星标 ★ IPO日报 精彩文章第一时间推送 最近，笔者注意到IPO日报的一篇文章颇有意思。 标题是《一个员工创造2513万元收入！46人干出个"全球第二"！就靠"东方力量"！》， 大意是，美国总统特朗普对世界各国挥舞关税大棒，阻碍 着世界贸易的正常进行，许多国家为此忧心忡忡， 与此同时，一家在中国市场仅仅打拼了数年的椰子水外资品牌IF的母公司IFBH Limitet（下称 IFBH），在只有46个员工的情况下，2024年创造出11.56亿元的营收，凭借着"全球第二"的市场份额，向香港证券交易所提交了上市申请。 制图：佘诗婕 笔者以为，IFBH的成功大概归功于以下几个因素： 1、轻资产运营模式与高效资源配置， IFBH采用轻资产模式，将生产、物流、销售全链条外 包，仅保留品牌管理、产品创新和营销推广等核心环节。 2、精准的市场定位与健康消费趋势把握， IF主打"100%天然椰子水"概念，强调零添 加、低糖低卡，与中国国内传统椰汁品牌（如椰树）形成差异化竞争，迎合了消费者对健康饮品的需求升级。 3、本土化营销与流量运营， 签约肖 战、赵露思等顶流明星，结合抖音、小红书等社交平台的KOL种草，快速提升品牌曝光度。 ...

国产功能饮料龙头东鹏饮料正冲击A+H上市。 格隆汇获悉，近期，东鹏饮料（集团）股份有限公司（简称"东鹏饮料"）向港交所递交招股书，拟在香港主板上市， 华泰国际、摩根士丹利、瑞银集团为联席保荐人。 经过多年发，东鹏饮料（605499）已成为国内第一、全球领先的功能饮料企业，并于2021年在A股上市，2024年营收 超158亿元，但也存在依赖大单品、产品销售依赖经销商渠道等经营隐忧。同时，近几年东鹏饮料被大股东多次减持 套现的行为，也引发市场担忧。 截止今天（4月16日）下午收盘，A股东鹏饮料股价涨2.77%至275元/股，市值约1430亿元。如今中国软饮料市场情况 如何？不妨通过东鹏饮料来一探究竟。 图片来源于格隆汇 1 卖功能饮料产品，深圳南山冲出一家IPO 东鹏饮料总部位于广东省深圳市南山区，其前身东鹏实业于1994年6月注册成立，2003年10月林木勤先生及东鹏实业 其他19名员工受让东鹏实业产权，东鹏实业改制为东鹏有限，并在2018年3月改制为股份有限公司。 2021年，东鹏饮料登陆上海证券交易所上市，成为中国"能量饮料第一股"，如今又要谋求A+H上市。 公司在中国能量饮料领域首创PET包装，并创新性地 ...

公司研究 证 券 研 究 报 告 东鹏饮料（605499）2025 年一季报点评 强推（维持） Q1 高质高增，平台化再提速 事项： 风险提示：网点扩张不及预期、新品推广不及预期、原材料价格大幅上涨等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,839 | 20,271 | 24,501 | 28,184 | | 同比增速(%) | 40.6% | 28.0% | 20.9% | 15.0% | | 归母净利润(百万) | 3,326 | 4,519 | 5,611 | 6,617 | | 同比增速(%) | 63.1% | 35.9% | 24.2% | 17.9% | | 每股盈利(元) | 6.40 | 8.69 | 10.79 | 12.72 | | 市盈率(倍) | 42 | 31 | 25 | 21 | | 市净率(倍) | 18.1 | 14.5 | 10.9 | 8.6 | 非乳饮料 2025 年 04 月 ...

