Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 15.22 million yuan in 2025, representing a significant increase of 147.89% compared to the previous year's profit of 6.14 million yuan [1] Financial Performance - The company's profit-related metrics are projected to show substantial growth compared to the previous year [1] - The main driver of this growth is the rapid increase in sales and revenue from the natural mineral water business, which has seen a notable acceleration in growth rate [1] - As sales volume increases, the company's profitability is expected to enhance [1]

10 】】】】】】 公司深度研究 | 东鹏饮料 东风已至，鹏路翱翔 东鹏饮料（605499.SH）深度覆盖报告 能饮市场扩容提速，主品基本盘稳健 1）能量饮料市场扩容进行时，赛道龙头地位稳固。根据欧睿，2025 年我国 能饮市场规模达 628 亿元，同增 4%。根据沙利文报告，2024 年东鹏 500ml 瓶装能量饮料成为中国软饮市场同规格产品中最畅销单品之一。2）全球化 扩张进行时，出海市场蕴藏潜能。2025 年越南/印度/泰国/菲律宾/印尼能饮 规模为 15/13/10/3/2 亿美元，2020-2025CAGR 为 8%/53%/5%/0.1%/8%。 渠道建设纵深发展，全国化取得突破 1）庞大销售队伍广布网点，冰柜投放深入布局终端。截至 2025H1 末，公 司拥有超 420 万家网点，实现近 100%地级市覆盖；已累计投放冰柜数量逾 40 万台，未来三至五年内计划投放约 60 万台冰柜。2）全国化扩张持续推 进，区域产能协同发展。2025Q1-3 华北/西南营收分别同增 73%/49%；目 前拥有九大生产基地，技改与扩建完成后总产能预计 1217 万吨。3）营销费 率优化效果明显，数字化策略赋能品牌 ...

在企业IPO过程中，董秘作为连接公司与监管机构、中介机构及投资者的"总协调师"，其角色至关重 要。尤其在跨境上市等复杂资本运作中，董秘的专业能力与稳定性往往直接影响上市进程与市场信心。 在此背景下，东鹏饮料（605499.SH）于2025年12月29日发布公告，正式聘任詹宏辉为公司董事会秘 书。此次任命距离前任董秘张磊辞任已满两个月。 截图来源：公告 值得注意的是，张磊离任之时，正值东鹏饮料港股IPO首次申请失效、启动二次递表的关键阶段。在这 一敏感窗口期，任何高管人事变动均易被市场放大解读。毕竟，监管机构与全球投资者历来高度关注拟 上市公司管理层的稳定性与任职合规性，任何潜在不确定性都可能对上市节奏构成影响。 公开资料显示，詹宏辉拥有北京大学汇丰商学院工商管理硕士学位，同时具备中国注册会计师（CPA） 及英国特许公认会计师（ACCA）资格。其职业经历涵盖安永华明会计师事务所审计员、首控基金管理 有限公司投资经理等职位，在财务审计、资本运作及风险管控等领域积累了丰富经验。詹宏辉于2022年 4月加入东鹏饮料，先后担任财务管理部副总监、总监，现任公司财务核算中心副总经理。 相较之下，前任董秘张磊于2023年12 ...

Core Viewpoint - The IFBH's coconut water brand is expected to maintain rapid growth in 2025, outpacing the overall soft drink industry growth rate, supported by channel expansion and cost optimization efforts [1][2]. Industry Overview - The coconut water industry is projected to grow at a rate of 27.18% in 2025, significantly higher than the soft drink industry's growth of 7.78%, carbonated drinks at 5.52%, packaged water at 12%, and functional beverages at 10% [2]. Company Developments - The company has signed a new partnership with COFCO in September 2025, indicating ongoing plans for channel expansion and increased distribution efforts [3]. - The procurement costs for coconuts are expected to decrease in 2025 due to expanded production capacity, with further cost optimization measures planned for 2026 [3]. - The company announced a brand ambassador in September 2025 and plans to enhance marketing efforts through various media platforms, including Xiaohongshu and WeChat [3]. - A memorandum of cooperation was signed during the China International Import Expo, establishing the IF brand's China headquarters in Qingpu, Shanghai, with plans for office setup and team formation in 2026 [3]. Financial Projections - Revenue forecasts for 2025-2027 are $183.86 million, $256.20 million, and $322.21 million, representing year-on-year growth of 16.63%, 39.34%, and 25.77% respectively [4]. - Expected net profit for the same period is $31.84 million, $51.30 million, and $67.42 million, with growth rates of -4.43%, 61.13%, and 31.41% respectively [4]. - The projected earnings per share (EPS) are $0.12, $0.19, and $0.25, with corresponding price-to-earnings (PE) ratios of 18, 11, and 8 times [4].

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 2025/6/30 2025/7/31 2025/8/31 2025/9/30 2025/10/31 2025/11/30 IFBH 食品饮料 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价(港元） | 16.69 | | | --- | --- | --- | | 总股本/流通股本(亿股) | 2.67 | | | 总市值/流通市值(亿港 | 42 | | | 元） | | | | 52 周高/低(港元） | 47.55/14.49 | | | 资产负债率(%) | 17.81 | | | 市盈率 PE | 17.4 | | | 第一大股东 | General | Beverage | | | Co., Ltd. | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S13405240 ...

