]. - The new product "Dongpeng Guo Zhi Cha" has been introduced with innovative positioning, offering three flavors and two packaging sizes to cater to various consumption scenarios [1]. National Expansion - Dongpeng Beverage's national strategy has shown significant results, with revenue growth in traditional markets like Guangdong and nearly 80% growth in northern markets [1]. - The company has invested in 13 planned production bases, with 9 already operational, which will reduce logistics costs and improve supply chain efficiency [1]. Distribution Network - Dongpeng Beverage has established a comprehensive distribution network with over 3,200 distributors and more than 4.2 million active retail points, reaching over 250 million unique consumers [1]. Competitive Landscape - The beverage industry is increasingly competitive, and Dongpeng Beverage has built a competitive edge through its multi-category product strategy, national supply chain, and deep distribution network [1].

Core Viewpoint - Dongpeng Beverage has submitted an application for listing on the Hong Kong Stock Exchange, aiming to enhance its brand recognition and expand its market presence internationally, particularly in Southeast Asia [2][5]. Fundraising Purpose - The net proceeds from the listing will primarily be used for capacity expansion, supply chain upgrades, brand building, consumer engagement, national strategy implementation, overseas market exploration, digital transformation, product development, and general corporate purposes [4]. Previous Listing Attempts - Dongpeng Beverage previously submitted a listing application to the Hong Kong Stock Exchange on April 3, 2025, but the prospectus became invalid on October 3, 2025. The company had successfully listed on the A-share market in 2021 [4]. Market Strategy - The company aims to leverage the Hong Kong platform to attract global investors and enhance brand awareness, following the internationalization strategies of competitors like Red Bull and Monster [5]. Shareholder Considerations - A significant factor for the Hong Kong listing is the need for shareholders to reduce their holdings, as they have collectively reduced their stakes by over 5 billion yuan since the A-share listing [5]. Regulatory Challenges - Dongpeng Beverage faced regulatory scrutiny from the China Securities Regulatory Commission, requiring additional information regarding its business scope and compliance with foreign investment policies [6]. Financial Performance - Dongpeng Beverage has shown rapid revenue growth, with revenues of approximately 8.5 billion yuan in 2022, 11.26 billion yuan in 2023, and 15.83 billion yuan in the first half of 2025. Gross profits and net profits have also increased significantly during this period [7][8]. Product Strategy - The company has adopted a "1+6 multi-category strategy," focusing on its core product, Dongpeng Special Drink, while expanding into six new categories, including electrolyte drinks and coffee beverages [9]. Channel Development - Dongpeng Beverage is addressing the challenge of maintaining and upgrading its distribution channels while exploring e-commerce and new retail opportunities to cater to younger consumers [10].

Financial Data and Key Metrics Changes - The company reported net revenues of RMB880 million for Q2 2025, representing a 40% year-over-year increase and a 9% quarter-over-quarter increase [15][16] - Non-GAAP operating profit reached RMB116 million, marking the seventh consecutive quarter of positive non-GAAP operating profit, with a non-GAAP operating margin expanding by more than five percentage points year-over-year to 13.2% [6][17] - Gross margin improved by 2.3 percentage points year-over-year to 27.5%, reflecting a favorable revenue mix and continued cost optimization efforts [16][17] - Operating cash inflow was RMB230 million, a significant increase from RMB197 million in the same period last year [18] Business Line Data and Key Metrics Changes - The e-vapor segment remains a key driver of growth, with the company expanding its product offerings to include modern oral nicotine products and heat-not-burn devices [6][9] - The company has established market leadership in the e-vapor segment and is diversifying its portfolio to include additional smokeless categories [9][10] Market Data and Key Metrics Changes - The company has seen moderate year-over-year growth in its overseas business, particularly in Asian markets, despite a decline in China export data [26] - The domestic compliance market in China is recovering, driven by stricter controls on illegal products, with over 80% to 90% of the market still dominated by illegal products [30][31] Company Strategy and Development Direction - The company is committed to a multi-category strategy, focusing on sustainable product innovation and strengthening its global distribution network [13][19] - The recent acquisition of a European e-vapor company is expected to enhance the company's operational footprint and local market share [12][39] Management Comments on Operating Environment and Future Outlook - Management highlighted the positive impact of tightening regulations on non-compliant products, which is expected to benefit compliant products and business development [24][25] - The company anticipates a stabilization of the market towards the end of 2025, allowing for healthy sustainable growth in 2026 and beyond [10][19] Other Important Information - The company announced its third cash dividend since its IPO, reaffirming its commitment to delivering value to shareholders [19][35] - The company is exploring additional categories that align with evolving consumer needs and has invested in local retail support to enhance market strategies [12][11] Q&A Session Summary Question: Regulation impact on non-compliant products - Management noted that the global regulatory landscape is becoming clearer, which is benefiting compliant products and allowing the company to gain market share [24][25] Question: Organic growth of overseas business - Despite a decline in China export data, the company achieved moderate year-over-year growth in overseas business, with significant contributions from the European market [26] Question: Current situation of the China market - Management observed a moderate recovery in the domestic compliance market, driven by stricter controls on illegal products, with the company actively collaborating with regulators [30][31] Question: Dividend announcements and share repurchase program - The company does not foresee additional dividend announcements this year and plans to continue its share repurchase program while evaluating future shareholder returns [35][36] Question: Details on the investment agreement with a European company - The investment agreement with a European e-vapor company aims to enhance distribution and retail capabilities, allowing the company to gain insights into European market trends [39][40]