北京商报讯（记者 孔文燮）1月26日，东鹏饮料发布公告称，根据公司整体经营发展战略规划，公司已 与成都温江高新技术产业园区管委会签署了《投资协议书》，投资项目为"东鹏饮料成都生产基地项 目"。为此，公司拟在成都市温江区注册设立成都东鹏维他命饮料有限公司，注册资本为1亿元，专项负 责推进、实施所投资项目。该项目总投资11亿元。 ...

雷递网 雷建平 1月26日 东鹏饮料(集团)股份有限公司（简称："东鹏饮料"，股票代码："09980"）日前开启招股，准备2026年2月3日在港交所上市。 东鹏饮料此次发售4089万股，发售价不高于每股发售股份248港元，最高募资101亿港元。 东鹏饮料基石投资者一共认购6.4亿美元（约49.9亿港元），分别为Al-Rayyan、太白投资有限公司、True Light Investments、BlackRock基金、UBS Asset Management、Huang River Investment、红杉旗下HSG Growth VII Holdco、JPMorgan Asset Management、博裕资本旗下Azure Skylines、泰康人寿保险有限 责任公司、Pacific Century Pines Investments 1、FMR参与基金、Velmar Company、保银资产管理有限公司、Amazing Mountain、Great China Motivation Fund Phase II。 | | | | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | | - ...

Investment Rating - The report recommends subscription for Dongpeng Beverage (9980.HK) [1] Core Insights - Dongpeng Beverage is the largest functional beverage company in China, with a market share of 26.3% in 2024 and a compound annual growth rate (CAGR) of 41.9% from 2022 to 2024, making it the fastest-growing among the top five functional beverage companies in China [2][3] - The Chinese soft drink market is expected to grow at a CAGR of 4.7% from 2019 to 2024, with functional beverages growing at a faster rate of 8.3% during the same period, projected to reach 281 billion yuan by 2029 [2] - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 112.57 billion yuan, 158.30 billion yuan, and 168.38 billion yuan respectively, showing year-on-year growth of 33.81%, 42.08%, and 35.41% [3] - The net profit for the same periods was 20.40 billion yuan, 33.27 billion yuan, and 37.61 billion yuan, with year-on-year growth of 41.60%, 63.09%, and 38.91% [3] - The company has expanded its sales network to over 3,200 distributors and more than 4.3 million retail outlets, achieving nearly 100% coverage of prefecture-level cities [3] - The IPO price corresponds to a 2024 price-to-earnings (PE) ratio of approximately 37.46, slightly lower than the A-share valuation of 38.85 [3]

东鹏饮料公告称，根据战略规划，公司已与成都温江高新区管委会签《投资协议书》，投建"东鹏饮料 成都生产基地项目"，并拟设1亿元注册资本的成都东鹏维他命饮料有限公司推进该项目。项目总投资11 亿元，拟用280亩工业用地，签土地出让合同6个月内开工，40个月整体竣工，竣工后8个月投产。此举 将提升其在西南及西北市场竞争力，但该投资存在一定资金、政策和建设不确定性风险。 ...

Investment Rating - The report recommends subscription for Dongpeng Beverage (9980.HK) [1] Core Insights - Dongpeng Beverage is the largest functional beverage company in China, with a market share of 26.3% in 2024 and a compound annual growth rate (CAGR) of 41.9% from 2022 to 2024, making it the fastest-growing among the top five functional beverage companies in China [2][3] - The Chinese soft drink market is expected to grow at a CAGR of 4.7% from 2019 to 2024, with functional beverages being the fastest-growing segment at a CAGR of 8.3% during the same period [2] - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 112.57 billion, 158.30 billion, and 168.38 billion CNY respectively, showing year-on-year growth of 33.81%, 42.08%, and 35.41% [3] - The net profit for the same periods was 20.40 billion, 33.27 billion, and 37.61 billion CNY, with year-on-year growth of 41.60%, 63.09%, and 38.91% [3] - The company has expanded its sales network to over 3,200 distributors and more than 4.3 million retail outlets, achieving nearly 100% coverage of prefecture-level cities [3] - The IPO price corresponds to a 2024 price-to-earnings (PE) ratio of approximately 37.46, slightly lower than the A-share valuation of 38.85 [3]

东鹏创立于1987年，原属国有企业，主要生产凉茶饮料。2003年国有资本撤出，时任销售总经理的林木勤接手；适借当时泰国的红牛 在内地壮大，林木勤于是转而生产功能饮料，经廿年发展，公司2021年在深圳上市。 按功能饮料零售额计算，公司在2024年位列第二位，市场份额为23%。截至去年9月底止，已覆盖全国超过430万家终端销售网点，涵 盖接近全国所有地级市。 截至去年首九个月，公司收入同比上升34%至168.37亿人民币（下同），期内盈利同比升39%至37.6亿元。 功能饮料生产商 东鹏饮料 （集团）股份有限公司（9980.HK, 605499.SH）周一公开发售4,089万股，每股售价248港元，集资101亿港 元。每手一百股，入场费25,050.11港元，本周四（1月29日）截止认购，下周二（2月3日）正式挂牌。 ...

