超八成收入来自单一产品 【深圳商报讯】（记者 钟国斌）据港交所10月9日披露，东鹏饮料（605499）（集团）股份有限公司 （下称"东鹏饮料"）向港交所主板提交上市申请书，华泰国际、摩根士丹利、瑞银集团为联席保荐人。 值得一提的是，东鹏饮料曾于2025年4月3日向港交所递交过上市申请。 公开资料显示，2021年5月27日，东鹏饮料在上交所主板上市。10月9日，东鹏饮料开盘下跌1.88%报 298.09元/股，截至收盘，该股报301.51元/股，下跌0.75%，总市值1567.89亿元。今年以来，东鹏饮料上 涨23.81%。 东鹏饮料主营业务为饮料的研发、生产和销售。尼尔森数据显示，2024年东鹏特饮在国内能量饮料市场 的销售量占比高达47.9%，连续4年成为销售量最高的功能性饮料。 招股书显示，东鹏饮料产品结构单一，公司的营收高度集中于"能量饮料"这一单一品类。东鹏特饮作为 公司的核心产品，近3年在公司收入中占比超过八成。2022年至2024年，东鹏特饮收入在公司营收中的 占比分别为96.6%、91.9%、84%。 2025年上半年，东鹏饮料营业收入107.37亿元，同比增长36.37%。归母净利润23.75 ...

Core Viewpoint - Dongpeng Beverage has re-applied for an H-share listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A and H shares, following a previous unsuccessful attempt. The company, known for its flagship product "Dongpeng Special Drink," seeks to enhance its brand recognition and international presence through this listing [1][2]. Group 1: Company Background and Market Position - Dongpeng Beverage, established in 1994, is a leading player in China's functional beverage market, with its flagship product gaining nationwide popularity. The company successfully listed on the Shanghai Stock Exchange in May 2021, with its stock price soaring from an initial price of 46.27 yuan to 207 yuan by July 2021, and maintaining a market capitalization around 150 billion yuan [2][9]. - The company has previously attempted to internationalize its capital by planning to issue Global Depositary Receipts (GDR) in Switzerland, but this was halted due to tightening overseas regulatory requirements. Dongpeng is now focusing on the Hong Kong market, which is more accessible to domestic investors [2][6]. Group 2: Strategic Considerations for H-Share Listing - The H-share listing is seen as a strategic move to attract global investors and enhance brand recognition, facilitating future expansion into Southeast Asian markets. Dongpeng aims to replicate the success of international competitors like Red Bull and Monster through this listing [6][15]. - Despite appearing financially stable, with plans to utilize up to 11 billion yuan of idle funds for low-risk financial products, Dongpeng's capital structure shows room for improvement. The company has seen a significant increase in short-term borrowings and a rising debt-to-asset ratio, indicating potential financial optimization needs [6][9]. Group 3: Financial Performance - In 2024, Dongpeng reported a revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1%. The growth trend continued into the first half of 2025, with revenues reaching 10.737 billion yuan, a 36.37% increase, and net profits of 2.375 billion yuan, a 37.22% rise [9][10]. Group 4: Challenges and Market Dynamics - Dongpeng faces challenges in maintaining growth as it relies heavily on its flagship product. The company has introduced a "1+6 multi-category strategy" to diversify its product offerings, but the profitability and market acceptance of new products remain to be tested [12][16]. - The competitive landscape in the functional beverage market is intensifying, with established brands like Red Bull and emerging competitors posing significant challenges. Dongpeng's market share has increased from 15% in 2021 to 26.3% in 2024, but it still faces the uphill task of displacing dominant players [16][17].

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and Jia Duo Bao has intensified, particularly in international markets, as both companies assert their rights to the "Wanglaoji" brand amidst legal battles and public statements [1][5][9]. Trademark Dispute - Jia Duo Bao claims to hold valid "Wanglaoji" trademarks in 63 countries and regions, including North America, South America, Europe, Asia, Africa, and Oceania, and has successfully defended these trademarks in multiple lawsuits [5][7]. - Wanglaoji refutes Jia Duo Bao's claims, stating that their assertions of "infringement, counterfeiting, and unfair competition" are misinterpretations of trademark law, and emphasizes that the "Wanglaoji" trademark is owned by Guangzhou Baiyunshan Pharmaceutical Group [5][6]. Legal Proceedings - A recent ruling by the Guangdong High People's Court found Jia Duo Bao liable for infringement, ordering them to pay 317 million yuan in damages, which Jia Duo Bao plans to appeal [6][7]. - In Canada, a court confirmed the legality of Jia Duo Bao's trademark registrations, while Wanglaoji is actively challenging these registrations in various countries, with some successes reported [7][8]. Market Dynamics - The global plant-based beverage market is experiencing significant growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, making it a key battleground for both brands [9]. - Wanglaoji holds a 46.33% market share in the plant beverage category in China, while Jia Duo Bao follows with 28.31% [10]. Financial Performance - Wanglaoji reported a revenue of 6.499 billion yuan and a net profit of 1.295 billion yuan in the first half of 2025, both showing double-digit growth [11].

