信心与底气十足 按最高发售价发行 1月26日，东鹏饮料启动H股招股，按最高发售价发行（即不高于每股248港元），并引入了一个堪称近 年来最豪华的港股IPO基石阵容——以全球主权财富资金牵头，15家基石投资者累计认购约6.4亿美元。 以最高发售价定价，彰显了东鹏饮料对自身实力的绝对自信，而基石投资者"众星云集"、积极认购，更 代表了专业资本对东鹏饮料价值的认可。东鹏饮料港股上市，是其借助港股舞台迈向国际资本市场的重 要一步，也将打出民族饮料品牌全球化发展的亮眼名片。 东鹏饮料本次港股上市，发行价将按照最高发售价不高于248港元/股进行。最高定价的实现，本质上是 市场对公司价值达成共识的结果。 这首先源于公司管理层对其未来发展前景、盈利能力和行业地位抱有极强的信心。他们相信公司展现出 的成长性和稀缺性，能够支撑这一较高的估值水平。根据弗若斯特沙利文报告，按销量计，东鹏饮料在 中国功能饮料市场自2021年起连续4年排名第一。在A股上市近五年来，东鹏饮料以连续稳健增长闻 名，是高ROE的典范，A股市值已经超1300亿元人民币。 可以说，多年来东鹏饮料的业绩表现就没有让投资者失望过。招股书显示，2022年~2024年， ...

Core Viewpoint - The Hong Kong IPO market remains robust in 2026, with significant fundraising and a growing number of companies interested in listing, particularly in the technology sector [1][5]. Group 1: IPO Market Performance - As of January 26, 2026, the Hong Kong Stock Exchange has seen 12 new listings, raising a total of HKD 34.747 billion, representing a year-on-year increase of 480.87% [1]. - The IPO pipeline includes over 350 companies, indicating strong interest in the Hong Kong market [1][7]. - The average subscription ratio for cornerstone investors has reached 39.15%, the highest in two years, reflecting increased international capital participation [5]. Group 2: Sector Focus - The majority of the new listings are from mainland Chinese companies, with a significant focus on "hard technology" sectors such as semiconductors, AI, and biomedicine [2][4]. - Notable companies that have recently gone public include Wallen Technology, a leading domestic GPU company, and major AI firms like Zhiyuan AI and MiniMax [1][4]. Group 3: Future Outlook - Predictions suggest that the total IPO fundraising in Hong Kong for 2026 could exceed HKD 300 billion, with an estimated 150 to 200 companies expected to list [7]. - The quality of IPOs is a priority, with regulatory bodies emphasizing the need for thorough due diligence and high standards in listing applications [8][9]. Group 4: Regulatory Environment - The Hong Kong Stock Exchange has implemented new rules to ensure the quality of IPOs, including stricter requirements for listing documents and ongoing supervision post-listing [9][10]. - The introduction of a new "public float" requirement aims to balance market liquidity with the need for quality listings [10].

Core Viewpoint - Dongpeng Beverage Group Co., Ltd. plans to invest in a new production base in Chengdu, with a total investment of 110 million RMB, aimed at enhancing its operational efficiency and market competitiveness in the southwestern and northwestern regions of China [2][10]. Group 1: Investment Overview - The investment project is named "Dongpeng Beverage Chengdu Production Base Project" [3][14]. - The total investment amount for the project is 110 million RMB [2][7]. - The company will establish a wholly-owned subsidiary, Chengdu Dongpeng Vitamin Beverage Co., Ltd., with a registered capital of 10 million RMB to manage the project [3][14]. Group 2: Approval and Compliance - The investment proposal was approved during the 20th meeting of the third board of directors on January 22, 2026, and does not require shareholder approval [4][5]. - The investment does not constitute a related party transaction or a major asset restructuring [5]. Group 3: Project Details - The project will involve the construction of a modern high-end beverage production line, including a production workshop, intelligent finished product warehouse, employee dormitory, and other supporting facilities [7]. - The project will utilize 280 acres of industrial land in the Chengdu Wenjiang High-tech Industrial Park [7]. - Construction is expected to commence within six months of signing the land use rights transfer contract and to be completed within 40 months, with production expected to start eight months after completion [8]. Group 4: Impact on the Company - The establishment of the new production base is a strategic move to optimize the company's production capacity and enhance market coverage and supply chain efficiency in the targeted regions [10]. - The project is anticipated to positively impact the overall operational efficiency and market competitiveness of the company [10].