业绩简评 4 月 15 日公司发布一季报，25Q1 实现营收 48.48 亿元，同比 +39.23%；实现归母净利润 9.80 亿元，同比+47.62%；扣非净利润 9.59 亿元，同比+53.55%，业绩超预期。 经营分析 春节开门红亮眼，新品势能充足。1）分产品看，春节期间加大礼 盒装铺货力度，特饮维持 25%+增速，补水啦月销近 2 亿元，全年 有望翻倍。特饮/补水啦/其他饮料 25Q1 实现收入 39.0/5.7/3.7 亿元，同比+25.8%/261.5%/72.6%。2）分区域看，25Q1 广东/华东 /华中/广西/西南/华北收入分别为11.3/6.6/6.8/3.8/6.2/7.5亿 元，分别同比增长 22.1%/30.8%/28.5%/31.9%/60.5%/71.6%。其中 广东区域销售占比降至 23.2%，省外市场持续扩张，报告期内经销 商数量净增加 51 家，主要集中在华北市场。Q1 末合同负债 38.70 亿元，同比+44%，蓄水池储备充分。 成本下行+规模效应，利润率稳步提升。25Q1 公司毛利率/净利率 分别为 44.5%/20.2%，分别同比+1.7/+1.2pct。毛利率改善系 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the beverage industry, specifically focusing on energy drinks and other beverage segments in China. Core Points and Arguments 1. **Leverage Reduction and Consumer Demand** The initial focus for consumers is likely to be on reducing leverage rather than immediate consumption, which may eventually lead to increased demand and consumption in the future. This trend is expected to impact various sectors, including alcoholic beverages and dining, which are prioritized over general consumer goods and snacks [1] 2. **Energy Drink Market Trends** The energy drink segment has shown a positive turnaround over the past two years, with expectations for accelerated growth moving forward. The demographic trends indicate that while the number of university graduates is at a record high, the peak will not be reached until 2038, suggesting ongoing employment pressures that may favor energy drink consumption [2] 3. **Weather Impact on Sales** The sales performance in early 2023 was influenced by colder weather in regions like East and North China. The company noted that the seasonal fluctuations in sales are more pronounced compared to previous years, but warmer weather in February has led to improved production outputs [3] 4. **Branding and Marketing Strategies** The company is transitioning its branding and marketing strategies towards enhancing single-product outputs and consumer engagement. Despite pressures, the company anticipates a strong performance during peak seasons [4] 5. **Market Underestimation of Certain Beverage Segments** The company believes that the market has underestimated the potential of certain beverage segments, particularly juice and tea, which are expected to see significant growth. These segments are characterized by lower barriers to entry compared to high-margin products like coffee and alcoholic beverages [4][5] 6. **Consumer Preferences in Lower-Tier Cities** In lower-tier cities, consumers with lower disposable incomes are gravitating towards more affordable beverage options. This trend supports the company's strategy to focus on these segments for growth [5] 7. **Cost Structure and Profitability** The company anticipates maintaining a strong profit margin, with raw materials accounting for approximately 80% of the main business costs. The profit margins are expected to exceed 7%, indicating a robust financial outlook for the year [6] 8. **Valuation and Investment Potential** The company's valuation is projected to be around 25-26 times earnings by the end of the year, which is considered attractive given the anticipated growth rates. The company is recommended as a top investment choice for April [7]

Core Insights - The "Good Zizai" brand from Yuanqi Forest leads the Chinese health water market in 2024, showcasing the company's innovative strength and strategic vision in the health beverage sector [1][2][4] Market Performance - The Chinese health water market is experiencing explosive growth, with "Good Zizai" achieving significant market share and reflecting a deep transformation in consumer demand for health beverages [2] - Since its launch in 2023, "Good Zizai" has rapidly gained popularity, achieving over 100 million yuan in sales within four months and surpassing 1 billion yuan by December 2024 [2] Consumer Trends - There is a notable increase in consumer acceptance of the "food and medicine share the same source" concept, with the health water market size growing by 350% year-on-year to reach 450 million yuan in 2023, and projected to exceed 10 billion yuan by 2028 [2] Product Innovation - "Good Zizai" differentiates itself with a unique positioning of "real ingredients + traditional brewing," using selected ingredients like goji berries and red dates, and a health formula of 0 sugar, 0 fat, and 0 calories [2][3] - The brand emphasizes quality in product development, with a focus on user insights and taste, exemplified by the rigorous selection process for ingredients [3] Brand Strategy - The packaging design of "Good Zizai" merges traditional and modern elements, resonating with young consumers and emphasizing a cultural connection to health [3] - The success of "Good Zizai" is attributed not only to its product quality but also to Yuanqi Forest's long-term commitment to innovation and quality control in the health beverage market [4]

在活动现场,诗琳通公主发表主旨演讲。她重点介绍了泰国皇室基金会与中国在农业农村发展方面的系 列合作,高度评价了与北京师范大学、联合国教科文组织国际农村教育研究与培训中心在推动农村可持 续发展带头人能力提升方面取得的成果。她指出,这些深度合作将会有效促进减贫,降低经济脆弱性,全面 提升社区发展韧性和自主发展能力,实现持久繁荣与可持续发展。诗琳通公主是中泰友好交流的杰出使 者,为促进中泰两国人民相互了解,为推动中泰教育、文化、科技等领域合作作出了重要贡献。2019年被 授予中华人民共和国"友谊勋章"。今年适逢中泰建交50周年,公主来访充分体现了对中泰教育交流合作 的高度重视。在公主的关心支持下,中泰教育合作将会取得更为丰硕的成果。 作为泰国在华投资的领军企业,全球红牛品牌和"红牛"商标的创始者和所有者,天丝集团秉承"激发潜能, 共创美好未来"的企业愿景,以尽心、尽力、尽责三大支柱为战略框架,助力世界的可持续发展,为社会发 展赋能。在"尽责"方面,天丝集团积极承担企业社会责任,致力于回馈业务所在地社区,尤其关注通过教育 推动社区可持续发展。在研讨会上,天丝集团分享了其在通过教育促进农村可持续发展方面的实践与经 验。 ...