Core Viewpoint - The article discusses the challenges and nuances of marketing strategies during the year-end period, emphasizing the importance of genuine connection over formulaic advertising [3][4]. Group 1: Marketing Strategies - Brands often aim for impactful year-end marketing but can miss the mark with overly realistic or formulaic approaches that lead to consumer fatigue [3]. - The article criticizes the use of cliché elements in marketing, suggesting that they fail to resonate with consumers and can even provoke negative reactions [3]. - There is a call for brands to focus on authentic storytelling that reflects real-life experiences rather than superficial or exaggerated narratives [3][4]. Group 2: Family and Home - The narrative highlights the significance of family and home, suggesting that true happiness and fulfillment come from connections with loved ones rather than material achievements [6][8]. - The article references the animated series "浪浪山小妖怪" and its collaboration with Pepsi, illustrating how storytelling can convey deeper messages about family and returning home for the New Year [7][8]. - It emphasizes that the essence of the New Year is about bringing joy back to the family, reinforcing the idea that familial bonds are paramount [8][12]. Group 3: Brand Legacy and Storytelling - Pepsi's marketing strategy is noted for its ability to evolve while maintaining a consistent message over the years, creating a strong emotional connection with consumers [10][11]. - The article reflects on Pepsi's historical marketing campaigns, showcasing how they have adapted to cultural changes while remaining relevant [10][11]. - The concept of "bringing joy home" has been a recurring theme in Pepsi's campaigns, illustrating the brand's understanding of consumer sentiment and the importance of family [10][11].

Industry Overview - The Chinese coffee market is experiencing rapid growth, with ready-to-drink coffee emerging as a core driving force, significantly impacting the ready-to-drink coffee market [1] - The continuous expansion of the coffee industry is leading to differentiated competition between ready-to-drink coffee and freshly brewed coffee, with market positioning becoming more segmented, which is expected to drive the rapid development of the ready-to-drink coffee category [1] Company Focus - Dongpeng Beverage is identified as one of the top three brands in the ready-to-drink coffee industry, leveraging its channel advantages to gain insights into market trends [1] - The company aims to develop products that align with market demand and accurately target core consumer needs, thereby continuously strengthening its competitive advantages [1] - Dongpeng Beverage is recommended as a key investment opportunity, maintaining a "buy" rating [1]

多重政策利好持续推动下，2026年A股公司赴港上市热情不减，"A＋H"布局企业数量进一步增加。 1月26日，东鹏饮料(集团)股份有限公司(以下简称"东鹏饮料")在港交所正式发布H股全球发售公告。公 告披露，本次全球发售H股基础发行股数为40，889，900股，其中香港公开发售占10%，国际发售占 90%，发行价最高不超过每股248港元，股票代码09980。这一系列动作标志着东鹏饮料的港股IPO之旅 进入最后冲刺阶段。 自2025年以来，港股市场迎来了一波中资企业上市潮，但像东鹏饮料这样敢于发行选择最高发售价策略 的案例并不多见。更值得关注的是其基石投资者阵容——根据公告，东鹏饮料已与15家基石投资者达成 承诺认购约6.4亿美元，其中包括卡塔尔投资局(QIA)、淡马锡、摩根大通资产管理、瑞银资产管理、贝 莱德、富达、兰馨亚洲、保银(Pinpoint)、红杉中国、嘉里集团、盈科拓展集团等豪华基石阵容。当全 球知名资本用真金白银为中国消费品牌投票，东鹏饮料的港股之旅已超越了单纯的融资意义。 多重支撑，迎定价权东风 选择最高定价策略，这一决策背后，是公司基本面与市场时机形成的多重支撑。 从公司基本面看，东鹏饮料的增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][23][27] Core Insights - The Japanese coffee market has evolved through four stages, leading to a complementary relationship between freshly brewed and ready-to-drink coffee, creating a full consumption loop [6][9][20] - The ready-to-drink coffee market in Japan reached a size of approximately 930 billion yen in 2023, with a stable competitive landscape dominated by Suntory's BOSS and Coca-Cola's GEORGIA [6][20] - The Chinese coffee market is experiencing rapid growth, with ready-to-drink coffee benefiting from the consumer base cultivated by freshly brewed coffee, leading to a significant increase in per capita coffee consumption [18][19][21] Financial Projections - The company is projected to achieve revenues of 11,263 million yuan in 2023, growing to 34,006 million yuan by 2027, with a compound annual growth rate (CAGR) of 32% [4][23] - The net profit attributable to the parent company is expected to rise from 2,040 million yuan in 2023 to 7,764 million yuan in 2027, reflecting a CAGR of 35% [4][23] - Earnings per share (EPS) is forecasted to increase from 5.10 yuan in 2023 to 14.93 yuan in 2027 [4][23] Market Dynamics - The competition in the ready-to-drink coffee segment has shifted from foreign dominance to a three-way competition among Nestlé, Starbucks, and local brand Dongpeng Beverage, which is expected to capture nearly 14% market share by late 2025 [21][23] - The report highlights that the ready-to-drink coffee segment is expected to grow rapidly, driven by the increasing consumer education and habits established by freshly brewed coffee [21][23] - The pricing strategy in the freshly brewed coffee market has led to a significant increase in the proportion of coffee priced below 15 yuan, enhancing market accessibility [20][21]