Core Viewpoint - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve A+H dual listing, marking a significant milestone in its capital layout and a new phase in its global development [1][7]. Group 1: Product and Performance - Dongpeng Beverage has established a diversified product matrix and a "1+6" multi-category development strategy, maintaining its core advantage in energy drinks while cultivating a second growth curve [3]. - The flagship product, Dongpeng Special Drink, has ranked first in China's functional beverage sales for four consecutive years (2021-2024), with revenue reaching 12.563 billion yuan in the first three quarters of 2025, showing a nearly 20% year-on-year increase [3][5]. - The newly launched Dongpeng Water has seen rapid growth, achieving 1.493 billion yuan in revenue in the first half of 2025, matching the total revenue for 2024, and reaching 2.847 billion yuan in the first three quarters [3][5]. Group 2: Financial Performance - Dongpeng Beverage's revenue and profit have consistently led the industry, with a forecasted annual revenue of over 20.76 billion yuan for 2025, representing a year-on-year growth of over 31%, and a net profit estimated between 4.34 billion to 4.59 billion yuan, with a growth rate of 30.46% to 37.97% [5]. - The company's strong financial performance reflects the effectiveness of its product strategy and market positioning, providing a solid foundation for long-term sustainable growth [5]. Group 3: Channel and Capacity - Dongpeng Beverage has built a comprehensive sales network covering nearly 100% of China's prefecture-level cities, supported by over 3,200 distributors and 4.3 million active terminal points, reaching over 250 million unique consumers [6]. - The company has established production bases across multiple regions, with 10 bases already operational and a new base in Chengdu signed on January 23, 2026, demonstrating a robust national capacity layout [6]. Group 4: Globalization Strategy - The A+H dual listing is a key step in Dongpeng Beverage's globalization strategy, providing broader financing channels and enhancing its international brand influence [7]. - The company has already begun its global expansion, exporting products to over 30 countries and regions, with subsidiaries in Indonesia and Vietnam operational [7]. - Funds raised from the listing will focus on enhancing production capacity and supply chain upgrades, supporting its global expansion efforts [7]. Group 5: Conclusion - The successful A+H dual listing of Dongpeng Beverage not only marks an important milestone for the company but also serves as a declaration for Chinese functional beverage brands to enter the global market [8]. - The company aims to leverage its dual capital advantages to lead the domestic market while deepening its global production, channel, and brand layout [8].

记者｜刘婧汐 编辑｜高梦阳 2026年2月3日，东鹏饮料(09980.HK)在香港联交所挂牌并开始上市交易，今日开盘，东鹏饮料报248.00 港元/股，市值1391.04亿港元。随后破发，最低下探至244.2港元/股。 截至收盘，东鹏饮料（605499.SH）报253.96元/股，东鹏饮料（09980.HK）报251.8港元/股，日内涨 1.69%。 （图源：东鹏特饮微博账号） 此次港股上市，东鹏基石投资阵容豪华——包括15家全球头部机构合计认购金额超过6亿美元，覆盖主 权财富基金、国际长线基金、中资头部长线机构、私募基金及消费产业资本等多元类型。本次15亿的发 行规模（或13亿基础发行规模）中，大约有6亿4千万（将近一半）是基石的分配。 具体来看，本次东鹏饮料香港IPO引入基石投资者包括Al-Rayyan Holding LLC、太白投资有限公司(为淡 马锡控股(私人)有限公司("淡马锡")的间接全资子公司)、True Light InvestmentsH Pte. Ltd.、BlackRock基 金、UBS Asset Management(Singapore) Ltd、Huang River Inves ...

Core Viewpoint - Dongpeng Beverage successfully listed on the Hong Kong Stock Exchange on February 3, 2026, with an opening price of HKD 248.00 per share and a market capitalization of HKD 139.1 billion, although it experienced a drop below the opening price during the day [1] Group 1: IPO Details - The IPO attracted a strong cornerstone investor lineup, with 15 global leading institutions collectively subscribing over USD 600 million, including sovereign wealth funds, international long-term funds, and private equity [3][4] - The total issuance scale for the IPO was approximately HKD 15 billion, with around HKD 6.4 billion (nearly half) allocated to cornerstone investors [3] Group 2: Financial Performance - Dongpeng's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were reported as RMB 8.5 billion, RMB 11.26 billion, RMB 15.83 billion, and RMB 16.84 billion respectively, with net profits of RMB 1.44 billion, RMB 2.04 billion, RMB 3.33 billion, and RMB 3.76 billion [5] - According to a report by Frost & Sullivan, Dongpeng has ranked first in China's functional beverage market by sales for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024, and the company has the highest revenue growth rate among the top 20 listed soft drink companies globally [5] Group 3: Market Position - Following its successful listing, Dongpeng became the first functional beverage company in China to be listed on both A-shares and H-shares [6] - The pricing of Dongpeng's H-shares was approximately 15% lower than its A-shares at the time of cornerstone pricing, marking it as the second narrowest discount for an A+H IPO, following CATL [6]

