Core Insights - The fast-moving consumer goods (FMCG) industry is undergoing significant transformation, driven by diverse consumer demands and evolving channel dynamics [1] - Dongpeng Beverage has demonstrated strong growth, achieving a revenue of 10.737 billion yuan in the first half of 2025, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% [1] Group 1: Channel Development - Dongpeng Beverage has established a leading channel system with over 3,200 distributors, covering more than 4.2 million active retail points and reaching over 250 million unique consumers [2] - The company employs a dual-track approach of deep cultivation in mature markets and rapid expansion in emerging markets, with revenue in Guangdong growing by 20.61% and North China by 73.03% [2] - New channels such as dining, social e-commerce, and live streaming are being actively explored, alongside the deployment of smart vending machines to enhance product visibility in high-frequency consumption areas [2] Group 2: Digital Integration - Dongpeng Beverage integrates digital technology with channel management, creating a full-link digital closed loop that enhances operational quality and market expansion capabilities [3] - The use of real-time data reduces channel costs and improves targeting accuracy, supporting cross-regional and cross-category expansion [3] Group 3: Scene Marketing - Scene marketing strengthens the connection between the brand and various consumer scenarios, with Dongpeng Beverage identifying specific product anchors within a three-dimensional coordinate system of people, scenes, and products [4] - The company sponsors major esports and sports events, linking its functional beverages to the spirit of competition and athletic performance [4] - Revenue from Dongpeng's hydration product, "Dongpeng Water," reached 1.493 billion yuan in the first half of 2025, increasing its revenue share from 6.05% to 13.91% year-on-year [4] Group 4: Sales Conversion - Dongpeng Beverage has developed a comprehensive operational system that connects channel layout, scene penetration, and sales conversion [6] - The company enhances product availability through upgraded display strategies and digital marketing initiatives, driving consumer engagement and repeat purchases [7] - The focus on overseas expansion, particularly in Southeast Asia, leverages the company's established methodologies in channel development and scene penetration to tap into new growth opportunities [7]

东鹏控股（003012） 2025 年中报点评：瓷砖零售渠道逆势增长， 经营质量稳步提升 证券研究报告·公司点评报告·家居用品 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,773 | 6,469 | 6,158 | 6,452 | 6,765 | | 同比（%） | 12.16 | (16.77) | (4.82) | 4.79 | 4.84 | | 归母净利润（百万元） | 720.43 | 328.46 | 438.93 | 537.99 | 596.01 | | 同比（%） | 256.63 | (54.41) | 33.63 | 22.57 | 10.78 | | EPS-最新摊薄（元/股） | 0.62 | 0.28 | 0.38 | 0.46 | 0.52 | | P/E（现价&最新摊薄） | 11.53 | 25.29 | 18.93 | 15.44 | 13.94 | [Table_Tag ...