功能饮料龙头东鹏饮料再次向港交所发起冲击，半年营收破百亿、净利润增长37%的亮眼数据背后也有 隐忧。 10月9日，据港交所披露，东鹏饮料再次向港交所主板提交上市申请书，联席保荐人为华泰国际、摩根 士丹利、瑞银集团。《观澜商业评论》注意到，这已是东鹏饮料今年内第二次递表——今年4月3日东鹏 饮料曾向港交所递交过上市申请，但招股书于10月3日失效。 东鹏饮料于2021年成功登陆A股，成为国内"功能饮料第一股"。从今年开始，东鹏饮料正式开始谋 求"A+H"上市。此次更新的招股书，也披露了公司最新的业绩表现：2025年上半年，公司实现营业收入 107.32亿元，同比增长36.38%；实现归属于母公司股东的净利润23.75亿元，同比增长37.22%。 1 高增速下的隐忧 从业绩来看，东鹏饮料近年来的业绩表现堪称行业标杆。2022年至2024年，公司营收从85亿元跃升至 158.3亿元，年复合增长率达36.5%；净利润更是从14.4亿元飙升至33.26亿元，增速高达52%。 今年上半年延续了这一势头，营收和净利润分别实现36.4%和37.2%的同比增长，毛利率亦从2022年的 41.6%提升至2025年上半年的44.4% ...

Core Insights - The article highlights the journey of a seasoned investor, "金凤凰四点," who achieved a total return of 51.76% in a trading competition, showcasing the dual nature of the capital market as both cruel and captivating [1][2]. Group 1: Investor's Strategy and Performance - The investor started with a small capital and recorded an impressive single-day return of 20.80%, maintaining a 100% win rate since June 23 [1]. - After experiencing a significant loss due to leveraging and a short-term mindset, the investor spent a year analyzing mistakes and developed a revised arbitrage strategy, which includes a -3% unconditional stop-loss and an 8% ordinary take-profit [2]. - The investor's strategy focuses on capturing market trends in sectors like military, gaming, film, and restructuring, emphasizing the importance of volume and price dynamics [2]. Group 2: Market Insights and Lessons - The investor advocates for risk management, stating that learning to control risks should not wait until a significant loss occurs, and views the competition as an excellent testing ground [2]. - The investor's performance metrics include a weekly return of 49.32% and a monthly return of 5.46%, with a maximum drawdown consistently maintained at 0, underscoring the significance of risk control [2]. - The investor's story serves as an inspirational example for both seasoned traders and newcomers, emphasizing the importance of resilience and strategy adaptation in the face of market challenges [3]. Group 3: Competition Results - As of July 2, 2025, the top performers in the trading competition include "小西瓜" with a return of 67.22% and "金凤凰四点" with a return of 51.76%, showcasing a competitive environment [4]. - The competition results reflect a diverse range of performance, with varying win rates and total assets among participants, indicating different trading strategies and risk appetites [4].