东鹏饮料的联席保荐人、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为华泰金融 控股(香港)有限公司、摩根士丹利亚洲有限公司、UBS Securities Hong Kong Limited。 中国经济网北京2月3日讯东鹏饮料（605499）(集团)股份有限公司(以下简称"东鹏饮料"，09980.HK)今 日在港交所上市，盘中一度破发。截至收盘，该股收报251.80港元，涨幅1.53%，最低价245.60港元。 最终发售价及配发结果公告显示，东鹏饮料全球发售项下的发售股份数目40,889,900股H股，其中香港 发售股份数目4,089,000股H股，国际发售股份数目36,800,900股H股(包括员工保留股份670,600股)。 东鹏饮料的最终发售价为248.00港元，募集资金总额10,140.70百万港元，扣除基于最终发售价的估计应 付上市开支146.40百万港元，募集资金净额9,994.30百万港元。 | | 價格資料 | | --- | --- | | 最終發售價 | 248.00港元 | | 最高發售價 | 248.00港元 | | 夏集資金 | | | --- | --- | | 募集資 ...

2月3日，港股早盘探底后小幅反弹，午后保持窄幅震荡走势，截止收盘，恒生指数涨0.22%报26834.77 点，恒生科技指数跌1.07%报5467.26点，国企指数跌0.3%报9053.11点，红筹指数涨1.06%报4290.3点。 盘面上，大型科技股普遍收跌，阿里巴巴跌1.41%，腾讯控股跌2.92%，京东集团跌0.72%，小米集团跌 1.31%，网易涨0.3%，美团跌1.74%，快手跌4.61%，哔哩哔哩跌2.54%；大模型概念股走强， MINIMAX-WP涨近11%，智谱涨超8%；黄金股反弹，万国黄金集团涨超13%，紫金黄金国际涨超7%， 赤峰黄金涨超7%，灵宝黄金涨超5%；东鹏饮料港股首日涨超1%。 企业资讯 云工场(02512.HK)：附属中标人工智能产业基地二期项目，合约价值为人民币5.2亿元。 中兴通讯(00763.HK)：拟出资1.17亿元认购建兴湛卢基金份额，可投资扶持更大范围的创新业务及上下 游产业链企业。 小鹏汽车(09868.HK)：1月共交付新车20011辆。 君圣泰医药（核心股）-B(02511.HK)：任命Filip Surmont博士为首席医学官，强化心肾代谢系统疾病 (CKM) ...

Core Insights - Dongpeng Beverage has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 40-year journey in the beverage industry and signaling its ambition to expand globally [2] Group 1: Multi-Category Strategy - Dongpeng Beverage has demonstrated steady growth through a multi-category strategy, evolving from a single flagship brand to a diversified health beverage group [3] - The "Dongpeng Water" electrolyte drink has become a leading brand in China's electrolyte beverage market, with projected revenue nearing 1.5 billion yuan in 2024 and 2.847 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 134.78% [3] - The company is actively expanding its product range with the "1+6 multi-category strategy," which includes "Dongpeng Water," "Fruit Tea," and "Hong's Milk Tea," showcasing strong resilience and growth potential [3][4] Group 2: Market Performance - Dongpeng's core brand "Dongpeng Special Drink" has topped the Chinese energy drink market in 2025, maintaining its position as the leading functional beverage since 2021 [4] - Revenue from the energy drink category reached 12.563 billion yuan in the first three quarters of 2025, with a year-on-year increase of nearly 20% [4] - The introduction of innovative products like "Fruit Tea" and "Hong's Milk Tea" aims to meet diverse consumer preferences and enhance market presence [4] Group 3: National Expansion - Dongpeng Beverage has successfully established a nationwide production network with ten major production bases across China, including locations in Anhui, South China, Chongqing, Nanning, Changsha, and Zhejiang [5] - The recent signing of the 14th production base in Chengdu strengthens the company's strategic footprint in Southwest China, supporting its goal of becoming a leading beverage group in China [7] - The company is expanding at an average rate of two new bases per year, creating a robust foundation for high-quality development [7] Group 4: Digital Transformation - Dongpeng Beverage anticipates a revenue exceeding 20.7 billion yuan in 2025, reflecting a year-on-year growth of over 31%, highlighting its competitive advantages in the fast-moving consumer goods sector [8] - The company has developed a digital platform that integrates the entire supply chain, enhancing operational efficiency and market responsiveness [8] - This digital capability allows for precise channel management and marketing investments, creating a virtuous cycle of product development and consumer insights [8] Group 5: Global Ambitions - The listing on the Hong Kong capital market represents a strategic decision for Dongpeng Beverage, showcasing a successful business model that integrates product innovation, national distribution, channel development, and digital operations [9] - The company aims to leverage its strong foundation in the Chinese market to expand its presence on the global stage, promoting Eastern beverage culture and energy [9] - Dongpeng Beverage is well-positioned to bring the energy and wisdom of Chinese consumer goods to a broader international audience [9]

