2026年2月3日，东鹏饮料（605499）（H股代码：09980）正式在港交所主板挂牌上市，成为国内首 家"A+H"双资本布局的功能饮料企业。其本次发行价248港元/股，募资总额101.407亿港元，不仅是港股 历史上发行规模最大的软饮饮料IPO项目，亦是全球2026年至今发行规模最大的IPO项目。此次发行吸 引了卡塔尔投资局、淡马锡等15家全球顶尖机构组成超豪华基石投资阵容，是公司迈向国际化的重要里 程碑。 华泰金融控股（香港）有限公司、摩根士丹利亚洲有限公司及UBS Securities Hong Kong Limited于本次 发行中担任牵头保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人；北京德恒 律师事务所担任本次H股发行的境内法律顾问；德勤中国担任审计与鉴证机构，负责财务报表审计、内 部控制评估及上市合规支持。 一、基本情况 公司是中国第一功能饮料企业，收入增速在全球前20大上市软饮饮料企业中位列第一。按销量计，公司 在中国功能饮料市场自2021年起连续多年排名第一，市场份额从2021年的15.0%增长到2024年的 26.3%。公司始终致力于为全球消费者健康美好生活注入能量， ...

Core Viewpoint - Dongpeng Beverage is set to launch its IPO on the Hong Kong Stock Exchange in February 2026, aiming to become the first dual-listed functional beverage company in China with both A and H shares. This IPO is the largest issuance in the Asian beverage sector since 2020, with a base offering of 40,889,900 shares, where 10% is allocated for public sale in Hong Kong and 90% for international investors, with a maximum price of 248 HKD per share [1][4]. Group 1: IPO Details - The IPO is expected to attract significant interest from global cornerstone investors, positioning Dongpeng Beverage as a potential standout in the Hong Kong food and beverage sector following Nongfu Spring [4]. - The company plans to utilize the funds raised from the IPO for capacity and supply chain upgrades, brand development, national expansion, and overseas market penetration, enhancing its global footprint [15]. Group 2: Business Strategy and Growth - Dongpeng Beverage's growth is supported by a "1+6" multi-category strategy, which includes a strong core product and a diverse range of new offerings, establishing a healthy ecosystem for sustainable growth [5]. - Dongpeng Special Drink has maintained its position as the leading energy drink in China, achieving the highest sales volume and revenue in 2025, further solidifying its market dominance [5][8]. - The company has seen significant revenue growth from its new product, Dongpeng Water, which became the top electrolyte drink brand in China within two years of its launch, with a revenue increase of 134.78% year-on-year in the first three quarters of 2025 [8]. Group 3: Operational and Competitive Advantages - Dongpeng Beverage has established a robust production network with 14 production bases across various regions, enhancing supply chain efficiency and product freshness [9]. - The company has achieved 100% coverage in all prefecture-level cities in China, with over 3,200 distributors and more than 4.3 million active sales points, creating a strong channel advantage [9]. - The integration of digital capabilities has optimized the operational efficiency of its extensive distribution network, ensuring effective management from raw material procurement to consumer end [9][10]. Group 4: Brand and Market Positioning - The company has successfully engaged in scenario-based marketing, associating its products with sports and esports events, which has enhanced brand recognition and market influence [10]. - Dongpeng Beverage has been recognized in the BrandZ Top 100 Chinese Brands for four consecutive years, reflecting its growing brand value and market presence [10]. - The anticipated revenue for 2025 is projected to be between 20.76 billion and 21.12 billion CNY, with a net profit of 4.34 billion to 4.59 billion CNY, indicating a growth of over 30% year-on-year [10]. Group 5: Capital and Global Expansion - The IPO has garnered strong support from 15 leading global institutions, raising over 600 million USD, which includes significant investments from sovereign wealth funds and international long-term funds [11]. - The funds raised will facilitate Dongpeng Beverage's entry into over 30 countries and regions, with established subsidiaries in Indonesia, Vietnam, and Malaysia, supporting its global market competition [15]. - The dual listing strategy is seen as a pivotal step for Dongpeng Beverage to enhance its competitive edge and expand its influence in the global functional beverage market [16].

业内人士分析，此举标志着其进入港股IPO冲刺阶段，更意味着这家A股"功能饮料第一股"将完 成"A+H"双资本布局。东鹏饮料此次港股冲刺的核心底气，源于2025年在产品与产能领域的扎实积淀， 多品类破局与全国化产能落地，共同筑牢了企业全球化的根基。 现如今，东鹏饮料成功培育出第二增长曲线，电解质饮料"东鹏补水啦"异军突起，成为公司拉动业绩增 长的重要力量。同时，公司持续优化产品矩阵，推出多规格产品精准覆盖多元场景，展现出成长为百亿 单品的巨大潜力。 目前，东鹏饮料全国化产能布局，已形成高密度、均衡化生产网络。近年来，东鹏饮料平均每年新增2 个生产基地，目前已有10个基地顺利投产。2026年1月23日，成都生产基地项目正式签约，总占地约280 亩、计划投资10亿元建设6条高端生产线，建成后将成为现代化综合基地，大幅提升西南及全国供应能 力。 亮眼的业绩表现、深度的数字化转型与完善的渠道网络，共同构成东鹏饮料的核心竞争力。2025年，东 鹏饮料交出惊艳答卷，预计全年营业收入207.6亿—211.2亿元，同比增长31.07%—33.34%；预计归母净 利润43.4亿—45.9亿元，同比增幅达30.46%—37.97% ...

1 月 26 日，东鹏饮料发布公告称，公司本次发行的 H 股预计于 2026 年 2 月 3 日在香港联交所挂牌并开始上市交易。这意味着，东鹏饮料将正式完 成"A+H"双资本布局，成为国内首家登录A+H两市的功能饮料企业。 据相关公告，东鹏本次全球发售H股最大发行股数为4702.33万股，发行价格最高不超过每股248港元。包括Huang River Investment、摩根大通资管等在内 的多家知名机构已签订基石投资协议，总认购金额约6.4亿美元。 招股书显示，东鹏饮料是中国功能饮料龙头企业，2021年起连续四年位居中国功能饮料销量市场第一，2024年以23.0%的零售份额位列行业第二。 根据公告，公司2023年度、2024年度、2025年前三季度截至9月30日止，净利润分别为20.40亿元、33.27亿元、37.61亿元，同比变动幅度为41.60%、 63.09%、38.91%。 来源：企业公告 据悉，此次东鹏IPO所募资金将主要用于产能布局与供应链升级、品牌建设、海外市场拓展、全国化渠道运营、数字化建设、产品品类拓展及营运资金等 方面。 ...