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

Core Viewpoint - Dongpeng Beverage, the first listed functional beverage company in China, has officially launched its H-share global offering, aiming for a listing on the Hong Kong Stock Exchange on February 3, marking a significant step in its capital strategy and global expansion [1][2]. Group 1: H-Share Global Offering - The H-share issuance price is set at a maximum of HKD 248 per share, with several cornerstone investors, including Qatar Investment Authority and Temasek, already on board [1]. - The process from submitting the prospectus to the final listing is expected to take approximately 10 months, indicating a rapid progression [1]. Group 2: Strategic Investments - On January 23, just days before the H-share launch, Dongpeng Beverage signed an agreement to invest no less than 1 billion yuan in a new production base in Chengdu, which is crucial for enhancing its national supply chain [1]. - This investment aims to improve regional supply chain responsiveness and provide higher quality health beverages to consumers in the southwest market [1]. Group 3: Financial Performance and Future Projections - The company anticipates significant growth, with projected revenue and net profit expected to exceed 30% in 2025 [2]. - Dongpeng Beverage has maintained its position as the leading functional beverage brand in China for four consecutive years based on sales volume [2]. - Funds raised from the Hong Kong listing will primarily be allocated to capacity expansion, supply chain upgrades, brand development, and overseas market expansion [2].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

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。 ...

Group 1 - Dongpeng Beverage Group Co., Ltd. (stock code: "09980") has initiated its IPO process and plans to list on the Hong Kong Stock Exchange on February 3, 2026, aiming to raise up to HKD 10.1 billion by offering 40.89 million shares at a maximum price of HKD 248 per share [2] - The cornerstone investors have subscribed for a total of USD 640 million (approximately HKD 4.99 billion), including notable firms such as Al-Rayyan, BlackRock, and UBS Asset Management [5] - Dongpeng Beverage's product range includes energy drinks, sports drinks, tea beverages, coffee drinks, plant protein drinks, and fruit and vegetable juices, with its flagship product "Dongpeng Special Drink" achieving over RMB 10 billion in retail sales [9] Group 2 - For the fiscal year 2024, Dongpeng Beverage reported revenue of RMB 15.83 billion, a 40.62% increase from RMB 11.26 billion in the previous year, and a net profit of RMB 3.36 billion, up 63% from RMB 2.04 billion [11][12] - The company expects to generate revenue between RMB 20.76 billion and RMB 21.12 billion in 2025, representing a growth of 31.07% to 33.34% compared to the previous year's revenue of RMB 15.84 billion [16] - As of September 30, 2025, the major shareholders include Lin Muqin with 49.74% and Hong Kong Central Clearing Limited with 10%, indicating a concentrated ownership structure [23][25]

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]

Core Viewpoint - The company has signed an investment agreement with the Chengdu Wenjiang High-tech Zone Management Committee to establish a new production base in Chengdu, which is expected to enhance its competitiveness in the southwestern and northwestern markets [1] Group 1: Investment Details - The total investment for the Chengdu production base project is 1.1 billion yuan [1] - The company plans to establish Chengdu Dongpeng Vitamin Beverage Co., Ltd. with a registered capital of 100 million yuan [1] - The project will utilize 280 acres of industrial land, with a land transfer contract to be signed within six months and construction expected to start thereafter [1] Group 2: Project Timeline - The overall completion of the project is anticipated within 40 months [1] - After completion, the production is expected to commence within eight months [1] Group 3: Market Impact - This investment is aimed at improving the company's competitive position in the southwestern and northwestern markets [1]