天眼查数据显示，严学峰在189家企业任职，在杭州娃哈哈集团、杭州娃哈哈非常可乐饮料等多家企业 担任核心成员或高管。 截至目前，宏盛集团以及娃哈哈集团未对严学峰的下落作出官方回应。 中经记者 孙吉正 北京报道 日前，娃哈哈集团董事会发布声明，否认了关于国庆期间港媒报道称"宗馥莉被带走"的传闻，称其属 于"假新闻"。 此前，有媒体报道称，国庆期间宏胜饮料集团生产中心总监严学峰因涉嫌违纪，被杭州市上城区纪律检 查委员会立案审查，立案通知书已经发送给娃哈哈集团党委。公开信息显示，作为宗馥莉控股的宏胜饮 料集团，严学峰多年来是宏胜饮料集团的核心人物之一。早在2007年，25岁的宗馥莉刚执掌宏胜饮料集 团时，严学峰就进入了宏盛集团管理层。 （编辑：孙吉正 审核：孙吉正 校对：颜京宁） ...

Company Overview - Dongpeng Beverage Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with joint sponsors including Huatai International, Morgan Stanley, and UBS [1] - The company focuses on the functional beverage industry, with its flagship product "Dongpeng Special Drink" becoming a billion-yuan product in China [2][4] Financial Performance - For the fiscal year 2024, Dongpeng Beverage reported revenue of 15.83 billion RMB, a 40.62% increase from 11.26 billion RMB in the previous year [4] - The net profit for 2024 reached 3.36 billion RMB, up 63% from 2.04 billion RMB year-on-year, with a non-GAAP net profit of 3.26 billion RMB, reflecting a 74.48% increase [4][6] - In the first half of 2025, the company generated revenue of 10.74 billion RMB, a 36.37% increase from 7.87 billion RMB in the same period last year [6] Product Portfolio - Dongpeng Beverage's product range includes energy drinks, sports drinks, tea beverages, coffee drinks, plant protein drinks, and fruit and vegetable juices [2] Shareholding Structure - As of June 30, 2025, the major shareholders include Lin Muqin with 49.74%, Hong Kong Central Clearing Limited with 9.9%, and Lin Mugang and Lin Daiqi each holding 5.22% [10][12] - Lin Muqin's son, Lin Yupeng, has cashed out 2 billion RMB [7] Market Position - Dongpeng Beverage's marketing strategy mimics that of Red Bull, with the slogan "Tired, sleepy, drink Dongpeng Special Drink" [2]

2025.10. 09 不久前的10月2日，据财新网报道，宗馥莉"心腹"严学峰被调查。报道称，娃哈哈集团的核心成员 严学峰因涉嫌违纪，被杭州市上城区纪律检查委员会立案审查，立案通知书已经发送给娃哈哈集团党 委。未经纪检委同意，娃哈哈集团不得批准严学峰出国、辞去公职，不得批准对其交流、晋升、奖 励、处分或者办理退休手续。严学峰现为宏胜饮料集团有限公司生产中心总监，是公司的核心高管之 一。工商信息显示，严学峰在与娃哈哈有关联的近190家公司中担任监事。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 300274突发！四高管提前终止减持 作者 | 第一财经 揭书宜 近日，继宗馥莉"心腹"严学峰被曝"被调查"的消息之后，杭州坊间传出宗馥莉被带走的消息。10月 9日，第一财经记者从一位接近娃哈哈的知情人士了解到，宗馥莉今日正常上班。 ...

Core Viewpoint - The article discusses the potential transition of Wahaha from its long-standing brand to a new one, "Wah Xiaozong," under the leadership of Zong Fuli, amidst internal family conflicts and external pressures [2][4][8]. Brand Transition - An internal notice revealed that starting in 2026, "Wah Xiaozong" will replace the nearly 40-year-old "Wahaha" brand [4]. - Multiple similar trademarks, such as "Wah Xiaohar" and "Zong Xiaohar," have been registered under Zong Fuli's wholly-owned Hongsheng Beverage Group [4]. Internal Conflicts - Key member Yan Xuefeng of Wahaha Group was placed under investigation for disciplinary violations, raising concerns about the internal dynamics and stability of the company [6][8]. - The internal conflicts and trademark disputes highlight the complex ownership structure and the potential risks facing a brand that has significant emotional value for many [8][9]. Financial Implications - Wahaha's brand value is estimated at approximately 90 billion [11]. - Zong Fuli has set an ambitious sales target of 30 billion for "Wah Xiaozong," which is about 80% of Wahaha's current annual sales [13]. Market Challenges - In a saturated market, "Wah Xiaozong" will face tough competition from established brands like Nongfu Spring and Master Kong, making it crucial to quickly gain consumer trust and sales [15][16]. - Distributors have expressed reluctance to engage in selling the new brand due to perceived risks [15]. Historical Context - The article outlines the historical context of Wahaha's ownership and brand disputes, particularly the "Dawa War" with Danone, which significantly shaped the company's trajectory [21][24]. - The ownership structure reveals that the largest shareholder is not the Zong family but a state-owned enterprise, which holds 46% of the shares, complicating Zong Fuli's control over the brand [26][28]. Governance and Future Outlook - The governance structure requires consensus among major shareholders for any significant decisions, which can hinder Zong Fuli's ability to implement changes [28][40]. - The ongoing family disputes could lead to further fragmentation of ownership, impacting the company's stability and future operations [43][44].

