Core Viewpoint - The Chinese functional beverage market is undergoing structural adjustments, with Dongpeng Beverage leveraging high cost-performance and deep distribution networks to continuously increase its market share. The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for overseas market expansion, particularly in Southeast Asia, mirroring the early market entry of Red Bull into China [1][6]. Group 1: Market Dynamics - Dongpeng Beverage has become the leading brand in China's functional beverage market, achieving a market share of 43.02% in 2023, surpassing Red Bull, although it ranks second in sales revenue [3][5]. - The market landscape has shifted due to Red Bull's legal disputes and brand challenges, creating an opportunity for domestic brands like Dongpeng to gain market share [3][4]. - The consumption growth in lower-tier cities is significant, with a 12% increase in functional beverage consumption in cities below the third tier, compared to 6% in first-tier cities [4]. Group 2: Company Strategy - Dongpeng plans to allocate 30% of its IPO proceeds for brand upgrades and 25% for overseas market expansion, focusing on Southeast Asia, which is Red Bull's traditional stronghold [7]. - The company has established subsidiaries in Vietnam and Indonesia to better understand local market dynamics and consumer preferences, such as launching a 200ml mini-pack targeting the large motorcycle user base in Southeast Asia [7]. Group 3: Competitive Landscape - Dongpeng faces significant challenges in Southeast Asia, where Red Bull has a strong brand presence and consumer loyalty, along with a well-established distribution network [8]. - The competitive environment in the Southeast Asian functional beverage market is intense, with numerous brands vying for market share, some of which may adopt similar strategies to Dongpeng's past approaches [8]. - Dongpeng's reliance on a follow-the-leader strategy has raised concerns about its innovation capabilities, which may hinder its ability to establish a strong brand identity in the Southeast Asian market [8][9].

4月3日，中国功能饮料龙头企业东鹏饮料（605499.SH）向港交所递交H服上市申请，计划通过"A+H"双上市架构进一 步拓展全球市场。这是继2021年登陆A股后，东鹏饮料第二次冲击资本市场。根据招股书，公司2024年营收达158.39亿 元，净利润33.26亿元，市值稳居千亿阵营。然而，在亮眼业绩背后，东鹏饮料正面临大单品依赖、市场竞争加剧及全 球化挑战等多重考验。 Hastroc Beverage (Group) 東鵬飲料(集團)股份有限公) (按英文字母順序排序) 香港交易及结算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本文件的內容概不負責 · 對其準確性或完整性亦不發 表任何聲明,並明確表示概不就因本文件全部或任何部分内容而產生或因依赖談等内容而引致的任何损失承擔任何責任。 本文件連同本文件附錄五「送星公司注冊處處長及辰示文件」所建文件,已根據香港法例第32章《公司(清盤及雜項條文)條例》第342C條規 定送呈香港公司注册處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處提到本文件或上述任何其他文件的内容概不負責。 (於中華人民共和國註冊成立的股份有限公司) [編纂] 臨席保薦 ...

作者：周绘 出品：洞察IPO 上交所&深交所 新 股 上 市 3月31日-4月6日，上交所无公司上市，深交所创业板有1家公司上市。 | | 深交所 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 公司名 | 代码 | 上市日期 | 登陆板块 | 易 | | 1~ | 首航新能 | 301658.SZ | 4月2日 | 深交所 创业板 | | 数据来源：公开信息；图表制作：洞察IPO 1. 首航新能：主要从事新能源电力设备的研发、生产、销售及服务。上市首日收涨244.49%，截至4月11日收盘报29.99元/股，较发行价11.80元/股涨 154.15%，市值约124亿元。 通过上市委员会审议会议 3月31日-4月6日，上交所主板有1家公司过会；深交所无公司过会。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 技源集团：专业从事膳食营养补充产品研发创新及产业化的国际化企业集团。 递交上市申请 3月31日-4月6日，上交所、深交所均无公司递交上市申请。 终止上市审核 3月31日-4月6日，上交所主板有1家公司终止上市审核，深交 ...

Group 1: Baijiu Industry - The current PE-TTM for the baijiu sector is 19.31 times, which is at the 6.18% percentile over the past decade, indicating significant safety margins [1] - High-end baijiu brands like Kweichow Moutai and Wuliangye are expected to maintain market share through "price protection and volume control" strategies, with projected net profit growth rates of 13.3% and 12.7% for 2024 respectively [1] - Regional leaders such as Shanxi Fenjiu and Jinshiyuan are benefiting from channel penetration and the recovery of banquet scenarios, with sales growth expected to exceed 30% during the 2025 Spring Festival [1] Group 2: Consumer Goods - The beer sector continues to see high-end trends, with Qingdao Beer achieving an ASP of 4200 yuan per thousand liters and Yanjing Beer having over 25% revenue contribution from its U8 flagship product [3] - Functional beverages like Dongpeng Beverage, which holds a 31% market share, are rapidly expanding into coffee and energy tea, with a projected revenue growth of 45% year-on-year by Q4 2024 [4] - Health drinks such as Xiangpiaopiao's zero-sugar freeze-dried fruit tea have seen online sales double, with a projected PE of only 20 times in 2025 [5] Group 3: Snacks and Prepared Foods - Online sales for snack brands like Three Squirrels have surged, with a 200% year-on-year increase in GMV through Douyin, while Yanjinpuzi's quail egg product has annual sales of 1 billion [7] - The prepared food sector is benefiting from B-end restaurant recovery and C-end penetration, with companies like Anjifood seeing 30% of their revenue from prepared foods after acquiring Frozen Food Mr. [8] Group 4: Seasoning and Baking Supply Chain - Leading seasoning brands like Haitian Flavoring have reduced channel inventory to 2.5 months, while Qianhe Flavoring has over 50% revenue from zero-additive soy sauce, benefiting from restaurant recovery and household consumption upgrades [10] - Yeast leader Angel Yeast is experiencing over 25% growth in overseas revenue due to capacity release and cost reductions [11] - Innovations in raw materials are seen in companies like Lihai Foods, which has a 60% year-on-year increase in cream revenue, and Huirong Technology, with 30% of its plant-based cream revenue coming from exports [12] Group 5: New Tea Beverage Supply Chain - The IPO of Mixue Ice City has a significant impact, with a frozen capital of 1.77 trillion HKD, benefiting related A-share companies in the supply chain [14] - Companies like Anjifood and Xianle Health are positioned as suppliers of jam and frozen fruits, while Yudong Technology and Hexing Packaging are focusing on eco-friendly solutions and cost advantages in packaging materials [15][16] - The global expansion plan of Mixue, with 46,000 stores, could lead to a 30%+ increase in orders for supply chain companies [17] Group 6: Policies and Industry Trends - The Chinese government's "restore and expand consumption" policy is expected to result in over 300 billion yuan in consumer subsidies by 2025, directly benefiting the food and beverage sector [18] - Retail sales are projected to grow by 3.5% year-on-year in 2024, with health food categories (low-sugar/low-fat) expected to exceed 20% growth [19] - Valuation shifts are evident, with many sub-sectors like seasoning having a PE of 28 times compared to a historical average of 40 times, alongside noticeable foreign capital inflows [19]