Core Viewpoint - Fuzhou Energy Co., Ltd. (福能股份) is responding to the Shanghai Stock Exchange's inquiry regarding its large deposits and borrowings, asserting that its financial practices align with industry standards and do not harm the company's interests [1][5]. Group 1: Financial Position - As of the end of last year, Fuzhou Energy had approximately 56 billion yuan in cash and cash equivalents, with short-term borrowings of about 7 billion yuan and long-term borrowings of around 143 billion yuan [2][4]. - The company reported a total interest-bearing debt of approximately 177 billion yuan, with loans from its financial company amounting to about 34 billion yuan, representing 19.21% of its total interest-bearing debt [4]. Group 2: Investment and Projects - Fuzhou Energy plans to issue up to 3.8 billion yuan in convertible bonds to fund ultra-supercritical combined heat and power projects and pumped storage power station projects [2]. - The company emphasizes that its high cash balance is necessary for daily operations and project investments, which require significant capital reserves [3][5]. Group 3: Interest Rates and Comparisons - The interest rate on deposits at the group's financial company is 1.21%, while the borrowing rate is 3.17% [4]. - Fuzhou Energy compares its financial situation with that of Shenneng Co., Ltd. (申能股份), highlighting similar patterns of high cash balances and substantial interest-bearing debts [4].

Core Viewpoint - Dongpeng Beverage has established itself as a leader in the functional beverage sector in the A-share market, with a market capitalization that has surged from under 20 billion RMB at its IPO to over 120 billion RMB currently, following its successful listing in May 2021 [1][2]. Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.839 billion RMB, a year-on-year increase of 40.63%, and a net profit of 3.327 billion RMB, up 63.09% [2]. - The company's core product, Dongpeng Special Drink, saw its market share rise from 43% to 47.9% [2]. - In Q1 2025, revenue grew by 39.23% and net profit increased by 47.62% [1]. Shareholder Actions - Since the lifting of the lock-up period in 2022, there has been a notable trend of shareholder sell-offs, with the second-largest shareholder, Junzheng Investment, reducing its stake from 9% to below 4% through four rounds of sales, totaling over 4.1 billion RMB [3]. - Key executives and board members have also engaged in share sell-offs, amounting to 1.369 billion RMB [3]. Dividend Policy - Dongpeng Beverage has distributed over 4 billion RMB in dividends since its IPO, with the founder's family receiving more than 2.5 billion RMB, raising concerns about the governance structure [1][4]. - Following the 2024 earnings announcement, the company declared a cash dividend of 1.3 billion RMB, with the founder's family set to receive approximately 871 million RMB, accounting for 67% of the total [4]. Market Position and Strategy - Dongpeng Beverage has maintained a dominant position in the energy drink market, with a sales volume that has ranked first in China for three consecutive years [5]. - The company is facing challenges due to its reliance on a single product, Dongpeng Special Drink, which accounted for over 80% of its revenue in recent years [13]. - To diversify, the company launched a new electrolyte drink, "Bushuila," which generated 1.495 billion RMB in revenue in 2024, representing 9.4% of total revenue [13]. Financial Health and Risks - As of the end of 2024, Dongpeng Beverage reported cash assets of 14.223 billion RMB but also maintained short-term borrowings of 6.551 billion RMB, leading to a significant increase in its debt ratio [8]. - The company's "big deposit, big loan" model has raised concerns about credit arbitrage and the potential transfer of operational risks to minority shareholders [9][12]. R&D and Competitive Landscape - Dongpeng Beverage's R&D expenditure has decreased from 0.67% to 0.51% of revenue from 2019 to 2022, which is significantly lower than industry averages, potentially hindering its long-term competitiveness [14]. - The company faces increasing competition in the beverage market, with new entrants and changing consumer preferences posing challenges to its market position [15].

东鹏饮料在招股书表示，其上市所募资金将用于完善产能布局和推进供应链升级；加强品牌建设和消费者互动，持续增强品牌影响力；持续推进全国 化战力，拓展、深耕和精细化运营渠道网络；拓展海外市场业务，探索潜在投资及并购机会；加强各个环节的数字化建设；增强产品开发能力，持续 实现产品品类拓展；以及营运资金及一般企业用途。 以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 来源|征探财经 作者丨五仁 4月3日，东鹏饮料 向港交所递交招股书。根据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2021年起连续4年排名第一，市场份额从 2021年的15.0%增长到2024年的26.3%。 对东鹏饮料来说，近年来业绩逐渐上市，2023年推出的东鹏补水啦逐渐打开了运动饮料的市场，但目前其依旧依赖能量饮料。在拓展品类的发展战 略下，其研发费用的体量与增速远不及销售费用，能否推出更多爆款饮品也存在隐忧。 而在大量理财的同时，东鹏饮料负债也在不断攀升，此时抛出东鹏饮料赴港上市计划，也引发了一些质疑。 01 依赖能量饮料与线下经销商 据东鹏饮料招股书，其收入从20 ...