Core Viewpoint - The surge in popularity of coconut water over the past two years has propelled IFBH Limited, the parent company of the IF coconut water brand, towards the capital market, with significant revenue growth driven primarily by the Chinese mainland market [1][2]. Financial Performance - In 2023, IFBH Limited reported revenues of $87.44 million, with net profits of $16.75 million. For 2024, projected revenues are approximately $158 million, reflecting a year-on-year growth of about 80.32%, while net profits are expected to reach $33 million, a growth of approximately 94.12% [1]. - The Chinese mainland market is the primary revenue driver, with expected revenues of $146 million in 2024, accounting for 92.4% of total revenues [1]. Market Dynamics - The increase in coconut water's popularity in the Chinese mainland has significantly boosted IF's sales, with a noted increase in market penetration [2]. - IF's market share in the coconut water segment rose from 47.48% in Q1 2023 to a peak of 55.53% in Q1 2024, but subsequently declined to 30.33% by Q4 2024, and 36.42% by Q1 2025 due to increased competition [6][7]. Competitive Landscape - The decline in market share is attributed to the rise of competitors, including both established brands and new entrants, such as "Chaoji Coconut," which has seen its market share grow significantly [7]. - Despite the competition, IF remains the largest coconut water brand in the mainland market, although it faces pressure from lower-priced alternatives [6][7]. Pricing Strategy - The average price of coconut water has decreased from 1.91 yuan per 100ml in Q1 2023 to 1.46 yuan in Q1 2025, a decline of 23.5%, while IF's price reduction was only 9.6% [8]. - As of now, IF's pricing strategy positions it slightly above the market average, which may impact its competitiveness [8]. Supply Chain and Production Risks - IFBH Limited relies heavily on Thai coconuts for its products, which poses risks related to climate and geopolitical factors that could affect supply and pricing [8][9]. - The company has expressed concerns about its dependence on third-party suppliers for production and logistics, with a significant portion of its business concentrated among a few key clients [9][10]. Future Growth Strategy - The company plans to use proceeds from its IPO to expand its supplier base and product offerings, including sourcing coconuts from surrounding regions and diversifying into more fruit and vegetable products [11].

Core Points - Zhang Lei, the Vice President and Secretary of the Board of Dongpeng Beverage, received a pre-tax salary of 5.4655 million yuan in 2024, marking a 16-fold increase from his previous salary of 343,900 yuan at Yiyaton [1][2] - Dongpeng Beverage reported a revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [1][3] - The company is planning to list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image, aiming for global expansion [5][6] Salary Structure - Zhang Lei's salary is the highest among 85 A-share listed companies that have disclosed their secretary's salary [2] - Other executives at Dongpeng Beverage also received substantial salaries, with two vice presidents earning 7.2139 million yuan each, and the chairman earning 5.5273 million yuan [2] - The total salary expenditure for the board of directors and supervisors in 2024 was 46.0382 million yuan [2] Market Expansion - Dongpeng Beverage is focusing on overseas market expansion, particularly in Southeast Asia, where competition is intense [5][6] - The company plans to establish a production base in Hainan with an investment of 1.2 billion yuan to meet sales demands in Hainan and Southeast Asia [6] - The company aims to enhance its international competitiveness and brand recognition through its listing in Hong Kong and investments in local operations [5][6] Shareholder Actions - Shareholders have engaged in stock reduction activities, with the third-largest shareholder planning to reduce their stake by up to 1.3786% of the total share capital [3][4] - The company has maintained a consistent dividend payout since its IPO, distributing a total of 1.2 billion yuan in 2021, 800 million yuan in 2022, 1 billion yuan in 2023, and 1.3 billion yuan in 2024 [2]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading player in the Chinese soft drink market, with a dual-engine development strategy focusing on packaged water and beverages. It has shown robust growth with a revenue CAGR of approximately 16% and a net profit CAGR of about 27% from 2018 to 2023 [9][15]. - The report emphasizes the company's strong competitive advantages, including a solid supply chain, diversified product offerings, effective branding strategies, and extensive distribution channels. These factors contribute to its resilience and long-term value [9][15]. - The report forecasts revenue growth for the company, projecting revenues of 494.88 billion, 552.17 billion, and 608.07 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 141.48 billion, 159.76 billion, and 178.49 billion yuan [1][9]. Summary by Sections Introduction - The company has maintained a long-term focus on quality, achieving significant growth through strategic positioning in the natural water segment and innovative product offerings [15]. Development of the Soft Drink Leader - The company has successfully expanded its product range since its establishment in 1996, now offering packaged water, tea beverages, functional drinks, and juices, which collectively drive its growth [16]. Competitive Advantages - The company has established a robust supply chain with 12 premium water sources and advanced production capabilities, ensuring quality and efficiency [38]. - Its product strategy includes a diverse portfolio that meets various consumer needs, with a strong emphasis on health and natural ingredients [39]. Industry Outlook - The packaged water market in China is expected to continue growing, with increasing per capita consumption and expanding market opportunities [9][15]. - The beverage market is also projected to grow steadily, particularly in segments like sugar-free tea, which has seen rapid expansion [9][15]. Financial Forecast and Valuation - The report anticipates continued revenue and profit growth, with projected earnings per share (EPS) increasing from 1.07 yuan in 2023 to 1.59 yuan by 2027, reflecting a positive outlook for the company's financial performance [1][9].