长途司机副驾上的标配、运动场边随手拧开的一口提神——那句"累了困了喝东鹏特饮"，早已融入无数消费者的日常。 2月3日，这瓶国民功能饮料背后的公司——东鹏饮料（集团）股份有限公司正式登陆港交所（简称东鹏饮料）登陆港交所，开盘平开每股为248港元，总 市值1392亿港元；截至发稿，每股跌0.08%至247.8港元，总市值1390亿。 最新业绩预告显示，公司2025年预计营业收入将达到207.6亿元至211.2亿元，较上年同期增长31.07%至33.34%，预计实现归母净利润43.4亿至45.9亿元， 同比增长30.46%至37.97%。 02 值得一提的是，东鹏饮料目前对核心产品东鹏特饮的依赖性较高。 | 今开 | 248.000 | | 最高 | 249.800 | | 成交量 | 285.71万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 248.000 | | 最低 | 246.800 | | 成交额 | 7.11亿 | | 换手率 | 6.99% | | 市盈(TTM) | 28.97 | | 总市值 | 1390亿 | | 分时 ...

Core Viewpoint - Dongpeng Beverage is positioned for clear growth in 2026, driven by its platform layout and strong market position in the energy drink sector [1] Group 1: Company Performance - Dongpeng Beverage is the leading player in the domestic energy drink market, with stable growth in its energy drink segment and expansion in new product categories [1] - The company benefits from scale advantages and cost optimization, which are expected to drive performance beyond expectations [1] Group 2: Market Comparison - The report references Nongfu Spring, a comparable industry leader, which has a solid and steady growth in its mineral water business and a rapidly growing sugar-free tea segment [1] - Nongfu Spring's 2026 price-to-earnings (PE) ratio is projected at 29 times, indicating a strong market position [1] Group 3: Valuation and Investment Outlook - Dongpeng Beverage's leading position in functional drinks and the high growth potential of its electrolyte water segment suggest a continuously improving industry ceiling [1] - The company is projected to achieve a 2026 valuation of 30 times earnings, corresponding to a market value of 172.5 billion, indicating a potential upside of around 30% [1] - The recommendation for Dongpeng Beverage is to maintain a "buy" rating [1]

2月3日，中国功能饮料领军企业东鹏饮料（股票代码：09980.HK）正式在香港交易所主板挂牌上市， 标志着公司成功构建"A+H"双资本平台，迈入全球化发展的新阶段。此次上市不仅是东鹏饮料自身发展 的里程碑，也成为深圳金融活水精准灌溉实体经济、培育本土企业走向全球的又一典型案例。 东鹏饮料（605499）在接受南都·湾财社记者采访时表示，未来公司将持续借助深圳优质的营商环境与 政策支持，稳健推进各项工作，严格遵循上市规则及监管要求，力争为股东及投资者创造长期价值。 业绩与渠道双轮驱动，筑牢上市根基 作为从深圳成长起来的民族饮料品牌，东鹏饮料多年来稳居中国功能饮料行业领先地位。公司 以"1+6"多品类战略为核心，在巩固能量饮料优势的同时，持续拓展包括"东鹏补水啦"在内的新产品 线，构建多元化产品矩阵，有效满足健康化、细分化的消费需求。 强劲的业绩增长是东鹏饮料赴港上市的底气所在。根据2025年业绩预告，该公司全年营收有望突破 207.6亿元，同比增长超31%；净利润预计43.4亿至45.9亿元，同比增长30.46%至37.97%。自2022年以 来，该公司营收与利润持续保持高速增长。 渠道网络则是其另一大核心竞争 ...

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to achieve a dual listing in both A-shares and H-shares, raising approximately HKD 10.1 billion through the issuance of 40.89 million shares at HKD 248 per share [1][4]. Group 1: Listing Details - On its first trading day, Dongpeng Beverage's opening price matched the issuance price at HKD 248 per share, but it later fell to HKD 247.2, marking a decline of 0.32% and a total market capitalization of HKD 138.7 billion [3]. - The cornerstone investor lineup for the IPO is notable, with 15 leading global institutions collectively subscribing over USD 600 million, including sovereign wealth funds, international long-term funds, and private equity [4]. Group 2: Financial Performance and Projections - Dongpeng Beverage's revenue is projected to exceed RMB 20 billion by 2025, with expected revenues of RMB 207.6 billion to RMB 211.2 billion, representing a year-on-year growth of 31.07% to 33.34% [7]. - The company reported revenues of RMB 85 billion, RMB 112.6 billion, RMB 158.3 billion, and RMB 168.4 billion for the years 2022 to 2025, with net profits of RMB 14.4 billion, RMB 20.4 billion, RMB 33.3 billion, and RMB 37.6 billion respectively [7]. Group 3: Strategic Intentions - The secondary listing aims to enhance Dongpeng's capital strength and overall competitiveness, improve its international brand image, and support the company's global business development [8]. - Dongpeng has announced plans to invest up to USD 200 million to establish a production base in Indonesia, marking its first overseas manufacturing facility and deepening its presence in the Southeast Asian market [8]. Group 4: International Market Presence - As of September 30, 2025, Dongpeng's products have entered several overseas markets, including Vietnam and Malaysia, although overseas revenue remains minimal, accounting for only RMB 0.11 billion or 0.14% of total revenue in the first half of 2025 [10].