Core Viewpoint - Dongpeng Beverage, a leading functional beverage company, has reinitiated its IPO process on the Hong Kong Stock Exchange after its previous application expired in October 2023, aiming to enhance its capital strength and global competitiveness [1][10]. Financial Performance - Dongpeng Beverage has demonstrated significant growth over the past three years, with a compound annual growth rate (CAGR) of 36.5% in revenue and a net profit growth rate of 52% [2][3]. - Revenue increased from 8.5 billion RMB in 2022 to 15.83 billion RMB in 2024, while net profit rose from 1.44 billion RMB to 3.33 billion RMB during the same period [3][4]. - The company reported a revenue and net profit growth of 36.4% and 37.2%, respectively, in the first half of 2025 [3]. Profitability and Cost Structure - Dongpeng Beverage's gross margin has steadily increased, with rates of 41.6%, 42.3%, and 44.1% from 2022 to 2024, reaching 44.4% in the first half of 2025 [4]. - Despite high growth rates, the company faces challenges related to its reliance on a single product line, with over 80% of total revenue coming from its flagship energy drink, Dongpeng Special Drink [5][7]. Market Position and Competition - Dongpeng Beverage holds the top position in China's functional beverage market, with market share increasing from 15% in 2021 to 26.3% in 2024 [7]. - The company faces risks associated with over-reliance on a single product category, which may limit growth potential and expose it to market saturation and competition [7][9]. Distribution and Sales Strategy - The company has established a sales network covering over 4.2 million retail outlets nationwide, but this reliance on distributors brings significant operational costs [8]. - Sales expenses are projected to increase by 37.09% in 2024, driven by rising employee compensation, advertising, and channel promotion costs [8]. Strategic Initiatives - The IPO aims to support Dongpeng Beverage's strategy to enhance its international brand image and expand its global market presence [10]. - The company is focused on diversifying its product offerings beyond energy drinks, including electrolyte and tea beverages, to mitigate risks associated with its current revenue structure [5][10].

Core Points - The announcement states that all 115 batches of food samples, including mooncakes, tested by the Ankang Market Supervision Administration are qualified for safety [3]. Group 1: Food Safety Inspection - The Ankang Market Supervision Administration conducted a safety inspection of 115 batches of food products ahead of the Mid-Autumn Festival [3]. - All tested samples were found to be compliant with safety standards, indicating a positive outcome for food safety in the region [3]. Group 2: Product Details - The inspection included various food items such as mooncakes, pastries, and other snacks, confirming their safety for consumer consumption [3]. - Specific products listed include items from companies like Shaanxi Rongfei Food Co., Ltd. and Ankang Bread Forest Food Co., Ltd., with details on product specifications and production dates [3].

近几年，东鹏饮料业绩增长迅速，2022年—2024年，东鹏饮料的收入分别约为85亿元、112.57亿元、 158.3亿元；毛利分别约为35.32亿元、47.61亿元、69.83亿元；净利润分别约为14.41亿元、20.4亿元、 33.26亿元。 进军港股并非一帆风顺，此前东鹏饮料曾被证监会要求补充材料。根据证监会官网披露的境外发行上市 备案补充材料要求（2025年4月25日—2025年5月9日）显示，要求东鹏饮料补充说明公司及子公司的经 营范围是否涉及《外商投资准入特别管理措施（负面清单）（2024年版）》所涵盖的领域，以及本次发 行上市前后是否持续符合外资准入政策要求；鉴于公司及下属公司经营范围包含酒的生产和销售，需补 充说明公司及下属公司是否从事白酒的生产及销售，若存在该业务，请详细说明情况；补充说明公司及 下属公司开发、运营的网站、App、小程序等产品情况，包括收集及储存的用户信息规模、数据收集使 用情况，是否涉及向第三方提供个人用户信息，以及上市前后在个人信息保护和数据安全方面的安排或 措施；补充说明此次发行的境内募投项目在审批、核准或备案方面的进展情况。 编辑 唐峥 校对 陈荻雁 新京报讯（记者王子 ...