分红方面，东鹏饮料A股上市后累计派现66.00亿元。近三年，累计派现54.00亿元。 机构持仓方面，截止2025年9月30日，东鹏饮料十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股5200.51万股，相比上期增加54.07万股。华泰柏瑞沪深300ETF（510300）位居第十大流通 股东，持股378.95万股，相比上期减少2.20万股。 资料显示，东鹏饮料(集团)股份有限公司位于广东省深圳市南山区桃源街道珠光北路142号明亮科技园 88号3栋1楼,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1994年6月30日，上市日期2021年5 月27日，公司主营业务涉及饮料的研发、生产和销售。主营业务收入构成为：能量饮料77.87%，电解 质饮料13.90%，其他饮料8.17%，其他0.06%。 东鹏饮料所属申万行业为：食品饮料-饮料乳品-软饮料。所属概念板块包括：新零售、大盘、高派息、 融资融券、价值成长等。 截至9月30日，东鹏饮料股东户数1.60万，较上期增加21.82%；人均流通股32533股，较上期减少 17.91%。2025年1月-9月，东鹏饮料实现营业收入168.44亿元，同比增 ...

证券研究报告 行业研究 / 行业点评 2026 年 01 月 05 日 食品饮料 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《食品饮料行业跟踪报告：扩内需提至战略高 度，五粮液主动求变》2025-12-22 《食品饮料行业跟踪报告：茅台控量稳价，批 价反弹回升》2025-12-15 《食品饮料行业跟踪报告：汾酒召开经销商大 会，稳健姿态应对行业调整》2025-12-08 《食品饮料行业跟踪报告：茅台理性定调，不 唯指标论》2025-12-01 《食品饮料行业跟踪报告：伊利推进多元化转 型升级，高分红彰显配置价值》2025-11-24 强于大市 投资要点： 周度跟踪：本周（12.29-01.02）食品饮料行业-2.26%，表现弱于上证指数（+0.13%），在 31个申万子行业中排名第30。食品饮料子板块中，涨跌幅由高到低分别为：软饮料（+0.55%）， 其他酒类（-0.24%），肉制品（-0.97%），调味发酵品（-0.98%），烘焙食品（-1.09%）， 保健品（-1.29%），零食（-1.35%），乳品（-2.13%），啤酒（-2.15%），预加工食品（-2 ...

Core Viewpoint - The A-share market is experiencing an upward trend, driven by sectors such as pharmaceuticals, media, and non-bank financials, with significant gains in online consumption ETFs and leading companies in the consumer goods sector [1] Group 1: Market Performance - As of 13:50, the online consumption ETF (159728.SZ) rose by 4.35%, with BlueFocus up 19.97%, Tianxiashow up 10%, and 37 Interactive Entertainment up 10% [1] - The consumer goods sector is seeing robust growth due to category innovation and new channel expansion strategies [1] Group 2: Policy Support - The government is promoting consumption recovery through the "Special Action Plan to Boost Consumption," focusing on increasing residents' income, promoting bulk consumption, and fostering new consumption types [1] - The "14th Five-Year Plan" emphasizes consumption as a key driver of economic growth, indicating ongoing policy support [1] Group 3: Industry Trends - Traditional consumer categories are approaching a fundamental recovery point, supported by both policy catalysts and improving macroeconomic indicators [1] - The online retail sector is evolving towards precision and digitalization, with market vitality expected to continue being released under the influence of both incremental and stock policies [1] Group 4: Investment Opportunities - The online consumption ETF (159728.SZ) is positioned to benefit from the steady growth of online retail and the continuous release of policy dividends, presenting good allocation value [1]

研究报告 ResearchReport 4 Jan 2026 中国必需消费 China (A-share) Staples 中国必选消费品 12 月需求报告：短期数据略有改善 Short-term Data has Shown Slight Improvement [Table_yemei1] Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | Outperform | | 贵州茅台 | Outperform 今世缘 | Outperform | | 五粮液 | Outperform 安琪酵母 | Outperform | | 五粮液 | Outperform 燕京啤酒 | Outperform | | 海天味业 | Outperform 迎驾贡酒 | Outperform | | 海天味业 | Outperform 安井食品 | Outperform | | 山西汾酒 | Outperform 安井食品 | Outperform | | 伊利股 ...

茅台市场化探索，看好大众品出行需求 [Table_Industry] 食品饮料 ——食品饮料行业周报 | | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读： 扩内需逐步被提升至战略地位，消费板块有望触底反弹。白酒板块加速探底，迈向 供需平衡。大众品板块看好出行以及礼盒相关的软饮料、休闲食品、餐饮、乳制品 需求。 投资要点： 食品饮料《白酒探底，乳制品国产替代有望加 速》2025.12.28 食品饮料 ...